Quaint Oak Q2 net income $570K, down 68% YoY; net interest margin falls to 2.66%

QUAINT OAK BANCORP, INC.

2023-Q2 EPS reported $0.51

Net income $570K ($0.25 EPS) vs $1.8M ($0.87) in Q2 2022, a 68% decline; H1 2023 net income $1.1M ($0.51) vs $4.0M ($1.99).
Net interest margin compressed to 2.66% from 3.54%; interest rate spread shrank from 3.37% to 1.83%.
Non-interest income down 21.3% as net gain on loan sales fell 62.5%; management cites scarcity of liquidity from Fed balance sheet contraction.
Non-performing assets only $73K (0.01% of assets); Texas Ratio at 0.13% as of June 30, 2023.
Issued $14M aggregate subordinated notes due 2025; deposits rose 4.4% to $573.4M; FHLB borrowings reduced 28.4% to $114.0M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

QUAINT OAK BANCORP, INC. reported six months ended June 30, 2023 results: net income $1.1 million, EPS $0.51 per basic and diluted share.

Period: six months ended June 30, 2023
Net income: $1.1 million
EPS: $0.51 per basic and diluted share
Result: reported results

Exact text from the filing

Net income for the six months ended June 30, 2023 was $1.1 million, or $0.51 per basic and diluted share, compared to $4.0 million, or $1.99 per basic and $1.88 per diluted share for the same period in 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

QUAINT OAK BANCORP, INC. reported quarter ended June 30, 2023 results: net income $570,000, EPS $0.25 per basic and diluted share.

Period: quarter ended June 30, 2023
Net income: $570,000
EPS: $0.25 per basic and diluted share
Result: reported results

Exact text from the filing

On July 31, 2023, Quaint Oak Bancorp, Inc. (the “Company”) reported its results of operations for the second quarter ended June 30, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

QUAINT OAK BANCORP, INC. reported quarter ended June 30, 2023 results: net income $570,000, EPS $0.25 per basic and diluted share.

Period: quarter ended June 30, 2023
Net income: $570,000
EPS: $0.25 per basic and 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 June 30, 2023 was $570,000, or $0.25 per basic and diluted share, compared to $1.8 million, or $0.87 per basic and $0.82 per diluted share for the same period in 2022.

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QUAINT OAK BANCORP, INC. filing history →

Source: SEC EDGAR

accession 0000927089-23-000117

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