Marathon Bancorp Files 2024 10-K

TL;DR

Marathon Bancorp's 2024 10-K is in. Shows solid financials for FY ending 6/30.

AI Summary

Marathon Bancorp, Inc. filed its 10-K for the fiscal year ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Key financial figures such as retained earnings and common stock are reported as of June 30, 2024.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Marathon Bancorp's financial health and operational results for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 2157497 — Property, Plant and Equipment Net (Reported value for the fiscal year ending June 30, 2024.)
• 2140412 — Other Liabilities (Reported value for the fiscal year ending June 30, 2024.)

Key Players & Entities

• Marathon Bancorp, Inc. (company) — Filer of the 10-K report
• 2024-06-30 (date) — Fiscal year end date
• 0001835385 (company) — Central Index Key for Marathon Bancorp, Inc.
• 500 SCOTT STREET, WAUSAU, WI 54403 (address) — Business and mailing address for Marathon Bancorp, Inc.

FAQ

Key Financial Figures

• $100,000 — in the reorganization and offering and $100,000 cash in initial capitalization, which w
• $219.2 m — 24, we had total consolidated assets of $219.2 million, total deposits of $173.0 million
• $173.0 million — ts of $219.2 million, total deposits of $173.0 million and total stockholders' equity of $31.3
• $31.3 million — llion and total stockholders' equity of $31.3 million. Our executive office is located at 500
• $73,248 — 4 in Marathon County is estimated to be $73,248. Ozaukee County's total population for
• $92,258 — 24 in Ozaukee County is estimated to be $92,258. Milwaukee County's total population
• $59,319 — in Milwaukee County is estimated to be $59,319. Waukesha County's total population fo
• $101,639 — s market area counties, estimated to be $101,639 for 2024. Unemployment rates as of Jun
• $74.3 million — estate loans. At June 30, 2024, we had $74.3 million in commercial real estate loans, repres
• $67.1 million — utheastern Wisconsin. At June 30, 2024, $67.1 million of our commercial real estate portfolio
• $774,000 — of our commercial real estate loans was $774,000, and the largest of such loans was a $3
• $3.3 million — 00, and the largest of such loans was a $3.3 million loan secured by a commercial retail ren
• $500,000 — 5x. All commercial real estate loans of $500,000 or more are appraised by outside indepe
• $45.1 m — 024, multifamily real estate loans were $45.1 million, or 24.3%, of our total loan port
• $8.2 million — multifamily real estate loans totaling $8.2 million. Our multifamily real estate loans are

Filing Documents

• mara-20240630x10k.htm (10-K) — 4313KB
• mara-20240630xex21.htm (EX-21) — 7KB
• mara-20240630xex23.htm (EX-23) — 5KB
• mara-20240630xex31d1.htm (EX-31.1) — 12KB
• mara-20240630xex31d2.htm (EX-31.2) — 12KB
• mara-20240630xex32d1.htm (EX-32.1) — 7KB
• mara-20240630xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-013026.txt ( ) — 18758KB
• mara-20240630.xsd (EX-101.SCH) — 74KB
• mara-20240630_cal.xml (EX-101.CAL) — 111KB
• mara-20240630_def.xml (EX-101.DEF) — 317KB
• mara-20240630_lab.xml (EX-101.LAB) — 773KB
• mara-20240630_pre.xml (EX-101.PRE) — 653KB
• mara-20240630x10k_htm.xml (XML) — 4616KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 37 Item 1B. Unresolved Staff Comments 37 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 38 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosure 38 PART II 39 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. Reserved 40 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 53 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 95 Item 9A

Controls and Procedures

Controls and Procedures 95 Item 9B. Other Information 96 Item 9C . Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 96 PART III 96 Item 10. Directors, Executive Officers and Corporate Governance 96 Item 11.

Executive Compensation

Executive Compensation 97 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97 Item 13. Certain Relationships and Related Transactions, and Director Independence 97 Item 14. Principal Accounting Fees and Services 97 PART IV 98 Item 15. Exhibits and Financial Statement Schedules 98 Item 16. Form 10-K Summary 99 2 Table of Contents PART I CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "assume," "plan," "seek," "expect," "will," "may," "should," "indicate," "would," "contemplate," "continue," "potential," "target" and words of similar meaning. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this Annual Report on Form 10-K. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest ra

: BUSINESS

ITEM 1: BUSINESS BUSINESS OF MARATHON BANCORP, INC. Marathon Bancorp, Inc. (the "Company" or "Marathon Bancorp"), a Maryland corporation, was formed in December 2020 to serve as the mid-tier holding company for Marathon Bank (the "Bank") upon the completion of the Bank's mutual holding company reorganization and offering. On April 14, 2021, the Bank completed its reorganization into the mutual holding company structure and the related stock offering of the Company, the Bank's new holding company. As a result of the reorganization, the Bank became a wholly-owned subsidiary of the Company, the Company issued and sold 45.0% of its outstanding shares in its stock offering to the public, and the Company issued 55.0% of its outstanding shares to Marathon MHC, which is the Company's mutual holding company. The Company's common stock is quoted on the OTC Pink Marketplace under the trading symbol MBBC. Marathon Bancorp, as the holding company of Marathon Bank, is authorized to pursue other business activities permitted by applicable laws and regulations for bank holding companies, which may include the acquisition of banking and financial services companies. The Company is subject to comprehensive regulation and examination by the Board of Governors of the Federal Reserve System ( the "Federal Reserve Board") and the Wisconsin Department of Financial Institutions (the "WDFI"). Our cash flow depends on earnings from the investment of the net proceeds we retained, and any dividends received from Marathon Bank. Currently, Marathon Bancorp does not own nor lease any property, but instead uses the premises, equipment and furniture of Marathon Bank. At the present time, we employ only persons who are officers of Marathon Bank to serve as officers of Marathon Bancorp. We also use the support staff of Marathon Bank from time to time. These persons are not separately compensated by Marathon Bancorp. Marathon Bancorp may hire additional employees, as appropriate, to the extent i

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