UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
_______________________________ |
FORM |
(Amendment No. 1) |
(Mark One) |
[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, |
OR |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Commission file number: 000-52694 |
QUAINT OAK BANCORP, INC. |
(Exact Name of Registrant as Specified in Its Charter) |
Pennsylvania | 35-2293957 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
501 Knowles Avenue, Southampton, Pennsylvania 18966 |
(Address of Principal Executive Offices) |
(215) 364-4059 |
(Registrant's Telephone Number, Including Area Code) |
Not applicable |
(Former name, former address and former fiscal year, if changed since last report) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No | |
Indicate by check mark whether the registrant has submitted electronically [X] Yes [ ] No | |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, |
Large accelerated filer | [ ] | Accelerated filer | [ ] | |
Non-accelerated filer | [ ] | |||
Emerging growth company | [ ] | |||
Smaller reporting company | [X] | |||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ] | ||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | ||||
[ ] Yes [X] No | ||||
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of November 8, |
PART I - FINANCIAL INFORMATION | Page | |
Item 1 - Financial Statements | ||
Consolidated Balance Sheets as of September 30, | 1 | |
Consolidated Statements of Income for the Three and Nine Months Ended September 30, | 2 | |
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2018 and | 3 | |
Consolidated Statement of Stockholders' Equity for the Nine Months Ended September 30, | 4 | |
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, | 5 | |
Notes to Unaudited Consolidated Financial Statements | 6 | |
PART II - OTHER INFORMATION | ||
Item 6 - Exhibits | ||
SIGNATURES |
ITEM 1. FINANCIAL STATEMENTS |
Quaint Oak Bancorp, Inc. |
Consolidated Balance Sheets (Unaudited) |
At September 30, | At December 31, | At September 30, | At December 31, | ||||||||||||||||
2017 | 2016 | 2018 | 2017 | ||||||||||||||||
(In thousands, except share data) | (In thousands, except share data) | ||||||||||||||||||
Assets | Assets | Assets | |||||||||||||||||
Due from banks, non-interest-bearing | Due from banks, non-interest-bearing | $ | 547 | $ | 399 | Due from banks, non-interest-bearing | $ | 468 | $ | 64 | |||||||||
Due from banks, interest-bearing | Due from banks, interest-bearing | 7,682 | 8,901 | Due from banks, interest-bearing | 13,092 | 7,846 | |||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 8,229 | 9,300 | Cash and cash equivalents | 13,560 | 7,910 | |||||||||||||
Investment in interest-earning time deposits | Investment in interest-earning time deposits | 4,879 | 6,098 | Investment in interest-earning time deposits | 4,927 | 4,879 | |||||||||||||
Investment securities available for sale | Investment securities available for sale | 8,434 | 9,555 | Investment securities available for sale | 6,950 | 7,912 | |||||||||||||
Loans held for sale | Loans held for sale | 6,473 | 4,712 | Loans held for sale | 7,433 | 7,006 | |||||||||||||
Loans receivable, net of allowance for loan losses (2017 $1,735; 2016 $1,605) | 193,771 | 176,807 | |||||||||||||||||
Loans receivable, net of allowance for loan losses (2018 $1,898; 2017 $1,812) | Loans receivable, net of allowance for loan losses (2018 $1,898; 2017 $1,812) | 213,960 | 201,667 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 925 | 862 | Accrued interest receivable | 1,117 | 1,021 | |||||||||||||
Investment in Federal Home Loan Bank stock, at cost | Investment in Federal Home Loan Bank stock, at cost | 1,134 | 713 | Investment in Federal Home Loan Bank stock, at cost | 1,086 | 1,234 | |||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 3,793 | 3,728 | Bank-owned life insurance | 3,874 | 3,814 | |||||||||||||
Premises and equipment, net | Premises and equipment, net | 1,973 | 1,730 | Premises and equipment, net | 2,097 | 1,988 | |||||||||||||
Goodwill | Goodwill | 515 | 515 | Goodwill | 515 | 515 | |||||||||||||
Other intangible, net of accumulated amortization | Other intangible, net of accumulated amortization | 428 | 465 | Other intangible, net of accumulated amortization | 380 | 416 | |||||||||||||
Other real estate owned, net | Other real estate owned, net | 185 | 435 | Other real estate owned, net | 1,600 | - | |||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | 1,467 | 1,243 | Prepaid expenses and other assets | 1,436 | 1,234 | |||||||||||||
Total Assets | Total Assets | $ | 232,206 | $ | 216,163 | Total Assets | $ | 258,955 | $ | 239,596 | |||||||||
Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | |||||||||||||||||
Liabilities | Liabilities | Liabilities | |||||||||||||||||
Deposits: | Deposits: | Deposits: | |||||||||||||||||
Non-interest bearing | Non-interest bearing | $ | 7,713 | $ | 5,852 | Non-interest bearing | $ | 15,624 | $ | 7,956 | |||||||||
Interest-bearing | Interest-bearing | 174,685 | 171,155 | Interest-bearing | 193,375 | 178,265 | |||||||||||||
Total deposits | Total deposits | 182,398 | 177,007 | Total deposits | 208,999 | 186,221 | |||||||||||||
Federal Home Loan Bank short-term borrowings | Federal Home Loan Bank short-term borrowings | 11,500 | 7,000 | Federal Home Loan Bank short-term borrowings | 9,000 | 10,000 | |||||||||||||
Federal Home Loan Bank long-term borrowings | Federal Home Loan Bank long-term borrowings | 14,000 | 8,500 | Federal Home Loan Bank long-term borrowings | 15,000 | 18,000 | |||||||||||||
Accrued interest payable | Accrued interest payable | 147 | 142 | Accrued interest payable | 183 | 167 | |||||||||||||
Advances from borrowers for taxes and insurance | Advances from borrowers for taxes and insurance | 1,781 | 2,210 | Advances from borrowers for taxes and insurance | 1,811 | 2,423 | |||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 362 | 514 | Accrued expenses and other liabilities | 412 | 600 | |||||||||||||
Total Liabilities | Total Liabilities | 210,188 | 195,373 | Total Liabilities | 235,405 | 217,411 | |||||||||||||
Stockholders' Equity | Stockholders' Equity | Stockholders' Equity | |||||||||||||||||
Preferred stock – $0.01 par value, 1,000,000 shares authorized; none issued or outstanding | Preferred stock – $0.01 par value, 1,000,000 shares authorized; none issued or outstanding | - | - | 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; 1,914,486 and 1,891,150 outstanding at September 30, 2017 and December 31, 2016, respectively | 28 | 28 | |||||||||||||||||
Common stock – $0.01 par value; 9,000,000 shares | Common stock – $0.01 par value; 9,000,000 shares | ||||||||||||||||||
authorized; 2,777,250 issued; 1,991,623 and 1,920,024 outstanding at September 30, 2018 and December 31, 2017, respectively | authorized; 2,777,250 issued; 1,991,623 and 1,920,024 outstanding at September 30, 2018 and December 31, 2017, respectively | 28 | 28 | ||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 14,415 | 14,240 | Additional paid-in capital | 14,604 | 14,481 | |||||||||||||
Treasury stock, at cost: 2017 862,764 shares; 2016 886,100 shares | (4,689 | ) | (4,611 | ) | |||||||||||||||
Treasury stock, at cost: 2018 785,627 shares; 2017 857,226 shares | Treasury stock, at cost: 2018 785,627 shares; 2017 857,226 shares | (4,621 | ) | (4,675 | ) | ||||||||||||||
Unallocated common stock held by: | Unallocated common stock held by: | Unallocated common stock held by: | |||||||||||||||||
Employee Stock Ownership Plan (ESOP) | Employee Stock Ownership Plan (ESOP) | (270 | ) | (320 | ) | Employee Stock Ownership Plan (ESOP) | (202 | ) | (253 | ) | |||||||||
Recognition & Retention Plan Trust (RRP) | Recognition & Retention Plan Trust (RRP) | (24 | ) | (47 | ) | Recognition & Retention Plan Trust (RRP) | - | (24 | ) | ||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (1 | ) | (38 | ) | Accumulated other comprehensive loss | (11 | ) | (15 | ) | |||||||||
Retained earnings | Retained earnings | 12,559 | 11,538 | Retained earnings | 13,752 | 12,643 | |||||||||||||
Total Stockholders' Equity | Total Stockholders' Equity | 22,018 | 20,790 | Total Stockholders' Equity | 23,550 | 22,185 | |||||||||||||
Total Liabilities and Stockholders' Equity | Total Liabilities and Stockholders' Equity | $ | 232,206 | $ | 216,163 | Total Liabilities and Stockholders' Equity | $ | 258,955 | $ | 239,596 |
Quaint Oak Bancorp, Inc. |
Consolidated Statements of Income (Unaudited) |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(In thousands, except share data) | ||||||||||||||||
Interest Income | ||||||||||||||||
Interest and fees on loans | $ | 2,932 | $ | 2,577 | $ | 8,490 | $ | 7,530 | ||||||||
Interest and dividends on investment securities and interest-bearing deposits with others | 181 | 96 | 457 | 262 | ||||||||||||
Total Interest Income | 3,113 | 2,673 | 8,947 | 7,792 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 856 | 685 | 2,384 | 1,987 | ||||||||||||
Interest on Federal Home Loan Bank short-term borrowings | 57 | 32 | 142 | 68 | ||||||||||||
Interest on Federal Home Loan Bank long-term borrowings | 88 | 68 | 270 | 139 | ||||||||||||
Total Interest Expense | 1,001 | 785 | 2,796 | 2,194 | ||||||||||||
Net Interest Income | 2,112 | 1,888 | 6,151 | 5,598 | ||||||||||||
Provision for Loan Losses | 183 | 83 | 348 | 189 | ||||||||||||
Net Interest Income after Provision for Loan Losses | 1,929 | 1,805 | 5,803 | 5,409 | ||||||||||||
Non-Interest Income | ||||||||||||||||
Mortgage banking and title abstract fees | 273 | 229 | 600 | 487 | ||||||||||||
Other fees and services charges | 32 | 5 | 150 | 49 | ||||||||||||
Insurance commissions | 101 | 90 | 283 | 256 | ||||||||||||
Income from bank-owned life insurance | 19 | 21 | 60 | 65 | ||||||||||||
Net gain on loans held for sale | 673 | 687 | 1,579 | 1,511 | ||||||||||||
Gain on sale of SBA loans | 82 | 32 | 105 | 48 | ||||||||||||
Gain (loss) on sales and write-downs of other real estate owned | - | - | 63 | (63 | ) | |||||||||||
Other | 41 | 32 | 143 | 61 | ||||||||||||
Total Non-Interest Income | 1,221 | 1,096 | 2,983 | 2,414 | ||||||||||||
Non-Interest Expense | ||||||||||||||||
Salaries and employee benefits | 1,569 | 1,324 | 4,858 | 3,994 | ||||||||||||
Directors' fees and expenses | 54 | 52 | 148 | 154 | ||||||||||||
Occupancy and equipment | 150 | 137 | 446 | 427 | ||||||||||||
Data processing | 108 | 86 | 287 | 219 | ||||||||||||
Professional fees | 108 | 105 | 291 | 289 | ||||||||||||
FDIC deposit insurance assessment | 47 | 44 | 140 | 131 | ||||||||||||
Other real estate owned expense | 8 | 4 | 10 | 12 | ||||||||||||
Advertising | 53 | 39 | 161 | 117 | ||||||||||||
Amortization of other intangible | 12 | 13 | 36 | 37 | ||||||||||||
Other | 166 | 144 | 486 | 447 | ||||||||||||
Total Non-Interest Expense | 2,275 | 1,948 | 6,863 | 5,827 | ||||||||||||
Income before Income Taxes | 875 | 953 | 1,923 | 1,996 | ||||||||||||
Income Taxes | 217 | 358 | 442 | 706 | ||||||||||||
Net Income | $ | 658 | $ | 595 | $ | 1,481 | $ | 1,290 | ||||||||
Earnings per share - basic | $ | 0.34 | $ | 0.32 | $ | 0.77 | $ | 0.69 | ||||||||
Average shares outstanding - basic | 1,945,553 | 1,868,969 | 1,916,817 | 1,857,682 | ||||||||||||
Earnings per share - diluted | $ | 0.33 | $ | 0.30 | $ | 0.75 | $ | 0.65 | ||||||||
Average shares outstanding - diluted | 2,016,537 | 2,007,819 | 1,978,517 | 1,998,138 |
Quaint Oak Bancorp, Inc. |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(In thousands, except for share data) | ||||||||||||||||
Interest Income | ||||||||||||||||
Interest on loans | $ | 2,577 | $ | 2,213 | $ | 7,530 | $ | 6,497 | ||||||||
Interest and dividends on short-term investments and investment securities | 96 | 96 | 262 | 244 | ||||||||||||
Total Interest Income | 2,673 | 2,309 | 7,792 | 6,741 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 685 | 638 | 1,987 | 1,774 | ||||||||||||
Interest on Federal Home Loan Bank borrowings | 100 | 34 | 207 | 100 | ||||||||||||
Total Interest Expense | 785 | 672 | 2,194 | 1,874 | ||||||||||||
Net Interest Income | 1,888 | 1,637 | 5,598 | 4,867 | ||||||||||||
Provision for Loan Losses | 83 | 61 | 189 | 172 | ||||||||||||
Net Interest Income after Provision for Loan Losses | 1,805 | 1,576 | 5,409 | 4,695 | ||||||||||||
Non-Interest Income | ||||||||||||||||
Mortgage banking and title abstract fees | 229 | 129 | 487 | 409 | ||||||||||||
Other fees and services charges | 5 | (20 | ) | 49 | 32 | |||||||||||
Insurance commissions | 90 | 60 | 256 | 60 | ||||||||||||
Income from bank-owned life insurance | 21 | 23 | 65 | 67 | ||||||||||||
Net gain on the sale of residential mortgage loans | 687 | 531 | 1,511 | 1,289 | ||||||||||||
Gain on sale of SBA loans | 32 | 51 | 48 | 108 | ||||||||||||
Loss on sales and write-downs on other real estate owned | - | (54 | ) | (63 | ) | (126 | ) | |||||||||
Other | 32 | 13 | 61 | 36 | ||||||||||||
Total Non-Interest Income | 1,096 | 733 | 2,414 | 1,875 | ||||||||||||
Non-Interest Expense | ||||||||||||||||
Salaries and employee benefits | 1,324 | 1,132 | 3,994 | 3,321 | ||||||||||||
Directors' fees and expenses | 52 | 48 | 154 | 155 | ||||||||||||
Occupancy and equipment | 137 | 143 | 427 | 413 | ||||||||||||
Data processing | 86 | 52 | 219 | 137 | ||||||||||||
Professional fees | 105 | 94 | 289 | 291 | ||||||||||||
FDIC deposit insurance assessment | 44 | 35 | 131 | 103 | ||||||||||||
Other real estate owned expense | 4 | 13 | 12 | 32 | ||||||||||||
Advertising | 39 | 23 | 117 | 84 | ||||||||||||
Amortization of other intangible | 13 | 8 | 37 | 8 | ||||||||||||
Other | 144 | 109 | 447 | 333 | ||||||||||||
Total Non-Interest Expense | 1,948 | 1,657 | 5,827 | 4,877 | ||||||||||||
Income before Income Taxes | 953 | 652 | 1,996 | 1,693 | ||||||||||||
Income Taxes | 358 | 250 | 706 | 650 | ||||||||||||
Net Income | $ | 595 | $ | 402 | $ | 1,290 | $ | 1,043 | ||||||||
Earnings per share - basic | $ | 0.32 | $ | 0.22 | $ | 0.69 | $ | 0.59 | ||||||||
Average shares outstanding - basic | 1,868,969 | 1,792,673 | 1,857,682 | 1,774,343 | ||||||||||||
Earnings per share - diluted | $ | 0.30 | $ | 0.21 | $ | 0.65 | $ | 0.54 | ||||||||
Average shares outstanding - diluted | 2,007,819 | 1,950,413 | 1,998,138 | 1,935,757 |
Consolidated Statements of Comprehensive Income (Unaudited) |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(In thousands) | ||||||||||||||||
Net Income | $ | 595 | $ | 402 | $ | 1,290 | $ | 1,043 | ||||||||
Other Comprehensive Income (Loss): | ||||||||||||||||
Unrealized gains (losses) on investment securities available-for-sale | 11 | (5 | ) | 56 | 15 | |||||||||||
Income tax effect | (4 | ) | 2 | (19 | ) | (5 | ) | |||||||||
Other comprehensive income (loss) | 7 | (3 | ) | 37 | 10 | |||||||||||
Total Comprehensive Income | $ | 602 | $ | 399 | $ | 1,327 | $ | 1,053 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(In thousands) | ||||||||||||||||
Net Income | $ | 658 | $ | 595 | $ | 1,481 | $ | 1,290 | ||||||||
Other Comprehensive Income (Loss): | ||||||||||||||||
Unrealized gains (losses) on investment securities available-for-sale | (9 | ) | 11 | 5 | 56 | |||||||||||
Income tax effect | 2 | (4 | ) | (1 | ) | (19 | ) | |||||||||
Other comprehensive income (loss) | (7 | ) | 7 | 4 | 37 | |||||||||||
Total Comprehensive Income | $ | 651 | $ | 602 | $ | 1,485 | $ | 1,327 |
Quaint Oak Bancorp, Inc. |
Consolidated Statements of Stockholders' Equity (Unaudited) |
For the Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||
Unallocated | ||||||||||||||||||||||||||||||||
Common Stock | Common | Accumulated | ||||||||||||||||||||||||||||||
Number of | Additional | Stock Held | Other | Total | ||||||||||||||||||||||||||||
Shares | Paid-in | Treasury | by Benefit | Comprehensive | Retained | Stockholders' | ||||||||||||||||||||||||||
Outstanding | Amount | Capital | Stock | Plans | Income (Loss) | Earnings | Equity | |||||||||||||||||||||||||
(In thousands, except share data) | ||||||||||||||||||||||||||||||||
BALANCE –DECEMBER 31, 2016 | 1,891,150 | $ | 28 | $ | 14,240 | $ | (4,611 | ) | $ | (367 | ) | $ | (38 | ) | $ | 11,538 | $ | 20,790 | ||||||||||||||
Common stock allocated by ESOP | 87 | 51 | 138 | |||||||||||||||||||||||||||||
Treasury stock purchase | (27,363 | ) | (341 | ) | (341 | ) | ||||||||||||||||||||||||||
Reissuance of treasury stock under 401(k) Plan | 6,502 | 49 | 34 | 83 | ||||||||||||||||||||||||||||
Reissuance of treasury stock under stock incentive plan | 5,397 | (28 | ) | 28 | - | |||||||||||||||||||||||||||
Reissuance of treasury stock for exercised stock options | 38,800 | (8 | ) | 201 | 193 | |||||||||||||||||||||||||||
Stock based compensation expense | 97 | 97 | ||||||||||||||||||||||||||||||
Release of 4,864 vested RRP shares | (22 | ) | 22 | - | ||||||||||||||||||||||||||||
Cash dividends declared ($0.14 per share) | (269 | ) | (269 | ) | ||||||||||||||||||||||||||||
Net income | 1,290 | 1,290 | ||||||||||||||||||||||||||||||
Other comprehensive income, net | 37 | 37 | ||||||||||||||||||||||||||||||
BALANCE – SEPTEMBER 30, 2017 | 1,914,486 | $ | 28 | $ | 14,415 | $ | (4,689 | ) | $ | (294 | ) | $ | (1 | ) | $ | 12,559 | $ | 22,018 |
For the Nine Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||
Unallocated | ||||||||||||||||||||||||||||||||
Common Stock | Common | Accumulated | ||||||||||||||||||||||||||||||
Number of | Additional | Stock Held | Other | Total | ||||||||||||||||||||||||||||
Shares | Paid-in | Treasury | by Benefit | Comprehensive | Retained | Stockholders' | ||||||||||||||||||||||||||
Outstanding | Amount | Capital | Stock | Plans | Loss | Earnings | Equity | |||||||||||||||||||||||||
(In thousands, except share data) | ||||||||||||||||||||||||||||||||
BALANCE –DECEMBER 31, 2017 | 1,920,024 | $ | 28 | $ | 14,481 | $ | (4,675 | ) | $ | (277 | ) | $ | (15 | ) | $ | 12,643 | $ | 22,185 | ||||||||||||||
Common stock allocated by ESOP (10,821 shares) | 94 | 51 | 145 | |||||||||||||||||||||||||||||
Treasury stock purchase | (44,311 | ) | (588 | ) | 2 | (586 | ) | |||||||||||||||||||||||||
Reissuance of treasury stock under 401(k) Plan | 4,069 | 31 | 23 | 54 | ||||||||||||||||||||||||||||
Reissuance of treasury stock under stock incentive plan | 4,997 | (28 | ) | 28 | - | |||||||||||||||||||||||||||
Reissuance of treasury stock for exercised stock options | 106,844 | (57 | ) | 591 | 534 | |||||||||||||||||||||||||||
Stock based compensation expense | 105 | 105 | ||||||||||||||||||||||||||||||
Release of 4,664 vested RRP shares | (22 | ) | 22 | - | ||||||||||||||||||||||||||||
Cash dividends declared ($0.19 per share) | (372 | ) | (372 | ) | ||||||||||||||||||||||||||||
Net income | 1,481 | 1,481 | ||||||||||||||||||||||||||||||
Other comprehensive income, net | 4 | 4 | ||||||||||||||||||||||||||||||
BALANCE –SEPTEMBER 30, 2018 | 1,991,623 | $ | 28 | $ | 14,604 | $ | (4,621 | ) | $ | (202 | ) | $ | (11 | ) | $ | 13,752 | $ | 23,550 |
Quaint Oak Bancorp, Inc. |
Consolidated Statements of Cash Flows (Unaudited) |
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2018 | 2017 | |||||||||||||
(In thousands) | (In Thousands) | |||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||
Net income | $ | 1,290 | $ | 1,043 | $ | 1,481 | $ | 1,290 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Provision for loan losses | 189 | 172 | 348 | 189 | ||||||||||||
Depreciation expense | 121 | 140 | 153 | 121 | ||||||||||||
Amortization of intangibles | 37 | 8 | 36 | 37 | ||||||||||||
Net amortization of securities premiums | 15 | 14 | 15 | 15 | ||||||||||||
Accretion of deferred loan fees and costs, net | (253 | ) | (227 | ) | (269 | ) | (253 | ) | ||||||||
Stock-based compensation expense | 235 | 225 | 250 | 235 | ||||||||||||
Net gain on the sale of loans | (1,511 | ) | (1,289 | ) | ||||||||||||
Net gain on loans held for sale | (1,579 | ) | (1,511 | ) | ||||||||||||
Loans held for sale-originations | (80,537 | ) | (62,106 | ) | ||||||||||||
Loans held for sale-proceeds | 81,689 | 61,856 | ||||||||||||||
Gain on the sale of SBA loans | (48 | ) | (108 | ) | (105 | ) | (48 | ) | ||||||||
Net loss on sale and write-downs of other real estate owned | 63 | 126 | ||||||||||||||
Net (gain) loss on sale and write-downs of other real estate owned | (63 | ) | 63 | |||||||||||||
Increase in the cash surrender value of bank-owned life insurance | (65 | ) | (67 | ) | (60 | ) | (65 | ) | ||||||||
Changes in assets and liabilities which provided (used) cash: | ||||||||||||||||
Loans held for sale-originations | (62,106 | ) | (47,942 | ) | ||||||||||||
Loans held for sale-proceeds | 61,856 | 50,048 | ||||||||||||||
Accrued interest receivable | (63 | ) | 51 | (96 | ) | (63 | ) | |||||||||
Prepaid expenses and other assets | (243 | ) | (166 | ) | (203 | ) | (243 | ) | ||||||||
Accrued interest payable | 5 | 13 | 16 | 5 | ||||||||||||
Accrued expenses and other liabilities | (152 | ) | 45 | (188 | ) | (152 | ) | |||||||||
Net Cash Provided by (Used in) Operating Activities | (630 | ) | 2,086 | 888 | (630 | ) | ||||||||||
Cash Flows from Investing Activities | ||||||||||||||||
Net decrease in investment in interest-earning time deposits | 1,219 | 73 | ||||||||||||||
Purchase of investment securities available for sale | - | (7,833 | ) | |||||||||||||
Purchase of interest-earning time deposits | (809 | ) | (1,630 | ) | ||||||||||||
Redemption of interest-earning time deposits | 761 | 2,849 | ||||||||||||||
Principal repayments of investment securities available for sale | 1,162 | 784 | 952 | 1,162 | ||||||||||||
Net increase in loans receivable | (16,852 | ) | (18,159 | ) | (13,828 | ) | (16,852 | ) | ||||||||
Net increase (decrease) in investment in Federal Home Loan Bank stock | (421 | ) | 25 | |||||||||||||
Redemption (purchase) of Federal Home Loan Bank stock | 148 | (421 | ) | |||||||||||||
Proceeds from the sale of other real estate owned | 210 | 844 | 63 | 210 | ||||||||||||
Capitalized expenditures on other real estate owned | (23 | ) | (280 | ) | (59 | ) | (23 | ) | ||||||||
Purchase of premises and equipment | (364 | ) | (50 | ) | (262 | ) | (364 | ) | ||||||||
Purchase of insurance agency | - | (1,000 | ) | |||||||||||||
Net Cash Used in Investing Activities | (15,069 | ) | (25,596 | ) | (13,034 | ) | (15,069 | ) | ||||||||
Cash Flows from Financing Activities | ||||||||||||||||
Net increase in demand deposits and savings accounts | 43 | 3,273 | ||||||||||||||
Net increase in demand deposits, money markets, and savings accounts | 5,878 | 43 | ||||||||||||||
Net increase in certificate accounts | 5,348 | 22,149 | 16,900 | 5,348 | ||||||||||||
Net proceeds from Federal Home Loan Bank short-term borrowings | 4,500 | - | ||||||||||||||
Decrease in advances from borrowers for taxes and insurance | (612 | ) | (429 | ) | ||||||||||||
Net (repayments) proceeds from Federal Home Loan Bank short-term borrowings | (1,000 | ) | 4,500 | |||||||||||||
Proceeds from Federal Home Loan Bank long-term borrowings | 8,000 | - | - | 8,000 | ||||||||||||
Repayment of Federal Home Loan Bank long-term borrowings | (2,500 | ) | (1,000 | ) | (3,000 | ) | (2,500 | ) | ||||||||
Dividends paid | (269 | ) | (218 | ) | (372 | ) | (269 | ) | ||||||||
Purchase of treasury stock | (341 | ) | (13 | ) | (586 | ) | (341 | ) | ||||||||
Proceeds from the reissuance of treasury stock | 83 | 82 | 54 | 83 | ||||||||||||
Proceeds from the exercise of stock options | 193 | 133 | 534 | 193 | ||||||||||||
Decrease in advances from borrowers for taxes and insurance | (429 | ) | (422 | ) | ||||||||||||
Net Cash Provided by Financing Activities | 14,628 | 23,984 | 17,796 | 14,628 | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (1,071 | ) | 474 | 5,650 | (1,071 | ) | ||||||||||
Cash and Cash Equivalents – Beginning of Period | 9,300 | 17,206 | ||||||||||||||
Cash and Cash Equivalents – End of Period | $ | 8,229 | $ | 17,680 | ||||||||||||
Cash and Cash Equivalents – Beginning of Year | 7,910 | 9,300 | ||||||||||||||
Cash and Cash Equivalents – End of Year | $ | 13,560 | $ | 8,229 | ||||||||||||
Cash payments for interest | $ | 2,189 | $ | 1,861 | $ | 2,780 | $ | 2,189 | ||||||||
Cash payments for income taxes | $ | 789 | $ | 560 | $ | 321 | $ | 789 | ||||||||
Transfer of loans to other real estate owned | $ | 1,541 | $ | - |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||
Net Income | $ | 595,000 | $ | 402,000 | $ | 1,290,000 | $ | 1,043,000 | $ | 658,000 | $ | 595,000 | $ | 1,481,000 | $ | 1,290,000 | ||||||||||||||||
Weighted average shares outstanding – basic | 1,868,969 | 1,792,673 | 1,857,682 | 1,774,343 | 1,945,553 | 1,868,969 | 1,916,817 | 1,857,682 | ||||||||||||||||||||||||
Effect of dilutive common stock equivalents | 138,850 | 157,740 | 140,456 | 161,414 | 70,984 | 138,850 | 61,700 | 140,456 | ||||||||||||||||||||||||
Adjusted weighted average shares outstanding – diluted | 2,007,819 | 1,950,413 | 1,998,138 | 1,935,757 | 2,016,537 | 2,007,819 | 1,978,517 | 1,998,138 | ||||||||||||||||||||||||
Basic earnings per share | $ | 0.32 | $ | 0.22 | $ | 0.69 | $ | 0.59 | $ | 0.34 | $ | 0.32 | $ | 0.77 | $ | 0.69 | ||||||||||||||||
Diluted earnings per share | $ | 0.30 | $ | 0.21 | $ | 0.65 | $ | 0.54 | $ | 0.33 | $ | 0.30 | $ | 0.75 | $ | 0.65 |
Unrealized Gains (Losses) on Investment Securities Available for Sale (1) | Unrealized Gains (Losses) on Investment Securities Available for Sale (1) | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||
Balance at the beginning of the period | $ | (8 | ) | $ | 1 | $ | (38 | ) | $ | (12 | ) | $ | (4 | ) | $ | (8 | ) | $ | (15 | ) | $ | (38 | ) | |||||||||
Other comprehensive income (loss) before classifications | 7 | (3 | ) | 37 | 10 | (7 | ) | 7 | 4 | 37 | ||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive income (loss) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total other comprehensive income (loss) | 7 | (3 | ) | 37 | 10 | (7 | ) | 7 | 4 | 37 | ||||||||||||||||||||||
Balance at the end of the period | $ | (1 | ) | $ | (2 | ) | $ | (1 | ) | $ | (2 | ) | $ | (11 | ) | $ | (1 | ) | $ | (11 | ) | $ | (1 | ) |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2017 | December 31, 2016 | September 30, 2018 | December 31, 2017 | |||||||||||||
Investment in interest-earning time deposits | ||||||||||||||||
Due in one year or less | $ | 761 | $ | 2,849 | $ | 1,604 | $ | 761 | ||||||||
Due after one year through five years | 4,118 | 3,249 | 3,323 | 4,118 | ||||||||||||
Total | $ | 4,879 | $ | 6,098 | $ | 4,927 | $ | 4,879 |
September 30, 2017 | September 30, 2018 | |||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Governmental National Mortgage Association securities | $ | 5,884 | $ | 20 | $ | - | $ | 5,904 | $ | 5,002 | $ | 29 | $ | (1 | ) | $ | 5,030 | |||||||||||||||
Federal Home Loan Mortgage Corporation securities | 1,605 | - | (15 | ) | 1,590 | 1,208 | - | (36 | ) | 1,172 | ||||||||||||||||||||||
Federal National Mortgage Association securities | 586 | - | (3 | ) | 583 | 394 | - | (1 | ) | 393 | ||||||||||||||||||||||
Total mortgage-backed securities | 8,075 | 20 | (18 | ) | 8,077 | 6,604 | 29 | (38 | ) | 6,595 | ||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||
U.S. government agency | 360 | - | (3 | ) | 357 | 360 | - | (5 | ) | 355 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 8,435 | $ | 20 | $ | (21 | ) | $ | 8,434 | |||||||||||||||||||||||
Total available-for-sale-securities | $ | 6,964 | $ | 29 | $ | (43 | ) | $ | 6,950 |
December 31, 2016 | December 31, 2017 | |||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Governmental National Mortgage Association securities | $ | 6,608 | $ | 1 | $ | (19 | ) | $ | 6,590 | $ | 5,624 | $ | 19 | $ | - | $ | 5,643 | |||||||||||||||
Federal Home Loan Mortgage Corporation securities | 1,892 | - | (21 | ) | 1,871 | 1,377 | - | (35 | ) | 1,342 | ||||||||||||||||||||||
Federal National Mortgage Association securities | 752 | - | (12 | ) | 740 | 570 | - | - | 570 | |||||||||||||||||||||||
Total mortgage-backed securities | 9,252 | 1 | (52 | ) | 9,201 | 7,571 | 19 | (35 | ) | 7,555 | ||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||
U.S. government agency | 360 | - | (6 | ) | 354 | 360 | - | (3 | ) | 357 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 9,612 | $ | 1 | $ | (58 | ) | $ | 9,555 | |||||||||||||||||||||||
Total available-for-sale-securities | $ | 7,931 | $ | 19 | $ | (38 | ) | $ | 7,912 |
Available for Sale | ||||||||
Amortized Cost | Fair Value | |||||||
Debt securities | ||||||||
Due after one year through five years | $ | 360 | $ | 357 | ||||
Due after ten years | 8,075 | 8,077 | ||||||
Total | $ | 8,435 | $ | 8,434 |
Available for Sale | ||||||||
Amortized Cost | Fair Value | |||||||
Debt securities | ||||||||
Due after one year through five years | $ | 360 | $ | 355 | ||||
Due after ten years | 6,604 | 6,595 | ||||||
Total | $ | 6,964 | $ | 6,950 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2017 | September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | 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 | Number of Securities | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||
Governmental National Mortgage Association mortgage-backed securities | 2 | $ | 646 | $ | (1 | ) | $ | - | $ | - | $ | 646 | $ | (1 | ) | |||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation mortgage-backed securities | 2 | $ | 768 | $ | (8 | ) | $ | 822 | $ | (7 | ) | $ | 1,590 | $ | (15 | ) | 2 | - | - | 1,172 | (36 | ) | 1,172 | (36 | ) | |||||||||||||||||||||||||||||||
Federal National Mortgage Association mortgage-backed securities | 1 | - | - | 583 | (3 | ) | 583 | (3 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Federal National Mortgage Association securities | Federal National Mortgage Association securities | 1 | 393 | (1 | ) | - | - | 393 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Debt securities, U.S. government agency | 1 | - | - | 357 | (3 | ) | 357 | (3 | ) | 1 | - | - | 355 | (5 | ) | 355 | (5 | ) | ||||||||||||||||||||||||||||||||||||||
Total | 4 | $ | 768 | $ | (8 | ) | $ | 1,762 | $ | (13 | ) | $ | 2,530 | $ | (21 | ) | 6 | $ | 1,039 | $ | (2 | ) | $ | 1,527 | $ | (41 | ) | $ | 2,566 | $ | (43 | ) |
December 31, 2016 | December 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | 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 | Number of Securities | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||
Governmental National Mortgage Association mortgage-backed securities | 8 | $ | 5,874 | $ | (19 | ) | $ | - | $ | - | $ | 5,874 | $ | (19 | ) | |||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation mortgage-backed securities | 2 | 1,871 | (21 | ) | - | - | 1,871 | (21 | ) | 2 | $ | - | $ | - | $ | 1,342 | $ | (35 | ) | $ | 1,342 | $ | (35 | ) | ||||||||||||||||||||||||||||||||
Federal National Mortgage Association mortgage-backed securities | 1 | 740 | (12 | ) | - | - | 740 | (12 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Debt securities, U.S. government agency | 1 | 354 | (6 | ) | - | - | 354 | (6 | ) | 1 | - | - | 357 | (3 | ) | 357 | (3 | ) | ||||||||||||||||||||||||||||||||||||||
Total | 12 | $ | 8,839 | $ | (58 | ) | $ | - | $ | - | $ | 8,839 | $ | (58 | ) | 3 | $ | - | $ | - | $ | 1,699 | $ | (38 | ) | $ | 1,699 | $ | (38 | ) |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2017 | December 31, 2016 | September 30, 2018 | December 31, 2017 | |||||||||||||
Real estate loans: | ||||||||||||||||
One-to-four family residential: | ||||||||||||||||
Owner occupied | $ | 5,434 | $ | 5,389 | $ | 6,773 | $ | 5,681 | ||||||||
Non-owner occupied | 52,501 | 51,893 | 46,907 | 51,833 | ||||||||||||
Total one-to-four family residential | 57,935 | 57,282 | 53,680 | 57,514 | ||||||||||||
Multi-family (five or more) residential | 20,326 | 14,641 | 24,774 | 21,715 | ||||||||||||
Commercial real estate | 86,800 | 77,730 | 102,352 | 92,234 | ||||||||||||
Construction | 15,387 | 15,355 | 10,798 | 15,632 | ||||||||||||
Home equity | 4,201 | 4,775 | 4,485 | 5,129 | ||||||||||||
Total real estate loans | 184,649 | 169,783 | 196,089 | 192,224 | ||||||||||||
Commercial business | 11,571 | 9,295 | 20,527 | 11,954 | ||||||||||||
Other consumer | 43 | 26 | 119 | 138 | ||||||||||||
Total Loans | 196,263 | 179,104 | 216,735 | 204,316 | ||||||||||||
Deferred loan fees and costs | (757 | ) | (692 | ) | (857 | ) | (837 | ) | ||||||||
Allowance for loan losses | (1,735 | ) | (1,605 | ) | (1,898 | ) | (1,812 | ) | ||||||||
Net Loans | $ | 193,771 | $ | 176,807 | $ | 213,980 | $ | 201,667 |
September 30, 2017 | September 30, 2018 | |||||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 5,434 | $ | - | $ | - | $ | - | $ | 5,434 | $ | 6,356 | $ | - | $ | 417 | $ | - | $ | 6,773 | ||||||||||||||||||||
One-to-four family residential non-owner occupied | 51,963 | - | 538 | - | 52,501 | 46,598 | 309 | - | - | 46,907 | ||||||||||||||||||||||||||||||
Multi-family residential | 20,326 | - | - | - | 20,326 | 24,774 | - | - | - | 24,774 | ||||||||||||||||||||||||||||||
Commercial real estate | 85,716 | 117 | 967 | - | 86,800 | 100,789 | 1,563 | - | - | 102,352 | ||||||||||||||||||||||||||||||
Construction | 13,318 | - | 2,069 | - | 15,387 | 10,798 | - | - | - | 10,798 | ||||||||||||||||||||||||||||||
Home equity | 4,201 | - | - | - | 4,201 | 4,485 | - | - | - | 4,485 | ||||||||||||||||||||||||||||||
Commercial business | 11,535 | 36 | - | - | 11,571 | 20,022 | 80 | 425 | - | 20,527 | ||||||||||||||||||||||||||||||
Other consumer | 43 | - | - | - | 43 | 119 | - | - | - | 119 | ||||||||||||||||||||||||||||||
Total | $ | 192,536 | $ | 153 | $ | 3,574 | $ | - | $ | 196,263 | $ | 213,941 | $ | 1,952 | $ | 842 | $ | - | $ | 216,735 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
December 31, 2016 | December 31, 2017 | |||||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 5,389 | $ | - | $ | - | $ | - | $ | 5,389 | $ | 5,258 | $ | 423 | $ | - | $ | - | $ | 5,681 | ||||||||||||||||||||
One-to-four family residential non-owner occupied | 50,864 | 122 | 907 | - | 51,893 | 51,372 | 29 | 432 | - | 51,833 | ||||||||||||||||||||||||||||||
Multi-family residential | 14,641 | - | - | - | 14,641 | 21,715 | - | - | - | 21,715 | ||||||||||||||||||||||||||||||
Commercial real estate | 76,281 | 117 | 1,332 | - | 77,730 | 91,549 | 399 | 286 | - | 92,234 | ||||||||||||||||||||||||||||||
Construction | 13,355 | - | 2,000 | - | 15,355 | 13,563 | - | 2,069 | - | 15,632 | ||||||||||||||||||||||||||||||
Home equity | 4,775 | - | - | - | 4,775 | 5,129 | - | - | - | 5,129 | ||||||||||||||||||||||||||||||
Commercial business | 9,295 | - | - | - | 9,295 | 11,419 | 535 | - | - | 11,954 | ||||||||||||||||||||||||||||||
Other consumer | 26 | - | - | - | 26 | 138 | - | - | - | 138 | ||||||||||||||||||||||||||||||
Total | $ | 174,626 | $ | 239 | $ | 4,239 | $ | - | $ | 179,104 | $ | 200,143 | $ | 1,386 | $ | 2,787 | $ | - | $ | 204,316 |
September 30, 2017 | September 30, 2018 | |||||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | 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 | $ | - | $ | - | $ | - | $ | - | $ | - | 417 | 421 | $ | - | $ | 417 | $ | - | ||||||||||||||||||||||
One-to-four family residential non-owner occupied | 565 | 565 | - | 1,058 | 18 | 267 | 267 | - | 324 | 13 | ||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate | 398 | 398 | - | 398 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Construction | 2,069 | 2,069 | - | 2,061 | 58 | - | - | - | 2,050 | 37 | ||||||||||||||||||||||||||||||
Home equity | 46 | 46 | - | 48 | 4 | - | - | - | 44 | 2 | ||||||||||||||||||||||||||||||
Commercial business | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other consumer | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
One-to-four family residential non-owner occupied | 170 | 170 | 38 | 95 | 4 | - | - | - | 94 | 4 | ||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate | 133 | 133 | 1 | 395 | 7 | 133 | 133 | 5 | 133 | 7 | ||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial business | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other consumer | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 417 | $ | 421 | $ | - | $ | 417 | $ | - | ||||||||||||||||||||
One-to-four family residential non-owner occupied | 735 | 735 | 38 | 1,153 | 22 | 267 | 267 | - | 418 | 17 | ||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate | 531 | 531 | 1 | 793 | 7 | 133 | 133 | 5 | 133 | 7 | ||||||||||||||||||||||||||||||
Construction | 2,069 | 2,069 | - | 2,061 | 58 | - | - | - | 2,050 | 37 | ||||||||||||||||||||||||||||||
Home equity | 46 | 46 | - | 48 | 4 | - | - | - | 44 | 2 | ||||||||||||||||||||||||||||||
Commercial business | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other consumer | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 3,381 | $ | 3,381 | $ | 39 | $ | 4,055 | $ | 91 | $ | 817 | $ | 821 | $ | 5 | $ | 3,062 | $ | 63 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
December 31, 2016 | December 31, 2017 | |||||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | 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 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
One-to-four family residential non-owner occupied | 925 | 925 | - | 1,208 | 56 | 442 | 442 | - | 937 | 24 | ||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate | 660 | 660 | - | 660 | 7 | - | - | - | 398 | 38 | ||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | 2,069 | 2,069 | - | 2,064 | 58 | ||||||||||||||||||||||||||||||
Home equity | 49 | 49 | - | 82 | 6 | 45 | 45 | - | 47 | 5 | ||||||||||||||||||||||||||||||
Commercial business | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other consumer | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
One-to-four family residential non-owner occupied | 167 | 167 | 28 | 169 | 8 | 214 | 214 | 70 | 214 | 5 | ||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate | 133 | 133 | 11 | 133 | 9 | 133 | 133 | 1 | 395 | 9 | ||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial business | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other consumer | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,092 | 1,092 | 28 | 1,377 | 64 | 656 | 656 | 70 | 1,151 | 29 | ||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate | 793 | 793 | 11 | 793 | 16 | 133 | 133 | 1 | 793 | 47 | ||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | 2,069 | 2,069 | - | 2,064 | 58 | ||||||||||||||||||||||||||||||
Home equity | 49 | 49 | - | 82 | 6 | 45 | 45 | - | 47 | 5 | ||||||||||||||||||||||||||||||
Commercial business | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other consumer | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 1,934 | $ | 1,934 | $ | 39 | $ | 2,252 | $ | 86 | $ | 2,903 | $ | 2,903 | $ | 71 | $ | 4,055 | $ | 139 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2018 | ||||||||||||||||||||
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 | 1 | 267 | - | 267 | - | |||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||
Commercial real estate | 1 | 133 | - | 133 | 5 | |||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||
Home equity | - | - | - | - | - | |||||||||||||||
Commercial business | - | - | - | - | - | |||||||||||||||
Other consumer | - | - | - | - | - | |||||||||||||||
Total | 2 | $ | 400 | $ | - | $ | 400 | $ | 5 |
December 31, 2017 | ||||||||||||||||||||
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 | 536 | - | 536 | 25 | |||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||
Commercial real estate | 1 | 133 | - | 133 | 1 | |||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||
Home equity | 2 | 45 | - | 45 | - | |||||||||||||||
Commercial business | - | - | - | - | - | |||||||||||||||
Other consumer | - | - | - | - | - | |||||||||||||||
Total | 8 | $ | 714 | $ | - | $ | 714 | $ | 26 |
September 30, 2018 | ||||||||||||||||||||
Accruing Past Due Less than 30 Days | Past Due 30-89 Days | 90 Days or More Past Due | Non- Accrual | Total | ||||||||||||||||
One-to-four family residential owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family residential non-owner occupied | 267 | - | - | - | 267 | |||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||
Commercial real estate | 133 | - | - | - | 133 | |||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||
Home equity | - | - | - | - | - | |||||||||||||||
Commercial business | - | - | - | - | - | |||||||||||||||
Other consumer | - | - | - | - | - | |||||||||||||||
Total | $ | 400 | $ | - | $ | - | $ | - | $ | 400 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2017 | ||||||||||||||||||||
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 | 540 | - | 540 | 21 | |||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||
Commercial real estate | 1 | 133 | - | 133 | 1 | |||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||
Home equity | 2 | 46 | - | 46 | - | |||||||||||||||
Commercial business | - | - | - | - | - | |||||||||||||||
Other consumer | - | - | - | - | - | |||||||||||||||
Total | 8 | $ | 719 | $ | - | $ | 719 | $ | 22 |
December 31, 2016 | ||||||||||||||||||||
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 | 551 | - | 551 | 28 | |||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||
Commercial real estate | 1 | 133 | - | 133 | 11 | |||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||
Home equity | 2 | 49 | - | 49 | - | |||||||||||||||
Commercial business | - | - | - | - | - | |||||||||||||||
Other consumer | - | - | - | - | - | |||||||||||||||
Total | 8 | $ | 733 | $ | - | $ | 733 | $ | 39 |
September 30, 2017 | ||||||||||||||||||||
Accruing Past Due Less than 30 Days | Past Due 30-89 Days | 90 Days or More Past Due | Non- Accrual | Total | ||||||||||||||||
One-to-four family residential owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family residential non-owner occupied | 540 | - | - | - | 540 | |||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||
Commercial real estate | 133 | - | - | - | 133 | |||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||
Home equity | 46 | - | - | - | 46 | |||||||||||||||
Commercial business | - | - | - | - | - | |||||||||||||||
Other consumer | - | - | - | - | - | |||||||||||||||
Total | $ | 719 | $ | - | $ | - | $ | - | $ | 719 |
December 31, 2016 | December 31, 2017 | |||||||||||||||||||||||||||||||||||||||
Accruing Past Due Less than 30 Days | Past Due 30-89 Days | 90 Days or More Past Due | Non- Accrual | Total | Accruing Past Due Less than 30 Days | Past Due 30-89 Days | 90 Days or More Past Due | Non- Accrual | Total | |||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
One-to-four family residential non-owner occupied | 551 | - | - | - | 551 | 536 | - | - | - | 536 | ||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate | 133 | - | - | - | 133 | 133 | - | - | - | 133 | ||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Home equity | 49 | - | - | - | 49 | 45 | - | - | - | 45 | ||||||||||||||||||||||||||||||
Commercial business | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other consumer | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 733 | $ | - | $ | - | $ | - | $ | 733 | $ | 714 | $ | - | $ | - | $ | - | $ | 714 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2018 | ||||||||||||||||||||||||||||||||||||
1-4 Family Residential Owner Occupied | 1-4 Family Residential Non-Owner Occupied | Multi-Family Residential | Commercial Real Estate | Construction | Home Equity | Commercial Business and Other Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 60 | $ | 439 | $ | 166 | $ | 728 | $ | 179 | $ | 24 | $ | 201 | $ | 33 | $ | 1,830 | ||||||||||||||||||
Charge-offs | - | - | - | - | (115 | ) | - | - | - | (115 | ) | |||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Provision | (9 | ) | (14 | ) | 7 | 203 | 98 | (17 | ) | (72 | ) | (13 | ) | 183 | ||||||||||||||||||||||
Ending balance | $ | 51 | $ | 425 | $ | 173 | $ | 931 | $ | 162 | $ | 7 | $ | 129 | $ | 20 | $ | 1,898 | ||||||||||||||||||
For the Nine Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 48 | $ | 540 | $ | 152 | $ | 687 | $ | 136 | $ | 27 | $ | 140 | $ | 82 | $ | 1,812 | ||||||||||||||||||
Charge-offs | - | (47 | ) | - | - | (215 | ) | - | - | - | (262 | ) | ||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Provision | 3 | (68 | ) | 21 | 244 | 241 | (20 | ) | (11 | ) | (62 | ) | 348 | |||||||||||||||||||||||
Ending balance | $ | 51 | $ | 425 | $ | 173 | $ | 931 | $ | 162 | $ | 7 | $ | 129 | $ | 20 | $ | 1,898 | ||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||
Individually | $ | - | $ | - | $ | - | $ | 5 | $ | - | $ | - | $ | - | $ | - | $ | 5 | ||||||||||||||||||
Collectively | $ | 51 | $ | 425 | $ | 173 | $ | 926 | $ | 162 | $ | 7 | $ | 129 | $ | 20 | $ | 1,893 | ||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 6,773 | $ | 46,907 | $ | 24,774 | $ | 102,352 | $ | 10,798 | $ | 4,485 | $ | 20,646 | $ | 216,735 | ||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||
Individually | $ | 417 | $ | 267 | $ | - | $ | 133 | $ | - | $ | - | $ | - | $ | 817 | ||||||||||||||||||||
Collectively | $ | 6,356 | $ | 46,640 | $ | 24,774 | $ | 102,219 | $ | 10,798 | $ | 4,485 | $ | 20,646 | $ | 215,918 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2017 | September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family Residential Owner Occupied | 1-4 Family Residential Non-Owner Occupied | Multi-Family Residential | Commercial Real Estate | Construction | Home Equity | Commercial Business and Other Consumer | Unallocated | Total | 1-4 Family Residential Owner Occupied | 1-4 Family Residential Non-Owner Occupied | Multi-Family Residential | Commercial Real Estate | Construction | Home Equity | Commercial Business and Other Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2017 | For the Three Months Ended September 30, 2017 | For the Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 45 | $ | 465 | $ | 156 | $ | 645 | $ | 137 | $ | 41 | $ | 111 | $ | 90 | $ | 1,690 | $ | 45 | $ | 465 | $ | 156 | $ | 645 | $ | 137 | $ | 41 | $ | 111 | $ | 90 | $ | 1,690 | ||||||||||||||||||||||||||||||||||||
Charge-offs | - | (38 | ) | - | - | - | - | - | - | (38 | ) | - | (38 | ) | - | - | - | - | - | - | (38 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (2 | ) | 93 | (14 | ) | 10 | (4 | ) | (18 | ) | 18 | - | 83 | (2 | ) | 93 | (14 | ) | 10 | (4 | ) | (18 | ) | 18 | - | 83 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 43 | $ | 520 | $ | 142 | $ | 655 | $ | 133 | $ | 23 | $ | 129 | $ | 90 | $ | 1,735 | $ | 43 | $ | 520 | $ | 142 | $ | 655 | $ | 133 | $ | 23 | $ | 129 | $ | 90 | $ | 1,735 | ||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 41 | $ | 503 | $ | 103 | $ | 616 | $ | 138 | $ | 37 | $ | 87 | $ | 80 | $ | 1,605 | $ | 41 | $ | 503 | $ | 103 | $ | 616 | $ | 138 | $ | 37 | $ | 87 | $ | 80 | $ | 1,605 | ||||||||||||||||||||||||||||||||||||
Charge-offs | - | (38 | ) | - | (24 | ) | - | - | - | - | (62 | ) | - | (38 | ) | - | (24 | ) | - | - | - | - | (62 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | - | 3 | - | - | - | - | 3 | - | - | - | 3 | - | - | - | - | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 2 | 55 | 39 | 60 | (5 | ) | (14 | ) | 42 | 10 | 189 | 2 | 55 | 39 | 60 | (5 | ) | (14 | ) | 42 | 10 | 189 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 43 | $ | 520 | $ | 142 | $ | 655 | $ | 133 | $ | 23 | $ | 129 | $ | 90 | $ | 1,735 | $ | 43 | $ | 520 | $ | 142 | $ | 655 | $ | 133 | $ | 23 | $ | 129 | $ | 90 | $ | 1,735 | ||||||||||||||||||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance evaluated for impairment: | Ending balance evaluated for impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | $ | - | $ | 38 | $ | - | $ | 1 | $ | - | $ | - | $ | - | $ | - | $ | 39 | $ | - | $ | 38 | $ | - | $ | 1 | $ | - | $ | - | $ | - | $ | - | $ | 39 | ||||||||||||||||||||||||||||||||||||
Collectively | $ | 43 | $ | 482 | $ | 142 | $ | 654 | $ | 133 | $ | 23 | $ | 129 | $ | 90 | $ | 1,696 | $ | 43 | $ | 482 | $ | 142 | $ | 654 | $ | 133 | $ | 23 | $ | 129 | $ | 90 | $ | 1,696 | ||||||||||||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 5,434 | $ | 52,501 | $ | 20,326 | $ | 86,800 | $ | 15,387 | $ | 4,201 | $ | 11,614 | $ | - | $ | 196,263 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | $ | - | $ | 735 | $ | - | $ | 531 | $ | 2,069 | $ | 46 | $ | - | $ | - | $ | 3,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | $ | 5,434 | $ | 51,766 | $ | 20,326 | $ | 86,269 | $ | 13,318 | $ | 4,155 | $ | 11,614 | $ | - | $ | 192,882 |
September 30, 2016 | ||||||||||||||||||||||||||||||||||||
1-4 Family Residential Owner Occupied | 1-4 Family Residential Non-Owner Occupied | Multi-Family Residential | Commercial Real Estate | Construction | Home Equity | Commercial Business and Other Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 46 | $ | 525 | $ | 66 | $ | 484 | $ | 115 | $ | 51 | $ | 37 | $ | 100 | $ | 1,424 | ||||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Provision | (9 | ) | 25 | (11 | ) | 63 | 28 | (19 | ) | 14 | (30 | ) | 61 | |||||||||||||||||||||||
Ending balance | $ | 37 | $ | 550 | $ | 55 | $ | 547 | $ | 143 | $ | 32 | $ | 51 | $ | 70 | $ | 1,485 | ||||||||||||||||||
For the Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 55 | $ | 486 | $ | 81 | $ | 389 | $ | 153 | $ | 50 | $ | 18 | $ | 81 | $ | 1,313 | ||||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Provision | (18 | ) | 64 | (26 | ) | 158 | (10 | ) | (18 | ) | 33 | (11 | ) | 172 | ||||||||||||||||||||||
Ending balance | $ | 37 | $ | 550 | $ | 55 | $ | 547 | $ | 143 | $ | 32 | $ | 51 | $ | 70 | $ | 1,485 | ||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||
Individually | $ | - | $ | 30 | $ | - | $ | 11 | $ | - | $ | - | $ | - | $ | - | $ | 41 | ||||||||||||||||||
Collectively | $ | 37 | $ | 520 | $ | 55 | $ | 536 | $ | 143 | $ | 32 | $ | 51 | $ | 70 | $ | 1,444 | ||||||||||||||||||
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
December 31, 2016 | December 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family Residential Owner Occupied | 1-4 Family Residential Non-Owner Occupied | Multi- Family Residential | Commercial Real Estate | Construction | Home Equity | Commercial Business and Other Consumer | Unallocated | Total | 1-4 Family Residential Owner Occupied | 1-4 Family Residential Non-Owner Occupied | Multi-Family Residential | Commercial Real Estate | Construction | Home Equity | Commercial Business and Other Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 55 | $ | 486 | $ | 81 | $ | 389 | $ | 153 | $ | 50 | $ | 18 | $ | 81 | $ | 1,313 | $ | 41 | $ | 503 | $ | 103 | $ | 616 | $ | 138 | $ | 37 | $ | 87 | $ | 80 | $ | 1,605 | ||||||||||||||||||||||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | - | - | (56 | ) | - | (24 | ) | - | - | - | - | (80 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | - | - | - | 3 | - | - | - | - | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (14 | ) | 17 | 22 | 227 | (15 | ) | (13 | ) | 69 | (1 | ) | 292 | 7 | 93 | 49 | 92 | (2 | ) | (10 | ) | 53 | 2 | 284 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 41 | $ | 503 | $ | 103 | $ | 616 | $ | 138 | $ | 37 | $ | 87 | $ | 80 | $ | 1,605 | $ | 48 | $ | 540 | $ | 152 | $ | 687 | $ | 136 | $ | 27 | $ | 140 | $ | 82 | $ | 1,812 | ||||||||||||||||||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance evaluated for impairment: | Ending balance evaluated for impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | $ | - | $ | 28 | $ | - | $ | 11 | $ | - | $ | - | $ | - | $ | - | $ | 39 | $ | - | $ | 70 | $ | - | $ | 1 | $ | - | $ | - | $ | - | $ | - | $ | 71 | ||||||||||||||||||||||||||||||||||||
Collectively | $ | 41 | $ | 475 | $ | 103 | $ | 605 | $ | 138 | $ | 37 | $ | 87 | $ | 80 | $ | 1,566 | $ | 48 | $ | 470 | $ | 152 | $ | 686 | $ | 136 | $ | 27 | $ | 140 | $ | 82 | $ | 1,741 | ||||||||||||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 5,389 | $ | 51,893 | $ | 14,641 | $ | 77,730 | $ | 15,355 | $ | 4,775 | $ | 9,321 | $ | - | $ | 179,104 | $ | 5,681 | $ | 51,833 | $ | 21,715 | $ | 92,234 | $ | 15,632 | $ | 5,129 | $ | 12,092 | $ | 204,316 | ||||||||||||||||||||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance evaluated for impairment: | Ending balance evaluated for impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | $ | - | $ | 1,092 | $ | - | $ | 793 | $ | - | $ | 49 | $ | - | $ | - | $ | 1,934 | $ | - | $ | 656 | $ | - | $ | 133 | $ | 2,069 | $ | 45 | $ | - | $ | 2,903 | ||||||||||||||||||||||||||||||||||||||
Collectively | $ | 5,389 | $ | 50,801 | $ | 14,641 | $ | 76,937 | $ | 15,355 | $ | 4,726 | $ | 9,321 | $ | - | $ | 177,170 | $ | 5,681 | $ | 51,177 | $ | 21,715 | $ | 92,101 | $ | 13,563 | $ | 5,084 | $ | 12,092 | $ | 201,413 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2017 | December 31, 2016 | |||||||
One-to-four family residential owner occupied | $ | - | $ | - | ||||
One-to-four family residential non-owner occupied | 195 | 541 | ||||||
Multi-family residential | - | -- | ||||||
Commercial real estate | 398 | 660 | ||||||
Construction | 2,069 | - | ||||||
Home equity | - | - | ||||||
Commercial business | - | - | ||||||
Other consumer | - | - | ||||||
Total | $ | 2,662 | $ | 1,201 |
September 30, 2018 | December 31, 2017 | |||||||
One-to-four family residential owner occupied | $ | 417 | $ | - | ||||
One-to-four family residential non-owner occupied | - | 120 | ||||||
Multi-family residential | - | - | ||||||
Commercial real estate | - | - | ||||||
Construction | - | 2,069 | ||||||
Home equity | - | - | ||||||
Commercial business | - | - | ||||||
Other consumer | - | - | ||||||
Total | $ | 417 | $ | 2,189 |
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans Receivable | Loans Receivable 90 Days or More Past Due and Accruing | September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans Receivable | Loans Receivable 90 Days or More Past Due and Accruing | |||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 468 | $ | 417 | $ | 885 | $ | 4,549 | $ | 5,434 | $ | 417 | $ | 564 | $ | 417 | $ | 981 | $ | 5,792 | $ | 6,773 | $ | - | ||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 611 | 439 | 1,050 | 51,451 | 52,501 | 244 | One-to-four family residential non-owner occupied | 1,867 | 533 | 2,400 | 44,507 | 46,907 | 533 | |||||||||||||||||||||||||||||||||||
Multi-family residential | 81 | - | 81 | 20,245 | 20,326 | - | - | - | - | 24,774 | 24,774 | - | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,603 | 617 | 3,220 | 83,580 | 86,800 | 219 | 2,085 | 190 | 2,275 | 100,077 | 102,352 | 190 | ||||||||||||||||||||||||||||||||||||
Construction | 509 | 2,069 | 2,578 | 12,809 | 15,387 | - | 295 | - | 295 | 10,503 | 10,798 | - | ||||||||||||||||||||||||||||||||||||
Home equity | 34 | - | 34 | 4,167 | 4,201 | - | 173 | - | 173 | 4,312 | 4,485 | - | ||||||||||||||||||||||||||||||||||||
Commercial business | - | - | - | 11,571 | 11,571 | - | 37 | 425 | 462 | 20,065 | 20,527 | 425 | ||||||||||||||||||||||||||||||||||||
Other consumer | - | - | - | 43 | 43 | - | - | - | - | 119 | 119 | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 4,306 | $ | 3,542 | $ | 7,848 | $ | 188,415 | $ | 196,263 | $ | 880 | $ | 5,021 | $ | 1,565 | $ | 6,586 | $ | 210,149 | $ | 216,735 | $ | 1,148 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans Receivable | Loans Receivable 90 Days or More Past Due and Accruing | December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans Receivable | Loans Receivable 90 Days or More Past Due and Accruing | |||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 310 | $ | 9 | $ | 319 | $ | 5,070 | $ | 5,389 | $ | 9 | $ | 670 | $ | 423 | $ | 1,093 | $ | 4,588 | $ | 5,681 | $ | 423 | ||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 271 | 778 | 1,049 | 50,844 | 51,893 | 237 | One-to-four family residential non-owner occupied | 969 | 337 | 1,306 | 50,527 | 51,833 | 217 | |||||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | 14,641 | 14,641 | - | 313 | - | 313 | 21,402 | 21,715 | - | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 385 | 777 | 1,162 | 76,568 | 77,730 | 117 | 505 | 241 | 746 | 91,488 | 92,234 | 241 | ||||||||||||||||||||||||||||||||||||
Construction | 596 | 308 | 904 | 14,451 | 15,355 | 308 | 407 | 2,069 | 2,476 | 13,156 | 15,632 | - | ||||||||||||||||||||||||||||||||||||
Home equity | 115 | - | 115 | 4,660 | 4,775 | - | 51 | - | 51 | 5,078 | 5,129 | - | ||||||||||||||||||||||||||||||||||||
Commercial business | 43 | - | 43 | 9,252 | 9,295 | - | - | - | - | 11,954 | 11,954 | - | ||||||||||||||||||||||||||||||||||||
Other consumer | - | - | - | 26 | 26 | - | - | - | - | 138 | 138 | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,720 | $ | 1,872 | $ | 3,592 | $ | 175,512 | $ | 179,104 | $ | 671 | $ | 2,915 | $ | 3,070 | $ | 5,985 | $ | 198,331 | $ | 204,316 | $ | 881 |
September 30, 2017 | December 31, 2016 | September 30, 2018 | December 31, 2017 | |||||||||||||
Non-interest bearing checking accounts | $ | 7,713 | $ | 5,852 | $ | 15,624 | $ | 7,956 | ||||||||
Passbook accounts | 534 | 1,189 | 262 | 463 | ||||||||||||
Savings accounts | 1,584 | 1,784 | 1,881 | 2,353 | ||||||||||||
Money market accounts | 30,151 | 31,114 | 29,294 | 30,411 | ||||||||||||
Certificates of deposit | 142,416 | 137,068 | 161,938 | 145,038 | ||||||||||||
Total deposits | $ | 182,398 | $ | 177,007 | $ | 208,999 | $ | 186,221 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2018 | December 31, 2017 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Interest | Interest | |||||||||||||||
Amount | Rate | Amount | Rate | |||||||||||||
Short-term borrowings | $ | 9,000 | 2.38 | % | $ | 10,000 | 1.54 | % | ||||||||
Fixed rate borrowings maturing: | ||||||||||||||||
2018 | - | - | 3,000 | 1.46 | ||||||||||||
2019 | 3,000 | 1.86 | 3,000 | 1.86 | ||||||||||||
2020 | 2,000 | 2.00 | 2,000 | 2.00 | ||||||||||||
2021 | 3,000 | 2.05 | 3,000 | 2.05 | ||||||||||||
2022 | 3,000 | 2.18 | 3,000 | 2.18 | ||||||||||||
2023 | 3,000 | 2.33 | 3,000 | 2.33 | ||||||||||||
2024 | 1,000 | 2.54 | 1,000 | 2.54 | ||||||||||||
Total FHLB long-term debt | $ | 15,000 | 2.22 | % | $ | 18,000 | 2.01 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Amount | Weighted Interest Rate | Amount | Weighted Interest Rate | |||||||||||||
Short-term borrowings | $ | 11,500 | 1.27 | % | $ | 7,000 | 0.54 | % | ||||||||
Fixed rate borrowings maturing: | ||||||||||||||||
2017 | $ | - | - | % | $ | 2,500 | 1.15 | % | ||||||||
2018 | 3,000 | 1.46 | 3,000 | 1.46 | ||||||||||||
2019 | 3,000 | 1.86 | 2,000 | 1.95 | ||||||||||||
2020 | 2,000 | 2.00 | 1,000 | 2.15 | ||||||||||||
2021 | 2,000 | 1.96 | - | - | ||||||||||||
2022 | 2,000 | 2.12 | - | - | ||||||||||||
2023 | 2,000 | 2.28 | - | - | ||||||||||||
Total FHLB long-term debt | $ | 14,000 | 1.90 | % | $ | 8,500 | 1.56 | % |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2017 | September 30, 2016 | September 30, 2018 | September 30, 2017 | |||||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||
Unvested at the beginning of the period | 20,524 | $ | 8.10 | 30,784 | $ | 8.10 | 10,061 | $ | 8.10 | 20,524 | $ | 8.10 | ||||||||||||||||||||
Granted | - | - | - | - | 48,608 | 13.30 | - | - | ||||||||||||||||||||||||
Vested | (10,263 | ) | 8.10 | (10,260 | ) | 8.10 | (9,661 | ) | 8.10 | (10,263 | ) | 8.10 | ||||||||||||||||||||
Forfeited | - | - | - | - | (400 | ) | 8.10 | - | - | |||||||||||||||||||||||
Unvested at the end of the period | 10,261 | $ | 8.10 | 20,524 | $ | 8.10 | 48,608 | $ | 13.30 | 10,261 | $ | 8.10 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
2017 | 2016 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||
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) | 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 | Outstanding at the beginning of the year | 316,348 | $ | 6.49 | 3.8 | 354,266 | $ | 6.33 | 4.7 | 265,302 | $ | 6.74 | 3.2 | 316,348 | $ | 6.49 | 3.8 | |||||||||||||||||||||||||||||||
Granted | - | - | - | - | - | - | 136,636 | 13.30 | 9.6 | - | - | - | ||||||||||||||||||||||||||||||||||||
Exercised | (38,800 | ) | 5.00 | - | (26,518 | ) | 5.00 | - | (106,844 | ) | 5.00 | - | (38,800 | ) | 5.00 | - | ||||||||||||||||||||||||||||||||
Forfeited | - | - | - | - | - | - | (15,258 | ) | 6.22 | - | - | - | - | |||||||||||||||||||||||||||||||||||
Outstanding at end of period | 277,548 | $ | 6.70 | 3.4 | 327,748 | $ | 6.44 | 4.0 | 279,836 | $ | 10.64 | 7.7 | 277,548 | $ | 6.70 | 3.4 | ||||||||||||||||||||||||||||||||
Exercisable at end of period | 247,228 | $ | 6.53 | 3.1 | 266,148 | $ | 6.06 | 1.6 | 143,200 | $ | 8.10 | 4.6 | 247,228 | $ | 6.53 | 3.1 |
Expected dividend yield | 2.11% | |
Risk-free interest rate | 2.96% | |
Expected life of options | 6.5 years | |
Expected stock-price volatility | 12.42% |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2018 | ||||||||||||||||
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 mortgage-backed securities | $ | 5,030 | $ | - | $ | 5,030 | $ | - | ||||||||
Federal Home Loan Mortgage Corporation mortgage-backed securities | 1,172 | - | 1,172 | - | ||||||||||||
Federal National Mortgage Association mortgage-backed securities | 393 | - | 393 | - | ||||||||||||
Debt securities, U.S. government agency | 355 | - | 355 | - | ||||||||||||
Total investment securities available for sale | $ | 6,950 | $ | - | $ | 6,950 | $ | - | ||||||||
Total recurring fair value measurements | $ | 6,950 | $ | - | $ | 6,950 | $ | - | ||||||||
Nonrecurring fair value measurements | ||||||||||||||||
Impaired loans | $ | 812 | $ | - | $ | - | $ | 812 | ||||||||
Other real estate owned | 1,600 | - | - | 1,600 | ||||||||||||
Total nonrecurring fair value measurements | $ | 2,412 | $ | - | $ | - | $ | 2,412 |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
September 30, 2017 | December 31, 2017 | |||||||||||||||||||||||||||||||
Fair Value Measurements Using: | 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) | 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 mortgage-backed securities | $ | 5,904 | $ | - | $ | 5,904 | $ | - | $ | 5,643 | $ | - | $ | 5,643 | $ | - | ||||||||||||||||
Federal Home Loan Mortgage Corporation mortgage-backed securities | 1,590 | - | 1,590 | - | 1,342 | - | 1,342 | - | ||||||||||||||||||||||||
Federal National Mortgage Association mortgage-backed securities | 583 | - | 583 | - | 570 | - | 570 | - | ||||||||||||||||||||||||
Debt securities, U.S. government agency | 357 | - | 357 | - | 357 | - | 357 | - | ||||||||||||||||||||||||
�� Total investment securities available for sale | $ | 8,434 | $ | - | $ | 8,434 | $ | - | ||||||||||||||||||||||||
Total investment securities available for sale | $ | 7,912 | $ | - | $ | 7,912 | $ | - | ||||||||||||||||||||||||
Total recurring fair value measurements | $ | 7,912 | $ | - | $ | 7,912 | $ | - | ||||||||||||||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||||||||||||||
Impaired loans | $ | 3,342 | $ | - | $ | - | $ | 3,342 | $ | 2,832 | $ | - | $ | - | $ | 2,832 | ||||||||||||||||
Other real estate owned | 185 | - | - | 185 | ||||||||||||||||||||||||||||
Total nonrecurring fair value measurements | $ | 2,832 | $ | - | $ | - | $ | 2,832 |
December 31, 2016 | ||||||||||||||||
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 mortgage-backed securities | $ | 6,590 | $ | - | $ | 6,590 | $ | - | ||||||||
Federal Home Loan Mortgage Corporation mortgage-backed securities | 1,871 | - | 1,871 | - | ||||||||||||
Federal National Mortgage Association mortgage-backed securities | 740 | - | 740 | - | ||||||||||||
Debt securities, U.S. government agency | 354 | - | 354 | - | ||||||||||||
Total investment securities available for sale | $ | 9,555 | $ | - | $ | 9,555 | $ | - | ||||||||
Nonrecurring fair value measurements | ||||||||||||||||
Impaired loans | $ | 1,895 | $ | - | $ | - | $ | 1,895 | ||||||||
Other real estate owned | 435 | - | - | 435 | ||||||||||||
September 30, 2017 | September 30, 2018 | |||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||
Total Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | Total Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | |||||||||||||||
Impaired loans | $ | 3,342 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-23% (1 | %) | $ | 812 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-4% (1 | %) | ||||||||||
Other real estate owned | $ | 185 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-10% (10 | %) | $ | 1,600 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-12% (12 | %) |
December 31, 2016 | |||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||
Total Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||
Impaired loans | $ | 1,895 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-22% (2 | %) | |||||
Other real estate owned | $ | 435 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-29% (12 | %) |
December 31, 2017 | |||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||
Total Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||
Impaired loans | $ | 2,832 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-27% (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. |
Notes to Unaudited Consolidated Financial Statements |
Fair Value Measurements at | Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||||
September 30, 2017 | September 30, 2018 | |||||||||||||||||||||||||||||||||||||||
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) | 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 | $ | 8,229 | $ | 8,229 | $ | 8,229 | $ | - | $ | - | $ | 13,560 | $ | 13,560 | $ | 13,560 | $ | - | $ | - | ||||||||||||||||||||
Investment in interest-earning time deposits | 4,879 | 4,935 | - | - | 4,935 | 4,927 | 4,934 | - | - | 4,934 | ||||||||||||||||||||||||||||||
Investment securities available for sale | 8,434 | 8,434 | - | 8,434 | - | |||||||||||||||||||||||||||||||||||
Loans held for sale | 6,473 | 6,741 | - | 6,741 | - | 7,433 | 7,690 | 7,690 | - | - | ||||||||||||||||||||||||||||||
Loans receivable, net | 193,771 | 194,955 | - | - | 194,955 | 213,980 | 214,363 | - | - | 214,363 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 925 | 925 | 925 | - | - | 1,117 | 1,117 | 1,117 | - | - | ||||||||||||||||||||||||||||||
Investment in FHLB stock | 1,134 | 1,134 | 1,134 | - | - | 1,086 | 1,086 | 1,086 | - | - | ||||||||||||||||||||||||||||||
Bank-owned life insurance | 3,793 | 3,793 | 3,793 | - | - | 3,874 | 3,874 | 3,874 | - | - | ||||||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||
Deposits | 182,398 | 183,882 | 39,982 | - | 143,900 | 208,999 | 209,182 | 47,061 | - | 162,121 | ||||||||||||||||||||||||||||||
FHLB short-term borrowings | 11,500 | 11,500 | 11,500 | - | - | 9,000 | 9,000 | 9,000 | - | - | ||||||||||||||||||||||||||||||
FHLB long-term borrowings | 14,000 | 13,997 | - | - | 13,997 | 15,000 | 14,954 | - | - | 14,954 | ||||||||||||||||||||||||||||||
Accrued interest payable | 147 | 147 | 147 | - | - | 183 | 183 | 183 | - | - | ||||||||||||||||||||||||||||||
Advances from borrowers for taxes and insurance | 1,811 | 1,811 | 1,811 | - | - |
Fair Value Measurements at | ||||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||
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 | $ | 7,910 | $ | 7,910 | $ | 7,910 | $ | - | $ | - | ||||||||||
Investment in interest-earning time deposits | 4,879 | 4,912 | - | - | 4,912 | |||||||||||||||
Loans held for sale | 7,006 | 7,232 | 7,232 | - | - | |||||||||||||||
Loans receivable, net | 201,667 | 202,803 | - | - | 202,803 | |||||||||||||||
Accrued interest receivable | 1,021 | 1,021 | 1,021 | - | - | |||||||||||||||
Investment in FHLB stock | 1,234 | 1,234 | 1,234 | - | - | |||||||||||||||
Bank-owned life insurance | 3,814 | 3,814 | 3,814 | - | - | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Deposits | 186,221 | 187,309 | 41,183 | - | 146,126 | |||||||||||||||
FHLB short-term borrowings | 10,000 | 10,000 | 10,000 | - | - | |||||||||||||||
FHLB long-term borrowings | 18,000 | 16,982 | - | - | 16,982 | |||||||||||||||
Accrued interest payable | 167 | 167 | 167 | - | - | |||||||||||||||
Advances from borrowers for taxes and insurance | 2,423 | 2,423 | 2,423 | - | - |
Quaint Oak Bancorp, Inc. |
Notes to Unaudited Consolidated Financial Statements |
Fair Value Measurements at | ||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||
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 | $ | 9,300 | $ | 9,300 | $ | 9,300 | $ | - | $ | - | ||||||||||
Investment in interest-earning time deposits | 6,098 | 6,163 | - | - | 6,163 | |||||||||||||||
Investment securities available for sale | 9,555 | 9,555 | - | 9,555 | - | |||||||||||||||
Loans held for sale | 4,712 | 4,879 | - | 4,879 | - | |||||||||||||||
Loans receivable, net | 176,807 | 177,870 | - | - | 177,870 | |||||||||||||||
Accrued interest receivable | 862 | 862 | 862 | - | - | |||||||||||||||
Investment in FHLB stock | 713 | 713 | 713 | - | - | |||||||||||||||
Bank-owned life insurance | 3,728 | 3,728 | 3,728 | - | - | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Deposits | 177,007 | 179,050 | 39,939 | - | 139,111 | |||||||||||||||
FHLB short-term borrowings | 7,000 | 7,000 | 7,000 | - | - | |||||||||||||||
FHLB long-term borrowings | 8,500 | 8,507 | - | - | 8,507 | |||||||||||||||
Accrued interest payable | 142 | 142 | 142 | - | - |
Three Months Ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | |||||||||||||||||||
Interest-earning assets: | (Dollars in thousands) | |||||||||||||||||||||||
Due from banks, interest-bearing | $ | 8,247 | $ | 30 | 1.46 | % | $ | 18,833 | $ | 26 | 0.55 | % | ||||||||||||
Investment in interest-earning time deposits | 5,370 | 21 | 1.56 | 6,120 | 32 | 2.09 | ||||||||||||||||||
Investment securities available for sale | 8,774 | 36 | 1.64 | 8,547 | 30 | 1.40 | ||||||||||||||||||
Loans receivable, net (1) (2) (3) | 198,780 | 2,577 | 5.19 | 161,840 | 2,214 | 5.47 | ||||||||||||||||||
Investment in FHLB stock | 1,134 | 9 | 3.17 | 633 | 7 | 4.42 | ||||||||||||||||||
Total interest-earning assets | 222,305 | 2,673 | 4.81 | % | 195,973 | 2,309 | 4.71 | % | ||||||||||||||||
Non-interest-earning assets | 9,159 | 9,425 | ||||||||||||||||||||||
Total assets | $ | 231,464 | $ | 205,398 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Passbook accounts | $ | 671 | $ | * | * | % | $ | 1,182 | $ | * | * | % | ||||||||||||
Savings accounts | 1,550 | 1 | 0.26 | 2,173 | 1 | 0.18 | ||||||||||||||||||
Money market accounts | 32,070 | 65 | 0.81 | 29,614 | 60 | 0.81 | ||||||||||||||||||
Certificate of deposit accounts | 139,918 | 619 | 1.77 | 134,099 | 577 | 1.72 | ||||||||||||||||||
Total deposits | 174,209 | 685 | 1.57 | 167,068 | 638 | 1.53 | ||||||||||||||||||
FHLB short-term borrowings | 9,875 | 32 | 1.30 | 6,000 | 8 | 0.53 | ||||||||||||||||||
FHLB long-term borrowings | 15,625 | 68 | 1.74 | 7,294 | 26 | 1.43 | ||||||||||||||||||
Total interest-bearing liabilities | 199,709 | 785 | 1.57 | % | 180,362 | 672 | 1.49 | % | ||||||||||||||||
Non-interest-bearing liabilities | 9,787 | 5,038 | ||||||||||||||||||||||
Total liabilities | 209,496 | 185,400 | ||||||||||||||||||||||
Stockholders' Equity | 21,968 | 19,998 | ||||||||||||||||||||||
Total liabilities and Stockholders' Equity | $ | 231,464 | $ | 205,398 | ||||||||||||||||||||
Net interest-earning assets | $ | 22,596 | $ | 15,661 | ||||||||||||||||||||
Net interest income; average interest rate spread | $ | 1,888 | 3.24 | % | $ | 1,637 | 3.22 | % | ||||||||||||||||
Net interest margin (4) | 3.40 | % | 3.34 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 111.31 | % | 108.66 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | |||||||||||||||||||
Interest-earning assets: | (Dollars in thousands) | |||||||||||||||||||||||
Due from banks, interest-bearing | $ | 8,428 | $ | 70 | 1.11 | % | $ | 17,994 | $ | 70 | 0.52 | % | ||||||||||||
Investment in interest-earning time deposits | 5,597 | 67 | 1.60 | 6,135 | 82 | 1.78 | ||||||||||||||||||
Investment securities available for sale | 9,092 | 101 | 1.48 | 6,080 | 70 | 1.54 | ||||||||||||||||||
Loans receivable, net (1) (2) (3) | 189,527 | 7,530 | 5.30 | 155,459 | 6,497 | 5.57 | ||||||||||||||||||
Investment in FHLB stock | 883 | 24 | 3.62 | 631 | 22 | 4.65 | ||||||||||||||||||
Total interest-earning assets | 213,527 | 7,792 | 4.87 | % | 186,299 | 6,741 | 4.82 | % | ||||||||||||||||
Non-interest-earning assets | 9,143 | 8,995 | ||||||||||||||||||||||
Total assets | $ | 222,670 | $ | 195,294 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Passbook accounts | $ | 768 | $ | 1 | 0.17 | % | $ | 1,268 | $ | 1 | 0.11 | % | ||||||||||||
Savings accounts | 1,588 | 2 | 0.17 | 2,527 | 4 | 0.21 | ||||||||||||||||||
Money market accounts | 32,687 | 196 | 0.80 | 28,099 | 169 | 0.80 | ||||||||||||||||||
Certificate of deposit accounts | 137,957 | 1,788 | 1.73 | 125,589 | 1,600 | 1.70 | ||||||||||||||||||
Total deposits | 173,000 | 1,987 | 1.53 | 157,483 | 1,774 | 1.50 | ||||||||||||||||||
FHLB short-term borrowings | 8,350 | 68 | 1.09 | 6,000 | 24 | 0.53 | ||||||||||||||||||
FHLB long-term borrowings | 10,996 | 139 | 1.69 | 7,434 | 76 | 1.36 | ||||||||||||||||||
Total interest-bearing liabilities | 192,346 | 2,194 | 1.52 | % | 170,917 | 1,874 | 1.46 | % | ||||||||||||||||
Non-interest-bearing liabilities | 8,820 | 4,791 | ||||||||||||||||||||||
Total liabilities | 201,166 | 175,708 | ||||||||||||||||||||||
Stockholders' Equity | 21,504 | 19,586 | ||||||||||||||||||||||
Total liabilities and Stockholders' Equity | $ | 222,670 | $ | 195,294 | ||||||||||||||||||||
Net interest-earning assets | $ | 21,181 | $ | 15,382 | ||||||||||||||||||||
Net interest income; average interest rate spread | $ | 5,598 | 3.35 | % | $ | 4,867 | 3.36 | % | ||||||||||||||||
Net interest margin (4) | 3.50 | % | 3.48 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 111.01 | % | 109.00 | % |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||||
July 1, 2017 – July 31, 2017 | - | $ | - | - | 38,344 | |||||||||||
August 1, 2017 – August 31, 2017 | 4,440 | 13.00 | - | 38,344 | ||||||||||||
September 1, 2017 – September 30, 2017 | 22,538 | 12.34 | 15,000 | 23,344 | ||||||||||||
Total | 26,978 | $ | 12.46 | 15,000 | 23,344 |
ITEM 6. | EXHIBITS |
No. | Description | ||
101.INS | XBRL Instance Document. | ||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||
Date: November 21, 2018 | By: | ||
/s/Robert T. Strong | |||
Robert T. Strong | |||
President and Chief Executive Officer | |||
Date: November 21, 2018 | By: | /s/John J. Augustine | |
John J. Augustine | |||
Executive Vice President and Chief Financial Officer |