QUAINT OAK BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS
Globenewswire·2025-07-31 20:30

Core Viewpoint - Quaint Oak Bancorp, Inc. reported a net income of $272,000 for Q2 2025, a significant increase from $100,000 in Q2 2024, but a decrease in net income for the first half of 2025 compared to the same period in 2024 [1][11]. Financial Performance - Net income for the quarter ended June 30, 2025, was $272,000, representing a 172.0% increase from $100,000 in Q2 2024 [3]. - For the six months ended June 30, 2025, net income was $189,000, down 80.6% from $973,000 in the same period of 2024 [11]. - Earnings per share for Q2 2025 were $0.10, compared to $0.04 in Q2 2024 [35]. Revenue and Expenses - Interest and dividend income decreased by $703,000, or 6.5%, primarily due to a significant drop in the average balance of interest-earning assets [4]. - Non-interest income increased by $643,000, or 49.3%, driven by gains in loan sales and SBA loans [8]. - Total interest expense decreased by $1.1 million, or 16.6%, mainly due to lower interest expenses on deposits [5][13]. Asset Quality - Non-performing loans as a percentage of total loans receivable were reported at 1.10% as of June 30, 2025, showing improvement from previous periods [26][37]. - The Texas Ratio was reported at 9.24%, indicating a healthier asset quality compared to prior periods [37]. Financial Condition - Total assets decreased to $670.8 million as of June 30, 2025, down 2.1% from $685.2 million at the end of 2024 [19]. - Total deposits decreased by $21.1 million, or 3.8%, primarily due to reductions in money market accounts and interest-bearing checking accounts [21]. - Federal Home Loan Bank borrowings increased by $12.1 million, or 25.4%, to $60.0 million, reflecting the company's liquidity needs [22]. Strategic Outlook - The company anticipates stabilizing expenses, with some one-time costs expected in the second half of 2025 as it completes business line developments [2]. - The focus remains on long-term profitability and maintaining healthy capital ratios to enhance shareholder value [2].