Juniata Valley Financial restates FY2022-2023 statements after capitalizing $1.6M vendor fees

JUNIATA VALLEY FINANCIAL CORP

Non-reliance on audited financials for FY2023, FY2022 and interim 2023 quarters due to error.
Error: $1.6M vendor fees capitalized in Q4 2022 should have been expensed; overstated assets and equity by $1.3M, understated professional fees.
Net income overstated by $1.3M for year-ended Dec 31, 2022.
Material weakness in internal control over financial reporting identified as of Dec 31, 2023; management report no longer reliable.

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