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QNB Corp. (QNBC-0.96%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details QNB Corp.'s financial performance, including an increase in net income to $11,448,000 for 2024, compared to $9,483,000 in 2023. The earnings per share on a diluted basis were $3.12 for 2024, up from $2.63 in the previous year.
Net interest income rose to $42,862,000 in 2024, a 6.74% increase from the prior year. This was driven by higher interest rates and increased loan volumes. The net interest margin increased to 2.43% from 2.39% in 2023.
Non-interest income increased by 42.9% to $6,913,000 in 2024, primarily due to gains on sales of investment securities. However, fees for services to customers and ATM and debit card income remained relatively stable.
Non-interest expense rose by 4.0% to $35,484,000 in 2024, with increases in salaries and employee benefits and furniture and equipment expenses. The efficiency ratio improved to 70.5% from 74.8% in 2023.
Total assets increased to $1,870,894,000 by the end of 2024, up from $1,706,318,000 at the end of 2023. This growth was supported by a rise in loans receivable, which grew by 11.2% to $1,216,048,000.
QNB Corp. reported total deposits of $1,628,541,000 at year-end 2024, reflecting a 9.4% increase from 2023. The loan-to-deposit ratio was 74.7%.
The company's capital position was strong, with shareholders' equity increasing to $103,349,000. The total regulatory capital ratio was 15.56%, well above the minimum requirements.
The filing also highlighted QNB Corp.'s participation in the Federal Home Loan Bank System, which provides additional liquidity. As of December 31, 2024, QNB had $442,339,000 in borrowing capacity with the FHLB.
QNB Corp. continues to focus on its core banking operations, with a single operating segment providing commercial and retail banking services in southeastern Pennsylvania.
The company identified no material legal proceedings and reported no significant cybersecurity incidents during the year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the QNB Corp. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.