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Quaint Oak Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total assets to $701.6 million from $754.1 million at the end of the previous year. This was primarily due to a decrease in loans receivable, net of allowance for credit losses.
Cash and cash equivalents increased to $61.3 million, while investment in interest-earning time deposits decreased to $912,000.
Investment securities available for sale decreased to $1.8 million due to principal repayments.
Loans held for sale increased to $70.9 million, driven by equipment loan originations and sales.
Deposits decreased to $583.4 million, with notable declines in interest-bearing checking accounts and non-interest-bearing checking accounts.
Borrowings from the Federal Home Loan Bank increased to $38.9 million.
Net income for the quarter was $243,000, an increase from a net loss of $255,000 in the same quarter the previous year.
Net interest income decreased to $4.2 million, with a decrease in interest income and a decrease in interest expense.
The provision for credit losses decreased to $123,000, attributed to a decrease in average loans receivable.
Non-interest income increased to $1,210,000, driven by gains on loan sales and increased fees.
Non-interest expense decreased to $4,924,000, with reductions in professional fees and occupancy expenses.
The provision for income tax increased to $168,000 due to higher taxable income.
For the nine months ended September 30, 2024, net income was $1.2 million, an increase from $878,000 in the previous year.
Quaint Oak Bank's (QNTO+1.76%) capital ratios exceeded regulatory requirements, with a tier 1 leverage ratio of 10.49%.
The company reported significant borrowing capacity with the Federal Home Loan Bank and the Federal Reserve Bank.
Quaint Oak Bancorp entered into an agreement to sell and lease back its property in Allentown, Pennsylvania.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Quaint Oak Bancorp Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.