Company: MGNO
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000927089-25-000061
Chunk: 130

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9A
Chunk 130
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600

Executive Compensation

The following table shows the compensation paid by Mutual Savings and Loan Association to each of our current executive officers for the years ended December 31, 2024 and 2023.

      Name and Principal Position 
      
     Year
      
     Salary

     Bonus(1)

     All Other Compensation(2)

     Total

      Michael L. Hurley 
      
     2024
      
     $
     295,630

     $
     -

     $
     59,793

     $
     355,423

      President and Chief Executive Officer 
      
     2023
      
     $
     295,630

     $
     -

     $
     59,009

     $
     354,639

      Anita C. Cambre (3) 
      
     2024
      
     $
     77,673

     $
     -

     $
     8,232

     $
     85,905

      Vice President, Chief Financial Officer and Secretary 
      
     2023
      
     $
     94,238

     $
     1,000

     $
     5,582

     $
     100,820

____________________

      (1) 
      
      Represents a discretionary bonus paid for services rendered in 2023. 

      (2) 
      
      Includes for Mr. Michael Hurley the following for 2024: (i) $24,076 automobile-related expenses, including $18,978 depreciation expense recognized by Mutual Savings and Loan Association, (ii) $22,905 of health and dental insurance premiums, representing the difference between 100% of the premium coverage for Mr. Hurley paid by Mutual Savings and Loan Association and the percentage paid by Mutual Savings and Loan Association for other employees, (iii) a $6,212 profit-sharing employer contribution to his retirement account for the 2024 plan year, and (iv) Board fees of $6,600. Includes for Ms. Cambre the following for 2024: (a) Board fees of $6,600 and (b) a $1,632 profit-sharing employer contribution to her retirement account. 

      (3) 
      
      Ms. Cambre was promoted to Chief Financial Officer in May 2023, and her annual base salary prior to going part-time in September 2024 was $100,000. Ms. Cambre announced in September