QNB Corp. Reports 2018 Earnings

Quakertown, PA (January 25, 2019) QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the fourth quarter of 2018 of $2,327,000, or $0.67 per share on a diluted basis. This compares to net income of $489,000, or $0.14 per share on a diluted basis, for the same period in 2017. For the year ended December 31, 2018, QNB reported net income of $11,335,000, or $3.25 per share on a diluted basis. This compares to net income of $8,289,000, or $2.41 per share on a diluted basis, reported for the same period in 2017. For the year 2018 the rate of return on average assets and average shareholders’ equity was 0.96% and 10.47%, respectively, compared with 0.74% and 8.17%, respectively, for the year 2017. Both quarterly and year-to-date results in both years were impacted by 2017 tax reform, enacted in December 2017, detailed below in the “Income Tax” section of this earnings release.