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 2021-03-31 Filed 2021-05-07
10-K 2020-12-31 Filed 2021-03-11
10-Q 2020-09-30 Filed 2020-11-05
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 2020-10-27
8-K 2020-07-28
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-31.1 qnbc-ex311_7.htm
EX-31.2 qnbc-ex312_6.htm
EX-32.1 qnbc-ex321_9.htm
EX-32.2 qnbc-ex322_8.htm

QNB Earnings 2021-03-31

Balance SheetIncome StatementCash Flow

qnbc-10q_20210331.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             March 31, 2021            

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 April 30, 2021

Common Stock, par value $0.625

 

3,555,169

 

1


 

 

QNB CORP. AND SUBSIDIARY

FORM 10-Q

QUARTER ENDED March 31, 2021

INDEX

 

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

PAGE

 

 

 

 

 

 

 

Consolidated Balance Sheets at March 31, 2021 and December 31, 2020

 

3

 

 

 

 

 

 

 

Consolidated Statements of Income for the Three a Months Ended March 31, 2021 and 2020

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2021 and 2020

 

5

 

 

 

 

 

 

 

Consolidated Statement of Shareholders’ Equity for the Three Months Ended March 31, 2021 and 2020

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020

 

7

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

 

8

 

 

 

 

 

ITEM 2.

 

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

 

36

 

 

 

 

 

ITEM 3.

 

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

 

54

 

 

 

 

 

ITEM 4.

 

CONTROLS AND PROCEDURES

 

54

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

LEGAL PROCEEDINGS

 

55

 

 

 

 

 

ITEM 1A.

 

RISK FACTORS

 

55

 

 

 

 

 

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

55

 

 

 

 

 

ITEM 3.

 

DEFAULTS UPON SENIOR SECURITIES

 

55

 

 

 

 

 

ITEM 4.

 

MINE SAFETY DISCLOSURES

 

55

 

 

 

 

 

ITEM 5.

 

OTHER INFORMATION

 

55

 

 

 

 

 

ITEM 6.

 

EXHIBITS

 

56

 

 

 

 

 

SIGNATURES

 

 

 

 

 

 

 

CERTIFICATIONS

 

 

 

 

 

2


 

QNB Corp. and Subsidiary

 

CONSOLIDATED BALANCE SHEETS

 

 

 

(in thousands, except share data)

 

 

 

(current period unaudited)

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

16,650

 

 

$

13,422

 

Interest-bearing deposits in banks

 

 

92,083

 

 

 

25,909

 

Total cash and cash equivalents

 

 

108,733

 

 

 

39,331

 

Investments:

 

 

 

 

 

 

 

 

Available-for-sale (amortized cost $469,961 and $428,495)

 

 

469,103

 

 

 

435,646

 

Equity securities (cost of $13,361 and $12,784)

 

 

14,522

 

 

 

12,849

 

Restricted investment in stocks

 

 

1,041

 

 

 

1,041

 

Loans held-for-sale

 

 

3,210

 

 

 

6,570

 

Loans receivable

 

 

945,645

 

 

 

920,042

 

Allowance for loan losses

 

 

(11,115

)

 

 

(10,826

)

Net loans

 

 

934,530

 

 

 

909,216

 

Bank-owned life insurance

 

 

11,257

 

 

 

11,791

 

Premises and equipment, net

 

 

17,584

 

 

 

15,404

 

Accrued interest receivable

 

 

4,707

 

 

 

4,825

 

Net deferred tax assets

 

 

1,457

 

 

 

66

 

Other assets

 

 

4,375

 

 

 

3,490

 

Total assets

 

$

1,570,519

 

 

$

1,440,229

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Demand, non-interest bearing

 

$

253,857

 

 

$

204,584

 

Interest-bearing demand

 

 

410,899

 

 

 

395,364

 

Money market

 

 

113,247

 

 

 

96,811

 

Savings

 

 

381,620

 

 

 

334,223

 

Time less than $100

 

 

100,610

 

 

 

107,582

 

Time of $100 or more

 

 

81,383

 

 

 

89,503

 

Total deposits

 

 

1,341,616

 

 

 

1,228,067

 

Short-term borrowings

 

 

64,947

 

 

 

58,838

 

Long-term debt

 

 

10,000

 

 

 

10,000

 

Accrued interest payable

 

 

246

 

 

 

350

 

Other liabilities

 

 

21,714

 

 

 

8,529

 

Total liabilities

 

 

1,438,523

 

 

 

1,305,784

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

Common stock, par value $0.625 per share;

 

 

 

 

 

 

 

 

authorized 10,000,000 shares; 3,736,538 shares and  3,725,202

 

 

 

 

 

 

 

 

shares issued; 3,559,169 and 3,556,533 shares outstanding

 

 

2,335

 

 

 

2,328

 

Surplus

 

 

22,781

 

 

 

22,430

 

Retained earnings

 

 

110,451

 

 

 

106,644

 

Accumulated other comprehensive (loss) gain, net of tax

 

 

(678

)

 

 

5,649

 

Treasury stock, at cost; 177,369 and 168,669 shares

 

 

(2,893

)

 

 

(2,606

)

Total shareholders' equity

 

 

131,996

 

 

 

134,445

 

Total liabilities and shareholders' equity

 

$

1,570,519

 

 

$

1,440,229

 

 

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

 

3


 

QNB Corp. and Subsidiary

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

For the Three Months Ended March 31,

 

(in thousands, except per share data - unaudited)

 

2021

 

 

2020

 

Interest income

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

10,011

 

 

$

9,376

 

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

 

 

 

 

 

 

 

 

Taxable

 

 

1,314

 

 

 

1,565

 

Tax-exempt

 

 

386

 

 

 

350

 

Interest on interest-bearing balances and other interest income

 

 

20

 

 

 

40

 

Total interest income

 

 

11,731

 

 

 

11,331

 

Interest expense

 

 

 

 

 

 

 

 

Interest on deposits

 

 

 

 

 

 

 

 

Interest-bearing demand

 

 

238

 

 

 

580

 

Money market

 

 

82

 

 

 

147

 

Savings

 

 

290

 

 

 

368

 

Time

 

 

279

 

 

 

463

 

Time of $100,000 or more

 

 

231

 

 

 

501

 

Interest on short-term borrowings

 

 

55

 

 

 

92

 

Interest on long-term debt

 

 

39

 

 

 

17

 

Total interest expense

 

 

1,214

 

 

 

2,168

 

Net interest income

 

 

10,517

 

 

 

9,163

 

Provision for loan losses

 

 

275

 

 

 

500

 

Net interest income after provision for loan losses

 

 

10,242

 

 

 

8,663

 

Non-interest income

 

 

 

 

 

 

 

 

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

 

 

342

 

 

 

 

Unrealized gain (loss) on investment equity securities

 

 

1,096

 

 

 

(2,940

)

Fees for services to customers

 

 

299

 

 

 

411

 

ATM and debit card

 

 

593

 

 

 

488

 

Retail brokerage and advisory

 

 

167

 

 

 

113

 

Bank-owned life insurance

 

 

263

 

 

 

68

 

Merchant

 

 

104

 

 

 

91

 

Net gain on sale of loans

 

 

352

 

 

 

81

 

Other

 

 

188

 

 

 

117

 

Total non-interest income

 

 

3,404

 

 

 

(1,571

)

Non-interest expense

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

4,017

 

 

 

4,072

 

Net occupancy

 

 

618

 

 

 

523

 

Furniture and equipment

 

 

670

 

 

 

675

 

Marketing

 

 

214

 

 

 

322

 

Third party services

 

 

488

 

 

 

454

 

Telephone, postage and supplies

 

 

198

 

 

 

195

 

State taxes

 

 

273

 

 

 

243

 

FDIC insurance premiums

 

 

171

 

 

 

137

 

Other

 

 

674

 

 

 

657

 

Total non-interest expense

 

 

7,323

 

 

 

7,278

 

Income before income taxes

 

 

6,323

 

 

 

(186

)

Provision (benefit) for income taxes

 

 

1,273

 

 

 

(406

)

Net income

 

$

5,050

 

 

$

220

 

Earnings per share - basic

 

$

1.42

 

 

$

0.06

 

Earnings per share - diluted

 

$

1.42

 

 

$

0.06

 

Cash dividends per share

 

$

0.35

 

 

$

0.34

 

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

 

 

 

 

 

 

 

 

 

4


 

QNB Corp. and Subsidiary

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

 

(in thousands - unaudited)

 

 

 

2021

 

 

2020

 

For the Three Months Ended March 31,

 

Before

tax

amount

 

 

Tax

expense

(benefit)

 

 

Net of

tax

amount

 

 

Before

tax

amount

 

 

Tax

expense

(benefit)

 

 

Net of

tax

amount

 

Net income

 

$

6,323

 

 

$

1,273

 

 

$

5,050

 

 

$

(186

)

 

$

(406

)

 

$

220

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized holding (losses) gains on available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding (losses) gains arising during the period

 

 

(8,006

)

 

 

(1,681

)

 

 

(6,325

)

 

 

5,812

 

 

 

1,221

 

 

 

4,591

 

Reclassification adjustment for gains included in net income

 

 

(3

)

 

 

(1

)

 

 

(2

)

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income

 

 

(8,009

)

 

 

(1,682

)

 

 

(6,327

)

 

 

5,812

 

 

 

1,221

 

 

 

4,591

 

Total comprehensive (loss) income

 

$

(1,686

)

 

$

(409

)

 

$

(1,277

)

 

$

5,626

 

 

$

815

 

 

$

4,811