Note 10 - Long-Term Debt

12 Months Ended

Dec. 31, 2014

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

Note 10 - Long-Term Debt

Under terms of its agreement with the FHLB, QNB maintains otherwise unencumbered qualifying assets (principally 1-4 family residential mortgage loans and U.S. Government and agency notes, bonds, and mortgage-backed securities) in the amount of at least as much as its advances from the FHLB. QNB’s FHLB stock of $635,000 and $1,752,000 at December 31, 2014 and 2013, respectively, is also pledged to secure these advances.

QNB has a maximum borrowing capacity with the FHLB of approximately $227,142,000. QNB had no borrowings outstanding with the FHLB at December 31, 2014 or December 31, 2013.

Repurchase agreements are treated as financings with the obligations to repurchase securities sold reflected as a liability in the balance sheet. The dollar amount of securities underlying the agreements remains recorded as an asset, although the securities underlying the agreements are delivered to the broker who arranged the transactions. The broker/dealer who participated with the Company in these agreements is PNC Bank. QNB repaid this borrowing at maturity in 2014.

	2014				2013
Maturity date	Balance		Weighted average rate		Balance			Weighted average rate
2014	$	-		-	$	5,000	1		4.77	%

¹ $2,500,000 callable beginning 4/17/10, $2,500,000 callable beginning 4/17/12