Juniata Valley Financial Corp. Restates 2023 Financials

TL;DR

JVFC restating 2023 financials - check the numbers again.

AI Summary

Juniata Valley Financial Corp. is filing an amendment (10-K/A) to its 2023 annual report, originally filed on March 20, 2024. This amendment restates previously issued consolidated financial statements for the years ended December 31, 2023 and 2022, as well as interim financial statements from its Forms 10-Q.

Why It Matters

Restatements can indicate errors in previous reporting, potentially affecting investor understanding of the company's financial health and performance.

Risk Assessment

Risk Level: medium — Financial restatements can signal underlying accounting issues or errors, requiring closer scrutiny by investors.

Key Players & Entities

• JUNIATA VALLEY FINANCIAL CORP (company) — Filer
• 2023 (date) — Fiscal Year End
• December 31, 2023 (date) — Period End for Restatement
• March 20, 2024 (date) — Original Filing Date

FAQ

Key Financial Figures

• $1.00 — g) of the Act: Common Stock, par value $1.00 (Title of Class) Indicate by check ma
• $1.6 million — ror resulted from the capitalization of $1.6 million of fees paid to a vendor in the fourth
• $130,000 — of the Company's deferred tax asset of $130,000, and an overstatement by $1.4 million i
• $1.4 million — et of $130,000, and an overstatement by $1.4 million in accrued interest receivable and othe
• $1.3 million — rest receivable and other assets and by $1.3 million in retained earnings for the periods in
• $11.2 million — mit to a single borrower (approximately $11.2 million as of December 31, 2023) enables it to
• $100 million — maller reporting company with less than $100 million in revenue that previously met the defi
• $250,000 — um deposit insurance coverage amount at $250,000. The FDIC deposit insurance coverage li
• $10.0 billion — ons, such as Juniata, with assets under $10.0 billion. Initial base assessment rates range be
• $10 billion — d depository institutions with at least $10 billion in total assets since they are more com

Filing Documents

• juvf-20231231x10ka.htm (10-K/A) — 7915KB
• juvf-20231231xex10d4.htm (EX-10.4) — 88KB
• juvf-20231231xex21d1.htm (EX-21.1) — 10KB
• juvf-20231231xex23d1.htm (EX-23.1) — 3KB
• juvf-20231231xex31d1.htm (EX-31.1) — 13KB
• juvf-20231231xex31d2.htm (EX-31.2) — 13KB
• juvf-20231231xex32d1.htm (EX-32.1) — 5KB
• juvf-20231231xex32d2.htm (EX-32.2) — 6KB
• juvf-20231231x10ka003.jpg (GRAPHIC) — 4KB
• juvf-20231231x10ka004.jpg (GRAPHIC) — 3KB
• juvf-20231231xex10d4001.jpg (GRAPHIC) — 4KB
• juvf-20231231xex10d4003.jpg (GRAPHIC) — 14KB
• 0001558370-24-008807.txt ( ) — 36310KB
• juvf-20231231.xsd (EX-101.SCH) — 126KB
• juvf-20231231_cal.xml (EX-101.CAL) — 178KB
• juvf-20231231_def.xml (EX-101.DEF) — 639KB
• juvf-20231231_lab.xml (EX-101.LAB) — 1109KB
• juvf-20231231_pre.xml (EX-101.PRE) — 1053KB
• juvf-20231231x10ka_htm.xml (XML) — 10200KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 14 ITEM 1B. UNRESOLVED STAFF COMMENTS 23 ITEM 1C. CYBERSECURITY 23 ITEM 2.

PROPERTIES

PROPERTIES 26 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 26 ITEM 4. MINE SAFETY DISCLOSURES 26 PART II 27 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 27 ITEM 6. RESERVED 27 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 59 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 60 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 125 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 125 ITEM 9B. OTHER INFORMATION 126 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 126 PART III 127 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 127 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 127 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 127 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 127 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 127 PART IV 128 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 128

SIGNATURES

SIGNATURES 130 2 Table of Contents EXPLANATORY NOTE General Juniata Valley Financial Corp. (the "Company" or "Juniata") is filing this Amendment No. 1 on Form 10-K/A ("Amendment") to amend and restate certain financial information and related footnote disclosures in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, originally filed with the U.S. Securities and Exchange Commission ("SEC") on March 20, 2024. In filing this Amendment, the Company is restating its previously issued audited consolidated financial statements as of and for the years ended December 31, 2023 and 2022 as well as unaudited interim financial statements included in the Company's Quarterly Reports on Forms 10-Q as of the periods ended September 30, 2023, June 30, 2023 and March 31, 2023 (collectively, the "Previously Issued Consolidated Financial Statements"). Background of Restatement On May 17, 2024, the Audit Committee (the "Audit Committee") of the Board of Directors of Juniata Valley Financial Corp. (the "Company" or "Juniata"), based on the recommendation of management, and after consultation with the Company's independent registered public accounting firm, concluded that the Company's previously issued audited consolidated financial statements as of and for the years ended December 31, 2023 and 2022 and its previously issued unaudited interim condensed consolidated financial statements for each of the first three quarters in the year ended December 31, 2023 (collectively, the "Affected Financials") were materially misstated and, accordingly, should no longer be relied upon. Similarly, related reports filed with the Securities Exchange Commission, earnings releases, press releases, shareholder communications, investor presentations or other communications describing relevant portions of the Affected Financials should no longer be relied upon. In conjunction with the preparation of its unaudited condensed consolidated financial statements for the thre

BUSINESS

ITEM 1. BUSINESS Overview Juniata Valley Financial Corp. (the "Company" or "Juniata") is a Pennsylvania corporation formed in 1983 as a result of a plan of merger and reorganization of The Juniata Valley Bank (the "Bank"). The plan received regulatory approval on June 7, 1983 and Juniata, a one-bank holding company, registered under the Bank Holding Company Act of 1956 as a bank holding company. The Bank is the oldest independent commercial bank in Juniata and Mifflin Counties and was organized as a state bank charter in 1867. The Company has one reportable segment, consisting of the Bank, as described in Note 2 of The Notes to Consolidated Financial Statements. Nature of Operations Juniata operates primarily in central and northern Pennsylvania with the purpose of delivering financial services within its local markets. The Company provides retail and commercial banking and other financial services through 15 branch locations located in Juniata, Mifflin, Perry, McKean, Potter and Franklin Counties. Additionally, in Mifflin, Juniata and Centre Counties, the Company maintains four offices for loan production, trust services and wealth management sales. The Company offers a full range of consumer and commercial banking services. Consumer banking services include: online account opening; online banking; mobile banking; telephone banking; automated teller machines; personal checking accounts; checking overdraft privileges; money market deposit accounts; savings accounts; debit cards; certificates of deposit; individual retirement accounts; secured lines of credit; construction and mortgage loans; and safe deposit boxes. Commercial banking services include: low and high-volume business checking accounts; online account management services; remote deposit capability; ACH origination; payroll direct deposit; commercial lines of credit; commercial letters of credit; mobile deposit for small business customers; and commercial term and demand loans. The Bank also provi

View Full Filing

View this 10-K/A filing on SEC EDGAR