Quaint Oak Bancorp (OTCQB: QNTO) reported a net loss of $83,000 ($-0.03 per share) for Q1 2025, compared to net income of $873,000 ($0.36 per share) in Q1 2024. The decline was primarily due to a $2.2 million decrease in interest income, increased non-interest expenses of $419,000, and reduced income from discontinued operations. Key metrics show: total assets decreased 5.1% to $650.4M, loans receivable declined 1.6%, and deposits fell 8.3% to $507.6M. The bank's Total Risk-Based Capital Ratio improved to 13.92% from 13.61% year-over-year. Non-performing loans increased slightly to 1.13% of total loans. Despite challenges, management notes a strong pipeline in commercial, SBA, and mortgage loans, with potential improvement expected as political uncertainty clarifies.
Quaint Oak Bancorp (OTCQB: QNTO) ha riportato una perdita netta di 83.000 dollari (-0,03 dollari per azione) nel primo trimestre del 2025, rispetto a un utile netto di 873.000 dollari (0,36 dollari per azione) nel primo trimestre del 2024. Il calo è stato principalmente causato da una riduzione di 2,2 milioni di dollari nei ricavi da interessi, da un aumento delle spese non da interessi di 419.000 dollari e da un reddito ridotto dalle operazioni cessate. I principali indicatori mostrano: un calo del 5,1% degli attivi totali a 650,4 milioni di dollari, una diminuzione dell'1,6% dei prestiti in essere e un calo dell'8,3% dei depositi a 507,6 milioni di dollari. Il rapporto totale di capitale basato sul rischio della banca è migliorato al 13,92% rispetto al 13,61% dell'anno precedente. I prestiti in sofferenza sono aumentati leggermente all'1,13% del totale prestiti. Nonostante le difficoltà, la direzione segnala un solido portafoglio di prestiti commerciali, SBA e ipotecari, con possibili miglioramenti attesi con la maggiore chiarezza sull'incertezza politica.
Quaint Oak Bancorp (OTCQB: QNTO) reportó una pérdida neta de 83.000 dólares (-0,03 dólares por acción) en el primer trimestre de 2025, en comparación con una ganancia neta de 873.000 dólares (0,36 dólares por acción) en el primer trimestre de 2024. La disminución se debió principalmente a una reducción de 2,2 millones de dólares en ingresos por intereses, un aumento de los gastos no relacionados con intereses de 419.000 dólares y una menor rentabilidad por operaciones discontinuadas. Las métricas clave muestran: activos totales disminuyeron un 5,1% hasta 650,4 millones, los préstamos por cobrar bajaron un 1,6% y los depósitos cayeron un 8,3% hasta 507,6 millones. La relación total de capital basado en riesgos del banco mejoró a 13,92% desde 13,61% interanual. Los préstamos en mora aumentaron ligeramente al 1,13% del total de préstamos. A pesar de los desafíos, la gerencia destaca una sólida cartera de préstamos comerciales, SBA y hipotecarios, con posibles mejoras esperadas a medida que se aclare la incertidumbre política.
Quaint Oak Bancorp(OTCQB: QNTO)는 2025년 1분기에 8만 3천 달러의 순손실(주당 -0.03달러)을 보고했으며, 이는 2024년 1분기 순이익 87만 3천 달러(주당 0.36달러)와 비교된다. 감소의 주요 원인은 이자 수익이 220만 달러 감소하고, 비이자 비용이 41만 9천 달러 증가했으며, 중단된 사업에서의 수익이 줄었기 때문이다. 주요 지표는 다음과 같다: 총자산은 5.1% 감소한 6억 5,040만 달러, 대출금은 1.6% 감소, 예금은 8.3% 감소한 5억 760만 달러를 기록했다. 은행의 총 위험기반 자본 비율은 전년 대비 13.61%에서 13.92%로 개선되었다. 부실 대출 비율은 총 대출의 1.13%로 소폭 증가했다. 어려움에도 불구하고 경영진은 상업용, SBA, 모기지 대출 부문에서 강력한 대출 파이프라인을 보유하고 있으며, 정치적 불확실성이 해소되면 개선이 기대된다고 밝혔다.
Quaint Oak Bancorp (OTCQB : QNTO) a enregistré une perte nette de 83 000 dollars (-0,03 dollar par action) au premier trimestre 2025, contre un bénéfice net de 873 000 dollars (0,36 dollar par action) au premier trimestre 2024. Cette baisse est principalement due à une diminution de 2,2 millions de dollars des revenus d’intérêts, à une augmentation des charges hors intérêts de 419 000 dollars et à une réduction des revenus provenant des activités abandonnées. Les indicateurs clés montrent : un recul des actifs totaux de 5,1 % à 650,4 millions de dollars, une baisse des prêts à recevoir de 1,6 % et une diminution des dépôts de 8,3 % à 507,6 millions de dollars. Le ratio total de fonds propres pondéré en fonction des risques de la banque s’est amélioré, passant de 13,61 % à 13,92 % sur un an. Les prêts non performants ont légèrement augmenté pour atteindre 1,13 % du total des prêts. Malgré les défis, la direction souligne un solide portefeuille de prêts commerciaux, SBA et hypothécaires, avec des améliorations potentielles attendues à mesure que l’incertitude politique se dissipera.
Quaint Oak Bancorp (OTCQB: QNTO) meldete für das erste Quartal 2025 einen Nettoverlust von 83.000 US-Dollar (-0,03 US-Dollar je Aktie) im Vergleich zu einem Nettogewinn von 873.000 US-Dollar (0,36 US-Dollar je Aktie) im ersten Quartal 2024. Der Rückgang ist hauptsächlich auf einen Rückgang der Zinserträge um 2,2 Millionen US-Dollar, gestiegene nicht-zinsbedingte Aufwendungen um 419.000 US-Dollar sowie geringere Erträge aus eingestellten Geschäftsbereichen zurückzuführen. Wichtige Kennzahlen zeigen: Die Gesamtaktiva sanken um 5,1 % auf 650,4 Mio. US-Dollar, die ausstehenden Kredite gingen um 1,6 % zurück und die Einlagen fielen um 8,3 % auf 507,6 Mio. US-Dollar. Die risikobasierte Gesamtkapitalquote der Bank verbesserte sich von 13,61 % auf 13,92 % im Jahresvergleich. Die notleidenden Kredite stiegen leicht auf 1,13 % der Gesamtkredite. Trotz der Herausforderungen weist das Management auf eine starke Pipeline bei gewerblichen Krediten, SBA- und Hypothekendarlehen hin, mit erwarteten Verbesserungen, sobald die politische Unsicherheit sich klärt.
Positive
Total Risk-Based Capital Ratio improved to 13.92% from 13.61% year-over-year
Texas Ratio improved to 9.22% from 11.96% year-over-year
Strong pipeline reported for commercial loans, SBA loans and mortgage loans
Interest rate spread increased from 2.06% to 2.13% year-over-year
Gain on sale of SBA loans increased by 996.4% to $279,000
Negative
Net loss of $83,000 in Q1 2025 compared to $873,000 profit in Q1 2024
Interest and dividend income decreased by $2.2 million (18.1%)
Total assets decreased by $34.8 million (5.1%)
Total deposits decreased by $45.7 million (8.3%)
Non-performing loans increased to 1.13% of total loans from 1.07% in previous quarter
Southampton, PA , May 01, 2025 (GLOBE NEWSWIRE) -- Quaint Oak Bancorp, Inc. (the “Company”) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank”), announced today net loss for the quarter ended March 31, 2025 of $83,000, or $(0.03) per basic and diluted share, compared to net income of $873,000, or $0.36 per basic and diluted share, for the same period in 2024.
Robert T. Strong, Chief Executive Officer stated, “First quarter results historically are not the best of our calendar year. Our first quarter results of this year certainly proved true with slightly less than a breakeven performance. The trends in the country’s real gross domestic product shrinkage of -0.3% in the first quarter 2025 from growth of 2.4% in the fourth quarter of 2024 is a testament to the reality we have experienced.”
Mr. Strong added, “Uncertainty of the country’s direction in world trade and other domestic issues have had the effect of slowing commitments in the business sector. The housing market has failed to thrive so far this year, rendering our mortgage banking subsidiary to a relatively neutral production mode. Small Business loans both in the SBA category and our portfolio category are slow to close with business owners waiting to gauge the momentum of 2025.”
Mr. Strong continued, “On a more positive note, the Bank’s pipeline for commercial loans, SBA loans and mortgage loans is relatively strong which would indicate that as the uncertainty in political direction is clarified, our prospects for loan closings should improve.”
Mr. Strong commented, “We have been reporting weakness in the small business sector of our loan portfolio which still exists. Although both the non-performing loans as a percentage of total loans receivable, net and our non-performing assets as a percentage of total assets experienced a marginal increase over the previous quarter ended December 31, 2024, both have improved over the quarter ended March 31, 2024. Our Texas Ratio is 9.22% at the quarter ended March 31, 2025, down from 11.96% at the quarter ended March 31, 2024. Additionally, I am pleased to report that the Bank’s Total Risk-Based Capital Ratio improved to 13.92% at March 31, 2025 from 13.61% at March 31, 2024.”
Mr. Strong concluded, “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.”
Comparison of Quarter-over-Quarter Operating Results
Net loss amounted to $83,000 for the three months ended March 31, 2025, a decrease of $956,000, or 109.5%, compared to net income of $873,000 for the three months ended March 31, 2024. The decrease in net income on a comparative quarterly basis was primarily the result of a decrease in interest and dividend income of $2.2 million, an increase in non-interest expense of $419,000, and a decrease in net income from discontinued operations of $406,000, partially offset by a decrease in interest expense of $930,000, a decrease in the provision for credit losses of $695,000, a decrease in the net provision for income taxes from continuing operations of $262,000, and an increase in non-interest income of $178,000.
The $2.2 million, or 18.1%, decrease in interest and dividend income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $69.8 million from $658.4 million for the three months ended March 31, 2024 to $588.7 million for the three months ended March 31, 2025 and had the effect of decreasing interest income $1.2 million, a 35 basis point decrease in the average yield on loans receivable, net from 6.82% for the three months ended March 31, 2024 to 6.47% for the three months ended March 31, 2025, and had the effect of decreasing interest income $519,000, and a $31.1 million decrease in the average balance of due from banks – interest earning, which decreased from $68.2 million for the three months ended March 31, 2024 to $37.1 million for the three months ended March 31, 2025, and had the effect of decreasing interest income $356,000.
The $930,000, or 13.9%, decrease in interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was driven by a $1.3 million, or 21.0%, decrease in interest expense on deposits, which was primarily attributable to reduced correspondent banking activity. Also contributing to the decrease in interest expense for the three months ended March 31, 2025 was a $237,000, or 97.9%, decrease in the interest expense on Federal Home Loan Bank long-term borrowings due to a $23.3 million, or 92.8%, decrease in the average balance of Federal Home Loan Bank long-term borrowings which decreased from $25.1 million for the three months ended March 31, 2024 to $1.8 million for the three months ended March 31, 2025 and a $32,000, or 6.6%, decrease in interest expense on subordinated debt. These decreases in interest expense were partially offset by a $479,000, or 100.0%, increase in the interest expense on Federal Home Loan Bank short-term borrowings due to a $43.2 million, or 100.0%, increase in the average balance of Federal Home Loan Bank short-term borrowings which increased from none for the three months ended March 31, 2024 to $43.2 million for the three months ended March 31, 2025, and a $116,000, or 100.0% increase in interest expense on senior debt. The average interest rate spread increased from 2.06% for the three months ended March 31, 2024 to 2.13% for the three months ended March 31, 2025 while the net interest margin decreased from 2.96% for the three months ended March 31, 2024 to 2.63% for the three months ended March 31, 2025.
The $695,000, or 61.2%, decrease in the provision for credit losses for the three months ended March 31, 2025 over the three months ended March 31, 2024 was primarily due to a decrease in loans receivable, net, partially offset by an increase in charge-offs during the three months ended March 31, 2025.
The $178,000, or 11.3%, increase in non-interest income for the three months ended March 31, 2025 over the comparable period in 2024 was primarily attributable to a $279,000, or 996.4%, increase in gain on sale of SBA loans, a $121,000, or 12.9%, increase in net gain on sale of loans, and a $33,000, or 21.7%, increase in insurance commissions. These increases were partially offset by a $195,000, or 85.9%, decrease in other fees and service charges, a $60,000, or 29.1%, decrease in mortgage banking, equipment lending and title abstract fees, and a $4,000, or 100.0%, decrease in real estate sales commissions, net.
The $419,000, or 8.2%, increase in non-interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was primarily due to a $181,000, or 72.4%, increase in occupancy and equipment expense, a $139,000, or 52.9%, increase in data processing expense, an $82,000, or 58.2%, increase in professional fees, a $55,000, or 11.3%, increase in other expense, a $14,000, or 27.5%, increase in directors’ fees and expenses, and a $13,000, or 15.1%, increase in advertising expense. These increases were partially offset by a $52,000, or 30.1%, decrease in FDIC deposit insurance assessment, and a $13,000, or 0.4%, decrease in salaries and employee benefits expense.
The provision for income tax from continuing operations decreased $262,000, or 99.2%, from $264,000 for the three months ended March 31, 2024 to $2,000 for the three months ended March 31, 2025 due primarily to a decrease in pre-tax income.
Comparison of Financial Condition
The Company’s total assets at March 31, 2025 were $650.4 million, a decrease of $34.8 million, or 5.1%, from $685.2 million at December 31, 2024. This decrease in total assets was primarily due to a $14.1 million, or 22.4%, decrease in cash and cash equivalents, a $13.3 million, or 20.7%, decrease in loans held for sale, and an $8.3 million, or 1.6%, 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 $9.6 million, or 3.2%, commercial business loans which decreased $8.9 million, or 7.8%, and one-to-four family non-owner occupied loans which decreased $946,000, or 2.8%. Partially offsetting these decreases were construction loans which increased $4.2 million, or 22.7%, one-to-four family owner occupied loans which increased $4.1 million, or 15.9%, and home equity loans which increased $2.8 million, or 49.3%. Also contributing to the decrease in assets was a $208,000, or 12.5%, decrease in investment securities available for sale, and a $40,000, or 2.5%, decrease in premises and equipment, net. Partially offsetting the decrease in total assets was a $686,000, or 31.0%, increase in investment in Federal Home Loan Bank stock, at cost, a $301,000, or 3.9%, increase in prepaid expenses and other assets, a $227,000, or 5.7%, increase in accrued interest receivable, and a $30,000, or 0.7%, increase in bank-owned life insurance.
Loans held for sale decreased $13.3 million, or 20.7%, from $64.3 million at December 31, 2024 to $50.9 million at March 31, 2025 as the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, originated $19.6 million of one-to-four family residential loans during the three months ended March 31, 2025 and sold $24.8 million of loans in the secondary market. The Bank’s commercial real estate subsidiary, Oakmont Commercial, LLC, originated $9.4 million of commercial real estate loans during the three months ended March 31, 2025 and sold $17.8 million of loans in the secondary market during this same period. Additionally, the Bank originated $4.9 million of SBA loans and sold $3.7 of loans in the secondary market in the same period.
Total deposits decreased $45.7 million, or 8.3%, to $507.6 million at March 31, 2025 from $553.3 million at December 31, 2024. This decrease in deposits was primarily attributable to a decrease of $47.8 million, or 100.0%, in interest bearing checking accounts as the Company exited one of its correspondent banking relationships. Also contributing to the decrease in deposits was a decrease of $18.0 million, or 11.1%, in money market accounts, and a $62,000, or 12.6%, decrease in savings accounts. These decreases in deposits were partially offset by an increase of $19.0 million, or 6.7%, in certificates of deposit, and an increase of $1.1 million, or 1.9%, in non-interest bearing checking accounts.
Total Federal Home Loan Bank (FHLB) borrowings increased $17.1 million, or 35.8%, to $65.0 million at March 31, 2025 from $47.9 million at December 31, 2024. During the period ended March 31, 2025, the Company borrowed $60.0 million of FHLB short-term borrowings, paid down $40.0 million of FHLB short-term borrowings, and paid down $2.9 million of FHLB long-term borrowings.
Senior debt, net of unamortized debt issuance costs, increased $9.5 million, or 100.0% from none at December 31, 2024 as the Company entered into a Senior Unsecured Note Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued an aggregate of $9.75 million in aggregate principal amount of Fixed Rate Unsecured Senior Notes due March 1, 2028 (the “Notes”) in a private placement. The Company issued to an accredited individual investor an additional $250,000 in principal amount of the Notes as of March 4, 2025 for a total of $10.0 million in aggregate principal amount. The Notes bear interest at a fixed annual rate of 11.00%, payable semi-annually in arrears on March 1 and September 1 of each year, beginning September 1, 2025. The maturity date of the Notes is March 1, 2028.
Subordinated debt, net of unamortized debt issuance costs, decreased $14.0 million, or 63.6%, to $8.0 million at March 31, 2025 from $22.0 million at December 31, 2024 as the Company used the net proceeds from the sale of the Senior Debt Notes to repay a portion of the outstanding $14.0 million aggregate principal amount of its 8.5% Fixed Rate Subordinated Notes upon their maturity on March 15, 2025.
Total stockholders’ equity from continuing operations decreased $353,000, or 0.7%, to $52.3 million at March 31, 2025 from $52.6 million at December 31, 2024. Contributing to the decrease were dividends paid of $341,000, and net loss for the period ended March 31, 2025 of $83,000. The decrease in stockholders’ equity was partially offset by amortization of stock awards and options under our stock compensation plans of $61,000, the reissuance of treasury stock under the Bank’s 401(k) Plan of $9,000, and other comprehensive income, net of $1,000.
Non-performing loans at March 31, 2025 totaled $5.9 million, or 1.13%, of total loans receivable, net of allowance for credit losses, consisting of $5.4 million of loans on non-accrual status and $513,000 of loans 90-days or more delinquent. Non-accrual loans consist of one one-to-four family residential owner occupied loan, eight commercial real estate loans, and twelve commercial business loans. Included in the twelve 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, one commercial real estate loan and two commercial business loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the period ended March 31, 2025, seven commercial business loans totaling $419,000 that were previously on non-accrual were charged-off through the allowance for credit losses. 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.
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 Company’s loan, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.
QUAINT OAK BANCORP, INC.
Consolidated Balance Sheets
(In Thousands)
At March 31,
At December 31,
2025
2024
(Unaudited)
(Unaudited)
Assets
Cash and cash equivalents
$
48,859
$
62,989
Investment in interest-earning time deposits
912
912
Investment securities available for sale at fair value
1,458
1,666
Loans held for sale
50,946
64,281
Loans receivable, net of allowance for credit losses (2025: $6,388; 2024: $6,476)
526,374
534,693
Accrued interest receivable
4,188
3,961
Investment in Federal Home Loan Bank stock, at cost
2,900
2,214
Bank-owned life insurance
4,477
4,447
Premises and equipment, net
1,586
1,626
Goodwill
515
515
Other intangible, net of accumulated amortization
65
77
Prepaid expenses and other assets
8,088
7,787
Total Assets
$
650,368
$
685,168
Liabilities and Stockholders’ Equity
Liabilities
Deposits
Non-interest bearing
$
60,928
$
59,783
Interest-bearing
446,654
493,469
Total deposits
507,582
553,252
Federal Home Loan Bank short-term borrowings
65,000
45,000
Federal Home Loan Bank long-term borrowings
-
2,855
Subordinated debt
8,000
22,000
Senior debt
9,487
-
Accrued interest payable
773
937
Advances from borrowers for taxes and insurance
2,044
3,122
Accrued expenses and other liabilities
5,218
5,385
Total Liabilities
598,104
632,551
Total Stockholders’ Equity
52,264
52,617
Total Liabilities and Stockholders’ Equity
$
650,368
$
685,168
QUAINT OAK BANCORP, INC. Consolidated Statements of Operations (In Thousands, except share data)
For the Three Months Ended March 31,
2025
2024
(Unaudited)
Interest and Dividend Income
Interest on loans, including fees
$
9,523
$
11,232
Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock
403
890
Total Interest and Dividend Income
9,926
12,122
Interest Expense
Interest on deposits
4,729
5,986
Interest on Federal Home Loan Bank short-term borrowings
479
-
Interest on Federal Home Loan Bank long-term borrowings
5
242
Interest on Federal Reserve Bank short-term borrowings
1
-
Interest on subordinated debt
452
484
Interest on senior debt
116
-
Total Interest Expense
5,782
6,712
Net Interest Income
4,144
5,410
Provision for Credit Losses – Loans
326
1,084
Provision for Credit Losses – Unfunded Commitments
115
52
Net Interest Income after Provision for Credit Losses
3,703
4,274
Non-Interest Income
Mortgage banking, equipment lending and title abstract fees
146
206
Real estate sales commissions, net
-
4
Insurance commissions
185
152
Other fees and services charges
32
227
Net loan servicing income
4
2
Income from bank-owned life insurance
30
28
Net gain on sale of loans
1,056
935
Gain on the sale of SBA loans
307
28
Total Non-Interest Income
1,760
1,582
Non-Interest Expense
Salaries and employee benefits
3,650
3,663
Directors' fees and expenses
65
51
Occupancy and equipment
431
250
Data processing
402
263
Professional fees
223
141
FDIC deposit insurance assessment
121
173
Advertising
99
86
Amortization of other intangible
12
12
Other
541
486
Total Non-Interest Expense
5,544
5,125
(Loss) income from continuing operations before income taxes
(81
)
731
Income Taxes
2
264
Net (loss) income from continuing operations
(83
)
467
Income from discontinued operations
-
564
Income tax from discontinued operations
-
158
Net income from discontinued operations
-
406
Net (Loss) Income
$
(83
)
$
873
Three Months Ended March 31,
2025
2024
(Unaudited)
Per Common Share Data:
Earnings per share from continuing operations – basic
$
(0.03
)
$
0.20
Earnings per share from discontinued operations – basic
$
-
$
0.16
Earnings per share, net – basic
$
(0.03
)
$
0.36
Average shares outstanding – basic
2,626,967
2,450,814
Earnings per share from continuing operations – diluted
$
(0.03
)
$
0.20
Earnings per share from discontinued operations – diluted
$
-
$
0.16
Earnings per share, net – diluted
$
(0.03
)
$
0.36
Average shares outstanding - diluted
2,626,967
2,450,814
Book value per share, end of period
$
19.89
$
20.84
Shares outstanding, end of period
2,627,397
2,407,048
Three Months Ended March 31,
2025
2024
(Unaudited)
Selected Operating Ratios:
Average yield on interest-earning assets
6.30
%
6.63
%
Average rate on interest-bearing liabilities
4.17
%
4.57
%
Average interest rate spread
2.13
%
2.06
%
Net interest margin
2.63
%
2.96
%
Average interest-earning assets to average interest-bearing liabilities
113.59
%
124.57
%
Efficiency ratio
70.40
%
73.29
%
Asset Quality Ratios (1):
Non-performing loans as a percent of total loans receivable, net
1.13
%
1.28
%
Non-performing assets as a percent of total assets
0.91
%
1.00
%
Allowance for credit losses as a percent of non-performing loans
107.45
%
97.24
%
Allowance for credit losses as a percent of total loans receivable, net
1.20
%
1.23
%
Texas Ratio (2)
9.22
%
11.96
%
(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.
Robert T. Strong, Chief Executive Officer
(215) 364-4059
FAQ
What caused QNTO's Q1 2025 net loss?
QNTO's Q1 2025 net loss was primarily due to a $2.2 million decrease in interest income, a $419,000 increase in non-interest expense, and a $406,000 decrease in net income from discontinued operations.
How much did Quaint Oak Bancorp's deposits decrease in Q1 2025?
Total deposits decreased by $45.7 million (8.3%) to $507.6 million, primarily due to exiting a correspondent banking relationship.
What is QNTO's current Total Risk-Based Capital Ratio?
QNTO's Total Risk-Based Capital Ratio improved to 13.92% as of March 31, 2025, up from 13.61% in the previous year.
What is the current non-performing loan ratio for QNTO?
Non-performing loans totaled $5.9 million, representing 1.13% of total loans receivable as of March 31, 2025, compared to 1.07% in the previous quarter.
What was QNTO's earnings per share for Q1 2025?
QNTO reported a loss of $0.03 per basic and diluted share for Q1 2025, compared to earnings of $0.36 per share in Q1 2024.
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