Quaint Oak Bancorp, Inc. (QNTO) has reported 20.37 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $0.46 million, or $0.23 a share in the quarter, compared with $0.38 million, or $0.20 a share for the same period last year. Revenue during the quarter grew 11.22 percent to $2.36 million from $2.12 million in the previous year period. Net interest income for the quarter rose 10.20 percent over the prior year period to $1.75 million. Non-interest income for the quarter rose 27.27 percent over the last year period to $0.73 million.
Quaint Oak Bancorp has made provision of $0.12 million for loan losses during the quarter, up 200 percent from $0.04 million in the same period last year.
Net interest margin contracted 22 basis points to 3.46 percent in the quarter from 3.68 percent in the last year period. Efficiency ratio for the quarter deteriorated to 73.33 percent from 72.75 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Robert T. Strong, president and chief executive officer stated, "We are very pleased to report our strong earnings for both the quarter and the year ended December 31, 2016. Earnings reported for the quarter ended December 31, 2016 are 20.4% higher than the quarter ended December 31, 2015. Likewise, earnings reported for the year ended December 31, 2016 are 17.9% higher than the year ended December 31, 2015. Additionally, our total assets grew 17.4% at 2016 year end compared to year end 2015. Deposit growth at year end 2016 well exceeded $27 million as our Lehigh Valley Office pierced the $50 million mark in total deposits while our Commercial Lending Team shattered previous year gross lending levels with over $81 million in new loans originated during the year."
Liabilities outpace assets growthTotal assets stood at $216.16 million as on Dec. 31, 2016, up 17.37 percent compared with $184.17 million on Dec. 31, 2015. On the other hand, total liabilities stood at $195.37 million as on Dec. 31, 2016, up 18.31 percent from $165.13 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $176.81 million as on Dec. 31, 2016, up 23.38 percent compared with $143.30 million on Dec. 31, 2015. Deposits stood at $177.01 million as on Dec. 31, 2016, up 18.61 percent compared with $149.23 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $5.85 million or 3.31 percent of total deposits on Dec. 31, 2016, compared with $2.41 million or 1.61 percent of total deposits on Dec. 31, 2015.
Investments stood at $9.56 million as on Dec. 31, 2016, up 217.97 percent or $6.55 million from year-ago. Shareholders equity stood at $20.79 million as on Dec. 31, 2016, up 9.21 percent or $1.75 million from year-ago.
Meanwhile, nonperforming assets to total assets was 1.07 percent in the quarter, down from 1.23 percent in the last year period.
Book value per share was $10.99 for the quarter, up 6.29 percent or $0.65 compared to $10.34 for the same period last year.
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