UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported) |
April 29, 2014
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QUAINT OAK BANCORP, INC.
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(Exact name of registrant as specified in its charter)
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Pennsylvania | 000-52694 | 35-2293957 |
(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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501 Knowles Avenue, Southampton, Pennsylvania |
18966
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(Address of principal executive offices) |
(Zip Code)
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Registrant's telephone number, including area code |
(215) 364-4059
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Not Applicable
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No. | Description | ||
99.1 | Press release dated April 29, 2014 |
QUAINT OAK BANCORP, INC. | |||
Date: April 29, 2014 | By: | /s/John J. Augustine | |
John J. Augustine
Chief Financial Officer
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Exhibit No. | Description | ||
99.1 | Press release dated April 29, 2014 |
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At March 31,
2014
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At December 31,
2013
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Assets
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(Unaudited)
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(Unaudited)
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Cash and cash equivalents
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$ | 3,611 | $ | 6,184 | ||||
Investment in interest-earning time deposits
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7,666 | 7,633 | ||||||
Investment securities available for sale at fair value
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1,693 | 1,680 | ||||||
Loans held for sale
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2,907 | 1,098 | ||||||
Loans receivable, net of allowance for loan losses (2014: $1,041; 2013: $941)
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112,803 | 106,887 | ||||||
Accrued interest receivable
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743 | 735 | ||||||
Investment in Federal Home Loan Bank stock, at cost
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501 | 421 | ||||||
Premises and equipment, net
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1,633 | 1,637 | ||||||
Other real estate owned, net
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408 | 574 | ||||||
Prepaid expenses and other assets
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851 | 578 | ||||||
Total Assets
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$ | 132,816 | $ | 127,427 | ||||
Liabilities and Stockholders’ Equity
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Liabilities
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Deposits, interest-bearing
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$ | 107,519 | $ | 103,324 | ||||
Federal Home Loan Bank advances and other borrowings
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7,500 | 5,500 | ||||||
Accrued interest payable
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87 | 77 | ||||||
Advances from borrowers for taxes and insurance
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744 | 1,224 | ||||||
Accrued expenses and other liabilities
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379 | 316 | ||||||
Total Liabilities
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116,229 | 110,441 | ||||||
Stockholders’ Equity
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16,587 | 16,986 | ||||||
Total Liabilities and Stockholders’ Equity
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$ | 132,816 | $ | 127,427 |
For the Three Months
Ended March 31,
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2014 | 2013 | |||||||
Interest Income
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$ | 1,759 | $ | 1,494 | ||||
Interest Expense
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389 | 435 | ||||||
Net Interest Income | 1,370 | 1,059 | ||||||
Provision for Loan Losses
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100 | 52 | ||||||
Net Interest Income after Provision for Loan Losses | 1,270 | 1,007 | ||||||
Non-Interest Income
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311 | 347 | ||||||
Non-Interest Expense
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1,245 | 1,128 | ||||||
Income before Income Taxes
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336 | 226 | ||||||
Income Taxes
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136 | 86 | ||||||
Net Income | $ | 200 | $ | 140 |
Per Common Share Data:
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Three Months Ended
March 31,
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2014
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2013
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Earnings per share – basic
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$ | 0.23 | $ | 0.16 | ||||
Average shares outstanding – basic
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857,935 | 892,666 | ||||||
Earnings per share – diluted
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$ | 0.22 | $ | 0.15 | ||||
Average shares outstanding – diluted
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905,689 | 930,816 | ||||||
Tangible book value per share, end of period
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$ | 18.22 | $ | 17.32 | ||||
Shares outstanding, end of period
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910,149 | 969,921 |
Three Months Ended
March 31,
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Selected Operating Ratios:
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2014
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2013
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Average yield on interest-earning assets
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5.71 | % | 5.20 | % | ||||
Average rate on interest-bearing liabilities
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1.40 | % | 1.70 | % | ||||
Average interest rate spread
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4.31 | % | 3.50 | % | ||||
Net interest margin
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4.45 | % | 3.69 | % | ||||
Average interest-earning assets to average interest-bearing liabilities
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110.74 | % | 112.49 | % | ||||
Efficiency ratio
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74.04 | % | 80.20 | % | ||||
Asset Quality Ratios (1):
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Non-performing loans as a percent of total loans receivable, net
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1.65 | % | 2.86 | % | ||||
Non-performing assets as a percent of total assets
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1.71 | % | 2.24 | % | ||||
Allowance for loan losses as a percent of non-performing loans
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55.90 | % | 35.36 | % | ||||
Allowance for loan losses as a percent of total loans receivable
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0.91 | % | 1.00 | % | ||||
Texas Ratio (2)
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12.88 | % | 15.69 | % |
Contact
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Quaint Oak Bancorp, Inc.
Robert T. Strong, President and Chief Executive Officer
(215) 364-4059
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