Quaint Oak Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 30, 2018 at 04:30 pm EST
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Quaint Oak Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net interest income of $1,988,000 against $1,751,000 a year ago. Net interest income after provision for loan losses was $1,893,000 against $1,631,000 a year ago. Income before income taxes was $676,000 against $541,000 a year ago. Net income was $177,000 or $0.09 per diluted share against $455,000 or $0.23 per diluted share a year ago. Book value per share as at December 31, 2017 was $11.55 against $10.99 a year ago. The decrease in net income on a comparative quarterly basis was primarily the result of increases in the provision for income taxes of $413,000 and non-interest expense of $427,000, partially offset by increases in non-interest income of $300,000 and net interest income of $237,000, and a decrease in the provision for loan losses of $25,000.
For the year, the company reported net interest income of $7,586,000 against $6,618,000 a year ago. Net interest income after provision for loan losses was $7,302,000 against $6,326,000 a year ago. Income before income taxes was $2,672,000 against $2,234,000 a year ago. Net income was $1,467,000 or $0.74 per diluted share against $1,498,000 or $0.23 per diluted share a year ago. The decrease was primarily the result of increases in the provision for income taxes of $469,000 and non-interest expense of $1.4 million, partially offset by increases in net interest income of $968,000 and non-interest income of $839,000, and a decrease in the provision for loan losses of $8,000.
Quaint Oak Bancorp, Inc. is the holding company for Quaint Oak Bank. Quaint Oak Bank's primary business consists of attracting deposits from the general public through a variety of deposit programs and investing such deposits principally in commercial real estate loans, commercial business loans, one-to-four family residential non-owner occupied loans, multi-family residential loans, construction loans, one-to-four family residential owner occupied loans, and home equity loans. Quaint Oak Bank originates loans to businesses for working capital, purchase of a business, tenant improvements, receivables, purchase of inventory and various others. In addition, Quaint Oak Bank offers mortgage banking, multi-state specialty commercial real estate financing and equipment financing, real estate sales, title abstract and insurance services through its subsidiary companies. Quaint Oak Bank serves its customers through its offices as well as through correspondence, telephone and on-line banking.