Current Press Releases

QNB Corp. Declares Dividend

Quakertown, PA (May 23, 2017) The Board of Directors of QNB Corp. (OTC Bulletin Board: QNBC), parent company of QNB Bank, at a regular meeting on May 23, 2017 declared a quarterly cash dividend of $0.31 per share. The cash dividend is payable on June 30, 2017 to shareholders of record June 16, 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

QNB Bank Promotes William McDowell Jr. to Vice President/Branch Manager at Pennsburg Office

Quakertown, PA (May 11, 2017) QNB is pleased to announce the promotion of William (Bill) McDowell, Jr. to the position of Vice President/Branch Manager II at the Bank’s Pennsburg Office. In his role, Bill is responsible for the effective management of the full-service branch. His duties include developing new business, retaining and expanding current businesses, and representing QNB through various civic and community functions. His previous position was Assistant Vice President/Business Development Officer at QNB’s Warminster Office.

Bill has been with QNB for over 7 years. He holds a Bachelor of Science in Management Science from Penn State University. Bill is active in his community, serving as a member of the Upper Perkiomen Valley Chamber of Commerce. He is also a member of the Rotary Club of Upper Perk. Bill currently resides in Barto with his family.

QNB Bank Sponsors She Nailed It Competition of Habitat for Humanity Lehigh Valley

Quakertown, PA (May 5, 2017) QNB Bank was proud to sponsor and take part in the “She Nailed It!” Social & Competition at ArtsQuest Musikfest Café on May 1st. The annual fundraiser benefits Habitat for Humanity’s Women Build initiative, designed to recruit, educate and empower women to break stereotypes and fight poverty housing. This year’s donations benefitted a Women Build home in Easton to be purchased by a Habitat homebuyer.

At the event, teams of four competed to see who could hammer home the cause the fastest! Coached by QNB’s Brian Mack, Jennifer James, Sherrie Rotenberger, Sharon Michael, and Linda Dunn did well hammering and placed 1st in fundraising. Watch the video of Team QNB on YouTube by visiting

QNB Mortgage Officer Connie Lindenmuth Earns Five Star Mortgage Professional Award

Quakertown, PA (April 28, 2017) For her third year now, Connie Lindenmuth of QNB Bank has received the Five Star Mortgage Professional Award. The Award recognizes professionals in the mortgage industry who provide quality services to their clients and is presented throughout the United States.

Market research is conducted to determine the recipients of the Five Star Professionals Award. It is designed to assist consumers in selecting a professional that other consumers have indicated as providing exceptional service. Connie will be formally recognized for her achievement in the September issue of Philadelphia Magazine.

QNB Bank Sponsors Philadelphia Bike-A-Thon Fundraiser

Quakertown, PA (April 27, 2017) QNB Bank is proud to sponsor Team Medi-Dose, participating in this year’s Philadelphia Bike-A-Thon on Sunday, June 11th. In an effort to raise funds for the American Cancer Society, nearly 200 teams will ride from Philadelphia to Atlantic City to pedal the cancer away. Lea Garrard, VP/Warminster Branch Manager for QNB has been riding with Team Medi-Dose since 2014. QNB’s donation combined with the other funds raised will enable investments in groundbreaking cancer research and free information and other support services for people facing cancer.

QNB Corp. Reports Record Earnings for First Quarter 2017

Quakertown, PA (April 25, 2017) QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank, reported net income for the first quarter of 2017 of $2,860,000, or $0.83 per share on a diluted basis, compared to net income of $2,265,000, or $0.67 per share on a diluted basis, for the same period in 2016. 

Total assets as of March 31, 2017 were $1,089,007,000 compared with $1,063,141,000 at December 31, 2016. Loans receivable at March 31, 2017 were $659,039,000 compared with $633,079,000 at December 31, 2016, an increase of $25,960,000, or 4.1%.  Total deposits at March 31, 2017 were $942,891,000, increasing $29,536,000, or 3.2%, compared with $913,355,000 at December 31, 2016.

“We are pleased with our record-setting earnings in first quarter 2017 with net income and earnings per share growing 26.3% and 23.9%, respectively,” said David W. Freeman, President and Chief Executive Officer.  “The loan, deposit, and household growth we saw in 2016 was sustained during first quarter 2017.  Asset quality remains strong.”

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended March 31, 2017 totaled $7,880,000, an increase of $759,000, or 10.7%, from the same period in 2016. The net interest margin for the first quarter of 2017 was 3.22% compared to 3.14% for the first quarter 2016.  The increase in margin was due to $416,000 of interest collected at payoff on a non-accrual loan. Without the additional interest recognized, the net interest margin would have been 3.05% compared with 2.97% for the fourth quarter of 2016.

The yield on earning assets was 3.71% for the first quarter 2017.  Excluding the additional interest income referenced above, the yield on earning assets was 3.55%, a seven basis point decline when compared with the first quarter of 2016.  The cost of interest-bearing liabilities was 0.60% for the first quarter ended March 31, 2017, compared with 0.58% for the same period in 2016.

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

QNB recorded a $300,000 provision for loan losses in the first quarter of 2017 compared with $125,000 in the first quarter 2016.  QNB's allowance for loan losses of $7,719,000 represents 1.17% of loans receivable at March 31, 2017 compared to $7,394,000, or 1.17% of loans receivable at December 31, 2016, and $7,556,000, or 1.26% of loans receivable at March 31, 2016. Net loan recoveries were $25,000 for the first quarter of 2017, or -0.02% annualized of total average loans, compared with net charge-offs of $123,000, or 0.08% annualized of total average loans for the first quarter of 2016.

Non-performing assets totaled $13,446,000 as of March 31, 2017, compared with $14,219,000 as of December 31, 2016, and $12,765,000 as of March 31, 2016.  Included in this classification are non-performing loans and non-performing pooled trust preferred securities. 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 $11,023,000, or 1.67% of loans receivable at March 31, 2017, compared with $11,938,000, or 1.89% of loans receivable at December 31, 2016, and $10,110,000, or 1.68% of loans receivable at March 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 March 31, 2017, $8,077,000, or approximately 84% of the loans classified as non-accrual are current or past due less than 30 days.  Commercial loans classified as substandard or doubtful, which includes non-performing loans, improved. At March 31, 2017, substandard or doubtful loans totaled $18,267,000, a reduction of $3,937,000, or 17.7%, from the $22,204,000 reported at December 31, 2016 and a decrease of $7,703,000, or 29.7%, from the $25,970,000 reported at March 31, 2016.

Non-Interest Income

Total non-interest income was $1,990,000 for the first quarter of 2017, an increase of $414,000, or 26.3%, compared with the same period in 2016.  Increases in non-interest income comprise; net gains on investment securities, which more than doubled, from $319,000 in first quarter 2016 to $749,000 for the same period in 2017; ATM and debit card income, up $29,000, or 7.5%, to $417,000; other non-interest income also increasing $29,000, or 12.4%, to $262,000 for the quarter, primarily due to increased credit card fees, letter of credit fees, title insurance income, and sale of checks to depositors; and fees for services to customers, up $9,000, or 2.3%, to $392,000 for the quarter ended March 31, 2017 compared to the same period in 2016, due primarily to an increase in overdraft income. 

These increases in non-interest income were offset in part by a $67,000, or 39.4%, decrease in retail brokerage and advisory income to $103,000 for the first quarter 2017, and a $17,000, or 50%, decrease in trading portfolio gains.

Non-Interest Expense

Total non-interest expense was $5,588,000 for the first quarter of 2017, increasing slightly from $5,519,000 for the same period in 2016.  Salaries and benefits expense increased $32,000, or 1.0%, to $3,086,000 when comparing the two quarters.  Salary expense and related payroll taxes increased $106,000, or 4.1%, to $2,702,000 during the first quarter 2017 compared to the same period in 2016, while medical premiums and post-retirement life insurance declined $42,000 and $35,000, respectively.  Net occupancy and furniture and equipment expense increased $14,000, or 1.6%, to $880,000 for the first quarter 2017, with maintenance cost increases of $30,000 partially offset by a $16,000 decrease in leasehold and equipment depreciation expense.  Other non-interest expense increased $23,000, or 1.4%, when comparing first quarter 2017 with first quarter 2016, with a reduction in foreclosure expense as the primary contributor.  Provision for income taxes increased $334,000, or 42.4%, to $1,122,000 in the first quarter 2017 due to increased pre-tax income and a higher effective tax rate. The effective tax rate for the first quarters of 2017 and 2016 was 28.2% and 25.8%, respectively. The increase in the effective rate for 2017 reflects lower proportionate tax-free income for the first 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

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.

Area Bankers Receive Years of Service Award

Quakertown, PA (April 20, 2017) Bob Beck, Harry McGuirk, Richard Slimmer, and Todd Alderfer of QNB Bank were recognized for serving 40 or more years in the banking industry at the Pennsylvania Bankers Association (PA Bankers) Group 2 meeting held on April 4th at the Rivercrest Golf Club in Phoenixville.

The 40-Year Club consists of bankers completing 40 or more years of service in Pennsylvania’s banking industry who are regular members of the PA Bankers.

Bob Beck has served the banking industry for 40 years. In his current position of Vice President/Information Technology of QNB Bank, Bob is responsible for the efficient and effective operation of the Information Technology Department. Bob holds a Bachelor of Arts degree in Psychology from Muhlenberg College. Formerly, Bob was the IT Director for Bank & Trust Company of Old York Road.

Harry McGuirk has served the banking industry for 41 years. As Senior Vice President/ Commercial Loan Manager of QNB Bank, Harry is responsible for managing a commercial loan portfolio, developing staff and assisting with the development and implementation of commercial lending policies and procedures. Harry received a Bachelor of Science-Business Administration from Widener University. He also holds a Masters of Business Administration from Penn State University. Previously, he served as Senior Vice President/Commercial Lending at National Penn Bank.

Richard Slimmer has served the banking industry for 42 years. In his current position of Vice President/Commercial Loan Officer of QNB Bank, Richard is responsible for servicing commercial lending customers, including interviewing applicants and analyzing financial data pertaining to commercial loans. He holds a Bachelor of Arts degree in Accounting and Economics from Muhlenberg College.

Todd Alderfer has served the banking industry for 42 years. As Senior Vice President, Commercial Lending of QNB Bank, Todd is responsible for soliciting, negotiating and coordinating the closing of commercial loans while providing leadership, training and support to other commercial lenders at the Bank. Todd attended the PA School of Banking at Bucknell University as well as the ABA National Commercial Lending School at the University of Oklahoma. Previously, he served as Director of Commercial Lending at National Penn Bank.

The Pennsylvania Bankers Association, located in Harrisburg, is the Commonwealth’s leading banking trade association representing an expansive and diverse membership. The Association offers extensive continuing education programs, government relations representation on behalf of the industry, and provides numerous products and services for banks and their employees.

QNB Bank Seeking Student Art for 2018 Collector Calendar

Quakertown, PA (April 5, 2017) QNB Bank is seeking artwork for its 2018 Student Art Calendar Contest from High School students (grades 9-12) from all schools in the QNB Bank market area. This will be the 22nd installment of the QNB Student Art Collector Calendar.

The theme for this year is “Pets” and the art format is pen and ink drawings. 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 of QNB Bank’s Branch Offices or at participating schools’ art departments.

All artwork must be received by Wednesday, May 31st and may be dropped off at the QNB Towne Bank Center, located at 320 W. Broad Street, Quakertown, or any of QNB Bank’s Branch Offices. Artwork may also 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 Bank Sponsors Philadelphia Symmetry Skating Teams

Quakertown, PA (March 29, 2017) QNB Bank is proud to support Philadelphia Symmetry Synchronized Skating Teams. Formed in 2004, Philadelphia Symmetry currently serves over 130 skaters on nine competitive and two exhibition teams. The organization is one of the top four on the East Coast and one of the top 12 in the country. QNB’s support will allow the organization to add additional value to its program. Support is needed for extra on-ice and off-ice practices, provide for team buses for competition travel, and reduce the fees for its participants.

For more information about Philadelphia Symmetry, please visit

QNB Bank Helps Rehab Quakertown Home for Local Family

Quakertown, PA (March 24, 2017) QNB Bank is very proud to support Habitat for Humanity of Bucks County’s latest project to rehab a home in Quakertown for a local family in need. QNB’s $10,000 donation will help cover renovation costs for the 3-bedroom 216 Yardley Court townhouse. Brian Kelleher, local uniform company worker and single father to 4 boys, is honored to be the homebuyer for the Yardley Court project. His new home will provide much more living space for him and his 4 growing boys, allowing them to gather around one table at mealtime. Mr. Kelleher and his family are scheduled to move into their new home later this summer.

The mission of Habitat for Humanity of Bucks County (Habitat Bucks) is, Building Communities, Empowering Families.  Habitat Bucks has an open-door policy: All who believe that everyone deserves a decent, affordable place to live are welcome to volunteer to lend a helping hand.

The Habitat Bucks Homeownership Program provides an opportunity for low-income families to build strength, stability and self-reliance by partnering with Habitat. Habitat homebuyers contribute a minimum of 200 hours of sweat equity during the construction of their homes.

Since 1990, Habitat Bucks has built 104 affordable homes in Bucks County. Through their home repair program, A Brush with Kindness, Habitat Bucks also makes repairs to the exterior of homes, including porch repair and installation of handicapped accessible ramps, and modifications to interiors of homes to help aging and disabled individuals remain safe in their own homes. Revenue from Habitat ReStores provides a source of sustainable funding for the construction and repair of homes.

For more information about Habitat Bucks, please call 215.822.2812 or visit