Company: MGNO
Filing Date: 2025-01-03
Form Type: 10-Q/A
Source: 0000927089-25-000009
Chunk: 45

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-01-03
Form: 10-Q/A
Chunk 45
---
 time deposits will be retained. At September 30, 2024, certificates of deposit that are scheduled to mature on or before September 30, 2025 totaled $9.7 million. Management expects that a substantial portion of the maturing certificates of deposit will be renewed. However, if a substantial portion of these deposits is not retained, we may raise interest rates on deposits to attract new accounts or utilize Federal Home Loan Bank of Dallas advances, which may result in higher levels of interest expense.

At September 30, 2024, Mutual Savings and Loan Association was categorized as well-capitalized under regulatory capital guidelines. Management is not aware of any conditions or events since the most recent notification that would change our category. For further information, see Note 5 of the notes to the unaudited financial statements for the nine months ended September 30, 2024.

Commitments. The following table summarizes our outstanding commitments to originate loans and to advance additional amounts pursuant to outstanding letters of credit, lines of credit and undisbursed construction loans at September 30, 2024.

<div align='center'>37</div>

| Letters of credit                       
 Unused lines of credit                  
 Undisbursed portion of loans in process 
 Commitments to originate loans          |     | Total Amounts  
 Committed at   
 Sept 30, 2024  
 (In thousands) |     - 
 1,286 
     - 
     - |     | Amount of Commitment Expiration - Per Period 
 To                                           
 1 Year                                       | - 
 - 
 - 
 - |     | Over 1 to 
 3 Years   | - 
 - 
 - 
 - |     | Over 3 to 5 
 Years       | - 
 - 
 - 
 - |     | After 5 
 Years   |     - 
 1,286 
     - 
     - |
|:----------------------------------------|:----|:---------------|------:|:----|:---------------------------------------------|:--|:----|:----------|:--|:----|:------------|:--|:----|:--------|------:|
| Total commitments                       |     | $              | 1,286 |     | $                                            | - |     | $         | - |     | $           | - |     | $       | 1,286 |

Recent Accounting Pronouncements

See “Item 1. Financial Statements – Note 1. Summary of Significant Accounting Policies – Recent Accounting Pronouncements.”

Impact of