Upper Perkiomen Valley News

ARTICLE

Date ArticleType
5/16/2017 Press Release
QNB Corp. Reports Record Earnings for First Quarter 2017

QNB CORP. REPORTS
RECORD EARNINGS FOR FIRST QUARTER 2017

QUAKERTOWN, PA (April 25, 2017) QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank, reported net income for the first quarter of 2017 of $2,860,000, or $0.83 per share on a diluted basis, compared to net income of $2,265,000, or $0.67 per share on a diluted basis, for the same period in 2016. 

Total assets as of March 31, 2017 were $1,089,007,000 compared with $1,063,141,000 at December 31, 2016. Loans receivable at March 31, 2017 were $659,039,000 compared with $633,079,000 at December 31, 2016, an increase of $25,960,000, or 4.1%.  Total deposits at March 31, 2017 were $942,891,000, increasing $29,536,000, or 3.2%, compared with $913,355,000 at December 31, 2016.

“We are pleased with our record-setting earnings in first quarter 2017 with net income and earnings per share growing 26.3% and 23.9%, respectively,” said David W. Freeman, President and Chief Executive Officer.  “The loan, deposit, and household growth we saw in 2016 was sustained during first quarter 2017.  Asset quality remains strong.”

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