Current Press Releases

Quakertown, PA (August 1, 2022) Lisa Otery, Senior Vice President of Deposit Operations at QNB Bank, recently graduated from the ABA Stonier Graduate School of Banking, the industry’s preeminent graduate school. She was recognized on June 9 with a Stonier diploma and Wharton leadership certificate.

“Stonier has given me an opportunity to learn from the best minds in the financial services industry as well as the chance to exchange ideas with my peers from across the country,” said Otery.

This year, Stonier was held in person for the first time since 2019, with 532 students attending seven days of classes in June and representing banks of all sizes and geographies, various regulatory agencies, and international organizations. Stonier’s intensive education program complements extension projects throughout the year. The three-year program focuses on preparing future industry leaders with a curriculum covering a variety of topics including capital planning, enterprise risk management, marketing strategy, and technology and innovation. The program culminates with a capstone strategic project, where students develop comprehensive business projects for their financial institutions. Over the past 87 years, Stonier has trained over 20,000 of the nation’s top banking executives and government regulators, many of whom have reached the pinnacle of their organizations.

“Lisa Otery is a key member of QNB Bank, and she has already begun to apply the skills and knowledge she gained at Stonier to guide important initiatives within our organization,” said David Freeman, President and CEO of QNB Bank. “We’re excited about Lisa’s growth and what that means for our customers and community.”

Lisa Otery has served the banking industry for over 33 years. In her role at QNB, she is responsible for managing the Deposit Operations Department. In addition to her role at QNB, Lisa assists the current board members of the Jack Henry-Silver Lake Mid-Atlantic Regional User Group where she had once served as President.

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, QNB currently operates twelve branches in Bucks, Montgomery, and Lehigh Counties. More information about QNB is available at QNBbank.com.

Quakertown, PA (July 26, 2022) 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 2022 of $3,349,000, or $0.94 per share on a diluted basis. This compares to net income of $3,869,000, or $1.09 per share on a diluted basis, for the same period in 2021. For the six months ended June 30, 2022, QNB reported net income of $7,059,000, or $1.98 per share on a diluted basis. This compares to net income of $8,919,000 or $2.51 per share on a diluted basis, reported for the same period in 2021.

For the quarter ended June 30, 2022, the annualized rate of return on average assets and average shareholders’ equity was 0.79% and 9.28%, respectively, compared with 0.98% and 11.53%, respectively, for the second quarter 2021.

The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., improved for the quarter ended June 30, 2022, in comparison with the same period in 2021 due to growth in net interest income.  The change in contribution from QNB Corp. for the quarter ended June 30, 2022, compared with the same period in 2021, 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, 2022 were $1,646,695,000 compared with $1,673,340,000 at December 31, 2021.  Total available for sale debt securities decreased $82,793,000, or 12.0%, to  $609,567,000, due primarily to the reduction in fair value of the portfolio, in response to the rise in interest rates during the period.  Total deposits increased $17,983,000 to $1,467,728,000.  The Bank participated in both rounds of the Small Business Administration’s Paycheck Protection Program (“PPP”).  Loans receivable, excluding PPP, grew $47,149,000 to approximately $959,774,000 since December 31, 2021.

“We continue to see growth and good performance, with solid net income and a return of $0.94 per share earnings on a diluted basis for our shareholders.  The second quarter experienced continued household growth, deposit and loan growth, and good credit quality,” said David W. Freeman, President and Chief Executive Officer.

Net Interest Income and Net Interest Margin

Net interest income for the quarter and six months ended June 30, 2022 totaled $11,103,000 and $21,839,000 respectively, an increase of $885,000 and $1,104,000, respectively from the same periods in 2021. Net interest margin was 2.73% for the second quarter of 2022 and 2.74% for the same period in 2021.  Net interest margin was 2.72% for the six months ended June 30, 2022, compared with 2.89% for the same period in 2021.

The yield on earning assets was 3.02% for the second quarter 2022, compared with 3.04% in the second quarter of 2021. For the six-month period ended June 30, 2022, yield on earning assets was 3.00%, compared with 3.22% for the same period in 2021.  The cost of interest-bearing liabilities was 0.38% for the quarter and 0.36% for the six months ended June 30, 2022, compared with 0.39% and 0.42% for the same periods in 2021.

Proceeds from average deposit growth, PPP loan forgiveness and excess cash over the past year were invested in available-for-sale securities, primarily mortgage-backed securities, which comprised 43% of average earnings assets in the first six months of 2022, compared with 33% for the same period in 2021.  This increase in marketable securities as a percent of earnings assets is the primary reason for the reduction in net interest margin, as these securities yield less than loans.

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

QNB recorded no provision for loan losses in the second quarter of 2022 compared with $183,000 in the second quarter 2021.  QNB's allowance for loan losses of $11,297,000 represents 1.17% of loans receivable at June 30, 2022 compared to $11,184,000, or 1.21% of loans receivable at December 31, 2021, and $11,202,000, or 1.22% of loans receivable at June 30, 2021.  Excluding the PPP loans, which are expected to be fully forgiven within the several months, and are 100% guaranteed by the SBA, the allowance represents 1.18% of loans receivable.  Net loan recoveries were $66,000 and $113,000 for the quarter and six months ended June 30, 2022, respectively, compared with charge-offs of $96,000 and $82,000 for the same periods in 2021, respectively.   Annualized net loan recoveries for the quarter and six months ended June 30, 2022 were 0.03% 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 $11,394,000, or 1.18% of loans receivable at June 30, 2022, compared with $11,672,000, or 1.26% of loans receivable at December 31, 2021, and $12,515,000, or 1.36% of loans receivable at June 30, 2021.  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 June 30, 2022, $3,987,000, or approximately 56% 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 $18,836,000 at June 30, 2022, compared with $18,531,000 reported at December 31, 2021, and $22,533,000 at June 30, 2021.

Non-Interest Income

Total non-interest income was $639,000 for the second quarter of 2022, compared with $2,534,000 for  the same period in 2021, due primarily to a $2,025,000 change the fair value of the equity securities portfolio compared with the same period in 2021.  Net realized gain on investments increased $163,000 to $457,000 for the quarter ended June 30, 2022, compared with the same period in 2021.   The equities portfolio comprises blue-chip large-capitalized stocks, providing a taxable equivalent dividend yield of 3.22%.

Fees for services to customers increased $107,000, to $403,000 for the second quarter 2022 compared with the same period in 2021 due primarily to increased overdraft occurrences.  Retail brokerage and advisory income increased $12,000 to $205,000 attributable to increased advisory income.

Net gain on sale of loans decreased $120,000 when comparing the second quarter of 2022 with the same period in 2021, as there was a decrease in mortgage originations when comparing the periods.  Other non-interest income decreased $28,000 when comparing the two periods due primarily to reduced title insurance income, letter of credit fees and miscellaneous fees of $23,000, $11,000, and $6,000 offset in part to increased mortgage loan servicing income and credit card fees of $14,000 and $6,000, respectively.  ATM and debit card income declined slightly to $705,000 for the same period due to reduced card usage when comparing the two periods.

For the six months ended June 30, 2022, non-interest income was $2,250,000 a decrease of $3,688,000 compared to the same period in 2021, primarily due to the change in fair value of the equities portfolio totaling $3,129,000.  Realized gain on sale of securities was $493,000, a decline of $143,000 for the six months ended June 30, 2022, compared with the same period in 2021.  Net gain on sale of loans decreased $472,000 when comparing the six months ended June 30, 2022 with the same period in 2021, as there was a decrease in mortgage originations.  Increases in non-interest income for the six months ended June 30, 2022 compared to the same period in 2021 comprise:  fees for services to customers, ATM and debit card fees, and retail brokerage and advisory income, which increased $192,000, $44,000, and $50,000, respectively.  Other non-interest income decreased $230,000 due primarily to a life insurance benefit of $193,000 realized during the first quarter of 2021.

Non-Interest Expense

Total non-interest expense was $7,746,000 for the second quarter of 2022, compared with $7,749,000  for the same period in 2021.  Salaries and benefits expense decreased $137,000, or 3.2%, to $4,205,000 when comparing the two quarters.  Salary expense and related payroll taxes decreased $129,000, to $3,536,000 during the second quarter 2022 compared to the same period in 2021 with decreases in incentive bonus and related taxes of $172,000 and stock-based compensation expense of $12,000, offset in part by increased salary expense and related taxes of $58,000 and a reversal of $12,000 in accrued vacation expense that occurred in 2021.  Benefits expense decreased $8,000, when comparing the two periods.

Net occupancy and furniture and equipment expense increased $69,000, or 5.7%, to $1,274,000 for the second quarter 2022 due to increased software maintenance and amortization of $67,000, increased building maintenance expenses of $13,000, increased rent of $3,000 and increased equipment expense of $4,000, offset in part by decreased depreciation expense of $22,000.

Other non-interest expense increased $65,000, or 3%, when comparing second quarter 2022 with the same period in 2021 due to increased marketing, travel and entertainment, and ATM and check card expense, offset in part by decreased FDIC insurance and state tax.

For the six months ended June 30, 2022, non-interest expense was $15,559,000, an increase of $487,000, or 3.2%, compared to the same period in 2021.

Provision for income taxes decreased $304,000 to $647,000 in the second quarter 2022 due to decreased pre-tax income and a lower effective tax rate,  compared with the same period in 2021.  The effective tax rates for the quarter and six months ended June 30, 2022 were 16.2% and 17.2%, respectively, compared with 19.7% and 20.0%, respectively, for the same periods in 2021.

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, 2021. 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.

Quakertown, PA (July 5, 2022) QNB Bank has proudly pledged to donate $25,000 to the Souderton-Telford Rotary Foundation for the Souderton Community Park renovation project. Led by the Souderton-Telford Rotary Club, the scope of the 6-year park revitalization and beautification project requires help from all areas of the community, which is why QNB is more than pleased to step up and support the cause.

“Giving back to the communities we serve has been part of our core since the bank was founded in 1877,” said David Freeman, President and CEO of QNB Bank. “QNB is proud to serve as a sponsor for the Souderton Community Park renovation project – a project that benefits people of all ages, interests, and abilities. We look forward to everyone enjoying the park’s new features and thank the Souderton Borough and Souderton-Telford Rotary for their hard work and commitment to this Souderton centerpiece.”

Groundbreaking for the park renovation project began in June of 2019. Since that time, the Borough and Rotary Club have been busy remodeling the bandshell and pavilion, improving drainage, and expanding the paved parking. Additional upgrades to the park will include an adult fitness area, two adjacent playground areas, new kitchen and restroom facilities, improved lighting, and art walkways.

About the Souderton Community Park Renovation:

Visit soudertonpark.org or souderton-telfordrotary.com for more information.

About QNB Bank:

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, QNB currently operates twelve branches in Bucks, Montgomery, and Lehigh Counties. More information about QNB is available at QNBbank.com.

Quakertown, PA (June 27, 2022) The Ribbon Cutting and Grand Opening Ceremony for QuiNBy's Playground took place on Friday, June 17, at Quakertown's Memorial Park. Quakertown Borough employees, local & state officials, and executives from the bank gathered to celebrate the latest addition to our neighborhood.

Sponsored by QNB Bank, QuiNBy's Playground is an all-inclusive and multigenerational playground that allows individuals of all ages and abilities an equal opportunity to play. It features a 2 to 5-year-old play area with a pendulum swing, wheelchair carousel, and poured-in-place surfacing, along with a 5 to 12-year-old area with a double zipline, 29-foot-tall castle structure, 155-foot-long climbing net, and much more!

"QNB is proud to be the lead sponsor of QuiNBy's Playground," said bank President Dave Freeman, “As a community bank, we are only as strong as the communities we serve. Everything QNB does to strengthen our community comes back and strengthens us.”

Following the ceremony, Quakertown Borough hosted QuiNBy's Day of Play, where the community enjoyed music, yard games, Rita's Italian Ice, and The Brick Catering. QuiNBy the Savings Squirrel, QNB's youth banking mascot, was also there to greet all the locals who came to celebrate the opening of QuiNBy's Playground.

QNB Bank is very excited about this new addition to our community and would like to thank the Quakertown Borough Parks & Recreation Department for all their hard work bringing this project to fruition.

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, QNB currently operates twelve branches in Bucks, Montgomery, and Lehigh Counties. More information about QNB is available at QNBbank.com.

Quakertown, PA (May 24, 2022) The Board of Directors of QNB Corp. (OTC Bulletin Board: QNBC), parent company of QNB Bank, at a regular meeting on May 24, 2022, declared a quarterly cash dividend of $0.36 per share. The cash dividend is payable on June 24, 2022, to shareholders of record on June 10, 2022.

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.

Quakertown, PA (May 9, 2022) Mandi Remick was named Assistant Manager II at QNB Bank’s Customer Service Center. In her role, Mandi is responsible for directing the workflow of the service center while managing and developing customer relationships. She works with customers and prospects over the phone and through QNB’s chat feature, providing best-in-class service and customer support.

Mandi has been in banking for 13 years, previously serving as Assistant Manager I at QNB’s Customer Service Center. She graduated from Quakertown Community High School and earned an associate degree from the Culinary Institute of America. She also earned an American Bankers Association Team Leader Certificate. Mandi is active in the community serving as Team QNB Co-Captain for the March of Dimes March for Babies fundraiser. She also enjoys taking part in various other local volunteering opportunities.

Quakertown, PA (May 4, 2022) QNB Bank is pleased to announce Jessica Bealer, Vice President, International Services, recently earned her Certificate for Documentary Credit Specialists (“CDCS”) from The London Institute of Banking & Finance.

The CDCS is a professional qualification recognized worldwide as a benchmark of competence for international trade practitioners. Earning the CDCS demonstrates a breadth of knowledge and understanding of the complex issues associated with documentary credit practice, compliance with regulatory requirements, transaction risk and mitigation, and products and payment methods. To qualify for the CDCS certification, individuals must have experience and education in international trade in a financial services environment and pass an examination.

“Earning the CDCS certification is an impressive accomplishment that highlights Jessica’s extensive experience, discipline, and knowledge of international trade,” said Dave Freeman, QNB Bank President and CEO. “We salute Jessica on receiving this internationally recognized certification and are proud of the international trade capabilities QNB offers our customers.”

Ms. Bealer has been in banking for 30 years. Prior to joining QNB Bank in 2017, she served as VP, International Operations Manager at National Penn Bank. She graduated from Moravian College where she earned her Bachelor of Arts degree in Accounting.

Quakertown, PA (April 28, 2022) QNB Bank has donated $40,000 to local education organizations through the Commonwealth of Pennsylvania’s Educational Improvement Tax Credit (EITC) program. The program awards tax credits to businesses for contributions to Educational Improvement Organizations. Since 2017, QNB has donated $247,750 through the program.

For 2022, QNB donated to the following 17 organizations: Allentown School District Foundation, Allentown Symphony Association, Big Brothers Big Sisters of the Lehigh Valley, Boy Scouts of America - Minsi Trails Council, Bucks County Community College Foundation, Camelot for Children, Centennial Education Foundation, Communities in Schools of the Lehigh Valley, Inc., Community Bike Works, Flint Hill Farm Educational Center, Inc., Girl Scouts of Eastern Pennsylvania, Lehigh Carbon Community College Foundation, Lower Macungie Library, Inc., North Penn Valley Boys & Girls Club, Inc., Touchstone Theatre, Upper Perkiomen Education Foundation, and Valley Youth House Committee, Inc.

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, QNB currently operates twelve branches in Bucks, Montgomery, and Lehigh Counties. More information about QNB is available at QNBbank.com.

Quakertown, PA (April 26, 2022) 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 2022 of $3,710,000, or $1.04 per share on a diluted basis. This compares to net income of $5,050,000, or $1.42  per share on a diluted basis, for the same period in 2021. 

For the quarter ended March 31, 2022, the annualized rate of return on average assets and average shareholders’ equity was 0.90% and 10.60%, respectively, compared with 1.40% and 15.70%, respectively, for the first quarter 2021.

The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., declined for the quarter ended March 31, 2022 in comparison with the same period in 2021 due to reduced non-interest income.  The change in contribution from QNB Corp. for the quarter ended March 31, 2022, compared with the same period in 2021, 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, 2022 were $1,647,986,000 compared with $1,673,340,000 at December 31, 2021.  Total available for sale debt securities decreased $35,514,000, or 5.1%, to  $656,846,000, due primarily to the reduction in fair value of the portfolio, in response to the rise in interest rates during the period.  Total deposits increased $2,008,000 to $1,451,753,000.  The Bank participated in both rounds of the Small Business Administration’s Paycheck Protection Program (“PPP”).  Loans receivable, excluding PPP, grew $7,900,000 to approximately $920,500,000 since December 31, 2021.

“The quarter, while not record-setting, provided solid shareholder returns of $1.04 per share.   We are pleased with the operating performance at the bank, our very strong credit quality and continued household growth,” stated David W. Freeman, President and Chief Executive Officer.

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended March 31, 2022 totaled $10,736,000, an increase of $219,000 from the same period in 2021. The net interest margin for the first quarters of 2022 and 2021 was 2.71% and 3.07%, respectively.   The yield on average earning assets decreased 44 basis points to 2.97% for the first quarter of 2022, compared with 3.41% the first quarter of 2021.  The cost of interest-bearing liabilities decreased to 0.34% for the quarter, compared with 0.44% for the same period in 2021.  Proceeds from average deposit growth, PPP loan forgiveness and excess cash over the past year were invested in available-for-sale securities, primarily mortgage-backed securities, which comprised 42.7% of average earnings assets in the first quarter of 2022, compared with 30.7% for the same period in 2021.  This increase in marketable securities as a percent of earnings assets is the primary reason for the reduction in net interest margin, as these securities yield less than loans.

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

QNB recorded no provision for loan losses in the first quarter of 2022, compared with $275,000 in provision for the same period in 2021.  QNB's allowance for loan losses of $11,231,000  represents 1.21% of loans receivable at March 31, 2022 compared to $11,184,000, or 1.21% of loans receivable at December 31, 2021.  Net loan recoveries for the quarter ended March 31, 2022 and 2021 were $47,000 and $14,000, 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 $11,647,000, or 1.26% of loans receivable at March 31, 2022, compared with $11,672,000, or 1.26% of loans receivable at December 31, 2021.  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 March 31, 2022, $4,144,000, or approximately 57% of the loans classified as non-accrual are current or past due less than 30 days.  At March 31, 2022, commercial substandard or doubtful loans totaled $19,072,000, compared with $18,531,000 reported at December 31, 2021.

Non-Interest Income

Total non-interest income was $1,611,000 for the first quarter of 2022, a decrease of $1,793,000 compared with the same period in 2021, due largely to a $1,104,000 decrease in the change in unrealized net gains on investment securities, a $306,000 decrease in realized gains on sale of securities to $36,000 and decreased net gains on sale of loans of $352,000, when comparing the two periods.  The equities portfolio comprises blue-chip large-capitalized stocks, providing a taxable equivalent dividend yield of 3.20%.

Fees for services to customers increased $85,000, or 28.4% when comparing the first quarter 2022 to the same period in 2021, primarily due to increased overdraft occurrences when comparing the two periods.  ATM and debit card income increased $48,000, or 8.1% when comparing the first quarter 2022 to the same period in 2021, due to increased card activity.  Retail brokerage income increased $38,000, or 22.8% due to increased assets under management.  Other non-interest income decreased $202,000 due primarily to a life insurance benefit of $193,000 realized during the first quarter of 2021.

Non-Interest Expense

Total non-interest expense was $7,813,000 for the first quarter of 2022, increasing $490,000, or 6.7% compared with the same period in 2021.  Salaries and benefits expense increased $249,000, or 6.2%, to $4,266,000 when comparing the two quarters.  Salary expense and related payroll taxes increased $178,000 to $3,606,000, or 5.2%, during the first quarter of 2022 compared to the same period in 2021, due to decreased deferred loan origination cost of $97,000, increased salary and related taxes of $71,000, and increased incentive compensation of $11,000.  Benefits expense increased $71,000, or 11.9%, due primarily to increased medical insurance claims expense, when comparing the two periods.

Net occupancy, furniture and equipment expense decreased $23,000, or 1.8%, to $1,265,000 for the first quarter 2022, due primarily to decreased building repair expense and decreased leasehold and furniture depreciation and computer software amortization expense, offset in part by increased software maintenance expense.  Other non-interest expense increased $264,000, or 13.1% when comparing the first quarter of 2022 with the first quarter of 2021, due to increases in legal, consulting and third-party expenses, increased FDIC insurance costs, increased travel and entertainment expense, and increased check fraud cost, offset in part by lower marketing and loan origination expenses, when comparing the two periods.

Provision for income taxes decreased $449,000, to $824,000 in the first quarter 2022, compared with the same period in 2021, due to the decrease in pre-tax income.  The effective tax rates for the quarter ended March 31, 2022 was 18.2%.  This compares with an effective tax rate for the same period in 2021 of 20.1%.

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 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, 2021. 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.

Quakertown, PA (April 5, 2022) April Donahue was named Vice President, Retail Lending Manager at QNB Bank. In her role, April is responsible for managing QNB’s Retail Lending Department. She is also responsible for establishing a strong market presence for QNB Bank by developing relationships to support the lending needs of individuals in our communities.

April has been in banking for 36 years, previously serving as Vice President, Business Development Officer at QNB Bank. She earned her Bachelor of Science and MBA at Delaware Valley University. April is very active in the community, serving as a Board member of Manna on Main Street, Indian Valley Chamber of Commerce, National Ovarian Cancer Coalition, and Chalfont New Britain Business Alliance. She is also a member of the Montgo-New Britain Rotary Club.