Current Press Releases
QNB Bank Donates $4,500 to Bethlehem Area Public Library
Quakertown, PA (September 29, 2023) For the past 13 years, QNB Bank has teamed up with the Lehigh Valley IronPigs to help raise money for local libraries through the “Batting for Books” campaign. On September 20 at Coca-Cola Park in Allentown, QNB donated $4,500 to this year’s proud beneficiary, the Bethlehem Area Public Library. Since the program’s inception in 2011, QNB has donated $51,950 to local libraries.
QNB Corp. Declares Q3 2023 Dividend
Quakertown, PA (August 22, 2023) The Board of Directors of QNB Corp. (OTC Bulletin Board: QNBC), parent company of QNB Bank, at a regular meeting on August 22, declared a quarterly cash dividend of $0.37 per share. The cash dividend is payable on September 29, 2023, to shareholders of record September 15, 2023.
QNB Corp. offers commercial and retail banking services through the twelve banking offices of its subsidiary, QNB Bank. QNB Corp.’s stock is traded in the over-the-counter market under the symbol “QNBC.” For more information, visit QNB’s website at QNBbank.com.
QNB Corp. Reports Earnings for Second Quarter 2023
Quakertown, PA (July 25, 2023) QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the second quarter of 2023 of $1,887,000, or $0.52 per share on a diluted basis. This compares to net income of $3,349,000, or $0.94 per share on a diluted basis, for the same period in 2022. For the six months ended June 30, 2023, QNB reported net income of $6,005,000, or $1.67 per share on a diluted basis. This compares to net income of $7,059,000, or $1.98 per share on a diluted basis, reported for the same period in 2022.
For the quarter ended June 30, 2023, the annualized rate of return on average assets and average shareholders’ equity was 0.44% and 4.82%, respectively, compared with 0.79% and 9.28%, respectively, for the second quarter 2022.
The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., declined for the quarter ended June 30, 2023, in comparison with the same period in 2022 due to interest margin compression causing a $1,807,000 decline in net interest income, additional provision for credit losses on loans and commitments of $209,000 and an increase in non-interest expense of $663,000. The change in contribution from QNB Corp. for the quarter ended June 30, 2023, compared with the same period in 2022, is primarily due to the change in fair value of the equities portfolio held at the holding company.
The following table presents disaggregated net income:
Total assets as of June 30, 2023 were $1,650,586,000 compared with $1,668,497,000 at December 31, 2022. Total available-for-sale debt securities decreased $18,784,000, or 3.4%, to $527,741,000, primarily due to sales of $9,081,000 and paydowns. Loans receivable declined $9,641,000 to approximately $1,029,744,000, or 0.9%. Total deposits increased $31,396,000 to $1,449,765,000. Short-term borrowing declined $70,482,000, or 43.7%.
“The past 15 months, the banking and financial service industries have experienced significant increases in interest rates to slow the growth of our economy across our nation. The impact of these changes continues to be evident in our financial results and shows the headwinds community banks have been facing,” stated David W. Freeman, President and Chief Executive Officer. Freeman continued, “However, QNB's ability to maintain a strong liquidity position, to retain and grow customer deposits, and reduce the bank’s short-term borrowing is a testament to the strength of our disciplined management even in these rapidly changing financial times. Furthermore, to strengthen our management of interest rate risk, we have entered into hedging contracts that will help mitigate the impact of increased interest rates moving forward. As always, we continue to focus on our customers, being diligent about loan quality, deposit growth, and investing in the communities and businesses we serve.”
Net Interest Income and Net Interest Margin
Net interest income for the quarter and six months ended June 30, 2023 totaled $9,333,000 and $19,750,000 respectively, a decrease of $1,770,000 and $2,089,000, respectively, from the same periods in 2022. Net interest margin was 2.27% for the second quarter of 2023 and 2.73% for the same period in 2022. Net interest margin was 2.41% for the six months ended June 30, 2023, compared with 2.72% for the same period in 2022.
The yield on earning assets was 3.83% for the second quarter 2023, compared with 3.02% in the second quarter of 2022. For the six-month period ended June 30, 2023, yield on earning assets was 3.80%, compared with 3.00% for the same period in 2022. The cost of interest-bearing liabilities was 1.96% for the quarter and 1.75% for the six months ended June 30, 2023, compared with 0.38% and 0.36% for the same periods in 2022, respectively.
Proceeds from average short-term borrowings and payments received on investment securities over the past year were invested in loans. Loan growth was primarily in commercial real estate, which comprised 41% of average earning assets in the six months of 2023 compared with 37% for the same period in 2022, and the increases in rates on both the commercial real estate loans and the commercial and industrial loans majorly contributed to the 105 basis-point increase in the yield on loans. The decline in the available-for-sale portfolio was primarily in mortgage-backed securities, which comprised 25% of average earnings assets in the six months of 2023 compared with 28% for the same period in 2022. The 126 basis-point increase in the rate paid on deposits and the 255 basis-point increase in the rate on short-term borrowing were the primary contributors to the increase in the cost of funds of 139 basis points, contributing to the decrease in net interest margin.
Asset Quality, Provision for Credit Losses on Loans and Allowance for Credit Losses
QNB adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (CECL) effective January 1, 2023. QNB recorded a decrease to its allowance for loan losses of $1,089,000 and an increase to its reserve for unused commitments of $5,000. The impact of this CECL adjustment, net of deferred taxes, of $857,000 was added to shareholders' equity.
QNB recorded $212,000 in provision for credit losses on loans in the second quarter of 2023 compared to no provision in the second quarter of 2022; and reversed $1,571,000 in provision for credit losses on loans for the six months ended June 30, 2023 compared to no provision for the six months ended June 30, 2022. QNB's allowance for credit losses on loans of $8,365,000 represents 0.81% of loans receivable at June 30, 2023, compared to $9,442,000, or 0.91% of loans receivable upon the adoption of CECL on January 1, 2023. Net loan charge-offs were $38,000 for the quarter and net recoveries of $494,000 for the six months ended June 30, 2023, compared with recoveries of $66,000 and $113,000 for the same periods in 2022, primarily due to two commercial customers. Annualized net loan charge-offs for the quarter ended June 30, 2023 was 0.01% and annualized net loan recoveries of 0.03% for the quarter ended June 30, 2022, of average loans receivable, respectively. Annualized net loan recoveries for the six months ended June 30, 2023 and June 30, 2022 were 0.10% and 0.02% of average loans receivable, respectively.
Total non-performing loans, which represent loans on non-accrual status, loans past due 90 days or more and still accruing interest and restructured loans, were $8,827,000, or 0.86% of loans receivable at June 30, 2023, compared with $9,121,000, or 0.88% of loans receivable at December 31, 2022, and $11,394,000, or 1.18% of loans receivable at June 30, 2022. In cases where there is a collateral shortfall on non-accrual loans, specific impairment reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement. At June 30, 2023, $4,147,000, or approximately 86% of the loans classified as non-accrual, are current or past due less than 30 days. Commercial loans classified as substandard or doubtful loans totaled $14,806,000 at June 30, 2023, compared with $13,684,000 at December 31, 2022, and $18,836,000 at June 30, 2022.
Non-Interest Income
Total non-interest income was $1,580,000 for the second quarter of 2023 compared with $639,000 for the same period in 2022. There was a net realized gain of $519,000 on the sale of investments for the quarter ended June 30, 2023 compared with a gain of $457,000 for the same period in 2022. Unrealized net loss on investment equity securities was $573,000 for the quarter ended June 30, 2023 compared to a net loss of $1,446,000 for the same period in 2022. The equities portfolio comprises blue-chip large-capitalized stocks, providing a taxable equivalent dividend yield of 3.91%.
Fees for services to customers increased $11,000 to $414,000 for the second quarter of 2023 compared with the same period in 2022, due primarily to increased overdraft occurrences. ATM and debit card income decreased $1,000 to $704,000 for the same period, income is related to card usage. Retail brokerage and advisory income decreased $3,000 to $202,000.
Net gain on sales of loans decreased $5,000 when comparing the second quarter of 2023 with the same period in 2022, as there was a lower of cost or market adjustment on loans held for sale of $5,000 in the second quarter of 2023; there were no sales in the second quarters of 2023 or 2022. Other non-interest income increased $4,000 when comparing the two periods due primarily to credit card income.
For the six months ended June 30, 2023, non-interest income was $2,799,000 an increase of $549,000 compared to the same period in 2022, primarily due to the change in fair value of the equities portfolio of $938,000. Realized gain on sale of securities was $54,000, a decline of $439,000 for the six months ended June 30, 2023, compared with the same period in 2022. Net gain on sale of loans increased $1,000 when comparing the six months ended June 30, 2023 with the same period in 2022. Increases in non-interest income for the six months ended June 30, 2023 compared to the same period in 2022 comprise: fees for services to customers, ATM and debit card fees, and retail brokerage and advisory income, which increased $29,000, $17,000, and $26,000, respectively. Other non-interest income decreased $23,000 due primarily to title insurance income declining $21,000.
Non-Interest Expense
Total non-interest expense was $8,492,000 for the second quarter of 2023 compared with $7,746,000 for the same period in 2022. Salaries and benefits expense increased $570,000, or 13.6%, to $4,775,000 when comparing the two quarters. Salary expense and related payroll taxes increased $433,000, to $3,979,000 during the second quarter of 2023 compared to the same period in 2022. Benefits expense increased $127,000, when comparing the two periods.
Net occupancy and furniture and equipment expense increased $193,000, to $1,467,000 for the second quarter of 2023 due to software maintenance costs. Other non-interest expense decreased $17,000 when comparing second quarter of 2023 with the same period in 2022 due to a $128,000 decrease in Bank shares tax, partly offset by a $116,000 increase in FDIC insurance.
For the six months ended June 30, 2023, non-interest expense was $16,692,000, an increase of $1,133,000, or 7.3%, compared to the same period in 2022.
Provision for income taxes decreased $322,000 to $325,000 in the second quarter of 2023 due to decreased pre-tax income, compared with the same period in 2022. The effective tax rates for the quarter and six months ended June 30, 2023 were 14.7% and 19.4%, respectively, compared with 16.2% and 17.3%, respectively, for the same periods in 2022.
About the Company
QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Montgomery and Lehigh Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at QNBBank.com.
Forward Looking Statement
This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including "Item lA. Risk Factors," set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
QNB Bank Contributes $50,000 to Housing Association & Development Corp of Allentown
Quakertown, PA (July 18, 2023) QNB Bank (QNB) contributes $50,000 to the Housing Association & Development Corp (HADC) of Allentown through the Neighborhood Partnership Program (NPP). NPP is a Pennsylvania tax credit program that encourages businesses to invest in long-term project collaborations of five years or more, which improve low-income distressed areas. This is the 8th consecutive year that QNB has donated $50,000 or more to HADC.
QNB President and CEO David W. Freeman presented the check to Dave Evans, Executive Director, at HADC’s North Street site, which has been a long-term focus of their work begun in 2006, with 21 homes completed. Evans stated, “We are building the last four new townhouses in the redevelopment of an entire block that involved the acquisition and demolition of 43 existing substandard housing units and the re-development of 25 brand new townhouses.”
“Giving back to the communities we serve has been part of our core since the bank was founded in 1877,” said Freeman, President. “Stable housing and neighborhood investment are essential in helping families and businesses succeed and grow; we are pleased to support the great work of HADC with this 2023 gift.”
HADC's mission is to “build a sustainable community” through neighborhood revitalization and affordable housing development while providing employment and job training to local citizens. Since its establishment in 1979, HADC has rehabilitated as many as 300 blighted properties.
QNB is a full-service community bank that has provided exceptional personalized banking services to individuals and businesses since 1877. With assets of approximately $1.6 billion at 3/31/23, QNB currently operates twelve branches in Bucks, Montgomery, and Lehigh Counties. More information about QNB is available at QNBbank.com.
QNB Corp. Declares Q2 2023 Dividend
Quakertown, PA (May 23, 2023) The Board of Directors of QNB Corp. (OTC Bulletin Board: QNBC), the parent company of QNB Bank, at a regular meeting on May 23, declared a quarterly cash dividend of $0.37 per share. The cash dividend is payable on June 30, 2023, to shareholders of record on June 16, 2023.
QNB Corp. offers commercial and retail banking services through the twelve banking offices of its subsidiary, QNB Bank. QNB Corp.’s stock is traded in the over-the-counter market under the symbol “QNBC.” For more information, visit QNB’s website at QNBbank.com.
QNB Bank Promotes Courtney Covelens to Executive Vice President, Chief Retail Officer & Chief Business Banking Officer
Quakertown, PA (May 16, 2023) Courtney Covelens was appointed Executive Vice President, Chief Retail Officer & Chief Business Banking Officer at QNB Bank in January of 2023. In her role, Ms. Covelens is responsible for the oversight of QNB Retail Banking Branches and the Customer Service Call Center. She also leads the Business Banking Team, overseeing small business development and performance standards. Previously, she served as Senior Vice President, Commercial Lending Officer in QNB’s Commercial Lending Department.
Courtney Covelens has 22 years of experience in the banking industry, with a strong background in team management. She earned both her Bachelor and Master of Business Administration from Strayer University. Ms. Covelens is also active in the community, serving as Treasurer for Children’s Developmental Program, Board Member for Rotary Club of Quakertown, and Past President and current Board Member for Indian Valley Chamber of Commerce. She also enjoys volunteering for Junior Achievement programs and fundraising for various local organizations.
QNB Corp. Reports Earnings for First Quarter 2023
Quakertown, PA (April 25, 2023) QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the first quarter of 2023 of $4,118,000, or $1.15 per share on a diluted basis. This compares to net income of $3,710,000, or $1.04 per share on a diluted basis, for the same period in 2022.
For the quarter ended March 31, 2023, the annualized rate of return on average assets and average shareholders’ equity was 0.97% and 10.81%, respectively, compared with 0.90% and 10.60%, respectively, for the first quarter 2022.
The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., improved for the quarter ended March 31, 2023, in comparison with the same period in 2022 due to a reversal of $1,783,000 in the provision for credit losses on loans. The change in contribution from QNB Corp. for the quarter ended March 31, 2023, compared with the same period in 2022, is primarily due to the change in fair value of the equities portfolio held at the holding company.
The following table presents disaggregated net income:
Total assets as of March 31, 2023 were $1,626,499,000 compared with $1,668,497,000 at December 31, 2022. Total available-for-sale debt securities decreased $8,621,000, or 1.6%, to $537,904,000, due primarily to sales of $9,081,000. Loans receivable declined $27,429,000 to approximately $1,011,956,000, or 2.6%. Total deposits increased $6,221,000 to $1,424,590,000. Short-term borrowing declined $51,135,000, or 31.7%.
“Our quarterly earnings were boosted by continued improvement in asset quality and a reversal in our provision for loan losses,” stated David W. Freeman, President, and Chief Executive Officer. Freeman continued, “Changes in the economic environment are evident in our first-quarter results, with a slight decline in loan demand and a rapidly increased rate environment leading to market demand for higher rates on deposits. We are navigating the changing economic and rate environment with discipline, ensuring we remain competitive and an attractive banking option for our customers and prospects.”
Net Interest Income and Net Interest Margin
Net interest income for the quarter ended March 31, 2023 totaled $10,417,000, a decrease of $319,000 from the same period in 2022. Net interest margin was 2.55% for the first quarter of 2023 and 2.71% for the same period in 2022.
The yield on earning assets was 3.77% for the first quarter 2023 compared with 2.97% in the first quarter of 2022. The cost of interest-bearing liabilities was 1.53% for the quarter compared with 0.34% for the same period in 2022.
Proceeds from average short-term borrowings over the past year were invested in loans. Loan growth was primarily in commercial real estate, which comprised 41% of average earning assets in the three months of 2023 compared with 37% for the same period in 2022 and was the major contributor to the 48 basis-point increase in the yield on loans. The decline in the available-for-sale portfolio was primarily in mortgage-backed securities, which comprised 25% of average earnings assets in the three months of 2023 compared with 28% for the same period in 2022. The 104 basis-point increase in the rate paid on deposits and the 266 basis-point increase in the rate on short-term borrowing increased the cost of funds by 119 basis points contributing to the decrease in net interest margin.
Asset Quality, Provision for Credit Losses on Loans and Allowance for Credit Losses
QNB adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (CECL) effective January 1, 2023. QNB recorded a decrease to its allowance for loan losses of $1,089,000 and an increased to its reserve for unused commitments of $5,000. The impact of this CECL adjustment, net of deferred taxes, of $857,000 was added to shareholders' equity.
QNB reversed $1,783,000 in provision for credit losses on loans in the first quarter of 2023 compared to no provision in the first of quarter 2022. QNB's allowance for credit losses on loans of $8,191,000 represents 0.81% of loans receivable at March 31, 2023, compared to $9,442,000, or 0.91% of loans receivable upon the adoption of CECL on January 1, 2023. QNB received $259,000 in payments on non-performing loans during the first quarter of 2023. Net loan recoveries were $532,000 for the quarter, compared with recoveries of $47,000 for the same period in 2022, primarily due to one large commercial customer. Annualized net loan recoveries for the quarters ended March 31, 2023 and March 31, 2022 were 0.21% and 0.02% of average loans receivable, respectively.
Total non-performing loans, which represent loans on non-accrual status, loans past due 90 days or more and still accruing interest and restructured loans, were $8,805,000, or 0.87% of loans receivable at March 31, 2023, compared with $9,121,000, or 0.88% of loans receivable at December 31, 2022, and $11,647,000, or 1.26% of loans receivable at March 31, 2022. In cases where there is a collateral shortfall on non-accrual loans, specific impairment reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement. At March 31, 2023, $4,335,000, or approximately 95% of the loans classified as non-accrual, are current or past due less than 30 days. Commercial loans classified as substandard or doubtful loans totaled $13,621,000 at March 31, 2023, compared with $13,684,000 at December 31, 2022, and $19,072,000 at March 31, 2022.
Non-Interest Income
Total non-interest income was $1,219,000 for the first quarter of 2023 compared with $1,611,000 for the same period in 2022. There was a net realized loss of $465,000 on the sale of investments for the quarter ended March 31, 2023 compared with a gain of $36,000 for the same period in 2022. Unrealized net gain on the investment equity securities was $57,000 for the quarter ended March 31, 2023 compared to a net loss of $8,000 for the same period in 2022. The equities portfolio comprises blue-chip large-capitalized stocks, providing a taxable equivalent dividend yield of 3.39%.
Fees for services to customers increased $18,000 to $402,000 for the first quarter 2023 compared with the same period in 2022, due primarily to increased overdraft occurrences. ATM and debit card income increased $18,000 to $659,000 for the same period, due to card usage when comparing the two periods. Retail brokerage and advisory income increased $29,000 to $234,000 attributable to increased fees from annuity sales.
Net gain on sales of loans increased $6,000 when comparing the first quarter of 2023 with the same period in 2022, as there was an increase in mortgage originations when comparing the periods. Other non-interest income decreased $27,000 when comparing the two periods due primarily to reduced title company income of $19,000 and mortgage servicing fees of $11,000.
Non-Interest Expense
Total non-interest expense was $8,178,000 for the first quarter of 2023 compared with $7,813,000 for the same period in 2022. Salaries and benefits expense increased $297,000, or 7.0%, to $4,563,000 when comparing the two quarters. Salary expense and related payroll taxes increased $361,000, to $3,967,000 during the first quarter 2023 compared to the same period in 2022. Benefits expense decreased $64,000, when comparing the two periods.
Net occupancy and furniture and equipment expense increased $112,000, to $1,377,000 for the first quarter 2023 due to software maintenance costs.
Other non-interest expense decreased $44,000 when comparing first quarter 2023 with the same period in 2022 due to a $148,000 decrease in Bank shares tax and a $58,000 decrease in third-party services, partly offset by a $144,000 increase in deposit-related charge-offs primarily related to fraud.
Provision for income taxes increased $299,000 to $1,123,000 in the first quarter 2023 due to increased pre-tax income and a higher effective tax rate, compared with the same period in 2022. The effective tax rates for the quarter ended March 31, 2023 were 21.4% compared with 18.2% and for the same period in 2022.
About the Company
QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Montgomery and Lehigh Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at QNBBank.com.
Forward Looking Statement
This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including "Item lA. Risk Factors," set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
QNB Bank Promotes Melissa Brindley to Vice President, Branch Manager at Downtown Office
Quakertown, PA (April 11, 2023) Melissa Brindley was appointed Vice President, Branch Manager III, the highest designation for a manager, at QNB Bank’s Downtown Office. In her role, Ms. Brindley is responsible for all aspects of branch management, including staff development, new business development and supporting community and customer relationships within the Quakertown market. Previously, she served as Vice President, Branch Manager II at QNB’s Coopersburg Office.
Melissa Brindley has been in financial services for 16 years. She earned her associate degree from Bucks County Community College and is a graduate of the American Bankers Association’s leadership program. Currently, she is continuing her education by attending the Pennsylvania Bankers Association Advanced School of Banking. Ms. Brindley is also active in the community, serving as Board Member for Southern Lehigh Chamber of Commerce and an active participant for Quakertown Alive and various leadership committees.
QNB Bank Seeking Student Art for 2024 Collector Calendar
Quakertown, PA (March 9, 2023) QNB Bank is seeking artwork for its 2024 Student Art Calendar Contest from high school students (grades 9-12) of all schools in the QNB Bank market area. This will be the 28th installment of the QNB Student Art Collector Calendar.
The theme for this year is “Architecture” and the art format is the same as years past – a pen and ink drawing. Fourteen drawings will be selected by the Bank to be featured in the calendar. Entry forms with a full list of rules and regulations for the contest can be picked up at any QNB Bank location, participating schools’ art departments, or on QNB’s website at QNBbank.com/contest. Artwork may be mailed to:
QNB Bank
Attn: Marketing Department
PO Box 9005
Quakertown, PA 18951-9005
Winners of the contest will be chosen and notified in June. Questions may be directed to the QNB Bank Marketing Department at 215-538-5600 ext. 5756.
QNB Corp. Declares Q1 2023 Dividend
Quakertown, PA (February 28, 2023) The Board of Directors of QNB Corp. (OTC Bulletin Board: QNBC), parent company of QNB Bank, at a regular meeting on February 28, declared a quarterly cash dividend of $0.37 per share. The cash dividend is payable on March 31, 2023, to shareholders of record March 17, 2023.
QNB Corp. offers commercial and retail banking services through the twelve banking offices of its subsidiary, QNB Bank. QNB Corp.’s stock is traded in the over-the-counter market under the symbol “QNBC.” For more information, visit QNB’s website at QNBbank.com.