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Quaint Oak Bancorp Inc (QNTO-0.65%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial position, revealing total assets of $685.2 million and total deposits of $553.3 million as of December 31, 2024. Stockholders' equity was reported at $52.6 million, constituting 7.7% of total assets.
Quaint Oak Bank, a subsidiary of Quaint Oak Bancorp, focuses on attracting deposits and investing in commercial real estate loans, among other loan types. As of December 31, 2024, commercial real estate loans amounted to $297.6 million, representing 55% of the total loan portfolio.
The company reported net loans of $534.7 million, with a significant portion allocated to commercial real estate and business loans. The allowance for credit losses stood at $6.5 million, reflecting a provision for potential loan defaults.
Quaint Oak Bancorp's primary market includes Bucks, Montgomery, and Philadelphia Counties, Pennsylvania, and the Lehigh Valley area. The company operates through its main office in Southampton and regional offices in Allentown and Philadelphia.
The filing also notes the sale of Quaint Oak Bank's 51% interest in Oakmont Capital Holdings, LLC, a multi-state equipment finance company, and the discontinuation of Quaint Oak Real Estate, LLC operations.
Quaint Oak Bank's deposit strategy involves attracting funds through various deposit programs, with a significant portion of deposits held by customers outside Pennsylvania. The bank also maintains correspondent banking relationships to facilitate U.S. dollar payments.
Regulatory compliance is highlighted, with Quaint Oak Bank subject to examination by the FDIC and Pennsylvania Department of Banking and Securities. The company is also a member of the Federal Home Loan Bank of Pittsburgh.
The filing outlines various risk factors, including liquidity risk, deposit concentration, and regulatory scrutiny, which may impact the company's operations and financial performance.
Quaint Oak Bancorp emphasizes its commitment to maintaining a robust information security and cybersecurity program to protect customer and company data.
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 annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.