QNB Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Impairment Charges for Fourth Quarter of 2011
January 26, 2012 at 08:58 pm
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QNB Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net interest income was $6,938,000 against $6,813,000 a year ago. Income before income taxes was $2,344,000 against $2,225,000 a year ago. Net income was $1,912,000 or $0.60 per diluted share against $1,810,000 or $0.58 per basic and diluted share a year ago. . Book value per share as on December 31, 2011 was $22.32 against $19.52 as on December 31, 2010. Return on average assets was 0.87% against 0.89% a year ago. Return on average shareholders' equity was 11.50% against 12.08% a year ago. Strong growth in deposits and the investment of these deposits into the securities portfolio was the primary contributor to the increase in net interest income when comparing the two quarters. Interest income for the period was $8,849,000 against $9,189,000 a year ago.
For the full year, the company reported interest income of $36,217,000 against $36,183,000 a year ago. Net interest income was $28,126,000 against $25,913,000 a year ago. Income before income taxes was $11,356,000 against $9,051,000 a year ago. Net income was $8,880,000 or $2.82 per diluted share against $7,217,000 or $2.32 per basic and diluted share a year ago. Book value per share as on December 31, 2011 was $22.32 against $19.52 as on December 31, 2010. Return on average assets was 1.06% against 0.93% a year ago. Return on average shareholders' equity was 13.99% against 12.53% a year ago. Growth in deposits and earnings assets contributed to the improvement in net interest income when comparing the two years as the net interest margin was 3.72% for both periods. Interest income for the period was $36,217,000 against $36,183,000 a year ago.
Net loan charge-offs for the quarter was $576,000 against $377,000 a year ago.
QNB Corp. is the holding company for QNB Bank (the Bank). The Bank is engaged in the general commercial banking business and provides a full range of banking services to its customers. These banking services consist of attracting deposits and using these funds in making commercial loans, residential mortgage loans, consumer loans, purchasing investment securities and others. These deposits are in the form of time, demand and savings accounts. Time deposits include certificates of deposit and individual retirement accounts. The Bank's demand and savings accounts include money market accounts, interest-bearing demand accounts (including a higher yielding checking account), club accounts, traditional statement savings accounts, and a higher yielding online savings account. It 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.
QNB Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Impairment Charges for Fourth Quarter of 2011