EXHIBIT 99.1


RELEASE:  Wednesday, October 28, 2020 at 4:30 PM (Eastern)

QUAINT OAK BANCORP, INC. ANNOUNCES THIRD 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 September 30, 2020 was $1.0 million, or $0.51 per basic and $0.50 per diluted share, compared to $802,000, or $0.41 per basic and $0.40 per diluted share for the same period in 2019. Net income for the nine months ended September 30, 2020 was $2.2 million, or $1.10 per basic and $1.08 per diluted share, compared to $1.9 million, or $0.96 per basic and $0.94 per diluted share for the same period in 2019.

Robert T. Strong, President and Chief Executive Officer stated, “I am very pleased to present the Company’s earnings for the quarter ended September 30, 2020, which exceeded $1.0 million, an increase of 25.7% over the same period in 2019.  This new benchmark was accompanied by an increase in year to date net income of 15.5% when compared to the same nine month period of 2019.  Additionally, we have continued to experience strong asset growth, this calendar year, with total assets of over $420.0 million at September 30, 2020, representing a 39.6% increase in assets since December 31, 2019.”

Mr. Strong added, “Our asset growth this calendar year has been spurred by an increase in loans receivable, net of allowances for loan losses, of over $98.0 million.  This asset growth was supported by a 31.5% growth in deposits during the same nine month calendar year period.  Our deposit growth brought with it a 50 basis point decrease in rate on average CD accounts for the quarter ended September 30, 2020, compared to the prior year quarterly period.”

Mr. Strong continued, “Our asset quality continued its positive trend with non-performing assets as a percent of total assets dropping to 0.35% along with our non-performing loans as a percent of total loans receivable, net, being reduced to 0.32%, both as of September 30, 2020.  Although our asset quality continues to improve, we have increased our provision for loan losses by 94.7% during the nine months ended September 30, 2020, compared to the prior year nine month period.  This action is not an indication of concern but one of caution for the unknown performance of assets during the continuing pandemic period.”

Mr. Strong commented, “In addition, we have been successful in reducing the OREO portfolio to one remaining residential unit.  This action has contributed to our Texas ratio reduction as of quarter end to 4.92%.”

Mr. Strong concluded, “The Company has repurchased an additional 19,830 shares during the nine months ended September 30, 2020.  To date we have repurchased 40% of the original shares issued in our initial public offering. We are, additionally, very pleased to have continued paying dividends without reduction during the pandemic period. 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.”

In light of the events surrounding the COVID-19 epidemic, the Company is continually assessing the effects of the pandemic on its employees, customers and the communities we serve.  In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted.  The CARES Act contains many provisions related to banking, lending, mortgage forbearance and taxation.  The Company has worked diligently to help support its existing and new customers through the SBA Paycheck Protection Program (“SBA PPP”), loan modifications, loan deferrals and fee waivers.  As of September 30, 2020, the Bank has funded 858 SBA PPP loans totaling approximately $98.4 million to customers located primarily in our market area.


The following information was filed by Quaint Oak Bancorp Inc (QNTO) on Wednesday, October 28, 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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