QNB CORP
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31,2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-17706
QNB Corp.
(Exact Name of Registrant as Specified in Its Charter)
| Pennsylvania | 23-2318082 |
|---|---|
| (State or Other Jurisdiction ofIncorporation or Organization) | (I.R.S. EmployerIdentification No.) |
| 15 North Third Street, P.O. Box 9005 Quakertown, PA | 18951-9005 |
|---|---|
| (Address of Principal Executive Offices) | (Zip Code) |
(215) 538-5600
Registrant's Telephone Number, Including Area Code
Not Applicable
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report
Securities registered pursuant to Section 12(b) of the Act: None.
| Title of each class | TradingSymbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | QNBC | N/A |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☒ | Smaller Reporting Company | ☒ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
| Class | Outstanding at April 26, 2024 |
|---|---|
| Common Stock, par value $0.625 | 3,664,074 |
FORM 10-Q
QUARTER ENDED March 31, 2024
INDEX
| PART I - FINANCIAL INFORMATION | ||
|---|---|---|
| ITEM 1. | CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) | PAGE |
| Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 | 2 | |
| Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 | 3 | |
| Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 | 4 | |
| Consolidated Statement of Shareholders’ Equity for the Three Months Ended March 31, 2024 and 2023 | 5 | |
| Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 | 6 | |
| Notes to Consolidated Financial Statements | 7 | |
| ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 39 |
| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK | 53 |
| ITEM 4. | CONTROLS AND PROCEDURES | 54 |
| PART II - OTHER INFORMATION | ||
| ITEM 1. | LEGAL PROCEEDINGS | 55 |
| ITEM 1A. | RISK FACTORS | 55 |
| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 55 |
| ITEM 3. | DEFAULTS UPON SENIOR SECURITIES | 55 |
| ITEM 4. | MINE SAFETY DISCLOSURES | 55 |
| ITEM 5. | OTHER INFORMATION | 55 |
| ITEM 6. | EXHIBITS | 56 |
| SIGNATURES | 57 | |
| CERTIFICATIONS | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.