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, 2002
                                -------------

[ ] 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, 2002
-----------------------------------     ----------------------------------------
  Common Stock ($1.00 par value)                     2,329,366 shares


<PAGE>


<TABLE>
<CAPTION>

                                                                              2.

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

                                     ASSETS
                                     ------

                                                              June 30,   December 31,
                                                                2002        2001
                                                             ---------    ---------
                                                                 (In thousands)

                                                            (Unaudited)

<S>                                                          <C>          <C>
Cash and due from banks                                      $  10,640    $  11,571
Interest bearing deposits with banks                               507           87
Federal funds sold                                               4,700           --
                                                             ---------    ---------

     Total cash and cash equivalents                            15,847       11,658

Interest bearing time deposits with banks                        3,990        3,590
Securities available for sale                                   58,443       54,663
Securities held to maturity, fair value
   $36,970 and $39,435, respectively                            36,057       38,612
Federal home loan bank stock                                     1,236        1,208
Loans receivable net of allowance for loan
   losses $2,633 and $2,526, respectively                      230,623      227,998
Bank premises and equipment, net                                 5,877        6,068
Bank-owned life insurance                                        6,970        6,796
Accrued interest receivable and other assets                     6,787        6,164
                                                             ---------    ---------

     TOTAL ASSETS                                            $ 365,830    $ 356,757
                                                             =========    =========

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

Liabilities:
       Deposits:
         Non-interest bearing                                $  39,172    $  38,089
         Interest bearing                                      274,852      267,379
                                                             ---------    ---------

     Total deposits                                            314,024      305,468

Short-term borrowings                                               --        1,275
Accrued interest payable
   and other liabilities                                         4,813        4,688
                                                             ---------    ---------

     Total liabilities                                         318,837      311,431
                                                             ---------    ---------

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
   2,372,934 shares                                              2,373        2,373
 Surplus                                                        20,211       20,221
 Retained earnings                                              24,340       22,679
 Accumulated other comprehensive income                          1,103          676
 Treasury stock, at cost 2002 36,274 shares;
   2001 21,934 shares                                           (1,034)        (623)
                                                             ---------    ---------

     Total stockholders' equity                                 46,993       45,326
                                                             ---------    ---------

     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY              $ 365,830    $ 356,757
                                                             =========    =========
</TABLE>

<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,
                                             2002         2001         2002         2001
                                          ----------   ----------   ----------   ----------
                                                 (In thousands, except per share amount)

<S>                                       <C>          <C>          <C>          <C>
INTEREST INCOME:

   Loans receivable                       $    4,738   $    5,071   $    9,434   $   10,138
   Taxable securities                            716          601        1,441        1,247
   Tax-exempt securities                         389          400          775          780
   Other                                          56          100           99          317
                                          ----------   ----------   ----------   ----------

     Total interest income                     5,899        6,172       11,749       12,482

INTEREST EXPENSE:                              2,305        3,073        4,728        6,146
                                          ----------   ----------   ----------   ----------

   Net interest income                         3,594        3,099        7,021        6,336

PROVISION FOR LOAN LOSSES:                        75           60          150          120
                                          ----------   ----------   ----------   ----------

   Net interest income, after
     provision for loan losses                 3,519        3,039        6,871        6,216
                                          ----------   ----------   ----------   ----------

OTHER INCOME:

   Trust department                               80          123          198          223
   Customer service fees                         172          163          326          311
   Other                                         265          277          498          395
                                          ----------   ----------   ----------   ----------

     Total other income                          517          563        1,022          929
                                          ----------   ----------   ----------   ----------

OTHER EXPENSES:

   Salaries and wages                            915          866        1,818        1,763
   Employee benefits                             324          300          641          604
   Occupancy                                     166          132          323          269
   Equipment                                     306          294          602          600
   Director compensation                          86          100          171          184
   Taxes, other than income                      125          121          252          242
   Other                                         363          332          667          643
                                          ----------   ----------   ----------   ----------

     Total other expenses                      2,285        2,145        4,474        4,305
                                          ----------   ----------   ----------   ----------

INCOME BEFORE INCOME TAXES:                    1,751        1,457        3,419        2,840

FEDERAL INCOME TAXES:                            421          297          753          591
                                          ----------   ----------   ----------   ----------

   Net income                             $    1,330   $    1,160   $    2,666   $    2,249
                                          ==========   ==========   ==========   ==========


   Basic and diluted earnings per share   $      .57   $      .49   $     1.14   $      .95
                                          ==========   ==========   ==========   ==========

   Weighted average number of
     shares outstanding                    2,338,052    2,369,189    2,342,201    2,370,655
                                          ==========   ==========   ==========   ==========
</TABLE>


<PAGE>


                                                                              4.

<TABLE>
<CAPTION>

                         JUNIATA VALLEY FINANCIAL CORP. AND SUBSIDIARY
                         ---------------------------------------------
                        CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                        ----------------------------------------------
                            FOR THE SIX MONTHS ENDED JUNE 30, 2002
                            --------------------------------------

                                         (Unaudited)



                                                             Accumulated
                                                                Other
                                   Common                Retained   Comprehensive Treasury
                                    Stock     Surplus    Earnings       Income      Stock       Total
                                   ------     -------    --------   ------------- --------      -----
                                                              (In thousands)


<S>                               <C>        <C>         <C>           <C>        <C>         <C>
BALANCE,
   December 31, 2001              $  2,373   $ 20,221    $ 22,679      $    676   $   (623)   $ 45,326
                                                                                              --------
Net income for the
   six months ended
   June 30, 2002                        --         --       2,666            --         --       2,666

Change in unrealized
   gains (losses) on
   securities available
   for sale, net of
   reclassification
   adjustment and tax
   effects                              --         --          --           427         --         427
                                                                                              --------

     Total Comprehensive Income                                                                  3,093
                                                                                              --------

Cash dividends, $.43 per share          --         --      (1,005)           --         --      (1,005)

Treasury stock issued for
   dividend reinvestment plan
   (7,088 shares)                       --         --          --            --        201         201

Treasury stock issued for
   employee stock purchase plan
   (2,296 shares)                       --        (10)         --            --         65          55

Treasury stock acquired                 --         --          --            --       (677)       (677)
                                  --------   --------    --------      --------   --------    --------

Balance June 30, 2002             $  2,373   $ 20,211    $ 24,340      $  1,103   $ (1,034)   $ 46,993
                                  ========   ========    ========      ========   ========    ========
</TABLE>


<PAGE>



                                                                              5.

<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   Comprehensive Treasury
                                    Stock     Surplus    Earnings       Income      Stock       Total
                                   ------     -------    --------   ------------- --------      -----
                                                              (In thousands)


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



                                                                              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,
                                                           2002         2001
                                                         --------    --------
                                                             (In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                            $  2,666    $  2,249
   Adjustments to reconcile net income to net
    cash provided by operating activities:
   Provision for loan losses                                  150         120
   Provision for depreciation                                 223         182
   Net amortization on securities premium
                                                               84         110
   Deferred directors' fees and supplemental
    retirement plan expense                                   328         180
   Earnings on life insurance                                (175)       (153)
   Payment of deferred compensation                          (155)       (117)
   Deferred income taxes                                      (82)        (79)
   Increase in accrued interest receivable and
    other assets                                             (761)       (179)
   Decrease in interest payable and other liabilities         (47)        (72)
                                                         --------    --------

     Net cash provided by operating activities              2,231       2,241
                                                         --------    --------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Net increase in interest bearing time deposits            (400)         --
   Purchases of available for sale securities             (17,830)    (20,132)
   Purchase FHLB stock                                        (28)        (22)
   Proceeds from maturities of and principal
    repayments on available for sale securities            14,666       8,828
   Purchase of held to maturity securities                   (498)         --
   Proceeds from maturities of and principal
    repayments on held to maturity securities               3,002      11,981
   Net increase in loans receivable                        (2,776)     (5,250)
   Net purchases of bank premises and equipment               (33)       (293)
   Purchase of life insurance                                  --      (5,000)
                                                         --------    --------

     Net cash used in investing activities                 (3,897)     (9,888)
                                                         --------    --------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Net increase in deposits                                 8,556      11,107
   Net decrease in short-term borrowings                   (1,275)         --
   Cash dividends and cash paid for fractional shares      (1,005)       (933)
   Purchase of treasury stock                                (677)       (385)
   Stock issued for dividend reinvestment and employee
    stock purchase plan                                       256         206
                                                         --------    --------

     Net cash  provided in financing activities             5,855       9,995
                                                         --------    --------

       Increase in cash and cash equivalents                4,189       2,348

CASH AND CASH EQUIVALENTS:
   Beginning                                               11,658      15,697
                                                         --------    --------

   Ending                                                $ 15,847    $ 18,045
                                                         ========    ========
CASH PAYMENTS FOR:
   Interest                                              $  4,863    $  6,111
                                                         ========    ========

   Income Taxes                                          $    890    $    675
                                                         ========    ========


<PAGE>


                                                                              7.


NOTE A - Basis of Presentation

The financial information includes the accounts of 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, 2002, are not necessarily indicative of the
results that may be expected for the year ended December 31, 2002. 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, 2001.


NOTE B - Accounting Standards

In June of 2001, the Financial Accounting Standards Board issued Statement 143,
"Accounting for Asset Retirement Obligations", which addresses the financial
accounting and reporting for obligations associated with the retirement of
tangible long-lived assets and the associated asset retirement costs. This
Statement requires that the fair value of a liability for an asset retirement
obligation be recognized in the period in which it is incurred if a reasonable
estimate of fair value can be made. The associated asset retirement costs are
capitalized as part of the carrying amount of the long-lived asset. This
Statement will become effective for the Bank on January 1, 2003.

Adoption of this Statement 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 affects are as
follows:

                                                      Six Months Ended June 30,
                                                      -------------------------
                                                        2002            2001
                                                        ----            ----
                                                             (In thousands)

Unrealized holding gains (losses)
   on available for sale securities                    $ 648           $ 257

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

Net unrealized gains (losses)                            648             257

Tax effect                                               221              88
                                                       -----           -----

   Net of tax amount                                   $ 427           $ 169
                                                       =====           =====


<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 $365,830,000 as of June
30, 2002, an increase of $9,073,000 or 2.54% from December 31, 2001. This
increase is a result of the increase in deposits of $8,556,000. Some of the
increase in deposits was created by the uncertainty in the capital markets;
customers do not know where to hold their money until the markets improve. These
deposits were used to fund the increase in loan demand of $2,776,000 and to pay
for the decrease in short-term borrowings of $1,275,000. Also the increase in
deposits was used for purchases of investment securities which exceeded maturity
proceeds by $1,088,000, and provide stockholders with a cash dividend payment of
$1,005,000. All of this resulted in an increase in cash and cash equivalents of
$4,189,000.

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 decreased $733,000 or 5.87% for the six months of 2002 over
2001. For the quarter the decrease was $273,000 or 4.42%. The decrease for
interest income on loans for six months of $704,000 is because of a decline in
rates. The increase in interest income for taxable securities of $194,000 is due
to higher volume in the first six months in 2002 over 2001. Tax-exempt
securities had a decrease of $5,000 over the same period. The decline in
interest income other of $218,000 is a decline in the dollar amount of federal
funds sold. Since November 2001 management has made an effort to keep federal
funds to a minimum by purchasing time certificate of deposits in other banks.
Interest expense decreased by $1,418,000 or 23.07% for the first six months of
2002 over 2001 and $768,000 or 24.99% for the quarter. Interest income and
expense for the first six months ended June 30, 2002, versus 2001, reflect the
declining interest rate environment for both interest earning assets and
interest bearing liabilities. This resulted in an increase in net interest
income of $685,000 or 10.81% for the six months ended June 30, 2002 and $495,000
or 15.97% for the quarter.

The increase in the allowance for loan losses is based upon quarterly loan
portfolio reviews by management and a committee of the Board. The purpose of the
review is to assess loan quality, identify impaired loans, analyze
delinquencies, ascertain loan growth, evaluate potential charge-offs and
recoveries and assess general economic conditions in the market served. Net
charge-offs at June 30, 2002, were $43,000 compared to $88,000 at June 30, 2001.
Past due and nonaccrual loans at June 30, 2002, were $3,356,000. At June 30,
2001, this amount for past due and nonaccrual loans was $3,158,000. Depending
upon the state of the economy and the impact thereon to these borrowers, as well
as future events, these loans and others not currently so identified could be
classified as non-performing assets in the future. The increase in the provision
is not reflective of a decline in underwriting standards or potential problem
loans.

Other income has increased $93,000 or 10.01% for the first six months of 2002
over 2001. For the quarter ended June 30, 2002, there has been a decline of
$46,000 or 8.17%. Trust department income has decreased $25,000, customer
service fees have increased $15,000, and other income has increased $103,000.
The decrease in trust department income is a result of estate settlements in
2001 over 2002. 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 which added $25,000 in
2002 over 2001, an increase in mutual fund commissions of $68,000, and an
increase of $11,000 in credit card interchange fees.

Other expenses increased $169,000 or 3.93% for the first six months ended June
30, 2002 over 2001 and $140,000 or 6.53% for the quarter. The $55,000 increase
in salary and wages for the first six months ended June 30, 2002, compared to
2001, can be attributed to normal merit increases. The $37,000 increase in
employee benefits is reflective of increases in the costs as opposed to
additional benefits. The $54,000 increase in occupancy is a result of increased
costs for the financial center that was occupied in December 2000. The small
increase of $2,000 in equipment cost is from the renegotiation of a computer
processing contract. The $13,000 decrease in director's fees is from a
retirement plan which is now fully funded. The $10,000 increase in taxes, other
than income is an increase in Pennsylvania Bank Shares Tax. The $24,000 increase
in other expenses can be attributed to $12,000 consulting service fees and
$12,000 of legal fees for loan collection. The increase in federal income taxes
is due to increased income.

All of these factors combined have contributed to an increase in net income of
$417,000 or 18.54% for the first six months ended June 30, 2002 over 2001 and
$170,000 or 14.66% for the quarter.


<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, 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, 2002, the Corporation had a six-month negative gap of
$18,697,000. 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:

                                         Actual                Required
                                         ------                --------
                                  June 30,  December 31,  June 30,  December 31,
                                    2002        2001        2002        2001
                                  --------  ------------  --------  ------------
TIER I                             18.64%      18.46%       4.0%        4.0%
TIER I & II                        19.77%      19.56%       8.0%        8.0%

Total Assets Leveraged Ratio:

TIER I                             12.17%      11.98%       4.0%        4.0%

At June 30, 2002, the Corporation and the Bank exceed the regulatory
requirements to be considered a "well capitalized" financial institution.


Quantitative and Qualitative Disclosures About Market Risk:

From January 1, 2001 to December 31, 2001, the Federal Reserve has lowered the
federal funds rate eight times by 425 basis points. We are currently in the
lowest interest rate environment in 40 years. Net interest margin for the Bank
was 4.34% at June 30, 2001 and increased to 4.44% at June 30, 2002. Because of
the extent to which rates have declined this year, the Bank has become more
sensitive to future rate declines and expects added compression of the net
interest margin. Currently, the Bank has 28.09% of its deposits in NOW, money
market and savings accounts, which it considers core deposits. These type of
interest bearing deposit accounts carry lower rates relative to other types of
deposits. Because of this, these accounts have contributed significantly to the
net interest margin. However, there is an ultimate floor to which the rates on
these accounts can fall. Under current conditions, the inability to further
decrease these deposits rates while loan and other earning assets continue to
drop and reprice at lower rates will result in further compression of the net
interest margin. The added risk in this interest rate environment is that as the
rates on the core deposits bottom-out, investors could migrate to other types of
accounts paying higher rates. The last financial simulation performed by the
Bank as of March 31, 2002, showed a possible decline in net interest income of
$348,000 in a -200 basis point rate shock over a one year period. This reflected
a change in the assumptions that the rates on NOW and savings accounts would
remain constant in a +/-200 basis point rate shock. The net interest income at
risk position remains within the guidelines established by the Bank's
asset/liability policy. The Bank continues to monitor and manage its rate
sensitivity during these unusual times.

No material change has been noted in the Bank's equity value at risk. Please
refer to the Annual Report on Form 10-K as of December 31, 2001, for further
discussion of this matter.


<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 Holder
               None

   Item 5.     Other information
               None

   Item 6.     Exhibits
               None

               Form 8-K
               None


This report fully complies with the requirements of section 13(a) or 15(d) of
the Securities Exchange Act of 1934 (15 U.S.C. Sections 78m or 78o(d)), and the
information contained in this report fairly presents, in all material respects,
the financial condition and results of operations of the issuer.


                                          Juniata Valley Financial Corp.
               (Registrant)

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



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