XML 41 R30.htm IDEA: XBRL DOCUMENT v3.24.0.1
Note 19 - Parent Company Financial Information
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Information

Note 20 - Parent Company Financial Information

Condensed financial statements of QNB Corp. only:

 

Balance Sheets

 

 

 

 

 

 

December 31,

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

565

 

 

$

353

 

Investment securities:

 

 

 

 

 

 

Available-for-sale (amortized cost $6,448 and $299)

 

 

6,451

 

 

 

301

 

Equity securities (cost of $5,695 and $12,091)

 

 

5,910

 

 

 

12,056

 

Investment in subsidiary

 

 

77,173

 

 

 

58,140

 

Other assets

 

 

752

 

 

 

146

 

Total assets

 

$

90,851

 

 

$

70,996

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Other liabilities

 

$

27

 

 

$

38

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

90,824

 

 

 

70,958

 

Total liabilities and shareholders' equity

 

$

90,851

 

 

$

70,996

 

 

 

Statements of Income

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

2023

 

 

2022

 

 

2021

 

Dividends from subsidiary

 

$

4,407

 

 

$

4,329

 

 

$

5,733

 

Interest, dividend and other income

 

 

517

 

 

 

358

 

 

 

386

 

Securities (losses) gains

 

 

(19

)

 

 

405

 

 

 

1,788

 

Net unrealized gain (loss) on investment equity securities

 

 

250

 

 

 

(1,026

)

 

 

926

 

Total income

 

 

5,155

 

 

 

4,066

 

 

 

8,833

 

Expenses

 

 

661

 

 

 

496

 

 

 

491

 

Income before applicable income taxes and equity in
   undistributed income of subsidiary

 

 

4,494

 

 

 

3,570

 

 

 

8,342

 

Provision for income tax (benefit) expense

 

 

(1

)

 

 

(235

)

 

 

724

 

Income before equity in undistributed income of subsidiary

 

 

4,495

 

 

 

3,805

 

 

 

7,618

 

Equity in undistributed income of subsidiary

 

 

4,988

 

 

 

12,116

 

 

 

8,874

 

Net income

 

$

9,483

 

 

$

15,921

 

 

$

16,492

 

 

Statements of Comprehensive Income

 

(in thousands)

 

Year ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

 

Before
tax
amount

 

 

Tax
expense
(benefit)

 

 

Net of
tax
amount

 

 

Before
tax
amount

 

 

Tax
expense
(benefit)

 

 

Net of
tax
amount

 

 

Before
tax
amount

 

 

Tax
expense
(benefit)

 

 

Net of
tax
amount

 

Net income

 

$

11,727

 

 

$

2,244

 

 

$

9,483

 

 

$

19,586

 

 

$

3,665

 

 

$

15,921

 

 

$

20,453

 

 

$

3,961

 

 

$

16,492

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized holding gain/(loss) on available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gain/(loss) arising during the period

 

 

16,388

 

 

 

3,441

 

 

 

12,947

 

 

 

(98,097

)

 

 

(20,600

)

 

 

(77,497

)

 

 

(11,867

)

 

 

(2,492

)

 

 

(9,375

)

Reclassification adjustment for loss/(gain) included in net income

 

 

2,058

 

 

 

432

 

 

 

1,626

 

 

 

139

 

 

 

29

 

 

 

110

 

 

 

(18

)

 

 

(4

)

 

 

(14

)

Net unrealized holding loss on fair value hedge:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding loss arising during the period

 

 

(1,693

)

 

 

(355

)

 

 

(1,338

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Reclassification adjustment for fair value remeasurements included in net income

 

 

(57

)

 

 

(12

)

 

 

(45

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Other comprehensive income/(loss):

 

 

16,696

 

 

 

3,506

 

 

 

13,190

 

 

 

(97,958

)

 

 

(20,571

)

 

 

(77,387

)

 

 

(11,885

)

 

 

(2,496

)

 

 

(9,389

)

Total comprehensive income (loss)

 

$

28,423

 

 

$

5,750

 

 

$

22,673

 

 

$

(78,372

)

 

$

(16,906

)

 

$

(61,466

)

 

$

8,568

 

 

$

1,465

 

 

$

7,103

 

 

Statements of Cash Flows

 

 

 

 

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

Equity in undistributed income from subsidiary

 

 

(4,988

)

 

 

(12,116

)

 

 

(8,874

)

Net securities losses (gains)

 

 

19

 

 

 

(405

)

 

 

(1,788

)

Net unrealized (gain) loss on investment equity securities

 

 

(250

)

 

 

1,026

 

 

 

(926

)

Stock-based compensation expense

 

 

185

 

 

 

85

 

 

 

102

 

Accretion of discounts on investment securities

 

 

(174

)

 

 

(6

)

 

 

—

 

(Decrease) increase in other liabilities

 

 

(36

)

 

 

(266

)

 

 

222

 

(Increase) decrease in other assets

 

 

(122

)

 

 

(121

)

 

 

2

 

Deferred income tax (benefit) provision

 

 

42

 

 

 

(285

)

 

 

265

 

Net cash provided by operating activities

 

 

4,159

 

 

 

3,833

 

 

 

5,495

 

Investing activities

 

 

 

 

 

 

 

 

 

Purchase of investment equity securities

 

 

(2,179

)

 

 

(1,860

)

 

 

(4,615

)

Purchase of investment securities available-for-sale

 

 

(14,275

)

 

 

(1,193

)

 

 

—

 

Proceeds from sale of investment equity securities

 

 

8,556

 

 

 

1,594

 

 

 

7,768

 

Proceeds from maturities of investment securities available-for-sale

 

 

7,800

 

 

 

900

 

 

 

—

 

Capital contribution to Bank

 

 

—

 

 

 

—

 

 

 

(2,500

)

Net cash (used) provided by investing activities

 

 

(98

)

 

 

(559

)

 

 

653

 

Financing activities

 

 

 

 

 

 

 

 

 

Cash dividend paid

 

 

(4,671

)

 

 

(4,498

)

 

 

(4,375

)

Treasury stock purchase

 

 

—

 

 

 

(75

)

 

 

(1,356

)

Proceeds from issuance of common stock

 

 

822

 

 

 

418

 

 

 

575

 

Net cash used by financing activities

 

 

(3,849

)

 

 

(4,155

)

 

 

(5,156

)

Increase (decrease) in cash and cash equivalents

 

 

212

 

 

 

(881

)

 

 

992

 

Cash and cash equivalents at beginning of year

 

 

353

 

 

 

1,234

 

 

 

242

 

Cash and cash equivalents at end of year

 

$

565

 

 

$

353

 

 

$

1,234