QUAINT OAK BANCORP INC
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 14, 2024
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Item 1. Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited)
Consolidated Balance Sheets (Unaudited)
| At June 30, | At December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (In thousands, except share and per share data) | ||
| Assets | ||
| Due from banks, non-interest-bearing | $5,771 | $767 |
| Due from banks, interest-bearing | 69,804 | 57,239 |
| Cash and cash equivalents | 75,575 | 58,006 |
| Investment in interest-earning time deposits | 912 | 1,912 |
| Investment securities available for sale | 2,020 | 2,341 |
| Loans held for sale | 10,062 | 36,448 |
| Loans receivable, net of allowance for credit losses (2024 $7,393; 2023 $6,758) | 593,775 | 617,701 |
| Accrued interest receivable | 4,164 | 3,502 |
| Investment in Federal Home Loan Bank stock, at cost | 2,098 | 1,474 |
| Bank-owned life insurance | 4,385 | 4,329 |
| Premises and equipment, net | 2,791 | 2,656 |
| Goodwill | 515 | 515 |
| Other intangible, net of accumulated amortization | 101 | 125 |
| Prepaid expenses and other assets | 5,488 | 5,134 |
| Assets from discontinued operations | - | 19,975 |
| Total Assets | $701,886 | $754,118 |
| Liabilities and Stockholders’ Equity | ||
| Liabilities | ||
| Deposits: | ||
| Non-interest bearing | $62,993 | $92,215 |
| Interest-bearing | 513,448 | 539,484 |
| Total deposits | 576,441 | 631,699 |
| Federal Home Loan Bank short-term borrowings | 30,000 | - |
| Federal Home Loan Bank long-term borrowings | 14,955 | 29,022 |
| Subordinated debt | 22,000 | 21,957 |
| Accrued interest payable | 857 | 541 |
| Advances from borrowers for taxes and insurance | 3,727 | 3,730 |
| Accrued expenses and other liabilities | 2,516 | 2,438 |
| Liabilities from discontinued operations | - | 13,166 |
| Total Liabilities | 650,496 | 702,553 |
| 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;3,108,993 and 2,895,675 issued as of June 30, 2024 and December 31, 2023, respectively; 2,629,289 and 2,407,048 outstanding at June 30, 2024 and December 31, 2023, respectively | 31 | 29 |
| Additional paid-in capital | 22,828 | 20,299 |
| Treasury stock, at cost: 479,704 and 488,627 shares at June 30, 2024 and December 31, 2023, respectively | (3,527) | (3,568) |
| Accumulated other comprehensive loss | (2) | (10) |
| Retained earnings | 32,060 | 31,741 |
| Total Stockholders' Equity | $51,390 | $48,491 |
| Noncontrolling interest from discontinued operations | - | 3,074 |
| Total Stockholders’ Equity | 51,390 | 51,565 |
| Total Liabilities and Stockholders’ Equity | $701,886 | $754,118 |
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