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Southampton, Pennsylvania, May 03, 2021 (GLOBE NEWSWIRE) -- Quaint Oak Bancorp, Inc. (the "Company") (OTCQB:QNTO), the holding company for Quaint Oak Bank (the "Bank"), announced today that net income for the quarter ended March 31, 2021 was $1.0 million, or $0.52 per basic and $0.50 per diluted share, compared to $432,000, or $0.22 per basic and $0.21 per diluted share for the same period in 2020.
Robert T. Strong, President and Chief Executive Officer stated, "It is my pleasure to present our earnings release for the first quarter of 2021. Our net income for the quarter ended March 31, 2021 was 138.4% higher than the comparable quarter one year ago amounting to $1.0 million. The increase primarily resulted from an increase in non-interest income coupled with an increase in net interest income. Asset growth also continued, culminating at March 31, 2021 just over $560.0 million. This growth in assets was supported by an increase in deposits of over $84.9 million funding a growth of loans receivable, net and loans held for sale of over $71.3 million for the first quarter of 2021."