Quaint Oak Bancorp Inc Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 30, 2012 at 01:30 pm
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Quaint Oak Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net interest income of $931,000 compared to $937,000 last year. Net income of $143,000, or $0.16 per basic and diluted share compared to $206,000 or $0.22 per basic and diluted share for the same period in 2010. Income before income taxes was $232,000 compared to $343,000 last year. The decrease in net income on a comparative quarterly basis was primarily the result of a decrease in net interest income of $6,000, and increases in the provision for loan losses and non-interest expense of $24,000 and $101,000, respectively, offset by an increase in non-interest income of $20,000 and a decrease in the provision for income taxes of $48,000. The decrease in interest income was due primarily to a 40 basis point decrease in the overall yield on interest-earning assets from 5.82% for the three months ended December 31, 2010 to 5.42% for the same period in 2011. Interest income was $1,406,000 compared to $1,426,000 for the three months ended December 31, 2010.
For the full year, the company reported net interest income of $3,621,000 compared to $3,525,000 last year. Net income was $528,000, or $0.60 per basic and diluted share compared to $671,000 or $0.65 per basic and diluted share for the same period in 2010. Income before income taxes was $882,000 compared to $1,111,000 last year. The decrease in net income was primarily the result of a $308,000 increase in non-interest expense and a $23,000 increase in the provision for loan losses, offset by a $96,000 increase in net interest income, a $6,000 increase in non-interest income and an $86,000 decrease in the provision for income taxes. The increase in interest income was primarily attributable to the $6.7 million overall increase in the average balance of interest-earning assets which offset a 34 basis point decline in the overall yield on interest-earning assets, from 5.80% for the year ended December 31, 2010 to 5.46% for the year ended December 31, 2011. Interest income was $5,530,000 compared to $5,480,000 for the year ended December 31, 2010.
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.
QUAINT OAK BANCORP, INC. 
