Exhibit 99.1



FOR RELEASE: Wednesday, January 30, 2019 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, 2018 was $523,000, or $0.27 per basic and $0.26 per diluted share, compared to $177,000, or $0.10 per basic and $0.09 per diluted share for the same period in 2017.  Net income for the year ended December 31, 2018 was $2.0 million, or $1.04 per basic and $1.01 per diluted share, compared to $1.5 million, or $0.79 per basic and $0.74 per diluted share for the year ended December 31, 2017.

Robert T. Strong, President and Chief Executive Officer stated, “We are very pleased to report that the Company’s successful completion of an $8.0 million subordinated debt offering in December 2018 has contributed to the Company’s total assets surpassing the $270.0 million mark, a 13.3% increase in assets at December 31, 2018 compared to the prior year end period.  We believe this growth in both assets and capital will position us nicely for future growth.”

Mr. Strong continued, “Our growth in loans receivable, net, was 7.6% at December 31, 2018 compared to the prior year end period.  Additionally, our mortgage company subsidiary exceeded $100.0 million in loans closed during the year.  Net income for the Company surpassed the $2.0 million mark, all notable benchmarks, of which we are proud.”

Mr. Strong added, “Our credit quality continued to improve as our non-performing loans as a percent of total loans receivable, net, declined to 0.54% at year-end compared to 1.52% at December 31, 2017.  Additionally, our Texas Ratio calculation was 11.35%, down from 13.31% at December 31, 2017.  Needless to say, we are very pleased that loan quality remains high within the Bank’s portfolio.”

Mr. Strong commented, “The Company has repurchased an additional 16,400 shares during the fourth quarter of 2018.  Our repurchase plans have now repurchased over 38% of the original shares issued in our initial public offering.  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 $523,000 for the three months ended December 31, 2018, an increase of $346,000, or 195.5%, compared to net income of $177,000 for three months ended December 31, 2017.  During the fourth quarter of 2017, the Company wrote down its net deferred tax asset (“DTA”) by $297,000 as a result of the enactment of the Tax Cuts and Jobs Act (the “Tax Act”) on December 22, 2017. Excluding the non-recurring re-measurement charge of the Company’s net DTA in 2017, the increase in net income was $49,000, or 10.3%.  The increase in net income on a comparative quarterly basis was primarily the result of a decrease in the provision for income taxes of $274,000, an increase in net interest income of $166,000, and a decrease in the provision for loan losses of $28,000, partially offset by a decrease in non-interest income of $64,000 and an increase in non-interest expense of $58,000.  The decrease in the provision for income taxes was primarily due to the $297,000 re-measurement charge of the Company’s net DTA as a result of the Tax Act combined with the lower effective tax rate for the quarter ended December 31, 2018, also the result of the Tax Act.


The following information was filed by Quaint Oak Bancorp Inc (QNTO) on Wednesday, January 30, 2019 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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