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QNB Corp. Reports Earnings for Fourth Quarter 2024

QUAKERTOWN, Pa., Jan. 21, 2025 (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 fourth quarter of 2024 of $3,051,000, or $0.83 per share on a diluted basis.  This compares to net income of $1,134,000, or $0.31 per share on a diluted basis, for the same period in 2023.  For the twelve months ended December 31, 2024, QNB reported net income of $11,488,000, or $3.12 per share on a diluted basis.  This compares to net income of $9,483,000, or $2.63 per share on a diluted basis, reported for the same period in 2023.

For the fourth quarter of 2024, the annualized rate of return on average assets and average shareholders’ equity was 0.61% and 7.36%, respectively, compared with 0.25% and 2.83%, respectively, for the fourth quarter 2023. 

The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., improved for the quarter ended December 31, 2024, in comparison with the same period in 2023, due primarily to improvement in the interest margin causing a $1,621,000 increase in net interest income, decreased provision for credit losses on loans and unfunded commitments of $548,000 and an increase in non-interest income of $1,814,000; this was partly offset by an increase in non-interest expense of $303,000.  The change in contribution from QNB Corp. for the quarter ended December 31, 2024, compared with the same period in 2023, is primarily due to a decrease in net interest income of $838,000, related to the subordinated debt issuance in 2024, and fewer unrealized gains on the equity portfolio; partly offset by less losses on sales of equity securities.

The following table presents disaggregated net income (loss):   

  Three months ended,           Twelve months ended,        
  12/31/2024     12/31/2023     Variance     12/31/2024     12/31/2023     Variance  
QNB Bank $ 3,771,000     $ 827,000     $ 2,944,000     $ 12,237,000     $ 9,395,000     $ 2,842,000  
QNB Corp   (720,000 )     307,000       (1,027,000 )     (789,000 )     88,000       (877,000 )
Consolidated net income $ 3,051,000     $ 1,134,000     $ 1,917,000     $ 11,448,000     $ 9,483,000     $ 1,965,000  


Total assets as of December 31, 2024 were $1,870,894,000 compared with $1,706,318,000 at December 31, 2023. Total available-for-sale debt securities increased $56,378,000, or 11.5%, to $546,559,000, primarily due to purchases of higher-yielding securities to offset the cost of the $40,000,000 of subordinated debt issued in the third quarter of 2024. Loans receivable increased $122,515,000, or 11.2%, to $1,216,048,000. Total deposits increased $139,828,000, or 9.4%, to $1,628,541,000. Short-term borrowing declined $50,250,000, or 53.4%. Long term debt increased $20,000,000 and the carrying value of the subordinated debt, net of deferred costs, was $39,068,000 at December 31, 2024.

“We are pleased with the strong growth and quality of our business throughout 2024, resulting in a $1.9 million increase in earnings vs. the prior year,” said David W. Freeman, President and Chief Executive Officer. Freeman continued, “Assets increased by 9.6% during the year, driven by growth in our loan portfolio. Although deposit growth slowed in the 4th quarter, we finished the year with an increase of 9.4% in deposits over the prior year. We are focused on top-line growth, prudent use of capital, and managing our balance sheet. As a result of disciplined management, we continued to realize improvement in Net Interest Income. We will continue to capitalize on market opportunities and are optimistic moving into 2025.”

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended December 31, 2024 totaled $10,975,000, an increase of $783,000, from the same period in 2023. Net interest margin was 2.38% for the fourth quarter of 2024 and 2.36% for the same period in 2023. Net interest margin was 2.43% for the twelve months ended December 30, 2024, compared with 2.39% for the same period in 2023.  

The yield on earning assets was 4.78% for the fourth quarter of 2024, compared with 4.44% in the fourth quarter of 2023; an increase of 34 basis points.  For the twelve-month period ended December 31, 2024, the yield on earning assets was 4.73%, compared with 4.09% for the same period in 2023.  The cost of interest-bearing liabilities was 2.91% for the quarter ended December 31, 2024, compared with 2.55% for the same period in 2023, an increase of 36 basis points.  For the twelve-month period ended December 31, 2024, the cost of interest-bearing liabilities was 2.80% compared with 2.11% for the same period in 2023.

Proceeds from the growth in average deposits, paydowns on investment securities and from the issuance of both long-term and subordinated debt over the past year were invested in loans and other interest earning assets, reinvested in higher-yielding securities and used to pay down short-term borrowings.  Loan growth was primarily in commercial real estate, which comprised 45% of average earning assets in the twelve months of 2024 compared with 42% for the same period in 2023, and the increases in both rates and volume in commercial real estate loans majorly contributed to the 50 basis-point increase in the yield on loans.  The decline in the available-for-sale portfolio was primarily in mortgage-backed securities, which comprised 20% of average earnings assets in the twelve months of 2024 compared with 23% for the same period in 2023.  The 57-basis point increase in rate on investments was primarily due to the impact of the interest rate swaps entered into at the end of the second quarter of 2023 and the investment in higher-yielding securities, contributing to the increase in net interest margin.  The 70 basis-point increase in the rate paid on deposits and the issuance of subordinated debt were the primary contributors to the increase in the cost of funds of 69 basis points.

Asset Quality, Provision for Credit Losses on Loans and Allowance for Credit Losses

QNB recorded a $242,000 reversal in the provision for credit losses on loans in the fourth quarter of 2024 compared to $291,000 in additional provision in the fourth quarter of 2023.  QNB's allowance for credit losses on loans of $8,744,000 represents 0.72% of loans receivable at December 31, 2024, compared to $8,852,000, or 0.81% of loans receivable at December 31, 2023.  The nine basis point decrease in the allowance for credit losses on loans was primarily due to improvements in the economic outlook. Net loan charge-offs were $1,000 for the quarter ended December 31, 2024, compared with recoveries of $19,000 for the same period in 2023.  Annualized net loan charge-offs for the quarter ended December 31, 2024 were 0.00% and annualized net loan recoveries were 0.01% for the quarter ended December 31, 2023, of average loans receivable, respectively.  Net loan charge-offs of $59,000 for the twelve months ended December 31, 2024, compared with recoveries of $238,000 for the same period in 2023, were primarily due to two large commercial customers.  Annualized net loan charge-offs for the twelve months ended December 31, 2024 were 0.01%, compared to annualized net loan recoveries of 0.02% for the same period in 2023, of average loans receivable, respectively.

Total non-performing loans, which represent loans on non-accrual status and loans past due 90 days or more and still accruing interest, were $1,975,000, or 0.16% of loans receivable at December 31, 2024, compared with $1,940,000, or 0.18% of loans receivable at December 31, 2023.  In cases where there is a collateral shortfall on non-accrual loans, specific reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement.  At December 31, 2024, $1,178,000, or approximately 60% of the loans classified as non-accrual, are current or past due less than 30 days.  Commercial loans classified as substandard or doubtful loans totaled $27,652,000 at December 31, 2024, compared with $11,610,000 at December 31, 2023; these were comprised primarily of commercial real estate loans.

Non-Interest Income

Total non-interest income was $1,645,000 for the fourth quarter of 2024 compared with $283,000 for the same period in 2023.  Net realized and unrealized gain/loss on securities were a net gain of $70,000 for the quarter ended December 31, 2024 compared to a net loss of $1,358,000 in the same period in 2023.  During the fourth quarter of 2024, QNB sold all remaining equity securities and reversed the unrealized gains and losses on equity securities and recorded realized gains and losses on sales.  The Bank also sold lower yielding securities to better position its net interest margin.

Fees for service to customers increased $40,000 for the quarter ended December 31, 2024, as overdraft fees increased $20,000 and other deposit-related fees increased $20,000.  ATM and debit card increased $21,000 due to volume.  Retail brokerage and advisory income decreased $89,000 to $118,000 for the same period, due to a decrease in customer balances following employee turnover.  Other non-interest income decreased $24,000 for the same period due to a decline in merchant fee income of $14,000 and less letter of credit fees of $9,000.  

For the twelve months ended December 31, 2024, non-interest income was $6,913,000, an increase of $2,076,000 compared to the same period in 2023.  Net realized and unrealized gains (losses) on securities were a net gain of $704,000 for the year ended December 31, 2024 compared to a net loss of $1,827,000 in the same period in 2023.  QNB completed the exchange offer to convert the Bank's Visa B-1 shares to B-2 and C shares in the second quarter of 2024; QNB sold the Visa Class C shares in the fourth quarter of 2024 and realized a gain of $1,498,000.  QNB sold its other equity securities and realized a gain of $517,000 during the twelve months ended December 31, 2024 compared to a loss of $19,000 for the same period of 2023.  Realized gain/loss on sale of available-for-sale debt securities was a loss of $2,230,000, a decline of $172,000 for the twelve months ended December 31, 2024, compared with the same period in 2023.  Net gain on sale of loans increased $13,000 when comparing the twelve months ended December 31, 2024 with the same period in 2023.  Increases in non-interest income for the twelve months ended December 31, 2024 compared to the same period in 2023 comprise:  fees for services to customers which increased $119,000 and ATM and debit card income of $5,000.  Decreases in non-interest income comprised:  retail brokerage and advisory income, merchant income, and other which decreased $386,000, $46,000 and $206,000, respectively.  Other non-interest income decreased the $206,000 due primarily to a sales tax refund of $117,000 received in 2023, losses on disposals of furniture and equipment, mortgage servicing fees and letter of credit fees.    

Non-Interest Expense

Total non-interest expense was $9,081,000 for the fourth quarter of 2024 compared with $8,746,000 for the same period in 2023.  Salaries and benefits expense increased $362,000, or 7.7%, to $5,079,000 when comparing the two quarters.  Salary expense and related payroll taxes increased $518,000, or 13.2%, to $4,430,000 during the fourth quarter of 2024 compared to the same period in 2023, primarily due to bonuses related to financial goal improvement.  Benefits expense decreased $165,000, or 37.1%, when comparing the two periods primarily due to a reduction in medical costs and stop-loss reimbursements.

Net occupancy and furniture and equipment expense increased $176,000, or 11.9%, to $1,653,000 for the fourth quarter of 2024 primarily due to software maintenance costs and depreciation.  Other non-interest expense decreased $203,000, or 8.0%, when comparing fourth quarter of 2024 with the same period in 2023 due to a decrease in write-offs relating to fraud on customer accounts of $215,000 and a decrease in FDIC insurance of $185,000, partly offset by increases in marketing expense of $67,000, third-party service expenses of $64,000, and debit card expense of $63,000.

For the twelve months ended December 31, 2024, non-interest expense was $35,484,000, an increase of $1,375,000, or 4.0%, compared to the same period in 2024.

Income Taxes

Provision for income taxes increased $441,000 to $743,000 in the fourth quarter of 2024 due to increased pre-tax income, compared with the same period in 2023.  The effective tax rate for the quarter ended December 31, 2024 was 19.6% compared with 21.0% for the same period in 2023.  The effective tax rate for the twelve months ended December 31, 2024 was 20.3% compared with 19.1% for the same period in 2023. 

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.

Contacts: David W. Freeman Jeffrey Lehocky
  President & Chief Executive Officer Chief Financial Officer
  215-538-5600 x-5619 215-538-5600 x-5716
  dfreeman@QNBbank.com jlehocky@QNBbank.com



QNB Corp. 
Consolidated Selected Financial Data (unaudited) 
(Dollars in thousands)                    
Balance Sheet (Period End) 12/31/24   9/30/24   6/30/24   3/31/24   12/31/23  
Assets $ 1,870,894   $ 1,841,563   $ 1,761,487   $ 1,716,081   $ 1,706,318  
Cash and cash equivalents   50,713     104,232     76,909     50,963     62,657  
Investment securities                    
Debt securities, AFS   546,559     510,036     460,418     481,596     490,181  
Equity securities       2,760     7,233     6,217     5,910  
Loans held-for-sale   664     294     786         549  
Loans receivable   1,216,048     1,171,361     1,162,310     1,122,616     1,093,533  
Allowance for loan losses   (8,744 )   (8,987 )   (8,858 )   (8,738 )   (8,852 )
Net loans   1,207,304     1,162,374     1,153,452     1,113,878     1,084,681  
Deposits   1,628,541     1,626,284     1,572,839     1,536,188     1,488,713  
Demand, non-interest bearing   183,499     190,240     190,333     188,260     185,098  
Interest-bearing demand, money market and savings   1,063,584     1,055,409     1,003,813     990,451     988,634  
Time   381,458     380,635     378,693     357,477     314,981  
Short-term borrowings   43,844     22,918     49,066     55,088     94,094  
Long-term debt   40,000     30,000     30,000     20,000     20,000  
Subordinated debt   39,068     39,030              
Shareholders' equity   103,349     105,340     96,885     93,686     90,824  
                     
Asset Quality Data (Period End)                    
Non-accrual loans $ 1,975   $ 1,696   $ 2,078   $ 2,001   $ 1,940  
Loans past due 90 days or more and still accruing                    
Non-performing loans   1,975     1,696     2,078     2,001     1,940  
Other real estate owned and repossessed assets                    
Non-performing assets $ 1,975   $ 1,696   $ 2,078   $ 2,001   $ 1,940  
                     
Allowance for credit losses on loans $ 8,744   $ 8,987   $ 8,858   $ 8,738   $ 8,852  
                     
Non-performing loans / Loans excluding held-for-sale   0.16 %   0.14 %   0.18 %   0.18 %   0.18 %
Non-performing assets / Assets   0.11 %   0.09 %   0.12 %   0.12 %   0.11 %
Allowance for credit losses on loans / Loans excluding held-for-sale   0.72 %   0.77 %   0.76 %   0.78 %   0.81 %



QNB Corp.
Consolidated Selected Financial Data (unaudited)
(Dollars in thousands, except per share data) Three months ended,   Twelve months ended,
For the period: 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23   12/31/24 12/31/23
Interest income $ 22,209   $ 21,945   $ 20,345   $ 19,569   $ 19,257     $ 84,068   $ 69,082  
Interest expense   11,234     10,818     9,753     9,401     9,065       41,206     28,927  
Net interest income   10,975     11,127     10,592     10,168     10,192       42,862     40,155  
(Reversal in provision) provision for credit losses   (255 )   159     114     (86 )   293       (68 )   (844 )
Net interest income after provision  for credit losses   11,230     10,968     10,478     10,254     9,899       42,930     40,999  
Non-interest income:                
Fees for services to customers   454     469     427     420     414       1,770     1,651  
ATM and debit card   708     691     705     636     687       2,740     2,735  
Retail brokerage and advisory income   118     139     126     93     207       476     862  
Net realized gain (loss) on investment securities   1,414     224     (1,096 )   377     (2,262 )     919     (2,077 )
Unrealized (loss) gain on  equity securities   (1,344 )   143     1,016     (30 )   904       (215 )   250  
Net (loss) gain on sale of loans   (3 )   19     (2 )   15     11       29     16  
Other   298     282     289     325     322       1,194     1,400  
Total non-interest income   1,645     1,967     1,465     1,836     283       6,913     4,837  
Non-interest expense:                
Salaries and employee benefits   5,079     4,650     5,038     4,974     4,717       19,741     19,026  
Net occupancy and furniture and equipment   1,653     1,531     1,481     1,515     1,477       6,180     5,825  
Other   2,349     2,455     2,415     2,344     2,552       9,563     9,258  
Total non-interest expense   9,081     8,636     8,934     8,833     8,746       35,484     34,109  
Income before income taxes   3,794     4,299     3,009     3,257     1,436       14,359     11,727  
Provision for income taxes   743     961     544     663     302       2,911     2,244  
Net income $ 3,051   $ 3,338   $ 2,465   $ 2,594   $ 1,134     $ 11,448   $ 9,483  
                 
Share and Per Share Data:                
Net income - basic $ 0.83   $ 0.91   $ 0.67   $ 0.71   $ 0.31     $ 3.12   $ 2.63  
Net income - diluted $ 0.83   $ 0.91   $ 0.67   $ 0.71   $ 0.31     $ 3.12   $ 2.63  
Book value $ 27.96   $ 28.57   $ 26.34   $ 25.57   $ 24.86     $ 27.96   $ 24.86  
Cash dividends $ 0.37   $ 0.37   $ 0.37   $ 0.37   $ 0.37     $ 1.48   $ 1.48  
Average common shares outstanding -basic   3,688,078     3,679,799     3,665,695     3,655,176     3,642,096       3,672,251     3,610,713  
Average common shares outstanding -diluted   3,695,518     3,682,773     3,665,695     3,655,176     3,642,096       3,673,697     3,610,713  
Selected Ratios:                
Return on average assets   0.64 %   0.72 %   0.55 %   0.58 %   0.25 %     0.62 %   0.54 %
Return on average shareholders' equity   7.36 %   8.13 %   6.14 %   6.51 %   2.83 %     7.05 %   6.04 %
Net interest margin (tax equivalent)   2.38 %   2.48 %   2.46 %   2.39 %   2.36 %     2.43 %   2.39 %
Efficiency ratio (tax equivalent)   71.16 %   65.28 %   73.26 %   72.73 %   82.38 %     70.50 %   74.84 %
Average shareholders' equity to total average assets   8.63 %   8.80 %   8.97 %   8.98 %   8.93 %     8.84 %   8.99 %
Net loan charge-offs (recoveries) $ 1   $ 25   $ 12   $ 21   $ (19 )   $ 59   $ (238 )
Net loan charge-offs (recoveries) -  annualized / Average loans excluding  held-for-sale   0.00 %   0.01 %   0.00 %   0.01 %   -0.01 %     0.01 %   -0.02 %
Balance Sheet (Average)                
Assets $ 1,908,914   $ 1,856,034   $ 1,798,040   $ 1,778,585   $ 1,779,627     $ 1,835,650   $ 1,748,029  
Investment securities (AFS &  Equities)   614,329     552,323     569,135     578,615     604,292       578,626     628,380  
Loans receivable   1,193,949     1,158,731     1,139,874     1,108,836     1,072,616       1,150,489     1,040,121  
Deposits   1,635,629     1,600,925     1,542,661     1,497,692     1,490,244       1,569,494     1,455,517  
Shareholders' equity   164,823     163,274     161,340     159,739     158,987       162,304     157,126  



QNB Corp. (Consolidated)  
Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis)  
                           
  Three Months Ended  
  December 31, 2024     December 31, 2023  
  Average   Average         Average   Average      
  Balance   Rate   Interest     Balance   Rate   Interest  
Assets                          
Investment securities:                          
   U.S. Treasury $ 20,207     4.86 % $ 247     $ 7,255     5.19 % $ 95  
   U.S. Government agencies   75,958     1.18     224       95,852     1.13     270  
   State and municipal   105,522     2.89     763       108,771     3.64     991  
   Mortgage-backed and CMOs   364,229     2.55     2,318       380,666     2.72     2,584  
   Corporate debt securities and mutual funds   47,774     5.78     691       6,708     4.40     74  
   Equities   639     4.30     7       5,040     4.98     63  
     Total investment securities   614,329     2.77     4,250       604,292     2.70     4,077  
Loans:                          
  Commercial real estate   845,700     5.69     12,104       751,629     5.18     9,809  
  Residential real estate   112,872     4.27     1,205       109,048     3.89     1,062  
  Home equity loans   68,735     6.76     1,168       60,599     6.76     1,032  
  Commercial and industrial   144,528     7.39     2,685       128,440     7.31     2,367  
  Consumer loans   3,505     9.16     81       3,732     7.71     72  
  Tax-exempt loans   18,799     4.00     189       19,556     3.66     180  
     Total loans, net of unearned income*   1,194,139     5.81     17,432       1,073,004     5.37     14,522  
Other earning assets   52,988     5.02     669       57,432     5.52     800  
     Total earning assets   1,861,456     4.78     22,351       1,734,728     4.44     19,399  
Cash and due from banks   13,747               13,539          
Allowance for loan losses   (9,166 )             (8,668 )        
Other assets   42,877               40,028          
     Total assets $ 1,908,914             $ 1,779,627          
                           
Liabilities and Shareholders' Equity                          
Interest-bearing deposits:                          
  Interest-bearing demand $ 373,270     1.05 %   982     $ 321,858     0.83 %   673  
  Municipals   166,210     4.32     1,807       141,524     4.78     1,704  
  Money market   251,758     3.14     1,985       223,646     3.39     1,910  
  Savings   273,473     1.28     882       305,502     1.27     979  
  Time < $100   177,265     4.00     1,781       144,386     3.39     1,234  
  Time $100 through $250   156,535     4.52     1,780       116,054     4.05     1,183  
  Time > $250   46,783     4.57     538       42,485     3.78     404  
     Total interest-bearing deposits   1,445,294     2.69     9,755       1,295,455     2.48     8,087  
Short-term borrowings   20,667     2.65     138       97,402     3.08     755  
Long-term debt   33,261     4.75     404       20,000     4.36     223  
Subordinated debt   39,045     9.39     937                
     Total borrowings   92,973     6.33     1,479       117,402     3.31     978  
     Total interest-bearing liabilities   1,538,267     2.91     11,234       1,412,857     2.55     9,065  
Non-interest-bearing deposits   190,335               194,789          
Other liabilities   15,489               12,994          
Shareholders' equity   164,823               158,987          
    Total liabilities and                          
       shareholders' equity $ 1,908,914             $ 1,779,627          
Net interest rate spread       1.87 %             1.89 %    
Margin/net interest income       2.38 % $ 11,117           2.36 % $ 10,334  
Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of 21%  
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)  
                           
  Twelve Months Ended  
  December 31, 2024     December 31, 2023  
  Average   Average         Average   Average      
  Balance   Rate   Interest     Balance   Rate   Interest  
Assets                          
Investment securities:                          
U.S. Treasury $ 11,682     5.00 % $ 584     $ 4,535     5.06 % $ 229  
U.S. Government agencies   80,332     1.17     942       100,409     1.11     1,119  
State and municipal   106,806     3.39     3,623       109,598     2.89     3,164  
Mortgage-backed and CMOs   357,977     2.68     9,580       399,599     2.14     8,555  
Corporate debt securities and mutual funds   17,560     5.76     1,012       6,655     4.40     293  
Equities   4,269     3.88     166       7,584     4.22     320  
Total investment securities   578,626     2.75     15,907       628,380     2.18     13,680  
Loans:                          
Commercial real estate   810,525     5.53     44,805       713,294     4.89     34,900  
Residential real estate   110,320     4.12     4,542       107,379     3.73     4,005  
Home equity loans   65,714     6.81     4,475       58,144     6.52     3,794  
Commercial and industrial   141,998     7.52     10,682       137,966     7.50     10,344  
Consumer loans   3,635     8.12     295       3,889     7.29     283  
Tax-exempt loans   18,507     3.90     721       19,876     3.56     707  
Total loans, net of unearned income*   1,150,699     5.69     65,520       1,040,548     5.19     54,033  
Other earning assets   59,734     5.36     3,199       34,816     5.61     1,953  
Total earning assets   1,789,059     4.73     84,626       1,703,744     4.09     69,666  
Cash and due from banks   13,847               13,918          
Allowance for loan losses   (8,965 )             (8,820 )        
Other assets   41,709               39,187          
Total assets $ 1,835,650             $ 1,748,029          
                           
Liabilities and Shareholders' Equity                          
Interest-bearing deposits:                          
Interest-bearing demand $ 346,590     0.93 %   3,225     $ 315,990     0.60 %   1,900  
Municipals   146,446     4.64     6,794       131,610     4.46     5,867  
Money market   237,071     3.45     8,181       183,004     2.64     4,823  
Savings   285,011     1.28     3,651       348,878     1.20     4,187  
Time < $100   170,998     3.98     6,808       121,622     2.63     3,194  
Time $100 through $250   145,022     4.53     6,570       107,560     3.59     3,859  
Time > $250   49,831     4.51     2,247       38,076     3.08     1,171  
Total interest-bearing deposits   1,380,969     2.71     37,476       1,246,740     2.01     25,001  
Short-term borrowings   48,526     2.37     1,148       108,862     3.01     3,273  
Long-term debt   27,869     4.67     1,322       15,712     4.10     653  
Subordinated debt   13,262     9.34     1,260                
Total borrowings   89,657     4.16     3,730       124,574     3.15     3,926  
Total interest-bearing liabilities   1,470,626     2.80     41,206       1,371,314     2.11     28,927  
Non-interest-bearing deposits   188,525               208,777          
Other liabilities   14,195               10,812          
Shareholders' equity   162,304               157,126          
Total liabilities and                          
shareholders' equity $ 1,835,650             $ 1,748,029          
Net interest rate spread       1.93 %             1.98 %    
Margin/net interest income       2.43 % $ 43,420           2.39 % $ 40,739  
Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of 21%  
Non-accrual loans and investment securities are included in earning assets.  
* Includes loans held-for-sale                          

Contacts:

David W. Freeman
President & Chief Executive Officer
215-538-5600 x-5619
dfreeman@QNBbank.com

Jeffrey Lehocky
Chief Financial Officer
215-538-5600 x-5716
jlehocky@QNBbank.com

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