Exhibit 99.1





FOR IMMEDIATE RELEASE

QUAINT OAK BANCORP, INC. ANNOUNCES FOURTH QUARTER AND YEAR-END EARNINGS

Southampton, PA – Quaint Oak Bancorp, Inc. (the “Company”) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank”), announced today that net income for the quarter ended December 31, 2019 was $597,000, or $0.30 per basic and $0.29 per diluted share, compared to $523,000, or $0.27 per basic and $0.26 per diluted share for the same period in 2018.  Net income for the year ended December 31, 2019 was $2.5 million, or $1.27 per basic and $1.24 per diluted share, compared to $2.0 million, or $1.04 per basic and $1.01 per diluted share for the same period in 2018.

Robert T. Strong, President and Chief Executive Officer stated, “I am pleased to report that net income for the 2019 year approached $2.5 million.  This is an approximate 25% increase over the same period of one year ago ending December 31, 2018.  I am additionally pleased to report that our assets finished the 2019 year at just over $300 million.  This asset growth of 11.5% was driven by an increase in loans receivable, net of allowance for loan losses at year-end of 13.7% over the same period of 2018.”

Mr. Strong added, “The Bank’s credit quality continued to see improved performance at December 31, 2019, with our nonperforming loans as a percent of total loans receivable, net at 0.15% and our Texas Ratio at 8.01%.”

Mr. Strong continued, “This growth and performance provides us the flexibility to invest in our future expansion with the opening of a Philadelphia regional office location.  The office to be located at 117 Spring Garden Street in Philadelphia’s Northern Liberties neighborhood is on schedule to open on or before March 2nd of this year.”

Mr. Strong commented, “The Company has repurchased an additional 27,297 shares during the year ended December 31, 2019.  We have repurchased 39% of the original shares issued in our initial public offering.  Stockholders’ equity has increased by $2.1 million or 8.7% year over year.  During 2019 we increased the dividend rate by 28.6% to $.09 cents per share.  Finally, and very importantly, basic per share earnings for 2019 came in at $1.27 per share.  As always, in conjunction with having maintained a strong repurchase plan, our current and continued business strategy includes long-term profitability and payment of dividends reflecting our strong commitment to shareholder value.”

Net income amounted to $597,000 for the three months ended December 31, 2019, an increase of $74,000, or 14.1%, compared to net income of $523,000 for three months ended December 31, 2018.  The increase in net income on a comparative quarterly basis was primarily the result of an increase in net interest income of $125,000, a decrease in the provision for loan losses of $82,000, an increase in non-interest income of $56,000, and a decrease in the provision for income taxes of $47,000, partially offset by an increase in non-interest expense of $236,000.

The $125,000, or 5.8%, increase in net interest income for the three months ended December 31, 2019 over the comparable period in 2018 was driven by a $516,000, or 16.2%, increase in interest income, partially offset by a $391,000, or 38.2%, increase in interest expense.  The increase in interest income was primarily due to a $35.4 million increase in average loans receivable, net, including loans held for sale, which increased from an average balance of $221.4 million for the three months ended December 31, 2018 to an average balance of $256.8 million for the three months ended December 31, 2019, and had the effect of increasing interest income $486,000.


1

The following information was filed by Quaint Oak Bancorp Inc (QNTO) on Tuesday, January 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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