secwatch.observer — SEC 8-K summary
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Issuer:     QUAINT OAK BANCORP, INC. (QNTO)
CIK:        0001391933
Form:       8-K
Filed at:   2023-12-15T23:59:59+00:00
Accession:  0000927089-23-000159
Event type: other_material
Sentiment:  negative
Materiality: 0.55
Item codes: 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Quaint Oak Bancorp restates Jun/Sep 2023 financials on deposit reclassification; net income unchanged
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- Audit Committee determined June 30, 2023 and September 30, 2023 financial statements should no longer be relied upon.
- Correspondent relationship deposits reclassified from non-interest to interest-bearing, increasing interest expense by $750k (Q3) and $456k (Q2 2023).
- Net interest income decreased by $750k (Q3) and $456k (Q2), but net income and EPS unchanged for both periods.
- Total deposits and stockholders' equity unchanged; no impact on statement of cash flows.
- Company to amend Form 10-Qs for Q2 and Q3 2023; management discussed with auditor S.R. Snodgrass.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1391933/000092708923000159/0000927089-23-000159-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1391933/000092708923000159/qnto20231212_8k.htm
  HTML page:      https://secwatch.observer/filing/0000927089-23-000159

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