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 Income
Consolidated Statements of Income
| Years Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In thousands, except share | ||
| and per share data) | ||
| Interest and Dividend Income | ||
| Interest on loans, including fees | $40,058 | $43,812 |
| Interest and dividends on investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock | 3,379 | 1,109 |
| Total Interest and Dividend Income | 43,437 | 44,921 |
| Interest Expense | ||
|---|---|---|
| Interest on deposits | 23,141 | 18,811 |
| Interest on Federal Home Loan Bank short-term borrowings | 61 | 3,907 |
| Interest on Federal Home Loan Bank long-term borrowings | 484 | 1,326 |
| Interest on Federal Reserve Bank borrowings | - | 34 |
| Interest on subordinated debt | 1,934 | 1,449 |
| Total Interest Expense | 25,620 | 25,527 |
| Net Interest Income | 17,817 | 19,394 |
|---|---|---|
| Provision for (Recovery of) Credit Losses | 1,506 | (45) |
| Provision for Off-Balance Sheet Credit Exposures | 28 | 202 |
| Total Provision for Credit Losses | 1,534 | 157 |
| Net Interest Income after Provision for Credit Losses | 16,283 | 19,237 |
| Non-Interest Income | ||
|---|---|---|
| Mortgage banking, equipment lending and title abstract fees | 909 | 600 |
| Real estate sales commissions, net | 20 | 94 |
| Insurance commissions | 744 | 663 |
| Other fees and services charges | 612 | 510 |
| Loan servicing income | 116 | 235 |
| Income from bank-owned life insurance | 118 | 102 |
| Net gain on loans held for sale | 3,699 | 2,620 |
| Gain on the sale of SBA loans | 453 | 468 |
| Gain on sale-leaseback transaction | 1,485 | - |
| Total Non-Interest Income, net | 8,156 | 5,292 |
| Non-Interest Expense | ||
|---|---|---|
| Salaries and employee benefits | 14,636 | 13,850 |
| Directors’ fees and expenses | 201 | 316 |
| Occupancy and equipment | 1,418 | 1,656 |
| Data processing | 1,298 | 1,051 |
| Professional fees | 769 | 932 |
| FDIC deposit insurance assessment | 614 | 867 |
| Advertising | 302 | 283 |
| Amortization of other intangible | 49 | 49 |
| Other | 1,731 | 1,913 |
| Total Non-Interest Expense | 21,018 | 20,917 |
| Income from continuing operations before income taxes | 3,421 | 3,612 |
| Income taxes from continuing operations | 1,032 | 1,330 |
Quaint Oak Bancorp, Inc.
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