Quaint Oak Bancorp, Inc. operates as the holding company for Quaint Oak Bank that provides various banking services. The company operates from its main office located in Bucks County, Pennsylvania and Allentown regional office located in the Lehigh Valley area of Pennsylvania. The company conducts mortgage banking, real estate sales and title abstract businesses. As of December 31, 2015, the company’s primary market area included Bucks and Montgomery counties, Pennsylvania, northeast Philadelphia and the surrounding area and the Lehigh Valley area of Pennsylvania. The company’s primary business consists of attracting deposits from the general public through various deposit programs and investing such deposits principally in residential, commercial real estate, construction loans, multi-family, home equity loans and commercial lines of credit secured by property in its market area. The company invests in commercial business loans and other consumer loans. In addition, the company offers mortgage banking, real estate sales and title abstract services through its subsidiary companies. The company serves its customers through its offices, as well as through correspondence, telephone and online banking. One-to-Four Family Residential Owner Occupied Real Estate Loans: The company originates one-to-four family owner occupied residential loans to be held in its loan portfolio. One-to-Four Family Residential Non-Owner Occupied Real Estate Loans: A part of the company’s lending activity is the origination of loans secured by single-family residences for non-owner occupied properties. One-to-Four Family Residential Loans Originated for Sale: The bank, through its subsidiary, Quaint Oak Mortgage LLC, brokers and originates one-to-four family residential fixed and variable rate first mortgages. Loans originated by Quaint Oak Mortgage LLC are sold into the secondary market along with the loans’ servicing rights. Multi-Family Residential Loans: The company originates loans for multi-unit (five or more) residential properties. These loans are offered with fixed and adjustable interest rates and amortizations not to exceed 25 years. Commercial Real Estate Loans and Lines of Credit: The company also originates loans secured by commercial real estate. It offers fixed and variable rate mortgage loans with terms up to 15 years with longer amortizations. Construction Loans: The company’s construction loans are originated for the purpose of building or renovating a single family residential home. Home Equity Loans: The company is authorized to make loans for various personal or consumer purposes. It originates home equity loans and home equity lines of credit to accommodate its customers and because such loans have shorter terms than residential mortgage loans. Commercial Business Loans: The company originates loans to businesses primarily for the purchase of business essential equipment. Other Consumer Loans: The company originates auto loans and loans secured by savings accounts to accommodate its existing customers. Investment Portfolio As of December 31, 2015, the company’s investment portfolio included interest-earning time deposits with other financial institutions; Governmental National Mortgage Association securities; Federal Home Loan Mortgage Corporation securities; and Federal Home Loan Bank of Pittsburgh stock. Deposits The company’s deposit accounts consist of certificates of deposit and various savings products. It also offers non-interest bearing business and consumer checking accounts. Regulation The company is subject to regulation as a savings and loan holding company under the Home Owners' Loan Act, as amended, because the company made an election under Section 10(l) of the Home Owners' Loan Act to be treated as a ‘savings association’ for purposes of Section 10 of the Home Owners' Loan Act. The company, which elected to be treated as a savings and loan holding company, is subject to examination and regulation by the Board of Governors of the Federal Reserve System (Federal Reserve Board). The company is also required to file certain reports with, and otherwise comply with the rules and regulations of, the Pennsylvania Department of Banking and the Securities and Exchange Commission. The company’s common stock is registered with the Securities and Exchange Commission under Section 12(g) of the Securities Exchange Act of 1934, as amended. The company is subject to information, proxy solicitation, insider trading restrictions, and other requirements under the Securities Exchange Act of 1934. As a public company, the company is subject to the Sarbanes-Oxley Act of 2002, which addresses, among other issues, corporate governance, auditing and accounting, executive compensation, and enhanced and timely disclosure of corporate information. The bank is subject to examination and regulation by the Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking. The bank is also a member of the Federal Home Loan Bank of Pittsburgh. The bank is also subject to regulations of the Federal Reserve Board governing reserves required to be maintained against deposits and certain other matters. Deposits with the bank are insured to the maximum extent provided by law through the Deposit Insurance Fund administered by the Federal Deposit Insurance Corporation. The bank received a ‘satisfactory’ Community Reinvestment Act rating in its completed examination.
quaint oak bancorp inc (QNTO:OTC US)
501 Knowles Avenue
Southampton, PA 18966
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