Quaint Oak Bancorp Inc (OTCMKTS:QNTO) Stock On Radar After First Quarter Earnings
Holding company for Quaint Oak Bank, Quaint Oak Bancorp Inc (OTCMKTS:QNTO), on May 1, 2023, announced that net income for the quarter ending March 31, 2023, was $563,000, or $0.26 per basic and $0.25 per diluted share. This was much lower to $2.2 million, or $1.12 per basic, and $1.05 per diluted share in 2022.
Trading Data
On Monday, QNTO stock ended flat at $21.00 with more than 500 shares, compared to volume of 363 shares. The stock moved within a range of $21.00 – 21.00 after opening trade at $21.00.
Quaint Oak Bancorp, Inc. Announces First Quarter Earnings
Robert T. Strong, President and Chief Executive Officer expressed delight in presenting the earnings release for quarter one of the year. Strong added that despite the challenges in the banking sector, the firm reported a positive net income of $563,000, which is a significant reduction as compared to last year.
Mr. Strong added that the quick rise in interest rates has led to rapid margin compression. He expects that loan portfolio yieldscontinue to adjust over time. He further stated that the quick rise in rates has negatively impacted the mortgage market. The CEO also said that both have led to affecting high performance in the fee income arena and that the firm is considering a realignment of some of its subsidiary companies for more efficient performance.
Strong also said that liquidity markets have been impacted by the Federal Reserve Bank rate increase and that the institution increased non-interest-bearing deposits by $6.5 million.
