##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT 1934
 For the quarterly period ended September 30, 2005
 o
    
    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 000-13232
 Juniata Valley Financial Corp.
 
  Pennsylvania
    
    23-2235254(State or other jurisdiction of
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)Bridge and Main Streets, Mifflintown, Pennsylvania
    
    17059(Address of principal executive offices)
    
    (Zip Code)
  
  þ o
 þ o
 o þ
  Class
    
    Outstanding as of November 1, 2005Common Stock ($1.00 par value)
    
    4,519,544 shares




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TABLE OF CONTENTS
  PART I  FINANCIAL INFORMATIONItem 1. Financial StatementsConsolidated Statements of Financial Condition
as of September 30, 2005 and December 31, 2004 (Unaudited)
    
    
    2Consolidated Statements of Income for the three
and nine months ended September 30, 2005 and 2004 (Unaudited)
    
    
    3Consolidated Statement of Changes in Stockholders Equity
For the nine months ended September 30, 2005 (Unaudited)
    
    
    4Consolidated Statements of Cash Flows for the nine
months ended September 30, 2005 and 2004 (Unaudited)
    
    
    5Notes to Unaudited Consolidated Financial Statements
    
    
    6Item 2. Managements Discussion and Analysis
of Financial Condition and Results of Operations
    
    
    11Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    17Item 4. Controls and Procedures
    
    
    17PART II  OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    18Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    18Item 3. Defaults Upon Senior Securities
    
    
    18Item 4. Submission of Matters to a Vote of Security Holders
    
    
    18Item 5. Other Information
    
    
    18Item 6. Exhibits
    
    
    19Signatures
    
    
    19




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##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 Juniata Valley Financial Corporation and Subsidiary
 
   September 30,
    
    
    December 31,2005
    
    
    2004AssetsCash and due from banks
    
    $
    10,038
    
    
    $
    10,733Interest bearing deposits with banks
    
    
    296
    
    
    
    167Federal funds sold
    
    
    5,000
    
    
    
    3,900Cash and cash equivalents
    
    
    15,334
    
    
    
    14,800Interest bearing time deposits with banks
    
    
    5,660
    
    
    
    6,760Securities available for sale
    
    
    67,157
    
    
    
    71,583Securities held to maturity, fair value of $7,843 and $4,489 respectively
    
    
    7,891
    
    
    
    4,485Federal Home Loan Bank (FHLB) stock
    
    
    1,089
    
    
    
    1,329Total loans, net of unearned interest
    
    
    295,731
    
    
    
    279,748Less: Allowance for loan losses
    
    
    (2,950
    )
    
    
    (2,989
    )Total loans, net of allowance for loan losses
    
    
    292,781
    
    
    
    276,759Premises and equipment, net
    
    
    6,452
    
    
    
    6,802Bank owned life insurance
    
    
    10,737
    
    
    
    10,464Accrued interest receivable and other assets
    
    
    5,392
    
    
    
    4,092Total assets
    
    $
    412,493
    
    
    $
    397,074Liabilities and Stockholders EquityLiabilities:Deposits:Non-interest bearing
    
    $
    43,866
    
    
    $
    47,459Interest bearing
    
    
    302,219
    
    
    
    285,183Total deposits
    
    
    346,085
    
    
    
    332,642Securities sold under agreements to repurchase
    
    
    7,409
    
    
    
    4,716Long-term debt
    
    
    5,000
    
    
    
    5,000Other interest bearing liabilities
    
    
    791
    
    
    
    722Accrued interest payable and other liabilities
    
    
    4,945
    
    
    
    3,841Total liabilities
    
    
    364,230
    
    
    
    346,921Stockholders Equity:Preferred stock, no par value:Authorized  500,000 shares, none issuedCommon stock, par value $1.00 per share:
Authorized  20,000,000 shares;Issued 4,745,826 shares at September 30, 2005;2,372,913 shares at December 31, 2004Outstanding
4,549,544 shares at September 30, 2005;2,280,629 shares at December 31, 2004
    
    
    4,746
    
    
    
    2,373Surplus
    
    
    18,110
    
    
    
    20,386Retained earnings
    
    
    29,719
    
    
    
    29,966Accumulated other comprehensive (loss) income
    
    
    (911
    )
    
    
    414Cost of common stock in Treasury:196,282 shares at September 30, 2005;92,284 shares at December 31, 2004
    
    
    (3,401
    )
    
    
    (2,986
    )Total stockholders equity
    
    
    48,263
    
    
    
    50,153Total liabilities and stockholders equity
    
    $
    412,493
    
    
    $
    397,074
  2




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##### Table of Contents



Juniata Valley Financial Corporation and Subsidiary
 
    Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004Interest income:Loans receivable
    
    $
    4,989
    
    
    $
    4,744
    
    
    $
    14,710
    
    
    $
    13,896Taxable securities
    
    
    442
    
    
    
    477
    
    
    
    1,403
    
    
    
    1,556Tax-exempt securities
    
    
    163
    
    
    
    192
    
    
    
    498
    
    
    
    641Other interest income
    
    
    138
    
    
    
    60
    
    
    
    294
    
    
    
    134Total interest income
    
    
    5,732
    
    
    
    5,473
    
    
    
    16,905
    
    
    
    16,227Interest expense:Deposits
    
    
    2,001
    
    
    
    1,568
    
    
    
    5,558
    
    
    
    4,749Borrowings
    
    
    103
    
    
    
    25
    
    
    
    232
    
    
    
    35Total interest expense
    
    
    2,104
    
    
    
    1,593
    
    
    
    5,790
    
    
    
    4,784Net interest income
    
    
    3,628
    
    
    
    3,880
    
    
    
    11,115
    
    
    
    11,443Provision for loan losses
    
    
    
    
    
    
    82
    
    
    
    28
    
    
    
    239Net interest income after provision for loan losses
    
    
    3,628
    
    
    
    3,798
    
    
    
    11,087
    
    
    
    11,204Noninterest income:Trust department
    
    
    86
    
    
    
    101
    
    
    
    276
    
    
    
    337Customer service fees
    
    
    353
    
    
    
    330
    
    
    
    1,036
    
    
    
    933Earnings on bank-owned life insurance
    
    
    95
    
    
    
    106
    
    
    
    273
    
    
    
    317Gain on sale of loans and other assets
    
    
    9
    
    
    
    3
    
    
    
    15
    
    
    
    11Gain on sale of securities
    
    
    52
    
    
    
    
    
    
    
    151
    
    
    
    268Other noninterest income
    
    
    243
    
    
    
    204
    
    
    
    698
    
    
    
    609Total noninterest income
    
    
    838
    
    
    
    744
    
    
    
    2,449
    
    
    
    2,475Noninterest expense:Salaries and wages
    
    
    1,066
    
    
    
    1,052
    
    
    
    3,525
    
    
    
    3,141Employee benefits
    
    
    348
    
    
    
    333
    
    
    
    1,108
    
    
    
    1,038Occupancy
    
    
    214
    
    
    
    196
    
    
    
    631
    
    
    
    606Equipment
    
    
    148
    
    
    
    145
    
    
    
    438
    
    
    
    421Data processing expense
    
    
    307
    
    
    
    304
    
    
    
    917
    
    
    
    850Director compensation
    
    
    114
    
    
    
    128
    
    
    
    363
    
    
    
    386Taxes, other than income
    
    
    130
    
    
    
    129
    
    
    
    389
    
    
    
    386Other noninterest expense
    
    
    632
    
    
    
    367
    
    
    
    1,461
    
    
    
    1,064Total noninterest expense
    
    
    2,959
    
    
    
    2,654
    
    
    
    8,832
    
    
    
    7,892Income before income taxes
    
    
    1,507
    
    
    
    1,888
    
    
    
    4,704
    
    
    
    5,787Provision for income taxes
    
    
    416
    
    
    
    572
    
    
    
    1,307
    
    
    
    1,541Net income
    
    $
    1,091
    
    
    $
    1,316
    
    
    $
    3,397
    
    
    $
    4,246Net income per shareBasic
    
    $
    0.24
    
    
    $
    0.29
    
    
    $
    0.74
    
    
    $
    0.93Diluted
    
    $
    0.24
    
    
    $
    0.29
    
    
    $
    0.74
    
    
    $
    0.93Cash dividends declared per share
    
    
    
    
    
    
    
    
    
    $
    0.80
    
    
    $
    0.78Weighted average shares outstanding
    
    
    4,568,060
    
    
    
    4,558,076
    
    
    
    4,562,132
    
    
    
    4,560,234Weighted average shares and share equivalents outstanding
    
    
    4,586,328
    
    
    
    4,572,000
    
    
    
    4,579,816
    
    
    
    4,572,088
  3




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Juniata Valley Financial Corporation and Subsidiary
 
    AccumulatedOtherComprehensive
    
    
    
    
    
    TotalCommon
    
    
    
    
    
    Retained
    
    (Loss) Income
    
    Treasury
    
    StockholdersStock
    
    Surplus
    
    Earnings
    
    Net of Tax
    
    Stock
    
    EquityBalance at December 31, 2004
    
    $
    2,373
    
    
    $
    20,386
    
    
    $
    29,966
    
    
    $
    414
    
    
    $
    (2,986
    )
    
    $
    50,153Comprehensive Income:Net income
    
    
    
    
    
    
    
    
    
    
    3,397
    
    
    
    
    
    
    
    
    
    
    
    3,397Change in unrealized losses on securities
available for sale, net of reclassification
adjustment and tax effects
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (694
    )
    
    
    
    
    
    
    (694
    )Minimum pension liability, net of
tax effects
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (631
    )
    
    
    
    
    
    
    (631
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    3,397
    
    
    
    (1,325
    )
    
    
    
    
    
    
    2,072Cash dividends at $.80 per share
    
    
    
    
    
    
    
    
    
    
    (3,644
    )
    
    
    
    
    
    
    
    
    
    
    (3,644
    )Purchase of treasury stock, at
cost (32,800 shares)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (763
    )
    
    
    (763
    )Treasury stock issued for dividend
reinvestment plan (14,158 shares)
    
    
    
    
    
    
    95
    
    
    
    
    
    
    
    
    
    
    
    233
    
    
    
    328Treasury stock issued for stock option
and stock purchase plans (6,928 shares)
    
    
    
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    115
    
    
    
    117Stock issued pursuant to 2 for 1 stock split
effective October 31, 2005 (2,372,913 shares)
    
    
    2,373
    
    
    
    (2,373
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance at September 30, 2005
    
    $
    4,746
    
    
    $
    18,110
    
    
    $
    29,719
    
    
    $
    (911
    )
    
    $
    (3,401
    )
    
    $
    48,263
  4




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Juniata Valley Financial Corporation and Subsidiary
 
    Nine months endedSeptember 30,2005
    
    
    2004Operating activities:Net income
    
    $
    3,397
    
    
    $
    4,246Adjustments to reconcile net income to net cash provided by operating activities:Provision for loan losses
    
    
    28
    
    
    
    239Provision for depreciation
    
    
    453
    
    
    
    415Net amortization of security premiums
    
    
    170
    
    
    
    223Net realized gains on sales of securities
    
    
    (151
    )
    
    
    (268
    )Earnings on investment in life insurance
    
    
    (273
    )
    
    
    (317
    )Other
    
    
    (401
    )
    
    
    (344
    )Net cash provided by operating activities
    
    
    3,223
    
    
    
    4,194Investing activities:Net decrease (increase) in interest bearing time deposits
    
    
    1,100
    
    
    
    (3,270
    )Purchases of:Securities available for sale
    
    
    (8,084
    )
    
    
    (12,136
    )FHLB stock
    
    
    
    
    
    
    (636
    )Held to maturity securities
    
    
    (4,400
    )
    
    
    (1,295
    )Bank premises and equipment
    
    
    (103
    )
    
    
    (547
    )Proceeds from:Sales of available for sale securities
    
    
    336
    
    
    
    3,279Maturities of and principal repayments on available for
sale securities
    
    
    11,098
    
    
    
    17,726Redemption of FHLB stock
    
    
    240
    
    
    
    348Maturities of and principal repayments on
held to maturity securities
    
    
    1,000
    
    
    
    7,394Net increase in loans receivable
    
    
    (16,050
    )
    
    
    (25,934
    )Net cash used in investing activities
    
    
    (14,863
    )
    
    
    (15,071
    )Financing activities:Net increase in deposits
    
    
    13,443
    
    
    
    2,912Net increase in short-term borrowings
    
    
    2,693
    
    
    
    4,706Long term debt advances
    
    
    
    
    
    
    5,000Cash dividends
    
    
    (3,644
    )
    
    
    (3,560
    )Purchase of treasury stock
    
    
    (763
    )
    
    
    (779
    )Treasury stock issued for dividend reinvestment
and employee stock purchase plan
    
    
    445
    
    
    
    434Net cash provided by financing activities
    
    
    12,174
    
    
    
    8,713Net increase (decrease) in cash and cash equivalents
    
    
    534
    
    
    
    (2,164
    )Cash and cash equivalents at beginning of period
    
    
    14,800
    
    
    
    13,627Cash and cash equivalents at end of period
    
    $
    15,334
    
    
    $
    11,463Supplemental information:Interest paid
    
    $
    5,675
    
    
    $
    4,801Income taxes paid
    
    $
    1,651
    
    
    $
    1,721
  5




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Juniata Valley Financial Corporation and Subsidiary
 
            6




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##### Table of Contents



Three Months September 30, 2005
    
    
    Three Months September 30, 2004Before
    
    
    Tax Expense
    
    
    
    
    
    
    Before
    
    
    Tax ExpenseTax
    
    
    or
    
    
    Net-of-Tax
    
    
    Tax
    
    
    or
    
    
    Net-of-TaxAmount
    
    
    (Benefit)
    
    
    Amount
    
    
    Amount
    
    
    (Benefit)
    
    
    AmountNet income
    
    $
    1,507
    
    
    $
    416
    
    
    $
    1,091
    
    
    $
    1,888
    
    
    $
    572
    
    
    $
    1,316Other comprehensive income (loss):Unrealized gains on available for sale
securities :Unrealized holding (gains) losses
arising during the period
    
    
    (339
    )
    
    
    (115
    )
    
    
    (224
    )
    
    
    584
    
    
    
    199
    
    
    
    385Less reclassification adjustment for
gains included in net income
    
    
    (52
    )
    
    
    (18
    )
    
    
    (34
    )
    
    
    
    
    
    
    
    
    
    
    Minimum pension liability
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other comprehensive income (loss)
    
    
    (391
    )
    
    
    (133
    )
    
    
    (258
    )
    
    
    584
    
    
    
    199
    
    
    
    385Total comprehensive income
    
    $
    1,116
    
    
    $
    283
    
    
    $
    833
    
    
    $
    2,472
    
    
    $
    771
    
    
    $
    1,701
 Nine Months September 30, 2005
    
    
    Nine Months September 30, 2004Before
    
    
    Tax Expense
    
    
    
    
    
    
    Before
    
    
    Tax ExpenseTax
    
    
    or
    
    
    Net-of-Tax
    
    
    Tax
    
    
    or
    
    
    Net-of-TaxAmount
    
    
    (Benefit)
    
    
    Amount
    
    
    Amount
    
    
    (Benefit)
    
    
    AmountNet income
    
    $
    4,704
    
    
    $
    1,307
    
    
    $
    3,397
    
    
    $
    5,787
    
    
    $
    1,541
    
    
    $
    4,246Other comprehensive income (loss):Unrealized gains on available for sale
securities :Unrealized holding losses arising
during the period
    
    
    (900
    )
    
    
    (306
    )
    
    
    (594
    )
    
    
    (872
    )
    
    
    (295
    )
    
    
    (577
    )Less reclassification adjustment for
gains included in net income
    
    
    (151
    )
    
    
    (51
    )
    
    
    (100
    )
    
    
    (268
    )
    
    
    (91
    )
    
    
    (177
    )Minimum pension liability
    
    
    (956
    )
    
    
    (325
    )
    
    
    (631
    )
    
    
    
    
    
    
    
    
    
    
    Other comprehensive income (loss)
    
    
    (2,007
    )
    
    
    (682
    )
    
    
    (1,325
    )
    
    
    (1,140
    )
    
    
    (387
    )
    
    
    (753
    )Total comprehensive income
    
    $
    2,697
    
    
    $
    625
    
    
    $
    2,072
    
    
    $
    4,647
    
    
    $
    1,154
    
    
    $
    3,493
 7




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##### Table of Contents



Three Months EndedSeptember 30,(Dollar amounts in thousands, except share data)
    
    2005
    
    2004Net income, as reported
    
    $
    1,091
    
    
    $
    1,316Compensation expense, under FAS 123, net of tax
    
    
    (5
    )
    
    
    (6
    )Pro forma net income
    
    $
    1,086
    
    
    $
    1,310Basic net income per share, as reported
    
    $
    0.24
    
    
    $
    0.29Pro forma basic net income per share
    
    $
    0.24
    
    
    $
    0.29Diluted net income per share, as reported
    
    $
    0.24
    
    
    $
    0.29Pro forma diluted net income per share
    
    $
    0.24
    
    
    $
    0.29
 Nine Months EndedSeptember 30,(Dollar amounts in thousands, except share data)
    
    2005
    
    2004Net income, as reported
    
    $
    3,397
    
    
    $
    4,246Compensation expense, under FAS 123, net of tax
    
    
    (15
    )
    
    
    (17
    )Pro forma net income
    
    $
    3,382
    
    
    $
    4,229Basic net income per share, as reported
    
    $
    0.74
    
    
    $
    0.93Pro forma basic net income per share
    
    $
    0.73
    
    
    $
    0.92Diluted net income per share, as reported
    
    $
    0.74
    
    
    $
    0.93Pro forma diluted net income per share
    
    $
    0.73
    
    
    $
    0.92
 8




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##### Table of Contents



(Amounts, except earnings per share, in thousands)
 Three Months
    
    
    Three MonthsEnded
    
    
    EndedSeptember 30, 2005
    
    
    September 30, 2004Net income
    
    $
    1,091
    
    
    $
    1,316Weighted-average common shares outstanding
    
    
    4,568
    
    
    
    4,558Basic earnings per share
    
    $
    0.24
    
    
    $
    0.29Weighted-average common shares outstanding
    
    
    4,568
    
    
    
    4,558Common stock equivalents due to effect of stock options
    
    
    18
    
    
    
    14Total weighted-average common shares and equivalents
    
    
    4,586
    
    
    
    4,572Diluted earnings per share
    
    $
    0.24
    
    
    $
    0.29
 Nine Months
    
    
    Nine MonthsEnded
    
    
    EndedSeptember 30, 2005
    
    
    September 30, 2004Net income
    
    $
    3,397
    
    
    $
    4,246Weighted-average common shares outstanding
    
    
    4,562
    
    
    
    4,560Basic earnings per share
    
    $
    0.74
    
    
    $
    0.93Weighted-average common shares outstanding
    
    
    4,562
    
    
    
    4,560Common stock equivalents due to effect of stock options
    
    
    18
    
    
    
    12Total weighted-average common shares and equivalents
    
    
    4,580
    
    
    
    4,572Diluted earnings per share
    
    $
    0.74
    
    
    $
    0.93
    9




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##### Table of Contents



(Dollar amounts in thousands)
 Three Months Ended
    
    Nine Months EndedSeptember 30,
    
    September 30,2005
    
    2004
    
    2005
    
    2004Components of net periodic pension costService cost
    
    $
    74
    
    
    $
    55
    
    
    $
    214
    
    
    $
    211Interest cost
    
    
    87
    
    
    
    80
    
    
    
    260
    
    
    
    240Expected return on plan assets
    
    
    (85
    )
    
    
    (80
    )
    
    
    (251
    )
    
    
    (240
    )Additional recognized amounts
    
    
    26
    
    
    
    
    
    
    
    63
    
    
    
    Net periodic pension cost
    
    $
    102
    
    
    $
    55
    
    
    $
    286
    
    
    $
    211
        10




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11




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##### Table of Contents



(Dollar amounts in thousands)
 September 30, 2005
    
    
    December 31, 2004Non-performing loansNonaccrual loans
    
    $
    96
    
    
    $
    Accruing loans past due 90 days or more
    
    
    489
    
    
    
    365Restructured loans
    
    
    
    
    
    
    Total
    
    $
    585
    
    
    $
    365Average loans outstanding
    
    $
    288,051
    
    
    $
    263,773Ratio of
non-performing loans to average loans outstanding
    
    
    0.20
    %
    
    
    0.14
    %
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Comparison of the three months ended September 30, 2005 and 2004
   Three months endedSeptember 302005
    
    
    2004Return on average assets (annualized)
    
    
    1.07
    %
    
    
    1.61
    %Return on average equity (annualized)
    
    
    8.96
    %
    
    
    12.64
    %Average equity to average assets
    
    
    11.89
    %
    
    
    12.77
    %
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Comparison of the nine months ended September 30, 2005 and 2004
   Nine months endedSeptember 302005
    
    2004Return on average assets (annualized)
    
    
    1.12
    %
    
    
    1.45
    %Return on average equity (annualized)
    
    
    9.23
    %
    
    
    11.41
    %Average equity to average assets
    
    
    12.11
    %
    
    
    12.69
    %
     14




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Disclosure Controls and Procedures
  Changes in Internal Control Over Financial Reporting
  17




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##### Table of Contents



Item 1
    
    LEGAL PROCEEDINGSIn the opinion of management of the Corporation, there are no legal
proceedings pending to which the Corporation or its subsidiary is a party or
to which their property is subject, which, if determined adversely to the
Corporation or its subsidiary, would be material in relation to the
Corporations or its subsidiary financial condition. There are no
proceedings pending other than ordinary routine litigation incident to the
business of the Corporation or its subsidiary. In addition, no material
proceedings are pending or are known to be threatened or contemplated against
the Corporation or its subsidiary by government authorities.
 
   Total Number ofShares Purchased as
    
    Maximum Number ofTotal Number
    
    Average
    
    Part of Publicly
    
    Shares that May Yet Beof Shares
    
    Price Paid
    
    Announced Plans or
    
    Purchased Under thePeriod
    
    Purchased
    
    per Share
    
    Programs
    
    Plans or Programs (1)July 1-31, 2005
    
    
    
    
    
    $
    
    
    
    
    
    
    
    
    83,048August 1-31, 2005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    83,048September 1-30, 2005
    
    
    20,800
    
    
    
    23.69
    
    
    
    20,800
    
    
    
    62,248Totals
    
    
    20,800
    
    
    $
    23.69
    
    
    
    20,800
    
    
    
    62,248
 
 (1)
    
    On March 23, 2001, Juniata Valley Financial Corp. announced plans to buy back 100,000
(200,000 on a post-split basis) shares of their stock. There is no expiration date to this buyback
plan, but subsequent to the initial plan, 400,000 additional shares were authorized by the Board of
Directors. As of November 1, 2005, the number of shares that may yet be purchased under the Program
is 232,248. No Juniata Valley Financial Corp. repurchase plan or program expired during the period
covered by the table. The Corporation has no stock repurchase plan or program that it has
determined to terminate prior to expiration or under which it does not intend to make further
purchases. 
 Item 3    DEFAULTS UPON SENIOR SECURITIES
  
 Item 4    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDER
  
 Item 5    OTHER INFORMATION
  18




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##### Table of Contents



Juniata Valley Financial Corp.(Registrant)Date
    
    11-08-2005
    
    By
    
    /s/ Francis J. EvanitskyFrancis J. Evanitsky, President andChief Executive OfficerDate
    
    11-08-2005
    
    By
    
    /s/ JoAnn N. McMinnJoAnn N. McMinn, Chief FinancialOfficer
 19