Quaint Oak Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 31, 2013 at 10:11 pm
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Quaint Oak Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. Net income for the quarter ended December 31, 2012 was $190,000, or $0.21 per basic and diluted share, compared to $143,000, or $0.16 per basic and diluted share for the same period in 2011. Net interest income was $1,062,000 and income before income taxes was $301,000 against net interest income of $931,000 and income before income taxes of $232,000 a year ago. The increase in net income on a comparative quarterly basis was primarily the result of the increases in net interest income of $131,000 and non-interest income of $304,000, and a decrease in the provision for loan losses of $72,000, which were offset by an increase in non-interest expense of $438,000, and the provision for income taxes of $22,000.
Net income for the year ended December 31, 2012 was $981,000, or $1.10 per basic and diluted share compared to $528,000, or $0.60 per basic and diluted share for the same period in 2011. Net interest income was $4,116,000 and income before income taxes was $1,573,000 against net interest income of $3,621,000 and income before income taxes of $882,000 a year ago. This increase in net income was primarily the result of the increases in net interest income of $495,000 and non-interest income of $1.2 million, which were offset by increases in the provision for loan losses of $25,000, non-interest expense of $944,000, and the provision for income taxes of $238,000.
Quaint Oak Bancorp, Inc. is the holding company for Quaint Oak Bank. 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. Quaint Oak Bank originates loans to businesses for working capital, purchase of a business, tenant improvements, receivables, purchase of inventory and various others. In addition, Quaint Oak Bank offers mortgage banking, multi-state specialty commercial real estate financing and equipment financing, real estate sales, title abstract and insurance services through its subsidiary companies. Quaint Oak Bank serves its customers through its offices as well as through correspondence, telephone and on-line banking.