Exhibit 99.1
 
 
 
 
 
 

FOR RELEASE: Thursday, January 28, 2016 at 4:15 PM (Eastern)

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

Southampton, PA – Quaint Oak Bancorp, Inc. (the "Company") (OTCQX: QNTO), the holding company for Quaint Oak Bank (the "Bank"), announced today that net income for the quarter ended December 31, 2015 was $378,000, or $0.22 per basic and $0.20 per diluted share, compared to $361,000, or $0.21 per basic and $0.20 per diluted share for the same period in 2014.  Net income for the year ended December 31, 2015 was $1.3 million, or $0.74 per basic and $0.68 per diluted share, compared to $1.2 million, or $0.73 per basic and $0.69 per diluted share for the same period in 2014.

Robert T. Strong, President and Chief Executive Officer stated, "We are very pleased to report our earnings for the fourth quarter and year ended December 31, 2015 as the Company closed out the year with the highest earning quarter in our history.  The Company experienced extremely good growth this past year as assets increased over $28.5 million, or 18.3%, at December 31, 2015 compared to December 31, 2014.  Our presence in the Lehigh Valley market has yielded deposit growth at December 31, 2015 in excess of $14.0 million at our Allentown regional office compared to the prior year end.  Total Bank deposits were just below $150.0 million at December 31, 2015.  The Bank's commercial lending team continued to implement our new approach to relationship commercial lending, including our new non-interest bearing checking account deposit product introduced in December 2014 that took a strong foothold in 2015."

Mr. Strong continued, "The Company experienced solid performance from the Bank's subsidiary companies of mortgage banking, title abstract and real estate.  We look forward to continued growth in these subsidiary companies as we forge into 2016."

Mr. Strong added, "Our non-performing loans as a percent of total loans receivable, net experienced a new low of 0.59% compared to 2.30% at December 31, 2014.  Although the Bank's other real estate owned portfolio has increased, our Texas ratio is also at a low of 11.11%."

In closing, Mr. Strong commented, "I am pleased that our stockholders benefited from our strategy this year, in particular, as we effected our first stock split on a two for one basis, provided for two increases in our dividend rate during the year and posted an increase in stockholders' equity of $1.5 million or 8.3%.  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 $378,000 for the three months ended December 31, 2015, an increase of $17,000, or 4.7%, compared to net income of $361,000 for three months ended December 31, 2014.  The increase in net income on a comparative quarterly basis was primarily the result of increases in net interest income of $202,000 and non-interest income of $10,000, and a decrease in the provision for loan losses of $17,000, partially offset by increases in non-interest expense of $200,000 and the provision for income taxes of $12,000.
 
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The following information was filed by Quaint Oak Bancorp Inc (QNTO) on Thursday, January 28, 2016 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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