Exhibit 99.1
 
 
 
 
 

FOR RELEASE: Thursday, January 29, 2015 at 4:30 PM (Eastern)

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, 2014 was $361,000, or $0.42 per basic and $0.40 per diluted share, compared to $258,000, or $0.29 per basic and $0.28 per diluted share for the same period in 2013. Net income for the year ended December 31, 2014 was $1.2 million, or $1.46 per basic and $1.37 per diluted share, compared to $702,000, or $0.79 per basic and $0.76 per diluted share for the year ended December 31, 2013.

Robert T. Strong, President and Chief Executive Officer stated, "We are extremely pleased with our results of operations for 2014 which included a significant growth in loans receivable at year end 2014 when compared to the previous year end 2013.  The increase in outstanding loan balances along with the increased activity in our mortgage banking subsidiary fueled our increase in net income year over year."

Mr. Strong continued, "I am pleased to report that our targeted launch date of business and consumer checking and related products was met.  This addition to our deposit product line is designed to add low cost funding to our liabilities and aid in maintaining favorable average interest rate spreads and net interest margins.  The introduction of these products did not change our strategy to remain a "cashless" bank which permits us to avoid the added costs of security, transport and personnel."

Mr. Strong added, "We have nearly completed refurbishing the exterior of our Lehigh Valley office begun in 2014.  The improved appearance, coupled with our expanded line of deposit products, lender staffing and improved economic activity of that market, provides us a positive position to share in the region's growth.  Although we continue to seek additional markets for expansion, we have not yet identified a cost effective opportunity or the appropriate catalyst for that action.  In the interim, we are focusing on our existing opportunities always mindful of our efficiency ratio."

In closing, Mr. Strong commented, "I am encouraged to observe that as of year end 2014 our stock traded above book value.  We trust the price reflects recognition in the market of our strong performance coupled with the related activity over the years of our stock repurchase plans.  We appreciate the value placed on our stock and strive to improve upon it.  As always, 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 $361,000 for the three months ended December 31, 2014, an increase of $103,000 or 39.9%, compared to net income of $258,000 for the three months ended December 31, 2013.  The increase in net income on a comparative quarterly basis was primarily the result of increases in net interest income of $98,000, non-interest income of $88,000, and a decrease in the provision for loan losses of $21,000, partially offset by an increase in non-interest expense of $87,000 and an increase in the provision for income taxes of $17,000.
 
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The following information was filed by Quaint Oak Bancorp Inc (QNTO) on Thursday, January 29, 2015 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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