QNB Corp Q2 net income falls on Victory Bancorp acquisition
QNBC•Outlook
The company did not provide specific guidance for the current quarter or full year.
Key Q2 figures
| Metric | Actual |
|---|---|
| Q2 net income | $3.01 million |
| Q2 net interest income | $18.35 million |
| Q2 net interest margin | 3.16% |
| Q2 pretax profit | $3.83 million |
Result drivers
- Victory Bancorp acquisition — QNB said the Victory Bancorp acquisition expanded assets, loans, and deposits and contributed to Q2 results.
- Higher net interest income — QNB said Q2 net interest income rose due to higher loan balances and improved yields, especially in commercial real estate.
- Increased non-interest income — QNB said non-interest income rose in Q2, led by higher customer fees and gains on securities.
Q2 net income fell on merger costs, but adjusted EPS rose
QNB Corp said second-quarter net income fell on merger costs, but adjusted EPS rose year over year.
The U.S. community bank said second-quarter net interest income and margin increased, aided by the Victory Bancorp acquisition. The deal expanded assets, loans, and deposits in the quarter.
