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Juniata Valley Financial Corp. (JUVF)

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Previous Close16.60
Open16.60
Bid0.00 x 0
Ask0.00 x 0
Day's Range16.60 - 16.60
52 Week Range15.70 - 19.90
Volume109
Avg. Volume1,125
Market Cap83.111M
Beta (5Y Monthly)0.30
PE Ratio (TTM)13.53
EPS (TTM)1.23
Earnings DateApr 27, 2021
Forward Dividend & Yield0.88 (5.33%)
Ex-Dividend DateMay 14, 2021
1y Target EstN/A
  • GlobeNewswire

    Juniata Valley Financial Corp. Announces Second Quarter 2021 Results

    Mifflintown, PA, July 21, 2021 (GLOBE NEWSWIRE) -- Juniata Valley Financial Corp. (OTC Pink: JUVF) (“Juniata”), announced net income for the quarter ended June 30, 2021 of $1.7 million, an increase of 8.3%, compared to net income of $1.6 million for the quarter ended June 30, 2020. Earnings per share, basic and diluted, increased 12.9%, to $0.35, during the three months ended June 30, 2021, compared to $0.31 during the three months ended June 30, 2020. Net income for the six months ended June 30

  • GlobeNewswire

    Juniata Valley Financial Corp. Announces Results for the Quarter Ended March 31, 2021

    Mifflintown, PA, April 27, 2021 (GLOBE NEWSWIRE) -- Juniata Valley Financial Corp. (OTC Pink: JUVF) (“Juniata”), announced net income for the quarter ended March 31, 2021 of $1.6 million, an increase of 57.5%, compared to net income of $1.0 million for the quarter ended March 31, 2020. Earnings per share, basic and diluted, for the three months ended March 31, 2021 was $0.33, 65.0% higher than the $0.20 reported for the three months ended March 31, 2020. President’s Message President and Chief Executive Officer, Marcie A. Barber stated, “We are very pleased to deliver strong financial performance as we begin a new fiscal year. These results are indicative of our resolve to responsibly navigate changes in our challenging economic environment”. Paycheck Protection Program (“PPP”) Juniata continues to participate in the PPP through the Small Business Administration (“SBA”), which provides forgiveness up to the full principal amount of qualifying loans. Juniata funded 508 PPP loans, totaling $32.1 million, during the first round of the program in 2020. As of March 31, 2021, 177 of these first round PPP loans, totaling $13.0 million, had been forgiven. On December 27, 2020, the 2021 Consolidated Appropriations Act (“CAA”) was signed into law. The CAA reopened the PPP to qualifying new and existing borrowers. As of March 31, 2021, Juniata funded an additional 261 PPP loans, totaling $17.0 million, through the second round of PPP funding. Financial Results Annualized return on average assets for the three months ended March 31, 2021 was 0.82%, compared to 0.62% for the three months ended March 31, 2020. Annualized return on average equity for the three months ended March 31, 2021 was 8.68%, compared to 5.54% for the three months ended March 31, 2020. Net interest income was $4.9 million for the first quarter of 2021 compared to $5.0 million for the first quarter of 2020. Average earning assets increased 11.5%, to $740.9 million, during the three months ended March 31, 2021 compared to the same period in 2020, predominantly due to increases of $88.5 million in average investment securities and $39.6 million in average loans, the latter resulting from both organic loan growth and PPP loan funding. The yield on earning assets declined 87 basis points, to 3.15%, in the first quarter of 2021 compared to same period last year, while the cost to fund interest earning assets with interest bearing liabilities decreased 36 basis points, to 0.65%. During the three months ended March 31, 2021, average interest bearing liabilities increased by $97.7 million compared to the comparable 2020 period, mainly due to growth in interest-bearing deposits driven by deposits of government stimulus payments and decreased consumer spending during the pandemic. Both the yields on earning assets and cost of funds were affected by the ongoing low interest rate environment that commenced with the 150 basis point decline in the prime rate and federal funds target range in March 2020. The net interest margin, on a fully tax equivalent basis, decreased from 3.32% during the three months ended March 31, 2020 to 2.71% during the three months ended March 31, 2021. Juniata continued to experience favorable asset quality trends and net recoveries during the first quarter of 2021. Only one loan, in the amount of $5.0 million, placed on payment deferral remained in deferment as of March 31, 2021, while all other loans previously placed in deferment resumed contractual debt service. Juniata applied elevated qualitative risk factors to all loan segments in the loan portfolio in its allowance for loan loss analysis in the first quarter of 2021 due to the remaining uncertainty as to the strength of the economy once it fully reopens and the ability of borrowers no longer on payment deferral to continue making payments; however, due to the positive trends noted above and sustained performance of the loan portfolio, the analysis resulted in a provision credit of $79,000 in the first quarter of 2021 compared to a provision expense of $356,000 recorded in the first quarter of 2020. Non-interest income in the first quarter of 2021 was $1.3 million compared to $1.0 million in the first quarter of 2020, an increase of 28.0%. Most significantly impacting non-interest income in the comparative three month periods was the increase in the value of equity securities of $0.3 million in the first quarter of 2021 compared to the first quarter of 2020, as well as an increase of $0.1 million in debit card fee income. Partially offsetting these increases was a $0.1 million decrease in customer service fees in the first quarter of 2021 compared to the comparable 2020 period. Non-interest expense was $4.6 million in the three months ended March 31, 2021 compared to $4.8 million in the three months ended March 31, 2020, a decline of 3.6%. Most significantly impacting non-interest expense in the comparative three month periods was a $0.2 million decline in employee benefits expense due to lower medical claims expenses, as well as a decrease in equipment expense and a recorded gain on other real estate owned in the first quarter of 2021 compared to the first quarter of 2020. Offsetting these declines during the three months ended March 31, 2021 compared to the comparative 2020 period was an increase in data processing expense, predominantly due to the launch of Juniata’s new online deposit account opening platform in late 2020. Income tax expense of $0.1 million was recorded in the first quarter of 2021 compared to an income tax benefit of $0.2 million recorded in the first quarter of 2020, primarily due to higher taxable income recorded in the 2021 period. Financial Condition Total assets as of March 31, 2021 were $805.6 million, an increase of $11.9 million, compared to total assets of $793.7 million on December 31, 2020. Comparing asset balances on March 31, 2021 and December 31, 2020, cash and cash equivalents decreased by $19.6 million as Juniata used excess cash in the first quarter of 2021 to repay the remaining FRB advances from the Paycheck Protection Program Liquidity Fund. Debt securities available for sale and total loans increased by $14.7 million and $14.3 million, respectively, as of March 31, 2021 compared to December 31, 2020. Over the same period, deposits increased by $46.6 million, with growth in both non-interest and interest bearing demand deposits, mainly due to additional government stimulus payments and PPP funds on deposit. Shareholders’ equity decreased by $4.0 million when comparing March 31, 2021 to December 31, 2020, primarily due to a decline in the fair value of debt securities between the two periods. Subsequent Event On April 20, 2021, the Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on May 17, 2021, payable on June 1, 2021. Management considers subsequent events occurring after the statement of condition date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements when filed with the Securities and Exchange Commission. Accordingly, the financial information in this release is subject to change. The Juniata Valley Bank, the principal subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, Pennsylvania, with nineteen community offices located in Juniata, Mifflin, Perry, Huntingdon, McKean and Potter Counties. More information regarding Juniata Valley Financial Corp. and The Juniata Valley Bank can be found online at www.JVBonline.com. Juniata Valley Financial Corp. trades through the Pink Open Market under the symbol JUVF. Forward-Looking Information*This press release may contain “forward looking” information as defined by the Private Securities Litigation Reform Act of 1995. When words such as “believes”, “expects”, “anticipates” or similar expressions are used in this release, Juniata is making forward-looking statements. Such information is based on Juniata’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business. These statements are not historical facts or guarantees of future performance, events or results. Such statements involve potential risks and uncertainties and, accordingly, actual results may differ materially from this forward-looking information. Many factors could affect future financial results. Juniata undertakes no obligation to publicly update or revise forward looking information, whether as a result of new or updated information, future events, or otherwise. For a more complete discussion of certain risks and uncertainties affecting Juniata, please see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements” set forth in the Juniata’s filings with the Securities and Exchange Commission. In addition, the COVID-19 pandemic is having an adverse impact on Juniata, its customers and the communities it serves and may adversely affect Juniata’s business, results of operations and financial condition for an indefinite period of time. The Annual Report on Form 10-K for the year ended December 31, 2020 addressed risks and uncertainties associated with the COVID-19 pandemic. Financial Statements Juniata Valley Financial Corp. and SubsidiaryConsolidated Statements of Financial Condition (Dollars in thousands, except share data) (Unaudited) March 31, 2021 December 31, 2020ASSETS Cash and due from banks $11,533 $11,868 Interest bearing deposits with banks 460 19,753 Federal funds sold 10,000 10,000 Cash and cash equivalents 21,993 41,621 Interest bearing time deposits with banks 735 735 Equity securities 1,183 1,091 Debt securities available for sale 301,076 286,415 Restricted investment in bank stock 3,374 3,423 Total loans 437,007 422,661 Less: Allowance for loan losses (4,056) (4,094)Total loans, net of allowance for loan losses 432,951 418,567 Premises and equipment, net 8,686 8,808 Other real estate owned 110 — Bank owned life insurance and annuities 16,628 16,568 Investment in low income housing partnerships 2,905 3,105 Core deposit and other intangible assets 225 241 Goodwill 9,047 9,047 Mortgage servicing rights 147 158 Accrued interest receivable and other assets 6,573 3,939 Total assets $805,633 $793,718 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Non-interest bearing $183,437 $168,115 Interest bearing 486,023 454,751 Total deposits 669,460 622,866 Short-term borrowings and repurchase agreements 22,622 24,750 Federal Reserve Bank ("FRB") advances — 27,955 Long-term debt 35,000 35,000 Other interest bearing liabilities 1,557 1,584 Accrued interest payable and other liabilities 4,420 4,966 Total liabilities 733,059 717,121 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 March 31, 2021; 5,151,279 shares at December 31, 2020 Outstanding - 5,006,695 shares at March 31, 2021; 5,025,441 shares at December 31, 2020 5,151 5,151 Surplus 24,893 25,011 Retained earnings 45,629 45,096 Accumulated other comprehensive (loss) income (590) 3,518 Cost of common stock in Treasury: 144,584 shares at March 31, 2021; 125,838 shares at December 31, 2020 (2,509) (2,179)Total stockholders' equity 72,574 76,597 Total liabilities and stockholders' equity $805,633 $793,718 Juniata Valley Financial Corp. and SubsidiaryConsolidated Statements of Income (Unaudited) Three Months Ended (Dollars in thousands, except share and per share data) March 31, 2021 2020 Interest income: Loans, including fees $4,777 $4,878 Taxable securities 1,006 1,173 Tax-exempt securities 38 23 Other interest income 5 55 Total interest income 5,826 6,129 Interest expense: Deposits 619 830 Short-term borrowings and repurchase agreements 32 8 FRB advances 18 — Long-term debt 212 283 Other interest bearing liabilities 2 7 Total interest expense 883 1,128 Net interest income 4,943 5,001 Provision for loan losses (79) 356 Net interest income after provision for loan losses 5,022 4,645 Non-interest income: Customer service fees 325 415 Debit card fee income 413 324 Earnings on bank-owned life insurance and annuities 54 64 Trust fees 112 113 Commissions from sales of non-deposit products 80 74 Fees derived from loan activity 104 67 Mortgage banking income 8 16 Gain (loss) on sales and calls of securities 4 11 Change in value of equity securities 93 (172)Other non-interest income 79 82 Total non-interest income 1,272 994 Non-interest expense: Employee compensation expense 1,969 2,003 Employee benefits 545 728 Occupancy 330 314 Equipment 189 234 Data processing expense 583 501 Professional fees 188 173 Taxes, other than income 124 138 FDIC Insurance premiums 81 40 Gain on other real estate owned (49) — Amortization of intangible assets 16 19 Amortization of investment in low-income housing partnerships 200 200 Other non-interest expense 412 410 Total non-interest expense 4,588 4,760 Income before income taxes 1,706 879 Income tax provision (benefit) 71 (159)Net income $1,635 $1,038 Earnings per share Basic $0.33 $0.20 Diluted $0.33 $0.20 CONTACT: JoAnn McMinn Email: joann.mcminn@jvbonline.com Phone: (717) 436-3206

  • GlobeNewswire

    Juniata Valley Financial Corp. Announces Results for the Quarter and Year Ended December 31, 2020

    Mifflintown, PA, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Juniata Valley Financial Corp. (OTC Pink: JUVF) (“Juniata”), announced net income for the year ended December 31, 2020 of $5.6 million compared to net income of $5.8 million for the year ended December 31, 2019. Earnings per share, basic and diluted, for the year ended December 31, 2020 was $1.10 compared to basic and diluted earnings per share of $1.14 for the year ended December 31, 2019. For the three months ended December 31, 2020, net income was $1.4 million, compared to net income of $1.5 million for the three months ended December 31, 2019. Earnings per share, basic and diluted, was $0.27 for the fourth quarter of 2020 compared to $0.29 for the corresponding 2019 period. President’s Message President and Chief Executive Officer, Marcie A. Barber stated, “Despite the swift and drastic decline in interest rates, and COVID-19’s impact on economic activity, we delivered a strong return to our shareholders. Management responded quickly to the unanticipated interest rate and economic environments to deliver these results”. Juniata’s COVID-19 Response Juniata remained responsive to the needs of customers for short-term payment relief as a result of the pandemic throughout 2020. During the year ended December 31, 2020, Juniata approved interest and/or principal payment deferrals on loans totaling over $90 million for individuals and businesses economically impacted by COVID-19. As of December 31, 2020, four loans, totaling $5.1 million, remained in deferment. Additionally, Juniata participated in the Paycheck Protection Program (“PPP”) through the Small Business Administration (“SBA”). Juniata made 508 PPP loans, totaling $31.5 million, during the first round of the program. As of December 31, 2020, $3.1 million loans have been forgiven by the SBA. Juniata is now participating in the second round of PPP, and is looking forward, once again, to serving both new and existing customers through the program. Year-to-Date Financial Results Annualized return on average assets for the year ended December 31, 2020 was 0.76% compared to 0.90% for the year ended December 31, 2019. Annualized return on average equity for the year ended December 31, 2020 was 7.37%, compared to 8.24% for the year ended December 31, 2019. Net interest income was $20.2 million for the year ended December 31, 2020 compared to $20.9 million for the comparable 2019 period. The decrease in net interest income was mainly attributable to a $1.8 million decline in loan interest and fee income due to the lower interest rate environment. This decline was partially offset by a $0.7 million increase in interest income on investment securities due to a 46.2% increase in the average balance in 2020 over 2019, as well as a $0.7 million decline in interest expense. Average earning assets increased by $88.5 million, or 14.9%, to $683.2 million during the year ended December 31, 2020 compared to the comparable 2019 period. The average balance of investment securities increased by $81.2 million during the year ended December 31, 2020 over the year ended December 31, 2019. Average loan balances increased by $4.9 million in 2020 compared to 2019. Average interest bearing deposits increased by $60.4 million, or 13.6%, during the year ended December 31, 2020 compared to the comparable 2019 period, while average non-interest bearing deposits increased by $27.5 million, or 21.6%, driven by deposits of government stimulus payments and decreased consumer spending. Average indebtedness during the year ended December 31, 2020 increased by $33.7 million predominantly due to Juniata’s participation in the Federal Reserve’s Paycheck Protection Plan Liquidity Facility (“PPPLF”) and an increase in short-term debt due to a cash flow hedge to manage interest rate sensitivity. The increased funding was invested in the securities portfolio. Over the year ended December 31, 2020, the yield on earning assets decreased 76 basis points, to 3.55%, over the comparable 2019 period, while the cost of interest bearing liabilities decreased 26 basis points, to 0.80%. The yields on earning assets and cost of funds were affected by the 175 basis point decline in the prime rate and the federal funds target range between the 2020 and 2019 periods. Net interest margin, on a fully tax equivalent basis, decreased from 3.57% during the year ended December 31, 2019 to 3.00% during the year ended December 31, 2020. The provision for loan losses increased $1.3 million in the year ended December 31, 2020 in comparison to the year ended December 31, 2019. While both periods included the effect of net recoveries of $0.4 million and $0.5 million, respectively, in 2020 Juniata increased the qualitative risk factors for all loan segments in the loan portfolio in its allowance for loan loss analysis. The allowance for loan losses as a percentage of loans outstanding (net of PPP loans) increased from 0.74% on December 31, 2019 to 1.04% as of December 31, 2020. No allowance was made for the PPP loans that are fully guaranteed by the SBA. Non-interest income was $5.3 million for the year ended December 31, 2020 in comparison to $4.7 million for the year ended December 31, 2019, an increase of 12.0%. Most significantly impacting the comparative year-end periods was a $0.9 million increase in the net gains on the sales and calls of securities in 2020 over the comparable 2019 period due, in part, to the execution of a balance sheet strategy in the second quarter of 2020 that produced net securities gains of $0.5 million, which were used to offset a $0.5 million prepayment penalty on the extinguishment of long-term debt. Restructuring opportunities to reduce overall premium exposure in the debt securities portfolio during 2020 added additional net gains on the sales of securities of $0.4 million. Partially offsetting these increases in non-interest income was a $0.1 million decline in the fair value of equity securities during the year ended December 31, 2020 compared to the comparable 2019 period. In addition, customer service fees, primarily NSF fees, decreased $0.3 million in the 2020 period compared to the same period in the prior year, mainly due to decreased spending and deposits of stimulus funding during the pandemic. Non-interest expense was $19.3 million during the year ended December 31, 2020 compared to $20.4 million during the year ended December 31, 2019, a decline of 5.5%. Non-interest expense declined during the year ended December 31, 2020 compared to the same period in 2019 primarily due to a $1.3 million decline in employee benefits resulting from the elimination of pension-related expenses in 2020 compared to $1.2 million in pre-tax pension settlement charges recorded during the 2019 period. Also contributing to the decline were lower employee compensation expense, occupancy expense and professional fees. Partially offsetting these declines was an increase in both data processing expense and FDIC insurance premiums due to an increase in the assessment based upon the growth in assets, as well as a $0.5 million prepayment penalty on long-term debt extinguishment, while no similar expense was recorded during the comparable 2019 period. Additionally, a $0.2 million net gain on the sales of other real estate owned was realized during the year ended December 31, 2019, while no gains were recorded during the comparable 2020 period. An income tax benefit of $50,000 was recorded during the year ended December 31, 2020 compared to a $14,000 benefit during the same period. Quarter-to-Date Financial Results Annualized return on average assets for the three months ended December 31, 2020 was 0.69%, compared to 0.89% for the three months ended December 31, 2019. Annualized return on average equity for the three months ended December 31, 2020 was 7.13%, compared to 8.10% for the three months ended December 31, 2019. Net interest income was $4.9 million for the fourth quarter of 2020 compared to $5.1 million for the fourth quarter of 2019. Average earning assets increased 19.1%, to $725.2 million, with average investment securities increasing by $94.4 million, or 48.7%, in the fourth quarter of 2020 compared to the comparable 2019 period. The yield on earning assets declined 94 basis points, to 3.23%, during the three months ended December 31, 2020 compared to the same period in 2019, while the cost to fund interest bearing assets with interest bearing liabilities over the same period decreased by 41 basis points, to 0.71%. The yield on earning assets and cost of funds were affected by reductions in the prime rate and the federal funds target range between the fourth quarters of 2019 and 2020. Net interest margin, on a fully tax equivalent basis, decreased from 3.39% for the three months ended December 31, 2019 to 2.74% for the three months ended December 31, 2020. The provision for loan losses increased $0.2 million in the fourth quarter of 2020 in comparison to the fourth quarter of 2019. Due to the continued uncertainty in the economic environment resulting from the COVID-19 pandemic, Juniata maintained increased qualitative risk factors for all loan segments in the loan portfolio in its allowance for loan loss analysis in the fourth quarter of 2020, including an additional qualitative factor for all loans that had been granted COVID-19 deferrals, regardless of present deferment status. Non-interest income for the fourth quarter of 2020 was $1.3 million compared to $1.2 million for the fourth quarter of 2019, an increase of 5.9%. Most significantly impacting non-interest income in the comparative three month periods were increases in debit card fee income, commissions from sales of non-deposit products and the change in value of equity securities, resulting in a $0.1 million increase in 2020 over the comparable 2019 period. Partially offsetting these increases was a $0.1 million decrease in customer service fees, predominantly in overdraft fees, in the fourth quarter of 2020 compared to the fourth quarter of 2019. Non-interest expense was $4.8 million for the three months ended December 31, 2020 compared to $4.9 million for the three months ended December 31, 2019, a decline of 2.7%. Most significantly impacting non-interest expense in the comparative three month periods was a $0.3 million decline in employee compensation expense due to lower staffing levels. Partially offsetting this decline was an increase in employee benefits expense and FDIC insurance premiums in the fourth quarter of 2020 compared to the fourth quarter of 2019. An income tax benefit of $6,000 was recorded in the fourth quarter of 2020, compared to an income tax provision of $13,000 recorded in the fourth quarter of 2019. Financial Condition Total assets at December 31, 2020 were $793.7 million, an increase of $123.1 million compared to total assets of $670.6 million at December 31, 2019. Comparing asset balances at December 31, 2020 and December 31, 2019, cash and cash equivalents increased by $28.9 million, while debt securities available for sale and loans increased by $75.7 million and $20.9 million, respectively. Over the same period, deposits increased by $90.9 million, with growth in both non-interest bearing and interest bearing deposits. Short-term debt increased by $11.6 million at December 31, 2020 compared to year-end 2019, while long-term debt declined by $10.0 million compared to the same period. Additionally, advances from the Federal Reserve Bank increased $28.0 million as of December 31, 2020 compared to December 31, 2019 due to Juniata’s participation in the PPPLF. Shareholders’ equity increased by $2.9 million when comparing December 31, 2020 to December 31, 2019, primarily due to an increase in unrealized gains on debt securities. Subsequent Event On January 19, 2021, the Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on February 15, 2021, payable on March 1, 2021. Management considers subsequent events occurring after the statement of condition date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements when filed with the Securities and Exchange Commission. Accordingly, the financial information in this release is subject to change. The Juniata Valley Bank, the principal subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, Pennsylvania, with nineteen community offices located in Juniata, Mifflin, Perry, Huntingdon, McKean and Potter Counties. More information regarding Juniata Valley Financial Corp. and The Juniata Valley Bank can be found online at www.JVBonline.com. Juniata Valley Financial Corp. trades through the Pink Open Market under the symbol JUVF. Forward-Looking Information*This press release may contain “forward looking” information as defined by the Private Securities Litigation Reform Act of 1995. When words such as “believes”, “expects”, “anticipates” or similar expressions are used in this release, Juniata is making forward-looking statements. Such information is based on Juniata’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business. These statements are not historical facts or guarantees of future performance, events or results. Such statements involve potential risks and uncertainties and, accordingly, actual results may differ materially from this forward-looking information. Many factors could affect future financial results. Juniata undertakes no obligation to publicly update or revise forward looking information, whether as a result of new or updated information, future events, or otherwise. For a more complete discussion of certain risks and uncertainties affecting Juniata, please see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements” set forth in the Juniata’s filings with the Securities and Exchange Commission. In addition, the COVID-19 pandemic is having an adverse impact on Juniata, its customers and the communities it serves and may adversely affect Juniata’s business, results of operations and financial condition for an indefinite period of time. The Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 addressed risks and uncertainties associated with the COVID-19 pandemic, and the Annual Report on Form 10-K for the year ended December 31, 2020 will updated this disclosure. Financial Statements Juniata Valley Financial Corp. and SubsidiaryConsolidated Statements of Financial Condition (Dollars in thousands, except share data) (Unaudited) December 31, 2020 December 31, 2019ASSETS Cash and due from banks $ 11,868 $ 12,658 Interest bearing deposits with banks 19,753 82 Federal funds sold 10,000 — Cash and cash equivalents 41,621 12,740 Interest bearing time deposits with banks 735 2,210 Equity securities 1,091 1,144 Debt securities available for sale 286,415 210,686 Restricted investment in bank stock 3,423 3,442 Total loans 422,661 400,590 Less: Allowance for loan losses (4,094) (2,961)Total loans, net of allowance for loan losses 418,567 397,629 Premises and equipment, net 8,808 9,243 Bank owned life insurance and annuities 16,568 16,266 Investment in low income housing partnerships 3,105 3,904 Core deposit and other intangible assets 241 318 Goodwill 9,047 9,047 Mortgage servicing rights 158 180 Accrued interest receivable and other assets 3,939 3,823 Total assets $ 793,718 $ 670,632 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Non-interest bearing $ 168,115 $ 134,703 Interest bearing 454,751 397,234 Total deposits 622,866 531,937 Short-term borrowings and repurchase agreements 24,750 13,129 Federal Reserve Bank ("FRB") advances 27,955 — Long-term debt 35,000 45,000 Other interest bearing liabilities 1,584 1,603 Accrued interest payable and other liabilities 4,966 5,256 Total liabilities 717,121 596,925 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 December 31, 2020; 5,141,749 shares at December 31, 2019 Outstanding - 5,025,441 shares at December 31, 2020; 5,099,729 shares at December 31, 2019 5,151 5,142 Surplus 25,011 24,898 Retained earnings 45,096 43,954 Accumulated other comprehensive income 3,518 516 Cost of common stock in Treasury: 125,838 shares at December 31, 2020; 42,020 shares at December 31, 2019 (2,179) (803)Total stockholders' equity 76,597 73,707 Total liabilities and stockholders' equity $ 793,718 $ 670,632 Juniata Valley Financial Corp. and SubsidiaryConsolidated Statements of Income Three Months Ended Year Ended (Dollars in thousands, except share and per share data) December 31, December 31, 2020 2019 2020 2019 Interest income: (unaudited) (unaudited) Loans, including fees $ 4,742 $ 5,037 $ 19,249 $ 21,060 Taxable securities 1,071 1,208 4,813 4,115 Tax-exempt securities 37 25 142 147 Other interest income 6 34 79 292 Total interest income 5,856 6,304 24,283 25,614 Interest expense: Deposits 676 900 2,946 3,706 Short-term borrowings and repurchase agreements 34 17 68 61 FRB advances 26 — 61 — Long-term debt 217 287 946 899 Other interest bearing liabilities 2 9 16 42 Total interest expense 955 1,213 4,037 4,708 Net interest income 4,901 5,091 20,246 20,906 Provision for loan losses 82 (83) 721 (573)Net interest income after provision for loan losses 4,819 5,174 19,525 21,479 Non-interest income: Customer service fees 346 437 1,376 1,717 Debit card fee income 385 349 1,465 1,349 Earnings on bank-owned life insurance and annuities 62 67 263 289 Trust fees 106 100 408 394 Commissions from sales of non-deposit products 93 54 306 272 Fees derived from loan activity 114 95 298 333 Mortgage banking income 13 16 54 68 Gain (loss) on sales and calls of securities 10 13 855 (43)Change in value of equity securities 99 30 (53) 26 Other non-interest income 91 84 348 344 Total non-interest income 1,319 1,245 5,320 4,749 Non-interest expense: Employee compensation expense 1,874 2,183 7,844 8,257 Employee benefits 584 504 2,331 3,594 Occupancy 306 317 1,175 1,296 Equipment 226 225 932 881 Data processing expense 630 569 2,294 2,114 Professional fees 153 189 715 961 Taxes, other than income 124 145 502 567 FDIC Insurance premiums 114 1 232 108 Gain on sales of other real estate owned — — — (208)Amortization of intangible assets 20 22 77 87 Amortization of investment in low-income housing partnerships 199 192 799 792 Long-term debt prepayment penalty — — 524 — Other non-interest expense 561 575 1,868 1,958 Total non-interest expense 4,791 4,922 19,293 20,407 Income before income taxes 1,347 1,497 5,552 5,821 Income tax provision (benefit) (6) 13 (50) (14)Net income $ 1,353 $ 1,484 $ 5,602 $ 5,835 Earnings per share Basic $ 0.27 $ 0.29 $ 1.10 $ 1.14 Diluted $ 0.27 $ 0.29 $ 1.10 $ 1.14 CONTACT: JoAnn McMinn Email: joann.mcminn@jvbonline.com Phone: (717) 436-3206