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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Contents

EX-13.0 · Consolidated Statements of Stockholders’ Equity

Consolidated Statements of Stockholders’** Equity**

Accumulated
Number of · Additional · Other · Total
Shares · Paid-in · Treasury · Comprehensive · Retained · Noncontrolling · Stockholders
	Outstanding	Amount	Capital	Stock	Income (Loss)	Earnings	Interest	Equity
BALANCE – DECEMBER 31, 2021	2,011,313	$28	$15,685	$(4,977)	$23	$24,030	$2,120	$36,909
Contribution of shares to ESOP from Treasury	16,000		244	99				343
Reissuance of treasury stock for capital raise	105,904		1,724	659				2,383
Treasury stock purchased	(2,147)			(49)				(49)
Reissuance of treasury stock under 401(k) Plan	4,420		73	27				100
Reissuance of treasury stock under stock incentive plan	9,123		(57)	57				-
Reissuance of treasury stock for exercised stock options	23,000		69	192				261
Stock based compensation expense			168					168
Net income attributable to noncontrolling interest							2,448	2,448
Cash dividends declared ($0.50 per share)						(1,018)		(1,018)
Noncontrolling interest distribution							(279)	(279)
Net income						7,863		7,863
Other comprehensive loss, net					(47)			(47)
BALANCE – DECEMBER 31, 2022	2,167,613	$28	$17,906	$(3,992)	$(24)	$30,875	$4,289	$49,082
Contribution of shares to ESOP from Treasury	11,320		77	73				150
Issuance of stock for capital raise	118,425	1	1,644					1,645
Treasury stock purchased	(22,327)			(433)				(433)
Reissuance of treasury stock under 401(k) Plan	18,492		169	120				289
Reissuance of treasury stock under stock incentive plan	9,122		57	57				-
Reissuance of treasury stock for exercised stock options	104,403		335	607				942
Stock based compensation expense			225					225
Net loss attributable to noncontrolling interest							(350)	(350)
Cash dividends declared ($0.52 per share)						(1,154)		(1,154)
Noncontrolling interest distribution							(865)	(865)
Net income						2,020		2,020
Other comprehensive income, net					14			14
BALANCE –DECEMBER 31, 2023	2,407,048	$29	$20,299	$(3,568)	$(10)	$31,741	$3,074	$51,565

See accompanying notes to consolidated financial statements.

Quaint Oak Bancorp, Inc.

Consolidated Statements of Cash Flows

	Years Ended December 31,
	2023	2022
(In Thousands)
Cash Flows from Operating Activities
Net income	$1,670	$10,311
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	157	2,475
Depreciation expense	530	437
Amortization, net	461	408
Accretion of deferred loan fees and costs, net	(564)	(1,944)
Deferred income taxes	351	(222)
Stock-based compensation expense	225	511
Net gain on loans sold	(6,696)	(12,500)
Loans held for sale-originations	(341,160)	(521,710)
Loans held for sale-proceeds	420,698	508,811
Gain on the sale of SBA loans	(468)	(310)
Increase in the cash surrender value of bank-owned life insurance	(103)	(89)
Changes in assets and liabilities which provided (used) cash:
Accrued interest receivable	(40)	(323)
Prepaid expenses and other assets	(2,835)	(2,085)
Accrued interest payable	522	410
Accrued expenses and other liabilities	(84)	3,582
Net Cash Provided by (Used in) Operating Activities	73,130	(12,238)
Cash Flows from Investing Activities
Purchase of interest-earning time deposits	(1,780)	(2,133)
Redemption of interest-earning time deposits	3,701	6,224
Principal repayments on investment securities available for sale	647	1,004
Net decrease (increase) in loans receivable	18,926	(218,119)
Purchase of Federal Home Loan Bank stock	(2,980)	(10,980)
Redemption of Federal Home Loan Bank stock	8,107	6,557
Purchase of premises and equipment	(688)	(560)
Net Cash Provided by (Used in) Investing Activities	25,933	(218,007)
Cash Flows from Financing Activities
Net increase in demand deposits, money markets, and savings accounts	64,559	84,041
Net increase in certificate accounts	17,892	18,041
(Decrease) increase in advances from borrowers for taxes and insurance	(456)	1,330
Proceed from (repayment of) Federal Home Loan Bank short-term borrowings	(93,140)	72,689
Proceeds from Federal Home Loan Bank long-term borrowings	20,000	79,000
Repayment of Federal Home Loan Bank long-term borrowings	(57,000)	(36,171)
(Repayment of) proceeds from Federal Reserve Bank short-term borrowings	(7,000)	3,105
Net proceeds from subordinated debt	13,742	-
Contribution of shares to ESOP	150	-
Proceeds from issuance unallocated shares from authorized shares	1,645	2,383
Purchase of treasury stock	(433)	(49)
Proceeds from the reissuance of treasury stock under 401(k) Plan	289	100
Proceeds from the exercise of stock options	932	261
Dividends paid	(1,154)	(1,018)
Noncontrolling interest capital distribution	(865)	(279)
Net Cash (Used in) Provided by Financing Activities	(40,829)	223,433
Net Increase (Decrease) in Cash and Cash Equivalents	58,234	(6,812)
Cash and Cash Equivalents – Beginning of Year	3,893	10,705
Cash and Cash Equivalents – End of Year	$62,127	$3,893
Supplementary Disclosure of Cash Flow and Non-Cash Information:
Cash payments for interest	$25,785	$8,367
Cash payments for income taxes	$2,659	$2,900
Initial recognition of operating lease right-of use assets	$1,510	$1,050
Initial recognition of operating lease obligations	$1,510	$1,050

See accompanying notes to consolidated financial statements.

Quaint Oak Bancorp, Inc.

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