QNB Corp. Reports Earnings for Third Quarter 2024
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. (QNBC) ha riportato un utile netto di $3.338.000, ovvero $0,91 per azione diluita, per il terzo trimestre del 2024, rispetto a $2.344.000, o $0,65 per azione diluita, per lo stesso periodo del 2023. Le performance della società sono migliorate grazie a:
1. Un aumento di $1.182.000 nel reddito netto da interessi
2. Una diminuzione di $300.000 nella provvista per perdite su crediti
3. Una diminuzione di $37.000 nelle spese non da interesse
Questi guadagni sono stati parzialmente compensati da una diminuzione di $96.000 nel reddito non da interessi. Il margine di interesse netto è aumentato al 2,48% rispetto al 2,38% anno su anno. Il totale degli attivi è cresciuto a $1.841.563.000, con prestiti in crescita del 7,1% e depositi del 9,2%. La società ha inoltre emesso $40.000.000 di debito subordinato, rafforzando la sua posizione patrimoniale.
QNB Corp. (QNBC) reportó un ingreso neto de $3,338,000, o $0.91 por acción diluida, para el tercer trimestre de 2024, en comparación con $2,344,000, o $0.65 por acción diluida, para el mismo período de 2023. El rendimiento de la empresa mejoró gracias a:
1. Un aumento de $1,182,000 en el ingreso neto por intereses
2. Una disminución de $300,000 en la provisión para pérdidas crediticias
3. Una disminución de $37,000 en los gastos no relacionados con intereses
Estas ganancias fueron parcialmente compensadas por una disminución de $96,000 en ingresos no relacionados con intereses. El margen de interés neto aumentó al 2.48% desde el 2.38% año tras año. Los activos totales crecieron a $1,841,563,000, con préstamos en aumento del 7.1% y depósitos del 9.2%. La empresa también emitió $40,000,000 en deuda subordinada, fortaleciendo su posición de capital.
QNB Corp. (QNBC)는 순이익이 $3,338,000, 또는 희석주당 $0.91을 기록했다고 발표했습니다. 이는 2024년 3분기에 해당하며, 2023년 같은 기간의 $2,344,000, 또는 희석주당 $0.65에 비해 증가한 수치입니다. 회사의 성과는 다음과 같은 이유로 개선되었습니다:
1. 순이자 수익이 $1,182,000 증가
2. 신용 손실에 대한 충당금이 $300,000 감소
3. 비이자 비용이 $37,000 감소
이러한 이익은 비이자 수익이 $96,000 감소함으로써 부분적으로 상쇄되었습니다. 순이자 마진은 2.48%로 증가했으며, 이는 전년 동기 대비 2.38%에서 상승한 것입니다. 총 자산은 $1,841,563,000로 증가했으며, 대출은 7.1%, 예금은 9.2% 증가했습니다. 회사는 또한 $40,000,000의 후순위 부채를 발행하여 자본 위치를 강화했습니다.
QNB Corp. (QNBC) a annoncé un résultat net de 3 338 000 $, soit 0,91 $ par action diluée, pour le troisième trimestre de 2024, contre 2 344 000 $, ou 0,65 $ par action diluée, pour la même période en 2023. Les performances de l'entreprise se sont améliorées grâce à :
1. Une augmentation de 1 182 000 $ des revenus nets d'intérêts
2. Une diminution de 300 000 $ de la provision pour pertes sur crédits
3. Une diminution de 37 000 $ des dépenses non liées aux intérêts
Ces gains ont été partiellement compensés par une diminution de 96 000 $ des revenus non liés aux intérêts. Le marge d'intérêt nette a augmenté à 2,48%, contre 2,38% d'une année sur l'autre. Les actifs totaux ont augmenté à 1 841 563 000 $, avec une augmentation de 7,1 % des prêts et de 9,2 % des dépôts. L'entreprise a également émis 40 000 000 $ de dettes subordonnées, renforçant ainsi sa position en capital.
QNB Corp. (QNBC) berichtete von einem Nettoeinkommen von $3.338.000, oder $0,91 pro verwässerter Aktie, für das dritte Quartal 2024, verglichen mit $2.344.000, oder $0,65 pro verwässerter Aktie, im gleichen Zeitraum 2023. Die Leistung des Unternehmens verbesserte sich aufgrund von:
1. einem Anstieg von $1.182.000 im Nettozinsertrag
2. einem Rückgang von $300.000 in der Risikovorsorge für Kreditverluste
3. einem Rückgang von $37.000 bei den nichtzinsbezogenen Aufwendungen
Diese Gewinne wurden teilweise durch einen Rückgang von $96.000 bei den nichtzinsbezogenen Erträgen ausgeglichen. Der Nettozinssatz stieg auf 2,48% im Vergleich zu 2,38% im Vorjahr. Die Gesamtaktiva stiegen auf $1.841.563.000, wobei die Forderungen aus Krediten um 7,1% und die Einlagen um 9,2% zunahmen. Das Unternehmen gab auch $40.000.000 an nachrangigen Schulden aus, um seine Kapitalposition zu stärken.
- Net income increased by 42.4% year-over-year to $3,338,000
- Earnings per diluted share rose from $0.65 to $0.91
- Net interest margin improved from 2.38% to 2.48%
- Total assets grew by 7.9% to $1,841,563,000
- Loans receivable increased by 7.1% to $1,171,361,000
- Total deposits increased by 9.2% to $1,626,284,000
- Successful issuance of $40,000,000 subordinated debt strengthening capital position
- Non-interest income decreased by $96,000
- Commercial loans classified as substandard or doubtful increased from $11,747,000 to $26,883,000
- Retail brokerage and advisory income decreased by $80,000 due to customer balance decrease following employee turnover
QUAKERTOWN, Pa., Oct. 22, 2024 (GLOBE NEWSWIRE) -- QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the third quarter of 2024 of
For the third quarter of 2024, the annualized rate of return on average assets and average shareholders’ equity was
The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., improved for the quarter ended September 30, 2024, in comparison with the same period in 2023, due primarily to improvement in the interest margin causing a
The following table presents disaggregated net income (loss):
Three months ended, | Nine months ended, | ||||||||||||||||||||||
9/30/2024 | 9/30/2023 | Variance | 9/30/2024 | 9/30/2023 | Variance | ||||||||||||||||||
QNB Bank | $ | 3,394,000 | $ | 2,334,000 | $ | 1,060,000 | $ | 8,466,000 | $ | 8,568,000 | $ | (102,000 | ) | ||||||||||
QNB Corp | (56,000 | ) | 10,000 | (66,000 | ) | (69,000 | ) | (219,000 | ) | 150,000 | |||||||||||||
Consolidated net income | $ | 3,338,000 | $ | 2,344,000 | $ | 994,000 | $ | 8,397,000 | $ | 8,349,000 | $ | 48,000 | |||||||||||
Total assets as of September 30, 2024 were
“We continue to experience strong growth in customer loan and deposit balances, which has led to improvement in our net interest income and margin. Growth combined with solid liquidity and good asset quality, has our franchise positioned for positive momentum,” stated David W. Freeman, President and Chief Executive Officer. Freeman continued, “Our successful Sub-Debt issuance has further strengthened our Capital position and will enable continued growth in the future. I am optimistic that we are well positioned to capitalize on the foundation we have built.”
Net Interest Income and Net Interest Margin
Net interest income for the quarter ended September 30, 2024 totaled
The yield on earning assets was
Proceeds from the growth in average deposits and proceeds from the issuance of subordinated debt and the sale and payments received on investment securities over the past year were invested in loans and other interest earning assets, and used to pay down short-term borrowings. Loan growth was primarily in commercial real estate, which comprised
Asset Quality, Provision for Credit Losses on Loans and Allowance for Credit Losses
QNB recorded
Total non-performing loans, which represent loans on non-accrual status and loans past due 90 days or more and still accruing interest, were
Non-Interest Income
Total non-interest income was
Fees for service to customers increased
For the nine months ended September 30, 2024, non-interest income was
Non-Interest Expense
Total non-interest expense was
Net occupancy and furniture and equipment expense increased
For the nine months ended September 30, 2024, non-interest expense was
Income Taxes
Provision for income taxes increased
About the Company
QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Lehigh and Montgomery Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at QNBBank.com.
Forward Looking Statement
This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including "Item lA. Risk Factors," set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
QNB Corp. | |||||||||||||||
Consolidated Selected Financial Data (unaudited) | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
Balance Sheet (Period End) | 9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | ||||||||||
Assets | $ | 1,841,563 | $ | 1,761,487 | $ | 1,716,081 | $ | 1,706,318 | $ | 1,684,392 | |||||
Cash and cash equivalents | 104,232 | 76,909 | 50,963 | 62,657 | 55,141 | ||||||||||
Investment securities | |||||||||||||||
Debt securities, AFS | 510,036 | 460,418 | 481,596 | 490,181 | 505,390 | ||||||||||
Equity securities | 2,760 | 7,233 | 6,217 | 5,910 | 4,765 | ||||||||||
Loans held-for-sale | 294 | 786 | — | 549 | 446 | ||||||||||
Loans receivable | 1,171,361 | 1,162,310 | 1,122,616 | 1,093,533 | 1,060,450 | ||||||||||
Allowance for loan losses | (8,987 | ) | (8,858 | ) | (8,738 | ) | (8,852 | ) | (8,542 | ) | |||||
Net loans | 1,162,374 | 1,153,452 | 1,113,878 | 1,084,681 | 1,051,908 | ||||||||||
Deposits | 1,626,284 | 1,572,839 | 1,536,188 | 1,488,713 | 1,483,333 | ||||||||||
Demand, non-interest bearing | 190,240 | 190,333 | 188,260 | 185,098 | 192,226 | ||||||||||
Interest-bearing demand, money market and savings | 1,055,409 | 1,003,813 | 990,451 | 988,634 | 1,000,921 | ||||||||||
Time | 380,635 | 378,693 | 357,477 | 314,981 | 290,186 | ||||||||||
Short-term borrowings | 22,918 | 49,066 | 55,088 | 94,094 | 96,703 | ||||||||||
Long-term debt | 30,000 | 30,000 | 20,000 | 20,000 | 20,000 | ||||||||||
Subordinated debt | 39,030 | — | — | — | — | ||||||||||
Shareholders' equity | 105,340 | 96,885 | 93,686 | 90,824 | 74,081 | ||||||||||
Asset Quality Data (Period End) | |||||||||||||||
Non-accrual loans | $ | 1,696 | $ | 2,078 | $ | 2,001 | $ | 1,940 | $ | 1,893 | |||||
Loans past due 90 days or more and still accruing | — | — | — | — | — | ||||||||||
Non-performing loans | 1,696 | 2,078 | 2,001 | 1,940 | 1,893 | ||||||||||
Other real estate owned and repossessed assets | — | — | — | — | — | ||||||||||
Non-performing assets | $ | 1,696 | $ | 2,078 | $ | 2,001 | $ | 1,940 | $ | 1,893 | |||||
Allowance for credit losses on loans | $ | 8,987 | $ | 8,858 | $ | 8,738 | $ | 8,852 | $ | 8,542 | |||||
Non-performing loans / Loans excluding held-for-sale | 0.14 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | |||||
Non-performing assets / Assets | 0.09 | % | 0.12 | % | 0.12 | % | 0.11 | % | 0.11 | % | |||||
Allowance for credit losses on loans / Loans excluding held-for-sale | 0.77 | % | 0.76 | % | 0.78 | % | 0.81 | % | 0.81 | % |
QNB Corp. | ||||||||||||||||||||||
Consolidated Selected Financial Data (unaudited) | ||||||||||||||||||||||
(Dollars in thousands, except per share data) | Three months ended, | Nine months ended, | ||||||||||||||||||||
For the period: | 9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | 9/30/24 | 9/30/23 | |||||||||||||||
Interest income | $ | 21,945 | $ | 20,345 | $ | 19,569 | $ | 19,257 | $ | 18,497 | $ | 61,859 | $ | 49,825 | ||||||||
Interest expense | 10,818 | 9,753 | 9,401 | 9,065 | 8,284 | 29,972 | 19,862 | |||||||||||||||
Net interest income | 11,127 | 10,592 | 10,168 | 10,192 | 10,213 | 31,887 | 29,963 | |||||||||||||||
Provision for credit losses | 159 | 114 | (86 | ) | 293 | 459 | 187 | (1,137 | ) | |||||||||||||
Net interest income after provision for credit losses | 10,968 | 10,478 | 10,254 | 9,899 | 9,754 | 31,700 | 31,100 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||||
Fees for services to customers | 469 | 427 | 420 | 414 | 421 | 1,316 | 1,237 | |||||||||||||||
ATM and debit card | 691 | 705 | 636 | 687 | 685 | 2,032 | 2,048 | |||||||||||||||
Retail brokerage and advisory income | 139 | 126 | 93 | 207 | 219 | 358 | 655 | |||||||||||||||
Net realized (loss) gain on investment securities | 224 | (1,096 | ) | 377 | (2,262 | ) | 131 | (495 | ) | 185 | ||||||||||||
Unrealized gain (loss) on equity securities | 143 | 1,016 | (30 | ) | 904 | (138 | ) | 1,129 | (654 | ) | ||||||||||||
Net gain on sale of loans | 19 | (2 | ) | 15 | 11 | 4 | 32 | 5 | ||||||||||||||
Other | 282 | 289 | 325 | 322 | 433 | 896 | 1,078 | |||||||||||||||
Total non-interest income | 1,967 | 1,465 | 1,836 | 283 | 1,755 | 5,268 | 4,554 | |||||||||||||||
Non-interest expense: | ||||||||||||||||||||||
Salaries and employee benefits | 4,650 | 5,038 | 4,974 | 4,717 | 4,971 | 14,662 | 14,309 | |||||||||||||||
Net occupancy and furniture and equipment | 1,531 | 1,481 | 1,515 | 1,477 | 1,504 | 4,527 | 4,348 | |||||||||||||||
Other | 2,455 | 2,415 | 2,344 | 2,552 | 2,196 | 7,214 | 6,706 | |||||||||||||||
Total non-interest expense | 8,636 | 8,934 | 8,833 | 8,746 | 8,671 | 26,403 | 25,363 | |||||||||||||||
Income before income taxes | 4,299 | 3,009 | 3,257 | 1,436 | 2,838 | 10,565 | 10,291 | |||||||||||||||
Provision for income taxes | 961 | 544 | 663 | 302 | 494 | 2,168 | 1,942 | |||||||||||||||
Net income | $ | 3,338 | $ | 2,465 | $ | 2,594 | $ | 1,134 | $ | 2,344 | $ | 8,397 | $ | 8,349 | ||||||||
Share and Per Share Data: | ||||||||||||||||||||||
Net income - basic | $ | 0.91 | $ | 0.67 | $ | 0.71 | $ | 0.31 | $ | 0.65 | $ | 2.29 | $ | 2.32 | ||||||||
Net income - diluted | $ | 0.91 | $ | 0.67 | $ | 0.71 | $ | 0.31 | $ | 0.65 | $ | 2.29 | $ | 2.32 | ||||||||
Book value | $ | 28.57 | $ | 26.34 | $ | 25.57 | $ | 24.86 | $ | 20.35 | $ | 28.57 | $ | 20.35 | ||||||||
Cash dividends | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 1.11 | $ | 1.11 | ||||||||
Average common shares outstanding -basic | 3,679,799 | 3,665,695 | 3,655,176 | 3,642,096 | 3,613,230 | 3,666,937 | 3,600,137 | |||||||||||||||
Average common shares outstanding -diluted | 3,682,773 | 3,665,695 | 3,655,176 | 3,642,096 | 3,613,230 | 3,666,937 | 3,600,137 | |||||||||||||||
Selected Ratios: | ||||||||||||||||||||||
Return on average assets | 0.72 | % | 0.55 | % | 0.59 | % | 0.25 | % | 0.52 | % | 0.62 | % | 0.64 | % | ||||||||
Return on average shareholders' equity | 8.13 | % | 6.14 | % | 6.53 | % | 2.83 | % | 5.88 | % | 6.95 | % | 7.13 | % | ||||||||
Net interest margin (tax equivalent) | 2.48 | % | 2.46 | % | 2.39 | % | 2.36 | % | 2.38 | % | 2.45 | % | 2.40 | % | ||||||||
Efficiency ratio (tax equivalent) | 65.28 | % | 73.26 | % | 72.73 | % | 82.38 | % | 71.59 | % | 70.28 | % | 72.55 | % | ||||||||
Average shareholders' equity to total average assets | 8.80 | % | 8.97 | % | 8.98 | % | 8.93 | % | 8.91 | % | 8.92 | % | 9.01 | % | ||||||||
Net loan charge-offs (recoveries) | $ | 25 | $ | 12 | $ | 21 | $ | (19 | ) | $ | 275 | $ | 58 | $ | (219 | ) | ||||||
Net loan charge-offs (recoveries) - annualized / Average loans excluding held-for-sale | 0.01 | % | 0.00 | % | 0.01 | % | -0.01 | % | 0.10 | % | 0.01 | % | -0.03 | % | ||||||||
Balance Sheet (Average) | ||||||||||||||||||||||
Assets | $ | 1,856,034 | $ | 1,798,040 | $ | 1,778,585 | $ | 1,779,627 | $ | 1,773,138 | $ | 1,811,051 | $ | 1,737,417 | ||||||||
Investment securities (AFS & Equities) | 552,323 | 569,135 | 578,615 | 604,292 | 624,423 | 566,638 | 636,498 | |||||||||||||||
Loans receivable | 1,158,731 | 1,139,874 | 1,108,836 | 1,072,616 | 1,039,170 | 1,135,898 | 1,029,042 | |||||||||||||||
Deposits | 1,600,925 | 1,542,661 | 1,497,692 | 1,490,244 | 1,488,632 | 1,547,290 | 1,443,816 | |||||||||||||||
Shareholders' equity | 163,274 | 161,340 | 159,739 | 158,987 | 158,063 | 161,458 | 156,499 |
QNB Corp. (Consolidated) | |||||||||||||||||||
Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
September 30, 2024 | September 30, 2023 | ||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||
Balance | Rate | Interest | Balance | Rate | Interest | ||||||||||||||
Assets | |||||||||||||||||||
Investment securities: | |||||||||||||||||||
U.S. Treasury | $ | 12,811 | 4.94 | % | $ | 159 | $ | 7,111 | 5.17 | % | $ | 92 | |||||||
U.S. Government agencies | 75,956 | 1.18 | 224 | 101,947 | 1.11 | 283 | |||||||||||||
State and municipal | 105,674 | 3.74 | 989 | 109,157 | 3.30 | 901 | |||||||||||||
Mortgage-backed and CMOs | 345,119 | 2.84 | 2,453 | 394,607 | 2.53 | 2,500 | |||||||||||||
Corporate debt securities and mutual funds | 8,804 | 5.97 | 131 | 6,648 | 4.40 | 73 | |||||||||||||
Equities | 3,959 | 4.61 | 46 | 4,953 | 4.70 | 59 | |||||||||||||
Total investment securities | 552,323 | 2.90 | 4,002 | 624,423 | 2.50 | 3,908 | |||||||||||||
Loans: | |||||||||||||||||||
Commercial real estate | 819,091 | 5.60 | 11,525 | 722,833 | 5.10 | 9,288 | |||||||||||||
Residential real estate | 110,760 | 4.21 | 1,165 | 107,332 | 3.81 | 1,022 | |||||||||||||
Home equity loans | 66,239 | 6.84 | 1,138 | 57,694 | 6.65 | 967 | |||||||||||||
Commercial and industrial | 140,980 | 7.61 | 2,696 | 128,601 | 7.23 | 2,343 | |||||||||||||
Consumer loans | 3,613 | 7.75 | 70 | 3,823 | 7.53 | 73 | |||||||||||||
Tax-exempt loans | 18,305 | 3.88 | 179 | 19,630 | 3.59 | 178 | |||||||||||||
Total loans, net of unearned income* | 1,158,988 | 5.76 | 16,773 | 1,039,913 | 5.29 | 13,871 | |||||||||||||
Other earning assets | 95,780 | 5.43 | 1,307 | 62,420 | 5.48 | 862 | |||||||||||||
Total earning assets | 1,807,091 | 4.86 | 22,082 | 1,726,756 | 4.28 | 18,641 | |||||||||||||
Cash and due from banks | 15,540 | 15,679 | |||||||||||||||||
Allowance for loan losses | (8,860 | ) | (8,396 | ) | |||||||||||||||
Other assets | 42,263 | 39,099 | |||||||||||||||||
Total assets | $ | 1,856,034 | $ | 1,773,138 | |||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||
Interest-bearing demand | $ | 356,763 | 1.00 | % | 898 | $ | 319,335 | 0.74 | % | 600 | |||||||||
Municipals | 154,619 | 4.69 | 1,823 | 157,391 | 4.63 | 1,837 | |||||||||||||
Money market | 238,494 | 3.56 | 2,132 | 201,277 | 3.01 | 1,527 | |||||||||||||
Savings | 278,247 | 1.28 | 896 | 325,567 | 1.27 | 1,038 | |||||||||||||
Time < | 178,228 | 4.12 | 1,846 | 128,884 | 2.92 | 947 | |||||||||||||
Time | 152,416 | 4.64 | 1,777 | 106,920 | 3.69 | 996 | |||||||||||||
Time > | 49,506 | 4.61 | 573 | 43,856 | 3.41 | 377 | |||||||||||||
Total interest-bearing deposits | 1,408,273 | 2.81 | 9,945 | 1,283,230 | 2.26 | 7,322 | |||||||||||||
Short-term borrowings | 34,078 | 2.18 | 186 | 95,568 | 3.07 | 740 | |||||||||||||
Long-term debt | 30,000 | 4.75 | 364 | 20,000 | 4.36 | 222 | |||||||||||||
Subordinated debt | 13,716 | 9.42 | 323 | — | — | — | |||||||||||||
Total interest-bearing liabilities | 1,486,067 | 2.90 | 10,818 | 1,398,798 | 2.35 | 8,284 | |||||||||||||
Non-interest-bearing deposits | 192,652 | 205,402 | |||||||||||||||||
Other liabilities | 14,041 | 10,875 | |||||||||||||||||
Shareholders' equity | 163,274 | 158,063 | |||||||||||||||||
Total liabilities and | |||||||||||||||||||
shareholders' equity | $ | 1,856,034 | $ | 1,773,138 | |||||||||||||||
Net interest rate spread | 1.96 | % | 1.93 | % | |||||||||||||||
Margin/net interest income | 2.48 | % | $ | 11,264 | 2.38 | % | $ | 10,357 | |||||||||||
Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of | |||||||||||||||||||
Non-accrual loans and investment securities are included in earning assets. | |||||||||||||||||||
* Includes loans held-for-sale |
QNB Corp. (Consolidated) | |||||||||||||||||||
Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis) | |||||||||||||||||||
Nine Months Ended | |||||||||||||||||||
September 30, 2024 | September 30, 2023 | ||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||
Balance | Rate | Interest | Balance | Rate | Interest | ||||||||||||||
Assets | |||||||||||||||||||
Investment securities: | |||||||||||||||||||
U.S. Treasury | $ | 8,820 | 5.10 | % | $ | 337 | $ | 3,618 | 4.97 | % | $ | 134 | |||||||
U.S. Government agencies | 81,800 | 1.17 | 718 | 101,945 | 1.11 | 849 | |||||||||||||
State and municipal | 107,237 | 3.56 | 2,860 | 109,877 | 2.64 | 2,173 | |||||||||||||
Mortgage-backed and CMOs | 355,878 | 2.72 | 7,262 | 405,979 | 1.96 | 5,971 | |||||||||||||
Corporate debt securities and mutual funds | 7,416 | 5.78 | 321 | 6,637 | 4.41 | 219 | |||||||||||||
Equities | 5,487 | 3.87 | 159 | 8,442 | 4.07 | 257 | |||||||||||||
Total investment securities | 566,638 | 2.74 | 11,657 | 636,498 | 2.01 | 9,603 | |||||||||||||
Loans: | |||||||||||||||||||
Commercial real estate | 798,714 | 5.47 | 32,701 | 700,375 | 4.79 | 25,091 | |||||||||||||
Residential real estate | 109,463 | 4.07 | 3,337 | 106,817 | 3.67 | 2,943 | |||||||||||||
Home equity loans | 64,700 | 6.83 | 3,307 | 57,317 | 6.44 | 2,762 | |||||||||||||
Commercial and industrial | 141,148 | 7.57 | 7,997 | 141,176 | 7.55 | 7,977 | |||||||||||||
Consumer loans | 3,679 | 7.78 | 214 | 3,942 | 7.15 | 211 | |||||||||||||
Tax-exempt loans | 18,410 | 3.86 | 532 | 19,984 | 3.53 | 527 | |||||||||||||
Total loans, net of unearned income* | 1,136,114 | 5.65 | 48,088 | 1,029,611 | 5.13 | 39,511 | |||||||||||||
Other earning assets | 61,999 | 5.45 | 2,530 | 27,195 | 5.67 | 1,153 | |||||||||||||
Total earning assets | 1,764,751 | 4.71 | 62,275 | 1,693,304 | 3.97 | 50,267 | |||||||||||||
Cash and due from banks | 13,880 | 14,046 | |||||||||||||||||
Allowance for loan losses | (8,897 | ) | (8,871 | ) | |||||||||||||||
Other assets | 41,317 | 38,938 | |||||||||||||||||
Total assets | $ | 1,811,051 | $ | 1,737,417 | |||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||
Interest-bearing demand | $ | 337,632 | 0.89 | % | 2,243 | $ | 314,012 | 0.52 | % | 1,227 | |||||||||
Municipals | 139,810 | 4.76 | 4,987 | 128,270 | 4.34 | 4,163 | |||||||||||||
Money market | 232,140 | 3.57 | 6,196 | 169,308 | 2.30 | 2,913 | |||||||||||||
Savings | 288,885 | 1.28 | 2,769 | 363,496 | 1.18 | 3,208 | |||||||||||||
Time < | 168,894 | 3.98 | 5,027 | 113,951 | 2.30 | 1,960 | |||||||||||||
Time | 141,156 | 4.53 | 4,790 | 104,697 | 3.42 | 2,676 | |||||||||||||
Time > | 50,855 | 4.49 | 1,709 | 36,590 | 2.80 | 767 | |||||||||||||
Total interest-bearing deposits | 1,359,372 | 2.72 | 27,721 | 1,230,324 | 1.84 | 16,914 | |||||||||||||
Short-term borrowings | 57,880 | 2.33 | 1,010 | 112,724 | 2.99 | 2,518 | |||||||||||||
Long-term debt | 26,058 | 4.63 | 918 | 14,267 | 3.98 | 430 | |||||||||||||
Subordinated debt | 4,605 | 9.35 | 323 | — | — | — | |||||||||||||
Total interest-bearing liabilities | 1,447,915 | 2.77 | 29,972 | 1,357,315 | 1.96 | 19,862 | |||||||||||||
Non-interest-bearing deposits | 187,918 | 213,492 | |||||||||||||||||
Other liabilities | 13,760 | 10,111 | |||||||||||||||||
Shareholders' equity | 161,458 | 156,499 | |||||||||||||||||
Total liabilities and | |||||||||||||||||||
shareholders' equity | $ | 1,811,051 | $ | 1,737,417 | |||||||||||||||
Net interest rate spread | 1.94 | % | 2.01 | % | |||||||||||||||
Margin/net interest income | 2.45 | % | $ | 32,303 | 2.40 | % | $ | 30,405 | |||||||||||
Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of | |||||||||||||||||||
Non-accrual loans and investment securities are included in earning assets. | |||||||||||||||||||
* Includes loans held-for-sale |
FAQ
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