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 · Statements of Cash Flows
Statements of Cash Flows
| For the Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating Activities | ||
| Net income | $2,795 | $2,020 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Undistributed net income in subsidiary | (3,055) | (3,380) |
| Depreciation expense | 45 | 50 |
| Amortization of subordinated debt issuance costs | (11) | 249 |
| Stock-based compensation expense | 242 | 225 |
| Decrease (increase) in other assets | 331 | 313 |
| Net cash (used in) provided by operating activities | 347 | (523) |
| Investing Activities | ||
| Investment in Quaint Oak Bank | - | (13,500) |
| Sale of property and equipment | 1,343 | (6) |
| Net cash used in investing activities | 1,343 | (13,506) |
| Financing Activities | ||
| Dividends paid | (1,338) | (1,154) |
| Proceeds from the issuance of Subordinate Debt | - | 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 | - | 932 |
| Net cash provided by financing activities | 1,079 | 15,181 |
| Net Increase in Cash and Cash Equivalents | 2,769 | 1,152 |
| Cash and Cash Equivalents-Beginning of Year | 1,436 | 284 |
| Cash and Cash Equivalents-End of Year | $4,205 | $1,436 |
Note23 – Subsequent Event
On* February 21, 2025,Quaint Oak Bancorp, Inc. (the “Company”) entered into a Senior Unsecured Note Purchase Agreement (the “Purchase Agreement”) with certain institutional accredited investors pursuant to which the Company issued an aggregate of $9.75 million in aggregate principal amount of Fixed Rate Unsecured Senior Notes due March 1, 2028 (the “Notes”) in a private placement. The Company issued to an accredited individual investor an additional $250,000 in principal amount of the Notes as of March 4, 2025*for a total of $10.0 million in aggregate principal amount.
The Notes bear interest at a fixed annual rate of 11.00%, payable semi-annually in arrears on* March 1and September 1of each year, beginning September 1, 2025.The maturity date of the Notes is March 1, 2028.*
The Company used the net proceeds from the sale of the Notes to repay a portion of the outstanding $14.0 million aggregate principal amount of its 8.5% Fixed Rate Subordinated Notes upon their maturity on* March 15, 2025.*
Quaint Oak Bancorp, Inc.
Quaint Oak Bancorp, Inc.
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