JUNIATA VALLEY FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Mar 26, 2025.
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FY2024 · Filed Mar 26, 2025
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | |
|---|---|---|---|---|---|---|
| (Dollars in thousands) · · Year Ended December 31, | ||||||
| · 2024 · 2023 | ||||||
| Operating activities: · · · · · | ||||||
| Net income | | $6,229 | | $6,596 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | ||||
| Provision for credit losses | | 534 | | 500 | ||
| Depreciation | | 733 | | 563 | ||
| Net amortization of securities premiums | | 123 | | 133 | ||
| Net amortization of loan origination costs (fees) | | 80 | | (112) | ||
| Deferred net loan origination costs | | (572) | | (575) | ||
| Amortization of intangibles | | 85 | | 81 | ||
| Amortization of investment in low income housing partnerships | | 322 | | 353 | ||
| Net amortization of purchase fair value adjustments | | (4) | | (4) | ||
| Change in value of equity securities | | (115) | | (17) | ||
| Net gain on other real estate owned | | — | | (16) | ||
| Earnings on bank owned life insurance and annuities | | (236) | | (222) | ||
| Deferred income tax expense (benefit) | | 35 | | (31) | ||
| Stock-based compensation expense | | 142 | | 143 | ||
| Mortgage servicing right adjustment | | 14 | | 9 | ||
| Gain from life insurance proceeds | | (56) | | (161) | ||
| Decrease (increase) in accrued interest receivable and other assets | | 366 | | (1,228) | ||
| (Decrease) increase in accrued interest payable and other liabilities | | (2,345) | | 1,853 | ||
| Net cash provided by operating activities | | 5,335 | | 7,865 | ||
| Investing activities: | | | ||||
| Purchases of: | | | ||||
| Restricted stock | | (823) | | — | ||
| Premises and equipment | | (1,935) | | (356) | ||
| Bank owned life insurance | | | (717) | | | — |
| Bank owned life insurance premium and annuity payments | | (27) | | (31) | ||
| Proceeds from: | | | | | ||
| Maturities of and principal repayments on securities available for sale | | 4,742 | | 5,470 | ||
| Maturities of and principal repayments on securities held to maturity | | | 13,864 | | | 13,687 |
| Redemption of FHLB stock | | — | | 1,959 | ||
| Life insurance claims | | 663 | | 770 | ||
| Sale of other real estate owned | | — | | 55 | ||
| Sale of fixed assets | | | — | | | 52 |
| Sale of other assets | | 10 | | — | ||
| Net increase in loans | | (7,994) | | (40,176) | ||
| Net cash received in acquisition | | | — | | | 17,384 |
| Net cash provided by (used in) investing activities | | 7,783 | | (1,186) | ||
| Financing activities: | | | ||||
| Net (decrease) increase in deposits | | (1,111) | | 18,820 | ||
| Net decrease in short-term borrowings and securities sold under agreements to repurchase | | (10,568) | | (2,900) | ||
| Repayment of long-term debt | | (15,000) | | — | ||
| Cash dividends | | (4,400) | | (4,406) | ||
| Purchase of treasury stock | | (3) | | (324) | ||
| Treasury stock issued for employee stock plans | | 32 | | 62 | ||
| Net cash (used in) provided by financing activities | | (31,050) | | 11,252 | ||
| Net (decrease) increase in cash and cash equivalents | | (17,932) | | 17,931 | ||
| Cash and cash equivalents at beginning of year | | 28,930 | | 10,999 | ||
| Cash and cash equivalents at end of period | | $10,998 | | $28,930 | ||
| Supplemental information: | | | | | | |
| Interest paid | | $14,708 | | $9,425 | ||
| Income tax paid | | | 915 | | | 1,035 |
| Supplemental schedule of noncash investing and financing activities: | | | | | | |
| Transfer of loans to other real estate owned | | $— | | $39 | ||
| Transfer of loans to repossessed vehicles | | | 10 | | | — |
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