Exhibit 99.1





FOR RELEASE:  Wednesday, October 23, 2019 at 4:30 PM (Eastern)

QUAINT OAK BANCORP, INC. ANNOUNCES THIRD 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 September 30, 2019 was $802,000, or $0.41 per basic and $0.40 per diluted share, compared to $658,000, or $0.34 per basic and $0.33 per diluted share for the same period in 2018.  Net income for the nine months ended September 30, 2019 was $1.9 million, or $0.96 per basic and $0.94 per diluted share, compared to $1.5 million, or $0.77 per basic and $0.75 per diluted share for the same period in 2018.

Robert T. Strong, President and Chief Executive Officer stated, “We are pleased to report that net income for the nine months ended September 30, 2019 has increased 27% over the same nine month period of 2018.  Our lending pace at both the Bank and our mortgage company subsidiary has significantly contributed to the success of our improved income.  I am, additionally, pleased to report that our stockholders’ equity, as a result, is up 7.2% at the end of this nine-month period of 2019 when compared to year end December 31, 2018.  Our book value now stands at $12.80 per share as of September 30, 2019.”

Mr. Strong added, “The credit quality of our loan portfolio continues to improve, as our non-performing loans as a percent of total loans receivable, net is now 0.39% and our non-performing assets as a percent of total assets is 0.99%, both as of September 30, 2019.  Our allowance for loan losses as a percent of total loans receivable has increased to 0.95% and our Texas Ratio calculation has been reduced to 10.75%, both as of September 30, 2019.”

Mr. Strong continued, “We have initiated the process of opening a Philadelphia Regional Banking Office to be located in the Northern Liberties section of the City.  To date we have received regulatory approvals necessary for this significant expansion of Quaint Oak Bank.  With the additional capital raised at year-end 2018 and with our continued improved earnings, we expect that our timing is appropriate to establish a physical commitment in support of our already significant productivity in the Philadelphia market.  Our anticipated opening date is January 2020.”

Mr. Strong commented, “The Company has repurchased an additional 15,146 shares during the first nine months of this year ending September 30, 2019. Our repurchase plans have repurchased 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 $802,000 for the three months ended September 30, 2019, an increase of $144,000, or 21.9%, compared to net income of $658,000 for three months ended September 30, 2018.  The increase in net income on a comparative quarterly basis was primarily the result of an increase in non-interest income of $424,000, an increase in net interest income of $60,000, and a decrease in the provision for loan losses of $25,000, partially offset by an increase in non-interest expense of $260,000 and an increase in the provision for income taxes of $105,000.


1

The following information was filed by Quaint Oak Bancorp Inc (QNTO) on Wednesday, October 23, 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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