JUNIATA VALLEY FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Mar 20, 2024.
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FY2023 · Filed Mar 20, 2024
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | |
|---|---|---|---|---|---|---|
| (Dollars in thousands) · · Year Ended December 31, | ||||||
| · 2023 · 2022 | ||||||
| Operating activities: · · · · · | ||||||
| Net income | | $6,596 | | $8,320 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | ||||
| Provision for credit losses | | 500 | | 455 | ||
| Depreciation | | 563 | | 631 | ||
| Net amortization of securities premiums | | 133 | | 408 | ||
| Net amortization of loan origination (costs) fees | | (112) | | 393 | ||
| Deferred net loan origination costs | | (575) | | (636) | ||
| Amortization of intangibles | | 81 | | 54 | ||
| Amortization of investment in low income housing partnerships | | 353 | | 799 | ||
| Net amortization of purchase fair value adjustments | | (4) | | (112) | ||
| Net realized loss on sales and calls of available for sale securities | | — | | 1,453 | ||
| Change in value of equity securities | | (17) | | 68 | ||
| Net gain on other real estate owned | | (16) | | (28) | ||
| Earnings on bank owned life insurance and annuities | | (222) | | (219) | ||
| Deferred income tax (benefit) expense | | (161) | | 129 | ||
| Stock-based compensation expense | | 143 | | 176 | ||
| Proceeds from mortgage loans sold to others | | 55 | | 62 | ||
| Mortgage banking income | | (46) | | (34) | ||
| Gain from life insurance proceeds | | (161) | | (380) | ||
| Increase in accrued interest receivable and other assets | | (1,098) | | (1,753) | ||
| Increase in accrued interest payable and other liabilities | | 1,853 | | 150 | ||
| Net cash provided by operating activities | | 7,865 | | 9,936 | ||
| Investing activities: | | | ||||
| Purchases of: | | | ||||
| Securities available for sale | | — | | (53,295) | ||
| FHLB stock | | — | | (1,550) | ||
| Premises and equipment | | (356) | | (449) | ||
| Bank owned life insurance and annuities | | (31) | | (31) | ||
| Proceeds from: | | | | | ||
| Sales of debt securities available for sale | | — | | 23,271 | ||
| Maturities of and principal repayments on securities available for sale | | 5,470 | | 27,918 | ||
| Maturities of and principal repayments on securities held to maturity | | | 13,687 | | | 4,116 |
| Redemption of FHLB stock | | 1,959 | | — | ||
| Life insurance claims | | 770 | | 2,285 | ||
| Sale of other real estate owned | | 55 | | 145 | ||
| Sale of fixed assets | | | 52 | | | — |
| Net decrease in interest bearing time deposits with banks | | — | | 735 | ||
| Net increase in loans | | (40,176) | | (65,821) | ||
| Net cash received in acquisition | | | 17,384 | | | — |
| Net cash used in investing activities | | (1,186) | | (62,676) | ||
| Financing activities: | | | ||||
| Net increase in deposits | | 18,820 | | 3,065 | ||
| Net (decrease) increase in short-term borrowings and securities sold under agreements to repurchase | | (2,900) | | 51,483 | ||
| Cash dividends | | (4,406) | | (4,401) | ||
| Purchase of treasury stock | | (324) | | (3) | ||
| Treasury stock issued for employee stock plans | | 62 | | 69 | ||
| Net cash provided by financing activities | | 11,252 | | 50,213 | ||
| Net increase (decrease) in cash and cash equivalents | | 17,931 | | (2,527) | ||
| Cash and cash equivalents at beginning of year | | 10,999 | | 13,526 | ||
| Cash and cash equivalents at end of period | | $28,930 | | $10,999 | ||
| Supplemental information: | | | | | | |
| Interest paid | | $9,425 | | $3,341 | ||
| Income tax paid | | | 1,035 | | | 425 |
| Supplemental schedule of noncash investing and financing activities: | | | | | | |
| Transfer of securities from available for sale to held to maturity | | $— | | $212,340 | ||
| Transfer of loans to other real estate owned | | | 39 | | | 30 |
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