QNB Corp. operates as the holding company for QNB Bank that is engaged in the general commercial banking business and provides a range of banking services to its customers. The company’s principal office is located in Quakertown, Bucks County, Pennsylvania. As of December 31, 2013, it also operated 10 other full-service community banking offices in Bucks, Montgomery and Lehigh counties in southeastern Pennsylvania. The company’s banking services consist of attracting deposits and using these funds in making commercial loans, residential mortgage loans, consumer loans, and purchasing investment securities. These deposits are in the form of time, demand, and savings accounts. Time deposits include certificates of deposit and individual retirement accounts. The bank’s demand and savings accounts include money market accounts, interest-bearing demand accounts (including a checking account), club accounts, traditional statement savings accounts, and an online savings account. Lending Activities The company’s commercial lending activity is focused on small businesses within the local community. These types of loans involve larger loan balances to a single borrower or group of related borrowers and are susceptible to a risk of loss during a downturn in the business cycle. Commercial loans secured by commercial real estate include commercial purpose loans collateralized at least in part by commercial real estate. Commercial loans secured by residential real estate are commercial purpose loans secured by the business owner’s residence or residential investment properties owned by the borrower and rented to tenants. Commercial loans secured by either commercial real estate or residential real estate are originated primarily within the Eastern Pennsylvania market area at conservative loan-to-value ratios and also include the guarantee of the borrowers. Loans to state and political subdivisions are tax-exempt or taxable loans to municipalities, school districts, and housing and industrial development authorities. Indirect lease financing receivables represent loans to small businesses that are collateralized by equipment. These loans are originated by a third party and purchased by the company based on criteria specified by the company. The company originates fixed rate and adjustable-rate residential real estate loans that are secured by the underlying 1-to-4 family residential properties. The home equity portfolio consists of fixed-rate home equity loans and variable rate home equity lines of credit. The company offers various loans to individuals for personal and household purposes. Construction loans are offered primarily to developers and builders for the construction of residential units or commercial buildings or to businesses for the construction of owner-occupied facilities. This portfolio is diversified among different types of collateral including: 1-4 family residential construction, medical and retirement home facilities, office buildings, hotels and land for development loans. Construction loans are made only on projects that have municipal approval. These loans are originated to include a short construction period followed by permanent financing provided through a commercial mortgage after construction is complete. Investment Securities As of December 31, 2013, the company’s investment portfolio included U.S. government agency securities; state and municipal securities; mortgage-backed securities; collateralized mortgage obligations; pooled trust preferred securities; corporate debt securities; and equity securities. Regulations The company is registered as a bank holding company and is subject to the regulations of the Board of Governors of the Federal Reserve System (the Federal Reserve) under the Bank Holding Company Act of 1956. In addition, the company, as a Pennsylvania business corporation, is also subject to the provisions of Section 115 of the Pennsylvania Banking Code of 1965 and the Pennsylvania Business Corporation Law of 1988, as amended. The bank is subject to extensive regulation and examination by the Pennsylvania Department of Banking (the Department) and by the Federal Deposit Insurance Corporation, which insures its deposits to the maximum extent permitted by law. History QNB Corp. was founded in 1877.
qnb corp (QNBC:OTC US)
15 North Third Street
PO Box 9005
Quakertown, PA 18951
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To contact QNB CORP, please visit www.qnb.com. Company data is provided by Capital IQ. Please use this form to report any data issues.