Quaint Oak Bancorp Q1 net income plunges 75% to $563K on margin compression and lower fee income

QUAINT OAK BANCORP, INC.

2023-Q1 EPS reported $0.25

Net income of $563K ($0.26 basic EPS) vs $2.2M ($1.12) a year ago, down 75% YoY.
Net interest margin narrowed to 2.72% from 4.15% as average money market rates rose 321 bps.
Non-interest income fell $2.1M (38.6%) led by 79% drop in net gain on loan sales.
Deposits grew $5.2M to $554.4M; non-interest-bearing deposits increased $6.5M.
Asset quality improved: NPLs/loans 0.25%, NPAs/assets 0.19%, Texas ratio 2.73%; capital up $13.7M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

QUAINT OAK BANCORP, INC. reported quarter ended March 31, 2023 results: net income $563,000, EPS $0.26 per basic and $0.25 per diluted share.

Period: quarter ended March 31, 2023
Net income: $563,000
EPS: $0.26 per basic and $0.25 per diluted share
Result: reported results

Exact text from the filing

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, 2023 was $563,000, or $0.26 per basic and $0.25 per diluted share, compared to $2.2 million, or $1.12 per basic and $1.05 per diluted share for the same period in 2022.

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QUAINT OAK BANCORP, INC. filing history →

Source: SEC EDGAR

accession 0000927089-23-000064

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