Company: MGNO
Filing Date: 2025-01-03
Form Type: 10-Q/A
Source: 0000927089-25-000009
Chunk: 49

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-01-03
Form: 10-Q/A
Chunk 49
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’s Discussion and Analysis of Financial Condition and Results of Operations – Internal Control Over Financial Reporting.” We currently are assessing and improving our processes and control procedures to ensure they will operate at an acceptable level of assurance. Re-assessment of segregation of duties has been performed including formalizing controls and procedures. Technology controls are under review including re-assessing of access rights and related processes.

<div align='center'>Part II–Other Information</div>

Item 1.Legal Proceedings

The Company is not subject to any pending legal proceedings. From time to time, the Association is subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Association’s or the Company’s financial condition or results of operations.

Item 1A.Risk Factors

Not applicable, as the Company is a smaller reporting company.

Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Not applicable.

Item 3.Defaults Upon Senior Securities

Not applicable.

Item 4.Mine Safety Disclosures

Not applicable.

Item 5.Other Information

During the nine months ended September 30, 2024,none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of SEC Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as such term is defined in Item 408 of SEC Regulation S-K).

<div align='center'>40</div>

Item 6.Exhibits

| 1.2  |     | Agency Agreement dated November 8, 2024                                                                                                                                                                                                                                                                                                        |
|:-----|:----|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1  |     | Articles of Incorporation of Magnolia Bancorp, Inc. (1)                                                                                                                                                                                                                                                                                        |
| 3.2  |     | Bylaws of Magnolia Bancorp, Inc. (2)                                                                                                                                                                                                                                                                                                           |
| 31.1 |     | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                             |
| 31.2 |     | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002