QNB Bank recently completed its annual campaign to raise funds for the United Way of Bucks County, PA. QNB employees pledged $18,852 and, with the Bank’s $4,500 corporate donation, the grand total was $23,352; far exceeding 2011’s $19,681 total. Pictured are QNB’s co-chairpersons of the Campaign: Tom Bisko, QNB CEO, Ann Gaspar, Executive Secretary and Dave Freeman, QNB President and Chief Operating Officer.
QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board:QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the fourth quarter of 2011 of $1,912,000, or $0.60 per share on a diluted basis. This represents a 5.6% increase compared to net income of $1,810,000, or $0.58 per share on a diluted basis, for the same period in 2010.
For the year ended December 31, 2011, net income was $8,880,000, or $2.81 per share on a diluted basis, and represents the second consecutive year of record earnings for the Company. Net income for 2011 also represents a 23.0 percent increase from 2010 net income of $7,217,000, or $2.32 per share on a diluted basis. Net income expressed as an annualized rate of return on average assets was 1.06 percent and 0.93 percent for the years ended December 31, 2011 and 2010, respectively. For the twelve-month periods ended December 31, 2011 and 2010 the annualized rate of return on average shareholders’ equity was 13.99 percent and 12.53 percent, respectively.
When comparing both the three-month and one-year periods the key contributors to the positive earnings performance was an increase in net interest income and a reduction in the provision for loan losses. “As a community focused, service oriented financial institution, QNB has been extremely successful in increasing the number of households, accounts and customers it services”, stated Thomas J. Bisko, Chief Executive Officer. “The building of these relationships has resulted in significant deposit and earning asset growth which has contributed to the increase in net interest income.” Mr. Bisko noted, “Loan activity has shown signs of improvement during the fourth quarter as loans increased $16,958,000 from September 30, 2011 to December 31, 2011.” Mr. Bisko concluded, “We are extremely pleased with our record financial performance of the past two years and look forward to a successful 2012.”