Quaint Oak Bancorp Files 8-K for Financials

TL;DR

QNT OAK BANCORP FILES 8-K WITH FINANCIALS - NOTHING MAJOR REPORTED.

AI Summary

Quaint Oak Bancorp, Inc. filed an 8-K on April 3, 2024, reporting events as of March 29, 2024. The filing primarily concerns financial statements and exhibits, indicating a routine corporate update rather than a specific material event.

Why It Matters

This 8-K filing provides an update on Quaint Oak Bancorp's financial statements and exhibits, which is important for investors to monitor the company's financial health and reporting.

Risk Assessment

Risk Level: low — The filing appears to be a routine disclosure of financial statements and exhibits, with no indication of significant negative events.

Key Players & Entities

• QUAINT OAK BANCORP, INC. (company) — Registrant
• Pennsylvania (location) — State of incorporation
• March 29, 2024 (date) — Date of earliest event reported
• April 3, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $4,300,000 — s for an aggregate amount equal to: (i) $4,300,000; (ii) minus the Estimated Closing Date
• $2.9 m — g Date Tangible Book Value is less than $2.9 million, then the Final Closing Cash Paym
• $4.3 million — the Bank the Estimated Cash Payment of $4.3 million; and (ii) repaid the Closing Date Debt,
• $15.9 million — repaid the Closing Date Debt, including $15.9 million of outstanding lines of credit of Oakmo
• $45.3 million — Bank. In addition, the Buyer purchased $45.3 million of loans originated by Oakmont Capital

Filing Documents

• qnto20240402_8k.htm (8-K) — 44KB
• ex_649044.htm (EX-10.1) — 483KB
• 0000927089-24-000055.txt ( ) — 738KB
• qnto-20240329.xsd (EX-101.SCH) — 3KB
• qnto-20240329_def.xml (EX-101.DEF) — 11KB
• qnto-20240329_lab.xml (EX-101.LAB) — 14KB
• qnto-20240329_pre.xml (EX-101.PRE) — 11KB
• qnto20240402_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On March 29, 2024, Quaint Oak Bank (the "Bank"), a wholly owned subsidiary of Quaint Oak Bancorp, Inc. ("Quaint Oak" or the "Registrant"), as a majority equity owner of Oakmont Capital Holdings, LLC ("Oakmont Capital"), entered into an Equity Purchase Agreement, by and among JA Mitsui Leasing USA Holdings, Inc. ("Buyer"), the owners of the equity securities of Oakmont Capital ("Sellers"), and solely for certain limited purposes, Oakmont Capital (the "Agreement"). The Bank owns 51% of the equity interests in Oakmont Capital, which is engaged in the business of, among other things, originating or acquiring lease, loan, equipment purchase and sale or other finance transactions and servicing directly or indirectly such transactions owned by others. The closing date of the transaction occurred on March 29, 2024 ("Closing Date"). Pursuant to the Agreement, Buyer purchased all of the issued and outstanding equity securities of Oakmont Capital from the Sellers for an aggregate amount equal to: (i) $4,300,000; (ii) minus the Estimated Closing Date Tangible Book Value Adjustment, as defined in the Agreement; (iii) plus the Closing Date Debt, as defined in the Agreement; and (iv) minus the Estimated Closing Date Seller Transaction Expenses, as defined in the Agreement (the net amount of clauses (i), (ii) and (iv), the "Estimated Closing Cash Payment"). The Estimated Closing Cash Payment plus the Closing Date Debt constituted the Estimated Purchase Price and, as adjusted pursuant to the Agreement, the "Purchase Price." Under the Agreement, the Closing Date Debt means the aggregate indebtedness of Oakmont Capital outstanding immediately prior to the closing. The Closing Date Tangible Book Value means the tangible book value of Oakmont Capital immediately prior to the closing and without giving effect to the consummation of the transactions contemplated by the Agreement. The Closing Date Tangible Book Value Adjustment means

01 Other Events

Item 8.01 Other Events . On March 29, 2024, Quaint Oak Bancorp, Inc. (the "Company") discontinued the operations of Quaint Oak Real Estate, LLC ("Quaint Oak Real Estate"), a subsidiary of Quaint Oak Bank (the "Bank"), the Company's wholly owned banking subsidiary. Quaint Oak Real Estate was engaged in the real estate brokerage business from its offices in Allentown, Pennsylvania, which premises are owned by the Company (the "Premises"). The Bank agreed to cease operations of Quaint Oak Real Estate and lease the portion of the Premises utilized by Quaint Oak Real Estate to HomeStarr Realty ("HomeStarr") for an initial five year term. Quaint Oak Real Estate agreed to discontinue utilizing the services of the real estate agents it had been doing business with and had developed relationships with (the "Agents") and agreed to cooperate and assist HomeStarr to help facilitate HomeStarr's desire to engage the services of the Agents. HomeStarr agreed that for as long as HomeStarr (or its affiliates, successors or assigns) engages the services of the former Agents used by Quaint Oak Real Estate, it would pay the Bank compensation equal to 5% of all commissions paid to the Agents by HomeStarr. In addition, HomeStarr owns and maintains office locations in Doylestown, Montgomeryville, and Bensalem, Pennsylvania, and agreed to lease office space at these locations to Quaint Oak Mortgage, LLC, a wholly owned subsidiary of the Bank, for an initial one year term.

Financial Statements and Exhibits

Financial Statements and Exhibits (a) Not applicable. (b) Not applicable. (c) Not applicable. (d) Exhibits. Exhibit No. Description 10.1 Equity Purchase Agreement by and among JA Mitsui Leasing USA Holdings, Inc., the owners of the equity securities of Oakmont Capital Holdings, LLC, and, solely for certain limited purposes, Oakmont Capital Holdings, LLC, dated March 29, 2024 (without exhibits)* 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) ______________ * The exhibits and schedules to the Agreement have not been included. However, the Registrant undertakes to provide the staff of the Securities and Exchange Commission with the omitted exhibits or schedules upon request. 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. QUAINT OAK BANCORP, INC. Date: April 3, 2024 By: /s/ John J. Augustine John J. Augustine Executive Vice President and Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR