QNB CORP
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
QNBC$47.61+0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| (in thousands) | |||
|---|---|---|---|
| Year ended December 31, | 2023 | 2022 | 2021 |
| Operating Activities | |||
| Net income | $9,483 | $15,921 | $16,492 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,714 | 1,724 | 1,828 |
| (Reversal of provision) provision for credit losses | (844) | (850) | 458 |
| Net loss (gain) on sales of investment debt and equity securities | 2,077 | (266) | (1,806) |
| Net unrealized (gain) loss on equity securities | (250) | 1,026 | (926) |
| Net gain on sale of loans | (16) | (6) | (595) |
| Proceeds from sales of residential mortgages held-for-sale | 989 | 304 | 16,773 |
| Origination of residential mortgages held-for-sale | (1,522) | (298) | (4,892) |
| Incrrease on bank-owned life insurance | (320) | (361) | (497) |
| Stock-based compensation expense | 185 | 85 | 102 |
| Deferred income tax (benefit) provision | 52 | (57) | 113 |
| Net decrease in income taxes payable | (2,094) | (534) | (78) |
| Net (increase) decrease in accrued interest receivable | (1,063) | (934) | 721 |
| Fair value remeasurements on interest rate swap | (57) | — | — |
| Amortization of mortgage servicing rights and change in valuation allowance | 61 | 71 | 118 |
| Net amortization of premiums and discounts on investment securities | 1,665 | 2,222 | 3,152 |
| Net increase (decrease) in accrued interest payable | 4,827 | 256 | (139) |
| Operating lease payments | (626) | (620) | (631) |
| Increase in other assets | (91) | (298) | (507) |
| Increase (decrease) in other liabilities | 287 | (550) | 703 |
| Net cash provided by operating activities | 14,457 | 16,835 | 30,389 |
| Investing Activities | |||
| Proceeds from payments, maturities and calls of investment debt securities available-for-sale | 50,042 | 72,965 | 113,911 |
| Proceeds from the sale of investment securities available-for-sale | 33,213 | 7,551 | 282 |
| Purchases of investment securities available-for-sale | (14,381) | (35,001) | (385,926) |
| Proceeds from the sale of equity securities | 8,556 | 1,594 | 7,768 |
| Purchases of equity securities | (2,179) | (1,860) | (4,615) |
| Proceeds from redemption of investment in restricted bank stock | 7,629 | 5,155 | 573 |
| Purchase of restricted bank stock | (5,166) | (9,019) | (861) |
| Net increase in loans | (53,910) | (112,718) | (11,244) |
| Net purchases of premises and equipment | (765) | (552) | (3,175) |
| Redemption of Bank Owned Life Insurance investment | — | 239 | 797 |
| Net cash provided (used) in investing activities | 23,039 | (71,646) | (282,490) |
| Financing Activities | |||
| Net (decrease) increase in non-interest bearing deposits | (46,751) | (11,157) | 38,422 |
| Net increase (decrease) in interest-bearing deposits | 117,095 | (20,219) | 183,256 |
| Net (decrease) increase in short-term borrowings | (67,233) | 92,851 | 9,638 |
| Issuance of long-term debt | 20,000 | — | — |
| Repayment of long-term debt | (10,000) | — | — |
| Treasury stock purchase | — | (75) | (1,356) |
| Cash dividends paid, net of reinvestment | (4,671) | (4,498) | (4,375) |
| Proceeds from issuance of common stock | 822 | 418 | 575 |
| Net cash provided by financing activities | 9,262 | 57,320 | 226,160 |
| Increase (decrease) in cash and cash equivalents | 46,758 | 2,509 | (25,941) |
| Cash and cash equivalents at beginning of year | 15,899 | 13,390 | 39,331 |
| Cash and cash equivalents at end of period | $62,657 | $15,899 | $13,390 |
| Supplemental Cash Flow Disclosures | |||
| Interest paid | $24,100 | $7,668 | $4,782 |
| Income taxes paid, net of refunds received | 4,286 | 4,257 | 3,925 |
| Non-cash transactions: | |||
| Cumulative change in accounting principal | 857 | — | — |
| Trade-date settlements for matured securities | 500 | — | — |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 369 | 43 | 698 |
The accompanying notes are an integral part of the consolidated financial statement.
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QNB CORP. AND SUBSIDIARY
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