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QUAINT OAK BANCORP, INC.
Consolidated Balance Sheets
(In Thousands)
|
||||||||
At March 31,
2019
|
At December 31,
2018
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
28,378
|
$
|
26,012
|
||||
Investment in interest-earning time deposits
|
10,153
|
4,927
|
||||||
Investment securities available for sale at fair value
|
6,493
|
6,680
|
||||||
Loans held for sale
|
4,213
|
5,103
|
||||||
Loans receivable, net of allowance for loan losses (2019: $2,050; 2018: $1,965)
|
219,442
|
216,898
|
||||||
Accrued interest receivable
|
1,255
|
1,153
|
||||||
Investment in Federal Home Loan Bank stock, at cost
|
1,086
|
1,086
|
||||||
Bank-owned life insurance
|
3,914
|
3,894
|
||||||
Premises and equipment, net
|
2,061
|
2,058
|
||||||
Goodwill
|
515
|
515
|
||||||
Other intangible, net of accumulated amortization
|
356
|
368
|
||||||
Other real estate owned, net
|
1,744
|
1,650
|
||||||
Prepaid expenses and other assets
|
2,309
|
1,060
|
||||||
Total Assets
|
$
|
281,919
|
$
|
271,404
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Liabilities
|
||||||||
Deposits
|
||||||||
Non-interest bearing
|
$
|
13,243
|
$
|
17,542
|
||||
Interest-bearing
|
208,743
|
194,369
|
||||||
Total deposits
|
221,986
|
211,911
|
||||||
Federal Home Loan Bank advances
|
24,000
|
24,000
|
||||||
Subordinated debt
|
7,840
|
7,831
|
||||||
Accrued interest payable
|
364
|
221
|
||||||
Advances from borrowers for taxes and insurance
|
1,690
|
2,568
|
||||||
Accrued expenses and other liabilities
|
1,833
|
1,037
|
||||||
Total Liabilities
|
257,713
|
247,568
|
||||||
Stockholders’ Equity
|
24,206
|
23,836
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
281,919
|
$
|
271,404
|
||||
For the Three Months Ended
March 31,
|
||||||||
2019
|
2018
|
|||||||
(Unaudited)
|
||||||||
Interest Income
|
$
|
3,402
|
$
|
2,835
|
||||
Interest Expense
|
1,265
|
856
|
||||||
Net Interest Income
|
2,137
|
1,979
|
||||||
Provision for Loan Losses
|
85
|
71
|
||||||
Net Interest Income after Provision for Loan Losses
|
2,052
|
1,908
|
||||||
Non-Interest Income
|
842
|
742
|
||||||
Non-Interest Expense
|
2,307
|
2,307
|
||||||
Income before Income Taxes
|
587
|
343
|
||||||
Income Taxes
|
174
|
55
|
||||||
Net Income
|
$
|
413
|
$
|
288
|
Three Months Ended
March 31,
|
||||||||
Per Common Share Data:
|
2019
|
2018
|
||||||
Earnings per share – basic
|
$
|
0.21
|
$
|
0.15
|
||||
Average shares outstanding – basic
|
1,940,363
|
1,881,865
|
||||||
Earnings per share – diluted
|
$
|
0.21
|
$
|
0.14
|
||||
Average shares outstanding - diluted
|
1,991,779
|
1,990,290
|
||||||
Book value per share, end of period
|
$
|
12.22
|
$
|
11.50
|
||||
Shares outstanding, end of period
|
1,981,091
|
1,954,571
|
||||||
Three Months Ended
March 31,
|
||||||||
Selected Operating Ratios:
|
2019
|
2018
|
||||||
Average yield on interest-earning assets
|
5.07
|
%
|
4.84
|
%
|
||||
Average rate on interest-bearing liabilities
|
2.17
|
%
|
1.63
|
%
|
||||
Average interest rate spread
|
2.90
|
%
|
3.21
|
%
|
||||
Net interest margin
|
3.19
|
%
|
3.38
|
%
|
||||
Average interest-earning assets to average interest-bearing liabilities
|
115.03
|
%
|
111.47
|
%
|
||||
Efficiency ratio
|
77.45
|
%
|
84.76
|
%
|
||||
Asset Quality Ratios (1):
|
||||||||
Non-performing loans as a percent of total loans receivable, net
|
0.40
|
%
|
1.31
|
%
|
||||
Non-performing assets as a percent of total assets
|
0.93
|
%
|
1.08
|
%
|
||||
Allowance for loan losses as a percent of non-performing loans
|
232.85
|
%
|
67.89
|
%
|
||||
Allowance for loan losses as a percent of total loans receivable
|
0.93
|
%
|
0.88
|
%
|
||||
Texas Ratio (2)
|
10.34
|
%
|
11.56
|
%
|
||||
_________________________ |
||||||||
(1) Asset quality ratios are end of period ratios.
|
||||||||
(2) Total non-performing assets divided by consolidated tangible common equity plus the allowance for loan losses.
|
Contact:
|
|||
Quaint Oak Bancorp, Inc.
Robert T. Strong, President and Chief Executive Officer
(215) 364-4059
|
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