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J.V. Financial Corp. posts 1st quarter gains

April 23, 2008
By Kiernan M. Schalk, Sentinel reporter,
MIFFLINTOWN — Juniata Valley Financial Corp. recently announced its operating results for the first quarter of 2008 showed positive gains.

Net income for the quarter ended March 31 was $1,402,000, a 9.6 percent increase over the results for the first quarter of 2007. Basic and diluted earnings per share were 32 cents for the quarter, an increase of 10.3 percent as compared to 2007. Total assets on March 31 were $424.9 million, an increase of 1.1 percent, compared to year-end 2007.

“We believe that our commitment to the basics of banking and to serving the financial needs of our community has translated into a fundamentally sound balance sheet and consistently increasing earnings. We feel that this achievement is particularly meaningful as many financial institutions have recently been reporting reduced earnings and in some cases, liquidity problems,” said Francis J. Evanitsky, president and chief executive officer for the corporation.

“During the first quarter, our increased net income continues to be driven by a net interest margin that exceeded 4 percent and 7.8 percent growth in non-interest income, excluding securities gains,” Evanitsky said.

Net interest income was approximately $3.9 million for the first quarter of 2008 as compared to $3.8 million in 2007. The net interest margin on a fully tax-equivalent basis increased 16 basis points, from 4.09 percent to 4.25 percent, when comparing the two periods. A loan loss provision of $32,000 was recorded in 2008, compared to $67,000 in 2007. Non-interest income increased by $81,000, or 7.8 percent, when comparing the two years, partially as a result of increased debit card and overdraft protection services for customers. Also included in non interest income in the first quarter of 2008 was $37,000 received through VISA’s redemption of Class B shares. Non-interest expense increased by $73,000, or 2.5 percent, in 2008 as compared to 2007, resulting from normal increases in operating costs.

The annualized return on average equity for the first quarter of 2008 was 11.60 percent, compared to the prior year’s ratio for the same period of 10.64 percent. For the quarters ended March 31, 2008 and 2007, annualized return on average assets was 1.34 percent and 1.23 percent, respectively.

The 18-cent dividend per share paid in the first quarter of 2008 reflected an increase of 5.9 percent over the dividend paid in the first quarter of 2007. Evanitsky announced that, on April 15, Juniata Valley’s board of directors declared a cash dividend of 18 cents per share for the second quarter, payable on June 2 to shareholders of record on May 15, maintaining the 5.8 percent increase in regular dividends as compared to the prior year.

The Juniata Valley Bank, principal subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, with twelve community offices located in Juniata, Mifflin, Perry and Huntingdon counties. More information can be found online at Juniata Valley Financial Corp. trades over the counter under the symbol JUVF.OB.


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