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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934

For the quarterly period ended September 30, 2025

OR

☐	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.
(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)
(855) 582-5101
(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
NONE	N/A	N/A

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.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ 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 October 31, 2025
Common Stock ($1.00 par value)		5,018,799 shares

Table of Contents

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	3

	Consolidated Statements of Financial Condition as of September 30, 2025 (Unaudited) and December 31, 2024	3

	Consolidated Statements of Income for the Three and Nine months Ended September 30, 2025 and 2024 (Unaudited)	4

	Consolidated Statements of Comprehensive Income for the Three and Nine months Ended September 30, 2025 and 2024 (Unaudited)	5

	Consolidated Statements of Stockholders’ Equity for the Three and Nine months Ended September 30, 2025 and 2024 (Unaudited)	6

	Consolidated Statements of Cash Flows for the Nine months Ended September 30, 2025 and 2024 (Unaudited)	8

	Notes to Consolidated Financial Statements (Unaudited)	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	54

Item 4.	Controls and Procedures	54

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	54

Item 1A.	Risk Factors	55

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55

Item 3.	Defaults upon Senior Securities	55

Item 4.	Mine Safety Disclosures	55

Item 5.	Other Information	55

Item 6.	Exhibits	56

	Signatures	57

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Financial Condition


(Dollars in thousands, except share data)	September 30, 2025		December 31, 2024
ASSETS
Cash and due from banks	$	5,585	$	5,064
Interest bearing deposits with banks		4,893		5,934
Cash and cash equivalents		10,478		10,998
Equity securities		1,218		1,189
Debt securities available for sale		61,460		64,623
Debt securities held to maturity (fair value $181,592 and $182,773, respectively)		184,557		191,627
Restricted investment in bank stock		2,508		2,530
Total loans		577,722		533,869
Less: Allowance for credit losses		(6,834)		(6,183)
Total loans, net of allowance for credit losses		570,888		527,686
Premises and equipment, net		9,171		9,382
Bank owned life insurance and annuities		15,990		15,214
Investment in low income housing partnerships		591		832
Core deposit and other intangible assets		207		258
Goodwill		9,812		9,812
Mortgage servicing rights		62		69
Deferred tax asset, net		8,547		9,842
Accrued interest receivable and other assets		4,978		4,812
Total assets	$	880,467	$	848,874
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	207,419	$	196,801
Interest bearing		568,159		551,156
Total deposits		775,578		747,957
Short-term borrowings and repurchase agreements		42,744		42,242
Long-term debt		—		5,000
Other interest bearing liabilities		713		830
Accrued interest payable and other liabilities		6,431		5,388
Total liabilities		825,466		801,417
Commitments and contingent liabilities
Stockholders’ Equity:
Preferred stock, no par value: Authorized - 500,000 shares, none issued		—		—
Common stock, par value $1.00 per share: Authorized 20,000,000 shares; Issued - 5,151,279 shares at September 30, 2025 and December 31, 2024; Outstanding - 5,018,799 shares at September 30, 2025 and 5,003,384 shares at December 31, 2024		5,151		5,151
Surplus		24,781		24,896
Retained earnings		55,793		53,126
Accumulated other comprehensive loss		(28,584)		(33,320)
Cost of common stock in Treasury: 132,480 shares at September 30, 2025; 147,895 shares at December 31, 2024		(2,140)		(2,396)
Total stockholders’ equity		55,001		47,457
Total liabilities and stockholders’ equity	$	880,467	$	848,874

See Notes to Consolidated Financial Statements

Table of Contents

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Income (Unaudited)


	Three Months Ended				Nine Months Ended
(Dollars in thousands, except share data)	September 30,				September 30,
	2025		2024		2025		2024
Interest and dividend income:
Loans, including fees	$	8,624	$	7,979	$	24,517	$	23,224
Taxable securities		1,325		1,421		4,062		4,341
Tax-exempt securities		30		30		90		89
Other interest income		17		24		54		116
Total interest income		9,996		9,454		28,723		27,770
Interest expense:
Deposits		2,903		2,879		8,595		8,243
Short-term borrowings and repurchase agreements		530		741		1,501		2,151
Long-term debt		—		31		51		237
Other interest bearing liabilities		7		8		21		25
Total interest expense		3,440		3,659		10,168		10,656
Net interest income		6,556		5,795		18,555		17,114
Provision for credit losses		216		232		669		471
Net interest income after provision for credit losses		6,340		5,563		17,886		16,643
Non-interest income:
Customer service fees		474		473		1,400		1,300
Debit card fee income		458		428		1,330		1,302
Earnings on bank-owned life insurance and annuities		71		60		190		174
Trust fees		106		108		349		359
Commissions from sales of non-deposit products		60		98		230		309
Fees derived from loan activity		202		103		475		451
Change in value of equity securities		64		70		76		66
Gain from life insurance proceeds		—		—		20		—
Other non-interest income		82		105		270		259
Total non-interest income		1,517		1,445		4,340		4,220
Non-interest expense:
Employee compensation expense		2,577		2,249		6,650		6,689
Employee benefits		476		555		1,524		1,733
Occupancy		278		320		945		979
Equipment		251		248		711		617
Data processing expense		734		684		2,141		2,162
Professional fees		256		297		709		830
Taxes, other than income		45		60		171		154
FDIC Insurance premiums		126		141		380		435
Amortization of intangible assets		16		22		51		64
Amortization of investment in low-income housing partnerships		80		81		241		242
Other non-interest expense		605		444		1,671		1,453
Total non-interest expense		5,444		5,101		15,194		15,358
Income before income taxes		2,413		1,907		7,032		5,505
Income tax provision		357		270		1,057		767
Net income	$	2,056	$	1,637	$	5,975	$	4,738
Earnings per share
Basic	$	0.41	$	0.33	$	1.19	$	0.95
Diluted	$	0.41	$	0.33	$	1.19	$	0.95

See Notes to Consolidated Financial Statements

Table of Contents

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended September 30,
	2025						2024
(Dollars in thousands)	Pre-Tax		Tax		Net of Tax		Pre-Tax		Tax		Net of Tax
	Amount		Effect		Amount		Amount		Effect		Amount
Net income	$	2,413	$	(357)	$	2,056	$	1,907	$	(270)	$	1,637
Other comprehensive income:
Securities
Available for sale securities
Unrealized holding gain arising during the period		893		(187)		706		2,097		(441)		1,656
Held to maturity securities
Amortization of unrealized holding losses on held to maturity securities (1) (2)		1,174		(253)		921		1,247		(269)		978
Other comprehensive income		2,067		(440)		1,627		3,344		(710)		2,634
Total comprehensive income	$	4,480	$	(797)	$	3,683	$	5,251	$	(980)	$	4,271


	Nine Months Ended September 30,
	2025						2024
(Dollars in thousands)	Pre-Tax		Tax		Net-of-Tax		Pre-Tax		Tax		Net-of-Tax
	Amount		Effect		Amount		Amount		Effect		Amount
Net income	$	7,032	$	(1,057)	$	5,975	$	5,505	$	(767)	$	4,738
Other comprehensive income:
Securities
Available for sale securities
Unrealized holding gain arising during the period		2,566		(539)		2,027		2,489		(523)		1,966
Held to maturity securities
Amortization of unrealized holding losses on held to maturity securities (1) (2)		3,455		(746)		2,709		3,655		(790)		2,865
Other comprehensive income		6,021		(1,285)		4,736		6,144		(1,313)		4,831
Total comprehensive income	$	13,053	$	(2,342)	$	10,711	$	11,649	$	(2,080)	$	9,569

(1)	Income tax amounts are included in the provision for income taxes on the Consolidated Statements of Income.

(2)	Amounts included in interest income on the Consolidated Statements of Income.

See Notes to Consolidated Financial Statements

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Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Stockholders’ Equity (Unaudited)


	Three months ended September 30, 2025
								Accumulated
(Dollars in thousands, except share	Number							Other				Total
data)	of Shares	Common				Retained		Comprehensive		Treasury		Stockholders’
	Outstanding	Stock		Surplus		Earnings		Income (Loss)		Stock		Equity
Balance, July 1, 2025	5,018,799	$	5,151	$	24,741	$	54,840	$	(30,211)	$	(2,140)	$	52,381
Net income							2,056						2,056
Other comprehensive income									1,627				1,627
Cash dividends at $0.22 per share							(1,103)						(1,103)
Stock-based compensation					40								40
Balance, September 30, 2025	5,018,799	$	5,151	$	24,781	$	55,793	$	(28,584)	$	(2,140)	$	55,001


	Nine months ended September 30, 2025
								Accumulated
(Dollars in thousands, except share	Number							Other				Total
data)	of Shares	Common				Retained		Comprehensive		Treasury		Stockholders’
	Outstanding	Stock		Surplus		Earnings		Income (Loss)		Stock		Equity
Balance, January 1, 2025	5,003,384	$	5,151	$	24,896	$	53,126	$	(33,320)	$	(2,396)	$	47,457
Net income							5,975						5,975
Other comprehensive income									4,736				4,736
Cash dividends at $0.66 per share							(3,308)						(3,308)
Stock-based compensation					115								115
Purchase of treasury stock	(612)										(4)		(4)
Treasury stock issued for stock plans	16,027				(230)						260		30
Balance, September 30, 2025	5,018,799	$	5,151	$	24,781	$	55,793	$	(28,584)	$	(2,140)	$	55,001

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Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Stockholders’ Equity (Unaudited)


	Three months ended September 30, 2024
								Accumulated
(Dollars in thousands, except share	Number							Other				Total
data)	of Shares	Common				Retained		Comprehensive		Treasury		Stockholders’
	Outstanding	Stock		Surplus		Earnings		Income (Loss)		Stock		Equity
Balance, July 1, 2024	5,003,384	$	5,151	$	24,824	$	52,201	$	(36,443)	$	(2,396)	$	43,337
Net income							1,637						1,637
Other comprehensive income									2,634				2,634
Cash dividends at $0.22 per share							(1,102)						(1,102)
Stock-based compensation					36								36
Balance, September 30, 2024	5,003,384	$	5,151	$	24,860	$	52,736	$	(33,809)	$	(2,396)	$	46,542


	Nine months ended September 30, 2024
								Accumulated
(Dollars in thousands, except share	Number							Other				Total
data)	of Shares	Common				Retained		Comprehensive		Treasury		Stockholders’
	Outstanding	Stock		Surplus		Earnings		Income (Loss)		Stock		Equity
Balance, January 1, 2024	4,991,129	$	5,151	$	24,924	$	51,297	$	(38,640)	$	(2,595)	$	40,137
Net income							4,738						4,738
Other comprehensive income									4,831				4,831
Cash dividends at $0.66 per share							(3,299)						(3,299)
Stock-based compensation					106								106
Purchase of treasury stock	(239)										(3)		(3)
Treasury stock issued for stock plans	12,494				(170)						202		32
Balance, September 30, 2024	5,003,384	$	5,151	$	24,860	$	52,736	$	(33,809)	$	(2,396)	$	46,542

See Notes to Consolidated Financial Statements

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Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Cash Flows (Unaudited)


(Dollars in thousands)	Nine Months Ended September 30,
	2025		2024
Operating activities:
Net income	$	5,975	$	4,738
Adjustments to reconcile net income from operating activities:
Provision for credit losses		669		471
Depreciation		593		530
Net amortization of securities premiums		80		92
Net amortization of loan origination costs		75		70
Deferred net loan origination costs		(494)		(465)
Amortization of intangibles		51		64
Amortization of investment in low income housing partnerships		241		242
Net amortization of purchase fair value adjustments		25		(3)
Change in value of equity securities		(76)		(66)
Earnings on bank owned life insurance and annuities		(190)		(174)
Deferred income tax benefit		(4)		(65)
Stock-based compensation expense		115		106
Mortgage servicing right adjustment		7		7
Gain from life insurance proceeds		(20)		—
(Increase) decrease in accrued interest receivable and other assets		(156)		80
Decrease (increase) in accrued interest payable and other liabilities		926		(784)
Net cash provided by operating activities		7,817		4,843
Investing activities:
Purchases of:
Restricted stock		(5)		(178)
Premises and equipment		(382)		(1,863)
Bank owned life insurance		(890)		—
Bank owned life insurance premium and annuity payments		(23)		(23)
Proceeds from:
Redemption of equity securities		46		—
Maturities of and principal repayments on securities available for sale		5,649		3,661
Maturities of and principal repayments on securities held to maturity		10,526		10,538
Redemption of restricted stock		27		—
Life insurance claims		347		—
Sale of fixed assets		4		—
Sale of other assets		—		10
Net increase in loans		(43,477)		(12,475)
Net cash used in investing activities		(28,178)		(330)
Financing activities:
Net increase in deposits		27,621		3,851
Net increase (decrease) in short-term borrowings and securities sold under agreements to repurchase		502		(7,089)
Repayment of long-term debt		(5,000)		(15,000)
Cash dividends		(3,308)		(3,299)
Purchase of treasury stock		(4)		(3)
Treasury stock issued for employee stock plans		30		32
Net cash provided by (used in) financing activities		19,841		(21,508)
Net decrease in cash and cash equivalents		(520)		(16,995)
Cash and cash equivalents at beginning of year		10,998		28,930
Cash and cash equivalents at end of period	$	10,478	$	11,935
Supplemental information:
Interest paid	$	10,194	$	10,292
Income tax paid		1,075		740
Supplemental schedule of noncash investing and financing activities:
Transfer of loans to repossessed vehicles	$	—	$	10

See Notes to Consolidated Financial Statements

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JUNIATA VALLEY FINANCIAL CORP. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES

The consolidated financial statements include the accounts of Juniata Valley Financial Corp. (the “Company” or “Juniata”) and its wholly owned subsidiary, The Juniata Valley Bank (the “Bank” or “JVB”). All significant intercompany accounts and transactions have been eliminated.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete consolidated financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the financial statements. Estimates that are particularly susceptible to material change include the determination of the allowance for credit losses and possible impairment of goodwill and other intangible assets.

In the opinion of management, all adjustments considered necessary for fair presentation have been included. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that can be expected for the year ending December 31, 2025. For further information, refer to the consolidated financial statements and notes thereto included in Juniata Valley Financial Corp.’s Annual Report on Form 10-K (“Annual Report”) for the year ended December 31, 2024.

The Company has evaluated events and transactions occurring subsequent to the consolidated statement of financial condition date of September 30, 2025 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.

2. RECENT ACCOUNTING STANDARDS UPDATES

Adoption of New Accounting Standards:

None.

Pending Accounting Standards:

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Issued: December 2023

Summary: The amendments in this Update enhance the transparency and decision usefulness of income tax disclosures. This Update requires public business entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitate threshold. All entities will be required to disclose 1) the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and 2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received). The amendments also require entities to disclose 1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and 2) income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition.

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Effective Date: The amendments in the Update are effective for public business entities for annual periods beginning after December 15, 2024. For all other entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This standard should be applied on a prospective basis, but retrospective application is permitted.

3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Components of accumulated other comprehensive income (loss), net of tax, consisted of the following:


	Unrealized		Unrealized
	Gains		Gains
(Dollars in thousands)	(Losses) on		(Losses) on
	AFS		HTM
September 30, 2025	Securities		Securities		Total
Beginning balance, December 31, 2024	$	(4,933)	$	(28,387)	$	(33,320)
Current period other comprehensive income:
Other comprehensive income before reclassification		2,027		—		2,027
Amounts reclassified from accumulated other comprehensive income		—		2,709		2,709
Net current period other comprehensive income		2,027		2,709		4,736
Ending balance, September 30, 2025	$	(2,906)	$	(25,678)	$	(28,584)


	Unrealized		Unrealized
	Gains		Gains
(Dollars in thousands)	(Losses) on		(Losses) on
	AFS		HTM
September 30, 2024	Securities		Securities		Total
Beginning balance, December 31, 2023	$	(6,454)	$	(32,186)	$	(38,640)
Current period other comprehensive income:
Other comprehensive income before reclassification		1,965		—		1,965
Amounts reclassified from accumulated other comprehensive income		—		2,866		2,866
Net current period other comprehensive income		1,965		2,866		4,831
Ending balance, September 30, 2024	$	(4,489)	$	(29,320)	$	(33,809)

4. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilutive effect on EPS that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock, increasing the total number of shares outstanding. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method.

The following tables set forth the computation of basic and diluted earnings per share:


(Amounts in thousands, except earnings per share data)	Three Months Ended September 30,
	2025		2024
Net income	$	2,056	$	1,637
Weighted-average common shares outstanding		5,019		5,003
Basic earnings per share	$	0.41	$	0.33

Weighted-average common shares outstanding		5,019		5,003
Common stock equivalents due to effect of stock options and restricted stock		17		11
Total weighted-average common shares and equivalents		5,036		5,014
Diluted earnings per share	$	0.41	$	0.33
Anti-dilutive stock options and restricted stock outstanding		—		—

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(Amounts in thousands, except earnings per share data)	Nine months ended September 30,
	2025		2024
Net income	$	5,975	$	4,738
Weighted-average common shares outstanding		5,015		5,000
Basic earnings per share	$	1.19	$	0.95

Weighted-average common shares outstanding		5,015		5,000
Common stock equivalents due to effect of stock options and restricted stock		13		9
Total weighted-average common shares and equivalents		5,028		5,009
Diluted earnings per share	$	1.19	$	0.95
Anti-dilutive stock options and restricted stock outstanding		1		1

5. SECURITIES

Equity Securities

Equity securities owned by the Company consist of common stock of various financial services providers. ASC Topic 321, Investments – Equity Securities requires all equity securities within its scope to be measured at fair value with changes in fair value recognized in net income. The Company had $1.2 million in equity securities recorded at fair value as of both September 30, 2025 and December 31, 2024. The Company sold $46,000 in equity securities at fair value in the nine months ended September 30, 2025. No equity securities were sold by the Company in the three months ended September 30, 2025 or 2024, nor in the nine months ended September 30, 2024. No gains or losses were recorded on the sale of equity securities for the three or nine months ended September 30, 2025 and September 30, 2024. The Company recorded net gains of $64,000 and $76,000 for the three and nine months ended September 30, 2025, respectively, and net gains of $70,000 and $66,000 for the three and nine months ended September 30, 2024, respectively, due to changes in the fair value of the Company’s portfolio of equity securities during the applicable periods.

Debt Securities

Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities that are not classified as held to maturity or trading are classified as available for sale. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. As of September 30, 2025, the Company’s debt securities portfolio includes primarily bonds issued by U.S. Government sponsored enterprises (approximately 18% of the investment portfolio), mortgage-backed securities issued by Government-sponsored entities and backed by residential mortgages (approximately 72% of the investment portfolio), corporate debt securities (approximately 7% of the investment portfolio) and municipal bonds (approximately 3% of the investment portfolio). Most of the municipal bonds are general obligation bonds with maturities or pre-refunding dates within 5 years.

At September 30, 2025, excluding securities of the U.S. Government and its agencies, the Company had holdings of securities from one issuer in excess of 10% of stockholders’ equity; holdings of Federal Farm Credit Bank securities had a fair value of $12.1 million as of September 30, 2025. At December 31, 2024, excluding securities of the U.S. Government and its agencies, the Company had holdings of securities from two issuers in excess of 10% of stockholders’ equity; holdings of Federal Farm Credit Bank and Pennsylvania Housing Finance securities had fair values of $11.6 million and $4.8 million, respectively, as of December 31, 2024.

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The amortized cost and fair value of debt securities as of September 30, 2025 and December 31, 2024, by contractual maturity, are shown in the tables below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid, with or without prepayment penalties. Securities not due at a single maturity date are shown separately.


(Dollars in thousands)	September 30, 2025
					Gross		Gross
	Amortized		Fair		Unrealized		Unrealized
Debt Securities Available for Sale	Cost		Value		Gains		Losses
Obligations of U.S. Government sponsored enterprises
After one year but within five years	$	13,000	$	12,511	$	—	$	(489)
		13,000		12,511		—		(489)
Obligations of state and political subdivisions
Within one year		1,465		1,465		—		—
After one year but within five years		1,332		1,249		—		(83)
After five years but within ten years		4,104		3,582		—		(522)
		6,901		6,296		—		(605)
Corporate debt securities
Within one year		2,000		1,938		—		(62)
After one year but within five years		2,500		2,500		—		—
After five years but within ten years		13,000		11,721		—		(1,279)
		17,500		16,159		—		(1,341)
Mortgage-backed securities		27,738		26,494		—		(1,244)
Total debt securities available for sale	$	65,139	$	61,460	$	—	$	(3,679)


(Dollars in thousands)	September 30, 2025
					Gross		Gross
	Amortized		Fair		Unrecognized		Unrecognized
Debt Securities Held to Maturity	Cost		Value		Gains		Losses
Obligations of U.S. Government sponsored enterprises
After one year but within five years	$	31,224	$	31,702	$	478	$	—
		31,224		31,702		478		—
Mortgage-backed securities		153,333		149,890		1,743		(5,186)
Total debt securities held for sale	$	184,557	$	181,592	$	2,221	$	(5,186)

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(Dollars in thousands)	December 31, 2024
					Gross		Gross
	Amortized		Fair		Unrealized		Unrealized
Debt Securities Available for Sale	Cost		Value		Gains		Losses
Obligations of U.S. Government sponsored enterprises
Within one year	$	2,500	$	2,495	$	—	$	(5)
After one year but within five years		13,000		12,081		—		(919)
		15,500		14,576		—		(924)
Obligations of state and political subdivisions
After one year but within five years		2,780		2,643		—		(137)
After five years but within ten years		4,107		3,390		—		(717)
		6,887		6,033		—		(854)
Corporate debt securities
After one year but within five years		4,542		4,286		—		(256)
After five years but within ten years		13,000		11,072		—		(1,928)
		17,542		15,358		—		(2,184)
Mortgage-backed securities		30,939		28,656		—		(2,283)
Total debt securities available for sale	$	70,868	$	64,623	$	—	$	(6,245)


(Dollars in thousands)	December 31, 2024
					Gross		Gross
	Amortized		Fair		Unrecognized		Unrecognized
Debt Securities Held to Maturity	Cost		Value		Gains		Losses
Obligations of U.S. Government sponsored enterprises
After one year but within five years	$	25,389	$	25,263	$	—	$	(126)
After five years but within ten years		5,090		5,059		—		(31)
		30,479		30,322		—		(157)
Mortgage-backed securities		161,148		152,451		—		(8,697)
Total debt securities held for sale	$	191,627	$	182,773	$	—	$	(8,854)

Certain obligations of the U.S. Government and state and political subdivisions as well as mortgage-backed securities are pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law. The carrying value of the pledged assets was $176.3 million and $171.5 million on September 30, 2025 and December 31, 2024, respectively.

In addition to cash received from the scheduled maturities of investment securities, some debt securities available for sale are sold or called at current market values during normal operations. There were no sales of debt securities in the three or nine month periods ended September 30, 2025 or September 30, 2024.

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The following tables summarize debt securities available for sale with unrealized and unrecognized losses at September 30, 2025 and December 31, 2024, aggregated by category and length of time in a continuous unrealized loss position.


	Unrealized Losses at September 30, 2025
	Less Than 12 Months					12 Months or More					Total
(Dollars in thousands)	Number					Number					Number
	of	Fair		Unrealized		of	Fair		Unrealized		of	Fair		Unrealized
	Securities	Value		Losses		Securities	Value		Losses		Securities	Value		Losses
Securities available for sale
Obligations of U.S. Government sponsored enterprises	—	$	—	$	—	2	$	12,511	$	(489)	2	$	12,511	$	(489)
Obligations of state and political subdivisions	—		—		—	6		4,831		(605)	6		4,831		(605)
Corporate debt securities	—		—		—	8		13,659		(1,341)	8		13,659		(1,341)
Mortgage-backed securities	—		—		—	33		26,494		(1,244)	33		26,494		(1,244)
Total temporarily impaired securities available for sale	—	$	—	$	—	49	$	57,495	$	(3,679)	49	$	57,495	$	(3,679)


	Unrealized Losses at December 31, 2024
	Less Than 12 Months					12 Months or More					Total
(Dollars in thousands)	Number					Number					Number
	of	Fair		Unrealized		of	Fair		Unrealized		of	Fair		Unrealized
	Securities	Value		Losses		Securities	Value		Losses		Securities	Value		Losses
Securities available for sale
Obligations of U.S. Government sponsored enterprises	—	$	—	$	—	3	$	14,576	$	(924)	3	$	14,576	$	(924)
Obligations of state and political subdivisions	—		—		—	7		6,033		(854)	7		6,033		(854)
Corporate debt securities	—		—		—	9		15,358		(2,184)	9		15,358		(2,184)
Mortgage-backed securities	—		—		—	33		28,656		(2,283)	33		28,656		(2,283)
Total temporarily impaired securities available for sale	—	$	—	$	—	52	$	64,623	$	(6,245)	52	$	64,623	$	(6,245)

At September 30, 2025, two obligations of U.S. Government sponsored enterprises, six obligations of state and political subdivisions, eight corporate debt securities, and thirty-three mortgage-backed securities available for sale had unrealized losses, all of which have been in a continuous loss position for twelve months or more. The mortgage-backed securities in the Company’s portfolio are government sponsored enterprise (“GSE”) pass-through instruments issued by the Federal National Mortgage Association (“FNMA”) or Federal Home Loan Mortgage Corporation (“FHLMC”), which guarantees the timely payment of principal on these investments.

Under ASC 326, the concept of other-than-temporarily impaired securities was replaced with the allowance for credit losses. Unlike held to maturity debt securities, when establishing the allowance for credit losses, available for sale securities are evaluated on an individual level and pooling of securities is not allowed.

For debt securities available for sale in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available for sale that do not meet the criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists, and an allowance for credit losses is recorded for the credit loss, limited to the amount by which

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the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

Changes in the allowance for credit losses are recorded as credit loss expense (or reversal). Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. As of September 30, 2025, management determined that an immaterial credit loss existed because the decline in fair value of the debt securities available for sale was mostly attributable to changes in interest rates and other market conditions, rather than erosion of issuer credit quality and, as a result, timely payment of contractual cash flows, including principal and interest, has continued and is not considered to be at risk. Therefore, the Company did not record an allowance for credit losses for these securities as of September 30, 2025 or December 31, 2024.

Credit Quality Indicators

All the Company’s held to maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities are either explicitly or implicitly guaranteed by the U.S. government, except for the Federal Farm Credit Bank securities, but all are highly rated by major rating agencies and have a long history of no credit losses.

The Company monitors the credit quality of held to maturity debt securities using credit ratings. The credit ratings are sourced from nationally recognized rating agencies. All held to maturity debt securities were current in their payment of principal and interest as of September 30, 2025 and December 31, 2024.

The following tables summarize the amortized cost of held to maturity debt securities aggregated by credit quality indicator based on the latest information available at September 30, 2025 and December 31, 2024.


(Dollars in thousands)

September 30, 2025	AAA		Total
Securities held to maturity
Obligations of U.S. Government sponsored enterprises	$	31,224	$	31,224
Mortgage-backed securities		153,333		153,333
Total	$	184,557	$	184,557


(Dollars in thousands)

December 31, 2024	AAA		Total
Securities held to maturity
Obligations of U.S. Government sponsored enterprises	$	30,479	$	30,479
Mortgage-backed securities		161,148		161,148
Total	$	191,627	$	191,627

6. LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES

Loans that the Company originated and has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the outstanding unpaid principal balances, net of any deferred fees or costs and the allowance for credit losses. Interest income on all loans, other than nonaccrual loans, is accrued over the term of the loans based on the amount of principal outstanding. Unearned income is amortized to income over the life of the loans, using the interest method.

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The loan portfolio includes the following classes: (1) commercial, financial and agricultural; (2) real estate – commercial; (3) real estate – construction; (4) real estate – mortgage; (5) obligations of states and political subdivisions; and (6) personal loans.

The Company originates loans in the portfolio with the intent to hold them until maturity. Should the Company no longer intend to hold loans to maturity based on asset/liability management practices, the Company transfers loans from its portfolio to held for sale at fair value. Any write-down recorded upon transfer is charged against the allowance for credit losses. Any write-downs recorded after the initial transfers are recorded as a charge to other non-interest expense. Gains or losses recognized upon sale are included in gains on sales of loans, which is a component of non-interest income.

Loans Held for Sale

The Company has originated residential mortgage loans with the intent to sell. These individual loans are normally sold to the buyer immediately. The Company maintains servicing rights on these loans.

When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date and reports changes in fair value of servicing assets in earnings in the period in which the changes occur, which are included in other non-interest income on the Consolidated Statements of Income. The fair values of servicing rights are subject to fluctuations because of changes in estimated and actual prepayment speeds and default rates and losses.

Servicing fee income, which is included in fees derived from loan activity on the Consolidated Statements of Income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Late fees and ancillary fees related to loan servicing are not material.

Allowance for Credit Losses (“ACL”)

The Company adopted ASU 2016-13 on January 1, 2023 to calculate the ACL, which requires a projection of credit losses estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a loan modification will be executed with an individual borrower, or the extension or renewal options are included in the original or modified contract at the reporting date and not unconditionally cancellable by the Company. The allowance for credit losses is a valuation account that is deducted from the loan’s amortized cost basis to present the net amount expected to be collected on the loan. The ACL is adjusted through the provision for credit losses and reduced by net charge offs of loans.

Management estimates the allowance balance using relevant available information, from internal and external sources related to past events, current conditions and reasonable and supportable forecasts of certain macro-economic variables. Historical credit loss experience provides the primary basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, lending personnel, delinquency trends, credit concentrations, loan review results and changes in collateral values, as well as the impact of changes in the regulatory and business environment or other relevant factors.

The Company utilizes the Discounted Cash Flow (“DCF”) method to analyze the loan segments as it allows for the effective incorporation of a reasonable and supportable forecast in a directionally consistent and objective manner. The DCF model has two key components: a loss driver analysis and a cash flow analysis. The contractual cash flow is adjusted

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for probability of default/loss given defaults (“PD/LGD”) and prepayment speed to establish a reserve level. The prepayment and curtailment studies are updated quarterly by a third-party for each applicable pool of loans. The Company estimates losses over a four quarter forecast period using Federal Open Market Committee (“FOMC”) estimates for real GDP and unemployment rate. Based on the final values in the forecast, management has elected to revert to historical loss experience over the prior four quarters. The economic factors considered as part of the ACL were selected after a rigorous regression analysis and model selection process. Additionally, the Company uses reasonable credit risk assumptions based on an annual report produced by Moody’s for the obligations of states and political subdivisions segment.

The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods:


Portfolio Segments	Methodology	Loss Drivers
Commercial, financial and agricultural	DCF	National unemployment & national GDP
Real estate - commercial	DCF	National unemployment & national GDP
Real estate - construction:
1-4 family residential construction	DCF	National unemployment & national GDP
Other construction loans	DCF	National unemployment & national GDP
Real estate - mortgage	DCF	National unemployment & national GDP
Obligations of states and political subdivisions	DCF	Moody's report
Personal	DCF	National unemployment & national GDP

According to ASC 326, an entity may make an accounting policy election not to measure an allowance for credit losses for accrued interest receivable if the entity writes off the applicable accrued interest receivable balance in a timely manner. The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivable for all loan segments. Accrual of interest on loans is discontinued when the payment of principal or interest is in doubt or when a loan becomes contractually past due by 90 days or more with respect to principal or interest, except for loans that are well-secured and in the process of collection. When a loan is placed on nonaccrual status, any accrued but uncollected interest is reversed from current income.

ASC 326 requires the Company to establish a liability for anticipated credit losses for unfunded commitments. To accomplish this, the Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. At September 30, 2025, the Company had $80.0 million in unfunded commitments and $380,000 in anticipated credit losses in the reserve for unfunded lending commitments. At December 31, 2024, the Company had $58.6 million in unfunded commitments and $312,000 in anticipated credit losses in the reserve for unfunded lending commitments. The reserve for unfunded commitments is recorded in other liabilities on the Consolidated Statements of Financial Condition as opposed to in the ACL. Provisions to the reserve for unfunded lending commitments are recorded as other noninterest expense on the Consolidated Statements of Income.

The determination of the ACL is complex, and the Company makes decisions on the effects of matters that are inherently uncertain. Evaluations of the loan portfolio and individual credits require certain estimates, assumptions and judgements as to the facts and circumstances related to particular situations or credits. There may be significant changes in the ACL in future periods determined by factors prevailing at that point in time along with future forecasts.

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Risks associated with each portfolio segment are as follows:

Commercial, Financial and Agricultural Lending:

The Company originates commercial, financial and agricultural loans primarily to businesses located in its primary market area and surrounding areas. These loans are used for various business purposes, which include short-term loans and lines of credit to finance machinery and equipment purchases, inventory and accounts receivable. Generally, the maximum term for loans extended on machinery and equipment is shorter and does not exceed the projected useful life of such machinery and equipment. Most business lines of credit are written with a five year maturity, subject to an annual credit review.

Commercial loans are generally secured with short-term assets; however, in many cases, additional collateral, such as real estate, is provided as additional security for the loan. Loan-to-value maximum values have been established by the Company and are specific to the type of collateral. Collateral values may be determined using invoices, inventory reports, accounts receivable aging reports, collateral appraisals and other methods.

In underwriting commercial loans, the Company performs an analysis of the borrower’s capacity to repay the loan, the adequacy of the borrower’s capital and collateral and conditions affecting the borrower. Evaluation of the borrower’s past, present and future cash flows is also an important aspect of the Company’s analysis.

Concentration analysis assists in identifying industry specific risk inherent in commercial, financial and agricultural lending. Mitigants include the identification of secondary and tertiary sources of repayment and appropriate increases in oversight.

Commercial, financial and agricultural loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions.

Real Estate - Commercial Lending:

The Company engages in real estate - commercial lending in its primary market area and surrounding areas. The Company’s real estate - commercial portfolio is secured primarily by residential housing, commercial buildings, raw land and hotels. Generally, real estate - commercial loans have terms that do not exceed 20 years, have loan-to-value ratios of up to 80% of the appraised value of the property and are typically secured by personal guarantees of the borrowers.

As economic conditions deteriorate, the Company reduces its exposure in real estate loans with higher risk characteristics. In underwriting these loans, the Company performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, and the reliability and predictability of the cash flow generated by the property securing the loan. Appraisals on properties securing commercial real estate loans originated by the Company are performed by independent appraisers.

Real estate - commercial loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions.

Real Estate - Construction Lending:

The Company engages in real estate - construction lending in its primary market area and surrounding areas. The Company’s real estate - construction lending consists of 1-4 family residential construction loans and other construction loans, which are construction loans for purposes other than constructing 1-4 family residential properties such as land development and commercial building construction loans.

The Company’s 1-4 family residential construction loans are loans for constructing 1-4 family residential properties, which will secure the loan. Other construction loans are generally secured with the subject property, and advances are made in

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conformity with a pre-determined draw schedule supported by independent inspections. Terms of construction loans depend on the specifics of the project, such as estimated absorption rates and estimated time to complete.

In underwriting real estate - construction loans, the Company performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history and, when applicable, the reliability and predictability of the cash flow generated by the project using feasibility studies, market data and other resources. Most appraisals on properties securing real estate - construction loans originated by the Company are performed by independent appraisers.

Real estate - construction loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. The difficulty of estimating total construction costs adds to the risk as well.

Real Estate - Mortgage Lending:

The Company’s real estate - mortgage portfolio is comprised of 1-4 family residential mortgages and business loans secured by 1-4 family properties. One-to-four family residential mortgage loan originations, including home equity installment and home equity lines of credit loans, are generated by the Company’s marketing efforts, its present customers, walk-in customers and referrals. These loans originate primarily within the Company’s market area or with customers primarily from the market area.

The Company offers fixed-rate and adjustable rate real estate - mortgage loans with a term up to a maximum of 25-years for both permanent structures and those under construction. The Company’s 1-4 family residential mortgage originations are secured primarily by properties located in its primary market area and surrounding areas. Most of the Company’s residential real estate - mortgage loans originate with a loan-to-value of 80% or less. Home equity installment loans are secured by the borrower’s primary residence with a maximum loan-to-value of 80% and a maximum term of 15 years. Home equity lines of credit are secured by the borrower’s primary residence with a maximum loan-to-value of 90% and a maximum term of 20 years.

In underwriting 1-4 family residential real estate loans, the Company evaluates the borrower’s ability to make monthly payments, the borrower’s repayment history and the value of the property securing the loan. The ability to repay is determined by the borrower’s employment history, current financial conditions and credit background. The analysis is based primarily on the customer’s ability to repay and secondarily on the collateral or security. Most properties securing real estate loans made by the Company are appraised by independent fee appraisers. The Company generally requires mortgage loan borrowers to obtain an attorney’s title opinion or title insurance and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. The Company does not engage in sub-prime residential mortgage originations.

Residential mortgage loans and home equity loans generally present a lower level of risk than certain other types of consumer loans because they are secured by the borrower’s primary residence. Risk is increased when the Company is in a subordinate position for the loan collateral.

Obligations of States and Political Subdivisions:

The Company lends to local municipalities and other tax-exempt organizations. These loans are primarily tax-anticipation notes and, as such, carry minimal risk. Historically, the Company has never had a loss on any loan of this type.

Personal Lending:

The Company offers a variety of secured and unsecured personal loans, including vehicle loans, mobile home loans and loans secured by savings deposits as well as other types of personal loans.

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JUNIATA VALLEY FINANCIAL CORP 10-Q