Quaint Oak Bancorp posts Q3 net income, helped by lower cost of funds
QNTO•Quaint Oak Bancorp reported Q3 net income of $635,000, reversing a loss in the prior-year period. Lower funding costs and higher non-interest income helped offset lower loan balances.
1. Quarterly results
Quaint Oak Bancorp reported Q3 net income of $635,000, net interest income of $4.81 million and a net interest margin of 3.17%. The company cited lower deposit costs, repayment of FHLB borrowings, growth in fee income and expense management as drivers; non-performing loans increased but were described as well-collateralized or adequately reserved.
