QUAINT OAK BANCORP INC
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
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FY2023 · Filed Mar 28, 2024
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EX-13.0 · Consolidated Balance Sheets
Consolidated Balance Sheets
| At December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (In thousands, except share and per share data) | ||
| Assets | ||
| Due from banks, non-interest-bearing | $767 | $421 |
| Due from banks, interest-bearing | 61,360 | 3,472 |
| Cash and cash equivalents | 62,127 | 3,893 |
| Investment in interest-earning time deposits | 1,912 | 3,833 |
| Investment securities available for sale | 2,341 | 2,970 |
| Loans held for sale | 60,380 | 133,222 |
| Loans receivable, net of allowance for credit losses (2023 $6,758; 2022 $7,678) | 603,349 | 621,864 |
| Accrued interest receivable | 3,502 | 3,462 |
| Investment in Federal Home Loan Bank stock, at cost | 1,474 | 6,601 |
| Bank-owned life insurance | 4,329 | 4,226 |
| Premises and equipment, net | 2,933 | 2,775 |
| Goodwill | 2,573 | 2,573 |
| Other intangible, net of accumulated amortization | 125 | 174 |
| Prepaid expenses and other assets | 9,073 | 6,757 |
| Total Assets | $754,118 | $792,350 |
| Liabilities and Stockholders’ Equity | ||
| Liabilities | ||
| Deposits: | ||
| Non-interest bearing | $92,215 | $88,728 |
| Interest-bearing | 539,484 | 460,520 |
| Total deposits | 631,699 | 549,248 |
| Federal Home Loan Bank short-term borrowings | - | 93,200 |
| Federal Home Loan Bank short-term borrowings | 29,022 | 66,022 |
| Federal Reserve Bank short-term borrowings | - | 7,000 |
| Other short-term borrowings | 5,549 | 5,489 |
| Subordinated debt | 21,957 | 7,966 |
| Accrued interest payable | 1,106 | 584 |
| Advances from borrowers for taxes and insurance | 3,730 | 4,186 |
| Accrued expenses and other liabilities | 9,490 | 9,573 |
| Total Liabilities | 702,553 | 743,268 |
| Stockholders’ Equity | ||
| Preferred stock – $0.01 par value, 1,000,000 shares authorized; none issued or outstanding | - | - |
| Common stock – $0.01 par value; 9,000,000 shares authorized; 2,895,675 and 2,777,250 issued as of December 31, 2023, and December 31, 2022, respectively; 2,407,048 and 2,167,613 outstanding at December 31, 2023 and 2022, respectively | 29 | 28 |
| Additional paid-in capital | 20,299 | 17,906 |
| Treasury stock, at cost: 488,627 and 609,637 shares at December 31, 2023 and 2022, respectively | (3,568) | (3,992) |
| Accumulated other comprehensive loss | (10) | (24) |
| Retained earnings | 31,741 | 30,875 |
| Total Quaint Oak Bancorp, Inc. Stockholders’ Equity | 48,491 | 44,793 |
| Noncontrolling Interest | 3,074 | 4,289 |
| Total Stockholders’ Equity | 51,565 | 49,082 |
| Total Liabilities and Stockholders’ Equity | $754,118 | $792,350 |
See accompanying notes to consolidated financial statements.
Quaint Oak Bancorp, Inc.
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