Note 10 - Long-Term Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Note 10 - Long-Term Debt

FHLB advances are collateralized by certain mortgage loans and also require the purchase of FHLB capital stock, which is included within restricted investment in bank stock on the Consolidated Balance Sheets. QNB’s FHLB stock is $1,317,000 and $1,029,000 at December 31, 2021 and 2020, respectively.

QNB has a maximum borrowing capacity with the FHLB of approximately $341,398,000. At December 31, 2021 QNB had $10,000,000 in long-term advances outstanding with the FHLB at fixed rates, no short-term borrowings as reported in Note 9 and a letter of credit issued of $350,000. At December 31, 2020 QNB had $10,000,000 in long-term debt outstanding with the FHLB and a letter of credit of $350,000.

Long-term advances at the FHLB mature as follows:

As of December 31, 2021	Balance Maturing		Weighted-Average Rate
2022	$	—	—%
2023		10,000		1.57
2024		—		—
2025		—		—
2026		—		—
Thereafter		—		—
Total long-term debt	$	10,000		1.57	%