Exhibit 99.1




FOR RELEASE:  Wednesday, July 24, 2019 at 4:30 PM (Eastern)

QUAINT OAK BANCORP, INC. ANNOUNCES SECOND 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 June 30, 2019 was $665,000, or $0.34 per basic and $0.33 per diluted share, compared to $535,000, or $0.28 per basic and $0.27 per diluted share for the same period in 2018.  Net income for the six months ended June 30, 2019 was $1.1 million, or $0.55 per basic and $0.54 per diluted share, compared to $823,000, or $0.43 per basic and $0.42 per diluted share for the same period in 2018.

Robert T. Strong, President and Chief Executive Officer stated, “We are again pleased to report an increase in earnings for both the three and six months ended June 30, 2019 over the same prior year periods.  Earnings for the six months ended June 30, 2019 increased 31.0% when compared to the same period of one year ago.  Contributing to this result was an increase of $15.8 million in the combined average balances of both loans held for sale and loans receivable, net for the six months ended June 30, 2019 when compared to the prior year six month period.”

Mr. Strong added, “Our performance during the first half of 2019 more than offset the additional interest expense from our $8.0 million subordinated debt offering completed at the end of 2018.  Buoyed by our increase in capital and supported by improved earnings, we anticipate seeking additional opportunities and markets moving forward.  The improved pace in lending that we have experienced brings with it the opportunity to expand our commercial banking deposit customer base as well.  This combination should support our continued efforts to reduce our funding costs moving forward.”

Mr. Strong continued, “Our credit quality continues to improve as our non-performing loans as a percent of total loans receivable, net declined to 0.26% and our Texas ratio declined to 9.24% at June 30, 2019.”

Mr. Strong commented, “The Company has repurchased an additional 14,161 shares during the first half of this year ending June 30, 2019.  Our repurchase plans have repurchased 39% of the original shares issued in our initial public offering.  Our book value per share has increased to $12.43 as of period end June 30, 2019.  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 $665,000 for the three months ended June 30, 2019, an increase of $130,000, or 24.3%, compared to net income of $535,000 for three months ended June 30, 2018.  The increase in net income on a comparative quarterly basis was the result of an increase in non-interest income of $426,000, an increase in net interest income of $38,000, and a decrease in the provision for loan losses of $18,000, partially offset by an increase in non-interest expense of $246,000 and an increase in the provision for income taxes of $106,000.



1

The following information was filed by Quaint Oak Bancorp Inc (QNTO) on Wednesday, July 24, 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.

View differences made from one quarter to another to evaluate Quaint Oak Bancorp Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Quaint Oak Bancorp Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account