Q N B CORP - QNBC STOCK NEWS

QNB Corp. (QNBC) reported net income of $3,338,000, or $0.91 per diluted share, for the third quarter of 2024, compared to $2,344,000, or $0.65 per diluted share, for the same period in 2023. The company's performance improved due to:

1. A $1,182,000 increase in net interest income
2. A $300,000 decrease in provision for credit losses
3. A $37,000 decrease in non-interest expense

These gains were partially offset by a $96,000 decrease in non-interest income. The net interest margin increased to 2.48% from 2.38% year-over-year. Total assets grew to $1,841,563,000, with loans receivable increasing by 7.1% and deposits by 9.2%. The company also issued $40,000,000 of subordinated debt, strengthening its capital position.

QNB Corp. (OTC: QNBC), parent company of QNB Bank, has successfully completed a private placement of $40 million in fixed-to-floating rate subordinated notes. The notes, qualifying as Tier 2 capital, were oversubscribed by nearly two times, demonstrating strong investor demand. Initially bearing an interest rate of 8.875% per annum until September 1, 2029, the notes will then reset quarterly based on the three-month SOFR plus a spread. The offering provides QNB with cost-effective capital to support growth and potential strategic opportunities without diluting current shareholders. Maturing on September 1, 2034, the notes offer redemption options after the fifth anniversary. This marks QNB's first institutionally led capital raise, highlighting the strength of its franchise.

QNB Corp. (OTC: QNBC), the parent company of QNB Bank, has announced its Q3 2024 dividend. The Board of Directors declared a quarterly cash dividend of $0.37 per share, payable on September 27, 2024, to shareholders of record as of September 13, 2024. QNB Corp. operates through its subsidiary, QNB Bank, offering commercial and retail banking services via twelve banking offices. The company's stock is traded over-the-counter under the symbol 'QNBC'.

QNB Corp. (QNBC) reported net income of $2,465,000, or $0.67 per diluted share, for Q2 2024, compared to $1,887,000, or $0.52 per diluted share, in Q2 2023. The bank's performance improved due to a $1,246,000 increase in net interest income, decreased provision for credit losses, and a $172,000 increase in non-interest income. Total assets reached $1,761,487,000 as of June 30, 2024. Loans receivable increased by 6.3% to $1,162,310,000, while total deposits grew by 5.7% to $1,572,839,000. The net interest margin improved to 2.46% in Q2 2024, up from 2.27% in Q2 2023. The company also strategically sold lower-yielding securities and reinvested in higher-yielding assets.

On May 21, 2024, QNB Corp. (OTC: QNBC), the parent company of QNB Bank, announced a quarterly cash dividend of $0.37 per share. The Board of Directors declared that the dividend would be payable on June 28, 2024, to shareholders recorded by June 14, 2024. QNB Corp. provides commercial and retail banking services through its twelve branches of QNB Bank. The company's stock is traded over-the-counter under the ticker 'QNBC'.

QNB Corp. reported a decline in net income for the first quarter of 2024 compared to the same period in 2023, mainly due to interest margin compression, a decrease in the provision for credit losses, and an increase in non-interest expenses. Total assets, loans receivable, and total deposits saw increases, while short-term borrowing declined. The Bank's net interest income and margin decreased, but there was growth in commercial real estate loans. Non-interest income increased, driven by gains on the sale of investments. Total non-interest expenses rose, with significant increases in salaries and benefits expenses. The provision for income taxes decreased.

QNB Corp. declares a quarterly cash dividend of $0.37 per share, payable on March 28, 2024, to shareholders of record on March 15, 2024. The parent company of QNB Bank offers commercial and retail banking services through twelve banking offices. Stock trades under the symbol 'QNBC.'

QNB Corp. reported a decline in net income for the fourth quarter of 2023 compared to the same period in 2022. The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., also declined due to interest margin compression. The company reported a decrease in net interest income, an increase in non-interest expense, and a pre-tax loss of $1.8 million due to restructuring of the investment portfolio. Total assets increased, while total available-for-sale debt securities decreased. The CEO mentioned the impact of rising interest rates on the company's margin and net interest income. The company's net interest margin and non-interest income also decreased, while non-interest expenses increased. The provision for credit losses on loans and the allowance for credit losses decreased, and the company saw an increase in net loan recoveries. Total non-performing loans and commercial loans classified as substandard or doubtful loans decreased. However, total non-interest income, including fees for services to customers and retail brokerage and advisory income, decreased. Total non-interest expense, including salaries and benefits expense, net occupancy and furniture and equipment expense, and other non-interest expenses, increased. The effective tax rate decreased for the quarter and twelve months ended December 31, 2023.

QNB Corp. (QNBC) declares a quarterly cash dividend of $0.37 per share. The cash dividend is payable on December 29, 2023, to shareholders of record on December 15, 2023. QNB Corp. offers commercial and retail banking services through its subsidiary, QNB Bank.