Exhibit 99.1




FOR IMMEDIATE RELEASE

QUAINT OAK BANCORP, INC. ANNOUNCES FIRST QUARTER 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 March 31, 2019 was $413,000, or $0.21 per basic and diluted share, compared to $288,000, or $0.15 per basic and $0.14 per diluted share for the same period in 2018.

Robert T. Strong, President and Chief Executive Officer stated, “We are very pleased to report that the Company’s first quarter earnings are 43% higher than the same period of one year ago.  Loan production of $18.8 million in loans closed by our Bank along with $18.2 million in loans closed by the Bank’s mortgage company subsidiary during the quarter ended March 31, 2019, was a primary driver for first quarter earnings.  Our performance during the quarter more than offset the additional interest expense from our $8.0 million subordinated debt offering completed at the end of 2018.”

Mr. Strong continued, “I am additionally pleased that our stockholders will benefit from these earnings as we recently announced an increase in our cash dividend by $0.02 per share bringing the quarterly cash dividend from $0.07 to $0.09 per share.  This represents an increase of 29% over the prior dividend rate.  Our stockholders’ equity at March 31, 2019 reflected the increase in net income for the quarter combined with modest stock repurchase activity that continues to improve our book value per share.  The Company acquired over 9,300 shares during the first quarter of 2019.”

Mr. Strong added, “Our credit quality continued to improve as our non-performing loans as a percent of total loans receivable, net, declined to 0.40% at March 31, 2019 compared to 1.31% at March 31, 2018.  Additionally, our Texas Ratio was 10.34% at March 31, 2019, down from 11.56% at March 31, 2018. Needless to say, we are very pleased that loan quality remains high within the Bank’s portfolio.”

Mr. Strong commented, “Including the shares repurchased in the first quarter as mentioned above, the Company has now repurchased approximately 39% 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 $413,000 for the three months ended March 31, 2019, an increase of $125,000, or 43.4%, compared to net income of $288,000 for the three months ended March 31, 2018.  The increase in net income on a comparative quarterly basis was primarily the result of an increase in net interest income of $158,000 and an increase non-interest income of $100,000, partially offset by an increase in the provision for income taxes of $119,000 and an increase in the provision for loan losses of $14,000.



The following information was filed by Quaint Oak Bancorp Inc (QNTO) on Thursday, April 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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