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QNB Corp. Reports Second Quarter and First Half Earnings
2013-07-31

         QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the second quarter of 2013 of $1,894,000, or $0.58 per share on a diluted basis. This compares to net income of $2,505,000, or $0.78 per share on a diluted basis, for the same period in 2012.

        For the six-month period ended June 30, QNB reported net income of $4,302,000, or $1.32 per share on a diluted basis. This compares to net income of $4,976,000, or $1.55 per share on a diluted basis, reported for the six month period ended June 30, 2012.

        Net income expressed as an annualized rate of return on average assets and average shareholders’ equity was 0.83 percent and 9.99 percent, respectively, for the quarter ended June 30, compared with 1.16 percent and 14.54 percent, respectively, for the quarter ended June 30, 2012. For the six month periods the annualized rate of return on average assets and average shareholders’ equity was 0.96 percent and 11.52 percent, respectively, for the period ended June 30, compared with 1.15 percent and 14.62 percent, respectively, for the period ended June 30, 2012.

        The quarterly comparison reflects a decrease in net interest income and the net interest margin resulting from continued downward pressure on yields on earning assets, costs related to asset quality comprised of a higher provision for loan losses resulting primarily from growth in the loan portfolio between March 31 and June 30, and a write-down of a property classified as other real estate owned, a decline in gains recognized on the sale of residential mortgages and ongoing costs associated with two new branch locations.

        Total assets as of June 30, were $910,829,000, compared with $919,874,000 at Dec. 31, 2012. Total loans at June 30 were $489,215,000, compared with $477,733,000 at Dec. 31, 2012, and total deposits at June 30 were $795,913,000, compared with $801,638,000 at Dec. 31, 2012.

        David W. Freeman, president and chief executive officer stated, “Our second quarter results reflect the continued sluggish economy, and continued pressure on margins. The sharp increase in long-term interest rates toward the end of the second quarter negatively impacted our residential mortgage business.”

        Freeman further noted, “There continues to be steady improvement in our levels of classified assets and special mention assets. We also continue to see strong household and checking account growth, which is driving increased check card fee income. QNB Financial Services, which provides securities and advisory services, continues to perform well, with assets under management now over $20 million.”


 

 

 

 

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