QNB Corp. - QNBC STOCK NEWS

QNB Corp. declares a quarterly cash dividend of $0.37 per share, payable on March 28, 2024, to shareholders of record on March 15, 2024. The parent company of QNB Bank offers commercial and retail banking services through twelve banking offices. Stock trades under the symbol 'QNBC.'

QNB Corp. reported a decline in net income for the fourth quarter of 2023 compared to the same period in 2022. The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., also declined due to interest margin compression. The company reported a decrease in net interest income, an increase in non-interest expense, and a pre-tax loss of $1.8 million due to restructuring of the investment portfolio. Total assets increased, while total available-for-sale debt securities decreased. The CEO mentioned the impact of rising interest rates on the company's margin and net interest income. The company's net interest margin and non-interest income also decreased, while non-interest expenses increased. The provision for credit losses on loans and the allowance for credit losses decreased, and the company saw an increase in net loan recoveries. Total non-performing loans and commercial loans classified as substandard or doubtful loans decreased. However, total non-interest income, including fees for services to customers and retail brokerage and advisory income, decreased. Total non-interest expense, including salaries and benefits expense, net occupancy and furniture and equipment expense, and other non-interest expenses, increased. The effective tax rate decreased for the quarter and twelve months ended December 31, 2023.

QNB Corp. (QNBC) declares a quarterly cash dividend of $0.37 per share. The cash dividend is payable on December 29, 2023, to shareholders of record on December 15, 2023. QNB Corp. offers commercial and retail banking services through its subsidiary, QNB Bank.

QNB Corp. reports net income of $2.34 million for Q3 2023, a decrease compared to the same period in 2022. The decline is attributed to interest margin compression, increased provision for credit losses, and higher non-interest expenses. Total assets as of September 30, 2023, were $1.68 billion.

QNB Corp. declares quarterly cash dividend of $0.37 per share, payable on September 29, 2023.