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Juniata Valley Financial Corp. (JUVF0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total assets to $857,956,000 from $870,555,000 at the end of the previous year. This decrease is attributed to a reduction in cash and cash equivalents.
Total loans increased by $12,856,000 to $538,250,000, with notable growth in real estate-commercial loans. The allowance for credit losses increased to $6,124,000, reflecting adjustments for expected credit losses.
The company reported net income of $1,637,000 for the quarter, down from $1,791,000 in the previous year. Earnings per share decreased to $0.33 from $0.36.
Net interest income was $5,795,000, a slight increase from $5,680,000 in the previous year, with the net interest margin rising to 2.73% from 2.71%.
Non-interest income increased to $1,445,000, driven by higher customer service fees and changes in the value of equity securities.
Non-interest expense rose to $5,101,000, primarily due to increased employee benefits and professional fees.
The company declared a cash dividend of $0.22 per share, payable on November 29, 2024.
Juniata Valley Financial Corp. continues to focus on managing its liquidity and capital adequacy, with a decrease in short-term borrowings and repurchase agreements.
The filing also details the company's efforts to address a material weakness in its internal controls over financial reporting, specifically related to capitalized expenditures.
The company maintains a strong capital position, exceeding regulatory requirements to be considered a 'well-capitalized' financial institution under Basel III standards.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Juniata Valley Financial Corp. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.