Current Press Releases

QNB Bank Promotes Karen Krier to Vice President, Branch Manager at Perkasie Office

Quakertown, PA (February 14, 2018) QNB is pleased to announce the promotion of Karen Krier to the position of Vice President, Branch Manager II at the Bank’s Perkasie Office. In her role, Karen is responsible for the effective management of the full-service branch, as well as coaching branch staff, developing new business, and retaining and expanding existing relationships. Her previous position was Assistant Vice President, Branch Manager II at QNB’s Perkasie Office.

Karen has been with QNB for 30 years. She is a graduate of Quakertown Community High School and lives in the Quakertown area with her family. As an active member of the community, she remains involved in a variety of local events including the Perkasie Fall Festival, the Perkasie Tree Lighting and Bucks County Big Brothers Big Sisters’ Bowl for Kids’ Sake.

QNB Corp. Reports Earnings

Quakertown, PA (January 30, 2018) QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the fourth quarter of 2017 of $489,000, or $0.14 per share on a diluted basis, compared with $2,269,000, or $0.66 per share on a diluted basis during the same period in 2016.  For the year ended December 31, 2017, QNB reported net income of $8,289,000, or $2.41 per share on a diluted basis. This compares to net income of $8,924,000, or $2.63 per share on a diluted basis, reported for 2016.  For the year 2017 the rate of return on average assets and average shareholders’ equity was 0.74% and 8.17%, respectively, compared with 0.87% and 9.45%, respectively, for the year 2016.

QNB's fourth quarter and full year 2017 reported net income and earnings per share were reduced by $2,054,000 due to the new federal tax legislation, Tax Cuts and Jobs Act (“the Tax Act”), as summarized in the table below.  The additional tax provision related to tax legislation on fourth quarter and year-end 2017 net income was primarily attributable to revaluation of deferred tax assets at the lower statutory tax rate from 35% to 21%.

Summary Impact of 2017 Tax Legislation

 

 

 

 

 

 

 

 

Quarter ended 12/31/2017

 

 

Year ended 12/31/2017

 

Non-GAAP adjusted net income excluding impact of tax legislation

$

2,543

 

 

$

10,343

 

Tax provision, revaluation of net deferred tax asset

 

(2,054)

 

 

 

(2,054)

 

 (GAAP) Net Income

$

489

 

 

$

8,289

 

 

 

 

 

 

 

 

 

Non-GAAP adjusted EPS excluding impact of tax legislation

$

0.73

 

 

$

3.00

 

Effect of tax legislation on EPS

$

(0.59)

 

 

$

(0.59)

 

(GAAP) EPS

$

0.14

 

 

$

2.41

 

David W. Freeman, President and Chief Executive Officer stated, “While our fourth quarter and year-end earnings were negatively impacted by the required accounting treatment of the new Federal tax legislation, our core metrics of loan, deposit and household growth remained strong throughout 2017. Solid asset quality and an increasing net interest margin continue to have a positive impact on the Company’s profitability”.

Total assets as of December 31, 2017 were $1,152,337,000 compared with $1,063,141,000 at December 31, 2016. Loans receivable at December 31, 2017 were $733,283,000, compared with $633,079,000 at December 31, 2016, an increase of $100,204,000, or 15.8%, with commercial lending as the largest contributor to the growth.  Total deposits at December 31, 2017 were $993,948,000, an increase of 8.8% compared with $913,355,000 at December 31, 2016, due to strong growth in demand and savings deposit balances.

Net Interest Income and Net Interest Margin

Net interest income for the quarter and twelve months ended December 31, 2017 totaled $8,369,000 and $32,422,000, respectively, an increase of $1,090,000 and $3,918,000, respectively, from the same periods in 2016. The net interest margin for the fourth quarter of 2017 was 3.11% compared to 2.97% for the fourth quarter of 2016.  Net interest margin for the twelve months ended December 31, 2017 was 3.14%, an increase of 11 basis points compared to the same period in 2016.  The yield on earning assets increased 22 basis points from 3.44% for the fourth quarter of 2016 to 3.66% for the fourth quarter of 2017. For the twelve months ended December 31, 2017, the yield on earning assets increased 17 basis points, from 3.50% in 2016 to 3.67%.    The cost of interest-bearing liabilities was 0.68% for the fourth quarter and 0.64% for the year ended December 31, 2017, compared with 0.57% for the both periods in 2016.

Asset Quality, Provision for Loan Loss and Allowance for Loan Loss

QNB recorded a $700,000 provision for loan losses in the fourth quarter of 2017.  QNB recorded a net reversal of $95,000 in provision for the fourth quarter 2016, related primarily to the sale of the Bank’s interest in third-party originated finance contracts in October 2016.   For the twelve months ended December 31, 2017 and 2016, QNB recorded $1,400,000 and $30,000, respectively, in provision for loan losses.  QNB's allowance for loan losses of $7,841,000 represents 1.07% of loans receivable at December 31, 2017 compared to $7,394,000, or 1.17% of loans receivable at December 31, 2016.  Net loan charge-offs of $953,000 for 2017, or 0.14% of total average loans, were primarily related to a single credit.  This compares with net charge-offs of $190,000, or 0.03% annualized of total average loans for the same period in 2016.  The majority of charge-offs recorded during both 2017 and 2016 had specific reserves established during the allowance for loan loss calculation process prior to the decision to charge-off the loan.

 Non-performing assets totaled $9,242,000 at December 31, 2017 compared with $14,219,000 at December 31, 2016. Included in this classification are non-performing loans and non-performing pooled trust preferred securities. In June 2017, the Bank sold five non-performing pooled trust preferred securities, with a $2,234,000 carrying value.  The remaining pooled trust preferred security, which had a carrying balance of $215,000 at December 31, 2017, was returned to accruing status in June 2017.

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 $9,242,000, or 1.26% of loans receivable at December 31, 2017, compared with $11,938,000, or 1.89% of loans receivable at December 31, 2016.  In cases where there is a collateral shortfall on impaired 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 December 31, 2017, $5,977,000, or approximately 75% of the loans classified as non-accrual are current or past due less than 30 days.   At December 31, 2017 substandard or doubtful loans totaled $16,647,000, a reduction of $5,557,000, or 25.0%, from the $22,204,000 reported at December 31, 2016.

Non-Interest Income

Total non-interest income was $1,812,000 for the fourth quarter of 2017, and $6,887,000 for the year ended December 31, 2017, an increase of $739,000 and $1,220,000, respectively, compared to the same periods in 2016.  Net gain on investment securities available-for-sale increased $514,000, due primarily to sales of equity securities.  The Company recorded an $87,000 net loss on trading securities in the fourth quarter 2016.  This portfolio was redeemed in its entirety during the second quarter of 2017.  Net gain on sale of loans increased $225,000, due to a $223,000 loss on sale of the finance contracts recorded during the fourth quarter 2016.  ATM and debit card income and fees for services to customers increased $26,000 and $10,000, respectively, in the fourth quarter 2017, compared with the same period in 2016.  These increases in income were offset in part by decreases in retail brokerage and advisory fees and other fee income of $117,000 and $6,000, respectively. 

Non-Interest Expense

Total non-interest expense was $5,999,000 for the fourth quarter of 2017, an increase of $564,000, or 10.4%, compared with $5,435,000 for the fourth quarter of 2016.  For year ended December 31, 2017, total non-interest expense increased $1,557,000, or 7.0%, to $23,720,000, compared to the same period in 2016.  Salaries and benefits expense increased $387,000, or 13.4%, for the quarter ended December 31, 2017, compared to the same period in 2016.  Salary expense increased $110,000, and accrued incentives increased $268,000 for the fourth quarter 2017, compared with the same period in 2016.    Net occupancy and furniture and equipment expense increased $47,000, or 5.2%, for the fourth quarter 2017 compared to the same period in 2016, due primarily to increased software, equipment and building maintenance expense of $29,000, $17,000, and $5,000, respectively offset in part by lower depreciation expense of $8,000.  Other operating expenses for the three months ended December 31, 2017 increased $130,000, or 7.9% due to increased marketing, FDIC insurance premiums, telecommunication expenses of $65,000, $67,000, $17,000, respectively, offset in part by decreased training and postage expense of $14,000 and $17,000, respectively. 

Provision for income taxes increased $2,250,000 in the fourth quarter and $2,846,000 for the year ended December 31, 2017, due to a $2,054,000 additional provision related to revaluation of the net deferred tax asset resulting from federal tax reform enacted during the fourth quarter, as well as the increase in taxable net income.  The effective tax rate for the fourth quarter and year ended December 31, 2017 was 86.0% and 41.6%, respectively, compared to 24.7% and 25.5%, respectively, for the same periods in 2016.  The increase in effective tax rate was primarily due to the above-mentioned Tax Act and resulting revaluation of net deferred tax asset.

Non-GAAP Financial Measures

Non-GAAP financial measures, such as adjusted net income and adjusted net income per diluted common share (EPS) were used to reflect the impact of one-time income tax expenses recorded as a result of the revaluation of net deferred tax asset due to enactment of the Tax Cuts and Jobs Act of 2017 which lowered corporate tax rates.  Management believes that these non-GAAP measures will provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons of our financial results over different periods and with the performance of our peers.  Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions use to measure their performance and trends.

 Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP. In the event of disclosure or release of non-GAAP financial measures, the Securities and Exchange Commission's (SEC) Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP (included in the table of this release). 

 About the Company

QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates eleven 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 Investment Professionals, Inc., 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 www.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, 2016. 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 and Employees Donate Over $33,000 to United Way

Quakertown, PA (January 18, 2018) QNB Bank recently held its annual campaign to raise funds for the United Way. Led by Dee Fesmire, this year’s campaign was the most successful yet, tallying up an impressive $28,179 from employees and an additional $5,636 from the Bank for a total contribution of $33,815.

QNB Bank currently operates eleven branches in Bucks, Montgomery, and Lehigh Counties and offers commercial and retail banking in the communities it serves. In addition, QNB provides securities and advisory services under the name of QNB Financial Services through Investment Professionals, Inc., a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC.

Area Banker Receives Exemplary Service Award

Quakertown, PA (December 8, 2017) – Rick Slimmer, Vice President/Commercial Loan Officer of QNB Bank, has received the Sigma Phi Epsilon (SigEp) 2018 Exemplary Service Award for his significant and lasting impact on SigEp’s chapters and campus communities. The award recognizes devoted and productive service to the Fraternity at the local or national level for a minimum of 20 years. Among the dedicated group of SigEp volunteers who mentor undergraduates, manage chapter assets, and assist in chapter operations, a select few stand out as truly exemplary. Each year since 2015, only 5 volunteers out of the Fraternity’s 2,400+ have been honored with this prestigious award. Rick will be formally recognized for his achievement in February at the annual Carlson Leadership Academy by SigEp’s National Board of Directors.

Rick has been the heart and soul of Pennsylvania Iota since becoming an alumnus. He’s often credited with continuing the Sig Ep tradition at Muhlenberg, his alma mater and a college of just over 2,000 students. His dedication is apparent in everything he does, from stopping by to check on the chapter house during the summer and holidays to his more than 40 years as Treasurer of the Alumni and Volunteer Corporation of SigEp. Chapter volunteers consider him a mentor and say one of the reasons they serve is for the opportunity to work with and learn from him. Rick is a Distinguished Alumnus recipient, and a chapter scholarship was named after him at the chapter’s 75th anniversary celebration in 2013.

QNB Corp. Declares Dividend

Quakertown, PA (November 29, 2017) The Board of Directors of QNB Corp. (OTC Bulletin Board: QNBC), parent company of QNB Bank, at a regular meeting on November 28, 2017 declared a quarterly cash dividend of $0.31 per share. The cash dividend is payable on December 29, 2017 to shareholders of record December 15, 2017.

QNB Corp. offers commercial and retail banking services through the 11 banking offices of its subsidiary, QNB Bank. In addition, QNB Bank provides securities and advisory services under the name of QNB Financial Services through Investment Professionals, Inc., a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. QNB Corp.’s stock is traded in the over-the-counter market under the symbol “QNBC.” For more information, visit QNB’s web site at QNBbank.com.

QNB Bank Unveils 2018 Collector Calendar

Quakertown, PA (November 29, 2017) – Another New Year is just around the corner and with that comes the annual QNB Student Art Collector Calendar. Like years past, an art contest was held, open to high school students from surrounding districts. This year’s contest received a total of 88 entries from 10 different schools. The 2018 “Pets” Calendar is available now at all QNB Bank locations. Stop in and pick one up for free while supplies last!

QNB Bank Receives Business of the Year Award

Lansdale, PA (October 31, 2017) At its 58th Annual Dinner & Awards Celebration held on October 25th at the PineCrest Country Club in Lansdale, the Chamber of Commerce for Greater Montgomery County presented QNB Bank the Business of the Year Award (over 100 employees). The event recognizes those who have made outstanding contributions and accomplishments within the community. April Donahue, VP/Business Development Officer of QNB Bank, proudly accepted the award on behalf of QNB Bank from Pam Kelly, Chamber President, and Dan Reavy, Chairman of the Board.

QNB Bank currently operates eleven branches in Bucks, Montgomery and Lehigh Counties and offers commercial and retail banking in the communities it serves. In addition, QNB provides securities and advisory services under the name of QNB Financial Services through Investment Professionals, Inc., a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC.

QNB Corp. Reports Increased Earnings for Third Quarter 2017

Quakertown, PA (October 24, 2017) QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the third quarter of 2017 of $2,554,000, or $0.74 per share on a diluted basis. This compares to net income of $2,292,000, or $0.67 per share on a diluted basis, for the same period in 2016.  For the nine months ended September 30, 2017, QNB reported net income of $7,800,000, or $2.27 per share on a diluted basis. This compares to net income of $6,655,000, or $1.96 per share on a diluted basis, reported for the same period in 2016.

For the quarter ended September 30, 2017, the annualized rate of return on average assets and average shareholders’ equity was 0.89% and 9.90%, respectively, compared with 0.86% and 9.57%, respectively, for the third quarter 2016.  For the nine months ended September 30, 2017, the annualized rate of return on average assets and average shareholders’ equity was 0.94% and 10.37%, respectively, compared with 0.87% and 9.48%, respectively, for the same period in 2016.

“QNB is pleased to report our seventh consecutive quarter of year-over-year increases in net income and earnings per share,” said David W. Freeman, President and Chief Executive Officer.  “Household growth continues at a strong pace and QNB Financial Services, our wealth management and retail brokerage business expanded assets under management to $121 million at September 30, 2017, an increase of approximately $21 million from December 31, 2016.”

Net Interest Income and Net Interest Margin

Net interest income for the quarter and nine months ended September 30, 2017 totaled $8,215,000 and $23,353,000, respectively, an increase of $1,130,000 and $2,253,000, respectively, from the same periods in 2016. The net interest margin for the third quarter of 2017 was 3.15% compared with 2.93% for the third quarter of 2016.  Net interest margin for the nine months ended September 30, 2017 was 3.15%, an increase of ten basis points compared to the same period in 2016.  The yield on average earning assets increased 29 basis points to 3.69% for the third quarter of 2017, compared with the third quarter of 2016.  For the nine months ended September 30, 2017, the yield on average earning assets was 3.67%, compared with 3.52% for the same period in 2016.   The cost of interest-bearing liabilities increased to 0.66% and 0.62% for the quarter and nine months ended September 30, 2017, respectively, compared with 0.57% and 0.58% for the same periods in 2016.

Asset Quality, Provision for Loan Loss and Allowance for Loan Loss

QNB recorded a $100,000 provision for loan losses in the third quarter of 2017; no provision was required for the third quarter 2016.   For the nine months ended September 30, 2017 and 2016, QNB recorded $700,000 and $125,000, respectively, in provision for loan losses.  QNB's allowance for loan losses of $8,125,000 represents 1.15% of loans receivable at September 30, 2017 compared to $7,394,000, or 1.17% of loans receivable at December 31, 2016, and $7,593,000, or 1.25% of loans receivable at September 30, 2016. Net loan recoveries were $31,000 for the first nine months of 2017, or -0.01% annualized of total average loans, compared with net charge-offs of $86,000, or 0.02% annualized of total average loans for the same period in 2016.

Non-performing assets were $10,437,000 as of September 30, 2017 compared with $14,219,000 as of December 31, 2016, and $11,811,000 as of September 30, 2016. For periods prior to June 30, 2017, this category comprised non-performing loans and trust preferred securities.  In June 2017, QNB Bank sold five non-performing pooled trust preferred securities, with a $2,234,000 carrying value.  The remaining pooled trust preferred security, which had a carrying balance of $212,000 at September 30, 2017, was returned to accruing status in June 2017.

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 $10,437,000, or 1.48% of loans receivable at September 30, 2017, compared with $11,938,000, or 1.89% of loans receivable at December 31, 2016, and $9,536,000, or 1.57% of loans receivable at September 30, 2016.  In cases where there is a collateral shortfall on impaired 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 September 30, 2017, $7,507,000, or approximately 82% of the loans classified as non-accrual are current or past due less than 30 days.   Commercial loans classified as substandard or doubtful, which include non-performing loans, also improved. At September 30, 2017 substandard or doubtful loans totaled $18,064,000, a reduction of $4,140,000, or 18.6%, from the $22,204,000 reported at December 31, 2016 and a decrease of $4,101,000, or 18.5%, from the $22,165,000 reported at September 30, 2016.

Non-Interest Income

Total non-interest income was $1,470,000 for the third quarter of 2017, a decrease of $174,000, or 10.6%, compared with the same period in 2016.  Non-interest income for the nine months ended September 30, 2017 was $5,075,000, an increase of $481,000, or 10.5%, compared to the same period in 2016.  Gain on sale of investment securities decreased $218,000, and gain on sale of loans decreased $78,000, due to decreased mortgage activity for the third quarter 2017, compared with the same period in 2016.  These were offset in part by the following increases in non-interest income; retail brokerage and advisory income, which increased $39,000 to $168,000, attributable to the growth in assets under management; other non-interest income, which increased $24,000, or 9.6%, due primarily to increased letter of credit income; ATM and debit card income, up $16,000, or 3.9%, to $435,000; and a net loss on trading securities of $39,000 during 2016.  QNB redeemed the trading portfolio during the second quarter of 2017.

Non-Interest Expense

Total non-interest expense was $6,191,000 for the third quarter of 2017, increasing $575,000, or 10.2%, from $5,616,000 for the same period in 2016.  For the nine months ended September 30, 2017, non-interest expense increased $993,000, or 5.9%, from the same period in 2016.  Salaries and benefits expense increased $442,000, or 14.4%, to $3,514,000 when comparing the two quarters.  Salary expense and related payroll taxes increased $366,000 to $2,979,000, or 14.0%, during the third quarter of 2017 compared to the same period in 2016, attributable to a $171,000 increase in employee salaries and $139,000 increase in bonus accrual.  Benefits expense increased $76,000, or 16.6%, due primarily to increased medical insurance claims and retirement plan expense, offset in part by decreased post-retirement life insurance benefit cost, when comparing the two periods.  Net occupancy and furniture and equipment expense increased $69,000, or 7.9%, to $944,000 for the third quarter 2017, due primarily to increased maintenance expense.  Other non-interest expense increased $64,000, or 3.8%, when comparing the third quarter of 2017 with the third quarter of 2016, with increased check card and third- party processing, telephone and collection expense offset in part by decreases in professional services and marketing expenses.

Provision for income taxes increased $119,000, or 14.5%, to $940,000 in the third quarter 2017 due to a higher effective tax rate and increased pre-tax income. The effective tax rate for the third quarters of 2017 and 2016 was 26.9% and 26.4%, respectively. The increase in the effective rate for 2017 reflects a lower proportion of tax-free income for the third quarter of 2017 compared to the same period in 2016.

About the Company

QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates eleven 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 Investment Professionals, Inc., 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 www.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, 2016. 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.

Robert Zukowski Joins QNB Bank as Branch Manager at Souderton Office

Quakertown, PA (October 17, 2017) Robert Zukowski was recently named Vice President, Branch Manager II at QNB’s Souderton Branch. Robert is responsible for the efficient, effective management of the Branch, as well as coaching Branch staff, developing new business and retaining and expanding existing relationships.

Robert has been in banking for 25 years. In his previous employment at BB&T Bank, he served as Assistant Vice President, Market Leader III. Robert attended Bucks County Community College and earned his Associate’s Degree at Temple University.

Robert lives in North Wales with his family. As an active member in the community, he is a current member of the Indian Valley Chamber of Commerce.

QNB Bank Helped United Way Stuff the Bus

Quakertown, PA (August 25, 2017) QNB was proud to participate in this year’s Stuff the Bus School Supply Drive organized by United Way of Bucks County. Stuff the Bus is a campaign designed to collect school supplies such as backpacks, notepads, and binders so that all students in the Upper Bucks schools have the tools they need to succeed in their education.

Drop off boxes were placed at QNB Offices and other supporting businesses throughout Upper Bucks from July 28th through August 15th for employees and customers to donate items. On August 25th, representatives from Quakertown, Pennridge and Palisades School Districts and the Quakertown Food Pantry received a total of 268 supply-filled backpacks destined for local students.

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