10-Q 1 qnto20230930_10q.htm FORM 10-Q qnto20230930_10q.htm
0001391933 QUAINT OAK BANCORP INC false --12-31 Q3 2023 7,121 7,678 0.01 0.01 1,000,000 1,000,000 0 0 0 0 0.01 0.01 9,000,000 9,000,000 2,778,550 2,777,250 2,273,051 2,167,613 505,499 609,637 0.13 0.13 0.39 0.37 0 0 0 0 0 0 0 0 0 79,000 10 12,000 36,000 150.0 0 5 5 5 10 10 5 10 5 10 1,000 8 8 8 10 10 2 1,010 2,551 The Company has identified one major non-interest bearing checking account deposit customer that accounted for approximately 16.3% and 5.3% of total deposits at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023 and December 31, 2022, the combined outstanding balances of the major deposit customer’s non-interest bearing checking account totaled approximately $97.1 million and $29.2 million, respectively. Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. Includes $163,000 and $214,000 of PPP loans at March 31, 2023 and December 31, 2022, respectively. All amounts are net of tax. Amounts in parentheses indicate debits. The Company has identified one major money market deposit customer that accounted for approximately 25.2% and 27.3% of total deposits at September 30, 2023 and December 31, 2022, respectively. At both September 30, 2023 and December 31, 2022, the combined outstanding balances of the major deposit customer’s money market accounts totaled approximately $150.0 million. Includes Quaint Oak Bancorp, Inc. and the Bank’s subsidiaries, Quaint Oak Mortgage, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, QOB Properties, and Oakmont Commercial. 00013919332023-01-012023-09-30 xbrli:shares 00013919332023-11-10 thunderdome:item iso4217:USD 00013919332023-09-30 00013919332022-12-31 iso4217:USDxbrli:shares 00013919332023-07-012023-09-30 00013919332022-07-012022-09-30 00013919332022-01-012022-09-30 0001391933qnto:MortgageBankingAndAbstractFeesMember2023-07-012023-09-30 0001391933qnto:MortgageBankingAndAbstractFeesMember2022-07-012022-09-30 0001391933qnto:MortgageBankingAndAbstractFeesMember2023-01-012023-09-30 0001391933qnto:MortgageBankingAndAbstractFeesMember2022-01-012022-09-30 0001391933qnto:RealEstateSalesCommissionsMember2023-07-012023-09-30 0001391933qnto:RealEstateSalesCommissionsMember2022-07-012022-09-30 0001391933qnto:RealEstateSalesCommissionsMember2023-01-012023-09-30 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended

September 30, 2023

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the transition period from

 

to

 

 

Commission file number:

000-52694

 

 

QUAINT OAK BANCORP, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Pennsylvania

 

35-2293957

(State or Other Jurisdiction of Incorporation or Organization)

 

(I.R.S. Employer Identification No.)

 

 

501 Knowles Avenue, Southampton, Pennsylvania

 

18966

(Address of Principal Executive Offices)

 

(Zip Code)

 

 

(215) 364-4059

(Registrant’s Telephone Number, Including Area Code)

 

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Title of each Class

Trading Symbol(s)

Name of each exchange on which registered

   

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒   No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer  ☐   Accelerated filer  ☐   Non-accelerated filer ☒   Smaller reporting company    Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☒  No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of November 10, 2023, 2,390,285 shares of the issuer’s common stock were issued and outstanding.

 

 

 

 

INDEX

 

PART I - FINANCIAL INFORMATION

Page

   

Item 1 -         Financial Statements

 

Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 (Unaudited)         

1

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022  (Unaudited)   2
Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited) 4
Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)  5
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (Unaudited) 8

Notes to the Unaudited Consolidated Financial Statements         

10

   

Item 2 -         Management’s Discussion and Analysis of Financial Condition and Results of Operations         

39

 

Item 3 -         Quantitative and Qualitative Disclosures About Market Risk         

51

 

Item 4 -         Controls and Procedures         

51

 

PART II - OTHER INFORMATION

 

Item 1 -         Legal Proceedings         

51

 

Item 1A -         Risk Factors         

51

 

Item 2 -         Unregistered Sales of Equity Securities and Use of Proceeds         

51

 

Item 3 -         Defaults Upon Senior Securities         

52

 

Item 4 -         Mine Safety Disclosures         

52

 

Item 5 -         Other Information         

52

 

Item 6 -         Exhibits         

52

 

SIGNATURES

 

 

 

 

 

Quaint Oak Bancorp, Inc.

Consolidated Balance Sheets (Unaudited)

 
  

At September 30,

  

At December 31,

 
  

2023

  

2022

 
  (In thousands, except share and per share data) 

Assets

 

 

 

Due from banks, non-interest-bearing

 $331  $421 

Due from banks, interest-bearing

  10,307   3,472 

Cash and cash equivalents

  10,638   3,893 

Investment in interest-earning time deposits

  2,162   3,833 

Investment securities available for sale

  2,481   2,970 

Loans held for sale

  94,806   133,222 

Loans receivable, net of allowance for credit losses

        

(2023 $7,121; 2022 $7,678)

  626,200   621,864 

Accrued interest receivable

  3,319   3,462 

Investment in Federal Home Loan Bank stock, at cost

  3,314   6,601 

Bank-owned life insurance

  4,301   4,226 

Premises and equipment, net

  3,092   2,775 

Goodwill

  2,573   2,573 

Other intangible, net of accumulated amortization

  138   174 

Prepaid expenses and other assets

  9,178   6,757 

Total Assets

 $762,202  $792,350 

Liabilities and Stockholders Equity

 

Liabilities

        

Deposits:

        

Non-interest bearing

 $151,111  $88,728 

Interest-bearing

  444,445   460,520 

Total deposits

  595,556   549,248 

Federal Home Loan Bank short-term borrowings

  35,000   93,200 

Federal Home Loan Bank long-term borrowings

  41,022   66,022 

Federal Reserve Bank short-term borrowings

  -   7,000 

Other short-term borrowings

  5,803   5,489 

Subordinated debt

  21,884   7,966 

Accrued interest payable

  882   584 

Advances from borrowers for taxes and insurance

  3,412   4,186 

Accrued expenses and other liabilities

  10,304   9,573 

Total Liabilities

  713,863   743,268 

Stockholders Equity

        

Preferred stock – $0.01 par value, 1,000,000 shares authorized; none issued or outstanding

  -   - 

Common stock – $0.01 par value; 9,000,000 shares authorized;2,778,550 and 2,777,250 issued as of September 30, 2023 and December 31, 2022, respectively; 2,273,051 and 2,167,613 outstanding at September 30, 2023 and December 31, 2022, respectively

  28   28 

Additional paid-in capital

  18,504   17,906 

Treasury stock, at cost: 505,499 and 609,637 shares at September 30, 2023 and December 31, 2022, respectively

  (3,678)  (3,992)

Accumulated other comprehensive loss

  (15)  (24)

Retained earnings

  30,895   30,875 

Total Quaint Oak Bancorp, Inc. Stockholders' Equity

  45,734   44,793 

Noncontrolling Interest

  2,605   4,289 

Total Stockholders' Equity

 $48,339  $49,082

 

Total Liabilities and Stockholders Equity

 $762,202  $792,350 

 

        
See accompanying notes to the unaudited consolidated financial statements.        
1

 

Quaint Oak Bancorp, Inc.

Consolidated Statements of Operations (Unaudited)

 

   

For the Three

Months Ended

   

For the Nine

Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 
   

(In thousands, except for share data)

 

Interest Income

                               

Interest on loans, including fees

  $ 10,710     $ 8,671     $ 32,935     $ 22,171  

Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock

    260       325       750       506  

Total Interest Income

    10,970       8,996       33,685       22,677  
                                 

Interest Expense

                               

Interest on deposits

    4,318       1,672       11,811       3,199  

Interest on Federal Home Loan Bank short-term borrowings

    783       58       3,583       133  

Interest on Federal Home Loan Bank long-term borrowings

    372       457       1,003       958  

Interest on Federal Reserve Bank long-term borrowings

    11       -       30       4  

Interest on subordinated debt

    417       130       1,021       390  

Interest on other short-term borrowings

    148       22       705       49  

Total Interest Expense

    6,049       2,339       18,153       4,733  

Net Interest Income

    4,921       6,657       15,532       17,944  

Provision for Credit Losses

    257       655       460       1,933  

Net Interest Income after Provision for Credit Losses

    4,664       6,002       15,072       16,011  
                                 

Non-Interest Income

                               

Mortgage banking, equipment lending and title abstract fees

    439       760       1,811       2,221  

Real estate sales commissions, net

    16       88       88       213  

Insurance commissions

    190       152       486       407  

Other fees and services charges

    409       131       852       379  

Loan servicing income

    804       480       3,156       954  

Income from bank-owned life insurance

    26       23       75       66  

Net gain on loans held for sale

    1,052       4,281       3,005       11,349  

Gain on the sale of SBA loans

    95       58       346       225  

Total Non-Interest Income

    3,031       5,973       9,819       15,814  
                                 

Non-Interest Expense

                               

Salaries and employee benefits

    5,296       5,335       16,166       14,817  

Directors' fees and expenses

    108       67       315       210  

Occupancy and equipment

    658       477       1,746       1,363  

Data processing

    312       140       737       500  

Professional fees

    278       257       678       669  

FDIC deposit insurance assessment

    197       225       669       454  

Advertising

    78       169       514       531  

Amortization of other intangible

    12       12       36       36  

Other

    1,491       636       3,560       1,509  

Total Non-Interest Expense

    8,430       7,318       24,421       20,089  
                                 
                                 

See accompanying notes to the unaudited consolidated financial statements.

                               
2

 
 

Quaint Oak Bancorp, Inc.

Consolidated Statements of Operations (Unaudited)

 

 

   

For the Three Months Ended

   

For the Nine

Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 
   

(In thousands, except for share data)

 

(Loss) Income before Income Taxes

  $ (735 )   $ 4,657     $ 470     $ 11,736  

Income Tax (Benefit) (Expense)

    (81 )     1,012       410       2,531  

Net (Loss) Income

  $ (654 )   $ 3,645     $ 60     $ 9,205  

Net (Loss) Income Attributable to Noncontrolling Interest

  $ (399 )   $ 1,010     $ (818 )   $ 2,551  

Net (Loss) Income Attributable to Quaint Oak Bancorp, Inc.

  $ (255 )   $ 2,635     $ 878     $ 6,654  
                                 

Earnings per share - basic

  $ (0.11 )   $ 1.29     $ 0.40     $ 3.27  

Average shares outstanding - basic

    2,244,163       2,050,650       2,221,441       2,034,153  

Earnings per share - diluted

  $ (0.11 )   $ 1.22     $ 0.39     $ 3.09  

Average shares outstanding - diluted

    2,260,176       2,168,732       2,255,315       2,150,944  
                                 
                                 
See accompanying notes to the unaudited consolidated financial statements.                                
3

 

Quaint Oak Bancorp, Inc.

Consolidated Statements of Comprehensive (Loss) Income (Unaudited)

 

   

For the Three

Months Ended

   

For the Nine

Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 
   

(In thousands)

 

Net (Loss) Income

  $ (654 )   $ 3,645     $ 60     $ 9,205  
                                 

Other Comprehensive Income (Loss):

                               

Unrealized gains (losses) on investment securities available for sale

    1       (1 )     12       (54 )

Income tax effect

    -       -       (3 )     12  

Other comprehensive income (loss)

    1       (1 )     9       (42 )
                                 

Total Comprehensive (Loss) Income

    (653 )     3,644       69       9,163  
                                 

Comprehensive (Loss) Income Attributable to Noncontrolling Interest

    (399 )     1,010       (818 )     2,551  

Comprehensive (Loss) Income Attributable to Quaint Oak Bancorp, Inc.

  $ (254 )   $ 2,634     $ 887     $ 6,612  
                                 
                                 
See accompanying notes to the unaudited consolidated financial statements.                                
4

 

Quaint Oak Bancorp, Inc.

Consolidated Statements of Stockholders' Equity (Unaudited)

 

For the Three Months Ended September 30, 2023

   Common Stock           Accumulated             
   Number of       Additional       Other           Total 
   Shares       Paid-in   Treasury   Comprehensive   Retained   Noncontrolling   Stockholders' 
   Outstanding   Amount   Capital   Stock   Loss   Earnings   Interest   Equity 
   (In thousands, except share and per share data) 

BALANCE JUNE 30, 2023

  2,236,422  $28  $18,121  $(3,814) $(16) $31,440  $3,004  $48,763 
                                 

Treasury stock purchase

  (5,473)          (127)              (127)

Issued from authorized and unallocated

  1,300       20                   20 

Reissuance of treasury stock under 401(k) Plan

  9,699       90   62               152 

Reissuance of treasury stock under stock incentive plan

  31,103       212   201               413 
                                 

Stock based compensation expense

          61                   61 
                                 

Cash dividends declared ($0.13 per share)

                      (290)      (290)
                                 

Net loss

                      (255)  (399)  (654)
                                 

Other comprehensive income

                  1           1 
                                 

BALANCE

SEPTEMBER 30, 2023

  2,273,051  $28  $18,504  $(3,678) $(15) $30,895  $2,605  $48,339 

 

For the Three Months Ended September 30, 2022

 

   Common Stock           Accumulated             
   Number of       Additional       Other           Total 
   Shares       Paid-in   Treasury   Comprehensive   Retained   Noncontrolling   Stockholders' 
   Outstanding   Amount   Capital   Stock   (Loss)   Earnings   Interest   Equity 
   (In thousands, except share and per share data) 

BALANCE - JUNE 30, 2022

  2,045,721  $28  $15,904  $(4,784) $(18) $27,564  $3,485  $42,179 
                                 

Common stock allocated by ESOP (4,000 shares)

  4,000       59   25               84 

Treasury stock purchase

  (760)          (18)              (18)

Reissuance of treasury stock under stock incentive plan

                           - 

Reissuance of treasury stock under 401(k) Plan

  593       11   4               15 
                                 

Reissuance of treasury stock for exercised stock options

  4,000       8   25               33 
                                 

Stock based compensation expense

          42                   42 
                                 

Cash dividends declared ($0.13 per share)

                      (266)      (266)
                                 

Noncontrolling interest member distribution

                          (103)  (103)
                                 

Net income

                      2,635   1,010   3,645 
                                 

Other comprehensive loss

                  (1)          (1)
                                 

BALANCE

SEPTEMBER 30, 2022

  2,053,554  $28  $16,024  $(4,748) $(19) $29,933  $4,392  $45,610 
                                 
See accompanying notes to the unaudited consolidated financial statements.                 
5

 

 

Quaint Oak Bancorp, Inc.

Consolidated Statements of Stockholders' Equity (Unaudited)

 

For the Nine Months Ended September 30, 2023

 

   Common Stock           Accumulated             
   Number of       Additional       Other           Total 
   Shares       Paid-in   Treasury   Comprehensive   Retained   Noncontrolling   Stockholders' 
   Outstanding   Amount   Capital   Stock   (Loss) Income    Earnings   Interest   Equity 
   (In thousands, except share and per share data) 

BALANCE

DECEMBER 31, 2022

  2,167,613  $28  $17,906  $(3,992) $(24) $30,875  $4,289  $49,082 

Treasury stock purchase

  (22,327)          (433)              (433)

Issued from authorized and unallocated

  1,300       20                   20 

Reissuance of treasury stock under stock incentive plan

  40,225       155   258               413 

Reissuance of treasury stock under 401(k) Plan

  12,940       135   83               218 
                                 

Reissuance of treasury stock for exercised stock options

  73,300       123   406               529 
                                 

Stock based compensation expense

          165                   165 
                                 

Cash dividends declared ($0.39 per share)

                      (858)      (858)
                                 

Noncontrolling interest member distribution

                          (866)  (866)
                                 

Net income (loss)

                      878   (818)  60 
                                 

Other comprehensive income

                  9           9 
                                 

BALANCE

SEPTEMBER 30, 2023

  2,273,051  $28  $18,504  $(3,678) $(15) $30,895  $2,605  $48,339 
                                 
                                 
                                 
See accompanying notes to the unaudited consolidated financial statements.                 
6

 

 

Quaint Oak Bancorp, Inc.

Consolidated Statements of Stockholders' Equity (Unaudited)

 

For the Nine Months Ended September 30, 2022

                         
                                 
   Common Stock           Accumulated             
   Number of       Additional       Other           Equity 
   Shares       Paid-in   Treasury   Comprehensive   Retained   Noncontrolling   Stockholders' 
   Outstanding   Amount   Capital   Stock   Income (Loss)   Earnings   Interest   Equity 
   (In thousands, except share and per share data) 

BALANCE -

DECEMBER 31, 2021

  2,011,313  $28  $15,685  $(4,977) $23  $24,030  $2,120  $36,909 
                                 

Common stock allocated by ESOP (12,000 shares)

  12,000