Quaint Oak Bancorp Inc Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2013
January 30, 2014 at 05:36 pm
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Quaint Oak Bancorp Inc. reported unaudited consolidated financial results for the fourth quarter and year ended December 31, 2013. For the quarter, interest and dividend income was $1,681,000 against $1,488,000 a year ago. Net interest income was $1,289,000 against $1,062,000 a year ago. Income before income taxes was $400,000 against $301,000 a year ago. Net income was $258,000 or $0.28 per diluted share against $190,000 or $0.21 per basic and diluted share a year ago. The increase in net income on a comparative quarterly basis was primarily the result of increases in net interest income of $227,000 and non-interest income of $47,000, offset by an increase in the provision for loan losses of $98,000, an increase in non-interest expense of $77,000, and an increase in the provision for income taxes of $31,000. The $227,000, or 21.4% increase in net interest income for the three months ended December 31, 2013 over the comparable period in 2012 was driven by a $193,000, or 13.0% increase in interest income and a $34,000, or 8.0% decrease in interest expense. The increase in interest income was primarily due to a $17.0 million increase in average loans receivable, net, including loans held for sale, which increased from an average balance of $86.1 million for the three months ended December 31, 2012 to an average balance of $103.1 million for the three months ended December 31, 2013, which had the effect of increasing interest income $279,000. Also contributing to the increase was a 33 basis point increase on the yield on average short-term investments and investment securities available for sale, from 1.41% for the three months ended December 31, 2012 to 1.74% for the three months ended December 31, 2013, which had the effect of increasing interest income by $11,000.
For the year, interest and dividend income was $6,290,000 against $5,836,000 a year ago. Net interest income was $4,608,000 against $4,116,000 a year ago. Income before income taxes was $1,119,000 against $1,573,000 a year ago. Net income was $702,000 or $0.76 per diluted share against $981,000 or $1.10 per basic and diluted share a year ago. Tangible book value per share as on December 31, 2013 was $17.92 against $17.11 as on December 31, 2012. The decrease in net income was primarily the result of an increase in non-interest expense of $855,000, an increase of $78,000 in the provision for loan losses, and a decrease in non-interest income of $13,000, offset by an increase in net interest income of $492,000 and a decrease in the provision for income taxes of $175,000. The $492,000, or 12.0% increase in net interest income for the year ended December 31, 2013, over the comparable period in 2012 was driven by a $454,000, or 7.8% increase in interest income and a $38,000, or 2.2% decrease in interest expense. The increase in interest income was primarily due to a $14.0 million increase in average loans receivable, net, including loans held for sale, which increased from an average balance of $82.4 million for the year ended December 31, 2012 to an average balance of $96.4 million for the year ended December 31, 2013, which had the effect of increasing interest income $924,000.
Quaint Oak Bancorp, Inc. is the holding company for Quaint Oak Bank. Quaint Oak Bank's primary business consists of attracting deposits from the general public through a variety of deposit programs and investing such deposits principally in commercial real estate loans, commercial business loans, one-to-four family residential non-owner occupied loans, multi-family residential loans, construction loans, one-to-four family residential owner occupied loans, and home equity loans. Quaint Oak Bank originates loans to businesses for working capital, purchase of a business, tenant improvements, receivables, purchase of inventory and various others. In addition, Quaint Oak Bank offers mortgage banking, multi-state specialty commercial real estate financing and equipment financing, real estate sales, title abstract and insurance services through its subsidiary companies. Quaint Oak Bank serves its customers through its offices as well as through correspondence, telephone and on-line banking.