As of September 30, 2024, Quaint Oak Bancorp, Inc. reported total assets of $701.6 million, reflecting a decrease of $52.5 million (7.0%) from $754.1 million at December 31, 2023. The company experienced a notable increase in cash and cash equivalents, which rose to $61.3 million, up from $58.0 million, marking a 5.8% increase. Loans held for sale surged significantly to $70.9 million, a 94.4% increase from $36.4 million at the end of 2023. Conversely, loans receivable, net of allowance for credit losses, decreased by $70.4 million (11.4%) to $547.3 million.

Total deposits also saw a decline, dropping by $48.3 million (7.6%) to $583.4 million, primarily due to decreases in interest-bearing and non-interest-bearing checking accounts. Federal Home Loan Bank borrowings increased by $9.8 million (33.9%) to $38.9 million.

For the three months ended September 30, 2024, Quaint Oak Bancorp reported total interest and dividend income of $10.5 million, down from $11.1 million in the same period of 2023. Net interest income for the quarter was $4.2 million, a decrease of 4.8% from $4.5 million in 2023. The decrease in interest income was attributed to a reduction in the average balance of loans receivable, despite a slight increase in the average yield on those loans. Total non-interest income increased by 18.4% to $1.2 million, driven by gains in loan sales and mortgage banking fees.

Net income for the three months ended September 30, 2024, was $243,000, a significant increase of $498,000 compared to a net loss of $255,000 in the same period of 2023. This improvement was largely due to decreased interest expenses and a reduction in losses from discontinued operations. For the nine months ended September 30, 2024, net income was $1.2 million, up from $878,000 in the prior year.

Total stockholders' equity increased by $2.9 million (6.0%) to $51.4 million, supported by private placement offerings and a decrease in noncontrolling interest from discontinued operations. The company also reported a significant increase in provisions for credit losses, reflecting a rise in non-performing loans.

Quaint Oak Bancorp continues to navigate a challenging economic environment, with strategic adjustments in its loan portfolio and a focus on enhancing non-interest income streams. The company remains well-capitalized, with capital ratios exceeding regulatory requirements.