Quaint Oak Bancorp, Inc. Files Annual Report on Form 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>Quaint Oak Bancorp, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

QUAINT OAK BANCORP INC (QNTO) filed a Annual Report (10-K) with the SEC on March 28, 2024. Quaint Oak Bancorp, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Pennsylvania and its principal executive offices are located at 501 Knowles Avenue, Southampton, PA 18966. The company's IRS Employer Identification Number is 35-2293957. Quaint Oak Bancorp, Inc. is registered under the SIC code 6036 for Savings Institutions, Not Federally Chartered. The company's common stock, par value $0.01 per share, is registered pursuant to Section 12(g) of the Act.

Why It Matters

For investors and stakeholders tracking QUAINT OAK BANCORP INC, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. As a publicly traded entity, Quaint Oak Bancorp, Inc. is required to submit this report to the SEC, ensuring transparency and compliance with securities regulations for its shareholders and the market.

Risk Assessment

Risk Level: low — QUAINT OAK BANCORP INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure of financial and operational information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K filing to understand Quaint Oak Bancorp's performance and potential challenges in fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year ended December 31, 2023)
• 000-52694 — Commission File Number (SEC Commission File Number)
• 0001391933 — Central Index Key (Company's Central Index Key)
• 6036 — SIC Code (Standard Industrial Classification code)
• 35-2293957 — IRS Number (Company's IRS Employer Identification Number)
• 501 Knowles Avenue, Southampton, PA 18966 — Business Address (Principal Executive Offices address)
• 215 364-4059 — Business Phone (Registrant's telephone number)
• 0.01 — Par Value (Par value of Common Stock)

Key Players & Entities

• QUAINT OAK BANCORP INC (company) — Registrant name
• 0000927089-24-000048 (filing_id) — Accession Number
• 20231231 (date) — Conformed Period of Report
• 20240328 (date) — Filed as of Date
• 000-52694 (filing_id) — Commission File Number
• 0001391933 (company_id) — Central Index Key
• 6036 (industry_code) — Standard Industrial Classification
• PA (location) — State of Incorporation

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the annual financial statements.
• 2024-03-28: Filing Date — Date the 10-K report was officially filed with the SEC.

Key Financial Figures

• $17.00 — Registrant based on a closing price of $17.00 on June 30, 2023, the last day of the R
• $754.1 million — cember 31, 2023, Quaint Oak Bancorp had $754.1 million of total assets, $631.7 million of tota
• $631.7 million — orp had $754.1 million of total assets, $631.7 million of total deposits and $51.6 million of
• $51.6 million — s, $631.7 million of total deposits and $51.6 million of stockholders' equity. Quaint Oak Ban
• $603.3 m — ortfolio of Quaint Oak Bank amounted to $603.3 million, representing approximately 80.0%
• $331.2 m — ommercial real estate loans amounted to $331.2 million, or 54.2% of its total loan portf
• $127.9 m — olio. Commercial business loans totaled $127.9 million, or 20.9%, of the total loan port
• $63.3 million — ur family residential loans amounted to $63.3 million or 10.4% of its total loan portfolio of
• $40.5 m — 4% of its total loan portfolio of which $40.5 million, or 6.7%, of the total loan portf
• $22.9 m — ed of non-owner occupied properties and $22.9 million, or 3.7%, of the total loan portf
• $46.7 m — Multi-family residential loans totaled $46.7 million, or 7.7%, of the total loan portf
• $35.6 m — er 31, 2023. Construction loans totaled $35.6 million, or 5.8%, of the total loan portf
• $6.2 m — ber 31, 2023. Home equity loans totaled $6.2 million, or 1.0%, of the total loan portf
• $10.3 million — of the Bank's capital which amounts to $10.3 million at December 31, 2023. At December 31, 2
• $7.6 m — rower, including related entities, were $7.6 million, $7.4 million, $6.6 million, $6.5

Filing Documents

• qnto20231231_10k.htm (10-K) — 859KB
• ex_639720.htm (EX-13.0) — 3437KB
• ex_639742.htm (EX-21) — 8KB
• ex_639743.htm (EX-23.1) — 4KB
• ex_639744.htm (EX-31.1) — 9KB
• ex_639745.htm (EX-31.2) — 9KB
• ex_639746.htm (EX-32.0) — 7KB
• ex_639720img001.jpg (GRAPHIC) — 30KB
• ex_639720img002.jpg (GRAPHIC) — 58KB
• ex_639720img005.jpg (GRAPHIC) — 66KB
• ex_639720img006.jpg (GRAPHIC) — 65KB
• ex_639720img007.jpg (GRAPHIC) — 15KB
• signature.jpg (GRAPHIC) — 3KB
• snodgrass1.jpg (GRAPHIC) — 6KB
• snodgrass2.jpg (GRAPHIC) — 1KB
• snodgrass.jpg (GRAPHIC) — 4KB
• 0000927089-24-000048.txt (&nbsp;) — 18685KB
• qnto-20231231.xsd (EX-101.SCH) — 104KB
• qnto-20231231_cal.xml (EX-101.CAL) — 93KB
• qnto-20231231_def.xml (EX-101.DEF) — 735KB
• qnto-20231231_lab.xml (EX-101.LAB) — 633KB
• qnto-20231231_pre.xml (EX-101.PRE) — 797KB
• qnto20231231_10k_htm.xml (XML) — 4182KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 28 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. [Reserved] 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 32 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32 Item 9A.

Controls and Procedures

Controls and Procedures 32 Item 9B. Other Information 33 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 33 PART III Item 10. Directors, Executive Officers and Corporate Governance 33 Item 11.

Executive Compensation

Executive Compensation 33 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 33 Item 13. Certain Relationships and Related Transactions, and Director Independence 34 Item 14. Principal Accountant Fees and Services 34 PART IV Item 15. Exhibits and Financial Statement Schedules 34 Item 16. Form 10-K Summary 35

Forward-Looking Statements

Forward-Looking Statements This Annual Report contains certain forward-looking statements (as defined in the Securities Exchange Act of 1934 and the regulations thereunder). Forward-looking statements are not historical facts but instead represent only the beliefs, expectations or opinions of the Company and its management regarding future events, many of which, by their nature, are inherently uncertain. Forward-looking statements may be identified by the use of such words as: " believe " , " expect " , " anticipate " , " intend " , " plan " , " estimate " , or words of similar meaning, or future or conditional terms such as " will " , " would " , " should " , " could " , " may " , " likely " , " probably " , or " possibly. " Forward-looking statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks, uncertainties and assumptions, many of which are difficult to predict and generally are beyond the control of and its management, that could cause actual results to differ materially from those expressed in, or implied or projected by, forward-looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) economic and competitive conditions which could affect the volume of loan originations, deposit flows and real estate values; (2) the levels of non-interest income and expense and the amount of credit losses; (3) competitive pressure among depository institutions increasing significantly; (4) changes in the interest rate environment causing reduced interest margins; (5) general economic conditions, either nationally or in the markets in which the Company is or will be doing

Business

Item 1. Business . Genera Quaint Oak Bancorp, Inc., a Pennsylvania corporation headquartered in Southampton, Pennsylvania, was organized in 2007 as the holding company for Quaint Oak Bank. Quaint Oak Bank, originally incorporated in 1926, converted from a Pennsylvania chartered building and loan association to a Pennsylvania chartered mutual savings bank named Quaint Oak Savings Bank in January 2000 and converted to a stock savings bank in July 2007. Quaint Oak Bank is headquartered in Southampton in Bucks County, Pennsylvania and operates through three banking locations: the main office location in Southampton, Pennsylvania and regional banking offices in Allentown, located in the Lehigh Valley area of Pennsylvania, and a Philadelphia, Pennsylvania location. The Bank also has a mortgage office in Philadelphia and an insurance agency and real estate sales office in New Britain Township, Pennsylvania. Quaint Oak Bank, through its subsidiary companies, conducts mortgage banking, multi-state specialty commercial real estate financing, multi-state equipment financing, real estate sales, title abstract and insurance businesses. 1 As of December 31, 2023, Quaint Oak Bank's primary market area includes Bucks, Montgomery and Philadelphia Counties, Pennsylvania, and the Lehigh Valley area of Pennsylvania. As of December 31, 2023, Quaint Oak Bancorp had $754.1 million of total assets, $631.7 million of total deposits and $51.6 million of stockholders' equity. Quaint Oak Bancorp's stockholders' equity constituted 6.4% of total assets as of December 31, 2023. Quaint Oak Bank's primary business consists of attracting deposits from the general public through a variety of deposit programs and investing such deposits principally in commercial real estate loans, commercial business loans, one-to-four family residential non-owner occupied loans, multi-family residential loans, construction loans, one-to-four family residential owner occupied loans, and home equity loans. In ad

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