Company: MGNO
Filing Date: 2025-01-03
Form Type: 10-Q/A
Source: 0000927089-25-000009
Chunk: 4

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-01-03
Form: 10-Q/A
Chunk 4
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 permitted. The amendments should be applied on a prospective basis, but retrospective application is permitted. The Association does not expect the adoption of this standard to have a material impact on the Association’s financial statements.

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1. Summary of Significant Accounting Policies (continued)

ASU No. 2024- 02,Codification Improvements - Amendments to Remove References to the Concept Statements. The guidance issued in this update amends the codification to remove references to various Financial Accounting Standards Board Concept Statements. The codification will be updated to clarify or correct unintended application of guidance that is not expected to have any significant effect on current accounting practice or cost to most entities. The standard is effective for fiscal years beginning after December 15, 2024.Early adoption is permitted. The Association does not expect the adoption of this guidance to have a material impact on the Association’s financial statements.

2. Loans Receivable

A summary of the balances of loans as of September 30, 2024and December 31, 2023is as follows:

| Real estate loans                    |     | 2024 |            |   |     | 2023 |            |   |
|:-------------------------------------|:----|:-----|-----------:|:--|:----|:-----|-----------:|:--|
| Residential                          |     | $    | 29,926,433 |   |     | $    | 30,988,366 |   |
| Construction                         |     |      |          - |   |     |      |     18,400 |   |
| Commercial                           |     |      |    624,041 |   |     |      |    706,651 |   |
|                                      |     |      | 30,550,474 |   |     |      | 31,713,417 |   |
| Share Loans                          |     |      |    303,673 |   |     |      |    325,587 |   |
|                                      |     |      | 30,854,147 |   |     |      | 32,039,004 |   |
| Unamortized, Net deferred loan costs |     |      |    137,769 |   |     |      |    141,729 |   |
| Less allowance for credit losses     |     |      |   (185,408 | ) |     |      |   (200,000 | )