EXHIBIT 99.1
 
 
 
 

FOR RELEASE: Monday, January 30, 2017 at 4:30 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, 2016 was $455,000, or $0.25 per basic and $0.23 per diluted share, compared to $378,000, or $0.22 per basic and $0.20 per diluted share for the same period in 2015.  Net income for the year ended December 31, 2016 was $1.5 million, or $0.84 per basic and $0.77 per diluted share, compared to $1.3 million, or $0.74 per basic and $0.68 per diluted share for the same period in 2015.

Robert T. Strong, President and Chief Executive Officer stated, "We are very pleased to report our strong earnings for both the quarter and the year ended December 31, 2016.  Earnings reported for the quarter ended December 31, 2016 are 20.4% higher than the quarter ended December 31, 2015. Likewise, earnings reported for the year ended December 31, 2016 are 17.9% higher than the year ended December 31, 2015.  Additionally, our total assets grew 17.4% at 2016 year end compared to year end 2015.  Deposit growth at year end 2016 well exceeded $27 million as our Lehigh Valley Office pierced the $50 million mark in total deposits while our Commercial Lending Team shattered previous year gross lending levels with over $81 million in new loans originated during the year."

Mr. Strong continued, "Again, the Company experienced a strong contribution from the Bank's subsidiary companies of mortgage banking, title abstract and real estate services.  The addition of the insurance agency in the latter half of the year had a positive contribution; however, we expect a truly positive impact of this acquisition should be observed after a full year of operation."

Mr. Strong added, "Our non-performing loans as a percent of total loans receivable, net stood at 1.06% at 2016 year end while our Texas ratio moderated down to 10.30% also at 2016 year end.  Other real estate owned, net moved down from a 2015 year-end balance of $1.4 million to $435,000 at 2016 year end.

In closing, Mr. Strong commented, "I am especially pleased to note that stockholder equity increased $1.8 million or 9.2% at the 2016 year end when compared to 2015 year end.  As always, in conjunction with having maintained a strong repurchase plan of having repurchased over 35% of our original shares issued in our initial public offering, 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 $455,000 for the three months ended December 31, 2016, an increase of $77,000, or 20.4%, compared to net income of $378,000 for three months ended December 31, 2015.  The increase in net income on a comparative quarterly basis was primarily the result of increases in net- interest income of $162,000 and non-interest income of $156,000 and a decrease in the provision for income taxes of $85,000, partially offset by an increase in non-interest expense of $246,000 and an increase in the provision for loan losses of $80,000.

The $162,000, or 10.2% increase in net interest income for the three months ended December 31, 2016 over the comparable period in 2015 was driven by a $280,000, or 13.0% increase in interest income, partially offset by an $118,000, or 20.6% increase in interest expense. The increase in interest income was primarily due to a $25.9 million increase in average loans receivable, net, including loans held for sale, which increased from an average balance of $146.2 million for the three

The following information was filed by Quaint Oak Bancorp Inc (QNTO) on Monday, January 30, 2017 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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