QUAKERTOWN, Pa., April 26, 2022 (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 first quarter of 2022 of $3,710,000, or $1.04 per share on a diluted basis. This compares to net income of $5,050,000, or $1.42 per share on a diluted basis, for the same period in 2021.
For the quarter ended March 31, 2022, the annualized rate of return on average assets and average shareholders’ equity was 0.90% and 10.60%, respectively, compared with 1.40% and 15.70%, respectively, for the first quarter 2021.
The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., declined for the quarter ended March 31, 2022 in comparison with the same period in 2021 due to reduced non-interest income. The change in contribution from QNB Corp. for the quarter ended March 31, 2022, compared with the same period in 2021, is primarily due to the change in fair value of the equities portfolio held at the holding company.
The following table presents disaggregated net income:
| Three months ended, | |||||||||||
| 3/31/2022 | 3/31/2021 | Variance | |||||||||
| QNB Bank | $ | 3,708,000 | $ | 4,038,000 | $ | (330,000 | ) | ||||
| QNB Corp | 2,000 | 1,012,000 | (1,010,000 | ) | |||||||
| Consolidated net income | $ | 3,710,000 | $ | 5,050,000 | $ | (1,340,000 | ) | ||||
Total assets as of March 31, 2022 were $1,647,986,000 compared with $1,673,340,000 at December 31, 2021. Total available for sale debt securities decreased $35,514,000, or 5.1%, to $656,846,000, due primarily to the reduction in fair value of the portfolio, in response to the rise in interest rates during the period. Total deposits increased $2,008,000 to $1,451,753,000. The Bank participated in both rounds of the Small Business Administration’s Paycheck Protection Program (“PPP”). Loans receivable, excluding PPP, grew $7,900,000 to approximately $920,500,000 since December 31, 2021.
“The quarter, while not record-setting, provided solid shareholder returns of $1.04 per share. We…
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