QNB Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 25, 2013 at 04:35 pm EST
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QNB Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, interest income was $8,849,000 against $8,633,000 for the same period a year ago. Net interest income was $6,595,000 against $6,938,000 for the same period a year ago, net interest income continues to be negatively impacted by declining yields on earning assets resulting from the prolonged low interest rate environment and the low level of loan demand by both businesses and consumers. Income before income taxes was $2,675,000 against $2,344,000 for the same period a year ago. Net income $2,125,000 against $1,912,000 for the same period a year ago. Basic and diluted earnings per share were $0.66 against $0.60 for the same period a year ago. Return on average total assets was 0.92% against 0.87% for the same period a year ago. Return on average stockholders' equity was 11.63% against 11.50% for the same period a year ago.
For the year, interest income was $33,348,000 against $36,217,000 for the same period a year ago. Net interest income was $26,900,000 against $28,126,000 for the same period a year ago, the factors that were discussed in the analysis of the quarterly comparison above are also the primary factors in the year-to-date net interest income comparison: strong deposit growth, change in the mix of earning assets with investment securities representing a larger portion of earning assets and a lower net interest margin. Income before income taxes was $11,784,000 against $11,356,000 for the same period a year ago. Net income $9,175,000 against $8,880,000 for the same period a year ago. Diluted earnings per share were $0.2.86 against $2.81 for the same period a year ago. Book value per share as at December 31, 2012 was $24.05 against $22.32 at the same period a year ago. Return on average total assets was 1.03 % against 1.06% for the same period a year ago. Return on average stockholders' equity was 13.07% against 13.99% for the same period 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.