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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Quaint Oak Bancorp Inc (QB) | USOTC:QNTO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.77 | 10.75 | 11.10 | 10.77 | 10.77 | 10.77 | 100 | 21:32:07 |
Quaint Oak Bancorp, Inc.
|
Quaint Oak Family of Companies
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bank
|
Quaint Oak Abstract, LLC
׀
Quaint Oak Mortgage, LLC
׀
Quaint Oak Real Estate, LLC
|
Serving the Delaware Valley and the Lehigh Valley Markets
|
TABLE OF CONTENTS
|
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 Firms
|
14
|
Consolidated Balance Sheets
|
15
|
Consolidated Statements of Income
|
16
|
Consolidated Statements of Comprehensive Income
|
17
|
Consolidated Statements of Stockholders' Equity
|
18
|
Consolidated Statements of Cash Flows
|
18
|
Notes to Consolidated Financial Statements
|
20
|
Directors and Executive Officers
|
57
|
Banking Locations
|
57
|
Transfer Agent/Registrar
|
57
|
Investor Relations Contact
|
57
|
Quaint Oak Bancorp, Inc.
|
At or For the Years Ended December 31,
|
||||||||
2015 | 2014 | |||||||
|
(Dollars in Thousands) | |||||||
Selected Financial and Other Data:
|
||||||||
Total assets
|
$
|
184,168
|
$
|
155,643
|
||||
Cash and cash equivalents
|
17,206
|
13,937
|
||||||
Investment in interest-earning time deposits
|
6,136
|
6,660
|
||||||
Investment securities available for sale at fair value (cost-2015 $3,023; 2014 $1,760)
|
3,005
|
1,706
|
||||||
Loans held for sale
|
5,064
|
2,556
|
||||||
Loans receivable, net
|
143,305
|
123,331
|
||||||
Federal Home Loan Bank stock, at cost
|
618
|
527
|
||||||
Premises and equipment, net
|
1,834
|
1,639
|
||||||
Deposits
|
149,229
|
124,405
|
||||||
Federal Home Loan Bank borrowings
|
13,500
|
11,500
|
||||||
Stockholders' Equity
|
19,036
|
17,575
|
||||||
Selected Operating Data:
|
||||||||
Total interest income
|
$
|
8,424
|
$
|
7,281
|
||||
Total interest expense
|
2,091
|
1,720
|
||||||
Net interest income
|
6,333
|
5,561
|
||||||
Provision for loan losses
|
320
|
394
|
||||||
Net interest income after provision for loan losses
|
6,013
|
5,167
|
||||||
Total non-interest income
|
2,013
|
2,003
|
||||||
Total non-interest expense
|
6,032
|
5,234
|
||||||
Income before income taxes
|
1,994
|
1,936
|
||||||
Income taxes
|
723
|
694
|
||||||
Net income
|
$
|
1,271
|
$
|
1,242
|
||||
Selected Operating Ratios
(1):
|
||||||||
Average yield on interest-earning assets
|
5.26
|
%
|
5.48
|
%
|
||||
Average rate on interest-bearing liabilities
|
1.43
|
1.41
|
||||||
Average interest rate spread(2)
|
3.83
|
4.07
|
||||||
Net interest margin(2)
|
3.96
|
4.18
|
||||||
Average interest-earning assets to average interest-bearing liabilities
|
109.12
|
108.87
|
||||||
Net interest income after provision for loan losses to non-interest expense
|
99.68
|
98.72
|
||||||
Total non-interest expense to average assets
|
3.60
|
3.73
|
||||||
Efficiency ratio(3)
|
72.28
|
69.20
|
||||||
Return on average assets
|
0.76
|
0.88
|
||||||
Return on average equity
|
6.99
|
7.13
|
||||||
Average equity to average assets
|
10.84
|
12.09
|
||||||
Asset Quality Ratios
(4):
|
||||||||
Non-performing loans as a percent of loans receivable, net(5)
|
0.59
|
%
|
2.30
|
%
|
||||
Non-performing assets as a percent of total assets(5)
|
1.23
|
1.89
|
||||||
Non-performing assets and troubled debt restructurings as a percent of total assets
|
1.65
|
2.40
|
||||||
Allowance for loan losses as a percent of non-performing loans
|
154.11
|
40.55
|
||||||
Allowance for loan losses as a percent of total loans receivable
|
0.91
|
0.92
|
||||||
Net charge-offs to average loans receivable
|
0.11
|
0.16
|
||||||
Capital Ratios
(4):
|
||||||||
Tier 1 leverage ratio
|
9.84
|
%
|
10.74
|
%
|
||||
Common Tier 1 capital ratio
|
14.64
|
NA
|
||||||
Tier 1 risk-based capital ratio
|
14.64
|
15.38
|
||||||
Total risk-based capital ratio
|
15.76
|
16.50
|
(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, 2015 and 2014. Non-performing loans consist of non-accruing loans plus accruing loans 90 days or more past due. |
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,
|
||||||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
|||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Interest-earning assets:
|
|
|||||||||||||||||||||||
Short-term investments and investment securities available for sale
|
$
|
18,837
|
$
|
205
|
1.09
|
%
|
$
|
14,233
|
$
|
183
|
1.29
|
%
|
||||||||||||
Loans receivable, net (1)(2)(3)
|
141,266
|
8,219
|
5.82
|
118,656
|
7,098
|
5.98
|
||||||||||||||||||
Total interest-earning assets
|
160,103
|
8,424
|
5.26
|
%
|
132,889
|
7,281
|
5.48
|
%
|
||||||||||||||||
Non-interest-earning assets
|
7,654
|
7,584
|
||||||||||||||||||||||
Total assets
|
$
|
167,757
|
$
|
140,473
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$
|
1,582
|
2
|
0.17
|
%
|
$
|
2,719
|
4
|
0.15
|
%
|
||||||||||||||
Savings accounts
|
3,709
|
10
|
0.27
|
5,721
|
21
|
0.37
|
||||||||||||||||||
Money market accounts
|
23,071
|
178
|
0.77
|
16,027
|
119
|
0.74
|
||||||||||||||||||
Certificate of deposit accounts
|
105,503
|
1,797
|
1.70
|
88,518
|
1,534
|
1.73
|
||||||||||||||||||
Total deposits
|
133,865
|
1,987
|
1.48
|
112,985
|
1,678
|
1.49
|
||||||||||||||||||
FHLB short-term borrowings
|
7,077
|
25
|
0.35
|
7,682
|
21
|
0.27
|
||||||||||||||||||
FHLB long-term borrowings | 5,782 | 79 | 1.37 | 1,391 | 21 | 1.51 | ||||||||||||||||||
Total interest-bearing liabilities
|
146,724
|
2,091
|
1.43
|
%
|
122,058
|
1,720
|
1.41
|
%
|
||||||||||||||||
Non-interest-bearing liabilities
|
2,845
|
1,429
|
||||||||||||||||||||||
Total liabilities
|
149,569
|
123,487
|
||||||||||||||||||||||
Stockholders' Equity
|
18,188
|
16,986
|
||||||||||||||||||||||
Total liabilities and Stockholders' Equity
|
$
|
167,757
|
$
|
140,473
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
13,379
|
$
|
10,831
|
||||||||||||||||||||
Net interest income; average interest rate spread
|
$
|
6,333
|
3.83
|
%
|
$
|
5,561
|
4.07
|
%
|
||||||||||||||||
Net interest margin (4)
|
3.96
|
%
|
4.18
|
%
|
||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
109.12
|
%
|
108.87
|
%
|
(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. |
(4) | Equals net interest income divided by average interest-earning assets. |
Quaint Oak Bancorp, Inc.
|
2015 vs. 2014
|
2014 vs. 2013
|
|||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||
Short-term investments and
investment securities available
for sale
|
$
|
(28
|
)
|
$
|
59
|
$
|
(9
|
)
|
$
|
22
|
$
|
8
|
$
|
(75
|
)
|
$
|
(2
|
)
|
$
|
(69
|
)
|
|||||||||||
Loans receivable (1) (2)
|
(194
|
)
|
1,352
|
(37
|
)
|
1,121
|
(274
|
)
|
1,397
|
(63
|
)
|
1,060
|
||||||||||||||||||||
Total interest-earning assets
|
(222
|
)
|
1,411
|
(46
|
)
|
1,143
|
(266
|
)
|
1,322
|
(65
|
)
|
991
|
||||||||||||||||||||
Interest expense:
|
||||||||||||||||||||||||||||||||
Passbook accounts
|
--
|
(2
|
)
|
--
|
(2
|
)
|
(1
|
)
|
--
|
--
|
(1
|
)
|
||||||||||||||||||||
Savings accounts
|
(7
|
)
|
(7
|
)
|
2
|
(12
|
)
|
(1
|
)
|
1
|
--
|
--
|
||||||||||||||||||||
Money market accounts
|
6
|
52
|
2
|
60
|
(3
|
)
|
19
|
--
|
16
|
|||||||||||||||||||||||
Certificate of deposit accounts
|
(26
|
)
|
294
|
(5
|
)
|
263
|
(109
|
)
|
142
|
(10
|
)
|
23
|
||||||||||||||||||||
Total deposits
|
(27
|
)
|
337
|
(1
|
)
|
309
|
(114
|
)
|
162
|
(10
|
)
|
38
|
||||||||||||||||||||
FHLB borrowings
|
31
|
18
|
13
|
62
|
(35
|
)
|
214
|
(
179
|
)
|
--
|
||||||||||||||||||||||
Total interest-bearing liabilities
|
4
|
355
|
12
|
371
|
(149
|
)
|
376
|
(189
|
)
|
38
|
||||||||||||||||||||||
Increase (decrease) in net interest income
|
$
|
(226
|
)
|
$
|
1,056
|
$
|
(58
|
)
|
$
|
772
|
$
|
(117
|
)
|
$
|
946
|
$
|
124
|
$
|
953
|
(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):
|
||||||||||||||||||||||||
Loans receivable (2)
|
$
|
30,263
|
$
|
29,141
|
$
|
33,411
|
$
|
20,167
|
$
|
32,016
|
$
|
144,998
|
||||||||||||
Loans held for sale
|
5,064
|
--
|
--
|
--
|
--
|
5,064
|
||||||||||||||||||
Short-term investments and investment securities
|
18,036
|
4,180
|
3,853
|
235
|
--
|
26,304
|
||||||||||||||||||
Investment in Federal Home Loan Bank stock
|
--
|
--
|
--
|
--
|
618
|
618
|
||||||||||||||||||
Total interest-earning assets
|
$
|
53,363
|
$
|
33,321
|
$
|
37,264
|
$
|
20,402
|
$
|
32,634
|
$
|
176,984
|
||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$
|
119
|
$
|
119
|
$
|
711
|
$
|
118
|
$
|
118
|
$
|
1,185
|
||||||||||||
Savings accounts
|
655
|
655
|
1,310
|
327
|
328
|
3,275
|
||||||||||||||||||
Money market accounts
|
5,314
|
5,314
|
10,628
|
2,657
|
2,658
|
26,571
|
||||||||||||||||||
Certificate accounts
|
9,294
|
29,208
|
45,392
|
31,897
|
--
|
115,791
|
||||||||||||||||||
FHLB borrowings
|
5,000
|
2,000
|
5,500
|
1,000
|
--
|
13,500
|
||||||||||||||||||
Total interest-bearing liabilities
|
$
|
20,382
|
$
|
37,296
|
$
|
63,541
|
$
|
35,999
|
$
|
3,104
|
$
|
160,322
|
||||||||||||
Interest-earning assets less interest-bearing liabilities
|
$
|
32,981
|
$
|
(3,975
|
)
|
$
|
(26,277
|
)
|
$
|
(15,597
|
)
|
$
|
29,530
|
|||||||||||
Cumulative interest-rate sensitivity gap (3)
|
$
|
32,981
|
$
|
29,006
|
$
|
2,729
|
$
|
(12,868
|
)
|
$
|
16,662
|
|||||||||||||
Cumulative interest-rate gap as a percentage of total assets
at December 31, 2015
|
17.9
|
%
|
15.7
|
%
|
1.5
|
%
|
(7.0
|
)%
|
9.0
|
%
|
||||||||||||||
Cumulative interest-earning assets as a percentage of
cumulative interest-bearing liabilities
at December 31, 2015
|
261.8
|
%
|
150.3
|
%
|
102.3
|
%
|
91.8
|
%
|
110.4
|
%
|
(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
|
$
|
442
|
$
|
96
|
$
|
140
|
$
|
146
|
$
|
60
|
||||||||||
Certificates of deposit
|
115,791
|
38,503
|
45,392
|
31,896
|
--
|
|||||||||||||||
FHLB borrowings
|
13,500
|
7,000
|
5,500
|
1,000
|
--
|
|||||||||||||||
Total contractual obligations
|
$
|
129,733
|
$
|
45,599
|
$
|
51,032
|
$
|
33,042
|
$
|
60
|
Quaint Oak Bancorp, Inc.
|
|
Quaint Oak Bancorp, Inc.
|
At December 31, 2015
|
At December 31, 2014
|
|||||||||
|
(In thousands, except share and per share data)
|
|||||||||
Assets | ||||||||||
Due from banks, non-interest-earning
|
$
|
43
|
$
|
696
|
||||||
Due from banks, interest-earning
|
17,163
|
13,241
|
||||||||
Cash and cash equivalents
|
17,206
|
13,937
|
||||||||
Investment in interest-earning time deposits
|
6,136
|
6,660
|
||||||||
Investment securities available for sale
|
3,005
|
1,706
|
||||||||
Loans held for sale
|
5,064
|
2,556
|
||||||||
Loans receivable, net of allowance for loan
losses (2015 $1,313, 2014 $1,148)
|
143,305 | 123,331 | ||||||||
Accrued interest receivable
|
983
|
788
|
||||||||
Investment in Federal Home Loan Bank stock, at cost
|
618
|
527
|
||||||||
Bank-owned life insurance
|
3,638
|
3,549
|
||||||||
Premises and equipment, net
|
1,834
|
1,639
|
||||||||
Other real estate owned
|
1,410
|
111
|
||||||||
Prepaid expenses and other assets
|
969
|
839
|
||||||||
Total Assets
|
$
|
184,168
|
$
|
155,643
|
||||||
Liabilities and Stockholders' Equity
|
||||||||||
Liabilities
|
||||||||||
Deposits:
|
||||||||||
Non-interest bearing
|
$
|
2,407
|
$
|
640
|
||||||
Interest-bearing
|
146,822
|
123,765
|
||||||||
Total deposits
|
149,229
|
124,405
|
||||||||
Federal Home Loan Bank short-term borrowings
|
6,000
|
7,000
|
||||||||
Federal Home Loan Bank long-term borrowings
|
7,500
|
4,500
|
||||||||
Accrued interest payable
|
123
|
108
|
||||||||
Advances from borrowers for taxes and insurance
|
1,859
|
1,592
|
||||||||
Accrued expenses and other liabilities
|
421
|
463
|
||||||||
Total Liabilities
|
165,132
|
138,068
|
||||||||
Stockholders' Equity
|
||||||||||
Preferred stock – $0.01 par value, 1,000,000 shares
authorized; none issued or outstanding
|
--
|
--
|
||||||||
Common stock – $0.01 par value; 9,000,000 shares
authorized; 2,777,250 issued; 1,841,475
and 1,818,570 outstanding at December 31, 2015
and December 31, 2014, respectively
|
28 | 28 | ||||||||
Additional paid-in capital
|
14,013
|
13,814
|
||||||||
Treasury stock, at cost: 2015 935,775 shares; 2014 958,680
shares
|
(4,859
|
)
|
(4,973
|
)
|
||||||
Unallocated common stock held by: | ||||||||||
Employee Stock Ownership Plan (ESOP)
|
(387
|
)
|
(455
|
)
|
||||||
Recognition & Retention Plan Trust (RRP)
|
(70
|
)
|
(94
|
)
|
||||||
Accumulated other comprehensive loss
|
(12
|
)
|
(36
|
)
|
||||||
Retained earnings
|
10,323
|
9,291
|
||||||||
Total Stockholders' Equity
|
19,036
|
17,575
|
||||||||
Total Liabilities and Stockholders' Equity
|
$
|
184,168
|
$
|
155,643
|
Quaint Oak Bancorp, Inc.
|
Years Ended December 31,
|
||||||||
2015
|
2014
|
|||||||
(In thousands, except share and per share data)
|
||||||||
Interest Income
|
||||||||
Interest on loans
|
$
|
8,219
|
$
|
7,098
|
||||
Interest and dividends on time deposits and investment securities
|
205
|
183
|
||||||
Total Interest Income
|
8,424
|
7,281
|
||||||
Interest Expense
|
||||||||
Interest on deposits
|
1,987
|
1,678
|
||||||
Interest on Federal Home Loan Bank borrowings
|
104
|
42
|
||||||
Total Interest Expense
|
2,091
|
1,720
|
||||||
Net Interest Income
|
6,333
|
5,561
|
||||||
Provision for Loan Losses
|
320
|
394
|
||||||
Net Interest Income after Provision for Loan Losses
|
6,013
|
5,167
|
||||||
Non-Interest Income
|
||||||||
Mortgage banking and title abstract fees
|
489
|
331
|
||||||
Other fees and services charges
|
99
|
48
|
||||||
Income from bank-owned life insurance
|
89
|
49
|
||||||
Net gain on the sale of residential mortgage loans
|
1,346
|
1,442
|
||||||
Gain on the sale of SBA loans
|
25
|
164
|
||||||
Loss on the sales of investment securities
|
(75
|
)
|
--
|
|||||
Loss on sale of other real estate owned
|
(4
|
)
|
(63
|
)
|
||||
Other
|
44
|
32
|
||||||
Total Non-Interest Income, net
|
2,013
|
2,003
|
||||||
Non-Interest Expense
|
||||||||
Salaries and employee benefits
|
4,001
|
3,422
|
||||||
Directors' fees and expenses
|
201
|
205
|
||||||
Occupancy and equipment
|
601
|
542
|
||||||
Professional fees
|
417
|
398
|
||||||
FDIC deposit insurance assessment
|
121
|
101
|
||||||
Other real estate owned expenses
|
29
|
14
|
||||||
Advertising
|
69
|
75
|
||||||
Other
|
593
|
477
|
||||||
Total Non-Interest Expense
|
6,032
|
5,234
|
||||||
Income before Income Taxes
|
1,994
|
1,936
|
||||||
Income Taxes
|
723
|
694
|
||||||
Net Income
|
$
|
1,271
|
$
|
1,242
|
||||
Earnings per share – basic
|
$
|
0.74
|
$
|
0.73
|
||||
Average shares outstanding - basic
|
1,718,456
|
1,703,732
|
||||||
Earnings per share - diluted
|
$
|
0.68
|
$
|
0.69
|
||||
Average shares outstanding - diluted
|
1,882,466
|
1,810,642
|
Quaint Oak Bancorp, Inc.
|
Years Ended December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Net Income
|
$
|
1,271
|
$
|
1,242
|
||||
Other Comprehensive Income (Loss):
|
||||||||
Unrealized losses on investment securities available for sale
|
(39
|
)
|
(26
|
)
|
||||
Income tax effect
|
13
|
8
|
||||||
Reclassification adjustment for losses on sale of investment securities included in net income
|
75
|
--
|
||||||
Income tax effect
|
(25
|
)
|
--
|
|||||
Net other comprehensive income (loss)
|
24
|
(18
|
)
|
|||||
Total Comprehensive Income
|
$
|
1,295
|
$
|
1,224
|
||||
Quaint Oak Bancorp, Inc.
|
Unallocated | ||||||||||||||||||||||||||||||||
Common Stock | Common | Accumulated | ||||||||||||||||||||||||||||||
Number of | Additional | Stock Held | Other | Total | ||||||||||||||||||||||||||||
Shares | Paid-in | Treasury | by Benefit | Comprehensive | Retained | Stockholders' | ||||||||||||||||||||||||||
(In thousands, except share data) | Outstanding | Amount | Capital | Stock | Plans | Income (Loss) | Earnings | Equity | ||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2013
|
1,895,698
|
$
|
28
|
$
|
13,651
|
$
|
(4,279
|
)
|
$
|
(656
|
)
|
$
|
(18
|
)
|
$
|
8,260
|
$
|
16,986
|
||||||||||||||
Common stock allocated by ESOP
|
59
|
81
|
140
|
|||||||||||||||||||||||||||||
Treasury stock purchased
|
(90,050
|
)
|
(760
|
)
|
(760
|
)
|
||||||||||||||||||||||||||
Reissuance of treasury stock under
401(k) Plan
|
7,446
|
26
|
38
|
64
|
||||||||||||||||||||||||||||
Reissuance of treasury stock under Stock Incentive Plan
|
5,476
|
(28
|
)
|
28
|
- -
|
|||||||||||||||||||||||||||
Stock based compensation expense
|
132
|
132
|
||||||||||||||||||||||||||||||
Release of 5,558 vested RRP shares
|
(26
|
)
|
26
|
--
|
||||||||||||||||||||||||||||
Cash dividends declared ($0.115 per share)
|
(211
|
)
|
(211
|
)
|
||||||||||||||||||||||||||||
Net income
|
1,242
|
1,242
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net
|
(18
|
)
|
(18
|
)
|
||||||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2014
|
1,818,570
|
$
|
28
|
$
|
13,814
|
$
|
(4,973
|
)
|
$
|
(549
|
)
|
$
|
(36
|
)
|
$
|
9,291
|
$
|
17,575
|
||||||||||||||
Common stock allocated by ESOP | 91 | 68 | 159 | |||||||||||||||||||||||||||||
Treasury stock purchased
|
(1,056
|
)
|
(10
|
)
|
(10
|
)
|
||||||||||||||||||||||||||
Reissuance of treasury stock under 401(k) Plan
|
5,051
|
28
|
26
|
54
|
||||||||||||||||||||||||||||
Reissuance of treasury stock under Stock Incentive Plan
|
5,476
|
(28
|
)
|
28
|
--
|
|||||||||||||||||||||||||||
Reissuance of treasury stock
for exercised stock options
|
13,434
|
(3
|
)
|
70
|
67
|
|||||||||||||||||||||||||||
Stock based compensation expense
|
135
|
135
|
||||||||||||||||||||||||||||||
Release of 5,108 vested RRP shares
|
(24
|
)
|
24
|
--
|
||||||||||||||||||||||||||||
Cash dividends declared ($0.138 per share)
|
(239
|
)
|
(239
|
)
|
||||||||||||||||||||||||||||
Net income
|
1,271
|
1,271
|
||||||||||||||||||||||||||||||
Other comprehensive income, net
|
24
|
24
|
||||||||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2015
|
1,841,475
|
$
|
28
|
$
|
14,013
|
$
|
(4,859
|
)
|
$
|
(457
|
)
|
$
|
(12
|
)
|
$
|
10,323
|
$
|
19,036
|
Quaint Oak Bancorp, Inc.
|
Consolidated Statements of Cash Flows
|
||||||||
Year Ended
|
||||||||
December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Cash Flows from Operating Activities
|
||||||||
Net income
|
$
|
1,271
|
$
|
1,242
|
||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
Provision for loan losses
|
320
|
394
|
||||||
Depreciation expense
|
182
|
167
|
||||||
Net amortization of securities premiums
|
1
|
--
|
||||||
Accretion of deferred loan fees and costs, net
|
(327
|
)
|
(273
|
)
|
||||
Deferred income taxes
|
(38
|
)
|
(164
|
)
|
||||
Stock-based compensation expense
|
294
|
272
|
||||||
Realized loss on sale of investment securities available for sale
|
75
|
--
|
||||||
Net gain on the sale of residential mortgage loans
|
(1,346
|
)
|
(1,442
|
)
|
||||
Gain on the sale of SBA loans
|
(25
|
)
|
(164
|
)
|
||||
Net loss on sale of other real estate owned
|
4
|
63
|
||||||
Increase in the cash surrender value of bank-owned life insurance
|
(89
|
)
|
(49
|
)
|
||||
Changes in assets and liabilities which provided (used) cash:
|
||||||||
Loans held for sale-originations
|
(52,728
|
)
|
(53,261
|
)
|
||||
Loans held for sale-proceeds
|
51,566
|
53,245
|
||||||
Accrued interest receivable
|
(195
|
)
|
(53
|
)
|
||||
Prepaid expenses and other assets
|
(104
|
)
|
(89
|
)
|
||||
Accrued interest payable
|
15
|
31
|
||||||
Accrued expenses and other liabilities
|
(42
|
)
|
147
|
|||||
Net (Used in) Cash Provided by Operating Activities
|
(1,166
|
)
|
66
|
|||||
Cash Flows from Investing Activities
|
||||||||
Net decrease in investment in interest-earning time deposits
|
524
|
973
|
||||||
Purchase of investment securities available for sale
|
(3,073
|
)
|
(52
|
)
|
||||
Principal repayments on investment securities available for sale
|
13
|
--
|
||||||
Proceeds from the sale of securities available for sale
|
1,721
|
--
|
||||||
Net increase in loans receivable
|
(21,240
|
)
|
(16,512
|
)
|
||||
Net increase in investment in Federal Home Loan Bank stock
|
(91
|
)
|
(106
|
)
|
||||
Purchase of bank-owned life insurance
|
--
|
(3,500
|
)
|
|||||
Proceeds from the sale of other real estate owned
|
160
|
539
|
||||||
Capitalized expenditures on other real estate owned
|
(165
|
)
|
(28
|
)
|
||||
Purchase of premises and equipment
|
(377
|
)
|
(169
|
)
|
||||
Net Cash Used in Investing Activities
|
(22,528
|
)
|
(18,855
|
)
|
||||
Cash Flows from Financing Activities
|
||||||||
Net increase in demand deposits and savings accounts
|
5,367
|
4,982
|
||||||
Net increase in certificate accounts
|
19,457
|
16,099
|
||||||
Proceeds from Federal Home Loan Bank short-term borrowings
|
1,000
|
6,000
|
||||||
Repayment of Federal Home Loan Bank short-term borrowings
|
(2,000
|
)
|
(4,500
|
)
|
||||
Proceeds from Federal Home Loan Bank long-term borrowings
|
3,000
|
4,500
|
||||||
Dividends paid
|
(239
|
)
|
(211
|
)
|
||||
Purchase of treasury stock
|
(10
|
)
|
(760
|
)
|
||||
Proceeds from the reissuance of treasury stock
|
54
|
64
|
||||||
Proceeds from the exercise of stock options
|
67
|
--
|
||||||
Increase in advances from borrowers for taxes and insurance
|
267
|
368
|
||||||
Net Cash Provided by Financing Activities
|
26,963
|
26,542
|
||||||
Net Increase in Cash and Cash Equivalents
|
3,269
|
7,753
|
||||||
Cash and Cash Equivalents – Beginning of Year
|
13,937
|
6,184
|
||||||
Cash and Cash Equivalents – End of Year
|
$
|
17,206
|
$
|
13,937
|
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,
|
||||||||
2015
|
2014
|
|||||||
Net Income
|
$
|
1,271,000
|
$
|
1,242,000
|
||||
Weighted average shares outstanding – basic
|
1,718,456
|
1,703,732
|
||||||
Effect of dilutive common stock equivalents
|
164,010
|
106,910
|
||||||
Adjusted weighted average shares outstanding – diluted
|
1,882,466
|
1,810,642
|
||||||
Basic earnings per share
|
$
|
0.74
|
$
|
0.73
|
||||
Diluted earnings per share
|
$
|
0.68
|
$
|
0.69
|
Unrealized Losses on
Investment Securities
Available for Sale (1)
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Balance beginning of the year
|
$
|
(36
|
)
|
$
|
(18
|
)
|
||
Other comprehensive loss before reclassifications
|
(26
|
)
|
(18
|
)
|
||||
Amount reclassified from accumulated other comprehensive loss
|
50
|
--
|
||||||
Total other comprehensive income (loss)
|
24
|
(18
|
)
|
|||||
Balance end of the year
|
$
|
(12
|
)
|
$
|
(36
|
)
|
(1)
|
All amounts are net of tax. Amounts in parentheses indicate debits.
|
Details About Other Comprehensive Loss
|
Amount Reclassified from Accumulated
Other Comprehensive Loss (1)
|
Affected Line Item in the Consolidated Statements of Income
|
|||||||
For the Year Ended December 31,
|
|||||||||
2015
|
2014
|
||||||||
Sale of available for sale securities
|
$
|
(75
|
)
|
$
|
--
|
Loss on sales of investment securities
|
|||
Tax effect
|
25
|
--
|
Income taxes
|
||||||
Total reclassification for the period
|
$
|
(50
|
)
|
$
|
--
|
(1) | Amounts in parentheses indicate debits. |
Quaint Oak Bancorp, Inc.
|
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Due in one year or less
|
$
|
3,585
|
$
|
2,337
|
||||
Due after one year through five years
|
2,551
|
4,323
|
||||||
$
|
6,136
|
$
|
6,660
|
December 31, 2015
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
Governmental National Mortgage Association securities
|
$
|
2,003
|
$
|
--
|
$
|
(13
|
)
|
$
|
1,990
|
|||||||
Federal Home Loan Mortgage Corporation securities
|
1,020
|
--
|
(5
|
)
|
1,015
|
|||||||||||
$
|
3
,023
|
$
|
--
|
$
|
(18
|
)
|
$
|
3,005
|
||||||||
December 31, 2014
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
Short-term bond fund
|
$
|
1,214
|
$
|
--
|
$
|
(34
|
)
|
$
|
1,180
|
|||||||
Limited-term bond fund
|
546
|
--
|
(20
|
)
|
526
|
|||||||||||
$
|
1,760
|
$
|
--
|
$
|
(54
|
)
|
$
|
1,706
|
||||||||
Available for Sale
|
||||||||
Amortized Cost
|
Fair Value
|
|||||||
(In Thousands)
|
||||||||
Due after ten years
|
$
|
3,023
|
$
|
3,005
|
||||
Quaint Oak Bancorp, Inc.
|
|
December 31, 2015
|
|||||||||||||||||||||||||||
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 |
|||||||||||||||||||||
Governmental National
Mortgage Association securities
|
2
|
$
|
1,990
|
$
|
(13
|
)
|
$
|
--
|
$
|
--
|
$
|
1,990
|
$
|
(13
|
)
|
|||||||||||||
Federal Home Loan Mortgage
Corporation securities
|
1
|
1,015
|
(5
|
)
|
--
|
--
|
1,015
|
(5
|
)
|
|||||||||||||||||||
Total
|
3
|
$
|
3,005
|
$
|
(18
|
)
|
$
|
--
|
$
|
--
|
$
|
3,005
|
$
|
(18
|
)
|
|||||||||||||
|
December 31, 2014
|
|||||||||||||||||||||||||||
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 |
|||||||||||||||||||||
Short-term bond fund
|
1
|
$
|
--
|
$
|
--
|
$
|
1,180
|
$
|
(34
|
)
|
$
|
1,180
|
$
|
(34
|
)
|
|||||||||||||
Limited-term bond fund
|
1
|
--
|
--
|
526
|
(20
|
)
|
526
|
(20
|
)
|
|||||||||||||||||||
Total
|
2
|
$
|
--
|
$
|
--
|
$
|
1,706
|
$
|
(54
|
)
|
$
|
1,706
|
$
|
(54
|
)
|
Quaint Oak Bancorp, Inc.
|
December 31,
2015
|
December 31,
2014
|
|||||||
(In Thousands)
|
||||||||
Real estate loans:
|
||||||||
One-to-four family residential:
|
||||||||
Owner occupied
|
$
|
5,777
|
$
|
7,085
|
||||
Non-owner occupied
|
51,036
|
48,554
|
||||||
Total one-to-four family residential
|
56,813
|
55,639
|
||||||
Multi-family (five or more) residential
|
12,402
|
10,132
|
||||||
Commercial real estate
|
47,550
|
35,523
|
||||||
Commercial lines of credit
|
2,215
|
1,623
|
||||||
Construction
|
16,100
|
14,303
|
||||||
Home equity
|
7,409
|
6,961
|
||||||
Total real estate loans
|
142,489
|
124,181
|
||||||
Commercial business
|
2,576
|
749
|
||||||
Other consumer
|
71
|
41
|
||||||
Total Loans
|
145,136
|
124,971
|
||||||
Deferred loan fees and costs
|
(518
|
)
|
(492
|
)
|
||||
Allowance for loan losses
|
(1,313
|
)
|
(1,148
|
)
|
||||
Net Loans
|
$
|
143,305
|
$
|
123,331
|
Quaint Oak Bancorp, Inc.
|
December 31, 2015
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
5,777
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
5,777
|
||||||||||
One-to-four family residential non-owner occupied
|
49,457
|
331
|
1,248
|
--
|
51,036
|
|||||||||||||||
Multi-family residential
|
12,402
|
--
|
--
|
--
|
12,402
|
|||||||||||||||
Commercial real estate and lines of credit
|
48,185
|
262
|
1,318
|
--
|
49,765
|
|||||||||||||||
Construction
|
14,621
|
--
|
1,479
|
--
|
16,100
|
|||||||||||||||
Home equity
|
7,409
|
--
|
--
|
--
|
7,409
|
|||||||||||||||
Commercial business
|
2,576
|
--
|
--
|
--
|
2,576
|
|||||||||||||||
Other consumer
|
71
|
--
|
--
|
--
|
71
|
|||||||||||||||
$
|
140,498
|
$
|
593
|
$
|
4,045
|
$
|
--
|
$
|
145,136
|
December 31, 2014
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
6,132
|
$
|
116
|
$
|
837
|
$
|
--
|
$
|
7,085
|
||||||||||
One-to-four family residential non-owner occupied
|
46,971
|
38
|
1,317
|
228
|
48,554
|
|||||||||||||||
Multi-family residential
|
10,065
|
--
|
67
|
--
|
10,132
|
|||||||||||||||
Commercial real estate and lines of credit
|
35,984
|
293
|
537
|
332
|
37,146
|
|||||||||||||||
Construction
|
14,303
|
--
|
--
|
--
|
14,303
|
|||||||||||||||
Home equity
|
6,654
|
172
|
90
|
45
|
6,961
|
|||||||||||||||
Commercial business
|
749
|
--
|
--
|
--
|
749
|
|||||||||||||||
Other consumer
|
41
|
--
|
--
|
--
|
41
|
|||||||||||||||
$
|
120,899
|
$
|
619
|
$
|
2,848
|
$
|
605
|
$
|
124,971
|
Quaint Oak Bancorp, Inc.
|
December 31, 2015
|
||||||||||||||||||||
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
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
828
|
$
|
15
|
||||||||||
One-to-four family residential non-owner occupied
|
653
|
659
|
--
|
1,464
|
62
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
66
|
5
|
|||||||||||||||
Commercial real estate and lines of credit
|
--
|
--
|
--
|
1,085
|
77
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
84
|
84
|
--
|
87
|
7
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
321
|
321
|
33
|
556
|
22
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
133
|
133
|
7
|
332
|
9
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
45
|
4
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
828
|
$
|
15
|
||||||||||
One-to-four family residential non-owner occupied
|
974
|
980
|
33
|
2,020
|
84
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
66
|
5
|
|||||||||||||||
Commercial real estate and lines of credit
|
133
|
133
|
7
|
1,417
|
86
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
84
|
84
|
--
|
132
|
11
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
$
|
1,191
|
$
|
1,197
|
$
|
40
|
$
|
4,463
|
$
|
201
|
Quaint Oak Bancorp, Inc.
|
December 31, 2014
|
||||||||||||||||||||
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
|
$
|
837
|
$
|
837
|
$
|
--
|
$
|
839
|
$
|
15
|
||||||||||
One-to-four family residential non-owner occupied
|
1,317
|
1,333
|
--
|
1,341
|
39
|
|||||||||||||||
Multi-family residential
|
67
|
72
|
--
|
74
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
537
|
537
|
--
|
542
|
17
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
90
|
90
|
--
|
93
|
7
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
228
|
231
|
29
|
231
|
--
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
332
|
332
|
29
|
331
|
10
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
45
|
45
|
8
|
46
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
837
|
$
|
837
|
$
|
--
|
$
|
839
|
$
|
15
|
||||||||||
One-to-four family residential non-owner occupied
|
1,545
|
1,564
|
29
|
1,572
|
39
|
|||||||||||||||
Multi-family residential
|
67
|
72
|
--
|
74
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
869
|
869
|
29
|
873
|
27
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
135
|
135
|
8
|
139
|
7
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
$
|
3,453
|
$
|
3,477
|
$
|
66
|
$
|
3,497
|
$
|
88
|
Quaint Oak Bancorp, Inc.
|
December 31, 2015
|
||||||||||||||||||||
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
|
5
|
564
|
-
|
564
|
25
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
1
|
133
|
-
|
133
|
7
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
3
|
84
|
-
|
84
|
-
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
9
|
$
|
781
|
$
|
-
|
$
|
781
|
$
|
32
|
December 31, 2014
|
||||||||||||||||||||
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
|
7
|
728
|
155
|
573
|
10
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
1
|
133
|
--
|
133
|
7
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
3
|
90
|
--
|
90
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
11
|
$
|
951
|
$
|
155
|
$
|
796
|
$
|
17
|
December 31, 2015
|
||||||||||||||||||||
Accruing
Past Due
Less than 30
Days
|
Past Due
30-89 Days
|
Greater
than 90
Days
|
Non-
Accrual
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
564
|
--
|
--
|
--
|
564
|
|||||||||||||||
Multi-family residential
|
-
|
--
|
--
|
--
|
-
|
|||||||||||||||
Commercial real estate and lines of credit
|
133
|
--
|
--
|
--
|
133
|
|||||||||||||||
Construction
|
-
|
--
|
--
|
--
|
-
|
|||||||||||||||
Home equity
|
84
|
--
|
--
|
--
|
84
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
-
|
|||||||||||||||
Total
|
$
|
781
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
781
|
Quaint Oak Bancorp, Inc.
|
December 31, 2014
|
||||||||||||||||||||
Accruing
Past Due
Less than
30 Days
|
Past Due
30-89 Days
|
Greater
than 90
Days
|
Non-
Accrual
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
358
|
215
|
--
|
155
|
728
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
133
|
--
|
--
|
--
|
133
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
90
|
--
|
--
|
--
|
90
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Other consumer
|
--
|
--
|
--
|
--
|
-
|
|||||||||||||||
Total
|
$
|
581
|
$
|
215
|
$
|
--
|
$
|
155
|
$
|
951
|
December 31, 2015
|
||||||||||||||||||||||||||||||||||||
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-
Owner
Occupied
|
Multi-
Family
Residential
|
Commercial
Real Estate
and Lines of
Credit
|
Construction
|
Home
Equity
|
Commercial
Business
and Other
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
75
|
$
|
418
|
$
|
60
|
$
|
324
|
$
|
122
|
$
|
46
|
$
|
7
|
$
|
96
|
$
|
1,148
|
||||||||||||||||||
Charge-offs
|
--
|
(110
|
)
|
--
|
(21
|
)
|
--
|
(45
|
)
|
--
|
--
|
(176
|
)
|
|||||||||||||||||||||||
Recoveries
|
--
|
--
|
--
|
21
|
--
|
--
|
--
|
--
|
21
|
|||||||||||||||||||||||||||
Provision
|
(20
|
)
|
178
|
21
|
65
|
31
|
49
|
11
|
(15
|
)
|
320
|
|||||||||||||||||||||||||
Ending balance
|
$
|
55
|
$
|
486
|
$
|
81
|
$
|
389
|
$
|
153
|
$
|
50
|
$
|
18
|
$
|
81
|
$
|
1,313
|
||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
--
|
$
|
33
|
$
|
--
|
$
|
7
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
40
|
||||||||||||||||||
Collectively
|
$
|
55
|
$
|
453
|
$
|
81
|
$
|
382
|
$
|
153
|
$
|
50
|
$
|
18
|
$
|
81
|
$
|
1,273
|
||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$
|
5,777
|
$
|
51,036
|
$
|
12,402
|
$
|
49,765
|
$
|
16,100
|
$
|
7,409
|
$
|
2,647
|
$
|
--
|
$
|
145,136
|
||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
--
|
$
|
974
|
$
|
--
|
$
|
133
|
$
|
--
|
$
|
84
|
$
|
--
|
$
|
--
|
$
|
1,191
|
||||||||||||||||||
Collectively
|
$
|
5,777
|
$
|
50,062
|
$
|
12,402
|
$
|
49,632
|
$
|
16,100
|
$
|
7,325
|
$
|
2,647
|
$
|
--
|
$
|
143,945
|
Quaint Oak Bancorp, Inc.
|
December 31, 2014
|
||||||||||||||||||||||||||||||||||||
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-
Owner
Occupied
|
Multi-
Family
Residential
|
Commercial
Real Estate
and Lines of
Credit
|
Construction
|
Home
Equity
|
Commercial
Business and
Other
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
59
|
$
|
424
|
$
|
36
|
$
|
199
|
$
|
96
|
$
|
50
|
$
|
2
|
$
|
75
|
$
|
941
|
||||||||||||||||||
Charge-offs
|
(57
|
)
|
--
|
--
|
(133
|
)
|
--
|
--
|
--
|
--
|
(190
|
)
|
||||||||||||||||||||||||
Recoveries
|
--
|
--
|
--
|
3
|
--
|
--
|
--
|
--
|
3
|
|||||||||||||||||||||||||||
Provision
|
73
|
(6
|
)
|
24
|
255
|
26
|
(4
|
)
|
5
|
21
|
394
|
|||||||||||||||||||||||||
Ending balance
|
$
|
75
|
$
|
418
|
$
|
60
|
$
|
324
|
$
|
122
|
$
|
46
|
$
|
7
|
$
|
96
|
$
|
1,148
|
||||||||||||||||||
Ending balance evaluated
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
--
|
$
|
29
|
$
|
--
|
$
|
29
|
$
|
--
|
$
|
8
|
$
|
--
|
$
|
--
|
$
|
66
|
||||||||||||||||||
Collectively
|
$
|
75
|
$
|
389
|
$
|
60
|
$
|
295
|
$
|
122
|
$
|
38
|
$
|
7
|
$
|
96
|
$
|
1,082
|
||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$
|
7,085
|
$
|
48,554
|
$
|
10,132
|
$
|
37,146
|
$
|
14,303
|
$ |
6,961
|
$
|
790
|
$
|
--
|
$
|
124,971
|
||||||||||||||||||
Ending balance evaluated
for impairment
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
837
|
$
|
1,545
|
$
|
67
|
$
|
869
|
$
|
--
|
$
|
135
|
$
|
--
|
$
|
--
|
$
|
3,453
|
||||||||||||||||||
Collectively
|
$
|
6,248
|
$
|
47,009
|
$
|
10,065
|
$
|
36,277
|
$
|
14,303
|
$
|
6,826
|
$
|
790
|
$
|
--
|
$
|
121,518
|
December 31,
2015
|
December 31,
2014
|
|||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
588
|
||||
One-to-four family residential non-owner occupied
|
186
|
836
|
||||||
Multi-family residential
|
--
|
67
|
||||||
Commercial real estate and lines of credit
|
--
|
489
|
||||||
Construction
|
--
|
--
|
||||||
Home equity
|
--
|
45
|
||||||
Commercial business
|
--
|
--
|
||||||
Other consumer
|
--
|
--
|
||||||
$
|
186
|
$
|
2,025
|
Quaint Oak Bancorp, Inc.
|
December 31, 2015
|
||||||||||||||||||||||||
30-90
Days Past
Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Loans
Receivable >
90 Days and
Accruing
|
|||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
253
|
$
|
--
|
$
|
253
|
$
|
5,524
|
$
|
5,777
|
$
|
--
|
||||||||||||
One-to-four family residential non-owner
occupied
|
1,227
|
590
|
1,817
|
49,219
|
51,036
|
404
|
||||||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
12,402
|
12,402
|
--
|
||||||||||||||||||
Commercial real estate and lines of credit
|
894
|
262
|
1,156
|
48,609
|
49,765
|
262
|
||||||||||||||||||
Construction
|
558
|
--
|
558
|
15,542
|
16,100
|
--
|
||||||||||||||||||
Home equity
|
55
|
--
|
55
|
7,354
|
7,409
|
--
|
||||||||||||||||||
Commercial business
|
--
|
--
|
--
|
2,576
|
2,576
|
--
|
||||||||||||||||||
Other consumer | -- | -- | -- | 71 | 71 | -- | ||||||||||||||||||
$
|
2,987
|
$
|
852
|
$
|
3,839
|
$
|
141,297
|
$
|
145,136
|
$
|
666
|
December 31, 2014
|
||||||||||||||||||||||||
30-90
Days Past
Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Loans
Receivable >
90 Days and
Accruing
|
|||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
589
|
$
|
837
|
$
|
1,426
|
$
|
5,659
|
$
|
7,085
|
$
|
249
|
||||||||||||
One-to-four family residential non-owner
occupied
|
735
|
972
|
1,707
|
46,847
|
48,554
|
136
|
||||||||||||||||||
Multi-family residential
|
--
|
67
|
67
|
10,065
|
10,132
|
--
|
||||||||||||||||||
Commercial real estate and lines of credit
|
1,051
|
910
|
1,961
|
35,185
|
37,146
|
421
|
||||||||||||||||||
Construction
|
107
|
--
|
107
|
14,196
|
14,303
|
--
|
||||||||||||||||||
Home equity
|
99
|
45
|
144
|
6,817
|
6,961
|
--
|
||||||||||||||||||
Commercial business
|
--
|
--
|
--
|
749
|
749
|
--
|
||||||||||||||||||
Other consumer | -- | -- | -- | 41 | 41 | -- | ||||||||||||||||||
$
|
2,581
|
$
|
2,831
|
$
|
5,412
|
$
|
119,559
|
$
|
124,971
|
$
|
806
|
Quaint Oak Bancorp, Inc.
|
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Land and land inprovements
|
$
|
292
|
$
|
208
|
||||
Buildings
|
1,133
|
981
|
||||||
Leasehold improvements
|
376
|
369
|
||||||
Furniture, fixtures and equipment
|
900
|
766
|
||||||
2,701
|
2,324
|
|||||||
Accumulated depreciation
|
(867
|
)
|
(685
|
)
|
||||
$
|
1,834
|
$
|
1,639
|
2015 | 2014 | |||||||||||||||
Amount |
Weighted
Average
Interest
Rate
|
Amount
|
Weighted
Average
Interest
Rate
|
|||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Non-interest bearing checking accounts
|
$
|
2,407
|
--
|
%
|
$
|
640
|
--
|
%
|
||||||||
Passbook accounts
|
1,185
|
0.15
|
2,573
|
0.15
|
||||||||||||
Savings accounts
|
3,275
|
0.23
|
5,655
|
0.37
|
||||||||||||
Money market accounts
|
26,571
|
0.77
|
19,203
|
0.74
|
||||||||||||
Certificate of deposit accounts
|
115,791
|
1.67
|
96,334
|
1.70
|
||||||||||||
$
|
149,229
|
1.40
|
%
|
$
|
124,405
|
1.42
|
%
|
Years ending December 31:
|
||||
2016
|
$
|
38,503
|
||
2017
|
28,989
|
|||
2018
|
16,403
|
|||
2019
|
8,747
|
|||
2020
|
23,149
|
|||
$
|
115,791
|
Quaint Oak Bancorp, Inc.
|
At or For the Year
Ended December 31,
|
||||||||
2015
|
2014
|
|||||||
(Dollars in Thousands)
|
||||||||
FHLB short-term borrowings:
|
||||||||
Average balance outstanding
|
$
|
7,077
|
$
|
7,682
|
||||
Maximum amount outstanding at any
month-end during the period
|
8,000
|
11,500
|
||||||
Balance outstanding at end of period
|
6,000
|
7,000
|
||||||
Average interest rate during the period
|
0.35
|
%
|
0.27
|
%
|
||||
Weighted average interest rate at end of period
|
0.45
|
%
|
0.27
|
%
|
December 31, 2015
|
December 31, 2014
|
|||||||||||||||
Fixed rate borrowings maturing:
|
Amount
|
Weighted
Interest
Rate |
Amount
|
Weighted
Interest
Rate |
||||||||||||
2016
|
$
|
1,000
|
0.88
|
%
|
$
|
1,000
|
0.88
|
%
|
||||||||
2017
|
2,500
|
1.15
|
1,500
|
1.30
|
||||||||||||
2018
|
3,000
|
1.46
|
1,000
|
1.71
|
||||||||||||
2019
|
1,000
|
2.02
|
1,000
|
2.02
|
||||||||||||
Total FHLB long-term debt
|
$
|
7,500
|
1.35
|
%
|
$
|
4,500
|
1.46
|
%
|
Quaint Oak Bancorp, Inc.
|
2015 | 2014 | |||||||
(In Thousands) | ||||||||
Federal: | ||||||||
Current
|
$
|
731
|
$
|
836
|
||||
Deferred
|
(38
|
)
|
(164
|
)
|
||||
693
|
672
|
|||||||
State, current
|
30
|
22
|
||||||
$
|
723
|
$
|
694
|
2015 | 2014 | |||||||
(In Thousands) | ||||||||
Federal income tax at statutory rate
|
$
|
677
|
$
|
658
|
||||
State tax, net of federal benefit
|
20
|
13
|
||||||
Stock compensation expense
|
49
|
35
|
||||||
Other
|
(23
|
)
|
(12
|
)
|
||||
$
|
723
|
$
|
694
|
2015 | 2014 | |||||||
|
(In Thousands) | |||||||
Deferred tax assets: | ||||||||
Allowance for loan losses
|
$
|
446
|
$
|
390
|
||||
Stock-based compensation
|
35
|
39
|
||||||
Interest on non-accrual loans
|
2
|
17
|
||||||
Unrealized loss on investment securities available for sale
|
6
|
18
|
||||||
Deferred loan fees
|
176
|
167
|
||||||
Organization cost
|
2
|
3
|
||||||
Total deferred tax assets
|
667
|
634
|
Deferred tax liabilities:
|
||||||||
Bank premises and equipment
|
(138
|
)
|
(131
|
)
|
||||
Total deferred tax liabilities
|
(138
|
)
|
(131
|
)
|
||||
Net Deferred Tax Asset
|
$
|
529
|
$
|
503
|
Quaint Oak Bancorp, Inc.
|
2015
|
2014
|
|||||||
Allocated shares
|
139,219
|
124,790
|
||||||
Unreleased shares
|
82,961
|
97,390
|
||||||
Total ESOP shares
|
222,180
|
222,180
|
||||||
Fair value of unreleased shares (in thousands)
|
$
|
1,004
|
$
|
950
|
Quaint Oak Bancorp, Inc.
|
2015
|
2014
|
|||||||||||||||
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
|
41,966
|
$
|
8.09
|
53,000
|
$
|
8.06
|
||||||||||
Granted
|
--
|
--
|
--
|
--
|
||||||||||||
Vested
|
(10,582
|
)
|
8.06
|
(11,034
|
)
|
7.92
|
||||||||||
Forfeited
|
(600
|
)
|
8.10
|
--
|
--
|
|||||||||||
Unvested
at the end of the year
|
30,784
|
$
|
8.10
|
41,966
|
$
|
8.09
|
Quaint Oak Bancorp, Inc.
|
2015
|
2014
|
|||||||||||||||||||||||
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
|
369,140
|
$
|
6.30
|
5.7
|
369,140
|
$
|
6.30
|
6.5
|
||||||||||||||||
Granted
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Exercised
|
(13,434
|
)
|
5.00
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Forfeited
|
(1,440
|
)
|
8.10
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Outstanding at the end of the period
|
354,266
|
$
|
6.33
|
4.7
|
369,140
|
$
|
6.30
|
5.7
|
||||||||||||||||
Exercisable at the end of the period
|
261,866
|
$
|
5.71
|
2.4
|
245,618
|
$
|
5.39
|
3.3
|
Expected dividend yield
|
1.23%
|
Risk-free interest rate
|
5.00%
|
Expected life of options
|
5.0 years
|
Expected stock-price volatility
|
24.66%
|
Quaint Oak Bancorp, Inc.
|
2015 | 2014 | |||||||
(In Thousands ) | ||||||||
Commitments to originate loans
|
$
|
5,995
|
$
|
7,763
|
||||
Unfunded commitments under lines of credit
|
12,489
|
21,427
|
Year | Rental Amount | |||
(In Thousands) | ||||
2016
|
$
|
96
|
||
2017
|
71
|
|||
2018
|
69
|
|||
2019
|
74
|
|||
2020
|
72
|
|||
Thereafter
|
60
|
|||
$
|
442
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Actual |
For Capital Adequacy
Purposes
|
To be Well Capitalized
Under Prompt
Corrective Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
As of December 31, 2015:
|
||||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
$
|
18,953
|
15.76
|
%
|
$
|
≥ 8,418
|
≥8.00
|
%
|
$
|
≥10,523
|
≥10.00
|
%
|
||||||||||||
Tier 1 capital (to risk-weighted assets)
|
17,612
|
14.64
|
≥ 4,209
|
≥6.00
|
≥ 6,314
|
≥ 8.00
|
||||||||||||||||||
Common Equity Tier 1 capital (to risk-weighted assets
|
17,612
|
14.64
|
≥ 4,209
|
≥4.50
|
≥ 6,314
|
≥ 6.50
|
||||||||||||||||||
Tier 1 capital (to average assets)
|
17,612
|
9.84
|
≥ 6,028
|
≥4.00
|
≥ 7,535
|
≥ 5.00
|
Actual |
For Capital Adequacy
Purposes
|
To be Well Capitalized
Under Prompt
Corrective Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
As of December 31, 2014:
|
||||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
$
|
17,362
|
16.50
|
%
|
$
|
≥ 8,418
|
≥8.00
|
%
|
$
|
≥10,523
|
≥10.00
|
%
|
||||||||||||
Tier 1 capital (to risk-weighted assets)
|
16,187
|
15.38
|
≥ 4,209
|
≥4.00
|
≥ 6,314
|
≥ 6.00
|
||||||||||||||||||
Common Equity Tier 1 capital (to risk-
weighted assets
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
||||||||||||||||||
Tier 1 capital (to average assets)
|
16,187
|
10.74
|
≥ 6,028
|
≥4.00
|
≥ 7,535
|
≥ 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.
|
December 31, 2015
|
||||||||||||||||
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
|
||||||||||||||||
Governmental National Mortgage Association securities
|
$
|
1,990
|
$
|
--
|
$
|
1,990
|
$
|
--
|
||||||||
Federal Home Loan Mortgage Corporation securities
|
1,015
|
--
|
1,015
|
--
|
||||||||||||
Total investment securities available for sale
|
$
|
3,005
|
$
|
--
|
$
|
3,005
|
$
|
--
|
||||||||
Total recurring fair value measurements
|
$
|
3,005
|
$
|
--
|
$
|
3,005
|
$
|
--
|
||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$
|
1,151
|
$
|
--
|
$
|
--
|
$
|
1,151
|
||||||||
Other real estate owned
|
1,410
|
--
|
--
|
1,410
|
||||||||||||
Total nonrecurring fair value measurements
|
$
|
2,561
|
$
|
--
|
$
|
--
|
$
|
2,561
|
December 31, 2014
|
||||||||||||||||
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
|
||||||||||||||||
Short-term bond fund
|
$
|
1,180
|
$
|
1,180
|
$
|
--
|
$
|
--
|
||||||||
Limited-term bond fund
|
526
|
526
|
--
|
--
|
||||||||||||
Total investment securities available for sale
|
$
|
1,706
|
$
|
1,706
|
$
|
--
|
$
|
--
|
||||||||
Total recurring fair value measurements
|
$
|
1,706
|
$
|
1,706
|
$
|
--
|
$
|
--
|
||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$
|
3,387
|
$
|
--
|
$
|
--
|
$
|
3,387
|
||||||||
Other real estate owned
|
111
|
--
|
--
|
111
|
||||||||||||
Total nonrecurring fair value measurements
|
$
|
3,498
|
$
|
--
|
$
|
--
|
$
|
3,498
|
Quaint Oak Bancorp, Inc.
|
December 31, 2015
|
|||||||
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||
Total Fair
Value
|
Valuation
Techniques
|
Unobservable
Input
|
Range (Weighted
Average)
|
||||
Impaired loans
|
$1,151
|
Appraisal of
collateral
(1)
|
Appraisal
adjustments
(2)
|
0%-25% (3%)
|
|||
Other real estate owned
|
$1,410
|
Appraisal of
collateral
(1)
|
Appraisal
adjustments (
2)
|
0% -29% (5%)
|
December 31, 2014
|
|||||||
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||
Total Fair
Value
|
Valuation
Techniques
|
Unobservable
Input
|
Range (Weighted
Average)
|
||||
Impaired loans
|
$3,387
|
Appraisal of
collateral
(1)
|
Appraisal
adjustments
(2)
|
0%-33% (2%)
|
|||
Other real estate owned
|
$111
|
Appraisal of
collateral
(1)
|
Appraisal
adjustments (
2)
|
1% (1%)
|
(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.
|
Quaint Oak Bancorp, Inc.
|
Fair Value Measurements at
|
||||||||||||||||||||
December 31, 2015
|
||||||||||||||||||||
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
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
17,206
|
$
|
17,206
|
$
|
17,206
|
$
|
--
|
$
|
--
|
||||||||||
Investment in interest-earning time deposits
|
6,136
|
6,206
|
--
|
--
|
6,206
|
|||||||||||||||
Investment securities available for sale
|
3,005
|
3,005
|
--
|
3,005
|
--
|
|||||||||||||||
Loans held for sale
|
5,064
|
5,244
|
--
|
5,244
|
--
|
|||||||||||||||
Loans receivable, net
|
143,305
|
145,134
|
--
|
--
|
145,134
|
|||||||||||||||
Accrued interest receivable
|
983
|
983
|
983
|
--
|
--
|
|||||||||||||||
Investment in FHLB stock
|
618
|
618
|
618
|
--
|
--
|
|||||||||||||||
Bank-owned life insurance
|
3,638
|
3,638
|
3,638
|
--
|
--
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
149,229
|
150,644
|
33,438
|
--
|
117,206
|
|||||||||||||||
FHLB short-term borrowings
|
6,000
|
6,000
|
6,000
|
--
|
--
|
|||||||||||||||
FHLB long-term borrowings
|
7,500
|
7,479
|
--
|
--
|
7,479
|
|||||||||||||||
Accrued interest payable
|
123
|
123
|
123
|
--
|
--
|
|||||||||||||||
Fair Value Measurements at
|
||||||||||||||||||||
December 31, 2014
|
||||||||||||||||||||
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
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
13,937
|
$
|
13,937
|
$
|
13,937
|
$
|
--
|
$
|
--
|
||||||||||
Investment in interest-earning time deposits
|
6,660
|
6,723
|
--
|
--
|
6,723
|
|||||||||||||||
Investment securities available for sale
|
1,706
|
1,706
|
1,706
|
--
|
--
|
|||||||||||||||
Loans held for sale
|
2,556
|
2,664
|
--
|
2,664
|
--
|
|||||||||||||||
Loans receivable, net
|
123,331
|
123,419
|
--
|
--
|
123,419
|
|||||||||||||||
Accrued interest receivable
|
788
|
788
|
788
|
--
|
--
|
|||||||||||||||
Investment in FHLB stock
|
527
|
527
|
527
|
--
|
--
|
|||||||||||||||
Bank-owned life insurance
|
3,549
|
3,549
|
3,549
|
--
|
--
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
124,405
|
125,724
|
28,071
|
--
|
97,653
|
|||||||||||||||
FHLB short-term borrowings
|
7,000
|
7,000
|
7,000
|
--
|
--
|
|||||||||||||||
FHLB long-term borrowings
|
4,500
|
4,492
|
--
|
--
|
4,492
|
|||||||||||||||
Accrued interest payable
|
108
|
108
|
108
|
--
|
--
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
December 31,
|
||||||||
2015
|
2014
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
76
|
$
|
259
|
||||
Investment in Quaint Oak Bank
|
17,612
|
16,205
|
||||||
Premises and equipment, net
|
1,311
|
1,074
|
||||||
Other assets
|
50
|
50
|
||||||
Total Assets
|
$
|
19,049
|
$
|
17,588
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Other liabilities
|
$
|
13
|
$
|
13
|
||||
Stockholders' equity
|
19,036
|
17,575
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
19,049
|
$
|
17,588
|
For the Year Ended December 31,
|
||||||||
2015
|
2014
|
|||||||
Income
|
||||||||
Dividends from subsidiary
|
$
|
--
|
$
|
500
|
||||
Rental income
|
106
|
106
|
||||||
Total Income
|
106
|
606
|
||||||
Expenses
|
||||||||
Occupancy and equipment expense
|
99
|
78
|
||||||
Other expenses
|
95
|
79
|
||||||
Total Expenses
|
194
|
157
|
||||||
Net Income (Loss) Before Income Taxes
|
(88
|
)
|
449
|
|||||
Equity in Undistributed Net Income of Subsidiary
|
1,329
|
776
|
||||||
Income Tax Benefit
|
30
|
17
|
||||||
Net Income
|
$
|
1,271
|
$
|
1,242
|
||||
Comprehensive Income
|
$
|
1,295
|
$
|
1,224
|
Quaint Oak Bancorp, Inc.
|
For the Year Ended December 31,
|
||||||||
2015
|
2014
|
|||||||
Operating Activities
|
||||||||
Net income
|
$
|
1,271
|
$
|
1,242
|
||||
Adjustments to reconcile net income to net cash provided by
operating activities: |
||||||||
Undistributed net income in subsidiary
|
(1,329
|
)
|
(776
|
)
|
||||
Depreciation expense
|
27
|
23
|
||||||
Stock-based compensation expense
|
294
|
272
|
||||||
Increase in other assets
|
(54
|
)
|
(39
|
)
|
||||
Decrease in other liabilities
|
--
|
(7
|
)
|
|||||
Net cash provided by operating activities
|
209
|
715
|
||||||
Investing Activities
|
||||||||
Purchase of property and equipment
|
(264
|
)
|
(90
|
)
|
||||
Net cash used in investing activities
|
(264
|
)
|
(90
|
)
|
||||
Financing Activities
|
||||||||
Dividends paid
|
(239
|
)
|
(211
|
)
|
||||
Purchase of treasury stock
|
(10
|
)
|
(760
|
)
|
||||
Proceeds from the reissuance of treasury stock
|
54
|
64
|
||||||
Proceeds from the exercise of stock options
|
67
|
--
|
||||||
Net cash used in financing activities
|
(128
|
)
|
(907
|
)
|
||||
Net Decrease in Cash and Cash Equivalents
|
(183
|
)
|
(282
|
)
|
||||
Cash and Cash Equivalents-Beginning of Year
|
259
|
541
|
||||||
Cash and Cash Equivalents-End of Year
|
$
|
76
|
$
|
259
|
||||
1 Year Quaint Oak Bancorp (QB) Chart |
1 Month Quaint Oak Bancorp (QB) Chart |
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