SOUTHAMPTON, PA — Quaint Oak Bancorp, Inc. (OTCQB: QNTO), the holding company for Quaint Oak Bank, announced significant financial growth for 2024, with net income increasing 38.4% year-over-year to $2.8 million, or $1.08 per share, up from $2.0 million, or $0.90 per share, in 2023. Quarterly net income for the period ending December 31, 2024, rose by 38.3% to $1.6 million, or $0.60 per share, compared to $1.1 million, or $0.49 per share, in the same quarter of 2023.
“I am pleased to report that our quarterly net income for the period ended December 31, 2024, of $1.6 million was an increase of 38.3% when compared to the income of the same period ended December 31, 2023. I am, additionally, pleased to report that our annual net income for the year ended December 31, 2024, of $2.8 million was an increase of 38.4% when compared to the income for the year ended December 31, 2023,” said Robert T. Strong, President and Chief Executive Officer.
Contributing to the annual results was a $1.5 million gain from a sale-leaseback transaction of the company’s property in Allentown, Pennsylvania, which bolstered non-interest income. However, the bank also saw some challenges, with non-performing loans ending 2024 at 1.07% of total loans receivable, compared to 2023’s 0.07%. This led to an increase in provisions for credit losses, which stood at 1.20% of total loans receivable by year-end.
On March 29, 2024, Quaint Oak Bancorp completed two major strategic actions. The company sold its 51% interest in Oakmont Capital Holdings, resulting in a $1.4 million pre-tax gain, and ceased operations of its subsidiary Quaint Oak Real Estate, reflecting a streamlined business focus.
The company also maintained robust capital levels, with a total risk-based capital ratio of 14.34% at year-end, supported by improved liquidity and funding strategies. The board declared a $0.13 per share dividend for shareholders, payable on February 10, 2025.
“In closing, I am pleased that our stockholders’ equity from continuing operations improved by over $4.0 million during the year 2024. As always, our current and continued business strategy focuses on long-term profitability and maintaining healthy capital ratios, both of which reflect our strong commitment to shareholder value,” Strong concluded.
With a focus on profitability, credit quality, and operational streamlining, Quaint Oak Bancorp positions itself for continued growth and shareholder returns in 2025.
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