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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest Income        
Interest on loans, including fees $ 8,671,000 $ 5,944,000 $ 22,171,000 $ 16,422,000
Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock 325,000 73,000 506,000 327,000
Total Interest Income 8,996,000 6,017,000 22,677,000 16,749,000
Interest Expense        
Interest on deposits 1,672,000 702,000 3,199,000 2,370,000
Interest on Federal Home Loan Bank short-term borrowings 58,000 8,000 133,000 14,000
Interest on Federal Home Loan Bank long-term borrowings 457,000 124,000 958,000 392,000
Interest on Federal Reserve Bank long-term borrowings 0 8,000 4,000 77,000
Interest on subordinated debt 130,000 130,000 390,000 390,000
Interest on other short-term borrowings 22,000 31,000 49,000 127,000
Total Interest Expense 2,339,000 1,003,000 4,733,000 3,370,000
Net Interest Income 6,657,000 5,014,000 17,944,000 13,379,000
Provision for Loan Losses 655,000 557,000 1,933,000 1,259,000
Net Interest Income after Provision for Loan Losses 6,002,000 4,457,000 16,011,000 12,120,000
Non-Interest Income        
Insurance commissions 152,000 133,000 407,000 373,000
Income from bank-owned life insurance 23,000 21,000 66,000 61,000
Net gain on loans held for sale 4,281,000 1,866,000 11,349,000 4,416,000
Gain on the sale of SBA loans 58,000 369,000 225,000 636,000
Unrealized losses on investment securities available for sale 0 0 0 362,000
Total Non-Interest Income 5,973,000 3,585,000 15,814,000 8,885,000
Non-Interest Expense        
Salaries and employee benefits 5,335,000 4,100,000 14,817,000 10,939,000
Directors' fees and expenses 67,000 58,000 210,000 186,000
Occupancy and equipment 477,000 379,000 1,363,000 1,143,000
Data processing 140,000 234,000 500,000 641,000
Professional fees 257,000 107,000 669,000 488,000
FDIC deposit insurance assessment 225,000 97,000 454,000 221,000
Other real estate owned expenses 0 2,000 0 14,000
Advertising 169,000 110,000 531,000 337,000
Amortization of other intangible 12,000 12,000 36,000 36,000
Other 636,000 326,000 1,509,000 974,000
Total Non-Interest Expense 7,318,000 5,425,000 20,089,000 14,979,000
Income before Income Taxes 4,657,000 2,617,000 11,736,000 6,026,000
Income Tax Expense (Benefit), Total 1,012,000 702,000 2,531,000 1,693,000
Net Income 3,645,000 1,915,000 9,205,000 4,333,000
Net Income Attributable to Noncontrolling Interest 1,010,000 133,000 2,551,000 12,000
Net Income Attributable to Quaint Oak Bancorp, Inc. $ 2,635,000 $ 1,782,000 $ 6,654,000 $ 4,321,000
Earnings per share - basic (in dollars per share) $ 1.29 $ 0.89 $ 3.27 $ 2.17
Average shares outstanding - basic (in shares) 2,050,650 2,002,816 2,034,153 1,991,336
Earnings per share - diluted (in dollars per share) $ 1.22 $ 0.85 $ 3.09 $ 2.07
Average shares outstanding - diluted (in shares) 2,168,732 2,100,026 2,150,944 2,085,286
Mortgage Banking and Abstract Fees [Member]        
Non-Interest Income        
Non-interest revenue $ 760,000 $ 604,000 $ 2,221,000 $ 1,657,000
Real Estate Sales Commissions [Member]        
Non-Interest Income        
Non-interest revenue 88,000 79,000 213,000 143,000
Other Fees and Services Fees [Member]        
Non-Interest Income        
Non-interest revenue 131,000 38,000 379,000 211,000
Loan Servicing Fee [Member]        
Non-Interest Income        
Non-interest revenue $ 480,000 $ 475,000 $ 954,000 $ 1,026,000