Magnolia Bancorp Files Q3 2024 10-Q/A Update

TL;DR

Magnolia Bancorp dropped its Q3 10-Q/A. Check the loan book.

AI Summary

Magnolia Bancorp, Inc. filed a 10-Q/A on January 3, 2025, for the period ending September 30, 2024. The filing provides updated financial information and disclosures for the third quarter of 2024. Specific details on loan portfolios, such as residential, construction, and commercial real estate, are included, along with various financial ratios and asset figures.

Why It Matters

This filing provides investors with the latest financial performance and risk disclosures for Magnolia Bancorp, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data and risk-related disclosures, which are standard for a 10-Q/A but require careful analysis.

Key Numbers

• Q3 2024 — Reporting Period (The period for which financial information is updated.)
• 2024-09-30 — As of Date (Specific date for financial reporting.)

Key Players & Entities

• Magnolia Bancorp, Inc. (company) — Filer of the 10-Q/A
• 2024-09-30 (date) — Conformed period of report
• 2025-01-03 (date) — Filing date

FAQ

Filing Documents

• mban20241220_10qa.htm (10-Q/A) — 2321KB
• ex_759978.htm (EX-1.2) — 210KB
• ex_759979.htm (EX-31.1) — 12KB
• ex_759980.htm (EX-31.2) — 12KB
• ex_759981.htm (EX-32.1) — 5KB
• ex_759982.htm (EX-32.2) — 5KB
• 0000927089-25-000009.txt ( ) — 9545KB
• mban-20240930.xsd (EX-101.SCH) — 35KB
• mban-20240930_cal.xml (EX-101.CAL) — 41KB
• mban-20240930_def.xml (EX-101.DEF) — 267KB
• mban-20240930_lab.xml (EX-101.LAB) — 259KB
• mban-20240930_pre.xml (EX-101.PRE) — 289KB
• mban20241220_10qa_htm.xml (XML) — 2581KB

- Financial Information

Part I. - Financial Information Page # Item 1.

Financial Statements

Financial Statements 4 4 5 6 7

Notes to Financial Statements

Notes to Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40

- Other Information

Part II. - Other Information Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41 Signature Page 42 3

Financial Statements

Item 1. Financial Statements. MUTUAL SAVINGS AND LOAN ASSOCIATION AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 September 30, December 31, 2024 2023 (unaudited) ASSETS (dollars in thousands) Cash and cash equivalents $ 1,613 $ 1,695 Interest-bearing deposits with banks 14 15 Federal Home Loan Bank stock, at cost 347 333 Loans receivable 30,992 32,181 Allowance for credit losses ( 185 ) ( 200 ) Loans receivable, net 30,807 31,981 Property and equipment, net 1,525 1,583 Accrued interest receivable loans 52 61 Other assets 747 135 TOTAL ASSETS $ 35,105 $ 35,803 LIABILITIES AND RETAINED EARNINGS LIABILITIES Deposits Interest-bearing deposits $ 19,314 $ 20,001 Non-interest bearing deposits 1,045 855 Advances from Federal Home Loan Bank - 500 Advance payments by borrowers for insurance and taxes 673 318 Accrued interest payable 2 4 Accrued expense and other liabilities 67 61 Deferred tax liability, net 48 48 Total Liabilities 21,149 21,787 RETAINED EARNINGS Retained earnings 13,956 14,016 Total Retained Earnings 13,956 14,016 TOTAL LIABILITIES AND RETAINED EARNINGS $ 35,105 $ 35,803 The accompanying notes are an integral part of these financial statements. 4 MUTUAL SAVINGS AND LOAN ASSOCIATION FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 For the Three Months ended For the Nine Months ended SEPTEMBER 30. SEPTEMBER 30, 2024 2023 2024 2023 (dollars in thousands) INTEREST AND DIVIDEND INCOME Interest and fees on loans $ 337 $ 331 $ 1,010 $ 1,000 Dividends from Federal Home Loan Bank stock 5 4 13 11 Interest on deposits with other banks and cash equivalents 26 36 70 110 Total interest and dividend income 368 371 1,093 1,121 INTEREST EXPENSE Interest on deposits 100 46 265 80 Interest on Federal Home Loan Bank advances 7 5 26 6 Total interest expense

Notes to Financial Statements

Notes to Financial Statements 1. Summary of S ig nificant Accounting Policies Basis of Presentation The accompanying unaudited financial statements of Mutual Savings and Loan Association ("the Association") were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, general practices within the financial services industry, and instructions for Regulation S- X. Accordingly, these interim financial statements do not include all of the information or footnotes required by GAAP for annual financial statements. However, in the opinion of management, all adjustments necessary for a fair presentation of the financial statements have been included. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the entire fiscal year. These statements should be read in conjunction with the Association's audited financial statements and notes thereto for the year ended December 31, 2023. Critical Accounting Policies and Estimates In preparing the financial statements, the Association is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Association's financial condition, results of operations, changes in equity, and cash flows for the interim period presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions. On January 1, 2023, the Association adopted Accounting Standards Codification ("ASC") 326, "Financial Instruments – Credit Losses," more commonly referred to as CECL, on a modified retrospective basis. The provisions of this guidance required changes to the manner in which the estimated and reported losse

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View this 10-Q/A filing on SEC EDGAR