|
(Mark One)
|
|
[X]
Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended: December 31, 2014
|
|
or
|
|
[ ]
Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from ______ to ______
|
|
Commission File Number:
000-52694
|
QUAINT OAK BANCORP, INC.
|
(Exact name of Registrant as specified in its charter)
|
Pennsylvania
|
35-2293957
|
|
(State or Other Jurisdiction of
|
(I.R.S. Employer
|
|
Incorporation or Organization)
|
Identification Number)
|
|
501 Knowles Avenue, Southampton, Pennsylvania
|
18966
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Common Stock, $.01 par value per share
|
Title of Class
|
|
Page
|
||
PART I
|
||
Item 1.
|
Business
|
1
|
Item 1A.
|
Risk Factors
|
29
|
Item 1B.
|
Unresolved Staff Comments
|
29
|
Item 2.
|
Properties
|
29
|
Item 3.
|
Legal Proceedings
|
30
|
Item 4.
|
Mine Safety Disclosures
|
30
|
PART II
|
||
Item 5.
|
Market for Registrant's Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities
|
30
|
Item 6.
|
Selected Financial Data
|
31
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
31
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
31
|
Item 8.
|
Financial Statements and Supplementary Data
|
31
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
31
|
Item 9A
|
Controls and Procedures
|
32
|
Item 9B.
|
Other Information
|
32
|
PART III
|
||
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
33
|
Item 11.
|
Executive Compensation
|
33
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
33
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
33
|
Item 14.
|
Principal Accounting Fees and Services
|
33
|
PART IV
|
||
Item 15.
|
Exhibits, Financial Statement Schedules
|
34
|
SIGNATURES
|
36
|
December 31,
|
||||||||||||||||
2014
|
2013
|
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Real estate loans:
|
||||||||||||||||
One-to-four family residential (1):
|
||||||||||||||||
Owner occupied
|
$
|
7,085
|
5.7
|
%
|
$
|
8,900
|
8.3
|
%
|
||||||||
Non-owner occupied
|
48,554
|
38.8
|
43,489
|
40.2
|
||||||||||||
Total one-to-four family residential loans
|
55,639
|
44.5
|
52,389
|
48.5
|
||||||||||||
Multi-family (five or more) residential
|
10,132
|
8.1
|
6,023
|
5.6
|
||||||||||||
Commercial real estate
|
35,523
|
28.4
|
25,863
|
23.9
|
||||||||||||
Commercial lines of credit
|
1,623
|
1.3
|
1,880
|
1.7
|
||||||||||||
Construction
|
14,303
|
11.5
|
16,038
|
14.8
|
||||||||||||
Home equity
|
6,961
|
5.6
|
5,682
|
5.3
|
||||||||||||
Total real estate loans
|
124,181
|
99.4
|
107,875
|
99.8
|
||||||||||||
Commercial business
|
749
|
0.6
|
186
|
0.2
|
||||||||||||
Other consumer
|
41
|
--
|
47
|
--
|
||||||||||||
Total loans
|
124,971
|
100.0
|
%
|
108,108
|
100.0
|
%
|
||||||||||
Less:
|
||||||||||||||||
Deferred loan fees and costs
|
(492
|
)
|
(280
|
)
|
||||||||||||
Allowance for loan losses
|
(1,148
|
)
|
(941
|
)
|
||||||||||||
Net loans
|
$
|
123,331
|
$
|
106,887
|
Year Ended December 31,
|
||||||||
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Loan originations:
|
||||||||
One-to-four family residential owner occupied (1)
|
$
|
51,281
|
$
|
41,319
|
||||
One-to-four family residential non-owner occupied (2)
|
11,273
|
15,440
|
||||||
Multi-family residential
|
5,012
|
3,350
|
||||||
Commercial real estate and lines of credit
|
13,775
|
10,814
|
||||||
Construction
|
14,429
|
20,285
|
||||||
Home equity
|
2,061
|
1,644
|
||||||
Commercial business
|
646
|
166
|
||||||
Other consumer
|
20
|
--
|
||||||
Total loan originations
|
98,497
|
93,018
|
||||||
Loans sold
|
(51,802
|
)
|
(47,647
|
)
|
||||
Loan principal repayments
|
(
28,263
|
)
|
(
25,825
|
)
|
||||
Total loans sold and principal repayments
|
(
80,065
|
)
|
(
73,472
|
)
|
||||
Decreases due to other items, net (3)
|
(530
|
)
|
(727
|
)
|
||||
Net increase in loan portfolio
|
$
|
17,902
|
$
|
18,819
|
||||
____________________
(1) Includes $50.4 million and $40.5 million of loans originated for sale in 2014 and 2013, respectively.
(2) Includes $2.9 million and $3.3 million of loans originated for sale in 2014 and 2013, respectively.
(3) Other items consist of loans transferred to other real estate owned, deferred fees and the allowance for loan losses.
|
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-
Owner
Occupied
|
Multi-
Family
Residential
|
Commercial
Real Estate
and Lines of
Credit
|
Construction
|
Home
Equity
|
Commercial
Business
and Other
Consumer
|
Total
|
|||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
Amounts due in:
|
||||||||||||||||||||||||||||||||
One year or less
|
$
|
1,422
|
$
|
2,317
|
$
|
--
|
$
|
1,832
|
$
|
10,606
|
$
|
747
|
$
|
11
|
$
|
16,935
|
||||||||||||||||
After one year through three years
|
1,324
|
1,414
|
242
|
425
|
2,000
|
252
|
48
|
5,705
|
||||||||||||||||||||||||
After three years through five years
|
266
|
5,062
|
--
|
2,533
|
585
|
358
|
731
|
9,535
|
||||||||||||||||||||||||
After five years through ten years
|
819
|
2,583
|
1,933
|
4,621
|
169
|
1,998
|
--
|
12,123
|
||||||||||||||||||||||||
After ten years through 15 years
|
68
|
6,561
|
686
|
4,668
|
70
|
3,497
|
--
|
15,550
|
||||||||||||||||||||||||
After 15 years
|
3,186
|
30,617
|
7,271
|
23,067
|
873
|
109
|
--
|
65,123
|
||||||||||||||||||||||||
Total
|
$
|
7,085
|
$
|
48,554
|
$
|
10,132
|
$
|
37,146
|
$
|
14,303
|
$
|
6,961
|
$
|
790
|
$
|
124,971
|
Fixed-Rate
|
Floating or
Adjustable-
Rate
|
Total
|
||||||||||
(In Thousands)
|
||||||||||||
One-to-four family residential owner occupied
|
$
|
5,663
|
$
|
--
|
$
|
5,663
|
||||||
One-to-four family residential non-owner occupied
|
7,292
|
38,945
|
46,237
|
|||||||||
Multi-family residential
|
299
|
9,833
|
10,132
|
|||||||||
Commercial real estate and lines of credit
|
7,919
|
27,395
|
35,314
|
|||||||||
Construction
|
--
|
3,697
|
3,697
|
|||||||||
Home equity
|
2,704
|
3,510
|
6,214
|
|||||||||
Commercial business
|
749
|
--
|
749
|
|||||||||
Other consumer
|
30
|
--
|
30
|
|||||||||
Total
|
$
|
24,656
|
$
|
83,380
|
$
|
108,036
|
December 31, 2014
|
||||||||||||||||
30-89
Days Overdue
|
90 or More Days
Overdue
|
|||||||||||||||
Number
of Loans
|
Principal
Balance
|
Number
of Loans
|
Principal
Balance
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
One-to-four family residential-owner occupied
|
4
|
$
|
589
|
2
|
$
|
837
|
||||||||||
One-to-four family residential-non-owner occupied
|
10
|
735
|
13
|
972
|
||||||||||||
Multi-family residential
|
--
|
--
|
1
|
67
|
||||||||||||
Commercial real estate and lines of credit
|
8
|
1,051
|
5
|
910
|
||||||||||||
Construction
|
1
|
107
|
--
|
--
|
||||||||||||
Home equity
|
1
|
99
|
1
|
45
|
||||||||||||
Total delinquent loans
|
24
|
$
|
2,581
|
22
|
$
|
2,831
|
||||||||||
Delinquent loans to total net loans
|
2.09
|
%
|
2.30
|
%
|
||||||||||||
Delinquent loans to total loans
|
2.07
|
%
|
2.26
|
%
|
December 31,
|
||||||||
2014
|
2013
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accruing loans:
|
||||||||
One-to-four family residential-owner occupied
|
$
|
588
|
$
|
303
|
||||
One-to-four family residential-non-owner occupied
|
836
|
378
|
||||||
Multi-family residential
|
67
|
--
|
||||||
Commercial real estate and lines of credit
|
489
|
474
|
||||||
Home equity
|
45
|
30
|
||||||
Total non-accruing loans
|
2,025
|
1,185
|
||||||
Accruing loans 90 days or more past due:
|
||||||||
One-to-four family residential-owner occupied
|
249
|
256
|
||||||
One-to-four family residential-non-owner occupied
|
136
|
197
|
||||||
Multi-family residential
|
--
|
75
|
||||||
Commercial real estate and lines of credit
|
421
|
200
|
||||||
Home equity
|
--
|
--
|
||||||
Total accruing loans 90 days or more past due
|
806
|
728
|
||||||
Total non-performing loans (1)
|
2,831
|
1,913
|
||||||
Other real estate owned, net
|
111
|
574
|
||||||
Total non-performing assets
|
2,942
|
2,487
|
||||||
Troubled debt restructurings (2)
|
796
|
830
|
||||||
Total non-performing assets and troubled debt restructurings
|
$
|
3,738
|
$
|
3,317
|
||||
Total non-performing loans as a percentage of loans, net
|
2.30
|
%
|
1.79
|
%
|
||||
Total non-performing loans as a percentage of total assets
|
1.82
|
%
|
1.50
|
%
|
||||
Total non-performing assets as a percentage of total assets
|
1.89
|
%
|
1.95
|
%
|
||||
Total non-performing assets and troubled debt restructurings as a percentage of total assets
|
2.40
|
%
|
2.60
|
%
|
||||
_________________
(1) Non-performing loans consist of non-accruing loans plus accruing loans 90 days or more past due.
(2) Troubled debt restructurings not included in non-accruing loans and accruing loans 90 days or more past due.
|
December 31,
|
||||||||
2014
|
2013
|
|||||||
(Dollars in Thousands)
|
||||||||
Total loans outstanding at end of period, net
|
$
|
123,331
|
$
|
106,887
|
||||
Average loans outstanding (1)
|
$
|
116,249
|
$
|
93,766
|
||||
Allowance for loan losses, beginning of period
|
$
|
941
|
$
|
860
|
||||
Provision for loan losses
|
394
|
240
|
||||||
Charge-offs:
|
||||||||
One-to-four family residential owner occupied
|
(57
|
)
|
(15
|
)
|
||||
One-to-four family residential non-owner occupied
|
--
|
(75
|
)
|
|||||
Commercial real estate and lines of credit
|
(133
|
)
|
--
|
|||||
Home equity
|
--
|
(69
|
)
|
|||||
Total charge-offs
|
(190
|
)
|
(159
|
)
|
||||
Recoveries on loans previously charged-off:
|
||||||||
Commercial real estate and lines of credit
|
3
|
--
|
||||||
Total recoveries
|
3
|
--
|
||||||
Allowance for loan losses, end of period
|
$
|
1,148
|
$
|
941
|
||||
Allowance for loan losses as a percent of non-performing loans
|
40.55
|
%
|
49.19
|
%
|
||||
Ratio of net charge-offs during the period to average loans outstanding during the period
|
0.16
|
%
|
0.16
|
%
|
||||
___________________________
(1) Excludes loans held for sale.
|
December 31,
|
||||||||||||||||
2014
|
2013
|
|||||||||||||||
Amount of
Allowance
|
Loan
Category
as a % of
Total Loans
|
Amount of
Allowance
|
Loan
Category
as a % of
Total Loans
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
75
|
5.7
|
%
|
$
|
59
|
8.3
|
%
|
||||||||
One-to-four family residential non-owner occupied
|
418
|
38.9
|
424
|
40.2
|
||||||||||||
Multi-family residential
|
60
|
8.1
|
36
|
5.6
|
||||||||||||
Commercial real estate and lines of credit
|
324
|
29.7
|
199
|
25.6
|
||||||||||||
Construction
|
122
|
11.4
|
96
|
14.8
|
||||||||||||
Home equity
|
46
|
5.6
|
50
|
5.3
|
||||||||||||
Commercial business and other consumer
|
7
|
0.6
|
2
|
0.2
|
||||||||||||
Unallocated
|
96
|
--
|
75
|
--
|
||||||||||||
Total
|
$
|
1,148
|
100.0
|
%
|
$
|
941
|
100.0
|
%
|
December 31,
|
||||||||
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Interest-earning time deposits with other financial institutions
|
$
|
6,660
|
$
|
7,633
|
||||
Short-term bond fund
|
1,180
|
1,159
|
||||||
Limited-term bond fund
|
526
|
521
|
||||||
FHLB of Pittsburgh stock
|
527
|
421
|
||||||
Total
|
$
|
8,893
|
$
|
9,734
|
Amounts at December 31, 2014 Which Mature In
|
||||||||||||||||||||||||||||||||
One Year
or Less
|
Weighted
Average
Yield
|
Over One
Year
Through
Five Years
|
Weighted
Average
Yield
|
Over Five
Years
Through
Ten
Years
|
Weighted
Average
Yield
|
Over Ten
Years
|
Weighted
Average
Yield
|
|||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
Interest-earning time deposits with other financial institutions
|
$
|
2,337
|
0.84
|
%
|
$
|
4,323
|
1.79
|
%
|
$
|
--
|
--
|
%
|
$
|
--
|
--
|
%
|
December 31,
|
||||||||||||||||||
2014
|
2013
|
|||||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||
Certificate accounts:
|
||||||||||||||||||
0.00% - 0.99%
|
|
$
|
13,897
|
11.2
|
%
|
$
|
19,596
|
19.0
|
%
|
|||||||||
1.00% - 1.99%
|
|
58,900
|
47.3
|
32,745
|
31.7
|
|||||||||||||
2.00% - 2.99%
|
|
15,393
|
12.4
|
18,625
|
18.0
|
|||||||||||||
3.00% - 3.99%
|
|
8,144
|
6.6
|
9,254
|
9.0
|
|||||||||||||
4.00% - 4.99%
|
|
--
|
--
|
15
|
--
|
|||||||||||||
Total certificate accounts
|
96,334
|
77.5
|
80,235
|
77.7
|
||||||||||||||
Transaction accounts:
|
||||||||||||||||||
Non-interest bearing checking accounts
|
640
|
0.5
|
--
|
--
|
||||||||||||||
Passbook
|
2,573
|
2.1
|
2,655
|
2.6
|
||||||||||||||
Statement savings accounts
|
5,655
|
4.5
|
5,496
|
5.3
|
||||||||||||||
eSavings accounts
|
19,203
|
15.4
|
14,938
|
14.4
|
||||||||||||||
Total transaction accounts
|
28,071
|
22.5
|
23,089
|
22.3
|
||||||||||||||
Total deposits
|
$
|
124,405
|
100.0
|
%
|
$
|
103,324
|
100.0
|
%
|
Year Ended December 31,
|
||||||||||||||||||||||||
2014
|
2013
|
|||||||||||||||||||||||
Average Balance
|
Interest Expense
|
Average Rate Paid
|
Average Balance
|
Interest Expense
|
Average Rate Paid
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Passbook
|
$
|
2,719
|
$
|
4
|
0.15
|
%
|
$
|
2,783
|
$
|
5
|
0.18
|
%
|
||||||||||||
Statement savings accounts
|
5,721
|
21
|
0.37
|
5,512
|
21
|
0.38
|
||||||||||||||||||
eSavings accounts
|
16,027
|
119
|
0.74
|
13,547
|
103
|
0.76
|
||||||||||||||||||
Certificates of deposit
|
88,518
|
1,534
|
1.73
|
80,901
|
1,511
|
1.87
|
||||||||||||||||||
Total deposits
|
$
|
112,985
|
$
|
1,678
|
1.49
|
%
|
$
|
102,743
|
$
|
1,640
|
1.60
|
%
|
Year Ended December 31,
|
||||||||
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Total deposits
|
$
|
37,854
|
$
|
26,651
|
||||
Total withdrawals
|
(18,424
|
)
|
(22,002
|
)
|
||||
Interest credited
|
1,651
|
1,637
|
||||||
Total increase in deposits
|
$
|
21,081
|
$
|
6,286
|
Balance at December 31, 2014
Maturing in the Twelve Months Ending December 31,
|
||||||||||||||||||||||
Certificates of Deposit
|
2015
|
2016
|
2017
|
Thereafter
|
Total
|
|||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||
0.00% - 0.99
|
%
|
$
|
13,042
|
$
|
855
|
$
|
--
|
$
|
--
|
$
|
13,897
|
|||||||||||
1.00% - 1.99
|
%
|
2,486
|
20,033
|
14,837
|
21,544
|
58,900
|
||||||||||||||||
2.00% - 2.99
|
%
|
3,639
|
6,831
|
4,923
|
--
|
15,393
|
||||||||||||||||
3.00% - 3.99
|
%
|
8,144
|
--
|
--
|
--
|
8,144
|
||||||||||||||||
Total certificate accounts
|
$
|
27,311
|
$
|
27,719
|
$
|
19,760
|
$
|
21,544
|
$
|
96,334
|
At or For the Year
Ended December 31,
|
||||||||
2014
|
2013
|
|||||||
(Dollars in Thousands)
|
||||||||
FHLB short-term borrowings:
|
||||||||
Average balance outstanding
|
$
|
7,682
|
$
|
1,486
|
||||
Maximum amount outstanding at any
month-end during the period
|
11,500
|
5,500
|
||||||
Balance outstanding at end of period
|
7,000
|
5,500
|
||||||
Average interest rate during the period
|
0.27
|
%
|
2.83
|
%
|
||||
Weighted average interest rate at end of period
|
0.27
|
%
|
0.25
|
%
|
||||
At or For the Year
Ended December 31,
|
||||||||
2014
|
2013
|
|||||||
(Dollars in Thousands)
|
||||||||
FHLB long-term borrowings:
|
||||||||
Average balance outstanding
|
$
|
1,391
|
$
|
--
|
||||
Maximum amount outstanding at any
month-end during the period
|
4,500
|
--
|
||||||
Balance outstanding at end of period
|
4,500
|
--
|
||||||
Average interest rate during the period
|
1.50
|
%
|
--
|
%
|
||||
Weighted average interest rate at end of period
|
1.46
|
%
|
--
|
%
|
||||
·
|
furnishing or performing management services for a subsidiary savings institution;
|
·
|
conducting an insurance agency or escrow business;
|
·
|
holding, managing, or liquidating assets owned or acquired from a subsidiary savings institution;
|
·
|
holding or managing properties used or occupied by a subsidiary savings institution;
|
·
|
acting as trustee under a deed of trust;
|
·
|
any other activity (i) that the Federal Reserve Board, by regulation, has determined to be permissible for bank holding companies under Section 4(c) of the Bank Holding Company Act of 1956, unless the Federal Reserve Board, by regulation, prohibits or limits any such activity for savings and loan holding companies, or (ii) in which multiple savings and loan holding companies were authorized by regulation to directly engage in on March 5, 1987;
|
·
|
purchasing, holding, or disposing of stock acquired in connection with a qualified stock issuance if the purchase of such stock by such holding company is approved by the Federal Reserve Board; and
|
·
|
any activity permissible for financial holding companies under section 4(k) of the Bank Holding Company Act.
|
·
|
lending, exchanging, transferring, investing for others, or safeguarding money or securities;
|
·
|
insurance activities or providing and issuing annuities, and acting as principal, agent, or broker;
|
·
|
financial, investment, or economic advisory services;
|
·
|
issuing or selling instruments representing interests in pools of assets that a bank is permitted to hold directly;
|
·
|
underwriting, dealing in, or making a market in securities;
|
·
|
activities previously determined by the Federal Reserve Board to be closely related to banking;
|
·
|
activities that bank holding companies are permitted to engage in outside of the U.S.; and
|
·
|
portfolio investments made by an insurance company.
|
·
|
the institution may not engage in any new activity or make any new investment, directly or indirectly, unless such activity or investment is permissible for both a national bank and a savings association;
|
·
|
the branching powers of the institution shall be restricted to those of a national bank; and
|
·
|
payment of dividends by the institution shall be subject to the rules regarding payment of dividends by a national bank and must be necessary to meet the obligations of its holding company.
|
·
|
A new independent consumer financial protection bureau was established within the Federal Reserve Board, empowered to exercise broad regulatory, supervisory and enforcement authority with respect to both new and existing consumer financial protection laws. However, smaller financial institutions, like Quaint Oak Bank, are subject to the supervision and enforcement of their primary federal banking regulator with respect to the federal consumer financial protection laws.
|
·
|
Tier 1 capital treatment for "hybrid" capital items like trust preferred securities is eliminated subject to various grandfathering and transition rules.
|
·
|
The prohibition on payment of interest on demand deposits was repealed.
|
·
|
Deposit insurance is permanently increased to $250,000.
|
·
|
The deposit insurance assessment base calculation now equals the depository institution's total assets minus the sum of its average tangible equity during the assessment period.
|
·
|
The minimum reserve ratio of the Deposit Insurance Fund increased to 1.35 percent of estimated annual insured deposits or assessment base; however, the Federal Deposit Insurance Corporation is directed to "offset the effect" of the increased reserve ratio for insured depository institutions with total consolidated assets of less than $10 billion.
|
·
|
Authority over savings and loan holding companies was transferred to the Federal Reserve Board.
|
·
|
Leverage capital requirements and risk based capital requirements applicable to depository institutions and bank holding companies are extended to thrift holding companies.
|
·
|
The Federal Deposit Insurance Act was amended to direct federal regulators to require depository institution holding companies to serve as a source of strength for their depository institution subsidiaries.
|
·
|
The Securities and Exchange Commission is authorized to adopt rules requiring public companies to make their proxy materials available to shareholders for nomination of their own candidates for election to the board of directors.
|
·
|
Public companies are now required to provide their shareholders with a non-binding vote: (i) at least once every three years on the compensation paid to executive officers, and (ii) at least once every six years on whether they should have a "say on pay" vote every one, two or three years.
|
·
|
A separate, non-binding shareholder vote is now required regarding golden parachutes for named executive officers when a shareholder vote takes place on mergers, acquisitions, dispositions or other transactions that would trigger the parachute payments.
|
·
|
Securities exchanges are now required to prohibit brokers from using their own discretion to vote shares not beneficially owned by them for certain "significant" matters, which include votes on the election of directors, executive compensation matters, and any other matter determined to be significant.
|
·
|
Stock exchanges are prohibited from listing the securities of any issuer that does not have a policy providing for (i) disclosure of its policy on incentive compensation payable on the basis of financial information reportable under the securities laws, and (ii) the recovery from current or former executive officers, following an accounting restatement triggered by material noncompliance with securities law reporting requirements, of any incentive compensation paid erroneously during the three-year period preceding the date on which the restatement was required that exceeds the amount that would have been paid on the basis of the restated financial information.
|
·
|
Disclosure in annual proxy materials will be required concerning the relationship between the executive compensation paid and the financial performance of the issuer.
|
·
|
Item 402 of Regulation S-K will be amended to require companies to disclose the ratio of the Chief Executive Officer's annual total compensation to the median annual total compensation of all other employees.
|
·
|
Smaller reporting companies are exempt from complying with the internal control auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act.
|
Capital Category
|
Total Risk-based
Capital
|
Tier 1 Risk-based
Capital
|
Tier 1 Leverage
Capital
|
|||
Well capitalized
|
10% or more
|
6% or more
|
5% or more
|
|||
Adequately capitalized
|
8% or more
|
4% or more
|
4% or more
|
|||
Undercapitalized
|
Less than 8%
|
Less than 4%
|
Less than 4%
|
|||
Significantly undercapitalized
|
Less than 6%
|
Less than 3%
|
Less than 3%
|
·
|
acquiring or retaining a majority interest in a subsidiary;
|
·
|
investing as a limited partner in a partnership the sole purpose of which is direct or indirect investment in the acquisition, rehabilitation or new construction of a qualified housing project, provided that such limited partnership investments may not exceed 2% of the bank's total assets;
|
·
|
acquiring up to 10% of the voting stock of a company that solely provides or reinsures directors', trustees' and officers' liability insurance coverage or bankers' blanket bond group insurance coverage for insured depository institutions; and
|
·
|
acquiring or retaining the voting shares of a depository institution if certain requirements are met.
|
·
|
the total capital distributions for the applicable calendar year exceed the sum of the institution's net income for that year to date plus the institution's retained net income for the preceding two years;
|
·
|
the institution would not be at least adequately capitalized following the distribution;
|
·
|
the distribution would violate any applicable statute, regulation, agreement or Federal Deposit Insurance Corporation-imposed condition; or
|
·
|
the institution is not eligible for expedited treatment of its filings with the Federal Deposit Insurance Corporation.
|
Quarter ended:
|
High | Low |
Cash dividends
per shares
|
|||||||||
December 31, 2014
|
$
|
20.00
|
$
|
17.40
|
$
|
0.06
|
||||||
September 30, 2014
|
$
|
17.95
|
$
|
16.50
|
$
|
0.06
|
||||||
June 30, 2014
|
$
|
17.16
|
$
|
16.31
|
$
|
0.06
|
||||||
March 31, 2014
|
$
|
17.15
|
$
|
16.00
|
$
|
0.06
|
Quarter ended:
|
High | Low |
Cash dividends
per share
|
|||||||||
December 31, 2013
|
$
|
16.20
|
$
|
15.51
|
$
|
0.05
|
||||||
September 30, 2013
|
$
|
16.25
|
$
|
15.80
|
$
|
0.05
|
||||||
June 30, 2013
|
$
|
16.35
|
$
|
15.50
|
$
|
0.05
|
||||||
March 31, 2013
|
$
|
15.75
|
$
|
11.00
|
$
|
0.05
|
Period
|
Total Number
of Shares
Purchased
|
Average
Price
Paid per
Share
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
|
Maximum
Number of Shares
that May Yet Be
Purchased Under
the Plans or
Programs (1)
|
||||||||||||
October 1, 2014 – October 31, 2014
|
--
|
$
|
--
|
--
|
23,191
|
|||||||||||
November 1, 2014 – November 30, 2014
|
--
|
--
|
--
|
23,191
|
||||||||||||
December 1, 2014 – December 31, 2014
|
2,800
|
18.59
|
2,800
|
20,391
|
||||||||||||
Total
|
2,800
|
$
|
18.59
|
2,800
|
20,391
|
(1)
|
On February 21, 2014, the Board of Directors of
Quaint Oak Bancorp
approved its fourth share repurchase program which provides for the repurchase of up to 34,716 shares, or approximately 2.5% of the Company's issued and outstanding shares of common stock, and announced the fourth repurchase program on Form 8-K filed on February 26, 2014. The repurchase program does not have an expiration date.
|
·
|
Maintain records that accurately reflect Quaint Oak Bancorp's transactions;
|
·
|
Prepare financial statements and footnote disclosures in accordance with GAAP that can be relied upon by external users;
|
·
|
Prevent and detect unauthorized acquisition, use or disposition of Quaint Oak Bancorp's assets that could have a material effect of the financial statements.
|
Plan Category
|
Number of securities to be
issued upon exercise of
outstanding options, warrants
and rights
(a)
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
(b)
|
Number of securities remaining
available for future issuance under
equity compensation plans
(excluding securities reflected in
column (a))
(c)
|
|||||||||
Equity compensation plans approved by security holders
|
205,553
|
(1)
|
$
|
12.59
|
(1)
|
38,102
|
||||||
Equity compensation plans not approved by security holders
|
--
|
--
|
--
|
|||||||||
Total
|
205,553
|
$
|
12.59
|
38,102
|
(1) | Includes 20,983 shares subject to restricted stock grants which were not vested as of December 31, 2014. The weighted-average exercise price excludes such restricted stock grants. |
Report of Independent Registered Public Accounting Firm
|
||
Consolidated Balance Sheets as of December 31, 2014 and 2013
|
||
Consolidated Statements of Income for the Years Ended December 31, 2014 and 2013
|
||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2014 and 2013
|
||
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2014 and 2013
|
||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2014 and 2013
|
||
Notes to Consolidated Financial Statements
|
No.
|
Exhibits
|
Location
|
||
3.1
|
Articles of Incorporation of Quaint Oak Bancorp, Inc.
|
(1)
|
||
3.2
|
Bylaws of Quaint Oak Bancorp, Inc.
|
(1)
|
||
4.1
|
Form of Stock Certificate of Quaint Oak Bancorp, Inc.
|
(1)
|
||
10.1
|
Amended and Restated Employment Agreement by and between Robert T. Strong and Quaint Oak Bank*
|
(2)
|
||
10.2
|
Quaint Oak Bancorp, Inc. 2008 Stock Option Plan*
|
(3)
|
||
10.3
|
Quaint Oak Bancorp, Inc. 2008 Recognition and Retention Plan and Trust Agreement*
|
(3)
|
||
10.4
|
Employment Agreement between Quaint Oak Bank and John J. Augustine*
|
(4)
|
||
10.5
|
Quaint Oak Bancorp, Inc. 2013 Stock Incentive Plan
|
(5)
|
||
10.6
|
Employment Agreement between Quaint Oak Mortgage, LLC, Quaint Oak Real Estate, LLC, and Quaint Oak Abstract, LLC, and William R. Gonzalez, as amended *
|
Filed herewith
|
||
13.0
|
Annual Report to Shareholders
|
Filed herewith
|
||
21.0
|
Subsidiaries of the Registrant – Reference is made to "Item 1. Business - Subsidiaries" of this Form 10-K for the required information
|
--
|
||
23.0
|
Consent of S.R. Snodgrass, P.C.
|
Filed herewith
|
||
31.1
|
Certification of Chief Executive Officer
|
Filed herewith
|
||
31.2
|
Certification of Chief Financial Officer
|
Filed herewith
|
||
32.0
|
Section 1350 Certification of the Chief Executive Officer and Chief Financial Officer
|
Filed herewith
|
||
101.INS
|
XBRL Instance Document
|
Filed herewith
|
||
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
Filed herewith
|
||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Filed herewith
|
||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
Filed herewith
|
||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Filed herewith
|
||
101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document
|
Filed herewith
|
* | Denotes management compensation plan or arrangement. |
(1) | Incorporated by reference from the Company's Registration Statement on Form SB-2, filed on March 21, 2007, as amended, and declared effective on May 14, 2007 (File No. 333-141474). |
(2) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on December 16, 2008 (File No. 000-52694). |
(3) | Incorporated by reference from the Company's definitive proxy statement for the Annual Meeting of Shareholders held on May 14, 2008 (Commission File No. 000-52694) filed with the Commission on April 11, 2008. |
(4) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on September 18, 2012 (File No. 000-52694). |
(5) | Incorporated by reference from the Company's definitive proxy statement for the Annual Meeting of Shareholders held on May 8, 2013 (Commission File No. 000-526341) filed with the Commission on April 8, 2013. |
(b) | Exhibits |
(c) | Reference is made to (a)(2) of this Item 15. |
QUAINT OAK BANCORP, INC.
|
|||
March 26, 2015
|
By:
|
/s/Robert T. Strong
|
|
Robert T. Strong
|
|||
President and Chief Executive Officer
|
Name
|
Title
|
Date
|
||
/s/Robert T. Strong
|
President and Chief Executive
|
March 26, 2015
|
||
Robert T. Strong
|
||||
/s/John J. Augustine
|
Chief Financial Officer
|
March 26, 2015
|
||
John J. Augustine
|
||||
/s/Robert J. Phillips
|
Chairman
|
March 26, 2015
|
||
Robert J. Phillips
|
||||
/s/George M. Ager, Jr.
|
Director
|
March 26, 2015
|
||
George M. Ager, Jr.
|
||||
/s/James J. Clarke
|
Director
|
March 26, 2015
|
||
James J. Clarke, Ph.D.
|
||||
/s/Andrew E. DiPiero, Jr.
|
Director
|
March 26, 2015
|
||
Andrew E. DiPiero, Jr.
|
||||
/s/Kenneth R. Gant
|
Director
|
March 26, 2015
|
||
Kenneth R. Gant
|
||||
/s/Marsh B. Spink
|
Director
|
March 26, 2015
|
||
Marsh B. Spink
|
To the Employers : | Boards of Directors |
ATTEST:
|
QUAINT OAK MORTGAGE, LLC
|
|||
By:
|
/s/Diane J. Colyer |
By:
|
/s/Robert T. Strong | |
Diane J. Colyer
|
Robert T. Strong
|
|||
Corporate Secretary
|
Chairman of the Board
|
|||
ATTEST:
|
QUAINT OAK REAL ESTATE, LLC
|
|||
By:
|
/s/Diane J. Colyer |
By:
|
/s/Robert T. Strong | |
Diane J. Colyer
|
Robert T. Strong
|
|||
Corporate Secretary
|
Chairman of the Board
|
|||
ATTEST:
|
QUAINT OAK ABSTRACT, LLC
|
|||
By:
|
/s/Diane J. Colyer
|
By:
|
/s/Robert T. Strong | |
Diane J. Colyer
|
Robert T. Strong
|
|||
Corporate Secretary |
Chairman of the Board
|
|||
EXECUTIVE
|
||||
By:
|
/s/William R. Gonzalez | |||
William R. Gonzalez
|
(a)
|
The Executive shall receive a commission of 70% of Quaint Oak Real Estate, LLC's gross real estate commissions received on sales executed
by
|
|
the
Executive.
|
|
|
(b) | The Executive shall receive a commission of 55% of Quaint Oak Mortgage, LLC's gross mortgage commissions received on loans by |
the Executive. |
ATTEST:
|
QUAINT OAK MORTGAGE, LLC
|
|||
By:
|
/s/Diane J. Colyer |
By:
|
/s/Robert T. Strong | |
Diane J. Colyer
|
Robert T. Strong
|
|||
Corporate Secretary
|
Chairman of the Board
|
|||
ATTEST:
|
QUAINT OAK REAL ESTATE, LLC
|
|||
By:
|
/s/Diane J. Colyer |
By:
|
/s/Robert T. Strong | |
Diane J. Colyer
|
Robert T. Strong
|
|||
Corporate Secretary
|
Chairman of the Board
|
|||
ATTEST:
|
QUAINT OAK ABSTRACT, LLC
|
|||
By:
|
/s/Diane J. Colyer
|
By:
|
/s/Robert T. Strong | |
Diane J. Colyer
|
Robert T. Strong
|
|||
Corporate Secretary |
Chairman of the Board
|
|||
EXECUTIVE
|
||||
By:
|
/s/William R. Gonzalez | |||
William R. Gonzalez
|
2014
|
Annual Report
|
|
TABLE OF CONTENTS
|
Page
|
|
President's Letter to Shareholders
|
1
|
Selected Consolidated Financial and Other Data
|
2
|
Management's Discussion and Analysis of Financial Condition and
Results of Operations
|
4
|
Report of Independent Registered Public Accounting Firm
|
15
|
Consolidated Balance Sheets
|
16
|
Consolidated Statements of Income
|
17
|
Consolidated Statements of Comprehensive Income
|
18
|
Consolidated Statements of Stockholders' Equity
|
19
|
Consolidated Statements of Cash Flows
|
20
|
Notes to Consolidated Financial Statements
|
21
|
Directors and Executive Officers
|
54
|
Banking Locations
|
54
|
Transfer Agent/Registrar
|
54
|
Investor Relations Contact
|
54
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
At or For the Years Ended December 31,
|
||||||||
2014 | 2013 | |||||||
(Dollars in Thousands, except per share data)
|
||||||||
Selected Financial and Other Data:
|
||||||||
Total assets
|
$
|
155,643
|
$
|
127,427
|
||||
Cash and cash equivalents
|
13,937
|
6,184
|
||||||
Investment in interest-earning time deposits
|
6,660
|
7,633
|
||||||
Investment securities available for sale at fair value (cost-2014 $1,760; 2013 $1,708)
|
1,706
|
1,680
|
||||||
Loans held for sale
|
2,556
|
1,098
|
||||||
Loans receivable, net
|
123,331
|
106,887
|
||||||
Federal Home Loan Bank stock, at cost
|
527
|
421
|
||||||
Bank premises and equipment, net
|
1,639
|
1,637
|
||||||
Deposits
|
124,405
|
103,324
|
||||||
Federal Home Loan Bank borrowings
|
11,500
|
5,500
|
||||||
Stockholders' Equity
|
17,575
|
16,986
|
||||||
Selected Operating Data:
|
||||||||
Total interest income
|
$
|
7,281
|
$
|
6,290
|
||||
Total interest expense
|
1,720
|
1,682
|
||||||
Net interest income
|
5,561
|
4,608
|
||||||
Provision for loan losses
|
394
|
240
|
||||||
Net interest income after provision for loan losses
|
5,167
|
4,368
|
||||||
Total non-interest income
|
2,003
|
1,497
|
||||||
Total non-interest expense
|
5,234
|
4,746
|
||||||
Income before income taxes
|
1,936
|
1,119
|
||||||
Income taxes
|
694
|
417
|
||||||
Net income
|
$
|
1,242
|
$
|
702
|
||||
Selected Operating Ratios
(1):
|
||||||||
Average yield on interest-earning assets
|
5.48
|
%
|
5.39
|
%
|
||||
Average rate on interest-bearing liabilities
|
1.41
|
1.61
|
||||||
Average interest rate spread(2)
|
4.07
|
3.78
|
||||||
Net interest margin(2)
|
4.18
|
3.95
|
||||||
Average interest-earning assets to average interest-bearing liabilities
|
108.87
|
111.87
|
||||||
Net interest income after provision for loan losses to non-interest expense
|
98.72
|
92.04
|
||||||
Total non-interest expense to average assets
|
3.73
|
3.88
|
||||||
Efficiency ratio(3)
|
69.20
|
77.74
|
||||||
Return on average assets
|
0.88
|
0.57
|
||||||
Return on average equity
|
7.13
|
4.15
|
||||||
Average equity to average assets
|
12.09
|
13.84
|
||||||
Asset Quality Ratios
(4):
|
||||||||
Non-performing loans as a percent of loans receivable, net(5)
|
2.30
|
%
|
1.79
|
%
|
||||
Non-performing assets as a percent of total assets(5)
|
1.89
|
1.95
|
||||||
Non-performing assets and troubled debt restructurings as a percent of total assets
|
2.40
|
2.60
|
||||||
Allowance for loan losses as a percent of non-performing loans
|
40.53
|
49.19
|
||||||
Allowance for loan losses as a percent of total loans receivable
|
0.92
|
0.87
|
||||||
Net charge-offs to average loans receivable
|
0.16
|
0.16
|
||||||
Capital Ratios
(4):
|
||||||||
Tier 1 leverage ratio
|
10.74
|
%
|
12.70
|
%
|
||||
Tier 1 risk-based capital ratio
|
15.38
|
17.68
|
||||||
Total risk-based capital ratio
|
16.50
|
18.75
|
(1) | With the exception of end of period ratios, all ratios are based on average daily balances during the indicated periods. |
(2) | Average interest rate spread represents the difference between the average yield on interest-earning assets and the average rate paid on interest-bearing liabilities, and net interest margin represents net interest income as a percentage of average interest-earning assets. |
(3) | The efficiency ratio represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income. |
(4) | Asset quality ratios and capital ratios are end of period ratios, except for net charge-offs to average loans receivable. |
(5) | Non-performing assets consist of non-performing loans and other real estate owned at December 31, 2014 and 2013. Non-performing loans consist of non-accruing loans plus accruing loans 90 days or more past due. |
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
(1) | Includes loans held for sale. |
(2) | Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts, loans in process and allowance for loan losses. |
(4) | Equals net interest income divided by average interest-earning assets. |
Quaint Oak Bancorp, Inc.
|
2014 vs. 2013
|
2013 vs. 2012
|
|||||||||||||||||||||||||||||||
Increase (Decrease) Due to
|
Total
Increase
(Decrease)
|
Increase (Decrease) Due to
|
Total
Increase
(Decrease)
|
|||||||||||||||||||||||||||||
Rate
|
Volume
|
Rate/
Volume
|
Rate
|
Volume
|
Rate/
Volume
|
|||||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
Interest income:
|
||||||||||||||||||||||||||||||||
Short-term investments and investment securities
|
$
|
8
|
$
|
(75
|
)
|
$
|
(2
|
)
|
$
|
(69
|
)
|
$
|
(63
|
)
|
$
|
(13
|
)
|
$
|
3
|
$
|
(73
|
)
|
||||||||||
Mortgage-backed securities
|
--
|
--
|
--
|
--
|
--
|
(53
|
)
|
--
|
(53
|
)
|
||||||||||||||||||||||
Loans receivable (1)(2)
|
(274
|
)
|
1,397
|
(63
|
)
|
1,060
|
(
294
|
)
|
924
|
(50
|
)
|
580
|
||||||||||||||||||||
Total interest-earning assets
|
(266
|
)
|
1,322
|
(65
|
)
|
991
|
(357
|
)
|
858
|
(47
|
)
|
454
|
||||||||||||||||||||
Interest expense:
|
||||||||||||||||||||||||||||||||
Passbook accounts
|
(1
|
)
|
--
|
--
|
(1
|
)
|
(2
|
)
|
--
|
--
|
(2
|
)
|
||||||||||||||||||||
Statement savings accounts
|
(1
|
)
|
1
|
--
|
--
|
(3
|
)
|
(2
|
)
|
--
|
(5
|
)
|
||||||||||||||||||||
eSavings accounts
|
(3
|
)
|
19
|
--
|
16
|
(14
|
)
|
65
|
(14
|
)
|
37
|
|||||||||||||||||||||
Certificate accounts
|
(109
|
)
|
142
|
(10
|
)
|
23
|
(138
|
)
|
162
|
(15
|
)
|
9
|
||||||||||||||||||||
Total deposits
|
(114
|
)
|
162
|
(10
|
)
|
38
|
(157
|
)
|
225
|
(29
|
)
|
39
|
||||||||||||||||||||
FHLB borrowings
|
(35
|
)
|
214
|
(
179
|
)
|
--
|
( 39
|
)
|
(57
|
)
|
19
|
(77
|
)
|
|||||||||||||||||||
Total interest-bearing liabilities
|
(149
|
)
|
376
|
(189
|
)
|
38
|
(196
|
)
|
168
|
(10
|
)
|
(38
|
)
|
|||||||||||||||||||
Increase (decrease) in net interest
income
|
$
|
(117
|
)
|
$
|
946
|
$
|
124
|
$
|
953
|
$
|
(161
|
)
|
$
|
690
|
$
|
(37
|
)
|
$
|
492
|
|||||||||||||
(1) | Includes loans held for sale. |
(2) | Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts, loans in process and allowance for loan losses. |
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
3 Months
or Less
|
More than
3 Months
to 1 Year
|
More than
1 Year
to 3 Years
|
More than
3 Years
to 5 Years
|
More than
5 Years
|
Total
Amount
|
|||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||
Interest-earning assets (1):
|
||||||||||||||||||||||||
Loans receivable (2)
|
$
|
21,279
|
$
|
26,678
|
$
|
19,387
|
$
|
19,137
|
$
|
38,490
|
$
|
124,971
|
||||||||||||
Loans held for sale
|
2,556
|
--
|
--
|
--
|
--
|
2,556
|
||||||||||||||||||
Short-term investments and investment securities
|
14,283
|
1,810
|
3,810
|
--
|
1,758
|
21,661
|
||||||||||||||||||
Investment in Federal Home Loan Bank stock
|
--
|
--
|
--
|
--
|
527
|
527
|
||||||||||||||||||
Total interest-earning assets
|
$
|
38,118
|
$
|
28,488
|
$
|
23,197
|
$
|
19,137
|
$
|
40,775
|
$
|
149,715
|
||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$
|
257
|
$
|
257
|
$
|
1,544
|
$
|
257
|
$
|
257
|
$
|
2,573
|
||||||||||||
Statement savings accounts
|
1,131
|
1,131
|
2,262
|
566
|
566
|
5,655
|
||||||||||||||||||
eSavings accounts
|
3,841
|
3,841
|
7,681
|
1,920
|
1,920
|
19,203
|
||||||||||||||||||
Certificate accounts
|
7,021
|
20,291
|
47,480
|
21,542
|
--
|
96,334
|
||||||||||||||||||
FHLB borrowings
|
7,000
|
--
|
2,500
|
2,000
|
--
|
11,500
|
||||||||||||||||||
Total interest-bearing liabilities
|
$
|
19,250
|
$
|
25,520
|
$
|
61,467
|
$
|
26,285
|
$
|
2,743
|
$
|
135,265
|
||||||||||||
Interest-earning assets less interest-bearing liabilities
|
$
|
18,868
|
$
|
2,968
|
$
|
(38,270
|
)
|
$
|
(7,148
|
)
|
$
|
38,032
|
||||||||||||
Cumulative interest-rate sensitivity gap (3)
|
$
|
18,868
|
$
|
21,836
|
$
|
(16,434
|
)
|
$
|
(23,582
|
)
|
$
|
14,450
|
||||||||||||
Cumulative interest-rate gap as a percentage of total assets
at December 31, 2014
|
12.1
|
%
|
14.0
|
%
|
(10.6
|
)%
|
(15.2
|
)%
|
9.3
|
%
|
||||||||||||||
Cumulative interest-earning assets as a percentage of
cumulative interest-bearing liabilities
at December 31, 2014
|
198.0
|
%
|
148.8
|
%
|
84.5
|
%
|
82.2
|
%
|
110.7
|
%
|
(1) | Interest-earning assets are included in the period in which the balances are expected to be redeployed and/or repriced as a result of anticipated prepayments, scheduled rate adjustments and contractual maturities. |
(2) | For purposes of the gap analysis, loans receivable includes non-performing loans gross of the allowance for loan losses and deferred loan fees. |
(3) | Interest-rate sensitivity gap represents the difference between net interest-earning assets and interest-bearing liabilities. |
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Payments Due By Period
|
||||||||||||||||||||
Total
|
To
1 Year
|
1-3
Years
|
4-5
Years
|
After 5
Years
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Lease agreements
|
$
|
475
|
$
|
91
|
$
|
131
|
$
|
127
|
$
|
126
|
||||||||||
Certificates of deposit
|
96,334
|
27,311
|
47,479
|
21,544
|
--
|
|||||||||||||||
FHLB borrowings
|
11,500
|
7,000
|
2,500
|
2,000
|
--
|
|||||||||||||||
Total contractual obligations
|
$
|
108,309
|
$
|
34,402
|
$
|
50,110
|
$
|
23,671
|
$
|
126
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
|
|
|||||||||
At December 31, 2014
|
At December 31, 2013
|
|||||||||
Assets
|
(In thousands, except share data)
|
|||||||||
Due from banks, non-interest-bearing
|
$
|
696
|
$
|
4,989
|
||||||
Due from banks, interest-bearing
|
13,241
|
1,195
|
||||||||
Cash and cash equivalents
|
13,937
|
6,184
|
||||||||
Investment in interest-earning time deposits
|
6,660
|
7,633
|
||||||||
Investment securities available for sale
|
1,706
|
1,680
|
||||||||
Loans held for sale
|
2,556
|
1,098
|
||||||||
Loans receivable, net of allowance for loan
losses (2014 $1,148; 2013 $941)
|
123,331 | 106,887 | ||||||||
Accrued interest receivable
|
788
|
735
|
||||||||
Investment in Federal Home Loan Bank stock,
at cost
|
527
|
421
|
||||||||
Bank-owned life insurance
|
3,549
|
--
|
||||||||
Premises and equipment, net
|
1,639
|
1,637
|
||||||||
Other real estate owned, net
|
111
|
574
|
||||||||
Prepaid expenses and other assets
|
839
|
578
|
||||||||
Total Assets
|
$
|
155,643
|
$
|
127,427
|
||||||
Liabilities and Stockholders' Equity
|
||||||||||
Liabilities
|
||||||||||
Deposits:
|
||||||||||
Non-interest bearing
|
$
|
640
|
$
|
--
|
||||||
Interest-bearing
|
123,765
|
103,324
|
||||||||
Total deposits
|
124,405
|
103,324
|
||||||||
Federal Home Loan Bank short-term borrowings
|
7,000
|
5,500
|
||||||||
Federal Home Loan Bank long-term borrowings
|
4,500
|
--
|
||||||||
Accrued interest payable
|
108
|
77
|
||||||||
Advances from borrowers for taxes and insurance
|
1,592
|
1,224
|
||||||||
Accrued expenses and other liabilities
|
463
|
316
|
||||||||
Total Liabilities
|
138,068
|
110,441
|
||||||||
Stockholders' Equity
|
||||||||||
Preferred stock – $0.01 par value, 1,000,000 shares
authorized;
none issued or outstanding
|
--
|
--
|
||||||||
Common stock – $0.01 par value; 9,000,000
shares authorized; 1,388,625 issued;
909,285 and 947,849 outstanding at
December 31, 2014 and December 31,
2013, respectively
|
14 | 14 | ||||||||
Additional paid-in capital
|
13,828
|
13,665
|
||||||||
Treasury stock, at cost: 2014 479,340 shares;
2013 440,776 shares
|
(4,973
|
)
|
(4,279
|
)
|
||||||
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP)
|
(455
|
)
|
(536
|
)
|
||||||
Recognition & Retention Plan Trust (RRP)
|
(94
|
)
|
(120
|
)
|
||||||
Accumulated other comprehensive loss
|
(36
|
)
|
(18
|
)
|
||||||
Retained earnings
|
9,291
|
8,260
|
||||||||
Total Stockholders' Equity
|
17,575
|
16,986
|
||||||||
Total Liabilities and Stockholders' Equity
|
$
|
155,643
|
$
|
127,427
|
Quaint Oak Bancorp, Inc.
|
Consolidated Statements of Income
|
||||||||
Years Ended December 31,
|
||||||||
2014
|
2013
|
|||||||
Interest Income
|
(In thousands, except share data)
|
|||||||
Interest on loans
|
$
|
7,098
|
$
|
6,038
|
||||
Interest and dividends on time deposits and investment securities
|
183
|
252
|
||||||
Total Interest Income
|
7,281
|
6,290
|
Interest Expense
|
||||||||
Interest on deposits
|
1,678
|
1,640
|
||||||
Interest on Federal Home Loan Bank borrowings
|
42
|
42
|
||||||
Total Interest Expense
|
1,720
|
1,682
|
Net Interest Income
|
5,561
|
4,608
|
||||||
Provision for Loan Losses
|
394
|
240
|
||||||
Net Interest Income after Provision for Loan Losses
|
5,167
|
4,368
|
||||||
Non-Interest Income
|
||||||||
Mortgage banking and title abstract fees
|
331
|
471
|
||||||
Other fees and services charges
|
48
|
101
|
||||||
Income from bank-owned life insurance
|
49
|
--
|
||||||
Net gain on the sales of loans
|
1,442
|
832
|
||||||
Gain on the sale of SBA loans
|
164
|
--
|
||||||
Gain on the sales of investment securities
|
--
|
88
|
||||||
Loss on sale of other real estate owned
|
(63
|
)
|
(23
|
)
|
||||
Other
|
32
|
28
|
||||||
Total Non-Interest Income, net
|
2,003
|
1,497
|
||||||
Non-Interest Expense
|
||||||||
Salaries and employee benefits
|
3,422
|
2,912
|
||||||
Directors' fees and expenses
|
205
|
222
|
||||||
Occupancy and equipment
|
542
|
485
|
||||||
Professional fees
|
361
|
524
|
||||||
FDIC deposit insurance assessment
|
101
|
77
|
||||||
Other real estate owned expenses
|
14
|
46
|
||||||
Advertising
|
75
|
80
|
||||||
Other
|
514
|
400
|
||||||
Total Non-Interest Expense
|
5,234
|
4,746
|
Income before Income Taxes
|
1,936
|
1,119
|
||||||
Income Taxes
|
694
|
417
|
||||||
Net Income
|
$
|
1,242
|
$
|
702
|
||||
Earnings per share – basic
|
$
|
1.46
|
$
|
0.79
|
||||
Average shares outstanding - basic
|
851,866
|
889,190
|
||||||
Earnings per share - diluted
|
$
|
1.37
|
$
|
0.76
|
||||
Average shares outstanding - diluted
|
905,321
|
927,270
|
Quaint Oak Bancorp, Inc.
|
Years Ended December 31,
|
||||||||
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Net Income
|
$
|
1,242
|
$
|
702
|
||||
Other Comprehensive Loss:
|
||||||||
Unrealized losses on investment securities available for sale
|
(26
|
)
|
(31
|
)
|
||||
Income tax effect
|
8
|
11
|
||||||
Reclassification adjustment for gains on sale of investment securities included in net income
|
--
|
(88
|
)
|
|||||
Income tax effect
|
--
|
30
|
||||||
Net other comprehensive loss
|
(18
|
)
|
(78
|
)
|
||||
Total Comprehensive Income
|
$
|
1,224
|
$
|
624
|
||||
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Years Ended
December 31,
|
||||||||
2014
|
2013
|
|||||||
Cash Flows from Operating Activities
|
(In Thousands)
|
|||||||
Net income
|
$
|
1,242
|
$
|
702
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Provision for loan losses
|
394
|
240
|
||||||
Depreciation expense
|
167
|
142
|
||||||
Net accretion of securities discounts
|
--
|
(4
|
)
|
|||||
Accretion of deferred loan fees and costs, net
|
(273
|
)
|
(155
|
)
|
||||
Deferred income taxes
|
(164
|
)
|
(71
|
)
|
||||
Stock-based compensation expense
|
272
|
273
|
||||||
Gain on the sales of investment securities
|
--
|
(88
|
)
|
|||||
Net gain on the sale of loans
|
(1,442
|
)
|
(832
|
)
|
||||
Gain on the sale of SBA loans
|
(164
|
)
|
--
|
|||||
Net loss on sale of other real estate owned
|
63
|
23
|
||||||
Increase in the cash surrender value of bank-owned life insurance
|
(49
|
)
|
--
|
|||||
Changes in assets and liabilities which provided (used) cash:
|
||||||||
Loans held for sale-originations
|
(53,261
|
)
|
(43,870
|
)
|
||||
Loans held for sale-proceeds
|
53,245
|
48,479
|
||||||
Accrued interest receivable
|
(53
|
)
|
(78
|
)
|
||||
Prepaid expenses and other assets
|
(89
|
)
|
346
|
|||||
Accrued interest payable
|
31
|
(4
|
)
|
|||||
Accrued expenses and other liabilities
|
147
|
(112
|
)
|
|||||
Net Cash Provided by Operating Activities
|
66
|
4,991
|
||||||
Cash Flows from Investing Activities
|
||||||||
Net decrease in investment in interest-earning time deposits
|
973
|
499
|
||||||
Purchase of investment securities available for sale
|
(52
|
)
|
(53
|
)
|
||||
Proceeds from calls of investment securities available for sale
|
--
|
500
|
||||||
Proceeds from the sale of securities available for sale
|
--
|
1,839
|
||||||
Net increase in loans receivable
|
(16,512
|
)
|
(23,152
|
)
|
||||
Net (increase) decrease in investment in Federal Home Loan Bank stock
|
(106
|
)
|
16
|
|||||
Purchase of bank-owned life insurance
|
(3,500
|
)
|
--
|
|||||
Proceeds from the sale of other real estate owned
|
539
|
92
|
||||||
Capitalized expenditures on other real estate owned
|
(28
|
)
|
(48
|
)
|
||||
Purchase of premises and equipment
|
(169
|
)
|
(171
|
)
|
||||
Net Cash Used in Investing Activities
|
(18,855
|
)
|
(20,478
|
)
|
||||
Cash Flows from Financing Activities
|
||||||||
Net increase in demand deposits and savings accounts
|
4,982
|
3,752
|
||||||
Net increase in certificate accounts
|
16,099
|
2,534
|
||||||
Repayment of Federal Home Loan Bank borrowings
|
(4,500
|
)
|
(2,000
|
)
|
||||
Proceeds from Federal Home Loan Bank borrowings
|
10,500
|
5,500
|
||||||
Dividends paid
|
(211
|
)
|
(185
|
)
|
||||
Purchase of treasury stock
|
(760
|
)
|
(563
|
)
|
||||
Proceeds from the reissuance of treasury stock
|
64
|
--
|
||||||
Increase in advances from borrowers for taxes and insurance
|
368
|
233
|
||||||
Net Cash Provided by Financing Activities
|
26,542
|
9,271
|
||||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
7,753
|
(6,216
|
)
|
|||||
Cash and Cash Equivalents – Beginning of Year
|
6,184
|
12,400
|
||||||
Cash and Cash Equivalents – End of Year | $ | 13,937 | $ | 6,184 | ||||
Supplementary Disclosure of Cash Flow and Non-Cash Information: | ||||||||
Cash payments for interest | $ | 1,689 | 1,689 | |||||
Cash payments for income taxes | $ | 855 | 295 | |||||
Transfer of loans to other real estate owned | $ | 111 | 471 |
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
For the Year Ended
December 31,
|
||||||||
2014
|
2013
|
|||||||
Net Income
|
$
|
1,242,000
|
$
|
702,000
|
||||
Weighted average shares outstanding – basic
|
851,866
|
889,190
|
||||||
Effect of dilutive common stock equivalents
|
53,455
|
38,080
|
||||||
Adjusted weighted average shares outstanding – diluted
|
905,321
|
927,270
|
||||||
Basic earnings per share
|
$
|
1.46
|
$
|
0.79
|
||||
Diluted earnings per share
|
$
|
1.37
|
$
|
0.76
|
Unrealized Losses on
Investment Securities
Available for Sale (1)
|
||||||||
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Balance beginning of the year
|
$
|
(18
|
)
|
$
|
(60
|
)
|
||
Other comprehensive loss before reclassifications
|
(18
|
)
|
(20
|
)
|
||||
Amount reclassified from accumulated other comprehensive loss
|
--
|
(58
|
)
|
|||||
Total other comprehensive loss
|
(18
|
)
|
(78
|
)
|
||||
Balance end of the year
|
$
|
(36
|
)
|
$
|
(18
|
)
|
||
_____________________ |
(1)
|
All amounts are net of tax. Amounts in parentheses indicate debits.
|
Quaint Oak Bancorp, Inc.
|
Details About Other Comprehensive Loss
|
Amount Reclassified from Accumulated
Other Comprehensive Loss (1)
|
Affected Line Item in the
Statement of Income
|
|||||||
For the Year Ended December 31,
|
|||||||||
2014
|
2013
|
||||||||
Unrealized losses on investment securities available for sale
|
$
|
--
|
$
|
88
|
Gain on sales of investment securities
|
||||
--
|
(30
|
)
|
Income taxes
|
||||||
$
|
--
|
$
|
58
|
Net of tax
|
(1) | Amounts in parentheses indicate debits. |
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Due in one year or less
|
$
|
2,337
|
$
|
3,042
|
||||
Due after one year through five years
|
4,323
|
4,591
|
||||||
$
|
6,660
|
$
|
7,633
|
December 31, 2014
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
Short-term bond fund
|
$
|
1,214
|
$
|
--
|
$
|
(34
|
)
|
$
|
1,180
|
|||||||
Limited-term bond fund
|
546
|
--
|
(20
|
)
|
526
|
|||||||||||
$
|
1,760
|
$
|
--
|
$
|
(54
|
)
|
$
|
1,706
|
||||||||
Quaint Oak Bancorp, Inc.
|
December 31, 2013
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
Short-term bond fund
|
$
|
1,170
|
$
|
--
|
$
|
(11
|
)
|
$
|
1,159
|
|||||||
Limited-term bond fund
|
538
|
--
|
(17
|
)
|
521
|
|||||||||||
$
|
1,708
|
$
|
--
|
$
|
(28
|
)
|
$
|
1,680
|
||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||||||
Number of
|
Unrealized
|
Unrealized
|
|
Unrealized
|
||||||||||||||||||||||||
Securities
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value |
Losses
|
||||||||||||||||||||||
Short-term bond fund
|
1
|
$
|
--
|
$
|
--
|
$
|
1,180
|
$
|
(34
|
)
|
$
|
1,180
|
$
|
(34
|
)
|
|||||||||||||
Limited-term bond fund
|
1
|
--
|
--
|
526
|
(20
|
)
|
526
|
(20
|
)
|
|||||||||||||||||||
Total
|
2
|
$
|
--
|
$
|
--
|
$
|
1,706
|
$
|
(54
|
)
|
$
|
1,706
|
$
|
(54
|
)
|
|||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||||||
Number of
|
Unrealized
|
Unrealized
|
Unrealized
|
|||||||||||||||||||||||||
Securities
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||||||
Short-term bond fund
|
1
|
$
|
1,159
|
$
|
(11
|
)
|
$
|
--
|
$
|
--
|
$
|
1,159
|
$
|
(11
|
)
|
|||||||||||||
Limited-term bond fund
|
1
|
--
|
--
|
521
|
(17
|
)
|
521
|
(17
|
)
|
|||||||||||||||||||
Total
|
2
|
$
|
1,159
|
$
|
(11
|
)
|
$
|
521
|
$
|
(17
|
)
|
$
|
1,680
|
$
|
(28
|
)
|
Quaint Oak Bancorp, Inc.
|
December 31, 2014
|
December 31, 2013
|
|||||||
(In Thousands)
|
||||||||
Real estate loans:
|
||||||||
One-to-four family residential:
|
||||||||
Owner occupied
|
$
|
7,085
|
$
|
8,900
|
||||
Non-owner occupied
|
48,554
|
43,489
|
||||||
Total one-to-four family residential
|
55,639
|
52,389
|
||||||
Multi-family (five or more) residential
|
10,132
|
6,023
|
||||||
Commercial real estate
|
35,523
|
25,863
|
||||||
Commercial lines of credit
|
1,623
|
1,880
|
||||||
Construction
|
14,303
|
16,038
|
||||||
Home equity
|
6,961
|
5,682
|
||||||
Total real estate loans
|
124,181
|
107,875
|
||||||
Commercial business
|
749
|
186
|
||||||
Other consumer
|
41
|
47
|
||||||
Total Loans
|
124,971
|
108,108
|
||||||
Deferred loan fees and costs
|
(492
|
)
|
(280
|
)
|
||||
Allowance for loan losses
|
(1,148
|
)
|
(941
|
)
|
||||
Net Loans
|
$
|
123,331
|
$
|
106,887
|
December 31, 2014
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
6,132
|
$
|
116
|
$
|
837
|
$
|
--
|
$
|
7,085
|
||||||||||
One-to-four family residential non-owner occupied
|
46,971
|
38
|
1,317
|
228
|
48,554
|
|||||||||||||||
Multi-family residential
|
10,065
|
--
|
67
|
--
|
10,132
|
|||||||||||||||
Commercial real estate and lines of credit
|
35,984
|
293
|
537
|
332
|
37,146
|
|||||||||||||||
Construction
|
14,303
|
--
|
--
|
--
|
14,303
|
|||||||||||||||
Home equity
|
6,654
|
172
|
90
|
45
|
6,961
|
|||||||||||||||
Commercial business and other consumer
|
790
|
--
|
--
|
--
|
790
|
|||||||||||||||
$
|
120,899
|
$
|
619
|
$
|
2,848
|
$
|
605
|
$
|
124,971
|
Quaint Oak Bancorp, Inc.
|
December 31, 2013
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
7,308
|
$
|
1,136
|
$
|
153
|
$
|
303
|
$
|
8,900
|
||||||||||
One-to-four family residential non-owner occupied
|
41,586
|
800
|
1,103
|
--
|
43,489
|
|||||||||||||||
Multi-family residential
|
5,948
|
75
|
--
|
--
|
6,023
|
|||||||||||||||
Commercial real estate and lines of credit
|
26,673
|
397
|
673
|
--
|
27,743
|
|||||||||||||||
Construction
|
16,038
|
--
|
--
|
--
|
16,038
|
|||||||||||||||
Home equity
|
5,391
|
166
|
125
|
--
|
5,682
|
|||||||||||||||
Commercial business and other consumer
|
233
|
--
|
--
|
--
|
233
|
|||||||||||||||
$
|
103,177
|
$
|
2,574
|
$
|
2,054
|
$
|
303
|
$
|
108,108
|
December 31, 2014
|
||||||||||||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
837
|
$
|
837
|
$
|
--
|
$
|
839
|
$
|
15
|
||||||||||
One-to-four family residential non-owner occupied
|
1,317
|
1,333
|
--
|
1,341
|
39
|
|||||||||||||||
Multi-family residential
|
67
|
72
|
--
|
74
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
537
|
537
|
--
|
542
|
17
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
90
|
90
|
--
|
93
|
7
|
|||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
228
|
231
|
29
|
231
|
--
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
332
|
332
|
29
|
331
|
10
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
45
|
45
|
8
|
46
|
--
|
|||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
837
|
$
|
837
|
$
|
--
|
$
|
839
|
$
|
15
|
||||||||||
One-to-four family residential non-owner occupied
|
1,545
|
1,564
|
29
|
1,572
|
39
|
|||||||||||||||
Multi-family residential
|
67
|
72
|
--
|
74
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
869
|
869
|
29
|
873
|
27
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
135
|
135
|
8
|
139
|
7
|
|||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
$
|
3,453
|
$
|
3,477
|
$
|
66
|
$
|
3,497
|
$
|
88
|
Quaint Oak Bancorp, Inc.
|
December 31, 2013
|
||||||||||||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
456
|
$
|
456
|
$
|
--
|
$
|
428
|
$
|
15
|
||||||||||
One-to-four family residential non-owner occupied
|
1,103
|
1,114
|
--
|
1,107
|
77
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
362
|
368
|
--
|
365
|
--
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
125
|
126
|
--
|
124
|
9
|
|||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
311
|
311
|
21
|
313
|
26
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
456
|
$
|
456
|
$
|
--
|
$
|
428
|
$
|
15
|
||||||||||
One-to-four family residential non-owner occupied
|
1,103
|
1,114
|
--
|
1,107
|
77
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
673
|
679
|
21
|
678
|
26
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
125
|
126
|
--
|
124
|
9
|
|||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
$
|
2,357
|
$
|
2,375
|
$
|
21
|
$
|
2,337
|
$
|
127
|
Quaint Oak Bancorp, Inc.
|
December 31, 2014
|
||||||||||||||||||||
Number of
Contracts
|
Recorded
Investment
|
Non-
Accrual
|
Accruing
|
Related
Allowance
|
||||||||||||||||
One-to-four family residential owner occupied
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
|||||||||||
One-to-four family residential non-owner occupied
|
7
|
728
|
155
|
573
|
10
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
1
|
133
|
--
|
133
|
7
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
3
|
90
|
--
|
90
|
--
|
|||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
11
|
$
|
951
|
$
|
155
|
$
|
796
|
$
|
17
|
December 31, 2013
|
||||||||||||||||||||
Number of
Contracts
|
Recorded
Investment
|
Non-
Accrual
|
Accruing
|
Related
Allowance
|
||||||||||||||||
One-to-four family residential owner occupied
|
2
|
$
|
153
|
$
|
--
|
$
|
153
|
$
|
--
|
|||||||||||
One-to-four family residential non-owner occupied
|
7
|
733
|
151
|
582
|
--
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
1
|
113
|
113
|
--
|
--
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
3
|
95
|
--
|
95
|
--
|
|||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
13
|
$
|
1,094
|
$
|
264
|
$
|
830
|
$
|
--
|
December 31, 2014
|
||||||||||||||||||||
Accruing
Past Due
Less than
30 Days
|
Past Due
30-89 Days
|
Greater
than 90
Days
|
Non-
Accrual
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
One-to-four family residential non-owner occupied
|
358
|
215
|
--
|
155
|
728
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
133
|
--
|
--
|
--
|
133
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
90
|
--
|
--
|
--
|
90
|
|||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
$
|
581
|
$
|
215
|
$
|
--
|
$
|
155
|
$
|
951
|
December 31, 2013
|
||||||||||||||||||||
Accruing
Past Due
Less than
30 Days
|
Past Due
30-89 Days
|
Greater
than 90
Days
|
Non-
Accrual
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
153
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
153
|
||||||||||
One-to-four family residential non-owner occupied
|
485
|
97
|
--
|
151
|
733
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial real estate and lines of credit
|
--
|
--
|
--
|
113
|
113
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity
|
95
|
--
|
--
|
--
|
95
|
|||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
|
$
|
733
|
$
|
97
|
$
|
--
|
$
|
264
|
$
|
1,094
|
Quaint Oak Bancorp, Inc.
|
December 31, 2014
|
||||||||||||||||||||||||||||||||||||
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-
Owner
Occupied
|
Multi-
Family
Residential
|
Commercial
Real Estate
and Lines of
Credit
|
Construction
|
Home Equity
|
Commercial
Business
and Other
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
59
|
$
|
424
|
$
|
36
|
$
|
199
|
$
|
96
|
$
|
50
|
$
|
2
|
$
|
75
|
$
|
941
|
||||||||||||||||||
Charge-offs
|
(57
|
)
|
--
|
--
|
(133
|
)
|
--
|
--
|
--
|
--
|
(190
|
)
|
||||||||||||||||||||||||
Recoveries
|
--
|
--
|
--
|
3
|
--
|
--
|
--
|
--
|
3
|
|||||||||||||||||||||||||||
Provision
|
73
|
(6
|
)
|
24
|
255
|
26
|
(4
|
)
|
5
|
21
|
394
|
|||||||||||||||||||||||||
Ending balance
|
$
|
75
|
$
|
418
|
$
|
60
|
$
|
324
|
$
|
122
|
$
|
46
|
$
|
7
|
$
|
96
|
$
|
1,148
|
||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
--
|
$
|
29
|
$
|
--
|
$
|
29
|
$
|
--
|
$
|
8
|
$
|
--
|
$
|
--
|
$
|
66
|
||||||||||||||||||
Collectively
|
$
|
75
|
$
|
389
|
$
|
60
|
$
|
295
|
$
|
122
|
$
|
38
|
$
|
7
|
$
|
96
|
$
|
1,082
|
||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$
|
7,085
|
$
|
48,554
|
$
|
10,132
|
$
|
37,146
|
$
|
14,303
|
$
|
6,961
|
$
|
790
|
$
|
--
|
$
|
124,971
|
||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
837
|
$
|
1,545
|
$
|
67
|
$
|
869
|
$
|
--
|
$
|
135
|
$
|
--
|
$
|
--
|
$
|
3,452
|
||||||||||||||||||
Collectively
|
$
|
6,248
|
$
|
47,009
|
$
|
10,065
|
$
|
36,277
|
$
|
14,303
|
$
|
6,826
|
$
|
790
|
$
|
--
|
$
|
121,519
|
Quaint Oak Bancorp, Inc.
|
December 31, 2013
|
||||||||||||||||||||||||||||||||||||
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-
Owner
Occupied
|
Multi-
Family
Residential
|
Commercial
Real Estate
and Lines of
Credit
|
Construction
|
Home
Equity
|
Commercial
Business and
Other
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
77
|
$
|
368
|
$
|
20
|
$
|
219
|
$
|
63
|
$
|
68
|
$
|
1
|
$
|
44
|
$
|
860
|
||||||||||||||||||
Charge-offs
|
(15
|
)
|
(75
|
)
|
--
|
--
|
--
|
(69
|
)
|
--
|
--
|
(159
|
)
|
|||||||||||||||||||||||
Recoveries
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||||||||
Provision
|
(3
|
)
|
131
|
16
|
(20
|
)
|
33
|
51
|
1
|
31
|
240
|
|||||||||||||||||||||||||
Ending balance
|
$
|
59
|
$
|
424
|
$
|
36
|
$
|
199
|
$
|
96
|
$
|
50
|
$
|
2
|
$
|
75
|
$
|
941
|
||||||||||||||||||
Ending balance evaluated
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
21
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
21
|
||||||||||||||||||
Collectively
|
$
|
59
|
$
|
424
|
$
|
36
|
$
|
178
|
$
|
96
|
$
|
50
|
$
|
2
|
$
|
75
|
$
|
920
|
||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$
|
8,900
|
$
|
43,489
|
$
|
6,023
|
$
|
27,743
|
$
|
16,038
|
$
|
5,682
|
$
|
233
|
$
|
--
|
$
|
108,108
|
||||||||||||||||||
Ending balance evaluated
for impairment
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
456
|
$
|
1,103
|
$
|
--
|
$
|
673
|
$
|
--
|
$
|
125
|
$
|
--
|
$
|
--
|
$
|
2,357
|
||||||||||||||||||
Collectively
|
$
|
8,444
|
$
|
42,386
|
$
|
6,023
|
$
|
27,070
|
$
|
16,038
|
$
|
5,557
|
$
|
233
|
$
|
--
|
$
|
105,751
|
December 31,
2014
|
December 31,
2013
|
|||||||
One-to-four family residential owner occupied
|
$
|
588
|
$
|
303
|
||||
One-to-four family residential non-owner occupied
|
836
|
378
|
||||||
Multi-family residential
|
67
|
--
|
||||||
Commercial real estate and lines of credit
|
489
|
474
|
||||||
Construction
|
--
|
--
|
||||||
Home equity
|
45
|
30
|
||||||
Commercial business and other consumer
|
--
|
--
|
||||||
$
|
2,025
|
$
|
1,185
|
Quaint Oak Bancorp, Inc.
|
December 31, 2014
|
||||||||||||||||||||||||
30-90
Days Past
Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Loans
Receivable >
90 Days and
Accruing
|
|||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
589
|
$
|
837
|
$
|
1,426
|
$
|
5,659
|
$
|
7,085
|
$
|
249
|
||||||||||||
One-to-four family residential non-owner
occupied
|
735
|
972
|
1,707
|
46,847
|
48,554
|
136
|
||||||||||||||||||
Multi-family residential
|
--
|
67
|
67
|
10,065
|
10,132
|
--
|
||||||||||||||||||
Commercial real estate and lines of credit
|
1,051
|
910
|
1,961
|
35,185
|
37,146
|
421
|
||||||||||||||||||
Construction
|
107
|
--
|
107
|
14,196
|
14,303
|
--
|
||||||||||||||||||
Home equity
|
99
|
45
|
144
|
6,817
|
6,961
|
--
|
||||||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
790
|
790
|
--
|
||||||||||||||||||
$
|
2,581
|
$
|
2,831
|
$
|
5,412
|
$
|
119,559
|
$
|
124,971
|
$
|
806
|
December 31, 2013
|
||||||||||||||||||||||||
30-90
Days Past
Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Loans
Receivable >
90 Days and
Accruing
|
|||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
1,916
|
$
|
559
|
$
|
2,475
|
$
|
6,425
|
$
|
8,900
|
$
|
256
|
||||||||||||
One-to-four family residential non-owner
occupied
|
884
|
575
|
1,459
|
42,030
|
43,489
|
197
|
||||||||||||||||||
Multi-family residential
|
--
|
75
|
75
|
5,948
|
6,023
|
75
|
||||||||||||||||||
Commercial real estate and lines of credit
|
322
|
674
|
996
|
26,747
|
27,743
|
200
|
||||||||||||||||||
Construction
|
334
|
--
|
334
|
15,704
|
16,038
|
--
|
||||||||||||||||||
Home equity
|
168
|
30
|
198
|
5,484
|
5,682
|
--
|
||||||||||||||||||
Commercial business and other consumer
|
--
|
--
|
--
|
233
|
233
|
--
|
||||||||||||||||||
$
|
3,624
|
$
|
1,913
|
$
|
5,537
|
$
|
102,571
|
$
|
108,108
|
$
|
728
|
Quaint Oak Bancorp, Inc.
|
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Land
|
$
|
208
|
$
|
208
|
||||
Buildings
|
981
|
900
|
||||||
Leasehold improvements
|
369
|
352
|
||||||
Furniture, fixtures and equipment
|
766
|
695
|
||||||
2,324
|
2,155
|
|||||||
Accumulated depreciation
|
(685
|
)
|
(518
|
)
|
||||
$
|
1,639
|
$
|
1,637
|
2014 | 2013 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Average | Average | |||||||||||||||
Interest | Interest | |||||||||||||||
Amount | Rate | Amount | Rate | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Non-interest bearing checking accounts
|
$
|
640
|
--
|
%
|
$
|
--
|
--
|
%
|
||||||||
Passbook savings accounts
|
2,573
|
0.15
|
2,655
|
0.13
|
||||||||||||
Statement savings accounts
|
5,655
|
0.37
|
5,496
|
0.31
|
||||||||||||
eSavings accounts
|
19,203
|
0.74
|
14,938
|
0.64
|
||||||||||||
Certificate of deposit accounts
|
96,334
|
1.70
|
80,235
|
1.73
|
||||||||||||
$
|
124,405
|
1.42
|
%
|
$
|
103,324
|
1.46
|
%
|
Years ending December 31:
|
||||
2015
|
$
|
27,311
|
||
2016
|
27,719
|
|||
2017
|
19,760
|
|||
2018
|
13,322
|
|||
2019
|
8,222
|
|||
$
|
96,334
|
Quaint Oak Bancorp, Inc.
|
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Passbook savings accounts
|
$
|
4
|
$
|
5
|
||||
Statement savings accounts
|
21
|
21
|
||||||
eSavings accounts
|
119
|
103
|
||||||
Certificate of deposit accounts
|
1,534
|
1,511
|
||||||
$
|
1,678
|
$
|
1,640
|
At or For the Year
Ended December 31,
|
||||||||
2014
|
2013
|
|||||||
(Dollars in Thousands)
|
||||||||
FHLB short-term borrowings:
|
||||||||
Average balance outstanding
|
$
|
7,682
|
$
|
1,486
|
||||
Maximum amount outstanding at any
month-end during the period
|
11,500
|
5,500
|
||||||
Balance outstanding at end of period
|
7,000
|
5,500
|
||||||
Average interest rate during the period
|
0.27
|
%
|
2.83
|
%
|
||||
Weighted average interest rate at end of period
|
0.27
|
%
|
0.25
|
%
|
December 31, 2014
|
December 31, 2013
|
|||||||||||||||
Fixed rate borrowings maturing:
|
Amount
|
Weighted
Interest
Rate |
Amount
|
Weighted
Interest
Rate |
||||||||||||
2016
|
$
|
1,000
|
0.88
|
%
|
$
|
--
|
$
|
--
|
||||||||
2017
|
1,500
|
1.30
|
--
|
--
|
||||||||||||
2018
|
1,000
|
1.71
|
--
|
--
|
||||||||||||
2019
|
1,000
|
2.02
|
--
|
--
|
||||||||||||
Total FHLB long-term debt
|
$
|
4,500
|
1.46
|
%
|
$
|
--
|
$
|
--
|
Quaint Oak Bancorp, Inc.
|
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Federal:
|
||||||||
Current
|
$
|
836
|
$
|
444
|
||||
Deferred
|
(164
|
)
|
(71
|
)
|
||||
672
|
373
|
|||||||
State, current
|
22
|
44
|
||||||
$
|
694
|
$
|
417
|
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Federal income tax at statutory rate
|
$
|
658
|
$
|
380
|
||||
State tax, net of federal benefit
|
13
|
28
|
||||||
Stock compensation expense
|
35
|
29
|
||||||
Other
|
(12
|
)
|
(20
|
)
|
||||
$
|
694
|
$
|
417
|
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Deferred tax assets:
|
||||||||
Allowance for loan losses
|
$
|
390
|
$
|
320
|
||||
Stock-based compensation
|
39
|
37
|
||||||
Interest on non-accrual loans
|
17
|
18
|
||||||
Unrealized loss on investment securities available for sale
|
18
|
9
|
||||||
Deferred loan fees
|
167
|
95
|
||||||
Organization cost
|
3
|
3
|
||||||
Total deferred tax assets
|
634
|
482
|
Deferred tax liabilities:
|
||||||||
Bank premises and equipment
|
(131
|
)
|
(152
|
)
|
||||
Total deferred tax liabilities
|
(131
|
)
|
(152
|
)
|
||||
Net Deferred Tax Asset
|
$
|
503
|
$
|
330
|
Quaint Oak Bancorp, Inc.
|
2014
|
2013
|
|||||||
Allocated shares
|
62,395
|
55,181
|
||||||
Unreleased shares
|
48,695
|
55,909
|
||||||
Total ESOP shares
|
111,090
|
111,090
|
||||||
Fair value of unreleased shares (in thousands)
|
$
|
950
|
$
|
906
|
Quaint Oak Bancorp, Inc.
|
2014
|
2013
|
|||||||||||||||
Number of
Shares
|
Weighted
Average Grant
Date Fair Value
|
Number of
Shares
|
Weighted
Average Grant
Date Fair Value
|
|||||||||||||
Unvested at the beginning of the year
|
26,500
|
$
|
16.11
|
8,894
|
$
|
9.05
|
||||||||||
Granted
|
--
|
--
|
26,150
|
16.20
|
||||||||||||
Vested
|
(5,517
|
)
|
15.83
|
(8,544
|
)
|
9.05
|
||||||||||
Forfeited
|
--
|
--
|
--
|
--
|
||||||||||||
Unvested
at the end of the year
|
20,983
|
$
|
16.18
|
26,500
|
$
|
16.11
|
Quaint Oak Bancorp, Inc.
|
2014
|
2013
|
|||||||||||||||||||||||
Number
of
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life (in
years)
|
Number
of
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life (in
years)
|
|||||||||||||||||||
Outstanding at the beginning of the year
|
184,570
|
$
|
12.59
|
6.5
|
107,570
|
$
|
10.00
|
4.4
|
||||||||||||||||
Granted
|
-
|
-
|
-
|
77,000
|
16.20
|
9.4
|
||||||||||||||||||
Exercised
|
-
|
-
|
-
|
--
|
--
|
-
|
||||||||||||||||||
Forfeited
|
-
|
-
|
-
|
--
|
--
|
-
|
||||||||||||||||||
Outstanding at the end of the period
|
184,570
|
$
|
12.59
|
5.7
|
184,570
|
$
|
12.59
|
6.5
|
||||||||||||||||
Exercisable at the end of the period
|
122,809
|
$
|
10.78
|
3.3
|
106,665
|
$
|
10.00
|
6.5
|
Quaint Oak Bancorp, Inc.
|
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Commitments to originate loans
|
$
|
7,763
|
$
|
6,370
|
||||
Unfunded commitments under lines of credit
|
21,427
|
16,465
|
Year | Rental Amount | |||
(In Thousands) | ||||
2015
|
$
|
91
|
||
2016
|
69
|
|||
2017
|
62
|
|||
2018
|
61
|
|||
2019
|
66
|
|||
Thereafter
|
126
|
|||
$
|
475
|
Quaint Oak Bancorp, Inc.
|
|
Actual |
For Capital Adequacy
Purposes
|
To be Well Capitalized
Under Prompt
Corrective Action
Provisions
|
|||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
As of December 31, 2014:
|
||||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
$
|
17,362
|
16.50
|
%
|
$
|
³
8,418
|
³
8.00
|
%
|
$
|
³
10,523
|
³
10.00
|
%
|
||||||||||||
Tier 1 capital (to risk-weighted assets)
|
16,187
|
15.38
|
³
4,209
|
³
4.00
|
³
6,314
|
³
6.00
|
||||||||||||||||||
Tier 1 capital (to average assets)
|
16,187
|
10.74
|
³
6,028
|
³
4.00
|
³
7,535
|
³
5.00
|
Actual |
For Capital Adequacy
Purposes
|
To be Well Capitalized
Under Prompt
Corrective Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
As of December 31, 2013:
|
||||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
$
|
16,344
|
18.75
|
%
|
$
|
³
6,972
|
³
8.00
|
%
|
$
|
³
8,715
|
³
10.00
|
%
|
||||||||||||
Tier 1 capital (to risk-weighted assets)
|
15,403
|
17.68
|
³
3,486
|
³
4.00
|
³
5,229
|
³
6.00
|
||||||||||||||||||
Tier 1 capital (to average assets)
|
15,403
|
12.70
|
³
4,850
|
³
4.00
|
³
6,062
|
³
5.00
|
Quaint Oak Bancorp, Inc.
|
Level I: | Quoted prices are available in active markets for identical assets or liabilities as of the reported date. |
Level II: | Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. |
Level III: | Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Quaint Oak Bancorp, Inc.
|
December 31, 2014
|
||||||||||||||||
Fair Value Measurements Using:
|
||||||||||||||||
Total Fair
Value
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
|||||||||||||
Recurring fair value measurements
|
||||||||||||||||
Investment securities available for sale
|
||||||||||||||||
Short-term bond fund
|
$
|
1,180
|
$
|
1,180
|
$
|
--
|
$
|
--
|
||||||||
Limited-term bond fund
|
526
|
526
|
--
|
--
|
||||||||||||
Total investment securities available for sale
|
$
|
1,706
|
$
|
1,706
|
$
|
--
|
$
|
--
|
||||||||
Total recurring fair value measurements
|
$
|
1,706
|
$
|
1,706
|
$
|
--
|
$
|
--
|
||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$
|
3,387
|
$
|
--
|
$
|
--
|
$
|
3,387
|
||||||||
Other real estate owned
|
111
|
--
|
--
|
111
|
||||||||||||
Total nonrecurring fair value measurements
|
$
|
3,498
|
$
|
--
|
$
|
--
|
$
|
3,498
|
Quaint Oak Bancorp, Inc.
|
December 31, 2013
|
||||||||||||||||
Fair Value Measurements Using:
|
||||||||||||||||
Total Fair
Value
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
|||||||||||||
Recurring fair value measurements
|
||||||||||||||||
Investment securities available for sale
|
||||||||||||||||
Short-term bond fund
|
$
|
1,159
|
$
|
1,159
|
$
|
--
|
$
|
--
|
||||||||
Limited-term bond fund
|
521
|
521
|
--
|
--
|
||||||||||||
Total investment securities available for sale
|
$
|
1,680
|
$
|
1,680
|
$
|
--
|
$
|
--
|
||||||||
Total recurring fair value measurements
|
$
|
1,680
|
$
|
1,680
|
$
|
--
|
$
|
--
|
||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$
|
2,336
|
$
|
--
|
$
|
--
|
$
|
2,336
|
||||||||
Other real estate owned
|
574
|
--
|
--
|
574
|
||||||||||||
Total nonrecurring fair value measurements
|
$
|
2,910
|
$
|
--
|
$
|
--
|
$
|
2,910
|
December 31, 2014
|
|||||||||||
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||||||
Total Fair
Value
|
Valuation
Techniques
|
Unobservable
Input
|
Range (Weighted
Average)
|
||||||||
Impaired loans
|
$
|
3,387
|
Appraisal of
collateral
(1)
|
Appraisal
adjustments
(2)
|
0%-33% (2
|
%)
|
|||||
Other real estate owned
|
$
|
111
|
Appraisal of
collateral
(1)
|
Appraisal
adjustments (
2)
|
1% (1
|
%)
|
December 31, 2013
|
|||||||||||
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||||||
Total Fair
Value
|
Valuation
Techniques
|
Unobservable
Input
|
Range (Weighted
Average)
|
||||||||
Impaired loans
|
$
|
2,336
|
Appraisal of
collateral
(1)
|
Appraisal
adjustments
(2)
|
0%-9% (1
|
%)
|
|||||
Other real estate owned
|
$
|
574
|
Appraisal of
collateral
(1)
|
Appraisal
adjustments (
2)
|
5%-33% (18
|
%)
|
(1)
|
Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable.
|
(2)
|
Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal.
|
Quaint Oak Bancorp, Inc.
|
Fair Value Measurements at
|
||||||||||||||||||||
December 31, 2014
|
||||||||||||||||||||
Carrying
Amount
|
Fair Value
Estimate
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
13,937
|
$
|
13,937
|
$
|
13,937
|
$
|
--
|
$
|
--
|
||||||||||
Investment in interest-earning time deposits
|
6,660
|
6,723
|
--
|
--
|
6,723
|
|||||||||||||||
Investment securities available for sale
|
1,706
|
1,706
|
1,706
|
--
|
--
|
|||||||||||||||
Loans held for sale
|
2,556
|
2,664
|
--
|
2,664
|
--
|
|||||||||||||||
Loans receivable, net
|
123,331
|
123,419
|
--
|
--
|
123,419
|
|||||||||||||||
Accrued interest receivable
|
788
|
788
|
788
|
--
|
--
|
|||||||||||||||
Investment in FHLB stock
|
527
|
527
|
527
|
--
|
--
|
|||||||||||||||
Bank-owned life insurance
|
3,549
|
3,549
|
3,549
|
--
|
--
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
124,405
|
125,724
|
28,071
|
--
|
97,653
|
|||||||||||||||
FHLB short-term borrowings
|
7,000
|
7,000
|
7,000
|
--
|
--
|
|||||||||||||||
FHLB long-term borrowings
|
4,500
|
4,492
|
--
|
--
|
4,492
|
|||||||||||||||
Accrued interest payable
|
108
|
108
|
108
|
--
|
--
|
|||||||||||||||
Fair Value Measurements at
|
||||||||||||||||||||
December 31, 2013
|
||||||||||||||||||||
Carrying
Amount
|
Fair Value
Estimate
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
6,184
|
$
|
6,184
|
$
|
6,184
|
$
|
--
|
$
|
--
|
||||||||||
Investment in interest-earning time deposits
|
7,633
|
7,747
|
--
|
--
|
7,747
|
|||||||||||||||
Investment securities available for sale
|
1,680
|
1,680
|
1,680
|
--
|
--
|
|||||||||||||||
Loans held for sale
|
1,098
|
1,147
|
--
|
1,147
|
--
|
|||||||||||||||
Loans receivable, net
|
106,887
|
108,356
|
--
|
--
|
108,356
|
|||||||||||||||
Accrued interest receivable
|
735
|
735
|
735
|
--
|
--
|
|||||||||||||||
Investment in FHLB stock
|
421
|
421
|
421
|
--
|
--
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
103,324
|
105,254
|
23,089
|
--
|
82,165
|
|||||||||||||||
FHLB short-term borrowings
|
5,500
|
5,500
|
5,500
|
--
|
--
|
|||||||||||||||
Accrued interest payable
|
77
|
77
|
77
|
--
|
--
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bancorp, Inc.
|
December 31,
|
||||||||
2014
|
2013
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
259
|
$
|
541
|
||||
Investment in Quaint Oak Bank
|
16,205
|
15,413
|
||||||
Premises and equipment, net
|
1,074
|
1,007
|
||||||
Other assets
|
50
|
45
|
||||||
Total Assets
|
$
|
17,588
|
$
|
17,006
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Other liabilities
|
$
|
13
|
$
|
20
|
||||
Stockholders' equity
|
17,575
|
16,986
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
17,588
|
$
|
17,006
|
For the Year Ended December 31,
|
||||||||
2014
|
2013
|
|||||||
Income
|
||||||||
Interest income
|
$
|
--
|
$
|
1
|
||||
Dividends from subsidiary
|
500
|
500
|
||||||
Rental income
|
106
|
106
|
||||||
Total Income
|
606
|
607
|
||||||
Expenses
|
||||||||
Occupancy and equipment expense
|
78
|
67
|
||||||
Other expenses
|
79
|
98
|
||||||
Total Expenses
|
157
|
165
|
||||||
Net Income Before Income Taxes
|
449
|
442
|
||||||
Equity in Undistributed Net Income of Subsidiary
|
776
|
240
|
||||||
Income Tax Benefit
|
17
|
20
|
||||||
Net Income
|
$
|
1,242
|
$
|
702
|
||||
Comprehensive Income
|
$
|
1,224
|
$
|
624
|
Quaint Oak Bancorp, Inc.
|
For the Year Ended December 31,
|
||||||||
2014
|
2013
|
|||||||
Operating Activities
|
||||||||
Net income
|
$
|
1,242
|
$
|
702
|
||||
Adjustments to reconcile net income to net cash provided by
operating activities: |
||||||||
Undistributed income in subsidiary
|
(776
|
)
|
(240
|
)
|
||||
Depreciation expense
|
23
|
20
|
||||||
Stock-based compensation expense
|
272
|
273
|
||||||
(Increase) decrease in other assets
|
(39
|
)
|
18
|
|||||
Increase (decrease) in other liabilities
|
(7
|
)
|
2
|
|||||
Net cash provided by operating activities
|
715
|
775
|
||||||
Investing Activities
|
||||||||
Purchase of property and equipment
|
(90
|
)
|
(7
|
)
|
||||
Net cash used in investing activities
|
(90
|
)
|
(7
|
)
|
||||
Financing Activities
|
||||||||
Dividends paid
|
(211
|
)
|
(185
|
)
|
||||
Purchase of treasury stock
|
(760
|
)
|
(563
|
)
|
||||
Proceeds from the issuance of treasury stock
|
64
|
--
|
||||||
Net cash used in financing activities
|
(907
|
)
|
(748
|
)
|
||||
Net (Decrease) Increase in Cash and Cash Equivalents
|
(282
|
)
|
20
|
|||||
Cash and Cash Equivalents-Beginning of Year
|
541
|
521
|
||||||
Cash and Cash Equivalents-End of Year
|
$
|
259
|
$
|
541
|
||||
Date: March 26, 2015
|
|
/s/Robert T. Strong
|
|
|
Robert T. Strong
President and Chief Executive Officer
|
|
|
|
Date: March 26, 2015
|
|
/s/John J. Augustine
|
|
|
John J. Augustine
Chief Financial Officer
|
|
|
|
(1) | The Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2014 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m(a) or 78o(d); and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: March 26, 2015
|
|
/s/Robert T. Strong
|
|
|
Robert T. Strong
President and Chief Executive Officer
|
|
|
|
Date: March 26, 2015
|
|
/s/John J. Augustine
|
|
|
John J. Augustine
Chief Financial Officer
|
|
|
|
Note: | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act has been provided to Quaint Oak Bancorp, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. |