QUAINT OAK BANCORP, INC.
For the period ended Dec 31, 2024. Filed Mar 28, 2025.
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FY2024 · Filed Mar 28, 2025
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EX-13.0 · Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In Thousands) | ||
| Cash Flows from Operating Activities | ||
| Net income from continuing operations | $2,389 | $2,282 |
| Net income (loss) from discontinued operations | 406 | (262) |
| Net income | 2,795 | 2,020 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 1,534 | 157 |
| Depreciation expense | 602 | 425 |
| Amortization, net | 59 | 461 |
| Accretion of deferred loan fees and costs, net | (228) | (564) |
| Deferred income taxes | 97 | 351 |
| Stock-based compensation expense | 242 | 225 |
| Net gain on loans sold | (3,699) | (2,620) |
| Loans held for sale-originations | (134,348) | (77,397) |
| Loans held for sale-proceeds | 135,141 | 79,422 |
| Gain on the sale of SBA loans | (453) | (468) |
| Increase in the cash surrender value of bank-owned life insurance | (118) | (103) |
| Gain on sale of premises and equipment | (1,485) | - |
| Changes in assets and liabilities which provided (used) cash: | ||
| Accrued interest receivable | (459) | (40) |
| Prepaid expenses and other assets | (2,760) | (370) |
| Accrued interest payable | 395 | 522 |
| Accrued expenses and other liabilities | 2,946 | (1,638) |
| Net Cash Provided by Operating Activities of Continuing Operations | 261 | 383 |
| Net Cash Provided by Operating Activities of Discontinued Operations | 32,350 | 77,977 |
| Net Cash Provided by Operating Activities | 32,611 | 78,360 |
| Cash Flows from Investing Activities | ||
| Maturity of interest-earning time deposits | - | (1,780) |
| Redemption of interest-earning time deposits | 1,000 | 3,701 |
| Principal repayments on investment securities available for sale | 688 | 645 |
| Net decrease (increase) in loans receivable | 24,312 | 18,727 |
| Proceeds from the sale of Oakmont Capital Holdings, LLC | 4,300 | - |
| Purchase of Federal Home Loan Bank stock | (4,427) | (2,980) |
| Redemption of Federal Home Loan Bank stock | 3,687 | 8,107 |
| Sale (purchase) of premises and equipment | 1,914 | (486) |
| Net Cash Provided by Investing Activities of Continuing Operations | 31,474 | 25,934 |
| Net Cash Provided by Investing Activities of Discontinued Operations | - | - |
| Net Cash Provided by Investing Activities | 31,474 | 25,934 |
| Cash Flows from Financing Activities | ||
| Net (decrease) increase in demand deposits, money markets, and savings accounts | (145,494) | 53,704 |
| Net increase in certificate accounts | 67,047 | 17,892 |
| (Decrease) increase in advances from borrowers for taxes and insurance | (609) | (298) |
| Proceeds from (repayment of) Federal Home Loan Bank short-term borrowings | 45,000 | (93,200) |
| Proceeds from Federal Home Loan Bank long-term borrowings | - | 20,000 |
| Repayment of Federal Home Loan Bank long-term borrowings | (26,167) | (57,000) |
| (Repayment of) proceeds from Federal Reserve Bank short-term borrowings | - | (7,000) |
| Net proceeds from subordinated debt | 42 | 13,742 |
| Contribution of shares to ESOP | - | 150 |
| Proceeds from issuance of unallocated shares from authorized shares | 2,448 | 1,645 |
| Purchase of treasury stock | (150) | (433) |
| Proceeds from the reissuance of treasury stock under 401(k) plan | 119 | 289 |
| Proceeds from the exercise of stock options | - | 942 |
| Dividends paid | (1,338) | (1,154) |
| Net Cash Used in Financing Activities | (59,102) | (50,721) |
| Net Increase in Cash and Cash Equivalents | 4,983 | 53,573 |
| Cash and Cash Equivalents – Beginning of Year | 58,006 | 4,433 |
| Cash and Cash Equivalents – End of Year | $62,989 | $58,006 |
Quaint Oak Bancorp, Inc.
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