Quaint Oak Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 03, 2023 at 02:00 am IST
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Quaint Oak Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 4.92 million compared to USD 6.66 million a year ago. Net loss was USD 0.255 million compared to net income of USD 2.64 million a year ago. Basic loss per share from continuing operations was USD 0.11 compared to basic earnings per share from continuing operations of USD 1.29 a year ago. Diluted loss per share from continuing operations was USD 0.11 compared to diluted earnings per share from continuing operations of USD 1.22 a year ago.
For the nine months, net interest income was USD 15.53 million compared to USD 17.94 million a year ago. Net income was USD 0.878 million compared to USD 6.65 million a year ago. Basic earnings per share from continuing operations was USD 0.4 compared to USD 3.27 a year ago. Diluted earnings per share from continuing operations was USD 0.39 compared to USD 3.09 a year ago.
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.