Juniata Valley Financial Corp. reported its financial results for the third quarter and nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period. Total assets decreased by $12.6 million (1.5%) to $858.0 million from $870.6 million at year-end 2023. Cash and cash equivalents saw a significant decline of $17.0 million (58.8%), totaling $12.0 million. However, total loans increased by $12.9 million (2.4%) to $548.0 million, driven by growth in real estate-commercial loans, which rose by $13.5 million (6.0%).

Total deposits increased slightly by $3.9 million (0.5%) to $835.0 million, with time deposits of $250,000 and more rising by $6.6 million (19.8%). Long-term debt decreased significantly by $15.0 million (75.0%) due to the maturity of a Federal Home Loan Bank advance.

For the three months ended September 30, 2024, net income was $1.6 million, down $154,000 (8.6%) from $1.8 million in the same period in 2023. Basic and diluted earnings per share decreased to $0.33 from $0.36. Net interest income increased by $115,000 (2.0%) to $5.8 million, while the net interest margin improved slightly to 2.73% from 2.71%. Non-interest income rose by 11.1% to $1.4 million, attributed to higher customer service fees and changes in the value of equity securities.

Non-interest expenses increased by 7.2% to $5.1 million, primarily due to higher employee benefits and equipment expenses. The provision for credit losses for the quarter was $232,000, up from $121,000 in the prior year. The company reported a decrease in non-performing loans to $680,000, down from $4.9 million at year-end 2023, reflecting improved credit quality.

For the nine months ended September 30, 2024, net income totaled $4.7 million, a decrease of $184,000 (3.7%) from $4.9 million in 2023. The annualized return on average assets declined to 0.73% from 0.79%, while the return on average equity fell to 14.70% from 18.25%. The company maintained a capital conservation buffer of 2.5% above the minimum risk-based standards.

Juniata Valley Financial Corp. completed the acquisition of a branch office in Spring Run, Pennsylvania, in May 2023, which has been integrated into its operations. The company declared a cash dividend of $0.22 per share, payable on November 29, 2024. Despite a material weakness identified in internal controls over capitalized expenditures, management believes the financial statements fairly present the company's condition in accordance with U.S. GAAP.