|
|
(Mark One)
|
|
☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended: December 31, 2020
|
|
or
|
|
☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ______ to ______
|
|
Commission File Number: 000-52694
|
QUAINT OAK BANCORP, INC.
|
(Exact name of Registrant as specified in its charter)
|
Pennsylvania
|
35-2293957
|
|
(State or Other Jurisdiction of
|
(I.R.S. Employer
|
|
Incorporation or Organization)
|
Identification Number)
|
|
501 Knowles Avenue, Southampton, Pennsylvania
|
18966
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Common Stock, $.01 par value per share
|
Title of Class
|
Large accelerated filer
|
☐ |
Accelerated filer
|
☐ | |
Non-accelerated filer
|
☒ |
Smaller reporting company
|
☒ | |
|
Emerging growth company
|
☐ |
(1) |
Portions of the Annual Report to Shareholders for the year ended December 31, 2020 are incorporated by reference into Part II, Items 6-8 and Part IV, Item 15 of this Form 10-K.
|
(2) |
Portions of the definitive Proxy Statement for the 2021 Annual Meeting of Shareholders are incorporated by reference into Part III, Items 10-14 of this Form 10-K.
|
|
Page
|
||
PART I
|
||
Item 1.
|
Business
|
1
|
Item 1A.
|
Risk Factors
|
31
|
Item 1B.
|
Unresolved Staff Comments
|
32
|
Item 2.
|
Properties
|
32
|
Item 3.
|
Legal Proceedings
|
32
|
Item 4.
|
Mine Safety Disclosures
|
32
|
PART II
|
||
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
33
|
Item 6.
|
Selected Financial Data
|
33
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
33
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
33
|
Item 8.
|
Financial Statements and Supplementary Data
|
34
|
Item 9. |
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
34
|
Item 9A
|
Controls and Procedures
|
34
|
Item 9B.
|
Other Information
|
34
|
PART III
|
||
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
35
|
Item 11.
|
Executive Compensation
|
35
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
35
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
35
|
Item 14.
|
Principal Accounting Fees and Services
|
36
|
PART IV
|
||
Item 15.
|
Exhibits, Financial Statement Schedules
|
36
|
Item 16.
|
Form 10-K Summary
|
37
|
SIGNATURES
|
38
|
Number of
Covid-19
Deferments
|
Balance
(in thousands)
|
Percent of
Total Loans at
December 31,
2020
|
||||||||||
One-to-four family residential owner occupied
|
5
|
$
|
2,070
|
27.5
|
%
|
|||||||
One-to-four family residential non-owner occupied
|
50
|
8,566
|
22.0
|
|||||||||
Multi-family residential
|
12
|
9,042
|
37.6
|
|||||||||
Commercial real estate
|
97
|
55,274
|
41.9
|
|||||||||
Construction
|
1
|
702
|
14.7
|
|||||||||
Home equity
|
4
|
254
|
6.7
|
|||||||||
Commercial business
|
62
|
14,685
|
9.5
|
|||||||||
Total
|
231
|
$
|
90,593
|
25.8
|
%
|
|||||||
As of March 15, 2021
|
||||||||||||
Number of
Covid-19
Deferments
|
Balance
(in thousands)
|
Percent of
Total Loans at
December 31,
2020
|
||||||||||
One-to-four family residential owner occupied
|
1
|
$
|
415
|
5.5
|
%
|
|||||||
Commercial real estate
|
8
|
10,287
|
7.8
|
|||||||||
Commercial business
|
4
|
6,561
|
4.2
|
|||||||||
Total
|
13
|
$
|
17,263
|
4.9
|
%
|
|||||||
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2020
|
2019
|
2018
|
2017
|
2016
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||||||||||
One-to-four family residential (1):
|
||||||||||||||||||||||||||||||||||||||||
Owner occupied
|
$
|
7,528
|
2.1
|
%
|
$
|
6,298
|
2.5
|
%
|
$
|
6,603
|
3.0
|
%
|
$
|
5,681
|
2.8
|
%
|
$
|
5,389
|
3.0
|
%
|
||||||||||||||||||||
Non-owner occupied
|
38,884
|
10.6
|
39,897
|
16.0
|
47,361
|
21.6
|
51,833
|
25.4
|
51,893
|
29.0
|
||||||||||||||||||||||||||||||
Total one-to-four family residential loans
|
46,412
|
12.7
|
46,195
|
18.5
|
53,964
|
24.6
|
57,514
|
28.2
|
57,282
|
32.0
|
||||||||||||||||||||||||||||||
Multi-family (five or more) residential
|
24,043
|
6.6
|
22,233
|
8.9
|
23,967
|
10.9
|
21,715
|
10.6
|
14,641
|
8.2
|
||||||||||||||||||||||||||||||
Commercial real estate
|
131,820
|
36.1
|
119,323
|
47.8
|
103,819
|
47.2
|
92,234
|
45.1
|
77,730
|
43.4
|
||||||||||||||||||||||||||||||
Construction
|
4,775
|
1.3
|
12,523
|
5.0
|
9,998
|
4.6
|
15,632
|
7.6
|
15,355
|
8.6
|
||||||||||||||||||||||||||||||
Home equity loans
|
3,788
|
1.0
|
3,726
|
1.5
|
4,347
|
2.0
|
5,129
|
2.5
|
4,775
|
2.6
|
||||||||||||||||||||||||||||||
Total real estate loans
|
210,838
|
57.7
|
204,000
|
81.7
|
196,095
|
89.3
|
192,224
|
94.0
|
169,783
|
94.8
|
||||||||||||||||||||||||||||||
Commercial business (2)
|
154,387
|
42.3
|
45,745
|
18.3
|
23,616
|
10.7
|
11,954
|
5.9
|
9,295
|
5.2
|
||||||||||||||||||||||||||||||
Other consumer
|
17
|
--
|
22
|
--
|
19
|
--
|
138
|
0.1
|
26
|
--
|
||||||||||||||||||||||||||||||
Total loans
|
365,242
|
100.0
|
%
|
249,767
|
100.0
|
%
|
219,730
|
100.0
|
%
|
204,316
|
100.0
|
%
|
179,104
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Deferred loan fees and costs
|
(3,059
|
)
|
(844
|
)
|
(867
|
)
|
(837
|
)
|
(692
|
)
|
||||||||||||||||||||||||||||||
Allowance for loan losses
|
(3,061
|
)
|
(2,231
|
)
|
(1,965
|
)
|
(1,812
|
)
|
(1,605
|
)
|
||||||||||||||||||||||||||||||
Net loans
|
$
|
359,122
|
$
|
246,692
|
$
|
216,898
|
$
|
201,667
|
$
|
176,807
|
Year Ended December 31,
|
||||||||||||
2020
|
2019
|
2018
|
||||||||||
(In Thousands)
|
||||||||||||
Loan originations:
|
||||||||||||
One-to-four family residential owner occupied (1)
|
$
|
203,948
|
$
|
132,983
|
$
|
94,448
|
||||||
One-to-four family residential non-owner occupied (2)
|
11,758
|
4,787
|
8,739
|
|||||||||
Multi-family residential
|
4,919
|
--
|
3,125
|
|||||||||
Commercial real estate
|
33,423
|
31,433
|
24,464
|
|||||||||
Construction
|
3,587
|
7,445
|
6,886
|
|||||||||
Home equity
|
1,176
|
1,263
|
739
|
|||||||||
Commercial business (3) (4)
|
121,281
|
30,948
|
17,675
|
|||||||||
Other consumer
|
23
|
20
|
--
|
|||||||||
Total loan originations
|
380,115
|
208,879
|
156,076
|
|||||||||
Loans sold
|
(162,797
|
)
|
(131,485
|
)
|
(102,327
|
)
|
||||||
Loan principal repayments
|
(57,580
|
)
|
(45,532
|
)
|
(38,697
|
)
|
||||||
Total loans sold and principal repayments
|
(220,377
|
)
|
(175,017
|
)
|
(141,024
|
)
|
||||||
Decreases due to other items, net (5)
|
(3,045
|
)
|
(243
|
)
|
(1,724
|
)
|
||||||
Net increase in loan portfolio
|
$
|
156,693
|
$
|
33,619
|
$
|
13,328
|
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-
Owner
Occupied
|
Multi-
Family
Residential
|
Commercial
Real Estate
|
Construction
|
Home Equity
|
Commercial
Business and
Other
Consumer
|
Total
|
|||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
Amounts due in:
|
||||||||||||||||||||||||||||||||
One year or less
|
$
|
--
|
$
|
3,605
|
$
|
832
|
$
|
4,285
|
$
|
2,390
|
$
|
4
|
$
|
5,566
|
$
|
16,682
|
||||||||||||||||
After one year through three years
|
--
|
4,548
|
6,160
|
24,550
|
--
|
136
|
105,585
|
140,979
|
||||||||||||||||||||||||
After three years through five years
|
70
|
12,306
|
5,252
|
35,423
|
87
|
229
|
33,439
|
86,806
|
||||||||||||||||||||||||
After five years through ten years
|
128
|
5,098
|
3,543
|
45,858
|
516
|
1,291
|
9,728
|
66,162
|
||||||||||||||||||||||||
After ten years through 15 years
|
774
|
5,795
|
4,273
|
6,859
|
--
|
2,124
|
--
|
19,825
|
||||||||||||||||||||||||
After 15 years
|
6,556
|
7,532
|
3,983
|
14,845
|
1,782
|
4
|
86
|
34,788
|
||||||||||||||||||||||||
Total
|
$
|
7,528
|
$
|
38,884
|
$
|
24,043
|
$
|
131,820
|
$
|
4,775
|
$
|
3,788
|
$
|
154,404
|
$
|
365,242
|
Fixed-Rate
|
Floating or
Adjustable-Rate
|
Total
|
||||||||||
(In Thousands)
|
||||||||||||
One-to-four family residential owner occupied
|
$
|
311
|
$
|
7,217
|
$
|
7,528
|
||||||
One-to-four family residential non-owner occupied
|
14,339
|
20,940
|
35,279
|
|||||||||
Multi-family residential
|
15,386
|
7,825
|
23,211
|
|||||||||
Commercial real estate
|
74,908
|
52,627
|
127,535
|
|||||||||
Construction
|
--
|
2,385
|
2,385
|
|||||||||
Home equity
|
471
|
3,313
|
3,784
|
|||||||||
Commercial business
|
136,412
|
12,409
|
148,821
|
|||||||||
Other consumer
|
17
|
--
|
17
|
|||||||||
Total
|
$
|
241,844
|
$
|
106,716
|
$
|
348,560
|
December 31, 2020
|
||||||||||||||||
30-89
Days Overdue
|
90 or More Days
Overdue
|
|||||||||||||||
Number
of Loans
|
Principal
Balance
|
Number
of Loans
|
Principal
Balance
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
One-to-four family residential-owner occupied
|
3
|
$
|
822
|
1
|
$
|
171
|
||||||||||
One-to-four family residential-non-owner occupied
|
3
|
189
|
3
|
85
|
||||||||||||
Multi-family residential
|
3
|
1,947
|
--
|
--
|
||||||||||||
Commercial real estate
|
1
|
569
|
1
|
387
|
||||||||||||
Construction
|
1
|
1,783
|
--
|
--
|
||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
||||||||||||
Commercial business and other consumer
|
3
|
574
|
--
|
--
|
||||||||||||
Total delinquent loans
|
14
|
$
|
5,884
|
5
|
$
|
643
|
||||||||||
Delinquent loans to total net loans
|
1.64
|
%
|
0.18
|
%
|
||||||||||||
Delinquent loans to total loans
|
1.61
|
%
|
0.18
|
%
|
December 31,
|
||||||||||||||||||||
2020
|
2019
|
2018
|
2017
|
2016
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Non-accruing loans:
|
||||||||||||||||||||
One-to-four family residential-owner occupied
|
$
|
171
|
$
|
172
|
$
|
182
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential-non-owner occupied
|
19
|
--
|
68
|
120
|
541
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
--
|
--
|
--
|
--
|
660
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
2,069
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business loans and other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total non-accruing loans
|
190
|
172
|
250
|
2,189
|
1,201
|
|||||||||||||||
Accruing loans 90 days or more past due:
|
||||||||||||||||||||
One-to-four family residential-owner occupied
|
66
|
--
|
--
|
423
|
9
|
|||||||||||||||
One-to-four family residential-non-owner occupied
|
--
|
--
|
--
|
217
|
237
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
387
|
190
|
548
|
241
|
117
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
308
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business loans and other consumer
|
--
|
--
|
380
|
--
|
--
|
|||||||||||||||
Total accruing loans 90 days or more past due
|
453
|
190
|
928
|
881
|
671
|
|||||||||||||||
Total non-performing loans (1)
|
643
|
362
|
1,178
|
3,070
|
1,872
|
|||||||||||||||
Other real estate owned, net
|
286
|
1,824
|
1,650
|
--
|
435
|
|||||||||||||||
Total non-performing assets
|
929
|
2,186
|
2,828
|
3,070
|
2,307
|
|||||||||||||||
Troubled debt restructurings (2)
|
150
|
151
|
398
|
714
|
733
|
|||||||||||||||
Total non-performing assets and troubled debt restructurings
|
$
|
1,079
|
$
|
2,337
|
$
|
3,226
|
$
|
3,784
|
$
|
3,040
|
||||||||||
Total non-performing loans as a percentage of loans, net
|
0.18
|
%
|
0.15
|
%
|
0.54
|
%
|
1.52
|
%
|
1.06
|
%
|
||||||||||
Total non-performing loans as a percentage of total assets
|
0.13
|
%
|
0.12
|
%
|
0.43
|
%
|
1.28
|
%
|
0.87
|
%
|
||||||||||
Total non-performing assets as a percentage of total assets
|
0.19
|
%
|
0.72
|
%
|
1.04
|
%
|
1.28
|
%
|
1.07
|
%
|
||||||||||
Total non-performing assets and troubled debt restructurings as a percentage of total assets
|
0.22
|
%
|
0.77
|
%
|
1.19
|
%
|
1.58
|
%
|
1.41
|
%
|
(1)
|
Non-performing loans consist of non-accruing loans plus accruing loans 90 days or more past due.
|
(2)
|
Troubled debt restructurings not included in non-accruing loans and accruing loans 90 days or more past due.
|
December 31,
|
||||||||||||||||||||
2020
|
2019
|
2018
|
2017
|
2016
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Total loans outstanding at end of period, net
|
$
|
359,122
|
$
|
246,692
|
$
|
216,898
|
$
|
201,667
|
$
|
176,807
|
||||||||||
Average loans outstanding (1)
|
$
|
307,448
|
$
|
228,569
|
$
|
209,501
|
$
|
187,728
|
$
|
155,649
|
||||||||||
Allowance for loan losses, beginning of period
|
$
|
2,231
|
$
|
1,965
|
$
|
1,812
|
$
|
1,605
|
$
|
1,313
|
||||||||||
Provision for loan losses
|
830
|
303
|
415
|
284
|
292
|
|||||||||||||||
Charge-offs:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
One-to-four family residential non-owner occupied
|
--
|
(37
|
)
|
(47
|
)
|
(56
|
)
|
--
|
||||||||||||
Commercial real estate
|
--
|
--
|
--
|
(24
|
)
|
--
|
||||||||||||||
Construction
|
--
|
--
|
(215
|
)
|
--
|
--
|
||||||||||||||
Home Equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total charge-offs
|
--
|
(37
|
)
|
(262
|
)
|
(80
|
)
|
--
|
||||||||||||
Recoveries on loans previously charged-off:
|
||||||||||||||||||||
Commercial real estate
|
--
|
--
|
--
|
3
|
--
|
|||||||||||||||
Total recoveries
|
--
|
--
|
--
|
3
|
--
|
|||||||||||||||
Allowance for loan losses, end of period
|
$
|
3,061
|
$
|
2,231
|
$
|
1,965
|
$
|
1,812
|
$
|
1,605
|
||||||||||
Allowance for loan losses as a percent of non-performing loans
|
475.8
|
%
|
616.3
|
%
|
166.81
|
%
|
59.02
|
%
|
85.74
|
%
|
||||||||||
Ratio of net charge-offs during the period to average loans outstanding during
the period
|
--
|
%
|
0.02
|
%
|
0.13
|
%
|
0.04
|
%
|
--
|
%
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2020
|
2019
|
2018
|
2017
|
2016
|
||||||||||||||||||||||||||||||||||||
Amount of Allowance
|
Loan
Category
as a % of
Total Loans
|
Amount of Allowance
|
Loan
Category
as a % of
Total Loans
|
Amount of Allowance
|
Loan
Category
as a % of
Total Loans
|
Amount of Allowance
|
Loan
Category
as a % of
Total Loans
|
Amount of Allowance
|
Loan
Category
as a % of
Total Loans
|
|||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
88
|
3.1
|
%
|
$
|
52
|
2.5
|
%
|
$
|
51
|
3.0
|
%
|
$
|
48
|
2.8
|
%
|
$
|
41
|
3.0
|
%
|
||||||||||||||||||||
One-to-four family residential non- owner occupied
|
362
|
12.9
|
351
|
16.0
|
435
|
21.6
|
540
|
25.4
|
503
|
29.0
|
||||||||||||||||||||||||||||||
Multi-family residential
|
229
|
8.2
|
145
|
8.9
|
156
|
10.9
|
152
|
10.6
|
103
|
8.2
|
||||||||||||||||||||||||||||||
Commercial real estate
|
1,287
|
45.8
|
854
|
47.8
|
839
|
47.2
|
687
|
45.1
|
616
|
43.4
|
||||||||||||||||||||||||||||||
Construction
|
62
|
2.2
|
250
|
5.0
|
175
|
4.6
|
136
|
7.6
|
138
|
8.6
|
||||||||||||||||||||||||||||||
Home equity
|
20
|
0.7
|
19
|
1.5
|
21
|
2.0
|
27
|
2.5
|
37
|
2.6
|
||||||||||||||||||||||||||||||
Commercial business and other consumer
|
763
|
27.1
|
500
|
18.3
|
247
|
10.7
|
140
|
5.9
|
87
|
5.2
|
||||||||||||||||||||||||||||||
Unallocated
|
250
|
--
|
60
|
--
|
41
|
--
|
82
|
0.1
|
80
|
--
|
||||||||||||||||||||||||||||||
Total
|
$
|
3,061
|
100.0
|
%
|
$
|
2,231
|
100.0
|
%
|
$
|
1,965
|
100.0
|
%
|
$
|
1,812
|
100.0
|
%
|
$
|
1,605
|
100.0
|
%
|
December 31,
|
||||||||||||
2020
|
2019
|
2018
|
||||||||||
(In Thousands)
|
||||||||||||
Interest-earning time deposits with other financial institutions
|
$
|
9,463
|
$
|
10,172
|
$
|
4,927
|
||||||
Mortgage-backed securities:
|
||||||||||||
Government National Mortgage Association
|
4,913
|
5,853
|
4,873
|
|||||||||
Federal Home Loan Mortgage Corporation
|
--
|
--
|
1,082
|
|||||||||
Federal National Mortgage Association
|
189
|
260
|
367
|
|||||||||
Debt securities:
|
||||||||||||
U.S. government agency
|
--
|
--
|
358
|
|||||||||
Corporate notes
|
5,623
|
1,510
|
--
|
|||||||||
Investment in FHLB stock
|
1,665
|
1,580
|
1,086
|
|||||||||
Total
|
$
|
21,853
|
$
|
19,375
|
$
|
12,693
|
Amounts at December 31, 2020 Which Mature In
|
||||||||||||||||||||||||||||||||
One Year
or Less
|
Weighted
Average
Yield
|
Over One
Year
Through
Five Years
|
Weighted
Average
Yield
|
Over Five
Years
Through
Ten Years
|
Weighted
Average
Yield
|
Over
Ten
Years
|
Weighted
Average
Yield
|
|||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
Interest-earning time deposits with other financial institutions
|
$
|
4,006
|
2.51
|
%
|
$
|
5,457
|
2.64
|
%
|
$
|
--
|
--
|
%
|
$
|
--
|
--
|
%
|
||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||||||||||
Government National Mortgage Association
|
--
|
--
|
--
|
--
|
--
|
--
|
4,887
|
0.78
|
||||||||||||||||||||||||
Federal National Mortgage Association
|
--
|
--
|
--
|
--
|
--
|
--
|
183
|
2.24
|
||||||||||||||||||||||||
Debt securities, Corporate Notes
|
--
|
--
|
--
|
--
|
5,506
|
4.82
|
%
|
--
|
--
|
|||||||||||||||||||||||
$
|
4,006
|
2.51
|
%
|
$
|
5,457
|
2.64
|
%
|
$
|
5,506
|
4.82
|
%
|
$
|
5,070
|
0.83
|
%
|
|||||||||||||||||
December 31,
|
|||||||||||||||||||||||||
2020
|
2019
|
2018
|
|||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
||||||||||||||||||||
(Dollars in Thousands)
|
|||||||||||||||||||||||||
Certificate accounts:
|
|||||||||||||||||||||||||
0.00% - 0.99%
|
$
|
84,894
|
23.9
|
%
|
$
|
--
|
--
|
%
|
$
|
--
|
--
|
%
|
|||||||||||||
1.00% - 1.99%
|
37,771
|
10.6
|
51,180
|
22.5
|
60,568
|
28.6
|
|||||||||||||||||||
2.00% - 2.99%
|
69,026
|
19.5
|
125,566
|
55.2
|
102,539
|
48.4
|
|||||||||||||||||||
3.00% - 3.99%
|
7,736
|
2.2
|
7,706
|
3.4
|
3,109
|
1.4
|
|||||||||||||||||||
Total certificate accounts
|
199,427
|
56.2
|
184,452
|
81.1
|
166,216
|
78.4
|
|||||||||||||||||||
Transaction accounts:
|
|||||||||||||||||||||||||
Non-interest bearing checking accounts
|
54,202
|
15.3
|
15,775
|
6.9
|
17,542
|
8.3
|
|||||||||||||||||||
Passbook accounts
|
8
|
--
|
5
|
--
|
192
|
0.1
|
|||||||||||||||||||
Savings accounts
|
1,570
|
0.4
|
1,722
|
0.8
|
1,120
|
0.5
|
|||||||||||||||||||
Money market accounts
|
99,638
|
28.1
|
25,504
|
11.2
|
26,841
|
12.7
|
|||||||||||||||||||
Total transaction accounts
|
155,418
|
43.8
|
43,006
|
18.9
|
45,695
|
21.6
|
|||||||||||||||||||
Total deposits
|
$
|
354,845
|
100.0
|
%
|
$
|
227,458
|
100.0
|
%
|
$
|
211,911
|
100.0
|
%
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||
2020
|
2019
|
2018
|
||||||||||||||||||||||||||||||||||
Average
Balance
|
Interest
Expense
|
Average
Rate Paid
|
Average
Balance
|
Interest
Expense
|
Average
Rate Paid
|
Average
Balance
|
Interest
Expense
|
Average
Rate Paid
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||
Passbook accounts
|
$
|
6
|
$
|
--
|
--
|
%
|
$
|
53
|
$
|
--
|
--
|
%
|
$
|
310
|
$
|
--
|
--
|
%
|
||||||||||||||||||
Savings accounts
|
1,826
|
4
|
0.20
|
1,629
|
3
|
0.18
|
1,906
|
4
|
0.21
|
|||||||||||||||||||||||||||
Money market accounts
|
47,351
|
392
|
0.83
|
27,550
|
221
|
0.80
|
29,982
|
239
|
0.80
|
|||||||||||||||||||||||||||
Certificates of deposit
|
195,401
|
3,820
|
1.95
|
177,000
|
4,063
|
2.30
|
156,696
|
3,021
|
1.93
|
|||||||||||||||||||||||||||
Total interest-bearing deposits
|
$
|
244,584
|
$
|
4,216
|
1.74
|
%
|
$
|
206,232
|
$
|
4,287
|
2.08
|
%
|
$
|
188,894
|
$
|
3,264
|
1.73
|
%
|
||||||||||||||||||
Non-interest bearing deposits
|
$
|
37,218
|
$
|
--
|
--
|
%
|
$
|
16,148
|
$
|
--
|
--
|
%
|
$
|
11,645
|
$
|
--
|
--
|
%
|
||||||||||||||||||
Total deposits
|
$
|
281,802
|
$
|
4,216
|
1.50
|
%
|
$
|
222,380
|
$
|
4,287
|
1.93
|
%
|
$
|
200,539
|
$
|
3,264
|
1.63
|
%
|
Year Ended December 31,
|
||||||||||||
2020
|
2019
|
2018
|
||||||||||
(In Thousands)
|
||||||||||||
Increase before interest credited
|
$
|
123,109
|
$
|
11,303
|
$
|
22,455
|
||||||
Interest credited
|
4,278
|
4,244
|
3,235
|
|||||||||
Total increase in deposits
|
$
|
127,387
|
$
|
15,547
|
$
|
25,690
|
Balance at December 31, 2020
Maturing in the Twelve Months Ending December 31,
|
|||||||||||||||||||||
Certificates of Deposit
|
2021
|
2022
|
2023
|
Thereafter
|
Total
|
||||||||||||||||
(In Thousands)
|
|||||||||||||||||||||
0.00% - 0.99%
|
$
|
35,352
|
$
|
18,979
|
$
|
20,807
|
$
|
9,756
|
$
|
84,894
|
|||||||||||
1.00% - 1.99%
|
22,394
|
8,957
|
2,380
|
4,040
|
37,771
|
||||||||||||||||
2.00% - 2.99%
|
43,371
|
9,752
|
10,728
|
5,175
|
69,026
|
||||||||||||||||
3.00% - 3.99%
|
53
|
--
|
3,220
|
4,463
|
7,736
|
||||||||||||||||
Total certificate accounts
|
$
|
101,170
|
$
|
37,688
|
$
|
37,135
|
$
|
23,434
|
$
|
199,427
|
Quarter Ending:
|
Amount
|
Weighted
Average Rate
|
||||||
(Dollars in Thousands)
|
||||||||
March 31, 2021
|
$
|
23,850
|
2.20
|
%
|
||||
June 30, 2021
|
21,737
|
1.21
|
||||||
September 30, 2021
|
8,996
|
1.16
|
||||||
December 31, 2021
|
12,636
|
0.81
|
||||||
After December 31, 2021
|
70,904
|
1.18
|
||||||
Total certificates of deposit with balances of $100,000 or more
|
$
|
138,123
|
1.33
|
%
|
At or For the Year
Ended December 31,
|
||||||||||||
2020
|
2019
|
2018
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
FHLB short-term borrowings:
|
||||||||||||
Average balance outstanding
|
$
|
3,292
|
$
|
5,585
|
$
|
9,745
|
||||||
Maximum amount outstanding at any month-end during the period
|
20,000
|
11,000
|
10,000
|
|||||||||
Balance outstanding at end of period
|
10,000
|
10,000
|
9,000
|
|||||||||
Average interest rate during the period
|
1.12
|
%
|
2.52
|
%
|
2.02
|
%
|
||||||
Weighted average interest rate at end of period
|
0.41
|
%
|
1.81
|
%
|
2.62
|
%
|
December 31, 2020 |
December 31, 2019 |
|||||||||||||||
Weighted | Weighted | |||||||||||||||
Interest | Interest | |||||||||||||||
Fixed rate borrowings maturing: |
Amount |
Rate |
Amount |
Rate |
||||||||||||
2020
|
$
|
--
|
--
|
%
|
$
|
2,000
|
2.00
|
%
|
||||||||
2021
|
5,000
|
2.20
|
5,000
|
2.20
|
||||||||||||
2022
|
7,171
|
2.10
|
7,171
|
2.10
|
||||||||||||
2023
|
7,000
|
2.16
|
7,000
|
2.16
|
||||||||||||
2024
|
6,167
|
2.05
|
5,100
|
2.28
|
||||||||||||
2025
|
2,855
|
1.25
|
--
|
--
|
||||||||||||
Total FHLB long-term debt
|
$
|
28,193
|
2.03
|
%
|
$
|
26,271
|
2.16
|
%
|
•
|
furnishing or performing management services for a subsidiary savings institution;
|
•
|
conducting an insurance agency or escrow business;
|
•
|
holding, managing, or liquidating assets owned or acquired from a subsidiary savings institution;
|
•
|
holding or managing properties used or occupied by a subsidiary savings institution;
|
•
|
acting as trustee under a deed of trust;
|
•
|
any other activity (i) that the Federal Reserve Board, by regulation, has determined to be permissible for bank holding companies under Section 4(c) of the Bank Holding Company Act of
1956, unless the Federal Reserve Board, by regulation, prohibits or limits any such activity for savings and loan holding companies, or (ii) in which multiple savings and loan holding companies were authorized by regulation to directly engage
in on March 5, 1987;
|
•
|
purchasing, holding, or disposing of stock acquired in connection with a qualified stock issuance if the purchase of such stock by such holding company is approved by the Federal Reserve
Board; and
|
•
|
any activity permissible for financial holding companies under section 4(k) of the Bank Holding Company Act.
|
•
|
lending, exchanging, transferring, investing for others, or safeguarding money or securities;
|
•
|
insurance activities or providing and issuing annuities, and acting as principal, agent, or broker;
|
•
|
financial, investment, or economic advisory services;
|
•
|
issuing or selling instruments representing interests in pools of assets that a bank is permitted to hold directly;
|
•
|
underwriting, dealing in, or making a market in securities;
|
•
|
activities previously determined by the Federal Reserve Board to be closely related to banking;
|
•
|
activities that bank holding companies are permitted to engage in outside of the U.S.; and
|
•
|
portfolio investments made by an insurance company.
|
•
|
the institution may not engage in any new activity or make any new investment, directly or indirectly, unless such activity or investment is permissible for both a national bank and a
savings association;
|
•
|
the branching powers of the institution shall be restricted to those of a national bank; and
|
•
|
payment of dividends by the institution shall be subject to the rules regarding payment of dividends by a national bank and must be necessary to meet the obligations of its holding
company.
|
|
|
•
|
The CARES Act allows banks to elect to suspend requirements under GAAP for loan modifications related to the COVID-19 pandemic (for loans that were not more than 30 days past due as of
December 31, 2019) that would otherwise be categorized as a TDR, including impairment for accounting purposes, until the earlier of 60 days after the termination date of the national emergency or December 31, 2020. The suspension of GAAP is
applicable for the entire term of the modification. The federal banking agencies also issued guidance to encourage banks to make loan modifications for borrowers affected by COVID-19 by providing that short-term modifications made in response
to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant related to the loans in which the borrower is less than 30 days past due on its contractual payments at the
time a modification is implemented is not a TDR. Quaint Oak Bank is applying this guidance to qualifying COVID-19 Modifications.
|
•
|
The CARES Act amended the SBA’s loan program to create a guaranteed, unsecured loan program, the PPP, to fund payroll and operational costs of eligible businesses, organizations and
self-employed persons during the COVID-19 pandemic. The loans are provided through participating financial institutions, such as Quaint Oak Bank, that process loan applications and service the loans and are eligible for SBA repayment and loan
forgiveness if the borrower meets the PPP conditions. The application period for a SBA PPP loan closed on August 8, 2020. The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders on October 2,
2020. The CAA, 2021 which was signed into law on December 27, 2020, renews and extends the PPP until March 31, 2021. As a result, as a participating lender, Quaint Oak Bank began originating PPP loans again in January 2021 and will continue
to monitor legislative, regulatory, and supervisory developments related to the PPP.
|
Capital Category
|
Total Risk-Based Capital
|
Tier 1 Risk-Based Capital
|
Tier 1 Common Equity Capital
|
Tier 1 Leverage Capital
|
||||
Well capitalized
|
10% or more
|
8% or more
|
6.5% or more
|
5% or more
|
||||
Adequately capitalized
|
8% or more
|
6% or more
|
4.5% or more
|
4% or more
|
||||
Undercapitalized
|
Less than 8%
|
Less than 6%
|
Less than 4.5%
|
Less than 4%
|
||||
Significantly undercapitalized
|
Less than 6%
|
Less than 4%
|
Less than 3%
|
Less than 3%
|
•
|
acquiring or retaining a majority interest in a subsidiary;
|
•
|
investing as a limited partner in a partnership the sole purpose of which is direct or indirect investment in the acquisition, rehabilitation or new construction of a qualified housing
project, provided that such limited partnership investments may not exceed 2% of the bank’s total assets;
|
•
|
acquiring up to 10% of the voting stock of a company that solely provides or reinsures directors’, trustees’ and officers’ liability insurance coverage or bankers’ blanket bond group
insurance coverage for insured depository institutions; and
|
•
|
acquiring or retaining the voting shares of a depository institution if certain requirements are met.
|
•
|
the total capital distributions for the applicable calendar year exceed the sum of the institution’s net income for that year to date plus the institution’s retained net income for the
preceding two years;
|
•
|
the institution would not be at least adequately capitalized following the distribution;
|
•
|
the distribution would violate any applicable statute, regulation, agreement or Federal Deposit Insurance Corporation-imposed condition; or
|
•
|
the institution is not eligible for expedited treatment of its filings with the Federal Deposit Insurance Corporation.
|
Description/Address
|
Leased/Owned
|
Date of Lease
Expiration
|
Net Book Value of
Property
|
Amount of
Deposits
|
||||
(In Thousands)
|
||||||||
501-503 Knowles Avenue
Southampton, Pennsylvania 18966
|
Leased
|
11/30/2021(1)
|
$ 56
|
$240,784
|
||||
1710 Union Boulevard
Allentown, Pennsylvania 18019
|
Owned
|
NA
|
1,503
|
99,737
|
||||
117-21 Spring Garden Street (Suite A)
Philadelphia, Pennsylvania 19123
|
Leased | 2/28/2030(2) | 113 |
14,324 |
||||
4275 County Line Road (Suite #14)
Chalfont, Pennsylvania 18914
|
Leased
|
5/31/2027(3)
|
35
|
Not applicable
|
||||
100 Spring Garden Street
Philadelphia, Pennsylvania 19123
|
Leased
|
8/31/2023(4)
|
--
|
Not applicable
|
||||
1244 Hamilton Street (Suite 200 & 201)
Allentown, Pennsylvania 18102
|
Leased
|
9/30/2021(5)
|
--
|
Not applicable
|
(1)
|
Such lease has a five year renewal option which would commence on December 1, 2021 and end on November 30, 2026.
|
(2)
(3)
|
Such lease has two consecutive five year renewal options which would commence on March 1, 2030 and end on February 28, 2040.
Such lease has a five year renewal option which would commence on June 1, 2027 and end on May 31, 2032.
|
(4)
|
Such lease has three consecutive five year renewal options which would commence on September 1, 2023 and end on August 31, 2038.
|
(5)
|
Such lease was executed on October 1, 2020 and commenced on October 1, 2020. Such lease has a one year renewal option which would commence on October 1, 2021 and end on September 30,
2022.
|
|
|
Period
|
Total Number
of Shares
Purchased
|
Average
Price
Paid per
Share
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
|
Maximum
Number of Shares
that May Yet Be
Purchased Under
the Plans or
Programs (1)
|
||||||||||||
October 1, 2020 – October 31, 2020
|
13,130
|
$
|
12.81
|
4,500
|
24,375
|
|||||||||||
November 1, 2020 – November 30, 2020
|
--
|
--
|
--
|
24,375
|
||||||||||||
December 1, 2020 – December 31, 2020
|
--
|
--
|
--
|
24,375
|
||||||||||||
Total
|
13,130
|
$
|
12.81
|
4,500
|
24,375
|
(1)
|
On December 12, 2018, the Board of Directors of Quaint Oak Bancorp approved its fifth share repurchase program which provides for the repurchase of up to 50,000 shares, or approximately
2.5% of the Company’s then issued and outstanding shares of common stock, and announced the fifth repurchase program on Form 8-K filed on December 13, 2018. The repurchase program does not have an expiration date.
|
•
|
Maintain records that accurately reflect Quaint Oak Bancorp’s transactions;
|
•
|
Prepare financial statements and footnote disclosures in accordance with GAAP that can be relied upon by external users;
|
•
|
Prevent and detect unauthorized acquisition, use or disposition of Quaint Oak Bancorp’s assets that could have a material effect of the financial statements.
|
Plan Category
|
Number of securities to be
issued upon exercise of
outstanding options, warrants
and rights
(a)
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
(b)
|
Number of securities remaining
available for future issuance under
equity compensation plans
(excluding securities reflected in
column (a))
(c)
|
|||||||||
Equity compensation plans approved by security holders
|
268,902(1
|
)
|
$
|
11.22(1
|
)
|
53,400
|
||||||
Equity compensation plans not approved by security holders
|
--
|
--
|
--
|
|||||||||
Total
|
268,902
|
$
|
11.22
|
53,400
|
(1) |
Includes 28,266 shares subject to restricted stock grants which were not vested as of December 31, 2020. The weighted-average exercise price excludes such restricted
stock grants.
|
Report of Independent Registered Public Accounting Firm
|
Consolidated Balance Sheets as of December 31, 2020 and 2019
|
Consolidated Statements of Income for the Years Ended December 31, 2020 and 2019
|
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020 and 2019
|
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2020 and 2019
|
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020 and 2019
|
Notes to Consolidated Financial Statements
|
No.
|
Exhibits
|
Location
|
||
3.1
|
(1)
|
|||
3.2
|
(1)
|
|||
4.1
|
(1)
|
|||
4.2
|
(2)
|
|||
4.3
|
(3)
|
|||
10.1
|
(4)
|
|||
10.2
|
(5)
|
|||
10.3
|
(6)
|
|||
10.4
|
(7)
|
|||
10.5
|
(8)
|
|||
10.6
|
(9)
|
|||
10.7
|
(2)
|
|||
13.0
|
Annual Report to Shareholders
|
Filed herewith
|
||
21.0
|
Subsidiaries of the Registrant
|
Filed herewith
|
||
23.1
|
Consent of S.R. Snodgrass, P.C.
|
Filed herewith
|
||
31.1
|
Certification of Chief Executive Officer
|
Filed herewith
|
||
31.2
|
Certification of Chief Financial Officer
|
Filed herewith
|
||
32.0
|
Section 1350 Certification of the Chief Executive Officer and Chief Financial Officer
|
Filed herewith
|
||
101.INS
|
XBRL Instance Document
|
Filed herewith
|
||
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
Filed herewith
|
||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Filed herewith
|
||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
Filed herewith
|
||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Filed herewith
|
||
101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document
|
Filed herewith
|
|
|
(2) |
Incorporated by reference from the Company’s Current Report on Form 8-K, filed on December 28, 2018 (File No. 000-52694).
|
(3) |
Incorporated by reference from the Company’s Annual Report on Form 10-K, filed with the Commission on March 27, 2020 (File No. 000-52694).
|
(4) |
Incorporated by reference from the Company’s Current Report on Form 8-K, filed on December 16, 2008 (File No. 000-52694).
|
(5) |
Incorporated by reference from the Company’s definitive proxy statement for the Annual Meeting of Shareholders held on May 14, 2008 (Commission File No. 000-52694) filed with the
Commission on April 11, 2008.
|
(6) |
Incorporated by reference from the Company’s Current Report on Form 8-K, filed on September 18, 2012 (File No. 000-52694).
|
(7) |
Incorporated by reference from the Company’s definitive proxy statement for the Annual Meeting of Shareholders held on May 8, 2013 (Commission File No. 000-526341) filed with the
Commission on April 8, 2013.
|
(8) |
Incorporated by reference from the Company’s Annual Report on Form 10-K, filed with the Commission on March 26, 2015 (File No. 000-52694).
|
(9) |
Incorporated by reference from the Company’s definitive proxy statement for the Annual Meeting of Shareholders held on May 9, 2018 (Commission File No. 000-526341) filed with the
Commission on April 6, 2018.
|
(b) |
Exhibits
|
(c) |
Reference is made to (a)(2) of this Item 15.
|
QUAINT OAK BANCORP, INC. | |||
March 30, 2021
|
By:
|
/s/Robert T. Strong |
|
Robert T. Strong
|
|||
President and Chief Executive Officer
|
Name |
Title |
Date |
||
/s/Robert T. Strong |
President and Chief Executive Officer
|
March 30, 2021
|
||
Robert T. Strong
|
|
|||
/s/John J. Augustine
|
Executive Vice President and Chief Financial Officer
|
March 30, 2021
|
||
John J. Augustine
|
|
|||
/s/Robert J. Phillips |
Chairman
|
March 30, 2021
|
||
Robert J. Phillips
|
||||
/s/George M. Ager, Jr. |
Director
|
March 30, 2021
|
||
George M. Ager, Jr.
|
||||
/s/James J. Clarke
|
Director
|
March 30, 2021
|
||
James J. Clarke
|
||||
/s/Andrew E. DiPiero, Jr.
|
Director
|
March 30, 2021
|
||
Andrew E. DiPiero, Jr.
|
||||
/s/Kenneth R. Gant |
Director
|
March 30, 2021
|
||
Kenneth R. Gant
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Family of Companies
Quaint Oak Bancorp, Inc.
Quaint Oak Bank
Quaint Oak Abstract, LLC I Quaint Oak Mortgage, LLC I Quaint Oak Real Estate, LLC I Quaint Oak Insurance Agency, LLC
Oakmont Capital Holdings, LLC
Serving the Delaware Valley, Lehigh Valley, and Greater Philadelphia Markets
|
Quaint Oak Bancorp, Inc.
|
Page
|
|
Selected Consolidated Financial and Other Data
|
1
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
2
|
Reports of Independent Registered Public Accounting Firm |
19 |
Consolidated Balance Sheets
|
21
|
Consolidated Statements of Income
|
22
|
Consolidated Statements of Comprehensive Income
|
23
|
Consolidated Statements of Stockholders’ Equity
|
24
|
Consolidated Statements of Cash Flows
|
25
|
Notes to Consolidated Financial Statements
|
26
|
General Information
|
69
|
Locations
|
70
|
Quaint Oak Bancorp, Inc.
|
At or For the Years Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
(Dollars in Thousands)
|
||||||||
Selected Financial and Other Data:
|
||||||||
Total assets
|
$
|
484,075
|
$
|
302,540
|
||||
Cash and cash equivalents
|
33,913
|
14,555
|
||||||
Investment in interest-earning time deposits
|
9,463
|
10,172
|
||||||
Investment securities available for sale at fair value
|
10,725
|
7,623
|
||||||
Loans held for sale
|
53,191
|
8,928
|
||||||
Loans receivable, net
|
359,122
|
246,692
|
||||||
Federal Home Loan Bank stock, at cost
|
1,665
|
1,580
|
||||||
Premises and equipment, net
|
2,341
|
2,226
|
||||||
Deposits
|
354,845
|
227,458
|
||||||
Federal Home Loan Bank borrowings
|
38,193
|
36,271
|
||||||
Subordinated debt
|
7,899
|
7,865
|
||||||
Stockholders’ Equity
|
28,728
|
25,907
|
||||||
Selected Operating Data:
|
||||||||
Total interest income
|
$
|
16,323
|
$
|
14,111
|
||||
Total interest expense
|
5,488
|
5,426
|
||||||
Net interest income
|
10,835
|
8,685
|
||||||
Provision for loan losses
|
830
|
303
|
||||||
Net interest income after provision for loan losses
|
10,005
|
8,382
|
||||||
Total non-interest income
|
6,655
|
4,953
|
||||||
Total non-interest expense
|
12,123
|
9,908
|
||||||
Income before income taxes
|
4,537
|
3,427
|
||||||
Income taxes
|
1,292
|
950
|
||||||
Net income
|
$
|
3,245
|
$
|
2,477
|
||||
Selected Operating Ratios(1):
|
||||||||
Average yield on interest-earning assets
|
4.41
|
%
|
5.17
|
%
|
||||
Average rate on interest-bearing liabilities
|
1.74
|
2.25
|
||||||
Average interest rate spread(2)
|
2.67
|
2.91
|
||||||
Net interest margin(2)
|
2.93
|
3.17
|
||||||
Average interest-earning assets to average interest-bearing liabilities
|
117.39
|
113.58
|
||||||
Net interest income after provision for loan losses to non-interest expense
|
82.52
|
84.60
|
||||||
Total non-interest expense to average assets
|
3.15
|
3.46
|
||||||
Efficiency ratio(3)
|
69.32
|
72.65
|
||||||
Return on average assets
|
0.84
|
0.87
|
||||||
Return on average equity
|
12.16
|
10.03
|
||||||
Average equity to average assets
|
6.94
|
8.63
|
||||||
Asset Quality Ratios(4):
|
||||||||
Non-performing loans as a percent of loans receivable, net(5)
|
0.18
|
%
|
0.15
|
%
|
||||
Non-performing assets as a percent of total assets(5)
|
0.19
|
0.72
|
||||||
Non-performing assets and troubled debt restructurings as a percent of total assets
|
0.22
|
0.77
|
||||||
Allowance for loan losses as a percent of non-performing loans
|
475.83
|
616.30
|
||||||
Allowance for loan losses as a percent of total loans receivable
|
0.85
|
0.90
|
||||||
Net charge-offs to average loans receivable
|
0.00
|
0.02
|
||||||
Capital Ratios(4):
|
||||||||
Tier 1 leverage ratio
|
8.56
|
%
|
10.35
|
%
|
||||
Common Tier 1 capital ratio
|
13.31
|
13.42
|
||||||
Tier 1 risk-based capital ratio
|
13.31
|
13.42
|
||||||
Total risk-based capital ratio
|
14.52
|
14.41
|
(1) |
With the exception of end of period ratios, all ratios are based on average daily balances during the indicated periods.
|
(2) |
Average interest rate spread represents the difference between the average yield on interest-earning assets and the average rate paid on interest-bearing liabilities, and net interest margin represents net
interest income as a percentage of average interest-earning assets.
|
(3) |
The efficiency ratio represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income.
|
(4) |
Asset quality ratios and capital ratios are end of period ratios, except for net charge-offs to average loans receivable.
|
(5) |
Non-performing assets consist of non-performing loans and other real estate owned at December 31, 2020 and 2019. Non-performing loans consist of non-accruing loans plus accruing loans 90 days or more past
due.
|
Quaint Oak Bancorp, Inc.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Quaint Oak Bancorp, Inc.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Number of
Covid-19
Deferments
|
Balance
(in thousands)
|
Percent of
Total Loans at
December 31,
2020
|
||||||||||
One-to-four family residential owner occupied
|
5
|
$
|
2,070
|
27.5
|
%
|
|||||||
One-to-four family residential non-owner occupied
|
50
|
8,566
|
22.0
|
|||||||||
Multi-family residential
|
12
|
9,042
|
37.6
|
|||||||||
Commercial real estate
|
97
|
55,274
|
41.9
|
|||||||||
Construction
|
1
|
702
|
14.7
|
|||||||||
Home equity
|
4
|
254
|
6.7
|
|||||||||
Commercial business
|
62
|
14,685
|
9.5
|
|||||||||
Total
|
231
|
$
|
90,593
|
25.8
|
%
|
As of March 15, 2021
|
||||||||||||
Number of
Covid-19
Deferments
|
Balance
(in thousands)
|
Percent of
Total Loans at
December 31,
2020
|
||||||||||
One-to-four family residential owner occupied
|
1
|
$
|
415
|
5.5
|
%
|
|||||||
Commercial real estate
|
8
|
10,287
|
7.8
|
|||||||||
Commercial business
|
4
|
6,561
|
4.2
|
|||||||||
Total
|
13
|
$
|
17,263
|
4.9
|
%
|
|||||||
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Year Ended December 31,
|
||||||||||||||||||||||||
2020
|
2019
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Due from banks, interest-bearing
|
$
|
17,373
|
$
|
72
|
0.42
|
%
|
$
|
16,315
|
$
|
366
|
2.24
|
%
|
||||||||||||
Investment in interest-earning time deposits
|
9,760
|
244
|
2.50
|
9,635
|
269
|
2.79
|
||||||||||||||||||
Investment securities available for sale
|
9,383
|
261
|
2.78
|
8,321
|
228
|
2.74
|
||||||||||||||||||
Loans receivable, net (1) (2)
|
332,146
|
15,657
|
4.71
|
238,238
|
13,167
|
5.53
|
||||||||||||||||||
Investment in FHLB stock
|
1,438
|
89
|
6.19
|
1,206
|
81
|
5.16
|
||||||||||||||||||
Total interest-earning assets
|
370,100
|
16,323
|
4.41
|
%
|
273,715
|
14,111
|
5.16
|
%
|
||||||||||||||||
Non-interest-earning assets
|
14,386
|
12,348
|
||||||||||||||||||||||
Total assets
|
$
|
384,486
|
$
|
286,063
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$
|
6
|
$
|
*
|
*
|
%
|
$
|
53
|
$
|
*
|
*
|
%
|
||||||||||||
Savings accounts
|
1,826
|
4
|
0.22
|
1,629
|
3
|
0.18
|
||||||||||||||||||
Money market accounts
|
47,351
|
392
|
0.83
|
27,550
|
221
|
0.80
|
||||||||||||||||||
Certificate of deposit accounts
|
195,401
|
3,820
|
1.95
|
177,000
|
4,063
|
2.30
|
||||||||||||||||||
Total deposits
|
244,584
|
4,216
|
1.72
|
206,232
|
4,287
|
2.08
|
||||||||||||||||||
FHLB short-term borrowings
|
3,292
|
37
|
1.12
|
5,585
|
141
|
2.52
|
||||||||||||||||||
FHLB long-term borrowings
|
28,979
|
607
|
2.09
|
21,327
|
479
|
2.25
|
||||||||||||||||||
FRB long-term borrowings
|
30,534
|
108
|
0.35
|
-
|
-
|
-
|
||||||||||||||||||
Subordinated debt
|
7,881
|
520
|
6.60
|
7,845
|
519
|
6.62
|
||||||||||||||||||
Total interest-bearing liabilities
|
315,270
|
5,488
|
1.74
|
%
|
240,989
|
5,426
|
2.25
|
%
|
||||||||||||||||
Non-interest-bearing liabilities
|
42,530
|
20,385
|
||||||||||||||||||||||
Total liabilities
|
357,800
|
261,374
|
||||||||||||||||||||||
Stockholders’ Equity
|
26,686
|
24,689
|
||||||||||||||||||||||
Total liabilities and Stockholders’ Equity
|
$
|
384,486
|
$
|
286,063
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
54,830
|
$
|
32,726
|
||||||||||||||||||||
Net interest income; average interest rate spread
|
$
|
10,835
|
2.67
|
%
|
$
|
8,685
|
2.91
|
%
|
||||||||||||||||
Net interest margin (3)
|
2.93
|
%
|
3.17
|
%
|
||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
117.39
|
%
|
113.58
|
%
|
*
|
Not meaningful |
(1) |
Includes loans held for sale. |
(2)
|
Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts, loans in process and allowance for loan losses. |
(3)
|
Equals net interest income divided by average interest-earning assets. |
Quaint Oak Bancorp, Inc.
|
2020 vs. 2019
|
2019 vs. 2018
|
|||||||||||||||||||||||||||||||
Increase (Decrease) Due to
|
Total Increase
(Decrease)
|
Increase (Decrease) Due to
|
Total Increase
(Decrease)
|
|||||||||||||||||||||||||||||
Rate
|
Volume
|
Rate/
Volume
|
Rate
|
Volume
|
Rate/
Volume
|
|||||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
Interest income:
|
||||||||||||||||||||||||||||||||
Due from banks, interest-bearing
|
$
|
(298
|
)
|
$
|
24
|
$
|
(20
|
)
|
$
|
(294
|
)
|
$
|
64
|
$
|
21
|
$
|
5
|
$
|
90
|
|||||||||||||
Investment in interest-earning time deposits
|
(28
|
)
|
3
|
--
|
(25
|
)
|
46
|
88
|
44
|
178
|
||||||||||||||||||||||
Investment securities available for sale
|
4
|
29
|
--
|
33
|
51
|
20
|
7
|
78
|
||||||||||||||||||||||||
Loans receivable, net (1) (2)
|
(1,937
|
)
|
5,190
|
(763
|
)
|
2,490
|
338
|
1,262
|
37
|
1,637
|
||||||||||||||||||||||
Investment in FHLB stock
|
(7
|
)
|
16
|
(1
|
)
|
8
|
3
|
--
|
--
|
3
|
||||||||||||||||||||||
Total interest-earning assets
|
(2,266
|
)
|
5,262
|
(784
|
)
|
2,212
|
502
|
1,391
|
93
|
1,986
|
||||||||||||||||||||||
Interest expense:
|
||||||||||||||||||||||||||||||||
Passbook accounts
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||||||||
Savings accounts
|
--
|
--
|
--
|
--
|
--
|
(1
|
)
|
--
|
(1
|
)
|
||||||||||||||||||||||
Money market accounts
|
8
|
158
|
6
|
172
|
1
|
(19
|
)
|
--
|
(18
|
)
|
||||||||||||||||||||||
Certificate of deposit accounts
|
(603
|
)
|
423
|
(63
|
)
|
(243
|
) |
576
|
391
|
75
|
1,042
|
|||||||||||||||||||||
Total deposits
|
(595
|
)
|
581
|
(57
|
)
|
(71
|
) |
577
|
371
|
75
|
1,023
|
|||||||||||||||||||||
FHLB short-term borrowings
|
(78
|
)
|
(58
|
)
|
32
|
(104
|
)
|
49
|
(84
|
)
|
(21
|
)
|
(56
|
)
|
||||||||||||||||||
FHLB long-term borrowings
|
(32
|
)
|
172
|
(12
|
)
|
128
|
35
|
84
|
8
|
127
|
||||||||||||||||||||||
FRB long-term borrowings
|
--
|
--
|
108
|
108
|
||||||||||||||||||||||||||||
Subordinated debt
|
(1
|
)
|
2
|
--
|
1
|
--
|
521
|
(9
|
)
|
512
|
||||||||||||||||||||||
Total interest-bearing liabilities
|
(706
|
)
|
697
|
71
|
62
|
661
|
892
|
53
|
1,606
|
|||||||||||||||||||||||
Increase (decrease) in net interest
income
|
$
|
(1,560
|
)
|
$
|
4,565
|
$
|
(855
|
)
|
$
|
2,150
|
$
|
(159
|
)
|
$
|
499
|
$
|
40
|
$
|
380
|
(1) |
Includes loans held for sale.
|
(2) |
Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts, loans in process and allowance for loan losses.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
3 Months
or Less
|
More than
3 Months
to 1 Year
|
More than
1 Year
to 3 Years
|
More than
3 Years
to 5 Years
|
More than
5 Years
|
Total
Amount
|
|||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||
Interest-earning assets (1):
|
||||||||||||||||||||||||
Due from banks, interest-bearing
|
$
|
33,708
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
33,708
|
||||||||||||
Investment in interest-earning time deposits
|
1,499
|
2,507
|
4,457
|
1,000
|
--
|
9,463
|
||||||||||||||||||
Investment securities available for sale
|
4,737
|
28
|
167
|
170
|
5,623
|
10,725
|
||||||||||||||||||
Loans held for sale
|
53,191
|
--
|
--
|
--
|
--
|
53,191
|
||||||||||||||||||
Loans receivable (2)
|
28,757
|
46,322
|
143,251
|
90,014
|
56,898
|
365,242
|
||||||||||||||||||
Investment in Federal Home Loan Bank stock
|
--
|
--
|
--
|
--
|
1,665
|
1,665
|
||||||||||||||||||
Total interest-earning assets
|
$
|
121,892
|
$
|
48,857
|
$
|
147,875
|
$
|
91,184
|
$
|
64,186
|
$
|
473,994
|
||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$
|
1
|
$
|
1
|
$
|
5
|
$
|
1
|
$
|
--
|
$
|
8
|
||||||||||||
Savings accounts
|
314
|
314
|
628
|
157
|
157
|
1,570
|
||||||||||||||||||
Money market accounts
|
19,928
|
19,928
|
39,855
|
9,964
|
9,963
|
99,638
|
||||||||||||||||||
Certificate accounts
|
39,826
|
61,345
|
74,822
|
23,434
|
--
|
199,427
|
||||||||||||||||||
FHLB borrowings
|
10,000
|
5,000
|
14,171
|
9,022
|
--
|
38,193
|
||||||||||||||||||
FRB borrowings
|
--
|
--
|
48,134
|
--
|
--
|
48,134
|
||||||||||||||||||
Subordinated debt
|
--
|
--
|
--
|
--
|
7,899
|
7,899
|
||||||||||||||||||
Total interest-bearing liabilities
|
$
|
70,069
|
$
|
86,588
|
$
|
177,615
|
$
|
42,578
|
$
|
18,019
|
$
|
394,869
|
||||||||||||
Interest-earning assets less interest-bearing liabilities
|
$
|
51,823
|
$
|
(37,731
|
)
|
$
|
(29,740
|
)
|
$
|
46,606
|
$
|
46,167
|
||||||||||||
Cumulative interest-rate sensitivity gap (3)
|
$
|
51,823
|
$
|
14,092
|
$
|
(15,648
|
)
|
$
|
32,958
|
$
|
79,125
|
|||||||||||||
Cumulative interest-rate gap as a percentage of total assets
at December 31, 2020
|
10.7
|
%
|
2.9
|
%
|
(3.2
|
)%
|
6.8
|
%
|
16.3
|
%
|
||||||||||||||
Cumulative interest-earning assets as a percentage of cumulative interest-bearing liabilities
at December 31, 2020
|
174.0
|
%
|
109.0
|
%
|
95.3
|
%
|
108.7
|
%
|
120.0
|
%
|
(1)
|
Interest-earning assets are included in the period in which the balances are expected to be redeployed and/or repriced as a result of anticipated prepayments, scheduled rate
adjustments and contractual maturities.
|
(2) |
For purposes of the gap analysis, loans receivable includes non-performing loans gross of the allowance for loan losses and deferred loan fees.
|
(3) |
Interest-rate sensitivity gap represents the difference between net interest-earning assets and interest-bearing liabilities.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Payments Due By Period
|
||||||||||||||||||||
Total
|
To
1 Year
|
1-3
Years
|
4-5
Years
|
After 5
Years
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Operating leases
|
$
|
1,220
|
$
|
236
|
$
|
357
|
$
|
173
|
$
|
454
|
||||||||||
Certificates of deposit
|
199,427
|
101,170
|
91,453
|
6,804
|
--
|
|||||||||||||||
FHLB borrowings
|
38,193
|
15,000
|
14,171
|
9,022
|
--
|
|||||||||||||||
FRB borrowings
|
48,134
|
--
|
48,134
|
--
|
--
|
|||||||||||||||
Total contractual obligations
|
$
|
286,974
|
$
|
116,406
|
$
|
154,115
|
$
|
15,999
|
$
|
454
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
At December 31, |
At December 31, |
||||||||
2020 |
2019 | ||||||||
(In thousands, except share data) |
|||||||||
Assets |
|||||||||
Due from banks, non-interest-bearing
|
$
|
205
|
$
|
541
|
|||||
Due from banks, interest-bearing
|
33,708
|
14,014
|
|||||||
Cash and cash equivalents
|
33,913
|
14,555
|
|||||||
Investment in interest-earning time deposits
|
9,463
|
10,172
|
|||||||
Investment securities available for sale
|
10,725
|
7,623
|
|||||||
Loans held for sale
|
53,191
|
8,928
|
|||||||
Loans receivable, net of allowance for loan losses (2020 $3,061; 2019 $2,231)
|
359,122
|
246,692
|
|||||||
Accrued interest receivable
|
3,054
|
1,349
|
|||||||
Investment in Federal Home Loan Bank stock, at cost
|
1,665
|
1,580
|
|||||||
Bank-owned life insurance
|
4,054
|
3,974
|
|||||||
Premises and equipment, net
|
2,341
|
2,226
|
|||||||
Goodwill
|
515
|
515
|
|||||||
Other intangible, net of accumulated amortization
|
271
|
319
|
|||||||
Other real estate owned, net
|
286
|
1,824
|
|||||||
Prepaid expenses and other assets
|
5,475
|
2,783
|
|||||||
Total Assets
|
$
|
484,075
|
$
|
302,540
|
|||||
Liabilities and Stockholders’ Equity
|
|||||||||
Liabilities
|
|||||||||
Deposits:
|
|||||||||
Non-interest bearing
|
$
|
54,202
|
$
|
15,775
|
|||||
Interest-bearing
|
300,643
|
211,683
|
|||||||
Total deposits
|
354,845
|
227,458
|
|||||||
Federal Home Loan Bank short-term borrowings
|
10,000
|
10,000
|
|||||||
Federal Home Loan Bank long-term borrowings
|
28,193
|
26,271
|
|||||||
Federal Reserve Bank long-term borrowings
|
48,134
|
--
|
|||||||
Subordinated debt
|
7,899
|
7,865
|
|||||||
Accrued interest payable
|
362
|
314
|
|||||||
Advances from borrowers for taxes and insurance
|
2,486
|
2,780
|
|||||||
Accrued expenses and other liabilities
|
3,428
|
1,945
|
|||||||
Total Liabilities
|
455,347
|
276,633
|
|||||||
Stockholders’ Equity
|
|||||||||
Preferred stock – $0.01 par value, 1,000,000 shares
authorized; one issued or outstanding
|
--
|
--
|
|||||||
Common stock – $0.01 par value; 9,000,000 shares
|
|||||||||
authorized; 2,777,250 issued; 1,986,528 and 1,984,857
outstanding at December 31, 2020 and 2019, respectively
|
28
|
28
|
|||||||
Additional paid-in capital
|
15,282
|
14,990
|
|||||||
Treasury stock, at cost: 790,722 and 792,393 shares at
December 31, 2020 and 2019, respectively
|
(5,114
|
)
|
(4,950
|
)
|
|||||
Unallocated common stock held by:
|
|||||||||
Employee Stock Ownership Plan (ESOP)
|
(51
|
)
|
(118
|
)
|
|||||
Accumulated other comprehensive income
|
118
|
20
|
|||||||
Retained earnings
|
18,465
|
15,937
|
|||||||
Total Stockholders’ Equity
|
28,728
|
25,907
|
|||||||
Total Liabilities and Stockholders’ Equity
|
$
|
484,075
|
$
|
302,540
|
Quaint Oak Bancorp, Inc.
|
Years Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
(In thousands, except share
|
||||||||
and per share data)
|
||||||||
Interest Income
|
||||||||
Interest on loans, including fees
|
$
|
15,657
|
$
|
13,167
|
||||
Interest and dividends on investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock
|
666
|
944
|
||||||
Total Interest Income
|
16,323
|
14,111
|
||||||
Interest Expense
|
||||||||
Interest on deposits
|
4,216
|
4,287
|
||||||
Interest on Federal Home Loan Bank short-term borrowings
|
37
|
141
|
||||||
Interest on Federal Home Loan Bank long-term borrowings
|
607
|
479
|
||||||
Interest on Federal Reserve Bank long-term borrowings
|
108
|
--
|
||||||
Interest on subordinated debt
|
520
|
519
|
||||||
Total Interest Expense
|
5,488
|
5,426
|
||||||
Net Interest Income |
10,835 |
8,685 | ||||||
Provision for Loan Losses |
830 |
303 | ||||||
Net Interest Income after Provision for Loan Losses |
10,005 | 8,382 | ||||||
Non-Interest Income
|
||||||||
Mortgage banking and title abstract fees
|
1,579
|
1,152
|
||||||
Real estate sales commissions, net
|
159
|
180
|
||||||
Insurance commissions
|
490
|
419
|
||||||
Other fees and services charges
|
109
|
68
|
||||||
Income from bank-owned life insurance
|
80
|
80
|
||||||
Net gain on loans held for sale
|
4,320
|
3,014
|
||||||
Gain on the sale of SBA loans
|
115
|
265
|
||||||
Loss on sale of investment securities available for sale
|
--
|
(4
|
)
|
|||||
Loss on sales and write-downs of other real estate owned
|
(197
|
)
|
(221
|
)
|
||||
Total Non-Interest Income, net
|
6,655
|
4,953
|
||||||
Non-Interest Expense
|
||||||||
Salaries and employee benefits
|
8,427
|
6,947
|
||||||
Directors’ fees and expenses
|
232
|
223
|
||||||
Occupancy and equipment
|
913
|
692
|
||||||
Data processing
|
717
|
508
|
||||||
Professional fees
|
541
|
416
|
||||||
FDIC deposit insurance assessment
|
121
|
15
|
||||||
Other real estate owned expenses
|
42
|
22
|
||||||
Advertising
|
113
|
195
|
||||||
Amortization of other intangible
|
49
|
49
|
||||||
Other
|
968
|
841
|
||||||
Total Non-Interest Expense
|
12,123
|
9,908
|
Income before Income Taxes
|
4,537
|
3,427
|
||||||
Income Taxes
|
1,292
|
950
|
||||||
Net Income
|
$
|
3,245
|
$
|
2,477
|
Earnings per share – basic
|
$
|
1.64
|
$
|
1.27
|
||||
Average shares outstanding - basic
|
1,975,836
|
1,956,612
|
||||||
Earnings per share - diluted
|
$
|
1.61
|
$
|
1.24
|
||||
Average shares outstanding - diluted
|
2,012,399
|
2,005,438
|
Quaint Oak Bancorp, Inc.
|
Years Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
(In Thousands)
|
||||||||
Net Income
|
$
|
3,245
|
$
|
2,477
|
||||
Other Comprehensive Income:
|
||||||||
Unrealized gains on investment securities available for sale
|
125
|
22
|
||||||
Income tax effect
|
(27
|
)
|
(3
|
)
|
||||
Reclassification adjustment for losses on sale of investment securities included in net income
|
--
|
4
|
||||||
Income tax effect
|
--
|
(1
|
)
|
|||||
Net other comprehensive income
|
98
|
22
|
||||||
Total Comprehensive Income
|
$
|
3,343
|
$
|
2,499
|
||||
Quaint Oak Bancorp, Inc.
|
(In thousands, except share and per share data)
|
Common Stock
|
|||||||||||||||||||||||||||||||
Number of
Shares
Outstanding
|
Amount
|
Additional
Paid-in
Capital
|
Treasury Stock
|
Unallocated
Common
Stock Held
by Benefit
Plans
|
Accumulated
Other
Comprehensive Income (Loss)
|
Retained
Earnings
|
Total
Stockholders’
Equity
|
|||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2018
|
1,975,947
|
$
|
28
|
$
|
14,683
|
$
|
(4,824
|
)
|
$
|
(185
|
)
|
$
|
(2
|
)
|
$
|
14,136
|
$
|
23,836
|
||||||||||||||
Common stock allocated by ESOP (14,428 shares)
|
119
|
67
|
186
|
|||||||||||||||||||||||||||||
Treasury stock purchased
|
(27,297
|
)
|
(339
|
)
|
(339
|
)
|
||||||||||||||||||||||||||
Reissuance of treasury stock under 401(k) Plan
|
2,986
|
20
|
18
|
38
|
||||||||||||||||||||||||||||
Reissuance of treasury stock under stock incentive plan
|
9,721
|
(57
|
)
|
57
|
--
|
|||||||||||||||||||||||||||
Reissuance of treasury stock for exercised stock
options
|
23,500
|
52
|
138
|
190
|
||||||||||||||||||||||||||||
Stock based compensation expense
|
173
|
173
|
||||||||||||||||||||||||||||||
Cash dividends declared ($0.34 per share)
|
(676
|
)
|
(676
|
)
|
||||||||||||||||||||||||||||
Net income
|
2,477
|
2,477
|
||||||||||||||||||||||||||||||
Other comprehensive income, net
|
22
|
22
|
||||||||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2019
|
1,984,857
|
$
|
28
|
$
|
14,990
|
$
|
(4,950
|
)
|
$
|
(118
|
)
|
$
|
20
|
$
|
15,937
|
$
|
25,907
|
Common stock allocated by ESOP (14,428 shares)
|
106
|
67
|
173
|
|||||||||||||||||||||||||||||
Treasury stock purchased
|
(28,891
|
)
|
(349
|
)
|
(349
|
)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Reissuance of treasury stock under 401(k) Plan
|
8,641
|
44
|
53
|
97
|
||||||||||||||||||||||||||||
Reissuance of treasury stock under stock incentive plan
|
9,421
|
(57
|
)
|
57
|
--
|
|||||||||||||||||||||||||||
Reissuance of treasury stock for exercised stock
options
|
12,500
|
26
|
75
|
101
|
||||||||||||||||||||||||||||
Stock based compensation expense
|
173
|
173
|
||||||||||||||||||||||||||||||
Cash dividends declared ($0.34 per share)
|
(717
|
)
|
(717
|
)
|
||||||||||||||||||||||||||||
Net income
|
3,245
|
3,245
|
||||||||||||||||||||||||||||||
Other comprehensive income, net
|
98
|
98
|
||||||||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2019
|
1,986,528
|
$
|
28
|
$
|
15,282
|
$
|
(5,114
|
)
|
$
|
(51
|
)
|
$
|
118
|
$
|
18,465
|
$
|
28,728
|
Quaint Oak Bancorp, Inc.
|
Consolidated Statements of Cash Flows
|
||||||||
Years Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
(In Thousands)
|
||||||||
Cash Flows from Operating Activities
|
||||||||
Net income
|
$
|
3,245
|
$
|
2,477
|
||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Provision for loan losses
|
830
|
303
|
||||||
Depreciation expense
|
249
|
200
|
||||||
Amortization of operating right-of-use assets
|
145
|
95
|
||||||
Amortization of subordinated debt issuance costs
|
34
|
34
|
||||||
Amortization of other intangible
|
49
|
49
|
||||||
Net amortization of securities premiums
|
11
|
28
|
||||||
Accretion of deferred loan fees and costs, net
|
(1,370
|
)
|
(435
|
)
|
||||
Deferred income taxes
|
(566
|
)
|
(41
|
)
|
||||
Stock-based compensation expense
|
346
|
359
|
||||||
Net realized loss on sale of foreclosed real estate
|
92
|
-
|
||||||
Loss on sale of investment securities available for sale
|
-
|
4
|
||||||
Net gain on loans held for sale
|
(4,319
|
)
|
(3,014
|
)
|
||||
Loans held for sale-originations
|
(207,062
|
)
|
(135,310
|
)
|
||||
Loans held for sale-proceeds
|
167,118
|
134,499
|
||||||
Gain on the sale of SBA loans
|
(115
|
)
|
(265
|
)
|
||||
Write-downs of other real estate owned
|
105
|
221
|
||||||
Increase in the cash surrender value of bank-owned life insurance
|
(80
|
)
|
(80
|
)
|
||||
Changes in assets and liabilities which provided (used) cash:
|
||||||||
Accrued interest receivable
|
(1,705
|
)
|
(196
|
)
|
||||
Prepaid expenses and other assets
|
(1,640
|
)
|
(395
|
)
|
||||
Accrued interest payable
|
48
|
93
|
||||||
Accrued expenses and other liabilities
|
824
|
(478
|
)
|
|||||
Net Cash Used in Operating Activities
|
(43,761
|
)
|
(1,852
|
)
|
||||
Cash Flows from Investing Activities
|
||||||||
Purchase of interest-earning time deposits
|
(1,317
|
)
|
(6,849
|
)
|
||||
Redemption of interest-earning time deposits
|
2,026
|
1,603
|
||||||
Purchase of investment securities available for sale
|
(4,008
|
)
|
(3,319
|
)
|
||||
Principal repayments on investment securities available for sale
|
1,020
|
1,341
|
||||||
Proceeds from the sales of investment securities available for sale
|
--
|
1,030
|
||||||
Net increase in loans receivable
|
(111,775
|
)
|
(29,397
|
)
|
||||
Purchase of Federal Home Loan Bank stock
|
(808
|
)
|
(614
|
)
|
||||
Redemption of Federal Home Loan Bank stock
|
723
|
120
|
||||||
Proceeds from the sale of foreclosed real estate
|
1,611
|
--
|
||||||
Capitalized expenditures on other real estate owned
|
(270
|
)
|
(395
|
)
|
||||
Purchase of premises and equipment
|
(364
|
)
|
(368
|
)
|
||||
Net Cash Used in Investing Activities
|
(113,162
|
)
|
(36,848
|
)
|
||||
Cash Flows from Financing Activities
|
||||||||
Net increase (decrease) in demand deposits, money markets, and savings accounts
|
112,411
|
(2,689
|
)
|
|||||
Net increase in certificate accounts
|
14,976
|
18,236
|
||||||
(Decrease) increase in advances from borrowers for taxes and insurance
|
(294
|
)
|
212
|
|||||
Proceeds from Federal Home Loan Bank short-term borrowings
|
20,000
|
13,000
|
||||||
Repayment of Federal Home Loan Bank short-term borrowings
|
(20,000
|
)
|
(12,000
|
)
|
||||
Proceeds from Federal Home Loan Bank long-term borrowings
|
3,922
|
14,271
|
||||||
Repayment of Federal Home Loan Bank long-term borrowings
|
(2,000
|
)
|
(3,000
|
)
|
||||
Proceeds from Federal Reserve Bank long-term borrowings
|
52,144
|
--
|
||||||
Repayment of Federal Reserve Bank long-term borrowings
|
(4,010
|
)
|
--
|
|||||
Dividends paid
|
(717
|
)
|
(676
|
)
|
||||
Purchase of treasury stock
|
(349
|
)
|
(339
|
)
|
||||
Proceeds from the reissuance of treasury stock
|
97
|
38
|
||||||
Proceeds from the exercise of stock options
|
101
|
190
|
||||||
Net Cash Provided by Financing Activities
|
176,281
|
27,243
|
||||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
19,358
|
(11,457
|
)
|
|||||
Cash and Cash Equivalents – Beginning of Year
|
14,555
|
26,012
|
||||||
Cash and Cash Equivalents – End of Year
|
$
|
33,913
|
$
|
14,555
|
||||
Supplementary Disclosure of Cash Flow and Non-Cash Information:
|
||||||||
Cash payments for interest
|
$
|
5,441
|
$
|
5,333
|
||||
Cash payments for income taxes
|
$
|
1,124
|
$
|
1,034
|
||||
Initial recognition of operating lease right-of use assets
|
$
|
658
|
$
|
1,386
|
||||
Initial recognition of operating lease obligations
|
$
|
658
|
$
|
1,386
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
For the Year Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Net Income
|
$
|
3,245,000
|
$
|
2,477,000
|
||||
Weighted average shares outstanding – basic
|
1,975,836
|
1,956,612
|
||||||
Effect of dilutive common stock equivalents
|
36,563
|
48,826
|
||||||
Adjusted weighted average shares outstanding – diluted
|
2,012,399
|
2,005,438
|
||||||
Basic earnings per share
|
$
|
1.64
|
$
|
1.27
|
||||
Diluted earnings per share
|
$
|
1.61
|
$
|
1.24
|
Unrealized Losses on
Investment Securities
Available for Sale (1)
|
||||||||
2020
|
2019
|
|||||||
Balance beginning of the year
|
$
|
20
|
$
|
(2
|
)
|
|||
Other comprehensive income before reclassifications
|
98
|
19
|
||||||
Amount reclassified from accumulated other comprehensive income (loss)
|
--
|
3
|
||||||
Total other comprehensive income
|
98
|
22
|
||||||
Balance end of the year
|
$
|
118
|
$
|
20
|
(1)
|
All amounts are net of tax. Amounts in parentheses indicate debits.
|
Amount Reclassified from Accumulated |
|||||||
Details About Other Comprehensive Income |
Other Comprehensive Income (Loss)(1) |
Affected Line Item in the Statement of Income |
|||||
For the Year Ended December 31, |
|||||||
2020
|
2019
|
||||||
Unrealized losses on investment securities available for sale
|
$--
|
$(4)
|
Loss on sales of investment securities
|
||||
--
|
1
|
Income taxes
|
|||||
$--
|
$(3)
|
(1) |
Amounts in parentheses indicate debits.
|
Quaint Oak Bancorp, Inc.
|
2020
|
2019
|
|||||||
Due in one year or less
|
$
|
4,006
|
$
|
2,026
|
||||
Due after one year through five years
|
5,457
|
8,146
|
||||||
Total
|
$
|
9,463
|
$
|
10,172
|
December 31, 2020
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
(Losses)
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||
Government National Mortgage Association securities
|
$
|
4,887
|
$
|
27
|
$
|
(1
|
)
|
$
|
4,913
|
|||||||
Federal National Mortgage Association securities
|
183
|
6
|
--
|
189
|
||||||||||||
Total mortgage-backed securities
|
5,070
|
33
|
(1
|
)
|
5,102
|
|||||||||||
Debt securities:
|
||||||||||||||||
Corporate notes
|
5,506
|
117
|
--
|
5,623
|
||||||||||||
Total available-for-sale-securities
|
$
|
10,576
|
$
|
150
|
$
|
(1
|
)
|
$
|
10,725
|
December 31, 2019
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
(Losses)
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||
Government National Mortgage Association securities
|
$
|
5,841
|
$
|
13
|
$
|
(1
|
)
|
$
|
5,853
|
|||||||
Federal National Mortgage Association securities
|
258
|
2
|
--
|
260
|
||||||||||||
Total mortgage-backed securities
|
6,099
|
15
|
(1
|
)
|
6,113
|
|||||||||||
Debt securities:
|
||||||||||||||||
Corporate notes
|
1,500
|
10
|
--
|
1,510
|
||||||||||||
Total available-for-sale-securities
|
$
|
7,599
|
$
|
25
|
$
|
(1
|
)
|
$
|
7,623
|
Available for Sale
|
||||||||
Amortized Cost
|
Fair Value
|
|||||||
Due after five through ten years
|
$
|
5,506
|
$
|
5,102
|
||||
Due after ten years
|
5,070
|
5,623
|
||||||
Total
|
$
|
10,576
|
$
|
10,725
|
Quaint Oak Bancorp, Inc.
|
|
December 31, 2020
|
|||||||||||||||||||||||||||
Less than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||||||||||||
|
Number of Securities |
Fair Value
|
Gross
Unrealized Losses |
Fair Value
|
Gross
Unrealized Losses |
Fair Value
|
Gross
Unrealized Losses |
|||||||||||||||||||||
Government National Mortgage Association securities
|
1
|
$
|
681
|
$
|
(1
|
)
|
$
|
--
|
$
|
--
|
$
|
681
|
$
|
(1
|
)
|
|
December 31, 2019
|
|||||||||||||||||||||||||||
Less than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||||||||||||
|
Number of
Securities
|
Fair Value
|
Gross
Unrealized Losses |
Fair Value
|
Gross
Unrealized Losses |
Fair Value
|
Gross
Unrealized Losses |
|||||||||||||||||||||
Government National Mortgage Association securities
|
4
|
$
|
2,295
|
$
|
(1
|
)
|
$
|
--
|
$
|
--
|
$
|
2,295
|
$
|
(1
|
)
|
Quaint Oak Bancorp, Inc.
|
December 31,
2020
|
December 31,
2019
|
|||||||
Real estate loans:
|
||||||||
One-to-four family residential:
|
||||||||
Owner occupied
|
$
|
7,528
|
$
|
6,298
|
||||
Non-owner occupied
|
38,884
|
39,897
|
||||||
Total one-to-four family residential
|
46,412
|
46,195
|
||||||
Multi-family (five or more) residential
|
24,043
|
22,233
|
||||||
Commercial real estate
|
131,820
|
119,323
|
||||||
Construction
|
4,775
|
12,523
|
||||||
Home equity
|
3,788
|
3,726
|
||||||
Total real estate loans
|
210,838
|
204,000
|
||||||
Commercial business
|
154,387
|
45,745
|
||||||
Other consumer
|
17
|
22
|
||||||
Total Loans
|
365,242
|
249,767
|
||||||
Deferred loan fees and costs
|
(3,059
|
)
|
(844
|
)
|
||||
Allowance for loan losses
|
(3,061
|
)
|
(2,231
|
)
|
||||
Net Loans
|
$
|
359,122
|
$
|
246,692
|
December 31, 2020
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
6,942
|
$
|
415
|
$
|
171
|
$
|
--
|
$
|
7,528
|
||||||||||
One-to-four family residential non-owner occupied
|
38,567
|
--
|
317
|
--
|
38,884
|
|||||||||||||||
Multi-family residential
|
24,043
|
--
|
--
|
--
|
24,043
|
|||||||||||||||
Commercial real estate
|
129,236
|
2,292
|
292
|
--
|
131,820
|
|||||||||||||||
Construction
|
4,775
|
--
|
--
|
--
|
4,775
|
|||||||||||||||
Home equity
|
3,788
|
--
|
--
|
--
|
3,788
|
|||||||||||||||
Commercial business
|
154,387
|
--
|
--
|
--
|
154,387
|
|||||||||||||||
Other consumer
|
17
|
--
|
--
|
--
|
17
|
|||||||||||||||
Total
|
$
|
361,755
|
$
|
2,707
|
$
|
780
|
$
|
--
|
$
|
365,242
|
Quaint Oak Bancorp, Inc.
|
December 31, 2019
|
||||||||||||||||||||
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
6,126
|
$
|
--
|
$
|
172
|
$
|
--
|
$
|
6,298
|
||||||||||
One-to-four family residential non-owner occupied
|
39,579
|
--
|
318
|
--
|
39,897
|
|||||||||||||||
Multi-family residential
|
22,233
|
--
|
--
|
--
|
22,233
|
|||||||||||||||
Commercial real estate
|
118,233
|
798
|
292
|
--
|
119,323
|
|||||||||||||||
Construction
|
12,523
|
--
|
--
|
--
|
12,523
|
|||||||||||||||
Home equity
|
3,726
|
--
|
--
|
--
|
3,726
|
|||||||||||||||
Commercial business
|
45,745
|
--
|
--
|
--
|
45,745
|
|||||||||||||||
Other consumer
|
22
|
--
|
--
|
--
|
22
|
|||||||||||||||
Total
|
$
|
248,187
|
$
|
798
|
$
|
782
|
$
|
--
|
$
|
249,767
|
December 31, 2020
|
||||||||||||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
171
|
$
|
178
|
$
|
--
|
$
|
171
|
$
|
1
|
||||||||||
One-to-four family residential non-owner occupied
|
19
|
19
|
--
|
19
|
3
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
131
|
131
|
--
|
131
|
1
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
171
|
178
|
$
|
--
|
$
|
171
|
$
|
1
|
|||||||||||
One-to-four family residential non-owner occupied
|
19
|
19
|
--
|
19
|
3
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
131
|
131
|
--
|
131
|
1
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
$
|
321
|
$
|
328
|
$
|
--
|
$
|
321
|
$
|
5
|
Quaint Oak Bancorp, Inc.
|
December 31, 2019
|
||||||||||||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance |
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
172
|
$
|
178
|
$
|
--
|
$
|
178
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
19
|
19
|
--
|
225
|
13
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
132
|
132
|
4
|
133
|
12
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
172
|
178
|
$
|
--
|
$
|
178
|
$
|
--
|
|||||||||||
One-to-four family residential non-owner occupied
|
19
|
19
|
--
|
225
|
13
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
132
|
132
|
4
|
133
|
12
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
$
|
323
|
$
|
329
|
$
|
4
|
$
|
536
|
$
|
25
|
Quaint Oak Bancorp, Inc.
|
December 31, 2020
|
||||||||||||||||||||
Number of
Contracts
|
Recorded
Investment
|
Non-
Accrual
|
Accruing
|
Related
Allowance
|
||||||||||||||||
One-to-four family residential owner occupied
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
|||||||||||
One-to-four family residential non-owner occupied
|
1
|
19
|
19
|
--
|
--
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
1
|
131
|
--
|
131
|
--
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
2
|
$
|
150
|
$
|
19
|
$
|
131
|
$
|
--
|
December 31, 2019
|
||||||||||||||||||||
Number of
Contracts
|
Recorded
Investment
|
Non-
Accrual
|
Accruing
|
Related
Allowance
|
||||||||||||||||
One-to-four family residential owner occupied
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
|||||||||||
One-to-four family residential non-owner occupied
|
1
|
19
|
--
|
19
|
--
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
1
|
132
|
--
|
132
|
4
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
2
|
$
|
151
|
$
|
--
|
$
|
151
|
$
|
4
|
December 31, 2020
|
||||||||||||||||||||
Current
|
Past Due
30-89 Days |
Greater
than 90
Days and
Accruing
|
Non-
Accrual
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
--
|
--
|
--
|
19
|
19
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
131
|
--
|
--
|
--
|
131
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
$
|
131
|
$
|
--
|
$
|
--
|
$
|
19
|
$
|
150
|
Quaint Oak Bancorp, Inc.
|
December 31, 2019
|
||||||||||||||||||||
Current
|
Past Due
30-89 Days
|
Greater
than 90
Days and
Accruing
|
Non-
Accrual
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
--
|
19
|
--
|
--
|
19
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate
|
132
|
--
|
--
|
--
|
132
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
$
|
132
|
$
|
19
|
$
|
--
|
$
|
--
|
$
|
151
|
December 31, 2020
|
||||||||||||||||||||||||||||||||||||
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential Non-
Owner
Occupied
|
Multi-
Family
Residential
|
Commercial
Real Estate
|
Construction
|
Home
Equity
|
Commercial
Business
and Other
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
52
|
$
|
351
|
$
|
145
|
$
|
854
|
$
|
250
|
$
|
19
|
$
|
500
|
$
|
60
|
$
|
2,231
|
||||||||||||||||||
Charge-offs
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||||||||
Recoveries
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||||||||
Provision
|
36
|
11
|
84
|
433
|
(188
|
)
|
1
|
263
|
190
|
830
|
||||||||||||||||||||||||||
Ending balance
|
$
|
88
|
$
|
362
|
$
|
229
|
$
|
1,287
|
$
|
62
|
$
|
20
|
$
|
763
|
$
|
250
|
$
|
3,061
|
||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
-
|
||||||||||||||||||
Collectively
|
$
|
88
|
$
|
362
|
$
|
229
|
$
|
1,287
|
$
|
62
|
$
|
20
|
763
|
$
|
250
|
$
|
3,061
|
|||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$
|
7,528
|
$
|
38,884
|
$
|
24,043
|
$
|
131,820
|
$
|
4,775
|
$
|
3,788
|
$
|
154,404
|
$
|
365,242
|
||||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
171
|
$
|
19
|
$
|
--
|
$
|
131
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
321
|
||||||||||||||||||||
Collectively
|
$
|
7,357
|
$
|
38,865
|
$
|
24,043
|
$
|
131,689
|
$
|
4,775
|
$
|
3,788
|
$
|
154,404
|
$
|
364,921
|
Quaint Oak Bancorp, Inc.
|
December 31, 2019
|
||||||||||||||||||||||||||||||||||||
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-Owner
Occupied
|
Multi-
Family
Residential
|
Commercial
Real Estate
|
Construction
|
Home
Equity
|
Commercial
Business and
Other
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
51
|
$
|
435
|
$
|
156
|
$
|
839
|
$
|
175
|
$
|
21
|
$
|
247
|
$
|
41
|
$
|
1,965
|
||||||||||||||||||
Charge-offs
|
--
|
(37
|
)
|
--
|
--
|
--
|
--
|
--
|
--
|
(37
|
)
|
|||||||||||||||||||||||||
Recoveries
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||||||||
Provision
|
1
|
(47
|
)
|
(11
|
)
|
15
|
75
|
(2
|
)
|
253
|
19
|
303
|
||||||||||||||||||||||||
Ending balance
|
$
|
52
|
$
|
351
|
$
|
145
|
$
|
854
|
$
|
250
|
$
|
19
|
$
|
500
|
$
|
60
|
$
|
2,231
|
||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
4
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
4
|
||||||||||||||||||
Collectively
|
$
|
52
|
$
|
351
|
$
|
145
|
$
|
850
|
$
|
250
|
$
|
19
|
500
|
$
|
60
|
$
|
2,227
|
|||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$
|
6,298
|
$
|
39,897
|
$
|
22,233
|
$
|
119,323
|
$
|
12,523
|
$
|
3,726
|
$
|
45,767
|
$
|
249,767
|
||||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
172
|
$
|
19
|
$
|
--
|
$
|
132
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
323
|
||||||||||||||||||||
Collectively
|
$
|
6,126
|
$
|
39,878
|
$
|
22,233
|
$
|
119,191
|
$
|
12,523
|
$
|
3,726
|
$
|
45,767
|
$
|
249,444
|
Quaint Oak Bancorp, Inc.
|
December 31,
2020
|
December 31,
2019
|
|||||||
One-to-four family residential owner occupied
|
$
|
171
|
$
|
172
|
||||
One-to-four family residential non-owner occupied
|
19
|
--
|
||||||
Multi-family residential
|
--
|
--
|
||||||
Commercial real estate
|
--
|
--
|
||||||
Construction
|
--
|
--
|
||||||
Home equity
|
--
|
--
|
||||||
Commercial business
|
--
|
--
|
||||||
Other consumer
|
--
|
--
|
||||||
Total
|
$
|
190
|
$
|
172
|
December 31, 2020
|
||||||||||||||||||||||||
30-89
Days Past
Due
|
90 Days
or More
Past Due
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Loans
Receivable 90
Days or More
Past Due and
Accruing
|
|||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
822
|
$
|
171
|
$
|
993
|
$
|
6,535
|
$
|
7,528
|
$
|
--
|
||||||||||||
One-to-four family residential non-owner
occupied
|
189
|
66
|
255
|
38,629
|
38,884
|
66
|
||||||||||||||||||
Multi-family residential
|
1,947
|
--
|
1,947
|
22,096
|
24,043
|
--
|
||||||||||||||||||
Commercial real estate
|
569
|
387
|
956
|
130,864
|
131,820
|
387
|
||||||||||||||||||
Construction
|
1,783
|
--
|
1,783
|
2,992
|
4,775
|
--
|
||||||||||||||||||
Home equity
|
--
|
--
|
--
|
3,788
|
3,788
|
--
|
||||||||||||||||||
Commercial business
|
574
|
--
|
574
|
153,813
|
154,387
|
--
|
||||||||||||||||||
Other consumer
|
--
|
--
|
--
|
17
|
17
|
--
|
||||||||||||||||||
Total
|
$
|
5,884
|
$
|
624
|
$
|
6,508
|
$
|
358,734
|
$
|
365,242
|
$
|
453
|
Quaint Oak Bancorp, Inc.
|
December 31, 2019
|
||||||||||||||||||||||||
30-89
Days Past
Due
|
90 Days
or More
Past Due
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Loans
Receivable
90 Days or
More Past
Due and
Accruing
|
|||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
1,199
|
$
|
172
|
$
|
1,371
|
$
|
4,927
|
$
|
6,298
|
$
|
--
|
||||||||||||
One-to-four family residential non-owner occupied
|
1,069
|
--
|
1,069
|
38,828
|
39,897
|
--
|
||||||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
22,233
|
22,233
|
--
|
||||||||||||||||||
Commercial real estate
|
986
|
190
|
1,176
|
118,147
|
119,323
|
190
|
||||||||||||||||||
Construction
|
1,120
|
--
|
1,120
|
11,403
|
12,523
|
--
|
||||||||||||||||||
Home equity
|
--
|
--
|
--
|
3,726
|
3,726
|
--
|
||||||||||||||||||
Commercial business
|
66
|
--
|
66
|
45,679
|
45,745
|
--
|
||||||||||||||||||
Other consumer
|
--
|
--
|
--
|
22
|
22
|
--
|
||||||||||||||||||
Total
|
$
|
4,440
|
$
|
362
|
$
|
4,802
|
$
|
244,965
|
$
|
249,767
|
$
|
190
|
2020
|
2019
|
|||||||
Land and land improvements
|
$
|
292
|
$
|
292
|
||||
Buildings
|
1,553
|
1,695
|
||||||
Leasehold improvements
|
564
|
441
|
||||||
Furniture, fixtures and equipment
|
1,827
|
1,444
|
||||||
4,236
|
3,872
|
|||||||
Accumulated depreciation
|
(1,895
|
)
|
(1,646
|
)
|
||||
Premises and equipment, net
|
$
|
2,341
|
$
|
2,226
|
Quaint Oak Bancorp, Inc.
|
2021
|
$
|
49
|
||
2022
|
49
|
|||
2023
|
49
|
|||
2024
|
49
|
|||
2025
|
49
|
|||
Thereafter
|
26
|
|||
Total
|
$
|
271
|
2020 | 2019 |
|||||||||||||||
Weighted | Weighted | |||||||||||||||
Average |
Average | |||||||||||||||
Interest | Interest | |||||||||||||||
Amount | Rate |
Amount |
Rate | |||||||||||||
Non-interest bearing checking accounts
|
$
|
54,202
|
--
|
%
|
$
|
15,775
|
--
|
%
|
||||||||
Passbook accounts
|
8
|
0.16
|
5
|
0.15
|
||||||||||||
Savings accounts
|
1,570
|
0.20
|
1,722
|
0.20
|
||||||||||||
Money market accounts
|
99,638
|
0.80
|
25,504
|
0.80
|
||||||||||||
Certificate of deposit accounts
|
199,427
|
1.49
|
184,452
|
2.27
|
||||||||||||
Total
|
$
|
354,845
|
1.03
|
%
|
$
|
227,458
|
1.87
|
%
|
Years ending December 31:
|
||||
2021
|
$
|
101,170
|
||
2022
|
37,688
|
|||
2023
|
37,135
|
|||
2024
|
16,630
|
|||
2025
|
6,804
|
|||
Total
|
$
|
199,427
|
Quaint Oak Bancorp, Inc.
|
At or For the Year
Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
FHLB short-term borrowings:
|
||||||||
Average balance outstanding
|
$
|
3,292
|
$
|
5,585
|
||||
Maximum amount outstanding at any month-end during the period
|
20,000
|
11,000
|
||||||
Balance outstanding at end of period
|
10,000
|
10,000
|
||||||
Average interest rate during the period
|
1.12
|
%
|
2.52
|
%
|
||||
Weighted average interest rate at end of period
|
0.41
|
%
|
1.81
|
%
|
December 31,
2020 |
December 31, 2019 |
|||||||||||||||
Weighted |
Weighted | |||||||||||||||
Interest | Interest | |||||||||||||||
Fixed rate
borrowings maturing: |
Amount | Rate | Amount | Rate | ||||||||||||
2020
|
$
|
--
|
--
|
%
|
$
|
2,000
|
2.00
|
%
|
||||||||
2021
|
5,000
|
2.20
|
5,000
|
2.20
|
||||||||||||
2022
|
7,171
|
2.10
|
7,171
|
2.10
|
||||||||||||
2023
|
7,000
|
2.16
|
7,000
|
2.16
|
||||||||||||
2024
|
6,167
|
2.05
|
5,100
|
2.28
|
||||||||||||
2025
|
2,855
|
1.25
|
--
|
--
|
||||||||||||
Total FHLB long-term debt
|
$
|
28,193
|
2.03
|
%
|
$
|
26,271
|
2.16
|
%
|
Quaint Oak Bancorp, Inc.
|
Principal
|
Unamortized
Debt Issuance
Costs
|
Net
|
||||||||||
6.5% subordinated notes, due December 31, 2028
|
$
|
8,000
|
$
|
111
|
$
|
7,899
|
2020
|
2019
|
|||||||
Federal:
|
||||||||
Current
|
$
|
1,442
|
$
|
724
|
||||
Deferred
|
(566
|
)
|
(41
|
)
|
||||
Total federal
|
876
|
683
|
||||||
State, current
|
416
|
267
|
||||||
Total
|
$
|
1,292
|
$
|
950
|
2020 |
2019 |
|||||||||||||||
Amount |
Rate |
Amount |
Rate |
|||||||||||||
Federal income tax at statutory rate
|
$
|
953
|
21.0
|
%
|
$
|
719
|
21.0
|
%
|
||||||||
State tax, net of federal benefit
|
328
|
7.2
|
211
|
6.2
|
||||||||||||
Stock compensation expense
|
23
|
0.5
|
30
|
0.9
|
||||||||||||
Other
|
(12
|
)
|
(0.3
|
)
|
(10
|
)
|
(0.2
|
)
|
||||||||
Total
|
$
|
1,292
|
28.4
|
%
|
$
|
950
|
27.9
|
%
|
Quaint Oak Bancorp, Inc.
|
2020
|
2019
|
|||||||
Deferred tax assets:
|
||||||||
Allowance for loan losses
|
$
|
643
|
$
|
468
|
||||
Deferred loan fees
|
642
|
177
|
||||||
Stock-based compensation
|
6
|
8
|
||||||
Interest on non-accrual loans
|
3
|
2
|
||||||
Organization cost
|
-
|
1
|
||||||
Total deferred tax assets
|
1,294
|
656
|
Deferred tax liabilities:
|
||||||||
Bank premises and equipment
|
(168
|
)
|
(100
|
)
|
||||
Unrealized gain on investment securities available for sale
|
(31
|
)
|
(5
|
)
|
||||
Intangible
|
(17
|
)
|
(13
|
)
|
||||
Total deferred tax liabilities
|
(216
|
)
|
(118
|
)
|
||||
Net Deferred Tax Asset
|
$
|
1,078
|
$
|
538
|
||||
Quaint Oak Bancorp, Inc.
|
2020
|
2019
|
|||||||
Allocated shares
|
179,507
|
180,959
|
||||||
Unreleased shares
|
10,821
|
25,249
|
||||||
Total ESOP shares
|
190,328
|
206,208
|
||||||
Fair value of unreleased shares (in thousands)
|
$
|
160
|
$
|
372
|
2020
|
2019
|
|||||||||||||||
Number of
Shares
|
Weighted
Average Grant
Date Fair Value
|
Number of
Shares
|
Weighted
Average Grant
Date Fair Value
|
|||||||||||||
Unvested at the beginning of the year
|
38,887
|
$
|
13.30
|
48,608
|
$
|
13.30
|
||||||||||
Granted
|
--
|
--
|
--
|
--
|
||||||||||||
Vested
|
(9,421
|
)
|
13.30
|
(9,721
|
)
|
13.30
|
||||||||||
Forfeited
|
(1,200
|
)
|
13.30
|
--
|
--
|
|||||||||||
Unvested at the end of the year
|
28,266
|
$
|
13.30
|
38,887
|
$
|
13.30
|
Quaint Oak Bancorp, Inc.
|
2020
|
2019
|
|||||||||||||||||||||||
Number
of
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life (in
years)
|
Number
of
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life (in
years)
|
|||||||||||||||||||
Outstanding at the beginning of the year
|
256,336
|
$
|
10.87
|
6.0
|
279,836
|
$
|
10.64
|
6.8
|
||||||||||||||||
Granted
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Exercised
|
(12,500
|
)
|
8.10
|
--
|
(23,500
|
)
|
8.10
|
--
|
||||||||||||||||
Forfeited
|
(3,200
|
)
|
13.30
|
--
|
--
|
--
|
--
|
|||||||||||||||||
Outstanding at the end of the period
|
240,636
|
$
|
10.98
|
5.5
|
256,336
|
$
|
10.87
|
6.0
|
||||||||||||||||
Exercisable at the end of the period
|
161,054
|
$
|
9.84
|
5.4
|
147,027
|
$
|
9.07
|
4.8
|
Quaint Oak Bancorp, Inc.
|
2020
|
2019
|
|||||||
Commitments to originate loans
|
$
|
17,631
|
$
|
10,184
|
||||
Unfunded commitments under lines of credit
|
22,431
|
15,181
|
||||||
Standby letters of credit
|
1,621
|
38
|
Quaint Oak Bancorp, Inc.
|
Operating
|
||||
Weighted average remaining term (years)
|
11.0
|
|||
Weighted average discount rate
|
3.09
|
%
|
Quaint Oak Bancorp, Inc.
|
Undiscounted cash flows due (In thousands):
|
Operating
|
|||
2021
|
$
|
207
|
||
2022
|
213
|
|||
2023
|
219
|
|||
2024
|
308
|
|||
2025
|
219
|
|||
2026 and thereafter
|
1,111
|
|||
Total undiscounted cash flows
|
2,277
|
|||
Discount on cash flows
|
(440
|
)
|
||
Total lease liabilities
|
$
|
1,837
|
Quaint Oak Bancorp, Inc.
|
Actual |
For Capital Adequacy
Purposes
|
To be Well Capitalized
Under Prompt
Corrective Action
Provisions
|
|||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||
As of December 31, 2020:
|
|||||||||||||
Total capital (to risk-weighted assets)
|
$37,084
|
14.52%
|
≥$20,438
|
≥8.00%
|
≥$25,548
|
≥10.00%
|
|||||||
Tier 1 capital (to risk-weighted assets)
|
33,996
|
13.31
|
≥ 15,329
|
≥6.00
|
≥ 20,438
|
≥ 8.00
|
|||||||
Common Equity Tier 1 capital (to risk-weighted assets)
|
33,996
|
13.31
|
≥ 11,496
|
≥4.50
|
≥ 16,606
|
≥ 6.50
|
|||||||
Tier 1 capital (to average assets)
|
33,996
|
8.56
|
≥ 15,889
|
≥4.00
|
≥ 19,861
|
≥ 5.00
|
|||||||
Actual |
For Capital Adequacy
Purposes |
To be Well Capitalized
Under Prompt
Corrective Action
Provisions
|
|||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||
As of December 31, 2019:
|
|||||||||||||
Total capital (to risk-weighted assets)
|
$33,087
|
14.41%
|
≥$18,373
|
≥8.00%
|
≥$22,966
|
≥10.00%
|
|||||||
Tier 1 capital (to risk-weighted assets)
|
30,829
|
13.42
|
≥ 13,780
|
≥6.00
|
≥ 18,373
|
≥ 8.00
|
|||||||
Common Equity Tier 1 capital (to risk-weighted assets)
|
30,829
|
13.42
|
≥ 10,335
|
≥4.50
|
≥ 14,928
|
≥ 6.50
|
|||||||
Tier 1 capital (to average assets)
|
30,829
|
10.35
|
≥ 11,915
|
≥4.00
|
≥ 14,894
|
≥ 5.00
|
Quaint Oak Bancorp, Inc.
|
Level I: |
Quoted prices are available in active markets for identical assets or liabilities as of the reported date.
|
Level II: |
Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The
nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of
which can be directly observed.
|
Level III: |
Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
December 31, 2020
|
||||||||||||||||
Fair Value Measurements Using:
|
||||||||||||||||
Total Fair
Value
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant Other Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
|||||||||||||
Recurring fair value measurements:
|
||||||||||||||||
Investment securities available for sale
|
||||||||||||||||
Government National Mortgage Association mortgage-backed securities
|
$
|
4,913
|
$
|
--
|
$
|
4,913
|
$
|
--
|
||||||||
Federal National Mortgage Association mortgage-backed securities
|
189
|
--
|
189
|
--
|
||||||||||||
Corporate notes
|
5,623
|
--
|
5,623
|
--
|
||||||||||||
Total investment securities available for sale
|
$
|
10,725
|
$
|
--
|
$
|
10,725
|
$
|
--
|
||||||||
Total recurring fair value measurements
|
$
|
10,725
|
$
|
--
|
$
|
10,725
|
$
|
--
|
||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$
|
321
|
$
|
--
|
$
|
--
|
$
|
321
|
||||||||
Other Real Estate Owned
|
286
|
--
|
--
|
286
|
||||||||||||
Total nonrecurring fair value measurements
|
$
|
607
|
$
|
--
|
$
|
--
|
$
|
607
|
December 31, 2019
|
||||||||||||||||
Fair Value Measurements Using:
|
||||||||||||||||
Total Fair
Value
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant Other Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
|||||||||||||
Recurring fair value measurements:
|
||||||||||||||||
Investment securities available for sale
|
||||||||||||||||
Government National Mortgage Association mortgage-backed securities
|
$
|
5,853
|
$
|
--
|
$
|
5,853
|
$
|
--
|
||||||||
Federal National Mortgage Association mortgage-backed securities
|
260
|
--
|
260
|
--
|
||||||||||||
Corporate notes
|
1,510
|
--
|
1,510
|
--
|
||||||||||||
Total investment securities available for sale
|
$
|
7,623
|
$
|
--
|
$
|
7,623
|
$
|
--
|
||||||||
Total recurring fair value measurements
|
$
|
7,623
|
$
|
--
|
$
|
7,623
|
$
|
--
|
||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$
|
319
|
$
|
--
|
$
|
--
|
$
|
319
|
||||||||
Other Real Estate Owned
|
1,824
|
--
|
--
|
1,824
|
||||||||||||
Total nonrecurring fair value measurements
|
$
|
2,143
|
$
|
--
|
$
|
--
|
$
|
2,143
|
Quaint Oak Bancorp, Inc.
|
December 31, 2020
|
|||||||||||
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||||||
Total Fair Value
|
Valuation Techniques
|
Unobservable Input
|
Range (Weighted Average)
|
||||||||
Impaired loans
|
$
|
321
|
Appraisal of collateral (1)
|
Appraisal adjustments (2)
|
8% (8
|
%)
|
|||||
Other real estate owned
|
$
|
286
|
Appraisal of collateral (1)
|
Appraisal adjustments (2)
|
0%-12% (12
|
%)
|
December 31, 2019
|
|||||||||||
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||||||
Total Fair Value
|
Valuation Techniques
|
Unobservable Input
|
Range (Weighted Average)
|
||||||||
Impaired loans
|
$
|
319
|
Appraisal of collateral (1)
|
Appraisal adjustments (2)
|
0%-3% (1
|
%)
|
|||||
Other real estate owned
|
$
|
1,824
|
Appraisal of collateral (1)
|
Appraisal adjustments (2)
|
0%-12% (12
|
%)
|
(1) |
Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs
which are identifiable.
|
(2) |
Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and
weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal.
|
Fair Value Measurements at
|
||||||||||||||||||||
December 31, 2020
|
||||||||||||||||||||
Carrying
Amount
|
Fair Value
Estimate
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant Other Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Investment in interest-earning time deposits
|
$
|
9,463
|
$
|
10,536
|
$
|
--
|
$
|
--
|
$
|
10,536
|
||||||||||
Loans held for sale
|
53,191
|
62,396
|
--
|
62,396
|
--
|
|||||||||||||||
Loans receivable, net
|
359,122
|
363,527 |
--
|
--
|
363,527
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
354,845
|
358,112
|
155,417
|
--
|
202,695
|
|||||||||||||||
FHLB long-term borrowings
|
28,193
|
28,284
|
--
|
--
|
28,284
|
|||||||||||||||
FRB long-term borrowings
|
48,134
|
48,126
|
-
|
-
|
48,126
|
|||||||||||||||
Subordinated debt
|
7,899
|
8,283
|
-
|
-
|
8,283
|
Quaint Oak Bancorp, Inc.
|
Fair Value Measurements at
|
||||||||||||||||||||
December 31, 2019
|
||||||||||||||||||||
Carrying
Amount
|
Fair Value
Estimate
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant Other Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Investment in interest-earning time deposits
|
$
|
10,172
|
$
|
10,536
|
$
|
--
|
$
|
--
|
$
|
10,536
|
||||||||||
Loans held for sale
|
8,928
|
9,205
|
--
|
9,205
|
--
|
|||||||||||||||
Loans receivable, net
|
246,692
|
250,550
|
--
|
--
|
250,550
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
227,458
|
230,521
|
43,006
|
--
|
187,515
|
|||||||||||||||
FHLB long-term borrowings
|
26,271
|
26,292
|
--
|
--
|
26,292
|
|||||||||||||||
Subordinated debt
|
7,865
|
8,146
|
--
|
--
|
8,146
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
As of or for the Year Ended December 31,
|
||||||||||||||||||||||||
2020
|
2019
|
|||||||||||||||||||||||
Quaint
Oak
Bank(1)
|
Quaint
Oak
Mortgage
|
Consolidated
|
Quaint
Oak
Bank(1)
|
Quaint
Oak
Mortgage
|
Consolidated
|
|||||||||||||||||||
Net Interest Income
|
$
|
11,190
|
$
|
(355
|
)
|
$
|
10,835
|
$
|
8,845
|
$
|
(160
|
)
|
$
|
8,685
|
||||||||||
Provision for Loan Losses
|
830
|
--
|
830
|
303
|
--
|
303
|
||||||||||||||||||
Net Interest Income after Provision for
Loan Losses
|
10,360
|
(355
|
)
|
10,005
|
8,542
|
(160
|
)
|
8,382
|
||||||||||||||||
Non-Interest Income
|
||||||||||||||||||||||||
Mortgage banking and title abstract fees
|
923
|
656
|
1,579
|
649
|
503
|
1,152
|
||||||||||||||||||
Real estate sales commissions, net
|
159
|
--
|
159
|
180
|
--
|
180
|
||||||||||||||||||
Insurance commissions
|
490
|
--
|
490
|
419
|
--
|
419
|
||||||||||||||||||
Other fees and services charges
|
109
|
--
|
109
|
68
|
--
|
68
|
||||||||||||||||||
Income from bank-owned life insurance
|
80
|
--
|
80
|
80
|
--
|
80
|
||||||||||||||||||
Net gain on loans held for sale
|
--
|
4,320
|
4,320
|
1
|
3,013
|
3,014
|
||||||||||||||||||
Gain on the sale of SBA loans
|
115
|
--
|
115
|
265
|
--
|
265
|
||||||||||||||||||
Loss on sale of investment securities
available for sale
|
--
|
--
|
--
|
(4
|
)
|
--
|
(4
|
)
|
||||||||||||||||
(Loss) gain on sales and write-downs of
other real estate owned
|
(197
|
)
|
--
|
(197
|
)
|
(221
|
)
|
--
|
(221
|
)
|
||||||||||||||
Total Non-Interest Income
|
1,679
|
4,976
|
6,655
|
1,437
|
3,516
|
4,953
|
||||||||||||||||||
Non-Interest Expense
|
||||||||||||||||||||||||
Salaries and employee benefits
|
6,980
|
1,447
|
8,427
|
5,768
|
1,179
|
6,947
|
||||||||||||||||||
Directors’ fees and expenses
|
232
|
--
|
232
|
223
|
--
|
223
|
||||||||||||||||||
Occupancy and equipment
|
631
|
282
|
913
|
478
|
214
|
692
|
||||||||||||||||||
Data processing
|
470
|
247
|
717
|
366
|
142
|
508
|
||||||||||||||||||
Professional fees
|
501
|
40
|
541
|
357
|
59
|
416
|
||||||||||||||||||
FDIC deposit insurance assessment
|
121
|
--
|
121
|
15
|
--
|
15
|
||||||||||||||||||
Other real estate owned expenses
|
42
|
--
|
42
|
22
|
--
|
22
|
||||||||||||||||||
Advertising
|
92
|
21
|
113
|
140
|
55
|
195
|
||||||||||||||||||
Amortization of other intangible
|
49
|
--
|
49
|
49
|
--
|
49
|
||||||||||||||||||
Other
|
909
|
59
|
968
|
780
|
61
|
841
|
||||||||||||||||||
Total Non-Interest Expense
|
10,027
|
2,096
|
12,123
|
8,198
|
1,710
|
9,908
|
||||||||||||||||||
Pretax Segment Profit
|
$
|
2,012
|
$
|
2,525
|
$
|
4,537
|
$
|
1,781
|
$
|
1,646
|
$
|
3,427
|
||||||||||||
Segment Assets
|
$
|
422,230
|
$
|
61,845
|
$
|
484,075
|
$
|
286,986
|
$
|
15,554
|
$
|
302,540
|
(1)
|
Includes Quaint Oak Bancorp, Inc. and the Bank’s Subsidiaries, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency,
and QOB Properties.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
December 31,
|
||||||||
2020
|
2019
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
333
|
$
|
669
|
||||
Investment in Quaint Oak Bank
|
34,766
|
31,512
|
||||||
Premises and equipment, net
|
1,513
|
1,559
|
||||||
Other assets
|
15
|
32
|
||||||
Total Assets
|
$
|
36,627
|
$
|
33,772
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Subordinated debt
|
$
|
7,899
|
$
|
7,865
|
||||
Stockholders’ equity
|
28,728
|
25,907
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
36,627
|
$
|
33,772
|
For the Year Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Income
|
||||||||
Dividends from subsidiary
|
$
|
500
|
$
|
--
|
||||
Interest income
|
2
|
20
|
||||||
Rental income
|
339
|
199
|
||||||
Total Income
|
841
|
219
|
||||||
Expenses
|
||||||||
Occupancy and equipment expense
|
96
|
120
|
||||||
Interest on subordinated debt
|
520
|
519
|
||||||
Other expenses
|
158
|
161
|
||||||
Total Expenses
|
774
|
800
|
||||||
Net Income (Loss) Before Income Taxes
|
67
|
(581
|
)
|
|||||
Equity in Undistributed Net Income of Subsidiary
|
3,087
|
2,936
|
||||||
Income Tax Benefit
|
91
|
122
|
||||||
Net Income
|
$
|
3,245
|
$
|
2,477
|
||||
Comprehensive Income
|
$
|
3,343
|
$
|
2,499
|
Quaint Oak Bancorp, Inc.
|
For the Year Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Operating Activities
|
||||||||
Net income
|
$
|
3,245
|
$
|
2,477
|
||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
Undistributed net income in subsidiary
|
(3,087
|
)
|
(2,936
|
)
|
||||
Depreciation expense
|
53
|
53
|
||||||
Amortization of subordinated debt issuance costs
|
34
|
34
|
||||||
Stock-based compensation expense
|
346
|
359
|
||||||
Decrease (increase) in other assets
|
(52
|
)
|
(2
|
)
|
||||
Net cash provided by (used in) operating activities
|
539
|
(15
|
)
|
|||||
Investing Activities
|
||||||||
Purchase of property and equipment
|
(7
|
)
|
(125
|
)
|
||||
Net cash used in investing activities
|
(7
|
)
|
(125
|
)
|
||||
Financing Activities
|
||||||||
Dividends paid
|
(717
|
)
|
(676
|
)
|
||||
Purchase of treasury stock
|
(349
|
)
|
(339
|
)
|
||||
Proceeds from the reissuance of treasury stock
|
97
|
38
|
||||||
Proceeds from the exercise of stock options
|
101
|
190
|
||||||
Net cash used in financing activities
|
(868
|
)
|
(787
|
)
|
||||
Net Decrease in Cash and Cash Equivalents
|
(336
|
)
|
(927
|
)
|
||||
Cash and Cash Equivalents-Beginning of Year
|
669
|
1,596
|
||||||
Cash and Cash Equivalents-End of Year
|
$
|
333
|
$
|
669
|
||||
Quaint Oak Bancorp, Inc.
|
Name
|
Parent Company
|
State of Incorporation
|
||
Quaint Oak Bank
|
Quaint Oak Bancorp, Inc.
|
Pennsylvania
|
||
Quaint Oak Mortgage, LLC
|
Quaint Oak Bank
|
Pennsylvania
|
||
Quaint Oak Real Estate, LLC
|
Quaint Oak Bank
|
Pennsylvania
|
||
Quaint Oak Abstract, LLC
|
Quaint Oak Bank
|
Pennsylvania
|
||
QOB Properties, LLC
|
Quaint Oak Bank
|
Pennsylvania
|
||
Quaint Oak Insurance Agency, LLC
|
Quaint Oak Bank
|
Pennsylvania
|
Date: March 30, 2021 |
/s/Robert T. Strong |
|
Robert T. Strong
President and Chief Executive Officer
|
Date: March 30, 2021 |
/s/John J. Augustine |
|
John J. Augustine
Executive Vice President and Chief Financial Officer
|
(1) |
The Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (15 U.S.C 78m(a) or 78o(d); and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: |
March 30, 2021 |
By: |
/s/Robert T. Strong |
|
|
|
Robert T. Strong |
|
|
|
President and Chief Executive Officer |
Date: |
March 30, 2021 |
By: |
/s/John J. Augustine |
|
|
|
John J. Augustine |
|
|
|
Executive Vice President and Chief Financial Officer |
Note: |
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act has been provided to Quaint Oak Bancorp, Inc. and furnished to the
Securities and Exchange Commission or its staff upon request.
|
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