UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    FORM 10-Q



(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT 1934

For the quarterly period ended June 30, 2001
                               -------------

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the transition period from                       to
                              -----------------------  -------------------------
Commission File Number                            2-81699
                      ----------------------------------------------------------

                         Juniata Valley Financial Corp.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Pennsylvania                                       23-2235254
--------------------------------------------------------------------------------
(State or other jurisdiction of                             (I.R.S.Employer
incorporation or organization)                             Identification No.)

Bridge and Main Streets, Mifflintown, Pennsylvania                17059
--------------------------------------------------------------------------------
Address of principal executive offices)                         (Zip Code)

                                 (717) 436-8211
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. [X] Yes  [ ] No

     Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.

          Class                                  Outstanding as of July 31, 2001
------------------------------                   -------------------------------
Common Stock ($1.00 par value)                           2,372,939 shares

<PAGE>

                                                                              2.
                 JUNIATA VALLEY FINANCIAL CORP. AND SUBSIDIARY
                 ---------------------------------------------
                          CONSOLIDATED BALANCE SHEETS
                          ---------------------------

                                     ASSETS
                                     ------

                                                          June 30,  December 31,
                                                            2001       2000
                                                         ---------  ------------
                                                              (In thousands)

                                                        (Unaudited)

Cash and due from banks                                  $ 10,166      $ 10,621
Interest-bearing deposits with banks                          679           676
Federal Funds Sold                                          7,200         4,400
                                                         --------      --------


     Total cash and cash equivalents                       18,045        15,697

Securities available for sale                              44,648        33,146
Securities held to maturity, fair value
   $39,738 and $50,967, respectively                       39,208        51,240
Federal Home Loan Bank stock                                1,208         1,185
Loans receivable net of allowance for loan
   losses $2,529 and $2,497, respectively                 224,949       219,819
Bank premises and equipment, net                            6,103         5,992
Bank-owned life insurance                                   6,615         1,462
Accrued interest receivable and other assets                6,682         6,373
                                                         --------      --------

       TOTAL ASSETS                                      $347,458      $334,914
                                                         ========      ========

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

Liabilities:
  Deposits:
    Non-interest bearing                                 $ 35,689      $ 33,893
    Interest bearing                                      262,638       253,327
                                                         --------      --------

      Total deposits                                      298,327       287,220

   Accrued interest payable and other liabilities           4,743         4,612
                                                         --------      --------
      Total liabilities                                   303,070       291,832
                                                         --------      --------

Stockholders' Equity:
  Preferred stock, no par value; 500,000 shares
     authorized; no shares issued or outstanding               --            --
  Common stock, par value $1.00 per share;
     authorized 20,000,000 shares; issued 2001
     2,372,945 and 2000 2,332,058 shares                    2,373         2,332
  Surplus                                                  20,222        20,398
  Retained earnings                                        21,257        25,117
  Treasury stock, at cost 2001 0 shares;
     2000 167,110 shares                                       --        (5,132)
  Accumulated other comprehensive income                      536           367
                                                         --------      --------

      Total stockholders' equity                           44,388        43,082
                                                         --------      --------
       TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY        $347,458      $334,914
                                                         ========      ========



<PAGE>



                                                                              3.

<TABLE>
<CAPTION>
                                       JUNIATA VALLEY FINANCIAL CORP. AND SUBSIDIARY
                                       ---------------------------------------------
                                             CONSOLIDATED STATEMENTS OF INCOME
                                             ---------------------------------
                                                        (Unaudited)

                                                     For the Quarter Ended           For Six Months Ended
                                                     ---------------------           --------------------
                                                      June 30,      June 30,       June 30,       June 30,
                                                        2001          2000           2001           2000
                                                      --------      --------       --------       --------
                                                             (In  thousands, except per share amount)
<S>                                                 <C>            <C>            <C>            <C>
INTEREST INCOME:
   Loans receivable                                 $    5,071     $    4,725     $   10,138     $    9,277
   Taxable securities                                      601            839          1,247          1,718
   Tax-exempt securities                                   400            469            780            950
   Other                                                   100             61            317             95
                                                    ----------     ----------     ----------     ----------
     Total interest income                               6,172          6,094         12,482         12,040

INTEREST EXPENSE
   Deposits                                              3,073          2,880          6,146          5,664
                                                    ----------     ----------     ----------     ----------

     Net interest income                                 3,099          3,214          6,336          6,376

PROVISION FOR LOAN LOSSES                                   60             45            120             90
                                                    ----------     ----------     ----------     ----------

     Net interest income, after
       provision for loan losses                         3,039          3,169          6,216          6,286
                                                    ----------     ----------     ----------     ----------

OTHER INCOME:
   Trust department                                        123            105            223            200
   Customer service fees                                   163            135            311            262
   Other                                                   277             99            395            206
                                                    ----------     ----------     ----------     ----------

     Total other income                                    563            339            929            668
                                                    ----------     ----------     ----------     ----------

OTHER EXPENSES:
  Salaries and wages                                       866            901          1,763          1,810
  Employee benefits                                        300            285            604            555
  Occupancy                                                132            123            269            237
  Equipment                                                294            234            600            476
  Director compensation                                    100             73            184            146
  Taxes, other than income                                 121            120            242            225
  Other                                                    332            287            643            632
                                                    ----------     ----------     ----------     ----------

    Total other expenses                                 2,145          2,023          4,305          4,081
                                                    ----------     ----------     ----------     ----------

INCOME BEFORE INCOME TAXES                               1,457          1,485          2,840          2,873

FEDERAL INCOME TAXES                                       297            376            591            736
                                                    ----------     ----------     ----------     ----------

    Net income                                      $    1,160     $    1,109     $    2,249     $    2,137
                                                    ==========     ==========     ==========     ==========


    Basic earnings per share                        $      .49     $      .46     $      .95     $      .88
                                                    ==========     ==========     ==========     ==========

    Weighted average number of
       shares outstanding                            2,369,189      2,430,585      2,370,655      2,441,502
                                                    ==========     ==========     ==========     ==========
</TABLE>


<PAGE>




                                                                              4.

<TABLE>
<CAPTION>
                                              JUNIATA VALLEY FINANCIAL CORP. AND SUBSIDIARY
                                              ---------------------------------------------
                                              CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                                              ----------------------------------------------
                                                  FOR THE SIX MONTHS ENDED JUNE 30, 2001
                                                  --------------------------------------

                                                                  (Unaudited)



                                                                                                 Accumulated
                                                                                                    Other
                                         Common                      Retained        Treasury   Comprehensive
                                          Stock        Surplus       Earnings         Stock         Income        Total
                                        -------       --------       --------       ---------   --------------   --------

                                                                         (In thousands)

<S>                                     <C>           <C>            <C>            <C>             <C>          <C>
BALANCE,
  December 31, 2000                     $ 2,332       $ 20,398       $ 25,117       $  (5,132)      $   367      $ 43,082
                                                                                                                 --------

Net income for the
  six months ended
  June 30, 2001                              --             --          2,249              --            --         2,249

Change in unrealized
  gains (losses) on
  securities available
  for sale, net of
  reclassification
  adjustment and tax
  effects                                    --             --             --              --           169           169
                                                                                                                 --------


    Total Comprehensive Income                                                                                      2,418
                                                                                                                 --------

Cash dividends, $.39 per share               --             --           (922)             --            --          (922)

Stock issued under dividend
  reinvestment plan                           7            166             --              --            --           173

Stock issued under employee
  stock purchase plan                         2             31             --              --            --            33

10% Stock dividend                           32           (373)        (5,187)          5,517            --           (11)

Treasury stock acquired                      --             --             --            (385)           --          (385)
                                        -------       --------       --------       ---------       -------      --------

Balance June 30, 2001                   $ 2,373       $ 20,222       $ 21,257       $      --       $   536      $ 44,388
                                        =======       ========       ========       =========       =======      ========

</TABLE>


<PAGE>



                                                                              5.
<TABLE>
<CAPTION>
                                                 JUNIATA VALLEY FINANCIAL CORP. AND SUBSIDIARY
                                                 ---------------------------------------------
                                                 CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                                                 ----------------------------------------------
                                                     FOR THE SIX MONTHS ENDED JUNE 30, 2000
                                                     --------------------------------------

                                                                 (Unaudited)

                                                                                                 Accumulated
                                                                                                    Other
                                         Common                      Retained        Treasury   Comprehensive
                                          Stock        Surplus       Earnings         Stock         Income        Total
                                        -------       --------       --------       ---------   --------------   --------

                                                                         (In thousands)

<S>                                     <C>           <C>            <C>            <C>             <C>          <C>
BALANCE,
  December 31, 1999                     $ 2,332       $ 20,559       $ 23,665       $  (3,403)      $   102      $ 43,255
                                                                                                                 --------

Net income for the
  six months ended
  June 30, 2000                              --             --          2,137              --            --         2,137

Change in unrealized
  gains (losses) on
  securities available
  for sale, net of
  reclassification
  adjustment and tax
  effects                                    --             --             --              --          (108)         (108)
                                                                                                                 --------


     Total Comprehensive Income                                                                                     2,029
                                                                                                                 --------

Treasury stock acquired                      --             --             --          (1,111)           --        (1,111)

Treasury stock issued for
  dividend reinvestment plan
  (7,516 shares)                             --            (77)            --             272            --           195

Treasury stock issued for
  employee stock purchase
  plan (39 shares)                           --             --             --               2            --             2

Cash dividends, $.91 per share               --             --         (2,022)             --            --        (2,022)
                                        -------       --------       --------       ---------       -------      --------

Balance June 30, 2000                   $ 2,332       $ 20,482       $ 23,780       $  (4,240)      $    (6)     $ 42,348
                                        =======       ========       ========       =========       =======      ========

</TABLE>

<PAGE>



                                                                              6.
                 JUNIATA VALLEY FINANCIAL CORP. AND SUBSIDIARY
                 ---------------------------------------------
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                     -------------------------------------
                                  (Unaudited)
                Increase (Decrease) in Cash and Cash Equivalents

                                                        For the Six Months Ended
                                                        ------------------------
                                                          June 30,      June 30,
                                                            2001          2000
                                                          --------      --------
                                                              (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                            $  2,249       $  2,137
  Adjustments to reconcile net income to net
    cash provided by operating activities:
  Provision for loan losses                                  120             90
  Provision for depreciation                                 182            154
  Net amortization on securities premium                     110             98
  Deferred directors' fees and supplemental
    retirement plan expense                                  180            113
  Earnings on life insurance                                (153)            --
  Payment of deferred compensation                          (117)           (85)
  Deferred income taxes                                      (79)           (39)
  (Increase) in accrued interest receivable and
    other assets                                            (179)          (386)
  Increase (decrease) in interest payable
    and other liabilities                                    (72)             4
                                                        ---------      --------
      Net cash provided by operating activities            2,241          2,086
                                                        ---------      --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of available for sale securities             (20,154)          (511)
  Proceeds from maturities of and principal
    repayments on available for sale securities            8,828          4,518
  Purchases of held to maturity securities                    --           (702)
  Proceeds from maturities of and principal
    repayments on held to maturity securities             11,981          5,509
  Net increase in loans receivable                        (5,250)        (9,379)
  Net purchases of bank premises and equipment              (293)        (1,044)
  Purchase of life insurance                              (5,000)            --
                                                        --------       --------

     Net cash used in investing activities                (9,888)        (1,609)
                                                        --------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase in deposits                                11,107          4,982
  Net decrease in short-term borrowings                       --         (5,300)
  Cash dividends and cash paid for fractional shares        (933)        (2,022)
  Purchase of treasury stock                                (385)        (1,111)
  Stock issued for dividend reinvestment and
    employee purchase plan                                   206            197
                                                        --------       --------

    Net cash provided used in financing activities         9,995         (3,254)
                                                        --------       --------

      Increase (decrease) in cash and cash equivalents     2,348         (2,777)

CASH AND CASH EQUIVALENTS:
  Beginning                                               15,697         16,034
                                                        --------       --------

  Ending                                                $ 18,045       $ 13,257
                                                        ========       ========

CASH PAYMENTS FOR:
  Interest                                              $  6,111       $  5,707
                                                        ========       ========


  Income Taxes                                          $    675       $    765
                                                        ========       ========


<PAGE>



                                                                              7.
NOTE A  - Basis of Presentation

The financial information includes the accounts of the Juniata Valley Financial
Corp. and its wholly owned subsidiary, The Juniata Valley Bank. All significant
intercompany accounts and transactions have been eliminated.

The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments considered
necessary for fair presentation have been included. Operating results for the
six-month period ended June 30, 2001, are not necessarily indicative of the
results that may be expected for the year ended December 31, 2001. For further
information, refer to the consolidated financial statements and footnotes
thereto included in Juniata Valley Financial Corp. annual report on Form 10-K
for the year ended December 31, 2000.

NOTE B  - Accounting Standards

The Financial Accounting Standards Board issued Statement No. 140, "Accounting
for Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities", in September 2000. This statement replaces SFAS No. 125 of the
same name. It revises the standards of securitization and other transfers of
financial assets and collateral and requires certain disclosures, but carries
over most of the provisions of SFAS No. 125 without reconsideration. SFAS No.
140 is effective for transfers and servicing of financial assets and
extinguishments of liabilities occurring after March 31, 2001. The statement is
effective for fiscal year ended December 15, 2000. This statement is to be
applied prospectively with certain exceptions. Other than these exceptions,
earlier or retroactive application of its accounting provision is not permitted.

In July of 2001, the Financial Accounting Standards Board issued Statement No.
141, "Business Combinations", and Statement No. 142, "Goodwill and Other
Intangible Assets".

Statement No. 141 requires all business combinations to be accounted for using
the purchase method of accounting as use of the pooling-of-interests method is
prohibited. In addition, this Statement requires that negative goodwill that
exists after the basis of certain acquired assets is reduced to zero should be
recognized as an extraordinary gain. The provisions of this Statement apply to
all business combinations initiated after June 30, 2001.

Statement No. 142 prescribes that goodwill associated with a business
combination and intangible assets with an indefinite useful life should not be
amortized but should be tested for impairment at least annually. The Statement
requires intangibles that are separable from goodwill and that have a
determinable useful life to be amortized over the determinable useful life. The
provisions of this Statement will become effective for the Bank in January of
2002. Upon adoption of this statement, goodwill and other intangible assets
arising from acquisitions completed before July 1, 2001 should be accounted for
in accordance with the provisions of this statement. This transition provision
could require a reclassification of a previously separately recognized
intangible to goodwill and vice versa if the intangibles in question do not meet
the new criteria for classification as a separately recognizable intangible.

Adoption of these statements is not expected to have a material impact on the
Bank's financial condition or results of operations.



<PAGE>



                                                                              8.
Note C - Accumulated Other Comprehensive Income

Accounting principles generally require that recognized revenue, expenses,
gains, and losses be included in net income. Although certain changes in assets
and liabilities, such as unrealized gains and losses on available for sale
securities, are reported as a separate component of the equity section of the
balance sheet, such items, along with net income, are components of
comprehensive income.

The components of other comprehensive income and related tax effects are as
follows:

                                                        Six Months Ended June 30
                                                          2001           2000
                                                          ----           ----
                                                            (In thousands)

Unrealized holding gains (losses)
  on available for sale securities                      $  257         $ (164)

Less classification adjustment for
  gains realized in income                                  --             --
                                                        ------         ------

Net unrealized gains (losses)                              257           (164)

Tax effect                                                  88            (56)
                                                        ------         ------

  Net of tax amount                                     $  169         $ (108)
                                                        ======         ======


<PAGE>

                                                                              9.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Forward Looking Statements:

The Private Securities Litigation Reform Act of 1995 contains safe harbor
provisions regarding forward-looking statements. When used in this discussion,
the words "believes," "anticipates," "contemplates," "expects," and similar
expressions are intended to identify forward-looking statements. Such statements
are subject to certain risks and uncertainties which could cause actual results
to differ materially from those projected. Those risks and uncertainties include
changes in interest rates, risks associated with the effect of opening a new
branch, the ability to control costs and expenses, and general economic
conditions. The Corporation undertakes no obligation to publicly release the
results of any revisions to those forward-looking statements which may be made
to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.

Financial Condition:

Total assets of Juniata Valley Financial Corp. totaled $347,458,000 as of June
30, 2001, an increase of $12,544,000 or 3.75% from December 31, 2000. This
increase is a result of the increase in deposits of $11,107,000. These deposits
were used to fund loan demand of $5,250,000 and bank owned life insurance of
$5,000,000, to fund directors' retirement and salary continuation plan for key
employees. Because the Federal Reserve lowered interest rates by 225 basis
points from January to June 30, 2001 proceeds from called and matured securities
were $20,809,000; however the bank was able to purchase securities of
$20,154,000 that fit investment policy guidelines. Loan demand in 2001 has not
been as strong as the loan demand in 2000. Some of this decrease in demand
between 2000 and 2001 can be attributed to consumers uncertainty of the market
place and their reluctance to take on more debt. All of this resulted in an
increase in cash and cash equivalents of $2,348,000.

There are no material loans classified for regulatory purposes as loss,
doubtful, substandard or special mention which management expects to
significantly impact future operating results, liquidity or capital resources.
Additionally, management is not aware of any information which would give
serious doubt as to the ability of its borrowers to substantially comply with
their loan repayment terms. The Corporation's problem loans (i.e., 90 days past
due and restructured loans) were not material for all periods presented.

Management is not aware of any current recommendations of the regulatory
authorities which, if implemented, would have a material effect on the
Corporation's liquidity, capital resources or operations.


<PAGE>

                                                                             10.

Results of Operations:

Interest income increased $442,000 or 3.67% for the first six months of 2001
over 2000. For the quarter the increase was $78,000 or 1.28%. The increase came
from interest income on loans.

The increase in loan income for six months was $861,000. Interest income on
securities have declined $641,000 for the six month period ended June 30, 2001.
This decline can be attributed to both the dollar amount in the investment
portfolio and the lower rates being offered on securities purchased versus rates
on called and matured securities. The increase of $222,000 for six months in
interest income on other can be attributed to federal funds sold. Interest
expense increased by $482,000 or 8.51% for the first six months of 2001 and
$193,000 or 6.70% for the quarter. Interest income and expense for the first six
months ended June 30, 2001, versus 2000, are reflective of an increase of both
interest earning assets and interest bearing liabilities even though overall
rates offered and paid in 2001 versus 2000 were lower. This resulted in a
decrease in net interest income of $40,000 or .63% for the six months ended June
30, 2001 and $115,000 or 3.58% for the quarter.

Because of the increase in loans, management has decided to increase the loan
loss provision. The increase in the provision is not reflective of a decline in
underwriting standards or potential problem loans. Management feels the local
economy is not softening and loan growth should continue throughout 2001.

Other income has increased $261,000 or 39.07% for the first six months and
$224,000 or 66.08% for the quarter in 2001 over 2000. Trust department income
has increased $23,000, customer service fees have increased $49,000 and other
income has increased $189,000. The increase in trust department income is a
result of the settlement of four estates. The increase in customer service fees
is a result of higher transaction volume as opposed to an increase in fees. The
other category increase can be attributed to a bank owned life insurance policy
put into place in March of 2001 which added $126,000, an increase in mutual fund
commissions of $10,000 and a $10,000 increase on debit card fees.

Other expenses increased $224,000 or 5.49% for the six months and $122,000 or
6.03% for the quarter ended June 30, 2001. The $47,000 decrease in salary and
wages for the six months ended June 30, 2001, compared to 2000, can be
attributed to a decrease of seven full time equivalents. The $49,000 increase in
employee benefits is reflective of increases in costs as opposed to additional
benefits. The $32,000 increase in occupancy is a result of snow removal in 2001
that did not occur in 2000. The $124,000 increase in equipment cost is from the
purchase of additional equipment for the operation center and maintenance of the
equipment. The $38,000 increase in director's fees is from a retirement plan put
into place in 2001. The $17,000 increase in taxes, other than income is an
increase in Pennsylvania Bank Shares Tax. The decrease in federal income taxes
is due to a tax favored treatment of the bank owned life insurance plan.

All of these factors combined have contributed to an increase in net income of
$112,000 or 5.24% for the six months and $51,000 or 4.60% for the quarter ended
June 30, 2001.


<PAGE>


                                                                             11.

Liquidity:

The objective of liquidity management is to ensure that sufficient funding is
available, at a reasonable cost, to meet the ongoing operational cash needs of
the Corporation and to take advantage of income producing opportunities as they
arise. While the desired level of liquidity will vary depending upon a variety
of factors, it is the primary goal of the Corporation to maintain a high level
of liquidity in all economic environments.

Principal sources of asset liquidity are provided by securities maturing in one
year or less and other short-term investments such as Federal Funds sold and
cash and due from banks. Liability liquidity, which is more difficult to
measure, can be met by attracting deposits and maintaining the core deposit
base. The Corporation joined the Federal Home Loan Bank of Pittsburgh in August
of 1993 for the purpose of providing short-term liquidity when other sources are
unable to fill these needs.

In view of the primary and secondary sources previously mentioned, Management
believes that the Corporation's liquidity is capable of providing the funds
needed to meet loan demand.

Interest rate sensitivity:

Interest rate sensitivity management is the responsibility of the
Asset/Liability Management Committee. This process involves the development and
implementation of strategies to maximize net interest margin, while minimizing
the earnings risk associated with changing interest rates. The traditional gap
analysis identifies the maturity and repricing terms of all assets and
liabilities.

As of June 30, 2001, the Corporation had a six-month negative gap of
$13,903,000. Generally a liability sensitive position indicates that more
liabilities than assets are expected to reprice within the time period and that
falling interest rates could positively affect net interest income while rising
interest rates could negatively affect net interest income. However, the
traditional analysis does not accurately reflect the Bank's interest rate
sensitivity since the rates on core deposits generally do not change as quickly
as market rates. Historically net interest income has, in fact, not been subject
to the degree of sensitivity indicated by the traditional analysis at The
Juniata Valley Bank.


<PAGE>



                                                                             12.

Capital Adequacy:

The Bank's regulatory capital ratios for the periods presented are as
follows:

Risk Weighted Assets Ratio:

<TABLE>
<CAPTION>
                                               Actual                                   Required
                                               ------                                   --------
                                    June 30,          December 31,             June 30,       December 31,
                                      2001               2000                    2001            2000
                                      ----               ----                    ----            ----
<S>                                   <C>                <C>                     <C>             <C>
TIER I                                18.22%             18.46%                  4.0%            4.0%
TIER I & II                           19.31%             19.59%                  8.0%            8.0%


Total Assets Leveraged Ratio:

TIER I                                12.34%             12.30%                  4.0%            4.0%
</TABLE>

At June 30, 2001, the Corporation and the Bank exceed the regulatory
requirements to be considered a "well capitalized" financial institution.

Quantitative and Qualitative Disclosures About Market Risk:

Although there has been a 225 basis point downward movement by the Federal
Reserve in the discount rate, the bank has not been able to quantify the market
risk from this move. There have been no material changes in the Corporation's
exposure to market risk. Please refer to the Annual Report on form 10-K as of
December 31, 2000.




<PAGE>



                                                                             13.

Part II.              Other Information

     Item 1.          Legal Proceedings
                      None

     Item 2.          Changes in Securities
                      None

     Item 3.          Defaults Upon Senior Securities
                      Not applicable

     Item 4.          Submission of Matters to a Vote of Security Holders
                      None

     Item 5.          Other information
                      None

     Item 6.          Exhibits
                      None

                      Form 8-K
                      None

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 thereunto duly authorized.


                                                  Juniata Valley Financial Corp.
     (Registrant)

Date                                          By
    ------------------------------------         ------------------------------
                                                 Francis J. Evanitsky, President



Date                                          By
    -----------------------------------          -------------------------------
                                                 Linda L. Engle, Treasurer