Quaint Oak Bancorp, Inc. announced net income of $1.6 million, or $0.60 per share, for the fourth quarter ended December 31, 2024, a 38.3% increase from the same period in 2023. For the full year 2024, net income rose by 38.4% to $2.8 million, or $1.08 per share, compared to $2.0 million in 2023. This growth was significantly supported by improved non-interest income.
A key contributor to non-interest income was a one-time $1.5 million gain from the sale-leaseback of the Company’s Allentown, Pennsylvania office building during the fourth quarter of 2024. Additionally, the net gain on sale of loans increased by $1.1 million for the year, driven by higher sales volume from Quaint Oak Mortgage, LLC and Oakmont Commercial, LLC. The net interest margin also improved to 2.59% for the year.
The Company reported a total risk-based capital ratio of 14.34% at year-end 2024, with stockholders’ equity from continuing operations improving by over $4.0 million during the year. While non-performing loans as a percentage of total loans receivable, net, increased to 1.07%, the allowance for credit losses as a percent of non-performing loans stood at 113.61%.
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