QNB CORP.
For the period ended Dec 31, 2024. Filed Mar 18, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 18, 2025
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, | 2024 | 2023 | 2022 |
| Operating Activities | |||
| Net income | $11,448 | $9,483 | $15,921 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,726 | 1,714 | 1,724 |
| (Reversal of provision) provision for credit losses | (68) | (844) | (850) |
| Net (gain) loss on sales of investment debt and equity securities | (919) | 2,077 | (266) |
| Net unrealized loss (gain)on equity securities | 215 | (250) | 1,026 |
| Net gain on sale of loans | (29) | (16) | (6) |
| Proceeds from sales of residential mortgages held-for-sale | 1,765 | 989 | 304 |
| Origination of residential mortgages held-for-sale | (1,851) | (1,522) | (298) |
| Increase on bank-owned life insurance | (332) | (320) | (361) |
| Stock-based compensation expense | 199 | 185 | 85 |
| Amortization of deferred costs on subordinated debt | 56 | — | |
| Deferred income tax provision (benefit) | 92 | 52 | (57) |
| Net increase (decrease) in income taxes payable | 539 | (2,094) | (534) |
| Net decrease (increase) in accrued interest receivable | 1,136 | (1,063) | (934) |
| Fair value remeasurements on interest rate swap | (44) | (57) | — |
| Amortization of mortgage servicing rights and change in valuation allowance | 50 | 61 | 71 |
| Net amortization of premiums and discounts on investment securities | 1,316 | 1,665 | 2,222 |
| Net increase in accrued interest payable | 2,286 | 4,827 | 256 |
| Operating lease payments | (633) | (626) | (620) |
| Increase in other assets | (991) | (91) | (298) |
| Increase (decrease) in other liabilities | 256 | 287 | (550) |
| Net cash provided by operating activities | 16,217 | 14,457 | 16,835 |
| Investing Activities | |||
| Proceeds from payments, maturities and calls of investment debt securities available-for-sale | 64,959 | 50,042 | 72,965 |
| Proceeds from the sale of investment securities available-for-sale | 13,139 | 33,213 | 7,551 |
| Purchases of investment securities available-for-sale | (130,679) | (14,381) | (35,001) |
| Proceeds from the sale of equity securities | 8,880 | 8,556 | 1,594 |
| Purchases of equity securities | (1,170) | (2,179) | (1,860) |
| Proceeds from redemption of investment in restricted bank stock | 103 | 7,629 | 5,155 |
| Purchase of restricted bank stock | (2,809) | (5,166) | (9,019) |
| Net increase in loans | (122,574) | (53,910) | (112,718) |
| Net purchases of premises and equipment | (3,516) | (765) | (552) |
| Redemption of Bank Owned Life Insurance investment | 341 | — | 239 |
| Net cash (used) provided in investing activities | (173,326) | 23,039 | (71,646) |
| Financing Activities | |||
| Net (decrease) increase in non-interest bearing deposits | (1,599) | (46,751) | (11,157) |
| Net increase (decrease) in interest-bearing deposits | 141,427 | 117,095 | (20,219) |
| Net (decrease) increase in short-term borrowings | (40,250) | (67,233) | 92,851 |
| Issuance of long-term debt | 10,000 | 20,000 | — |
| Repayment of long-term debt | — | (10,000) | — |
| Issuance of subordinated debt | 40,000 | — | — |
| Treasury stock purchase | — | — | (75) |
| Cash dividends paid, net of reinvestment | (4,798) | (4,671) | (4,498) |
| Proceeds from issuance of common stock | 385 | 822 | 418 |
| Net cash provided by financing activities | 145,165 | 9,262 | 57,320 |
| (Decrease) increase in cash and cash equivalents | (11,944) | 46,758 | 2,509 |
| Cash and cash equivalents at beginning of year | 62,657 | 15,899 | 13,390 |
| Cash and cash equivalents at end of period | $50,713 | $62,657 | $15,899 |
| Supplemental Cash Flow Disclosures | |||
| Interest paid | $38,920 | $24,100 | $7,668 |
| Income taxes paid, net of refunds received | 2,278 | 4,286 | 4,257 |
| 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 | 457 | 369 | 43 |
The accompanying notes are an integral part of the consolidated financial statement.
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QNB CORP. AND SUBSIDIARY
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