JUNIATA VALLEY FINANCIAL CORP
For the period ended Dec 31, 2025. Filed Mar 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 25, 2026
JUVFStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-26.
0001558370-25-003701
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-25.
0001104659-26-034395
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 194 previous paragraphs and 174 current paragraphs.
106 unchanged; 64 reworded; 4 added; 23 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 70 previous and 72 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
The net interest margin, on a fully tax-equivalent basis, increased from 2.71% in 2024 to 2.98% in 2025. The yield on earning assets increased 18 basis points, to 4.53%, while the cost of funds decreased nine basis points, to 2.22%, in 2025 compared to 2024.
Current report
Non-interest income was $5.8 million for both the years ended December 31, 2025 and December 31, 2024. The majority of the Company’s non-interest income is derived from fee-generated income sources. Fee-generated non-interest income consists of customer service fees derived from deposit accounts, debit card fee income, trust relationships and sales of non-deposit products. In 2025, revenues from these services totaled $4.4 million, with increases of $101,000, or 5.7%, in customer service fees and $21,000, or 1.2%, in debit card fee income compared to the year ended 2024. These increases were partially offset by decreases of $25,000, or 5.3%, in trust fees and $108,000, or 27.8%, in commissions from sales of non-deposit products with the latter primarily due to the transition to a new wealth management business model in 2025.
Current report
Also impacting the comparative year end periods was a decrease of $61,000, or 16.9%, in other non-interest income in 2025 compared to 2024 due to recording a $50,000 net loss on the sale of fixed assets primarily attributed to the loss recorded on the sale of the Port Allegany branch office in 2025.
Current report
Also impacting the comparative year end periods were decreases of $144,000, or 10.2%, in occupancy expenses and $110,000, or 9.7%, in professional fees. These decreases were partially offset by increases of $129,000, or 1.4%, in employee compensation expense and $205,000, or 192.5%, in the provision for unfunded loan commitments, which is included in other non-interest expense, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase in the provision for unfunded loan commitments was due to an increase in loan commitments between periods.
Removed paragraphs (23)
Previous report
JUNIATA’S OPPORTUNITIES
Previous report
SOUNDNESS AND STABILITY
Previous report
Our financial condition is strong. We enjoy strong liquidity ratios, as well as capital ratios that exceed regulatory guidelines. Our business model includes a plan for growth without sacrificing profitability or integrity. We believe an opportunity exists for banks such as ours to offer the trusted, personal service of a locally managed institution that has had roots in the community for over 150 years.
Previous report
EXPANSION OF CUSTOMER BASE
Previous report
Our strategic focus is based on leveraging our collective knowledge of the Company’s primary and contiguous markets to identify lending or fee-based opportunities consistent with our risk parameters and profitability targets. We continue to develop our sales team through mentoring and by making employee education paramount. We continually seek and implement back-room efficiencies. We recognize change is taking place in a world where convenience and mobility are priorities for consumers and businesses when choosing a financial institution with whom to do business. We offer full-featured secure mobile banking that includes remote check deposit for use on home computers and all mobile devices for consumers. For businesses, we provide options for cash management and remote deposit. We offer identity protection to the families of our customers, which we believe to be a true value-added service, with features that go far beyond traditional banking services, and sets us apart from other financial institutions in our market area. With the acquisition of First National Bank of Port Allegheny (“FNBPA”) in 2015, we expanded our market into the northern tier region of Pennsylvania and integrated the JVB brand there. In 2018, we expanded our footprint in Perry County, Pennsylvania,
Previous report
through the acquisition of remaining shares of LCB. In 2023, we expanded into Franklin County, Pennsylvania, through the purchase of a branch office.
Previous report
DELIVERY SYSTEM ENHANCEMENTS
Previous report
We seek to continually enhance our customer delivery system, both through technology and physical facilities. We actively seek opportunities to expand our branch network through acquisitions. We believe that it is imperative that our customers have convenient and easy access to personal financial services that complement their lifestyle, whether it is through electronic or personal delivery. We achieved an early entry into the mobile banking arena and have since expanded online delivery, offering consumer remote deposit, mobile wallet and online consumer loan and deposit accounting opening. Through the www.JVBonline.com website, we offer a suite of online services including the convenience of online loan applications for residential mortgages, home equity, vehicle and other personal loans. Online and mobile banking features include full bill-pay and monetary transfers between internal and external accounts. Our ATM network is equipped with state-of-the art machines. Our Customer Care Center provides a dedicated service to address all customer inquiries, including expanded service times and on-line chat, and provides outreach through our social media sites. Our updated branch facilities feature a highly interactive and complete customer experience. In March 2024, we converted to a new core operating system, allowing us to take advantage of new technologies and improve efficiencies.
Previous report
JUNIATA’S CHALLENGES
Previous report
NET INTEREST MARGIN COMPRESSION
Previous report
Net interest margin compression remained prevalent in 2024 despite the federal funds rate decreasing by 100 basis points over the last four months of 2024. Many interest-earning assets, such as loans and investments, were originated, acquired or repriced at higher rates, increasing the average rate earned on those assets, while the average rate paid on interest bearing liabilities, such as deposits and borrowings, also increased, and at a faster pace, than the increase in rates on interest earning assets, impacting the net interest margin in both 2023 and 2024. We believe net interest margin compression will remain a challenge, but lower market rates may help alleviate some of the compression, potentially positively impacting our net interest margin in 2025.
Previous report
COMPETITION
Previous report
Each year, competition becomes more intense and global in nature. To meet this challenge, we attempt to stay in close contact with our customers, monitoring their satisfaction with our services through surveys, personal visits and networking in the communities we serve. We strive to meet or exceed our customers’ expectations and deliver consistent high-quality service. We believe that our customers have become acutely aware of the value of local service, and we strive to maintain their confidence.
Previous report
RATE ENVIRONMENT
Previous report
We intend to continue making what we believe to be rational pricing decisions for loans, deposits and non-deposit products. This strategy can be difficult to maintain, as many of our peers appear to continue pricing for growth, rather than long-term profitability and stability. We believe that a strategy of “growth for the sake of growth” results in lower profitability, and such actions by large groups of banks have had an adverse impact on the entire financial services industry. We intend to maintain our core pricing principles, which we believe protect and preserve our future as a sound community financial services provider, proven by results.
Previous report
REGULATION
Previous report
The Company is subject to banking regulation, as well as regulation by the SEC and, as such, must comply with many laws, including the USA Patriot Act, the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”) and the Dodd-Frank Wall Street Reform and Consumer Protection Act. Management has established a Disclosure Committee for Financial Reporting, an internal group at Juniata that seeks to ensure that current and potential investors in the Company receive full and complete information concerning our financial condition and results of operations. Juniata has incurred direct and indirect costs associated with compliance with the SEC’s filing and reporting requirements imposed on public companies by the Sarbanes-Oxley Act, as well as adherence to new and existing banking regulations and stronger corporate governance requirements.
Previous report
The net interest margin, on a fully tax-equivalent basis, decreased from 2.74% in 2023 to 2.71% in 2024. The yield on earning assets increased 39 basis points, to 4.35%, while the cost of funds increased 56 basis points, to 2.31%, in 2024 compared to 2023. Net interest margin compression remained a factor in 2024 as interest-earning assets, such as loans and investments, were originated or repriced at higher rates, increasing the average rate earned on those assets, while the average rate paid on interest bearing liabilities, such as deposits and borrowings, increased at a faster pace.
Previous report
Non-interest income was $5.8 million in 2024, an increase of $504,000, or 9.5%, compared to 2023. Most significantly impacting the comparative year end periods was a $391,000, or 28.4%, increase in customer service fees due to collecting more overdraft and deposit service charges in 2024.
Previous report
Also impacting the comparative year end periods were increases of $182,000, or 36.4%, in fees derived from loan activity due to increases in title insurance commissions, and guidance line and swap fee income, as well as an increase of $98,000, or 576.5%, in the change in value of equity securities resulting from an increase in the market value of bank stocks owned by the Company. These increases were partially offset by a decline of $105,000, or 65.2%, in life insurance proceeds.
Previous report
Also impacting the comparative year end periods were increases of $286,000, or 33.7%, in professional fees primarily due to increases in audit and consulting fees, $204,000, or 31.0%, in equipment expense due to an increase in depreciation expense related to the core conversion and $123,000, or 9.5%, in occupancy expense due to an increase in rental expense from the early termination of a branch office lease in December 2024.
Previous report
These increases were partially offset by a decline of $227,000, or 100.0%, in merger and acquisition expense from expenses incurred in connection with the Path Valley branch acquisition in 2023.
Previous report
The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption.
Reworded paragraphs (64)
Previous wording
The information contained in this Annual Report on Form 10-K contains forward looking statements (as such term is defined in the Securities Exchange Act of 1934 and the regulations thereunder). These forward-looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results. When words such as "may”, "should”, "will”, "could”, "estimates”, "predicts”, "potential”, "continue”, "anticipates”, "believes”, "plans”, "expects”, "future”, "intends”, “projects”, the negative of these terms and other comparable terminology are used in this document, Juniata is making forward-looking statements. Any forward-looking statement made by the Company in this document is based only on Juniata’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business based on information currently available to the Company and speaks only as of the date when made. Juniata undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new or updated information, future events, or otherwise. Forward-looking statements are not historical facts or guarantees of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control, and actual results may differ materially from this forward-looking information and therefore, should not be unduly relied upon. Many factors could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including, without limitation:
Current wording
The information contained in this Annual Report on Form 10-K contains forward looking statements (as such term is defined in the Securities Exchange Act of 1934 and the regulations thereunder). These forward-looking statements may include projections of, or guidance on, the Company’s future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Company’s business or financial results. When words such as "may”, "should”, "will”, "could”, "estimates”, "predicts”, "potential”, "continue”, "anticipates”, "believes”, "plans”, "expects”, "future”, "intends”, “projects”, the negative of these terms and other comparable terminology are used in this document, Juniata is making forward-looking statements. Any forward-looking statement made by the Company in this document is based only on Juniata’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business based on information currently available to the Company and speaks only as of the date when made. Juniata undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new or updated information, future events, or otherwise. Forward-looking statements are not historical facts or guarantees of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control, and actual results may differ materially from this forward-looking information and therefore, should not be unduly relied upon. Many factors could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including, without limitation:
Previous wording
We arecommitted to maximizing customer satisfaction. We are sensitive to the expanding array of financial services and financial service providers available to our customers, both locally and globally. We arecommittedto fostering a complete customer relationship by helping clients identify their current and future financial needs and offering practical and affordable solutions to both. As our customers’ lifestyles change, the channels through which we deliver our services must change as well. One element of the Company’s strategic plan is to provideconnectionthrough every means available, wherever we are needed, whether through a stand-alone branch, in-store boutique, ATM or via online, mobile banking or
Current wording
We arecommitted to maximizing customer satisfaction. We are sensitive to the expanding array of financial services and financial service providers available to our customers, both locally and globally. We arecommittedto fostering a complete customer relationship by helping clients identify their current and future financial needs and offering practical and affordable solutions to both. As our customers’ lifestyles change, the channels through which we deliver our services must
Previous wording
our newest offering, mobile wallet, anywhere internet or cell phone signals can be received because we arecommitted to optimizing the customer experience.
Current wording
change as well. One element of the Company’s strategic plan is to provideconnectionthrough every means available, wherever we are needed, whether through a stand-alone branch or ATM, and anywhere internet or cell phone signals can be received via online and mobile banking, mobile wallet, or our newest offering, Greenlight, which is a financial literacy app for families, because we arecommitted to optimizing the customer experience.
Previous wording
We arecapable of producing solid results from operations. Recognizing that net interest margins have narrowed for banks in general and that these margins may not return to the ranges experienced in the past, we focus on the importance of providing fee-generating services in which customers find value. Offering a broad array of services prevents us from becoming too reliant on one form of revenue. It has also been our philosophy to spend conservatively and to implement operating efficiencies where possible to keep non-interest expense from escalating in areas that can be controlled.
Current wording
We arecapable of producing solid results from operations. Through disciplined loan and deposit pricing, we have improved our net interest margin. We also focus on the importance of providing fee-generating services in which customers find value. Offering a broad array of services prevents us from becoming too reliant on one form of revenue. It has also been our philosophy to spend conservatively and to implement operating efficiencies where possible to keep non-interest expense from escalating in areas that can be controlled.
Previous wording
We are active corporate citizens,connected to the communities we serve. Although the world of banking has transitioned to global availability through electronics, we believe that our community banking philosophy is not only still valid, but essential. Despite technological advances, banking is still a personal business, particularly in the rural areas we serve. We believe that our customers shop for services and value a relationship with an institution involved in the same community, with the same interests in its prosperity. We have a foundation and a history in each of the communities we serve. Management takes an active role in local business and industry development organizations to help attract and retain commerce in our market area. We provide businesses, large and small, with financial tools and financing needed to grow and prosper. And though these tools are electronically driven, they are custom designed by relationship managers who take time to understand the need. We have always beencommitted to responsible lending practices. We invest locally by including local municipal bonds in our investment portfolio and participating in funding for such projects as low income and elderly housing. We support charitable programs that benefit the local communities, not only with monetary contributions, but also through the personal involvement of ourcaringemployees.
Current wording
We are active corporate citizens,connected to the communities we serve. Although the world of banking has transitioned to global availability through electronics, we believe that our community banking philosophy is not only still valid, but essential. Despite technological advances, banking is still a personal business, particularly in the rural areas we serve. We believe that our customers shop for services and value a relationship with an institution involved in the same community, with the same interests in its prosperity. We have a foundation and a history in each of the communities we serve. Management takes an active role in local business and industry development organizations to help attract and retain commerce in our market area. We provide businesses, large and small, with financial tools and financing needed to grow and prosper. And though these tools are electronically driven, they are custom designed by relationship managers who take time to understand the need. We have always beencommitted to responsible lending practices. We support charitable programs that benefit the local communities, not only with monetary contributions, but also through the personal involvement of ourcaringemployees.
Previous wording
The allowance for credit losses represents management’s assessment of the estimated credit losses the Company will receive over the life of the loan and is based on forecasted economic scenarios as well as qualitative factors specific to Juniata augmented by industry-wide trends. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. Changes in underlying factors, assumptions or estimates in the allowance for credit losses could have a material impact on the Company’s future financial condition and results of operations. The allowance for credit losses is maintained at a level believed to be adequate by management to absorb estimated lifetime losses in the loan portfolio. Management’s determination of the adequacy of the allowance for credit losses is based upon an evaluation of relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. This determination is inherently subjective, as it requires material estimates. If a loan no longer demonstrates similar risk characteristics to their loan pool, it is removed from the pool and an individual assessment will be performed. The allowance calculation is also supplemented with qualitative reserves that take into consideration the current portfolio and specific risk characteristics, such as changes in policy and/or underwriting standards, portfolio mix, concentration and delinquency levels, as well as changes in environmental conditions, among other factors, that have occurred but are not yet reflected in the quantitative model component.
Current wording
The allowance for credit losses represents management’s assessment of the estimated credit losses the Company will receive over the life of the loan and is based on forecasted economic scenarios as well as qualitative factors specific to Juniata augmented by industry-wide trends. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. Changes in underlying factors, assumptions or estimates in the allowance for credit losses could have a material impact on the Company’s future financial condition and results of operations. The allowance for credit losses is maintained at a level believed to be adequate by management to absorb estimated lifetime losses in the loan portfolio. Management’s determination of the adequacy of the allowance for credit losses is based upon an evaluation of relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. This determination is inherently subjective, as it requires significant estimates. If a loan no longer demonstrates similar risk characteristics to the loan pool to which it is assigned (for a collective risk assessment), it is removed from the pool and an individual assessment is performed. The allowance calculation is also supplemented with qualitative reserves that take into consideration the current portfolio and specific risk characteristics, such as changes in policy and/or underwriting standards, portfolio mix, concentration and delinquency levels, as well as changes in environmental conditions, among other factors, that have occurred but are not yet reflected in the quantitative model component.
Previous wording
Net income for Juniata in 2024 was $6.2 million, a decrease of 5.6%, compared to net income of $6.6 million for 2023. Earnings per share on a fully diluted basis decreased 5.3%, to $1.24, in 2024, compared to $1.31 in 2023. Return on average assets (“ROA”) for the years ended December 31, 2024 and 2023 was 0.72% and 0.79%, respectively, while the return on average equity (“ROE”) for 2024 was 14.19% compared to 18.20% in 2023.
Current wording
Net income for Juniata in 2025 was $8.0 million, an increase of 28.2%, compared to net income of $6.2 million for 2024. Earnings per share on a fully diluted basis increased 28.2%, to $1.59, in 2025, compared to $1.24 in 2024. Return on average assets (“ROA”) for the years ended December 31, 2025 and December 31, 2024 was 0.92% and 0.72%, respectively, while the return on average equity (“ROE”) for 2025 was 15.30% compared to 14.19% in 2024.
Previous wording
Juniata strives to attain consistently satisfactory earnings levels each year by protecting the core (repeatable) earnings base through conservative growth strategies that seek to minimize shareholder and balance-sheet risk, while serving its rural Pennsylvania customer base. This approach has helped achieve solid performances year after year. The Company considers the return on assets ratio to be a key indicator of its success and constantly scrutinizes the broad categories of the income statement that impact this profitability indicator.
Current wording
Juniata strives to attain consistently satisfactory earnings levels each year by protecting the core earnings base through conservative growth strategies that seek to minimize shareholder and balance-sheet risk, while serving its rural Pennsylvania customer base. This approach has generally resulted in solid performances year after year. The Company considers the return on assets ratio to be a key indicator of its success and constantly scrutinizes the broad categories of the income statement that impact this profitability indicator.
Previous wording
Net interest income is the amount by which interest income on earning assets exceeds interest expense on interest bearing liabilities. Net interest income is the most significant component of revenue, comprising approximately 80% of total revenues (the total of net interest income and non-interest income, exclusive of gains on sales and calls of securities) for 2024. Interest spread measures the absolute difference between average rates earned and average rates paid. Because some interest earning assets are tax-exempt, an adjustment is made for analytical purposes to present all assets on a fully tax-equivalent basis. Net interest margin is the percentage of net return on average earning assets, on a fully tax-equivalent basis, and provides a measure of comparability of a financial institution’s performance.
Current wording
Net interest income is the amount by which interest income on earning assets exceeds interest expense on interest bearing liabilities. Net interest income is the most significant component of revenue, comprising approximately 81% of total revenues (the total of net interest income and non-interest income, exclusive of gains on sales and calls of securities) for 2025. Interest spread measures the absolute difference between average rates earned and average rates paid. The net interest margin is expressed as the percentage of net interest income, on a fully taxable equivalent basis, to average interest earning assets. To compare the tax-exempt asset yields to taxable yields, amounts are adjusted to the pretax equivalent amounts based on the corporate federal income tax rate of 21%. The taxable equivalent adjustment to net interest income for 2025 was $278,000 compared to $235,000 in 2024.
Previous wording
Net interest income was $22.9 million for the year ended December 31, 2024. An increase in volume of $921,000 and a decrease of $684,000 in rate resulted in an overall increase of $237,000, or 1.0%, when compared to net interest income of $22.7 million for the comparable 2023 period, which decreased by $1.4 million, or 6.0%, over the 2022 period. Average earning assets increased $15.7 million, or 1.9%, to $853.9 million, during the year ended December 31, 2024, compared to the same period in 2023, which increased $50.8 million, or 6.5% compared to the year ended December 31, 2022.
Current wording
Net interest income was $25.4 million for the year ended December 31, 2025. An increase of $1.2 million in both volume and rate, respectively, resulted in an overall increase in net interest income of $2.4 million, or 10.6%, when compared to net interest income of $22.9 million for the comparable 2024 period, which increased by $237,000, or 1.0%, over the comparable 2023 period. Average interest earning assets increased $5.6 million, or 0.7%, to $859.5 million, during the year ended December 31, 2025, compared to the same period in 2024, which increased $15.7 million, or 1.9%, compared to the year ended December 31, 2023.
Previous wording
On average, total loans outstanding increased $34.6 million, or 6.9%, in 2024 compared to 2023. Average total loans outstanding increased $60.3 million, or 13.6%, in 2023 compared to 2022. Average yields on loans increased by 47 basis points in 2024 compared to 2023, which was 52 basis points more than 2022. As shown in Table 2, Rate – Volume Analysis of Net Interest Income, the increase in yield in 2024 increased interest income on loans by approximately $2.4 million, while the increase in volume raised interest income by $2.0 million compared to 2023, resulting in a net increase in interest recorded on loans of $4.4 million. During 2023, the increase in the yield on loans increased interest income by approximately $2.5 million, while the increase in volume raised interest income by $3.0 million compared to 2022, resulting in a net increase in interest recorded on loans of $5.5 million.
Current wording
On average, total loans outstanding increased $25.5 million, or 4.8%, in 2025 compared to 2024. Average total loans outstanding increased $34.6 million, or 6.9%, in 2024 compared to 2023. Average yields on loans increased by 15 basis points in 2025 compared to 2024, which was 47 basis points more than 2023. As shown in Table 2, Rate – Volume Analysis of Net Interest Income, the increase in yield in 2025 increased interest income on loans by approximately $844,000, while the increase in volume raised interest income by $1.5 million compared to 2024, resulting in a net increase in interest recorded on loans of $2.3 million. During 2024, the increase in the yield on loans increased interest income by approximately $2.4 million, while the increase in volume raised interest income by $2.0 million compared to 2023, resulting in a net increase in interest recorded on loans of $4.4 million.
Previous wording
Average investment securities decreased by $20.1 million, or 6.1%, during 2024. The decrease in volume on investment securities in 2024 accounted for a $386,000 decrease in interest income, while the decrease in yield on investment securities increased interest income by $79,000, resulting in an aggregate decrease in interest recorded on investment securities of $465,000 in 2024 compared to 2023. Average investment securities decreased by $9.2 million, or 2.7%, during 2023. The decrease in volume on investment securities in 2023 accounted for a $170,000 decrease in interest income, while the increase in yield on investment securities of $270,000 resulted in an aggregate increase in interest recorded on investment securities of $100,000 in 2023 compared to 2022. Average yields on investment securities decreased by two basis points in 2024 compared to 2023, which was eight basis points greater than 2022.
Current wording
Average investment securities decreased by $19.3 million, or 6.2%, during 2025. The decrease in volume on investment securities in 2025 accounted for a $363,000 decrease in interest income, while the decrease in yield on investment securities decreased interest income by $26,000, resulting in an aggregate decrease in interest recorded on investment securities of $389,000 in 2025 compared to 2024. Average investment securities decreased by $20.1 million, or 6.1%, during 2024. The decrease in volume of investment securities in 2024 accounted for a $386,000 decrease in interest income, while the decrease in yield on investment securities of $79,000 resulted in an aggregate decrease in interest recorded on investment securities of $465,000 in 2024 compared to 2023. Average yields on investment securities decreased by one basis point in 2025 compared to 2024, which was two basis points less than 2023.
Previous wording
In total, the yield on earning assets in 2024 was 4.35% compared to 3.96% in 2023 and 3.50% in 2022. On a fully tax equivalent basis, the yield on earning assets increased 39 basis points to 4.38% in 2024, from 3.99% in 2023, which increased 46 basis points from 3.53% in 2022.
Current wording
In total, the yield on earning assets in 2025 was 4.53% compared to 4.35% in 2024 and 3.96% in 2023. On a fully tax equivalent basis, the yield on earning assets increased 19 basis points to 4.57% in 2025, from 4.38% in 2024, which increased 39 basis points from 3.99% in 2023.
Previous wording
Average interest bearing liabilities increased by $14.3 million, or 2.4%, in 2024 compared to 2023, which increased $31.6 million compared to 2022. Average interest bearing deposits increased by $8.8 million, or 1.6%, in 2024 compared to 2023, due to an increase in time deposits of $21.4 million, which was partially offset by declines in interest bearing demand and savings deposits as customers sought higher interest rate deposit products. Over the same period, average short-term borrowings increased by $9.0 million, due to an increase in average FRB advances, and average repurchase agreements increased by $5.4 million. These increases were partially offset by a decrease of $8.8 million in average long-term debt due to the maturity of a $15.0 million advance in May 2024. During 2023, average interest bearing deposits increased by $14.9 million compared to 2022, due to an increase in time deposits of $47.7 million, which was partially offset by declines in interest bearing demand and savings deposits. Over the same period, average short-term borrowings increased by $13.7 million, primarily due to increases in overnight FHLB borrowings and FRB advances in 2023 compared to 2022, while average repurchase agreements increased by $4.3 million due to the addition of three new relationships in 2023.
Current wording
Average interest bearing liabilities decreased by $334,000, or 0.1%, in 2025 compared to 2024, which increased $14.3 million, or 2.4%, compared to 2023. Average borrowings and other interest bearing liabilities decreased by $16.0 million, or 23.3%, in 2025 compared to 2024, which was partially offset by an increase in interest bearing deposits of $15.7 million, or 2.9%. Average interest bearing deposits increased by $8.8 million, or 1.6%, in 2025 compared to 2024, due to an increase in time deposits of $21.4 million, which was partially offset by declines in interest bearing demand and savings deposits as customers sought higher interest rate deposit products. Over the same period, average short-term borrowings increased by $9.0 million, due to an increase in average FRB advances, and average repurchase agreements increased by $5.4 million. These increases were partially offset by a decrease of $8.8 million in average long-term debt due to the maturity of a $15.0 million advance in May 2024.
Previous wording
Changes in the volume and rate of total interest bearing liabilities, in the aggregate, increased interest expense by $3.7 million in 2024 compared to 2023, while the aggregate changes in volume and rate in 2023 increased interest expense by $7.1 million compared to 2022. Both increases in market interest rates and competitive pricing pressure to both retain and attract deposit customers resulted in the increase in interest expense in the 2024 and 2023 periods. The percentage of average interest earning assets funded by average non-interest bearing demand deposits was approximately 22.8% in 2024, compared to 23.4% in 2023, and 24.8% in 2022. The total cost to fund earning assets (computed by dividing the total interest expense by the total average earning assets) in 2024 was 1.66%, compared to 1.25% in 2023 and 0.43% in 2022.
Current wording
Changes in the volume and rate of total interest bearing liabilities, in the aggregate, decreased interest expense by $570,000 in 2025 compared to 2024, while the aggregate changes in volume and rate in 2024 increased interest expense by $3.7 million compared to 2023. The percentage of average interest earning assets funded by average non-interest bearing demand deposits was approximately 23.0% in 2025, compared to 22.8% in 2024, and 23.4% in 2023. The total cost to fund earning assets (computed by dividing the total interest expense by the total average earning assets) in 2025 was 1.58%, compared to 1.66% in 2024 and 1.25% in 2023.
Previous wording
The Company determined that a provision for credit losses of $534,000 was appropriate for 2024, compared to a loan loss provision of $500,000 recorded in 2023. The discussion included in the Loans and Allowance for Credit Losses section below titled “Financial Condition” explains the information and analysis used to derive the provision for credit losses for 2024.
Current wording
The Company determined that a provision for credit losses of $923,000 was appropriate for 2025, compared to a provision for credit losses of $534,000 recorded in 2024. The discussion included in the Loans and Allowance for Credit Losses section below titled “Financial Condition” explains the information and analysis used to derive the provision for credit losses for 2025.
Previous wording
The Company remains committed to providing comprehensive services and products to meet the current and future financial needs of its customers. Juniata believes its responsiveness to customers’ needs surpasses that of many of its competitors and measures its success by the customer acceptance of fee-based services. The Company continually explores avenues to enhance product offerings in areas beneficial to its customers, such as adding new features and services for its electronic banking clientele. Fraud protection services are made available to all consumer depositors. Juniata offers a variety of options for financing to home-buyers that includes a mortgage referral program, providing significant fee income. Juniata also provides alternative investment opportunities through an arrangement with a broker-dealer that integrates the delivery of non–traditional products with Juniata’s Trust and Wealth Management Division. This arrangement enables Juniata to meet the investment needs of a varied customer base and to better identify its clients’ needs for traditional trust services.
Current wording
The Company remains committed to providing comprehensive services and products to meet the current and future financial needs of its customers. Juniata believes its responsiveness to customers’ needs surpasses that of many of its competitors, and it measures its success by the customer acceptance of fee-based services. The Company continually explores avenues to enhance product offerings in areas beneficial to its customers, such as adding new features and services for its electronic banking clientele. Fraud protection services are made available to all consumer depositors. Juniata offers a variety of options for financing to home-buyers that includes a mortgage referral program, which provides fee income. Juniata also provides alternative investment opportunities through an arrangement with a broker-dealer that integrates the delivery of non–traditional products with Juniata’s Trust Division. This arrangement enables Juniata to meet the investment needs of a varied customer base and to better identify its clients’ needs for traditional trust services.
Previous wording
Fee-generated non-interest income consists of customer service fees derived from deposit accounts, debit card fee income, trust relationships and sales of non-deposit products. In 2024, revenues from these services totaled $4.4 million, representing an increase of $427,000, or 10.8%, from 2023 revenues with the increase in customer service fees being the main catalyst for the increase followed by a $51,000, or 15.1%, increase in commissions from sales of non-deposit products. Trust fees increased by $3,000 in 2024 versus 2023 due to an increase in non-estate trust fees which were partially offset by a decline in estate settlement fees. Variances in trust fees from estate settlements can arise because estate settlements occur sporadically and are not necessarily consistent year to year. Non-estate trust fees are repeatable revenues that generally increase and decrease in relation to movements in interest rates as market values of trust assets under management increase or decrease and as new relationships are established.
Current wording
Trust fees decreased in 2025 compared to 2024 due to a decrease in estate settlement fees which were partially offset by an increase in non-estate trust fees. Variances in trust fees from estate settlements can arise because estate settlements occur sporadically and are not necessarily consistent year to year. Non-estate trust fees are repeatable revenues that generally increase and decrease in relation to movements in interest rates as market values of trust assets under management increase or decrease and as new relationships are established.
Previous wording
As a percentage of average assets, non-interest income was 0.68% and 0.63%, respectively in 2024 and 2023.
Current wording
As a percentage of average assets, non-interest income was 0.66% and 0.68%, respectively, for the years ended 2025 and 2024.
Previous wording
Management strives to control non-interest expense where possible to improve operating results. Non-interest expense was $21.0 million in 2024, an increase of $1.1 million, or 5.3% compared to 2023. Most significantly impacting non-interest expense in the comparative year end periods was a $568,000, or 6.7%, increase in employee compensation expense due to annual salary increases and overtime pay from the core conversion in the first quarter of 2024.
Current wording
Management strives to control non-interest expense where possible to improve operating results. Non-interest expense was $20.8 million for the year ended December 31, 2025 compared to $21.0 million for the year ended December 31, 2024, a decrease of 0.9%. Most significantly impacting non-interest expense in the comparative year end periods was a decrease in employee benefits expenses of $307,000, or 12.5%, due to a decline in medical claims expenses for the year ended December 31, 2025 compared to the year ended December 31, 2024.
Previous wording
As a percentage of average assets, non-interest expense was 2.44% in 2024 as compared to 2.38% in 2023.
Current wording
As a percentage of average assets, non-interest expense was 2.40% and 2.44%, respectively, for the years ended 2025 and 2024.
Previous wording
Income tax expense for 2024 was $979,000 compared to $970,000 in 2023. Juniata qualifies for a federal tax credit for investments in low-income housing partnerships. The tax credit decreased from $366,000 in the year ended December 31, 2023 to $329,000 in the year ended December 31, 2024 due to the completion of the amortization period for one of Juniata’s low-income housing partnership investments in January 2023.
Current wording
Income tax expense for 2025 was $1.4 million compared to $979,000 in 2024. The increase was due to more taxable income in the 2025 period. Juniata qualifies for a federal tax credit for investments in low-income housing partnerships. The tax credit was $329,000 for both the year ended December 31, 2025 and the year ended December 31, 2024.
Previous wording
Exclusive of the tax credit, the Company recorded income tax expense of $1.3 million in both 2024 and 2023. Juniata’s effective tax rate in 2024 was 13.6% versus 12.8% in 2023. See Note 13 of The Notes to Consolidated Financial Statements for further information on income taxes.
Current wording
Exclusive of the tax credit, the Company recorded income tax expense of $1.7 million in 2025 and $1.3 million in 2024. Juniata’s effective tax rate in 2025 was 14.8% versus 13.6% in 2024. See Note 13 of The Notes to Consolidated Financial Statements for further information on income taxes.
Previous wording
Overall, total average assets increased by $20.8 million, or 2.5%, for the year 2024 compared to 2023. The increase in 2024 was primarily due to an increase in taxable loans, which were funded by increases in time deposits, as well as short-term borrowings and repurchase agreements. The ratio of average earning assets to total average assets decreased from 99.9% in 2023 to 99.3% in 2024. The ratio of average interest bearing liabilities to total average assets decreased from 71.5% in 2023 to 71.4% in 2024. Although Juniata’s investment in low income elderly housing projects and its bank owned life insurance and annuities are not classified as interest-earning assets, income is derived directly from those assets. These instruments represented 1.9% of total average assets in 2024 and 2023. Total average stockholders’ equity increased $7.7 million as of December 31, 2024 compared to December 31, 2023 primarily due to a decrease in accumulated other comprehensive loss due to the amortization of unrealized holding losses on previously transferred HTM securities and the net change in unrealized AFS security losses, as well as an increase in retained earnings.
Current wording
Overall, total average assets increased by $10.1 million, or 1.2%, for the year 2025 compared to 2024. The increase in 2025 was primarily due to an increase in taxable loans, which were funded by cash flows from taxable securities, as well as time deposits and interest bearing and noninterest bearing demand deposits. Average short- and long-term borrowings declined by $7.4 million and $9.1 million, respectively, in 2025 compared to 2024 as deposits, rather than borrowings, were used for funding needs. The ratio of average earning assets to total average assets decreased from 99.3% in 2024 to 98.8% in 2025. The ratio of average interest bearing liabilities to total average assets decreased from 71.4% in 2024 to 70.6% in 2025. Although Juniata’s investment in low-income elderly housing projects and its bank owned life insurance and annuities are not classified as interest-earning assets, income is derived directly from those assets. These instruments represented 1.9% of total average assets in 2025 and 2024. Total average stockholders’ equity increased $8.3 million as of December 31, 2025 compared to December 31, 2024 primarily due to a decrease in accumulated other comprehensive loss
Previous wording
A more detailed discussion of the Company’s earning assets and interest bearing liabilities will follow in the Sections titled “Loans”, “Investments” and “Deposits”.
Current wording
due to the amortization of unrealized holding losses on previously transferred HTM securities and the net change in unrealized AFS security losses, as well as an increase in retained earnings. A more detailed discussion of the Company’s earning assets and interest bearing liabilities will follow in the Sections titled “Loans”, “Investments” and “Deposits”.
Previous wording
The loan portfolio was comprised of approximately 31.1% consumer loans (real estate – mortgage and personal loans) and 68.9% commercial loans (commercial, financial and agricultural, real estate – commercial and construction, and obligations of states and political subdivisions) on December 31, 2024 compared to 31.7% consumer loans and 68.3% commercial loans on December 31, 2023. Management believes that diversification in the loan portfolio is important and performs a loan concentration analysis on a quarterly basis. The highest loan concentration by activity type in 2024 was real estate - commercial loans secured by income-producing property, with debt service on this category of loans being reliant upon the cash flow generated by the property. In the aggregate, loans in this category had outstanding balances of $180.5 million at December 31, 2024, or 153.59% of the Bank’s capital. Components of this concentration group with balances considered for general reserve purposes are as follows:
Current wording
The loan portfolio was comprised of approximately 29.4% consumer loans (real estate – mortgage and personal loans) and 70.6% commercial loans (commercial, financial and agricultural, real estate – commercial and construction, and obligations of states and political subdivisions) on December 31, 2025 compared to 31.1% consumer loans and 68.9% commercial loans on December 31, 2024. Management believes that diversification in the loan portfolio is important and performs a loan concentration analysis on a quarterly basis. The highest loan concentration by activity type in 2025 was real estate - commercial loans secured by income-producing property, with debt service on this category of loans being reliant upon the cash flow generated by the property. In the aggregate, loans in this category had outstanding balances of $264.2 million at December 31, 2025, or 213.38% of the Bank’s capital. Components of this concentration group with balances considered for general reserve purposes are as follows:
Previous wording
During 2024, the commercial, financial and agricultural, real estate – commercial and real estate – mortgage loan classes increased, offset by declines in the real estate – construction, obligations of states and political subdivisions and personal loan classes. During 2023, all loan classes, except for obligations of states and political subdivision loans, increased. Continued emphasis is placed on responsiveness and personal attention given to customers, which management believes differentiates the Bank from its competition. Nearly all commercial loans are either variable or adjustable rate loans, while non-mortgage consumer loans generally have fixed rates for the duration of the loan.
Current wording
During 2025, all loan classes increased except the personal loan class. During 2024, the commercial, financial and agricultural, real estate – commercial and real estate – mortgage loan classes increased, offset by declines in the real estate – construction, obligations of states and political subdivisions and personal loan classes. Continued emphasis is placed on responsiveness and personal attention given to customers, which management believes differentiates the Bank from its competition. Nearly all commercial loans are either variable or adjustable rate loans, while non-mortgage consumer loans generally have fixed rates for the duration of the loan.
Previous wording
The current expected credit loss (“CECL”) model is based primarily on forecasted economic scenarios as well as qualitative factors specific to Juniata. A quarterly provision or credit is charged or credited to earnings to maintain the allowance for credit losses at an adequate level. Charge-offs and recoveries are recorded as adjustments to the allowance for credit losses. The allowance for credit losses on December 31, 2024 was 1.16% of total loans, net of unearned interest, compared to 1.08% of total loans, net of unearned interest at December 31, 2023.
Current wording
The current expected credit loss (“CECL”) model is based primarily on forecasted economic scenarios as well as qualitative factors specific to Juniata. A quarterly provision or credit is charged or credited to earnings to maintain the allowance for credit losses at an adequate level. Charge-offs and recoveries are recorded as adjustments to the allowance for credit losses. The allowance for credit losses on December 31, 2025 was 1.18% of total loans, net of unearned interest, compared to 1.16% of total loans, net of unearned interest at December 31, 2024.
Previous wording
Juniata recorded a provision for credit losses of $534,000 in 2024 compared to a loan loss provision of $500,000 in 2023. Loan growth of 1.6% as of December 31, 2024 compared to December 31, 2023 was a factor in the increase in the provision for credit losses for the year ended December 31, 2024. Net charge-offs were 0.01% of average loans outstanding for the year ended 2024 and net recoveries were 0.01% of average loans outstanding for the year ended 2023.
Current wording
Juniata recorded a provision for credit losses of $923,000 in 2025 compared to a provision for credit losses of $534,000 in 2024. Loan growth of 12.6% as of December 31, 2025 compared to December 31, 2024 was the primary factor for the increase in the provision for credit losses. Net charge-offs as a percentage of average loans outstanding were 0.00% and 0.01% for the years ended 2025 and 2024, respectively.
Previous wording
At December 31, 2024, non-performing loans (as defined in Table 4 below), as a percentage of the allowance for credit losses, were 9.9%, compared to 87.2% at December 31, 2023. Non-performing loans were 0.12% of loans outstanding as of December 31, 2024 and 0.94% of loans outstanding as of December 31, 2023. Non-accrual loans decreased at December 31, 2024 compared to December 31, 2023 due to the payoff of a $4.9 million non-accrual participated real-estate construction loan in 2024. All non-performing loans were collateralized with real estate at December 31, 2024, except three non-accrual loans totaling $105,000.
Current wording
At December 31, 2025, non-performing loans (as defined in Table 4 below), as a percentage of the allowance for credit losses, were 9.0%, compared to 9.9% at December 31, 2024. Non-performing loans as a percentage of loans outstanding were 0.11% and 0.12% as of December 31, 2025 and December 31, 2024, respectively. All non-performing loans were collateralized with real estate at December 31, 2025, except three non-accrual loans totaling $148,000.
Previous wording
When a loan is placed on non-accrual status, all unpaid interest credited to income is reversed against current period income. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, accruals are resumed on loans only when the obligation is brought fully current with respect to interest and principal, has performed in accordance with the contractual terms for a reasonable period and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The Company’s nonaccrual and charge-off policies are the same, regardless of the loan type. During 2024, gross interest income that would have been recorded if loans on non-accrual status had been current was$101,000, of which $74,000 was collected and included in net income.
Current wording
When a loan is placed on non-accrual status, all unpaid interest credited to income is reversed against current period income. Interest received on non-accrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, accruals are resumed on loans only when the obligation is brought fully current with respect to interest and principal, has performed in accordance with the contractual terms for a reasonable period and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The Company’s non-accrual and charge-off policies are the same, regardless of the loan type. During the year ended December 31, 2025, gross interest income that would have been recorded if loans on non-accrual status had been current was $100,000. The Company recognized no interest income on non-accrual loans during the year ended December 31, 2025.
Previous wording
Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, lending personnel, delinquency trends, credit concentrations, loan review results, changes in collateral values, as well as the impact of changes in the regulatory and business environment or other relevant factors.
Current wording
Management estimates the allowance balance using relevant available information, from internal and external sources, related to past events, current conditions and reasonable and supportable forecasts of certain macro-economic variables. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, lending personnel, delinquency trends, credit concentrations, loan review results, changes in collateral values, as well as the impact of changes in the regulatory and business environment or other relevant factors.
Previous wording
The Company estimates losses over a four quarter forecast period using Federal Open Market Committee (“FOMC”) estimates for real GDP and unemployment rate. Based on the final values in the forecast and the uncertainty of a post-pandemic economic recovery, management has elected to revert to historical loss experience over four quarters. The economic factors considered as part of the ACL were selected after a rigorous regression analysis and model selection process. Additionally, the Company uses reasonable credit risk assumptions based on an annual report produced by Moody’s for the obligations of states and political subdivisions segment.
Current wording
The Company estimates losses over a four quarter forecast period using Federal Open Market Committee (“FOMC”) estimates for real GDP and unemployment rate. Based on the final values in the forecast and the uncertainty of a post-pandemic economic recovery, management has elected to revert to historical loss experience for periods beyond four quarters. The economic factors considered as part of the ACL were selected after a rigorous regression analysis and model selection process. Additionally, the Company uses reasonable credit risk assumptions based on an annual report produced by Moody’s for the obligations of states and political subdivisions segment.
Previous wording
The quantitative general allowance was $3.0 million at December 31, 2024 and $2.5 million at December 31, 2023.
Current wording
The quantitative general allowance was $3.7 million at December 31, 2025 and $3.0 million at December 31, 2024.
Previous wording
The qualitative analysis resulted in a general reserve of $3.1 million at December 31, 2024, compared to $3.2 million at December 31, 2023.
Current wording
The qualitative analysis resulted in a general reserve of $3.4 million at December 31, 2025, compared to $3.1 million at December 31, 2024.
Previous wording
The Company recorded net charge-offs of $28,000 in 2024 compared to net recoveries of $39,000 in 2023. The allowance for credit losses at December 31, 2024 increased by 8.9% over the allowance for credit losses at December 31, 2023 due to recording net charge-offs and loan growth of 1.6% in 2024, as well as updating the loss driver analysis in the third quarter of 2024. Management’s analysis indicated that the allowance for credit losses of $6.2 million at December 31, 2024 was adequate.
Current wording
The Company recorded net charge-offs of $23,000 in 2025 compared to net charge-offs of $28,000 in 2024. The allowance for credit losses at December 31, 2025 increased by 14.6% over the allowance for credit losses at December 31, 2024 due primarily to loan growth of 12.6% in 2025. Management’s analysis indicated that the allowance for credit losses of $7.1 million at December 31, 2025 was adequate.
Previous wording
The following tables show how the allowance for credit losses is allocated among the various types of outstanding loans and the percent of loans by type to total loans.
Current wording
The following tables show how the allowance for credit losses is allocated among the various types of outstanding loans and the percentage of loans by type to total loans.
Previous wording
Total investments, defined to include all interest earning assets except loans (i.e., debt securities available for sale at fair value and held to maturity at amortized cost, equity securities, federal funds sold, interest bearing deposits, restricted investment in bank stock and other interest-earning assets), totaled $265.9 million on December 31, 2024, a decrease of $16.8 million, or 6.0%, compared to year-end 2023.
Current wording
Total investments, defined to include all interest earning assets except loans (i.e., debt securities available for sale at fair value and held to maturity at amortized cost, equity securities, federal funds sold, interest bearing deposits, restricted investment in bank stock and other interest-earning assets), totaled $247.3 million on December 31, 2025, a decrease of $18.6 million, or 7.0%, compared to year-end 2024.
Previous wording
At December 31, 2024, the market value of the investment securities portfolio was less than amortized cost by $15.1 million, compared to December 31, 2023, when the market value of the investment securities portfolio was less than amortized cost by $10.7 million. The average maturity of the investment portfolio was 6.9 years on December 31, 2024 and 7.9 years on December 31, 2023.
Current wording
At December 31, 2025, the market value of the investment securities portfolio was less than amortized cost by $5.2 million, compared to December 31, 2024 when the market value of the investment securities portfolio was less than amortized cost by $15.1 million. The average maturity of the investment portfolio was 6.4 years on December 31, 2025 and 6.9 years on December 31, 2024.
Previous wording
The Company periodically insures the lives of certain bank officers to provide split-dollar life insurance benefits to some key officers and to offset the cost of providing post-retirement benefits through non-qualified plans. Some annuities are also owned to provide cash streams that match certain post-retirement liabilities. The $373,000 increase in cash surrender value of the Company’s bank owned life insurance (“BOLI”) and annuities was due primarily to earnings and the purchase of additional insurance related to 1035 Exchanges for two active participants to take advantage of increased interest rates. See Note 7 of The Notes to Consolidated Financial Statements.
Current wording
The Company periodically insures the lives of certain bank officers to provide split-dollar life insurance benefits to some key officers and to offset the cost of providing post-retirement benefits through non-qualified plans. Some annuities are also owned to provide cash streams that match certain post-retirement liabilities. The $733,000 increase in cash surrender value of the Company’s bank owned life insurance (“BOLI”) and annuities was due primarily to earnings and the purchase of additional insurance related to a 1035 Exchange for an active participant to take advantage of increased interest rates. See Note 7 of The Notes to Consolidated Financial Statements.
Showing the first 40 of 64 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Management estimates the allowance balance using relevant available information, from internal and external sources, related to past events, current conditions and reasonable and supportable forecasts of certain macro-economic variables.