Quaint Oak Bancorp, Inc. reported net income of $272,000, or $0.10 per basic and diluted share, for the second quarter ended June 30, 2025. This represents a 172.0% increase compared to net income of $100,000, or $0.04 per share, for the same period in 2024. The company's CEO noted measurable improvement over the prior quarter's performance.
The quarterly improvement was primarily driven by a $1.1 million decrease in interest expense and a $643,000 increase in non-interest income. Non-interest income benefited significantly from a $485,000 increase in net gain on sale of loans and a $413,000 increase in gain on sale of SBA loans. The net interest margin improved from 2.28% in Q2 2024 to 2.85% in Q2 2025.
For the six months ended June 30, 2025, net income decreased by 80.6% to $189,000 compared to $973,000 in the prior year, largely due to a $2.9 million decrease in interest and dividend income. Total deposits decreased by $21.1 million, or 3.8%, to $532.2 million, primarily due to reduced correspondent banking activity and a money market deposit reduction.
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