Quaint Oak Bancorp Q2 net income rises on lower interest expense

U.S. financial services firm's Q2 net income rose 77% yr/yr on lower interest expense

Company's net interest margin improved to 2.93% from 2.85% a year ago

Non-performing assets rose to 1.64% of total assets from 0.89% a year earlier

LOWER INTEREST EXPENSE - Co attributed reduced interest expense to elimination of FHLB borrowings and lower money market deposit balances

HIGHER NON-INTEREST INCOME - Increased gains on sale of mortgage and commercial loans and higher loan servicing income boosted non-interest income

LOWER INTEREST AND DIVIDEND INCOME - Decrease in loan balances and lower yields on loans and bank deposits reduced interest income