Quaint Oak Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported interest and dividend income of $1,863,000 against $1,681,000 a year ago. Net interest income was $1,387,000 against $1,289,000 a year ago. Income before income taxes was $520,000 against $400,000 a year ago. Net income was $361,000 against $258,000 a year ago. Diluted earnings per share were $0.40 against $0.28 a year ago. Tangible book value per share end of period was $19.33 against $17.92 a year ago. The increase in net income on a comparative quarterly basis was primarily the result of increases in net interest income of $98,000, non-interest income of $88,000, and a decrease in the provision for loan losses of $21,000, partially offset by an increase in non-interest expense of $87,000 and an increase in the provision for income taxes of $17,000. The increase in interest income was primarily due to a $20.3 million increase in average loans receivable, net, including loans held for sale, which increased from an average balance of $103.1 million for the three months ended December 31, 2013 to an average balance of $123.4 million for the three months ended December 31, 2014, which had the effect of increasing interest income $320,000. The increase in net income was primarily the result of an increase in net interest income of $953,000 and an increase in non-interest income of $506,000, partially offset by increases in non-interest expense of $488,000, the provision for income taxes of $277,000, and the provision for loan losses of $154,000.

For the year, the company reported interest and dividend income of $7,281,000 against $6,290,000 a year ago. Net interest income was $5,561,000 against $4,608,000 a year ago. Income before income taxes was $1,936,000 against $1,119,000 a year ago. Net income was $1,242,000 against $702,000 a year ago. Diluted earnings per share were $1.37 against $0.76 a year ago. Tangible book value per share end of period was $19.33 against $17.92 a year ago. The increase in interest income was primarily due to a $22.3 million increase in average loans receivable, net, including loans held for sale, which increased from an average balance of $96.4 million for the year ended December 31, 2013 to an average balance of $118.7 million for the year ended December 31, 2014, and had the effect of increasing interest income $1.4 million.