SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D C 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 1, 1998
JUNIATA VALLEY FINANCIAL CORP.
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 00013232 23-2235254
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(State or other jurisdiction (Commission File Number) (IRS Employer ID No.)
of incorporation)
BRIDGE AND MAIN STREETS, MIFFLINTOWN, PENNSYLVANIA 17059
--------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (717) 436-8211
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Item 2. Acquisition or Disposition of Assets
On July 1, 1998, Lewistown Trust Company (Lewistown) was merged
with and into the registrant, Juniata Valley Financial Corp.
(Juniata). The total assets of Lewistown were approximately $116
million at June 30, 1998.
On July 10, 1998, Juniata filed a report on Form 8-K which provided
information pursuant to the consummation of the above merger. As
per the requirements on Form 8-K, certain financial information,
reflecting pro forma financial statements of the registrant
including Lewistown, are permitted to be filed as an amendment of
the report on Form 8-K. All information necessary to amend the
report on Form 8-K as filed on July 10, 1998, has been included
herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired.
Lewistown Trust Company
The following financial statements are filed as Exhibit 19 of this
report on Form 8-K/A and are incorporated herein by reference:
19.1 Balance Sheets at June 30, 1998 and December 31, 1997
(unaudited).
19.2 Statements of income for the quarter ended and six
months ended June 30, 1998 and 1997 (unaudited).
19.3 Statement of Comprehensive Income for the six months
ended June 30, 1998 (unaudited).
19.4 Statement of Stockholders' Equity for the six months
ended June 30, 1998 (unaudited).
19.5 Statements of Cash Flows for the six months ended June
30, 1998 and 1997 (unaudited).
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Incorporated by reference in Juniata's Registration Statement on
Form S-4 (No. 333-48623) filed with the Securities and Exchange
Commission on March 25, 1998. The following appear on pages A-1 to
A-16 of the Form S-4:
Balance Sheets at December 31, 1997 and 1996
Statements of income for the years ended December 31, 1997,
1996 and 1995
Statements of Stockholders' Equity for the years ended
December 31, 1997, 1996 and 1995
Statements of Cash Flows for the years ended December 31,
1997, 1996 and 1995
Notes to the Financial Statements
Reports of Beard & Company, Inc., Independent Auditors
(b) Pro Forma Financial Information
Pursuant to the requirements of Form 8-K, the pro forma financial
information required by Article 11 of Regulation S-X is filed
herewith. Pursuant to Rule 11-01 (a) (2), such pro forma financial
information includes the operations of the registrant and Lewistown
Trust Company for the periods specified in Rules 3-01 and 3-02
under the pooling-of-interests method of accounting. The following
financial statements are filed as Exhibit 19 of this report on Form
8-K/A and are incorporated herein by reference:
19.6 Pro forma Combined Condensed Statement of Condition at
June 30, 1998.
19.7 Pro forma Combined Condensed Statement of Income for
the six months ended June 30, 1998.
19.8 Pro Forma Combined Condensed Statement of Income for
the six months ended June 30, 1997.
Incorporated by reference in Juniata's Registration Statement on
Form S-4 (No. 333-48623) filed with the Securities and Exchange
Commission on March 25, 1998. The following pro forma statements
of Juniata Valley Financial Corp. and Lewistown Trust Company
appear on page 58 of the Form S-4:
Pro Forma Unaudited Combined Condensed Statements of Income
for the years ended December 31, 1997, 1996 and 1995.
(c) Exhibits
An exhibit index, containing a list of all exhibits filed with this
report, is included on page 5.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Juniata Valley Financial Corp
-----------------------------
(Registrant)
Date: September 14, 1998 A. Jerome Cook
------------------ -----------------------------
Chairman and CEO
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EXHIBIT INDEX
Exhibit No. Description and Method of Filing
- ----------- ---------------------------------------------------------
19.1 Balance Sheets at June 30, 1998 and December 31, 1997
(unaudited).
19.2 Statements of income for the quarter ended and six months
ended June 30, 1998 and 1997 (unaudited).
19.3 Statement of Comprehensive Income for the six months ended
June 30, 1998 (unaudited).
19.4 Statement of Stockholders' Equity for the six months ended
June 30, 1998 (unaudited).
19.5 Statements of Cash Flows for the six months ended June 30,
1998 and 1997 (unaudited).
19.6 Pro forma Combined Condensed Statement of Condition at
June 30, 1998.
19.7 Pro forma Combined Condensed Statement of Income for the
six months ended June 30, 1998.
19.8 Pro forma Combined Condensed Statement of Income for the
six months ended June 30, 1997.
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EXHIBIT 19.1
LEWISTOWN TRUST COMPANY
-----------------------
BALANCE SHEETS
--------------
(Unaudited)
JUNE 30, DECEMBER 31,
1998 1997
-------- -----------
(In Thousands)
ASSETS
Cash and due from banks $ 3,042 $ 4,954
Interest bearing deposits with banks 100 100
Federal Funds sold 6,125 1,900
--------- ---------
Total cash and cash equivalents 9,267 6,954
Securities available for sale 49,786 47,161
Loans receivable, net of allowance for loan
losses 1998 593,000; 1997 $587,000 54,500 55,600
Bank premises and equipment, net 825 868
Accrued interest receivable and other assets 1,129 1,084
--------- ----------
Total Assets $ 115,507 $ 111,667
========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Non-interest bearing $ 9,016 $ 7,333
Interest bearing 91,231 88,797
--------- ----------
Total deposits 100,247 96,130
Other borrowings - 498
Accrued interest payable and other liabilities 572 920
--------- ----------
Total liabilities 100,819 97,548
--------- ----------
STOCKHOLDERS' EQUITY
Common stock, par value $1.25 per share
authorized 1,280,000 shares; issued and
outstanding 937,024 shares 1,171 1,171
Surplus 5,665 5,665
Retained earnings 7,471 6,942
Net unrealized appreciation on securities
net of taxes 381 341
--------- ----------
Total stockholders' equity 14,688 14,119
--------- ----------
Total liabilities and stockholders' equity $ 115,507 $ 111,667
--------- ----------
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EXHIBIT 19.2
LEWISTOWN TRUST COMPANY
-----------------------
STATEMENTS OF INCOME
--------------------
(Unaudited)
For the Quarter Ended For Six Months Ended
---------------------- --------------------
June 30, June 30, June 30, June 30,
1998 1997 1998 1997
---------- --------- --------- ---------
(In thousands, except per share amount)
INTEREST INCOME:
Loans receivable $ 1,231 $ 1,193 $ 2,445 $ 2,337
Taxable securities 605 621 1,218 1,196
Tax-exempt securities 103 106 200 213
Other 83 53 139 101
---------- ---------- ---------- ---------
Total interest income 2,022 1,973 4,002 3,847
INTEREST EXPENSE
Deposits 1,051 1,033 2,072 1,984
Other 3 3 5 5
---------- ---------- ---------- ---------
Total interest expense 1,054 1,036 2,077 1,989
---------- ---------- ---------- ---------
Net interest income 968 937 1,925 1,858
PROVISION FOR LOAN LOSSES - 35 - 40
---------- ---------- ---------- ---------
Net interest income, after
provision for loan losses 968 902 1,925 1,818
---------- ---------- ---------- ---------
OTHER INCOME:
Trust department 19 17 38 65
Customer service fees 39 39 72 76
Net realized gains on
sales of securities 4 - 4 -
Other 44 30 68 65
---------- ---------- ---------- ---------
Total other income 106 86 182 206
---------- ---------- ---------- ---------
OTHER EXPENSES:
Salaries and employee benefits 300 305 521 547
Occupancy 74 77 120 119
Federal deposit insurance 6 6 6 6
Taxes, other than income - - 123 117
Other 79 60 200 191
---------- ---------- ---------- ---------
Total other expenses 459 448 970 980
---------- ---------- ---------- ---------
INCOME BEFORE INCOME TAXES 615 540 1,137 1,044
FEDERAL INCOME TAXES 174 143 317 275
---------- ---------- ---------- ---------
Net income $ 441 $ 397 $ 820 $ 769
========== ========== ========== ==========
Basic Earnings per share $ .47 $ .42 $ .88 $ .82
========== ========== ========== ==========
Weighted average number of
shares outstanding 937,024 937,024 937,024 937,024
========= ========= ========= =========
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EXHIBIT 19.3 LEWISTOWN TRUST COMPANY
------------------------
STATEMENTS OF COMPREHENSIVE INCOME
----------------------------------
(Unaudited)
For the Six months Ended
------------------------
June 30, June 30,
1998 1997
--------- ---------
(In Thousands)
Net Income $ 820 $ 769
Other Comprehensive Income(Loss),
net of tax
Unrealized gains(losses)
on securities:
Unrealized holding gains(losses)
arising during the period,
net of tax expense(benefit)
1998 $21; 1997 $14 43 27
Less: reclassification
adjustments for gains
included in net income
net of tax expense
1998 - $1 1997 - $0 3 -
--------- ---------
Other comprehensive
income(loss) 40 27
--------- ---------
Comprehensive income $ 860 $ 796
========= ==========
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EXHIBIT 19.4 LEWISTOWN TRUST COMPANY
-----------------------
STATEMENT OF STOCKHOLDERS' EQUITY
-------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 1998
-----------------------------------------
(Unaudited)
Net Unrealized
Appreciation
(Depreciation)
On Securities
Common Retained Available
Stock Surplus Earnings For Sale Total
----- ------- -------- -------- -----
(In Thousands)
BALANCE
DECEMBER 31,
1997 $ 1,171 $ 5,665 $ 6,942 $ 341 $ 14,119
Net income
for the six
months ended
June 30, 1998 - - 820 - 820
Cash Dividends
$.36 per share - - (291) - (291)
Net change in
unrealized
appreciation
on securities
available for
sale, net of
taxes - - - 40 40
------- -------- -------- ------ ---------
Balance June
30, 1998 $ 1,171 $ 5,665 $ 7,471 $ 381 $ 14,688
======= ======== ======== ====== =========
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EXHIBIT 19.5 LEWISTOWN TRUST COMPANY
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STATEMENTS OF CASH FLOWS
------------------------
(Unaudited)
Increase (Decrease) in Cash and Cash Equivalents
For the Six Months Ended
-------------------------
June 30, June 30,
1998 1997
------------ -----------
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 820 769
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses - 40
Provision for depreciation and amortization 38 31
Net amortization (accretion) of securities
premiums and discounts 34 8
Gain on sale of securities (4) -
(Increase) decrease in accrued interest
receivable and other assets (45) (71)
Increase (decrease)in accrued interest
payable and other liabilities (370) 383
------------ -----------
Net cash provided by operating activities 473 1,160
------------ -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of securities
available for sale 407 -
Proceeds from maturities and principal
repayments of securities available for sale 7,717 8,618
Purchases of securities available for sale (10,723) (9,471)
Proceeds from maturities of and principal
Net decrease in loans receivable 1,111 (3,365)
Purchases of bank premises and equipment - (28)
------------ -----------
Net cash used in investing activities (1,488) (4,246)
------------ -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits 4,117 2,003
Net increase (decrease) in other borrowings (498) 176
Dividends paid (291) (282)
------------ -----------
Net cash provided by financing activities 3,328 1,897
------------ -----------
Increase (decrease) in cash and
cash equivalents 2,313 (1,189)
CASH AND CASH EQUIVALENTS:
Beginning 6,954 6,120
------------ -----------
Ending $ 9,267 4,931
============ ===========
CASH PAYMENTS FOR:
Interest $ 1,781 $ 1,688
============ ===========
Income Taxes $ 283 252
============ ===========
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EXHIBIT 19.6
JUNIATA AND LEWISTOWN
---------------------
UNAUDITED PRO FORMA COMBINED CONDENSED STATEMENT OF CONDITION
-------------------------------------------------------------
AS OF JUNE 30, 1998
-------------------
(DOLLARS IN THOUSANDS)
June 30, 1998
--------------------------------------------
PRO FORMA PRO FORMA
JUNIATA LEWISTOWN ADJUSTMENTS COMBINED
------- --------- ----------- ---------
Cash and cash equivalents $ 11,764 $ 9,267 $ - $ 21,031
Securities 71,712 49,786 - 121,498
Loans receivable 139,362 55,093 - 194,455
Allowance for loan losses (1,859) (593) - (2,452)
Other assets 8,087 1,954 - 10,041
--------- --------- --------- ---------
Total Assets $ 229,066 $ 115,507 $ - $ 344,573
========= ========= ========= =========
Deposits $ 195,635 $ 100,247 $ - $ 295,882
Other liabilities 3,395 572 - 3,967
--------- --------- --------- ---------
Total Liabilities 199,030 100,819 - 299,849
--------- --------- --------- ---------
Common Stock 1,400 1,171 (1,171)A 2,337
937 A
Treasury stock (284) - - (284)
Surplus 14,706 5,665 (5,665)A 20,605
5,899 A
Retained Earnings 13,671 7,471 - 21,142
Net unrealized loss on investment
securities available for sale 543 381 - 924
--------- --------- --------- ---------
Total Stockholders' Equity 30,036 14,688 - 44,724
--------- --------- --------- ---------
Total Liabilities and
Stockholders' Equity $ 229,066 $ 115,507 $ - $ 344,573
========= ========= ========= =========
A = Juniata exchanged 937,024 shares of Juniata Common Stock ($1 par value)
for 937,024 shares of Lewistown Common Stock ($1.25 par value).
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EXHIBIT 19.7
JUNIATA AND LEWISTOWN
---------------------
PRO FORMA UNAUDITED COMBINED CONDENSED STATEMENT OF INCOME
----------------------------------------------------------
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
FOR SIX MONTHS ENDED
JUNE 30, 1998
--------------------
PRO FORMA
JUNIATA LEWISTOWN COMBINED
------- --------- --------
Interest income $ 8,466 $ 4,002 $ 12,468
Interest expense 3,941 2,077 6,018
--------- --------- ---------
Net interest income 4,525 1,925 6,450
Provision for loan losses 90 - 90
--------- --------- ---------
Net interest income after provision
for loan losses 4,435 1,925 6,360
Other income 308 182 490
Other expenses 2,736 970 3,706
--------- --------- ---------
Income before income taxes $ 2,007 $ 1,137 $ 3,144
Income taxes 488 317 805
--------- --------- ---------
Net income $ 1,519 $ 820 $ 2,339
========= ========= =========
Basic earnings per share 1.10 .88 1.01
========= ========= =========
Weighted average number of
shares outstanding 1,386,469 937,024 2,323,493
========= ========= =========
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Exhibit 19.8
JUNIATA AND LEWISTOWN
---------------------
PRO FORMA UNAUDITED COMBINED CONDENSED STATEMENT OF INCOME
----------------------------------------------------------
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
FOR SIX MONTHS ENDED
JUNE 30, 1997
--------------------
PRO FORMA
JUNIATA LEWISTOWN COMBINED
------- --------- --------
Interest income $ 8,078 $ 3,847 $ 11,925
Interest expense 3,830 1,989 5,819
--------- --------- ---------
Net interest income 4,248 1,858 6,106
Provision for loan losses 90 40 130
--------- --------- ---------
Net interest income after provision
for loan losses 4,158 1,818 5,976
Other income 438 206 644
Other expenses 2,694 980 3,674
--------- --------- ---------
Income before income taxes $ 1,902 $ 1,044 $ 2,946
Income taxes 435 275 710
--------- --------- ---------
Net income $ 1,467 $ 769 $ 2,236
========= ========= =========
Basic earnings per share 1.05 .82 .96
========= ========= =========
Weighted average number of
shares outstanding 1,396,735 937,024 2,333,759
========= ========= =========
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