Welcome to our dedicated page for QNB news (Ticker: QNBC), a resource for investors and traders seeking the latest updates and insights on QNB stock.
QNB Corp. reports news as the parent company of QNB Bank, a community banking subsidiary that provides commercial and retail banking services in Bucks, Montgomery, and Lehigh Counties. The company’s updates commonly cover consolidated operating results, quarterly cash dividends, capital-structure matters, shareholder voting topics, and governance developments, including board appointments.
Recent company disclosures also include material agreements and corporate actions involving QNB Corp. and its bank subsidiary. QNBC trades on the OTCQX market, and its news flow is centered on banking operations, financial performance, shareholder returns, and formal corporate governance activity.
QNB Corp. (QNBC) reported net income of $3,338,000, or $0.91 per diluted share, for the third quarter of 2024, compared to $2,344,000, or $0.65 per diluted share, for the same period in 2023. The company's performance improved due to:
1. A $1,182,000 increase in net interest income
2. A $300,000 decrease in provision for credit losses
3. A $37,000 decrease in non-interest expense
These gains were partially offset by a $96,000 decrease in non-interest income. The net interest margin increased to 2.48% from 2.38% year-over-year. Total assets grew to $1,841,563,000, with loans receivable increasing by 7.1% and deposits by 9.2%. The company also issued $40,000,000 of subordinated debt, strengthening its capital position.
QNB Corp. (OTC: QNBC), parent company of QNB Bank, has successfully completed a private placement of $40 million in fixed-to-floating rate subordinated notes. The notes, qualifying as Tier 2 capital, were oversubscribed by nearly two times, demonstrating strong investor demand. Initially bearing an interest rate of 8.875% per annum until September 1, 2029, the notes will then reset quarterly based on the three-month SOFR plus a spread. The offering provides QNB with cost-effective capital to support growth and potential strategic opportunities without diluting current shareholders. Maturing on September 1, 2034, the notes offer redemption options after the fifth anniversary. This marks QNB's first institutionally led capital raise, highlighting the strength of its franchise.
QNB Corp. (OTC: QNBC), the parent company of QNB Bank, has announced its Q3 2024 dividend. The Board of Directors declared a quarterly cash dividend of $0.37 per share, payable on September 27, 2024, to shareholders of record as of September 13, 2024. QNB Corp. operates through its subsidiary, QNB Bank, offering commercial and retail banking services via twelve banking offices. The company's stock is traded over-the-counter under the symbol 'QNBC'.
QNB Corp. (QNBC) reported net income of $2,465,000, or $0.67 per diluted share, for Q2 2024, compared to $1,887,000, or $0.52 per diluted share, in Q2 2023. The bank's performance improved due to a $1,246,000 increase in net interest income, decreased provision for credit losses, and a $172,000 increase in non-interest income. Total assets reached $1,761,487,000 as of June 30, 2024. Loans receivable increased by 6.3% to $1,162,310,000, while total deposits grew by 5.7% to $1,572,839,000. The net interest margin improved to 2.46% in Q2 2024, up from 2.27% in Q2 2023. The company also strategically sold lower-yielding securities and reinvested in higher-yielding assets.
On May 21, 2024, QNB Corp. (OTC: QNBC), the parent company of QNB Bank, announced a quarterly cash dividend of $0.37 per share. The Board of Directors declared that the dividend would be payable on June 28, 2024, to shareholders recorded by June 14, 2024. QNB Corp. provides commercial and retail banking services through its twelve branches of QNB Bank. The company's stock is traded over-the-counter under the ticker 'QNBC'.
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