Exhibit 99.1



QUAINT OAK BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS

Southampton, PA – Quaint Oak Bancorp, Inc. (the “Company”) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank”), announced today that net income for the quarter ended March 31, 2020 was $432,000, or $0.22 per basic and $0.21 per diluted share, compared to $413,000, or $0.21 per basic and diluted share for the same period in 2019.

    Robert T. Strong, President and CEO commented, “I am pleased to present the Company’s earnings report including an increase in earnings for the quarter ended March 31, 2020.”

    Mr. Strong added, “I find it difficult, however, to focus on the positive nature of the Company’s first quarter earnings in light of the COVID-19 pandemic currently in progress across the country and the world. Instead, I prefer to reflect on the positive attributes and accomplishments of the Quaint Oak Family of Companies Team Members in support of our customers and the communities we serve.  I am pleased to note that we have accomplished the following:

Moved more than 92% of our Team Members to remote work-from-home status as a result of our forward-thinking in digital banking and completed this within a two-day period which protected both our Team Members and our customers.
Accommodated numerous loan customers with payment deferrals.
Waived fees on deposit accounts and our cash management services.
Increased support to our local food bank.
Participated in the SBA Paycheck Protection Program and in doing so helped more than 450 small businesses in an approximate amount of $78.4 million through this economically devastating period for them.”

    Mr. Strong continued, “Additional funding for the Paycheck Protection Program will allow us the opportunity to assist more small business owners. Our hope is that the actions and accommodations we have made will support the survival and recovery of our small business community, their families and the families within the community they serve.  We are all connected and with mutual support, we will all get through this together.”

    Mr. Strong concluded, “This pandemic has taken and continues to take a devastating toll on humanity and the world’s economy.  Recovery on both the social and economic fronts will take time. There will be many variable factors involved in this recovery and the return to normalcy, however we may define normal going forward.  It may also take varying amounts of time to absorb the loss of income and rebuild momentum in certain businesses.  As of this time, in the Commonwealth of Pennsylvania we are still under a protective stay at home order through May 8th, with the exception for essential businesses and services.  Our continued and immediate focus is to protect our Team Members and our customers, to work in support of our customers along with the communities we serve.  In essence, to survive COVID-19 and recover together.”

Net income amounted to $432,000 for the three months ended March 31, 2020, an increase of $19,000, or 4.6%, compared to net income of $413,000 for the three months ended March 31, 2019.  The increase in net income on a comparative quarterly basis was primarily the result of an increase in non-interest income of $465,000 and an increase net interest income of $106,000, partially offset by increases in non-interest expense of $520,000, the provision for loan losses of $30,000, and the provision for income taxes of $2,000.

The $106,000 or 5.0% increase in net interest income for the three months ended March 31, 2020 over the comparable period in 2019 was driven by a $269,000, or 7.9%, increase in interest income, partially offset by a $163,000, or 12.9%, increase in interest expense.  The increase in interest income was primarily due to a $32.6 million increase in average loans receivable, net, including loans held for sale, which increased from an average balance of $223.2 million for the three months ended March 31, 2019 to an average balance of $255.8 million for the three months ended March 31, 2020, and had the effect of increasing interest income $458,000. This increase in interest income was partially offset by a 19 basis point decrease in the yield on average loans receivable, net, including loans held for sale, which decreased from 5.62% for the three months ended March 31, 2019 to 5.43% for the three months ended March 31, 2020, and had the effect of decreasing interest income $123,000. Also offsetting this increase was an $11.9 decrease in average cash and cash equivalents due from banks, interest bearing, which decreased from an average balance of $29.4 million for the three months ended March 31, 2019 to an average balance of $17.5 million for the three months ended March 31, 2020, and had the effect of reducing interest income $62,000.  In addition, this increase was offset by a 73 basis point decrease in the yield on average cash and cash equivalents due from banks, interest bearing, which decreased from 2.10% for the three months ended March 31, 2019 to 1.37% for the three months ended March 31, 2020, and had the effect of decreasing interest income $32,000.

The increase in interest expense was primarily attributable to a $16.1 million increase in average certificate of deposit accounts which increased from an average balance of $172.4 million for the three months ended March 31, 2019 to an average balance of $188.5 million for the three months ended March 31, 2020, and had the effect of increasing interest expense $88,000.  Also contributing to this increase was a seven basis point increase in rate on average certificate of deposit accounts, which increased from 2.19% for the three months ended March 31, 2019 to 2.26% for the three months ended March 31, 2020, and had the effect of increasing interest expense by $35,000.  The increase in interest expense was also due to a $7.6 million increase in average Federal Home Loan Bank borrowings which increased from an average balance of $24.0 million for the three months ended March 31, 2019 to $31.6 million for the three months ended March 31, 2020, and which had the effect of increasing interest expense $34,000.  The average interest rate spread decreased from 2.90% for the three months ended March 31, 2019 to 2.79% for the three months ended March 31, 2020 while the net interest margin decreased from 3.19% for the three months ended March 31, 2019 to 3.07% for the three months ended March 31, 2020.


The following information was filed by Quaint Oak Bancorp Inc (QNTO) on Wednesday, April 22, 2020 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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