QNB Corp Q1 net income $4.12M ($1.15 EPS) up 11% YoY; provision reversal boosts earnings

QNB CORP.

2023-Q1 EPS reported $1.15

Net income $4.12M, diluted EPS $1.15; YoY net income increased from $3.71M ($1.04 EPS).
Reversed $1.783M provision for credit losses on loans in Q1 2023 vs no provision in Q1 2022.
Net interest margin fell to 2.55% from 2.71% YoY on higher deposit costs (cost of funds +119bp).
Non-performing loans improved to 0.87% of loans from 0.88% at Dec 2022 and 1.26% a year ago.
Total assets $1.626B, down 2.5% from Dec 2022; deposits up $6.2M to $1.425B.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

QNB CORP. reported first quarter ended March 31, 2023 results: net income $4,118,000, EPS $1.15 per share on a diluted basis.

Period: first quarter ended March 31, 2023
Net income: $4,118,000
EPS: $1.15 per share on a diluted basis
Result: reported results

Exact text from the filing

QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the first quarter of 2023 of $4,118,000, or $1.15 per share on a diluted basis.

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Source: SEC EDGAR

accession 0000950170-23-014363

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