QNB Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 26, 2016 at 04:24 pm EST
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QNB Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company announced interest income of $8,184,000 compared to $7,814,000 for the same period a year ago. Net interest income was $7,025,000 compared to $6,651,000 for the same period a year ago. Income before income taxes was $2,514,000 compared to $3,217,000 for the same period a year ago. Net income was $1,943,000 or $0.58 per basic and diluted share compared to $2,486,000 or $0.75 per basic and diluted share for the same period a year ago. Return on average assets was 0.75% compared to 1.00% for the same period a year ago. Return on average shareholders' equity was 8.50% compared to 11.61% for the same period a year ago.
For the full year, the company announced interest income of $31,875,000 compared to $30,670,000 for the same period a year ago. Net interest income was $27,369,000 compared to $26,126,000 for the same period a year ago. Income before income taxes was $10,803,000 compared to $11,642,000 for the same period a year ago. Net income was $8,233,000 or $2.46 per diluted share compared to $8,998,000 or $2.72 per diluted share for the same period a year ago. Book value was $26.92 compared to $26.04 for the same period a year ago. Return on average assets was 0.83% compared to 0.95% for the same period a year ago. Return on average shareholders' equity was 9.29% compared to 10.89% for the same period a year ago.
For the fourth quarter ended December 31, 2015, the company announced net loan charge-offs of $255,000 compared to $765,000 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.
QNB Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015