Company: MGNO
Filing Date: 2025-01-03
Form Type: 10-Q/A
Source: 0000927089-25-000009
Chunk: 18

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-01-03
Form: 10-Q/A
Chunk 18
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 Assets                    |     |         |   |     |         |   |     |         |   |     |                            |   |
| Collateral dependent loan |     | $       | - |     | $       | - |     | $       | - |     | $                          | - |
| Total                     |     | $       | - |     | $       | - |     | $       | - |     | $                          | - |

| December 31, 2023         |     | Level 1 |   |     | Level 2 |   |     | Level 3 |    |     | Total Estimated Fair Value |    |
|:--------------------------|:----|:--------|:--|:----|:--------|:--|:----|:--------|---:|:----|:---------------------------|---:|
| Assets                    |     |         |   |     |         |   |     |         |    |     |                            |    |
| Collateral dependent loan |     | $       | - |     | $       | - |     | $       | 34 |     | $                          | 34 |
| Total                     |     | $       | - |     | $       | - |     | $       | 34 |     | $                          | 34 |

<div align='center'>20</div>

6.Fair Value Measures (continued)

The following methods and assumptions were used by the Association to estimate fair value of financial instruments:

Cash and cash equivalents- Fair value approximates carrying value.

FHLB stock- Consists of stock held as required by the Federal Home Loan Bank for membership and is carried at cost. While a fixed stock amount is required, the Federal Home Loan Bank stock requirement increases or decreases with the level of borrowing activity.

Loans receivable, net– Fair value is estimated by discounting the future cash flows using the current rate at which similar loans would be made to borrowers with similar credit rating and for the same remaining maturity. The fair value of loans is measured using an exit price notion.

Deposits- For NOW, passbook and certificates of deposit accounts, fair value is equal to the amount payable on demand or carrying value. For time deposits, fair value is estimated using a discounted cash flow method.

Advance, short-term- Fair value approximates carrying value.

The carrying amount and estimated fair value of the Association’s financial instruments are as follows (dollars in thousands):

| September 30,