MIFFLINTOWN - Juniata Valley Financial Corp. has announced its earnings and declared a first quarter dividend, according to a recent press release.
Net income and earnings per share for the quarter ended March 31 were $418,000 and 10 cents, respectively. The results for the quarter were negatively impacted by a provision for loan losses of $1,108,000, compared to $100,000 and $88,000 recorded in the previous quarter ended Dec. 31, 2011 and first quarter of 2011, respectively.
"While the provision for loan losses in the first quarter was significantly higher than in the past, it is important to note that the increase resulted primarily from specific provisions relating to two loan relationships," Marcie A. Barber, president and CEO of Juniata Valley Financial Corp., said in the release, "We do not believe that this adjustment to the allowance for loan losses is indicative of the condition of the credit quality of the loan portfolio as a whole."
"We believe that the factors which negatively impacted earnings in the first quarter are unlikely to recur and we are optimistic about prospects for the remainder of the year and beyond. While earnings in the current quarter were negatively impacted to a significant level, the factors responsible are not expected to further impact future earnings, and we remain focused on a sound business plan," Barber said in the release.
On April 18, 2012, Juniata Valley Financial Corp.'s board of directors declared a cash dividend of 22 cents per share for the second quarter of 2012, payable on June 1 to shareholders of record on May 15.
The Juniata Valley Bank, the principal subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, with twelve community offices located in Juniata, Mifflin, Perry and Huntingdon counties. More information can be found online at www.JVBonline.com. Juniata Valley Financial Corp. trades over the counter under the symbol JUVF.OB.