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Company Description

Contact Info

15 North Third Street

PO Box 9005

Quakertown, PA 18951

United States

Phone: 215-538-5600

Fax:

QNB Corp. operates as the bank holding company for QNB Bank that engages in the general commercial banking business and provides a range of banking services to its customers. The company's banking services consist of, among other things, 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. Its demand and savings accounts include money market accounts, interest-bearing demand accounts (higher yielding checking account), club accounts, traditional statement savings accounts, and a higher yielding online savings account. The company's principal office is located in Quakertown, Bucks County, Pennsylvania. As of December 31, 2015, the company operated 11 community banking offices in Bucks, Montgomery and Lehigh counties in southeastern Pennsylvania. Loans The company's commercial lending activity is focused on small businesses within the local community. Commercial purpose loans are generally perceived as having more risk of default than residential real estate loans with a personal purpose and consumer loans. These loans involve larger loan balances to a single borrower or group of related borrowers and are more susceptible to a risk of loss during a downturn in the business cycle. Commercial and industrial loans represent commercial purpose loans that are either secured by collateral other than real estate or unsecured. 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 generally 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, are within the company’s underwriting criteria, and generally 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. 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. These loans are often in a junior lien position and therefore carry a higher risk than first lien 1-4 family residential loans. 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 various collateral, including 1-4 family residential construction, medical and retirement home facilities, office buildings, hotels and land for development loans. Construction loans are generally made only on projects that have municipal approval. These loans are usually 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, 2015, 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 equities. 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 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. The company was incorporated under the laws of the Commonwealth of Pennsylvania in 1984.

 

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Valuation QNBC Industry Range
Price/Earnings 13.6x
Price/Sales 3.5x
Price/Book 1.2x
Price/Cash Flow 13.7x
TEV/Sales 0.6x
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