Quaint Oak Bancorp Inc - QNTO STOCK NEWS

Quaint Oak Bancorp, Inc. (QNTO) reported a net income of $1.8 million for Q2 2022, up 17.3% from $1.5 million in Q2 2021. For the first half of 2022, net income rose 58.3% to $4.0 million compared to $2.5 million in H1 2021. The company’s total assets increased by 35.7% to $751.9 million. Major contributors to income included a strategic purchase of a $55.5 million commercial real estate loan portfolio. The Texas Ratio increased to 3.42%, but non-performing loans remained low at 0.32% of total loans. Stockholders’ equity grew by 14.3%, emphasizing strong commitment to shareholder value.

Quaint Oak Bancorp (OTCQB: QNTO) declared a quarterly cash dividend of $0.13 per share on July 13, 2022, payable on August 8, 2022, to shareholders of record by the close of business on July 25, 2022. Quaint Oak Bancorp is the holding company for Quaint Oak Bank, which operates in the Delaware Valley, Lehigh Valley, and Philadelphia regions, and has various subsidiaries, including Quaint Oak Abstract, LLC and Quaint Oak Mortgage, LLC. This dividend declaration reflects the company’s ongoing commitment to returning value to shareholders.

Quaint Oak Bancorp, Inc. (OTCQB: QNTO) reported a net income of $2.2 million for Q1 2022, marking a 118.3% increase from $1.0 million in Q1 2021. Earnings per share rose to $1.12 basic and $1.05 diluted. Key contributors to this growth included a $2.1 million increase in net interest income and a $2.5 million rise in gross non-interest income. The net interest margin improved to 4.15% from 2.78%, driven by higher loan volumes and yields. Additionally, stockholders’ equity increased by $3.1 million, or 8.3%.

Quaint Oak Bancorp (OTCQB: QNTO) has declared a quarterly cash dividend of $0.13 per share, up from $0.11, marking an 18.2% increase. This decision was made during the Board of Directors meeting on April 13, 2022, and the dividend is payable on May 9, 2022, to shareholders on record as of April 25, 2022. CEO Robert T. Strong attributes this increase to the Company's strong financial performance in fiscal 2021, underscoring a commitment to long-term profitability and shareholder value.

Quaint Oak Bancorp (OTCQB: QNTO) reported a net income of $2.1 million for Q4 2021, a 93.6% increase from Q4 2020. For the year, net income reached $6.4 million, up 97.3% from 2020. Total assets grew by 14.5% to $554.1 million, driven by a $103.6 million loan production increase. The company also reduced deposit costs to 0.86%.

However, non-interest expenses rose by 76.5% compared to the previous year. Additionally, the provision for loan losses increased by 350.7%, reflecting impact from the COVID-19 pandemic.

Quaint Oak Bancorp, Inc. (OTCQB: QNTO) announced a quarterly cash dividend of $0.11 per share, set to be paid on February 7, 2022, for shareholders recorded by January 24, 2022. This decision was taken during the Board of Directors meeting on January 12, 2022. Quaint Oak Bancorp is the parent company of Quaint Oak Bank, which operates multiple subsidiaries in the Delaware Valley, Lehigh Valley, and Philadelphia markets.

Quaint Oak Bank, a subsidiary of Quaint Oak Bancorp (OTCQB: QNTO), has been recognized as one of the ‘Fastest Growing Companies’ in the Lehigh Valley for the sixth consecutive year. The Mortgage Company ranked tenth among thirty qualifying companies, reflecting significant growth in 2020 despite pandemic challenges. Furthermore, Quaint Oak Mortgage launched 'QO Direct,' an innovative remote application program enabling nationwide service with a comprehensive e-Close solution for various closing types.

Quaint Oak Bank, a subsidiary of Quaint Oak Bancorp (OTCQB: QNTO), has announced an expansion of its real estate operations with the opening of two new offices in Pennsylvania: Chalfont and Doylestown. This expansion extends its market reach into the Delaware Valley, complementing its existing presence in the Lehigh Valley. The initiative is bolstered by the hiring of experienced management, including Lynn Sharer as Manager and Broker of Record, and Janice Robinson to lead the Doylestown office. Quaint Oak Real Estate aims to double its sales agent count from approximately 36.