Company Quick10K Filing
QNB
Price46.25 EPS3
Shares4 P/E14
MCap162 P/FCF17
Net Debt-21 EBIT24
TEV141 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-14
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-16
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-15
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-14
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-31
10-Q 2013-09-30 Filed 2013-11-14
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-15
10-K 2012-12-31 Filed 2013-03-29
10-Q 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-14
10-K 2011-12-31 Filed 2012-03-29
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-30
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-04-01
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-05-26
8-K 2020-05-06
8-K 2020-04-28
8-K 2020-01-30
8-K 2019-10-25
8-K 2019-07-23
8-K 2019-05-28
8-K 2019-04-23
8-K 2019-01-25
8-K 2018-10-23
8-K 2018-06-30
8-K 2018-05-22
8-K 2018-04-24
8-K 2018-02-20
8-K 2018-01-10
8-K 2018-01-03
8-K 2017-12-31

QNBC 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Default Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-3.2 qnbc-ex32_12.htm
EX-31.1 qnbc-ex311_8.htm
EX-31.2 qnbc-ex312_9.htm
EX-32.1 qnbc-ex321_6.htm
EX-32.2 qnbc-ex322_7.htm

QNB Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

qnbc-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended             June 30, 2020            

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 0-17706

 

QNB Corp.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Pennsylvania

 

23-2318082

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

15 North Third Street, P.O. Box 9005 Quakertown, PA

 

18951-9005

(Address of Principal Executive Offices)

 

(Zip Code)

 

(215) 538-5600

Registrant's Telephone Number, Including Area Code

 

Not Applicable

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report.

 

 

Securities registered pursuant to Section 12(b) of the Act:  None.

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

QNBC

 

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 definition 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 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 at July 31, 2020

Common Stock, par value $0.625

 

3,542,261

 

 

QNB CORP. AND SUBSIDIARY

FORM 10-Q

QUARTER ENDED JUNE 30, 2020

INDEX

 

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

PAGE

 

 

 

 

 

 

 

Consolidated Balance Sheets at June 30, 2020 and December 31, 2019

 

2

 

 

 

 

 

 

 

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2020 and 2019

 

3

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019

 

4

 

 

 

 

 

 

 

Consolidated Statement of Shareholders’ Equity for the Three and Six Months Ended June 30, 2020 and 2019

 

5

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019

 

7

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

 

8

 

 

 

 

 

ITEM 2.

 

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

 

39

 

 

 

 

 

ITEM 3.

 

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

 

59

 

 

 

 

 

ITEM 4.

 

CONTROLS AND PROCEDURES

 

59

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

LEGAL PROCEEDINGS

 

60

 

 

 

 

 

ITEM 1A.

 

RISK FACTORS

 

60

 

 

 

 

 

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

60

 

 

 

 

 

ITEM 3.

 

DEFAULTS UPON SENIOR SECURITIES

 

61

 

 

 

 

 

ITEM 4.

 

MINE SAFETY DISCLOSURES

 

61

 

 

 

 

 

ITEM 5.

 

OTHER INFORMATION

 

61

 

 

 

 

 

ITEM 6.

 

EXHIBITS

 

62

 

 

 

 

 

SIGNATURES

 

 

 

 

 

 

 

CERTIFICATIONS

 

 

 

 

 

1


QNB Corp. and Subsidiary

 

CONSOLIDATED BALANCE SHEETS

 

 

 

(in thousands, except share data)

 

 

 

(current period unaudited)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

13,495

 

 

$

12,398

 

Interest-bearing deposits in banks

 

 

53,278

 

 

 

5,210

 

Total cash and cash equivalents

 

 

66,773

 

 

 

17,608

 

Investments:

 

 

 

 

 

 

 

 

Available-for-sale (amortized cost $396,380 and $349,385)

 

 

403,620

 

 

 

349,710

 

Equity securities (cost of $12,406 and $9,053)

 

 

10,744

 

 

 

9,164

 

Restricted investment in stocks

 

 

1,041

 

 

 

1,073

 

Loans held-for-sale

 

 

3,679

 

 

 

977

 

Loans receivable

 

 

878,620

 

 

 

820,616

 

Allowance for loan losses

 

 

(10,464

)

 

 

(9,887

)

Net loans

 

 

868,156

 

 

 

810,729

 

Bank-owned life insurance

 

 

11,628

 

 

 

11,490

 

Premises and equipment, net

 

 

16,043

 

 

 

15,608

 

Accrued interest receivable

 

 

3,732

 

 

 

2,828

 

Net deferred tax assets

 

 

500

 

 

 

1,441

 

Other assets

 

 

4,563

 

 

 

4,395

 

Total assets

 

$

1,390,479

 

 

$

1,225,023

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Demand, non-interest bearing

 

$

209,581

 

 

$

146,270

 

Interest-bearing demand

 

 

372,462

 

 

 

332,918

 

Money market

 

 

96,340

 

 

 

75,634

 

Savings

 

 

297,053

 

 

 

247,462

 

Time

 

 

113,441

 

 

 

120,917

 

Time of $100 or more

 

 

94,311

 

 

 

114,659

 

Total deposits

 

 

1,183,188

 

 

 

1,037,860

 

Short-term borrowings

 

 

57,412

 

 

 

55,931

 

Long-term debt

 

 

10,000

 

 

 

 

Accrued interest payable

 

 

451

 

 

 

909

 

Other liabilities

 

 

10,865

 

 

 

9,606

 

Total liabilities

 

 

1,261,916

 

 

 

1,104,306

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

Common stock, par value $0.625 per share;

 

 

 

 

 

 

 

 

authorized 10,000,000 shares; 3,706,830 shares and  3,684,336

 

 

 

 

 

 

 

 

shares issued; 3,542,261 and 3,519,767 shares outstanding

 

 

2,317

 

 

 

2,303

 

Surplus

 

 

21,876

 

 

 

21,261

 

Retained earnings

 

 

101,127

 

 

 

99,372

 

Accumulated other comprehensive gain, net of tax

 

 

5,719

 

 

 

257

 

Treasury stock, at cost; 164,569 shares

 

 

(2,476)

 

 

 

(2,476

)

Total shareholders' equity

 

 

128,563

 

 

 

120,717

 

Total liabilities and shareholders' equity

 

$

1,390,479

 

 

$

1,225,023

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

2


QNB Corp. and Subsidiary

CONSOLIDATED STATEMENTS OF INCOME

 

(in thousands, except per share data - unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30,

 

 

 

For the Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

 

2020

 

 

2019

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

8,958

 

 

$

9,637

 

 

 

$

18,334

 

 

$

18,860

 

Interest and dividends on investment securities (Available-for-sale & Equity):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,404

 

 

 

1,660

 

 

 

 

2,969

 

 

 

3,274

 

Tax-exempt

 

 

348

 

 

 

382

 

 

 

 

698

 

 

 

808

 

Interest on interest-bearing balances and other interest income

 

 

30

 

 

 

33

 

 

 

 

70

 

 

 

59

 

Total interest income

 

 

10,740

 

 

 

11,712

 

 

 

 

22,071

 

 

 

23,001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand

 

 

245

 

 

 

788

 

 

 

 

825

 

 

 

1,481

 

Money market

 

 

95

 

 

 

227

 

 

 

 

242

 

 

 

512

 

Savings

 

 

277

 

 

 

397

 

 

 

 

645

 

 

 

805

 

Time

 

 

409

 

 

 

479

 

 

 

 

872

 

 

 

898

 

Time of $100,000 or more

 

 

391

 

 

 

514

 

 

 

 

892

 

 

 

972

 

Interest on short-term borrowings

 

 

50

 

 

 

196

 

 

 

 

142

 

 

 

386

 

Interest on long-term debt

 

 

39

 

 

 

 

 

 

 

56

 

 

 

 

Total interest expense

 

 

1,506

 

 

 

2,601

 

 

 

 

3,674

 

 

 

5,054

 

Net interest income

 

 

9,234

 

 

 

9,111

 

 

 

 

18,397

 

 

 

17,947

 

Provision for loan losses

 

 

250

 

 

 

150

 

 

 

 

750

 

 

 

375

 

Net interest income after provision for loan losses

 

 

8,984

 

 

 

8,961

 

 

 

 

17,647

 

 

 

17,572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain on sales of  investments available-for-sale and equity securities

 

 

169

 

 

 

584

 

 

 

 

169

 

 

 

590

 

Unrealized (loss) gain on investment equity securities

 

 

1,166

 

 

 

(405

)

 

 

 

(1,774

)

 

 

571

 

Fees for services to customers

 

 

242

 

 

 

422

 

 

 

 

653

 

 

 

815

 

ATM and debit card

 

 

516

 

 

 

519

 

 

 

 

1,004

 

 

 

989

 

Retail brokerage and advisory

 

 

169

 

 

 

133

 

 

 

 

282

 

 

 

274

 

Bank-owned life insurance

 

 

69

 

 

 

70

 

 

 

 

137

 

 

 

138

 

Merchant

 

 

97

 

 

 

99

 

 

 

 

188

 

 

 

174

 

Net gain on sale of loans

 

 

365

 

 

 

28

 

 

 

 

446

 

 

 

49

 

Other

 

 

24

 

 

 

204

 

 

 

 

141

 

 

 

363

 

Total non-interest income

 

 

2,817

 

 

 

1,654

 

 

 

 

1,246

 

 

 

3,963