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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest Income    
Interest on loans, including fees $ 6,570,000 $ 4,743,000
Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock 73,000 146,000
Total Interest Income 6,643,000 4,889,000
Interest Expense    
Interest on deposits 620,000 876,000
Interest on Federal Home Loan Bank short-term borrowings 22,000 6,000
Interest on Federal Home Loan Bank long-term borrowings 112,000 139,000
Interest on Federal Reserve Bank long-term borrowings 3,000 40,000
Interest on subordinated debt 130,000 130,000
Interest on other short-term borrowings 9,000 70,000
Total Interest Expense 896,000 1,261,000
Net Interest Income 5,747,000 3,628,000
Provision for Loan Losses 679,000 254,000
Net Interest Income after Provision for Loan Losses 5,068,000 3,374,000
Non-Interest Income    
Insurance commissions 116,000 107,000
Income from bank-owned life insurance 21,000 19,000
Net gain on loans held for sale 4,101,000 1,215,000
Gain on the sale of SBA loans 133,000 201,000
Gain on the sale of investment securities available for sale 0 317,000
Total Non-Interest Income 5,240,000 2,766,000
Non-Interest Expense    
Salaries and employee benefits 4,591,000 3,400,000
Directors' fees and expenses 71,000 68,000
Occupancy and equipment 420,000 377,000
Data processing 197,000 205,000
Professional fees 184,000 163,000
FDIC deposit insurance assessment 116,000 51,000
Other real estate owned expenses 0 9,000
Advertising 208,000 105,000
Amortization of other intangible 12,000 12,000
Other 384,000 329,000
Total Non-Interest Expense 6,183,000 4,719,000
Income before Income Taxes 4,125,000 1,421,000
Income Taxes 861,000 424,000
Net Income 3,264,000 997,000
Net Income (Loss) Attributable to Noncontrolling Interest 1,016,000 (33,000)
Net Income Attributable to Quaint Oak Bancorp, Inc. $ 2,248,000 $ 1,030,000
Earnings per share - basic (in dollars per share) $ 1.12 $ 0.52
Average shares outstanding - basic (in shares) 2,013,638 1,980,007
Earnings per share - diluted (in dollars per share) $ 1.05 $ 0.50
Average shares outstanding - diluted (in shares) 2,137,122 2,066,411
Mortgage Banking and Abstract Fees [Member]    
Non-Interest Income    
Non-interest revenue $ 637,000 $ 531,000
Real Estate Sales Commissions [Member]    
Non-Interest Income    
Non-interest revenue 61,000 31,000
Other Fees and Services Fees [Member]    
Non-Interest Income    
Non-interest revenue $ 171,000 $ 345,000