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 · Employee Stock Ownership Plan
Employee Stock Ownership Plan** **
The Company maintains an Employee Stock Ownership Plan (ESOP) for the benefit of employees who meet the eligibility requirements of the plan. The Bank* may*make cash contributions to the ESOP on a quarterly basis which are allocated to participant accounts on an annual basis.
During the year ended* December 31, 2024,the Company didnot make a discretionary contribution of shares to the ESOP. During the year ended December 31, 2023,the Company made a discretionary contribution totaling 11,320 shares to the ESOP. These shares were released from Treasury Stock at a cost of approximately $73,000. During the years ended December 31, 2024and2023,* the Company recognized $94,000 and $150,000 of ESOP expense, respectively.
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