QNB Corp. Files Q3 2024 10-Q Report

TL;DR

QNB Corp. Q3 2024 10-Q filed. Bank's latest financials are in.

AI Summary

QNB Corp. reported its third-quarter results for the period ending September 30, 2024. The company, a commercial bank based in Quakertown, PA, filed its 10-Q with the SEC on November 7, 2024. Specific financial details and performance metrics for the quarter are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for QNB Corp., crucial for understanding the bank's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial information, not indicating immediate or significant new risks.

Key Numbers

• Q3 2024 — Reporting Period (The quarter ending September 30, 2024, for which financial results are reported.)
• 10-Q — Filing Type (Quarterly report filed by public companies.)

Key Players & Entities

• QNB Corp. (company) — Filer of the 10-Q report
• Quakertown, PA (location) — Company's business address
• 2155385600 (phone_number) — Company's business phone number
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date of the report

FAQ

Key Financial Figures

• $0.625 — ober 31, 2024 Common Stock, par value $0.625 3,686,442 QNB CORP. AND SUBSIDIARY
• $100 — gs 272,276 303,079 Time less than $100 178,055 149,851 Time $100 through
• $250 — 178,055 149,851 Time $100 through $250 154,966 121,793 Time greater than

Filing Documents

• qnbc-20240930.htm (10-Q) — 8419KB
• qnbc-ex31_1.htm (EX-31.1) — 15KB
• qnbc-ex31_2.htm (EX-31.2) — 15KB
• qnbc-ex32_1.htm (EX-32.1) — 7KB
• qnbc-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-123155.txt ( ) — 35767KB
• qnbc-20240930.xsd (EX-101.SCH) — 1922KB
• qnbc-20240930_htm.xml (XML) — 11682KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) PAGE Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 2 Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statement of Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 41 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 58 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 59

- OTHER INFORMATION

PART II - OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 60 ITEM 1A.

RISK FACTORS

RISK FACTORS 60 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 60 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 60 ITEM 4. MINE SAFETY DISCLOSURES 60 ITEM 5. OTHER INFORMATION 60 ITEM 6. EXHIBITS 61

SIGNATURES

SIGNATURES 62 CERTIFICATIONS 1 QNB Corp. and Subsidiary CONSOLIDATED B ALANCE SHEETS (in thousands, except share data) (current period unaudited) September 30, 2024 December 31, 2023 Assets Cash and due from banks $ 17,084 $ 11,447 Interest-bearing deposits in banks 87,148 51,210 Total cash and cash equivalents 104,232 62,657 Investments: Available-for-sale (amortized cost $ 584,642 and $ 576,178 ) 510,036 490,182 Equity securities (cost of $ 1,416 and $ 5,695 ) 2,760 5,910 Restricted investment in stocks 4,085 2,730 Loans held-for-sale 294 549 Loans receivable 1,171,361 1,093,533 Allowance for credit losses on loans ( 8,987 ) ( 8,852 ) Loans receivable, net 1,162,374 1,084,681 Bank-owned life insurance 11,858 11,946 Premises and equipment, net 17,000 14,952 Accrued interest receivable 4,472 6,101 Net deferred tax assets 16,841 19,290 Other assets 7,611 7,320 Total assets $ 1,841,563 $ 1,706,318 Liabilities Deposits Demand, non-interest bearing $ 190,240 $ 185,098 Interest-bearing demand 541,116 462,712 Money market 242,017 222,843 Savings 272,276 303,079 Time less than $100 178,055 149,851 Time $100 through $250 154,966 121,793 Time greater than $250 47,614 43,337 Total deposits 1,626,284 1,488,713 Short-term borrowings 22,918 94,094 Long-term debt 30,000 20,000 Subordinated debt 39,030 — Accrued interest payable 4,738 5,294 Other liabilities 13,253 7,393 Total liabilities 1,736,223 1,615,494 Shareholders' Equity Common stock, par value $ 0.625 per share; authorized 10,000,000 shares; 3,895,128 shares and 3,861,940 shares issued; 3,686,442 and 3,653,254 shares outstanding 2,435 2,414 Surplus 27,278 26,439 Retained earnings 138,271 133,945 Accumulated other comprehensive loss, net of tax ( 58,607 ) ( 67,937 ) Tre

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of QNB Corp. and its wholly-owned subsidiary, QNB Bank (the "Bank"). The consolidated entity is referred to herein as "QNB" or the "Company". All significant intercompany accounts and transactions are eliminated in the consolidated financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in QNB's 2023 Annual Report incorporated in the Form 10-K. Operating results for the three- and nine-month periods ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The unaudited consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the results of operations for the period and are of a normal and recurring nature. Tabular information, other than share and per share data, is presented in thousands of dollars. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from such estimates. QNB has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2024 for items that should potentially be recognized or disclosed in these consolidated financial statements and has not identified any subsequent event. 2. RECENT ACCOUNTING PRONOUNCEMENTS On March 6, 2024, the Securities and Exchange Commission (SEC) adopted final rules requiring registrants to disclose climate-related information in registration statements and annual reports. Th

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View this 10-Q filing on SEC EDGAR