QNB Corp. Q1 2022 net income falls 27% to $3.71M; EPS $1.04 vs $1.42 YoY

QNB CORP.

2022-Q1 EPS reported $1.04

Net income $3.71M, down from $5.05M in Q1 2021; diluted EPS $1.04 vs $1.42.
Net interest margin compressed to 2.71% from 3.07%, as lower-yielding securities increased to 42.7% of earning assets.
Non-interest income dropped $1.79M to $1.61M, driven by $1.1M unrealized securities loss and $352K lower loan-sale gains.
No provision for loan losses; non-performing loans stable at 1.26% of loans; allowance for loan losses at 1.21%.
Total deposits up $2M to $1.45B; loans ex-PPP grew $7.9M; total assets $1.65B.

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