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QNB Reports Record Second and First Half Earnings
2012-08-02

      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 2012 of $2,505,000, or $0.78 per share on a diluted basis. This compares to net income of $2,435,000, or $0.77 per share on a diluted basis, for the same period in 2011. 

        For the six month period ended June 30, 2012, QNB reported net income of $4,976,000, or $1.55 per share on a diluted basis. This represents a 7.1% increase in net income compared to the $4,646,000, or $1.47 per share on a diluted basis, reported for the six month period ended June 30, 2011.
        The results for both the second quarter and first six months of 2012 represent record profits for QNB and reflect an increase in non-interest income and lower provisions for loan losses.
        Net income expressed as an annualized rate of return on average assets and average shareholders’ equity was 1.16% and 14.54%, respectively, for the quarter ended June 30, 2012 compared with 1.18% and 15.62%, respectively, for the quarter ended June 30, 2011. For the six month periods the annualized rate of return on average assets and average shareholders’ equity was 1.15% and 14.62%, respectively, for the period ended June 30, 2012 compared with 1.15% and 15.18%, respectively, for the period ended June 30, 2011.
        “Given the protracted economic slowdown and the accompanying historically low interest rate environment, we are pleased with the Company’s second quarter and six month financial performance,” stated Thomas J. Bisko, Chief Executive Officer. “While the economy continues to provide challenges, loan demand improved at the end of the second quarter, asset quality has stabilized and core deposit growth remains strong.”

 

 

 

 

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