Company: MGNO
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000927089-25-000061
Chunk: 30

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 30
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 third-party service providers utilize the direction and resources provided by the senior management team to develop procedures, standards and guidelines to achieve the strategic goals defined by the Board of Directors. Operational and security health is reported monthly to the Board of Directors. Recommendations for improvements are shared between operational staff and the senior management team as part of a continuous improvement program for information security and cybersecurity.
    
   Operational staff members actively maintain, review, update and exercise plans and procedures designed to enhance our overall business resiliency. All staff members are trained annually on current information and cybersecurity trends, techniques and their responsibilities to keep our information confidential, accurate and available.
    
   We also utilize the services of third-party providers to conduct an IT audit, external and internal vulnerability testing, external and internal penetration testing, and social engineering testing on at least an annual basis. The results of these independent audits and tests are sent to the Board of Directors for review. Finally, Mutual Savings and Loan Association complies with its regulatory requirements by having federal safety and security examinations performed on a schedule dictated by the regulatory agencies. The results of these examinations are reviewed and approved by the Board of Directors. Additionally, all findings from these examinations are recorded and prioritized for remediation.

Conclusion. Our Board of Directors and management take very seriously the information security and cybersecurity obligations that Magnolia Bancorp and Mutual Savings and Loan Association have to their respective customers, shareholders, staff members and regulatory agencies. In support of these obligations, we have and actively maintain a robust information security and cybersecurity program based upon industry best practices, regulatory requirements, and the expertise of staff members and supporting third-party vendors.

To our knowledge, we have not had a cybersecurity incident that has materially affected Magnolia Bancorp, its business strategy, financial condition or results of operation.

    43

Item 2. Properties.

We currently conduct business from our main office and one full-service banking office. We own the land and the building for each office. The following table sets forth the net book value of the land and building and the amount of deposits of each of our offices at December 31, 2024.

      Description/Address 
      
      Net Book Value of Property 

      Amount of Deposits 

      (In thousands) 

      Main Office: 2900 Clearview Pkwy. Metairie, LA 70006 
      
     $
     702

     $
     22,252

      Branch Office: 68021 Capital Trace Row Mandeville, LA 70471