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 · Statements of Cash Flows
Statements of Cash Flows
| For the Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Operating Activities | ||
| Net income | $2,020 | $7,863 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Undistributed net income in subsidiary | (3,380) | (8,207) |
| Depreciation expense | 50 | 53 |
| Amortization of subordinated debt issuance costs | 249 | 34 |
| Stock-based compensation expense | 225 | 511 |
| Decrease (increase) in other assets | 313 | (62) |
| Net cash (used in) provided by operating activities | (523) | 192 |
| Investing Activities | ||
| Investment in Quaint Oak Bank | (13,500) | - |
| Purchase of property and equipment | (6) | (12) |
| Net cash used in investing activities | (13,506) | (12) |
| Financing Activities | ||
| Dividends paid | (1,154) | (1,018) |
| Proceeds from the issuance of Subordinate Debt | 13,742 | - |
| Proceeds from the reissuance of treasury stock for capital raise | - | 2,383 |
| Additional Paid-in Capital | - | (2,250) |
| Contribution of shares to ESOP | 150 | - |
| Proceeds from issuance of unallocated shares from authorized shares | 1,645 | - |
| Purchase of treasury stock | (433) | (49) |
| Proceeds from the reissuance of treasury stock under401(k) plan | 289 | 100 |
| Proceeds from the exercise of stock options | 932 | 262 |
| Net cash provided by (used in) financing activities | 15,181 | (572) |
| Net Increase (Decrease) in Cash and Cash Equivalents | 1,152 | (392) |
| Cash and Cash Equivalents-Beginning of Year | 284 | 676 |
| Cash and Cash Equivalents-End of Year | $1,436 | $284 |
Quaint Oak Bancorp, Inc.
Quaint Oak Bancorp, Inc.
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