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QUAINT OAK BANCORP, INC. ANNOUNCES FOURTH QUARTER AND YEAR-END EARNINGS

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Quaint Oak Bancorp (QNTO) reported strong financial results for Q4 and full-year 2024. The company's Q4 net income reached $1.6 million ($0.60 per share), up 38.3% from $1.1 million in Q4 2023. Full-year 2024 net income was $2.8 million ($1.08 per share), a 38.4% increase from 2023.

Key highlights include a $1.5 million gain from a sale-leaseback transaction of their Allentown property and improved non-interest income. The bank's total risk-based capital ratio stood at 14.34%. Notable events include the sale of its 51% interest in Oakmont Capital Holdings in March 2024, resulting in a $1.4 million pretax gain.

The bank reported non-performing loans at 1.07% of total loans receivable, with an allowance for credit losses at 1.20%. Total assets decreased 9.1% to $685.2 million, while stockholders' equity increased by $4.1 million to $52.6 million.

Quaint Oak Bancorp (QNTO) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. Il reddito netto del quarto trimestre dell'azienda ha raggiunto 1,6 milioni di dollari (0,60 dollari per azione), in aumento del 38,3% rispetto a 1,1 milioni di dollari nel quarto trimestre del 2023. Il reddito netto per l'intero anno 2024 è stato di 2,8 milioni di dollari (1,08 dollari per azione), con un incremento del 38,4% rispetto al 2023.

I punti salienti includono un guadagno di 1,5 milioni di dollari derivante da una transazione di vendita e leasing della loro proprietà ad Allentown e un miglioramento dei ricavi non derivanti da interessi. Il rapporto totale di capitale basato sul rischio della banca si è attestato al 14,34%. Eventi notevoli includono la vendita della sua partecipazione del 51% in Oakmont Capital Holdings a marzo 2024, che ha generato un guadagno ante imposte di 1,4 milioni di dollari.

La banca ha riportato prestiti non performanti allo 1,07% del totale dei prestiti ricevebili, con una allocazione per perdite su crediti dell'1,20%. Gli attivi totali sono diminuiti del 9,1%, arrivando a 685,2 milioni di dollari, mentre il patrimonio netto degli azionisti è aumentato di 4,1 milioni di dollari, raggiungendo i 52,6 milioni di dollari.

Quaint Oak Bancorp (QNTO) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. El ingreso neto del cuarto trimestre de la compañía alcanzó los $1.6 millones ($0.60 por acción), un aumento del 38.3% respecto a $1.1 millones en el cuarto trimestre de 2023. El ingreso neto del año completo 2024 fue de $2.8 millones ($1.08 por acción), un incremento del 38.4% en comparación con 2023.

Los puntos destacados incluyen una ganancia de $1.5 millones de una transacción de venta y arrendamiento de su propiedad en Allentown y una mejora en los ingresos no por intereses. El ratio total de capital basado en riesgos del banco se situó en el 14.34%. Eventos notables incluyen la venta de su participación del 51% en Oakmont Capital Holdings en marzo de 2024, resultando en una ganancia antes de impuestos de $1.4 millones.

El banco reportó préstamos no rentables en el 1.07% del total de préstamos recepcionables, con una provisión para pérdidas crediticias del 1.20%. Los activos totales disminuyeron un 9.1% a $685.2 millones, mientras que el patrimonio de los accionistas aumentó en $4.1 millones, alcanzando los $52.6 millones.

Quaint Oak Bancorp (QNTO)� 2024� 4분기와 전체 연도� 대� 강력� 재무 실적� 보고했습니다. 회사� 4분기 순이익은 160� 달러 ($0.60 주당)�, 2023� 4분기 110� 달러� 비해 38.3% 증가했습니다. 2024� 전체 순이익은 280� 달러 ($1.08 주당)�, 2023� 대� 38.4% 증가했습니다.

주요 하이라이트에� Allentown 부동산� 매각 리스� 거래� 인한 150� 달러� 이익� 비이� 수익� 개선� 포함됩니�. 은행의 � 위험 기반 자본 비율은 14.34%� 나타났습니다. 주목� 만한 사건으로� 2024� 3� Oakmont Capital Holdings에서 51%� 지분을 매각하여 140� 달러� 세전 이익� 얻은 것입니다.

은행은 � 대� � 1.07%에서 비활� 대출이 보고되었�, 신용 손실� 대� 충당금은 1.20%였습니�. � 자산은 9.1% 감소하여 6� 8520� 달러� 이르렀�, 주주 자본은 410� 달러 증가하여 5260� 달러가 되었습니�.

Quaint Oak Bancorp (QNTO) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024. Le résultat net du quatrième trimestre de l'entreprise a atteint 1,6 million de dollars (0,60 dollar par action), en hausse de 38,3% par rapport à 1,1 million de dollars au quatrième trimestre 2023. Le résultat net pour l'année entière 2024 était de 2,8 millions de dollars (1,08 dollar par action), soit une augmentation de 38,4% par rapport à 2023.

Les points clés incluent un gain de 1,5 million de dollars provenant d'une transaction de vente-cession de leur propriété à Allentown et une amélioration du revenu non d'intérêts. Le ratio total de capital basé sur le risque de la banque s'élevait à 14,34%. Des événements notables incluent la vente de sa participation de 51% dans Oakmont Capital Holdings en mars 2024, entraînant un gain avant impôts de 1,4 million de dollars.

La banque a déclaré que les prêts non performants atteignaient 1,07% du total des créances, avec une provision pour pertes de crédit de 1,20%. Les actifs totaux ont diminué de 9,1%, s'élevant à 685,2 millions de dollars, tandis que les capitaux propres des actionnaires ont augmenté de 4,1 millions de dollars pour atteindre 52,6 millions de dollars.

Quaint Oak Bancorp (QNTO) hat im vierten Quartal und im gesamten Jahr 2024 starke finanzielle Ergebnisse gemeldet. Der Nettogewinn des Unternehmens im vierten Quartal erreichte 1,6 Millionen Dollar (0,60 Dollar pro Aktie), was einem Anstieg von 38,3% gegenüber 1,1 Millionen Dollar im vierten Quartal 2023 entspricht. Der Nettogewinn für das gesamte Jahr 2024 betrug 2,8 Millionen Dollar (1,08 Dollar pro Aktie), was einem Anstieg von 38,4% im Vergleich zu 2023 entspricht.

Wichtige Höhepunkte sind ein Gewinn von 1,5 Millionen Dollar aus einer Sale-Leaseback-Transaktion ihrer Immobilie in Allentown und verbesserte Erträge aus nichtzinsabhängigen Einnahmen. Die Gesamtquote des risikobasierten Kapitals der Bank lag bei 14,34%. Bemerkenswerte Ereignisse umfassen den Verkauf von 51% ihrer Beteiligung an Oakmont Capital Holdings im März 2024, was zu einem Gewinn vor Steuern von 1,4 Millionen Dollar üٱ.

Die Bank berichtete von notleidenden Krediten in Höhe von 1,07% der gesamten Forderungen, bei einer Rückstellung für Kreditausfälle von 1,20%. Die Gesamtaktiva sanken um 9,1% auf 685,2 Millionen Dollar, während das Eigenkapital der Aktionäre um 4,1 Millionen Dollar auf 52,6 Millionen Dollar stieg.

Positive
  • Q4 2024 net income increased 38.3% to $1.6 million
  • Full-year 2024 net income grew 38.4% to $2.8 million
  • $1.5 million gain from sale-leaseback transaction
  • $1.4 million pretax gain from sale of Oakmont Capital Holdings stake
  • Stockholders' equity increased $4.1 million to $52.6 million
Negative
  • Total assets decreased 9.1% to $685.2 million
  • Loans receivable decreased 13.7%
  • Total deposits decreased 12.4% to $553.3 million
  • Non-performing loans at 1.07% of total loans receivable
  • Interest rate spread decreased from 1.91% to 1.84% year-over-year

Southampton, PA , Jan. 31, 2025 (GLOBE NEWSWIRE) -- Quaint Oak Bancorp, Inc. (the “Company�) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank�), announced today net income for the quarter ended December 31, 2024 of $1.6 million, or $0.60 per basic and diluted share, compared to net income of $1.1 million, or $0.49 per basic and diluted share, for the same period in 2023. Net income for the year ended December 31, 2024 was $2.8 million, or $1.08 per basic and diluted share, compared to net income of $2.0 million, or $0.90 per basic and $0.89 per diluted share, for the same period in 2023.

Robert T. Strong, President and Chief Executive Officer stated, “I am pleased to report that our quarterly net income for the period ended December 31, 2024, of $1.6 million was an increase of 38.3% when compared to the income of the same period ended December 31, 2023. I am, additionally, pleased to report that our annual net income for the year ended December 31, 2024, of $2.8 million was an increase of 38.4% when compared to the income for the year ended December 31, 2023.�

Mr. Strong added, “Our non-interest income continued to improve for both the quarter ended December 31, 2024, and the year-end December 31, 2024, when compared to the same periods ended December 31, 2023. We completed the sale-leaseback of our property in Allentown, Pennsylvania during the fourth quarter of 2024 that resulted in a one-time $1.5 million .�

Mr. Strong continued, “As previously reported, we experienced a continuing minor weakness in the small business sector. Our non-performing loans as a percentage of total loans receivable, net was 1.07% at December 31, 2024. Our non-performing assets as a percentage of total assets at December 31, 2024, was 0.83%. Although not rising to a level of concern but one of continued monitoring, we have, however, increased our allowance for credit losses as a percentage of total loans receivable to 1.20% at year-end December 31, 2024. We also carry a percentage of 113.61% allowance for credit losses as a percent of non-performing loans.�

Mr. Strong commented, “As of year-end December 31, 2024, Quaint Oak Bank’s total risk-based capital ratio was 14.34%. In conjunction with earnings and improved liquidity and capital ratios, the Board of Directors, as previously announced, declared a dividend in the amount of $0.13 per share payable February 10, 2025.�

Mr. Strong concluded, “In closing, I am pleased that our stockholders� equity from continuing operations improved by over $4.0 million during the year 2024. As always, our current and continued business strategy focuses on long-term profitability and maintaining healthy capital ratios both of which reflect our strong commitment to shareholder value.�

On March 29, 2024, Quaint Oak Bank sold its 51% interest in Oakmont Capital Holdings, LLC (“OCH�). The decision was based on a number of strategic priorities and other factors. As a result of this action, the Company classified the operations of OCH as discontinued operations under ASC 205-20. The Consolidated Balance Sheets and Consolidated Statements of Income present discontinued operations for the year ended December 31, 2024 and retrospectively at December 31, 2023 and for prior periods. Included in discontinued operations for the year ended December 31, 2024 was a pretax gain of $1.4 million on the sale of the Company’s 51% interest in OCH.

Also on March 29, 2024, the Company discontinued the operations of Quaint Oak AG˹ٷ Estate, LLC (“Quaint Oak AG˹ٷ Estate�), a 100% wholly owned subsidiary of the Bank. Quaint Oak AG˹ٷ Estate was engaged in the real estate brokerage business.

Comparison of Quarter-over-Quarter Operating Results

Net income amounted to $1.6 million for the three months ended December 31, 2024, an increase of $437,000, or 38.3%, compared to net income of $1.1 million for the three months ended December 31, 2023. The increase in net income on a comparative quarterly basis was primarily the result of an increase in non-interest income of $1.8 million, a decrease in interest expense of $756,000, and a decrease in the net provision for income taxes of $166,000, partially offset by a decrease in interest income of $1.0 million, an increase in the provision for credit losses of $619,000, a decrease in net loss from discontinued operations of $488,000, and an increase in non-interest expense of $308,000.

The $1.0 million, or 9.5%, decrease in interest income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $94.3 million from $702.7 million for the three months ended December 31, 2023 to $608.4 million for the three months ended December 31, 2024 and had the effect of decreasing interest income $1.4 million. This decrease was partially offset by a 27 basis point increase in the average yield on loans receivable, net from 6.05% for the three months ended December 31, 2023 to 6.32% for the three months ended December 31, 2024, and had the effect of increasing interest income $412,000, and a $9.4 million increase in the average balance of due from banks � interest earning, which increased from $22.1 million for the three months ended December 31, 2023 to $31.5 million for the three months ended December 31, 2024, and had the effect of increasing interest income $92,000.

The $756,000, or 11.4%, decrease in interest expense for the three months ended December 31, 2024 over the comparable period in 2023 was driven by a $310,000, or 96.0%, decrease in the interest on Federal Home Loan Bank long-term borrowings due to a $29.8 million, or 89.5%, decrease in the average balance of Federal Home Loan Bank long-term borrowings which decreased from $33.3 million for the three months ended December 31, 2023 to $3.5 million for the three months ended December 31, 2024, combined with a $295,000, or 91.0%, decrease in the interest on Federal Home Loan Bank short-term borrowings due to an $18.1 million, or 88.9%, decrease in the average balance of Federal Home Loan Bank short-term borrowings which decreased from $20.4 million for the three months ended December 31, 2023 to $2.3 million for the three months ended December 31, 2024. Also contributing to the decrease in interest expense for the three months ended December 31, 2024 was a $192,000, or 3.5%, decrease in interest expense on deposits. The average interest rate spread increased from 1.52% for the three months ended December 31, 2023 to 1.88% for the three months ended December 31, 2024 while the net interest margin increased from 2.39% for the three months ended December 31, 2023 to 2.54% for the three months ended December 31, 2024.

The $619,000, or 204.3%, increase in the provision for credit losses for the three months ended December 31, 2024 over the three months ended December 31, 2023 was due to an increase in charge-offs during the three months ended December 31, 2024, partially offset by a decrease in loans receivable, net.

The $1.8 million, or 82.6%, increase in non-interest income for the three months ended December 31, 2024 over the comparable period in 2023 was primarily attributable to a $1.5 million gain on the sale and leaseback of the Company’s office building at 1710 Union Boulevard in Allentown, Pennsylvania, a $290,000, or 20.6%, increase in net gain on sale of loans, a $103,000, or 57.5%, increase in mortgage banking, equipment lending, and title abstract fees, an $80,000, or 65.6%, increase in gain on sale of SBA loans, and a $41,000, or 23.2%, increase in insurance commissions. These increases were partially offset by a $184,000, or 86.0%, decrease in other fees and service charges, and a $6,000, or 100.0%, decrease in real estate sales commissions, net.

The $308,000, or 5.7%, increase in non-interest expense for the three months ended December 31, 2024 over the comparable period in 2023 was primarily due to a $392,000, or 11.4%, increase in salaries and employee benefits expense, a $111,000, or 33.1%, increase in professional fees, a $90,000, or 28.7%, increase in data processing expense, a $47,000 increase in directors� fees and expenses, and a $25,000, or 33.3%, increase in advertising expense. These increases were partially offset by a $183,000, or 33.5%, decrease in other expense, a $96,000, or 18.5%, decrease in occupancy and equipment expense, and a $78,000, or 39.4%, decrease in FDIC deposit insurance assessment.

The provision for income tax from continuing operations decreased $166,000, or 24.3%, from $682,000 for the three months ended December 31, 2023 to $516,000 for the three months ended December 31, 2024 due primarily to a decrease in state taxes related to subsidiary activity in additional states.

Comparison of Year-End Operating Results

Net income amounted to $2.8 million for the year ended December 31, 2024, an increase of $775,000, or 38.4%, compared to net income of $2.0 million for the year ended December 31, 2023. The increase in net income on a comparative year-end basis was primarily the result of an increase in non-interest income of $2.9 million, a decrease in net loss from discontinued operations of $668,000, and a decrease in the net provision for income taxes from continuing operations of $298,000, partially offset by a decrease in interest income of $1.5 million, an increase in the provision for credit losses of $1.4 million, an increase in non-interest expense of $101,000, and an increase in interest expense of $93,000. The decrease in the net loss from discontinued operations was driven by the after-tax gain on the sale of the Company’s 51% interest in OCH.

The $1.5 million, or 3.3%, decrease in interest income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $116.0 million from $737.0 million for the year ended December 31, 2023 to $621.0 million for the year ended December 31, 2024 and had the effect of decreasing interest income $6.9 million. This decrease was partially offset by a 51 basis point increase in the yield on average loans receivable, net, including loans held for sale, which increased from 5.94% for the year ended December 31, 2023 to 6.45% for the year ended December 31, 2024, and had the effect of increasing interest income $3.1 million, a $51.8 million increase in the average balance of due from banks � interest earning, which increased from $10.1 million for the year ended December 31, 2023 to $61.9 million for the year ended December 31, 2024, and had the effect of increasing interest income $2.1 million, and a 93 basis point increase in the average yield on due from banks � interest earning which increased from 4.03% for the year ended December 31, 2023 to 4.96% for the year ended December 31, 2024, and had the effect of increasing interest income $577,000.

The $93,000, or 0.4%, increase in interest expense for the year ended December 31, 2024 over the comparable period in 2023 was driven by a 106 basis point increase in the rate on average certificate of deposit accounts which increased from 3.09% for the year ended December 31, 2023 to 4.15% for the year ended December 31, 2024 and had the effect of increasing interest expense by $2.5 million. Also contributing to the increase in interest expense was an increase in the average balance of business checking accounts which increased from $49.7 million for the year ended December 31, 2023 to $93.3 million for the year ended December 31, 2024 and had the effect of increasing interest expense by $2.2 million. The Bank pays interest on business checking accounts received through a correspondent banking relationship. Also impacting the increase in interest expense was a 28 basis point increase in the rate on average money market accounts which increased from 4.16% for the year ended December 31, 2023 to 4.44% for the year ended December 31, 2024 and had the effect of increasing interest expense by $604,000. Partially offsetting the increase in interest expense for the year ended December 31, 2024, was a $71.3 million, or 98.3%, decrease in the average balance of Federal Home Loan Bank short-term borrowings which decreased from $72.6 million for the year ended December 31, 2023 to $1.2 million for the year ended December 31, 2024 and had the effect of decreasing interest expense $3.8 million. The average interest rate spread decreased from 1.91% for the year ended December 31, 2023 to 1.84% for the year ended December 31, 2024 while the net interest margin increased from 2.56% for the year ended December 31, 2023 to 2.59% for the year ended December 31, 2024.

The $1.4 million, or 877.1%, increase in the provision for credit losses for the year ended December 31, 2024 over the year ended December 31, 2023 was due to an increase in the amount of non-performing loans. There were seventeen individually evaluated loans which increased the provision for credit losses by $809,000. Also contributing to the increase in the provision for credit losses was $1.8 million in charge-offs during the year ended December 31, 2024. These increases were partially offset by a decrease in the average balance of loans receivable, net.

The $2.9 million, or 54.1%, increase in non-interest income for the year ended December 31, 2024 over the comparable period in 2023 was primarily attributable to the $1.5 million gain on sale-leaseback transaction in the fourth quarter of 2024, described above, a $1.1 million, or 41.2%, increase in net gain on sale of loans, a $309,000, or 51.5%, increase in mortgage banking, equipment lending, and title abstract fees, a $102,000, or 20.0%, increase in other fees and services charges, and an $81,000, or 12.2%, increase in insurance commissions. These increases were partially offset by a $119,000 or 50.6%, decrease in net loan servicing income, a $74,000, or 78.7%, decrease in real estate sales commissions, net, and a $15,000, or 3.2%, decrease in gain on sale of SBA loans. The $1.1 million increase in the net gain on sale of loans was due primarily to increased sales volume from Quaint Oak Mortgage, LLC and Oakmont Commercial, LLC.

The $101,000, or 0.5%, increase in non-interest expense for the year ended December 31, 2024 over the comparable period in 2023 was primarily due to a $786,000, or 5.7%, increase in salaries and employee benefits expense, a $247,000, or 23.5%, increase in data processing expense, and a $19,000, or 6.7%, increase in advertising expense, partially offset by a $253,000, or 29.2%, decrease in FDIC deposit insurance assessment, a $238,000, or 14.4%, decrease in occupancy and equipment expense, a $182,000, or 9.5%, decrease in other expenses, a $163,000, or 17.5%, decrease in professional fees, and a $115,000, or 36.4%, decrease in directors� fees and expenses. The decrease in directors� fees and expenses was primarily due to a reduction in director rates for the year ended December 31, 2024.

The provision for income tax on continuing operations decreased $298,000, or 22.4%, from $1.3 million for the year ended December 31, 2023 to $1.0 million for the year ended December 31, 2024 due primarily to a decrease in taxable income from continuing operations.

Comparison of Financial Condition

The Company’s total assets at December 31, 2024 were $685.2 million, a decrease of $69.0 million, or 9.1%, from $754.1 million at December 31, 2023. This decrease in total assets was primarily due to an $84.7 million, or 13.7%, decrease in loans receivable, net of allowance for credit losses. The largest decreases within the loan portfolio occurred in commercial real estate loans which decreased $34.9 million, or 10.5%, commercial business loans which decreased $12.9 million, or 10.1%, construction loans which decreased $17.3 million, or 48.5%, one-to-four family non-owner occupied loans which decreased $6.9 million, or 17.0%, and multi-family residential loans which decreased $1.3 million, or 2.7%. Partially offsetting these decreases were one-to-four family owner occupied loans which increased $2.7 million, or 12.0%. Also contributing to the decrease in assets was a $1.0 million, or 38.8%, decrease in premises and equipment, net. Partially offsetting the decrease in total assets was a $29.5 million, or 80.9%, increase in loans held for sale, a $5.0 million, or 8.6%, increase in cash and cash equivalents, a $740,000, or 50.2%, increase in investment in Federal Home Loan Bank stock, at cost, a $459,000, or 13.1%, increase in accrued interest receivable, and a $118,000, or 2.7%, increase in bank-owned life insurance. The decrease in loans receivable, net was due to the transfer of $59.5 million of loans held for investment into loans held for sale.

Loans held for sale increased $29.5 million, or 80.9%, from $36.4 million at December 31, 2023 to $65.9 million at December 31, 2024 as the Bank originated $51.6 million in equipment loans held for sale and sold $71.6 million of equipment loans during the year ended December 31, 2024. Partially offsetting this increase was $8.5 million of loan amortization and prepayments. On March 29, 2024, the Bank transferred $4.4 million of equipment loans held for sale into loans receivable as part of the discontinued operations of OCH. Additionally, the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, originated $134.3 million of one-to-four family residential loans during the year ended December 31, 2024 and sold $131.4 million of loans in the secondary market during this same period. In the fourth quarter of 2024, management identified $49.2 million of commercial real estate loans and $10.3 million of SBA loans within the loan portfolio and transferred them to loans held for sale at amortized cost.

Total deposits decreased $78.4 million, or 12.4%, to $553.3 million at December 31, 2024 from $631.7 million at December 31, 2023. This decrease in deposits was primarily attributable to a decrease of $57.4 million, or 55.0%, in interest bearing checking accounts, a decrease of $56.2 million, or 25.7%, in money market accounts, a decrease of $31.6 million, or 34.2%, in non-interest bearing checking accounts, and a $349,000, or 41.5%, decrease in savings accounts. These decreases in deposits were partially offset by an increase of $67.0 million, or 31.1%, in certificates of deposit. The total decrease in interest bearing checking accounts was due to reduced correspondent banking activity.

Total Federal Home Loan Bank (FHLB) borrowings increased $18.8 million, or 64.9%, to $47.9 million at December 31, 2024 from $29.0 million at December 31, 2023. During the year ended December 31, 2024, the Company borrowed $110.0 million of FHLB short-term borrowings, paid down $65.0 million of FHLB short-term borrowings, and paid down $26.2 million of FHLB long-term borrowings.

Total stockholders� equity from continuing operations increased $4.1 million, or 8.5%, to $52.6 million at December 31, 2024 from $48.5 million at December 31, 2023. Contributing to the increase was net income for the year ended December 31, 2024 of $2.8 million, shares of common stock issued of $2.4 million, amortization of stock awards and options under our stock compensation plans of $242,000, the reissuance of treasury stock under the Bank’s 401(k) Plan of $118,000, and other comprehensive income, net of $10,000. The increase in stockholders� equity was partially offset by dividends paid of $1.3 million, and $150,000 of purchases of treasury stock. In addition, there was a $3.1 million, or 100.0%, decrease in noncontrolling interest from discontinued operations. The $2.4 million of shares issued were due to two private placement offerings to two investors.

Non-performing loans at December 31, 2024 totaled $5.7 million, or 1.07%, of total loans receivable, net of allowance for credit losses, consisting of $3.9 million of loans on non-accrual status and $1.8 million of loans 90-days or more delinquent. Non-accrual loans consist of one commercial real estate loan, and ten commercial business loans. Included in the ten commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan and two commercial real estate loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the year ended December 31, 2024, 19 commercial business loans totaling $1.6 million, and one construction loan of $187,000, that were previously on non-accrual were charged-off through the allowance for credit losses. The allowance for credit losses as a percentage of total loans receivable was 1.20% at December 31, 2024 and 1.11% at December 31, 2023. Non-performing loans at December 31, 2023 consisted of one SBA loan on non-accrual status in the amount of $51,000 and one one-to-four family owner occupied loan that was 90 days or more past due but still accruing in the amount of $401,000. During the year ended December 31, 2023, two commercial business loans, one SBA loan, one multi-family residential loan, and two equipment loans totaling $272,000 that were previously on non-accrual were charged-off through the allowance for credit losses. In addition, there was one commercial business loan in the amount of $652,000 that was partially charged off by $603,000.

Quaint Oak Bancorp, Inc., a Financial Services Company, is the parent company for the Quaint Oak Family of Companies. Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of the Company, is headquartered in Southampton, Pennsylvania and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley and Philadelphia markets. Quaint Oak Bank’s subsidiary companies include Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, Quaint Oak Mortgage, LLC, and Oakmont Commercial, LLC, a specialty commercial real estate financing company. All companies are multi-state operations.

Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company's market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Companys loan, investment and mortgage-backed securities portfolios; geographic concentration of the Companys business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Companys financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Companys operations, markets, products, services and fees.

QUAINT OAK BANCORP, INC.
Consolidated Balance Sheets
(In Thousands)


At December 31,At December 31,
20242023
(Unaudited)(Unaudited)
Assets
Cash and cash equivalents$62,989$58,006
Investment in interest-earning time deposits9121,912
Investment securities available for sale at fair value1,6662,341
Loans held for sale65,93936,448
Loans receivable, net of allowance for credit losses (2024: $6,476; 2023: $6,758)533,035617,701
Accrued interest receivable3,9613,502
Investment in Federal Home Loan Bank stock, at cost2,2141,474
Bank-owned life insurance4,4474,329
Premises and equipment, net1,6262,656
Goodwill515515
Other intangible, net of accumulated amortization77125
Prepaid expenses and other assets7,7875,134
Assets from discontinued operations-19,975
Total Assets$685,168$754,118
Liabilities and Stockholders Equity
Liabilities
Deposits
Non-interest bearing$59,783$92,215
Interest-bearing493,469539,484
Total deposits553,252631,699
Federal Home Loan Bank short-term borrowings45,000-
Federal Home Loan Bank long-term borrowings2,85529,022
Subordinated debt22,00021,957
Accrued interest payable937541
Advances from borrowers for taxes and insurance3,1223,730
Accrued expenses and other liabilities5,3852,438
Liabilities from discontinued operations-13,166
Total Liabilities632,551702,553
Total Quaint Oak Bancorp, Inc. Stockholders Equity52,61748,491
Noncontrolling Interest from Discontinued Operations-3,074
Total Stockholders Equity52,61751,565
Total Liabilities and Stockholders Equity$685,168$754,118

At December 31,
2023
(Unaudited)
Assets from Discontinued Operations
Cash and cash equivalents$4,121
Loans held for sale9,580
Premises and equipment, net277
Goodwill2,058
Prepaid expenses and other assets3,939
Total Assets from Discontinued Operations$19,975
Liabilities and Stockholders Equity from Discontinued Operations
Liabilities from Discontinued Operations
Other short-term borrowings$5,549
Accrued interest payable565
Accrued expenses and other liabilities7,052
Total Liabilities from Discontinued Operations13,166
Total Stockholders Equity from Discontinued Operations6,809
Total Liabilities and Stockholders Equity from Discontinued Operations$19,975

QUAINT OAK BANCORP, INC.
Consolidated Statements of Income
(In Thousands, except share data)

For the Three Months EndedFor the Year Ended
December 31,December 31,
2024202320242023
(Unaudited)(Unaudited)
Interest and Dividend Income
Interest on loans, including fees$9,613$10,629$40,058$43,812
Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock3333593,3791,109
Total Interest and Dividend Income9,94610,98843,43744,921
Interest Expense
Interest on deposits5,3465,53823,14118,811
Interest on Federal Home Loan Bank short-term borrowings29324613,907
Interest on Federal Home Loan Bank long-term borrowings133234841,326
Interest on Federal Reserve Bank short-term borrowings-4-34
Interest on subordinated debt4734281,9341,449
Total Interest Expense5,8616,61725,62025,527
Net Interest Income4,0854,37117,81719,394
Provision for (Recovery of) Credit Losses Loans279(324)1,506(45)
Provision for Credit Losses Unfunded Commitments372128202
Total Provision for (Recovery of) Credit Losses316(303)1,534157
Net Interest Income after Provision for (Recovery from) Credit Losses3,7694,67416,28319,237
Non-Interest Income
Mortgage banking, equipment lending and title abstract fees282179909600
AG˹ٷ estate sales commissions, net-62094
Insurance commissions218177744663
Other fees and services charges30214612510
Net loan servicing income11188116235
Income from bank-owned life insurance3127118102
Net gain on sale of loans1,7011,4113,6992,620
Gain on sale of SBA loans202122453468
Gain on sale-leaseback transaction1,485-1,485-
Total Non-Interest Income4,0602,2248,1565,292
Non-Interest Expense
Salaries and employee benefits3,8183,42614,63613,850
Directors' fees and expenses481201316
Occupancy and equipment4225181,4181,656
Data processing4043141,2981,051
Professional fees446335769932
FDIC deposit insurance assessment120198614867
Advertising10075302283
Amortization of other intangible12124848
Other3645471,7321,914
Total Non-Interest Expense5,7345,42621,01820,917
Income from Continuing Operations Before Income Taxes$2,095$1,472$3,421$3,612
Income Taxes5166821,0321,330
Net Income from Continuing Operations$1,579$790$2,389$2,282
Income (Loss) from Discontinued Operations-488564(364)
Income Tax (Benefit)-136158(102)
Net Income (Loss) from Discontinued Operations$-$352$406$(262)
Net Income $1,579$1,142$2,795$2,020


Three Months Ended
December 31,
Year Ended
December 31,
2024202320242023
Per Common Share Data:(Unaudited)(Unaudited)
Earnings per share from continuing operations � basic$0.60$0.34$0.93$1.02
Earnings per share from discontinued operations � basic$-$0.15$0.16$(0.12)
Earnings per share, net � basic$0.60$0.49$1.08$0.90
Average shares outstanding � basic2,631,8512,352,1332,578,8042,254,444
Earnings per share from continuing operations � diluted$0.60$0.34$0.93$1.00
Earnings per share from discontinued operations � diluted$-$0.15$0.16$(0.11)
Earnings per share, net � diluted$0.60$0.49$1.08$0.89
Average shares outstanding - diluted2,631,8512,352,1332,578,8042,275,034
Book value per share, end of period$20.03$20.15$20.03$20.15
Shares outstanding, end of period2,626,5352,407,0482,626,5352,407,048


Three Months Ended
December 31,
Year Ended
December 31,
2024202320242023
Selected Operating Ratios:(Unaudited)(Unaudited)
Average yield on interest-earning assets6.19%6.01%6.32%5.93%
Average rate on interest-bearing liabilities4.30%4.48%4.48%4.02%
Average interest rate spread1.88%1.52%1.84%1.91%
Net interest margin2.54%2.39%2.59%2.56%
Average interest-earning assets to average interest-bearing liabilities118.00%123.90%120.08%119.37%
Efficiency ratio70.40%82.28%80.93%84.73%
Asset Quality Ratios (1):
Non-performing loans as a percent of total loans receivable, net1.07%0.07%1.07%0.07%
Non-performing assets as a percent of total assets0.83%0.06%0.83%0.06%
Allowance for credit losses as a percent of non-performing loans113.61%n/m113.61%n/m
Allowance for credit losses as a percent of total loans receivable1.20%1.11%1.20%1.11%
Texas Ratio (2)8.77%0.80%8.77%0.80%

(1) Asset quality ratios are end of period ratios.
(2) Total non-performing assets divided by tangible common equity plus the allowance for credit losses.
n/m � not meaningful


FAQ

What was QNTO's net income for Q4 2024?

QNTO reported net income of $1.6 million ($0.60 per share) for Q4 2024, representing a 38.3% increase from Q4 2023.

How much did QNTO earn from the Allentown property sale-leaseback in Q4 2024?

QNTO earned a one-time gain of $1.5 million from the sale-leaseback of their property in Allentown, Pennsylvania during Q4 2024.

What was QNTO's total asset value as of December 31, 2024?

QNTO's total assets were $685.2 million as of December 31, 2024, representing a 9.1% decrease from December 31, 2023.

What happened to QNTO's stake in Oakmont Capital Holdings in 2024?

QNTO sold its 51% interest in Oakmont Capital Holdings on March 29, 2024, resulting in a pretax gain of $1.4 million.

What is QNTO's current dividend payment schedule?

QNTO declared a dividend of $0.13 per share payable February 10, 2025.
Quaint Oak Bancorp Inc

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27.58M
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Banks - Regional
Financial Services
United States
Southampton