UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 1997 Commission File Number 0-13232 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 Number) Bridge & Main Streets, PO Box 66, Mifflintown, PA 17059-0066 -------------------------------------------------------------- (Address or principal executive offices) (Zip Code) Registrant's telephone number, including area code: (717)436-8211 ------------- SECURITIES REGISTERED PURSUANT TO SECTION 12 (b) OF THE ACT: NONE SECURITIES REGISTERED PURSUANT TO SECTION 12 (g) OF THE ACT: Common Stock, Par Value $1.00 Per Share --------------------------------------- (Title of Class) 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 X No --- --- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of the Form 10-K or any amendment to this Form 10-K. (X) The Aggregate market value of the voting stock held by non-affiliates of the Registrant as of January 31, 1998. Common Stock, $1.00 Par Value - $51,955,913 ------------------------------------------- Indicate the number of shares outstanding of each issuer's classes of common stock, as of January 31, 1998 Common Stock, $1.00 Par Value - 1,385,491 ----------------------------------------- DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Annual Report to Shareholders for the year ended December 31, 1997 are incorporated by reference into Parts I, II and III. Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held May 19, 1998 are incorporated by reference into Parts I and III. PART I Item 1. Business Incorporated by reference are the data appearing on pages 6 through 13 of the 1997 Annual Report. Item 2. Properties The physical properties of the Corporation are all owned or leased by the Bank. The Bank owns the buildings located at: Bridge and Main Streets, Mifflintown, Pennsylvania (its corporate headquarters); 301 Market Street, Port Royal, Pennsylvania; corner of Main and School Streets, McAlisterville, Pennsylvania; Four North Market Street, Millerstown, Pennsylvania; Main Street, Blairs Mills, Pennsylvania; East Market Street, Lewistown, Pennsylvania; Route 322, Reedsville, Pennsylvania. In addition thereto, the Bank leases an office in the Shopping Plaza located on Legislative Route 31, Mifflintown, Pennsylvania, which lease with extensions expires in 2007. All of the buildings used by the Bank are freestanding and are used exclusively for banking purposes. Item 3. Legal Proceedings The nature of the Corporation's and Bank's business, at times, generates litigation involving matters arising in the ordinary course of business. However, in the opinion of management of the Corporation, there are no proceedings pending to which the Bank is a party or to which its property is subject, which, if determined adversely to the Bank, would be material in relation to the Bank's financial condition, nor are there any proceedings pending other than ordinary routine litigation incident to the business of the Bank. In addition, no material proceedings are pending or are known to be threatened or contemplated against the Bank by government authorities or others. Item 4. Submission of Matters to a Vote of Security Holders Incorporated by reference is the information appearing under the caption "Notice of Special Meeting of Shareholders". PART II Item 5. Market for the Registrant's Common Stock and Related Stockholder Matters Incorporated by reference are the data appearing on page 2 of the 1997 Annual Report. Item 6. Selected Financial Data Incorporated by reference are the data appearing on pages 14 and 15 of the 1997 Annual Report. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Incorporated by reference are the data appearing on pages 16 through 29 of the 1997 Annual Report. Item 8. Financial Statements and Supplementary Data Incorporated by reference are the financial statements and notes on pages 30 through 47 of the 1997 Annual Report. Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure None. PART III Item 10. Directors and Executive Officers of the Registrant Incorporated by reference is the information appearing under the captions "Election of Directors of JVF" and "Remuneration of Executive Officers" in the Proxy Statement to be filed. Item 11. Executive Compensation Incorporated by reference in the proxy statement to be filed under the caption "Remuneration of Executive Officers". Item 12. Security Ownership of Certain Beneficial Owners and Management Incorporated by reference is the following information contained in the Proxy Statement filed under the captions "Election of Directors of JVF" and "Management of JVF and the Bank". Item 13. Certain Relationships and Related Transactions Incorporated by reference is the information pertaining to transactions with directors and officers of the Bank within the footnote "Transactions with Executive Officers and Directors" on page 43 of the 1997 Annual Report. PART IV Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K (a) 1. Financial Statements The Consolidated Financial Statements of Juniata Valley Financial Corp., as included in the 1997 Annual Report to Shareholders, are incorporated in this report by reference. 2. All schedules are omitted because they are not applicable, the data is not significant, or the required information is shown in the financial statements or the notes thereto. (b) Reports on Form 8-K None. (c) Exhibits (13) Annual Report To Shareholders (21) Subsidiaries of the Registrant - As of the date of this report Juniata Valley Bank is the only subsidiary of the Registrant. (23) Consent of Beard & Company, Inc., Independent Auditors (27) Financial Data Schedule Signatures Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. JUNIATA VALLEY FINANCIAL CORP. (REGISTRANT) DATE: MARCH 11, 1998 BY ------------------------- A. JEROME COOK Director, President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. ------------------- ------------------- Harry B. Fairman, Jr. Joe E. Benner Chairman Director Date: March 11, 1998 Date: March 11, 1998 ------------------- ------------------- Ronald H. Witherite A. Jerome Cook Vice Chairman, Secretary President Date: March 11, 1998 Date: March 11, 1998 ------------------- ------------------- Edward R. Rhodes John E. Groninger Director Director Date: March 11, 1998 Date: March 11, 1998 ------------------- ------------------- Karl E. Guss Don E. Haubert Director Director Date: March 11, 1998 Date: March 11, 1998 ------------------- ------------------- Dale G. Nace John A. Renninger Director Director Date: March 11, 1998 Date: March 11, 1998 ------------------- ------------------- Harold B. Shearer Linda L. Engle Director Chief Financial Officer Date: March 11, 1998 Chief Accounting Officer Date: March 11, 1998