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 Statements of Income
Consolidated Statements of Income
| Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (In thousands, except share | ||
| and per share data) | ||
| Interest and Dividend Income | ||
| Interest on loans, including fees | $43,361 | $31,781 |
| Interest and dividends on investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock | 1,109 | 685 |
| Total Interest and Dividend Income | 44,470 | 32,466 |
| Interest Expense | ||
| Interest on deposits | 18,811 | 6,043 |
| Interest on Federal Home Loan Bank short-term borrowings | 3,907 | 737 |
| Interest on Federal Home Loan Bank long-term borrowings | 1,326 | 1,355 |
| Interest on Federal Reserve Bank borrowings | 34 | 15 |
| Interest on other short-term borrowings | 780 | 107 |
| Interest on subordinated debt | 1,449 | 520 |
| Total Interest Expense | 26,307 | 8,777 |
| Net Interest Income | 18,163 | 23,689 |
| Recovery of Provision for Credit Losses | (45) | 2,475 |
| Provision for Off Balance Sheet Credit Exposures | 202 | - |
| Net Interest Income after Provision for Credit Losses | 18,006 | 21,214 |
| Non-Interest Income | ||
| Mortgage banking, equipment lending and title abstract fees | 2,338 | 3,103 |
| Real estate sales commissions, net | 94 | 298 |
| Insurance commissions | 663 | 593 |
| Other fees and services charges | 1,253 | 650 |
| Loan servicing income | 3,718 | 1,868 |
| Income from bank-owned life insurance | 102 | 89 |
| Net gain on loans held for sale | 6,696 | 12,500 |
| Gain on the sale of SBA loans | 468 | 310 |
| Total Non-Interest Income, net | 15,332 | 19,411 |
| Non-Interest Expense | ||
| Salaries and employee benefits | 20,973 | 20,137 |
| Directors’ fees and expenses | 316 | 286 |
| Occupancy and equipment | 2,481 | 1,904 |
| Data processing | 1,051 | 690 |
| Professional fees | 1,058 | 748 |
| FDIC deposit insurance assessment | 867 | 658 |
| Advertising | 643 | 568 |
| Amortization of other intangible | 49 | 49 |
| Other | 3,002 | 2,220 |
| Total Non-Interest Expense | 30,440 | 27,260 |
| Income before Income Taxes | 2,898 | 13,365 |
| Income Taxes | 1,228 | 3,054 |
| Net Income | $1,670 | $10,311 |
| Net Income Attributable to Noncontrolling Interest | $(350) | $2,448 |
| Net Income Attributable to Quaint Oak Bancorp, Inc. | $2,020 | $7,863 |
| Earnings per share – basic | $0.90 | $3.85 |
| Average shares outstanding - basic | 2,254,444 | 2,042,740 |
| Earnings per share - diluted | $0.89 | $3.65 |
| Average shares outstanding - diluted | 2,275,034 | 2,152,889 |
See accompanying notes to consolidated financial statements.
Quaint Oak Bancorp, Inc.
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