Juniata Valley Financial Corp. Files Q2 2024 10-Q

TL;DR

JVBF Q2 10-Q filed. Financials and operations detailed.

AI Summary

Juniata Valley Financial Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This 10-Q filing provides investors with a detailed look at Juniata Valley Financial Corp.'s financial health and operational performance during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a publicly traded company.

Key Players & Entities

• JUNIATA VALLEY FINANCIAL CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240812 (date) — Filed as of Date
• PA (location) — State of Incorporation
• MIFFLINTOWN (location) — City

FAQ

Key Financial Figures

• $1.00 — ding as of July 30, 2024 Common Stock ($1.00 par value) 5,003,384 shares Table of

Filing Documents

• juvf-20240630x10q.htm (10-Q) — 5876KB
• juvf-20240630xex31d1.htm (EX-31.1) — 12KB
• juvf-20240630xex31d2.htm (EX-31.2) — 14KB
• juvf-20240630xex32d1.htm (EX-32.1) — 8KB
• juvf-20240630xex32d2.htm (EX-32.2) — 8KB
• 0001558370-24-011834.txt ( ) — 25177KB
• juvf-20240630.xsd (EX-101.SCH) — 61KB
• juvf-20240630_cal.xml (EX-101.CAL) — 124KB
• juvf-20240630_def.xml (EX-101.DEF) — 336KB
• juvf-20240630_lab.xml (EX-101.LAB) — 638KB
• juvf-20240630_pre.xml (EX-101.PRE) — 528KB
• juvf-20240630x10q_htm.xml (XML) — 7790KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Statements of Financial Condition as of June 30, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 8

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 3. Not applicable. Item 4.

Controls and Procedures

Controls and Procedures 53

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 54 Item 1A.

Risk Factors

Risk Factors 54 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 3. Defaults upon Senior Securities 54 Item 4. Mine Safety Disclosures 54 Item 5. Other Information 54 Item 6. Exhibits 55

Signatures

Signatures 56 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Juniata Valley Financial Corp. and Subsidiary Consolidated Statements of Financial Condition (Unaudited) (Dollars in thousands, except share data) June 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 5,834 $ 17,189 Interest bearing deposits with banks 5,105 11,741 Cash and cash equivalents 10,939 28,930 Equity securities 1,070 1,073 Debt securities available for sale 65,269 67,564 Debt securities held to maturity (fair value $ 189,232 and $ 198,147 , respectively) 196,311 200,644 Restricted investment in bank stock 2,350 1,707 Total loans 541,413 525,394 Less: Allowance for credit losses ( 5,899 ) ( 5,677 ) Total loans, net of allowance for credit losses 535,514 519,717 Premises and equipment, net 9,258 8,180 Bank owned life insurance and annuities 14,964 14,841 Investment in low income housing partnerships 993 1,154 Core deposit and other intangible assets 301 343 Goodwill 9,812 9,812 Mortgage servicing rights 79 83 Deferred tax asset 10,713 11,319 Accrued interest receivable and other assets 5,104 5,188 Total assets $ 862,677 $ 870,555 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Non-interest bearing $ 198,119 $ 197,027 Interest bearing 547,059 552,018 Total deposits 745,178 749,045 Short-term borrowings and repurchase agreements 61,390 52,810 Long-term debt 5,000 20,000 Other interest bearing liabilities 892 951 Accrued interest payable and other liabilities 6,880 7,612 Total liabilities 819,340 830,418 Commitments and contingent liabilities Stockholders' Equity: Preferred stock, no par value: Authorized - 500,000 shares, none issued — — Common stock, par value $ 1.00 per share: Authorized 20,000,000 shares; Issued - 5,151,279 shares at June 30, 2024 and December 31, 2023; Outstanding - 5,003,384 shares at June 30, 2024 and 4,991,129 shares

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES The consolidated financial statements include the accounts of Juniata Valley Financial Corp. (the "Company" or "Juniata") and its wholly owned subsidiary, The Juniata Valley Bank (the "Bank" or "JVB"). All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete consolidated financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the financial statements. Estimates that are particularly susceptible to material change include the determination of the allowance for credit losses and possible impairment of goodwill and other intangible assets. In the opinion of management, all adjustments considered necessary for fair presentation have been included. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that can be expected for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and notes thereto included in Juniata Valley Financial Corp.'s Annual Report on Form 10-K/A ("Annual Report") for the year ended December 31, 2023. The Company has evaluated events and transactions occurring subsequent to the consolidated statement of financial condition date of June 30, 2024 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluati

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