Quaint Oak Bancorp, Inc. reported net income of $243,000, or $0.09 per basic and diluted share, for the quarter ended September 30, 2024. This marks a significant improvement compared to a net loss of $255,000, or $(0.11) per share, for the same period in 2023. The company's net income for the nine months ended September 30, 2024, also increased by 38.5% to $1.2 million.
The increase in quarterly net income was primarily driven by a $427,000 decrease in interest expense and a $188,000 increase in non-interest income. Non-interest income benefited from a $122,000 increase in net gain on sale of loans and a $79,000 increase in mortgage banking, equipment lending, and title abstract fees. The net interest margin improved from 2.42% to 2.58% year-over-year.
Total assets decreased by $52.5 million, or 7.0%, to $701.6 million at September 30, 2024, primarily due to a $70.4 million decrease in loans receivable, net. The company maintained a strong total risk-based capital ratio of 13.86% and reported that non-performing loans and assets remained below 1.00% of total loans receivable and total assets, respectively.
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