Company: MGNO
Filing Date: 2025-01-03
Form Type: 10-Q/A
Source: 0000927089-25-000009
Chunk: 14

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-01-03
Form: 10-Q/A
Chunk 14
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 course of business, the Association accepts deposits from members of the Board of Directors and officers. As of September 30, 2024and December 31, 2023,these deposits totaled $ and $ respectively. As of September 30, 2024and December 31, 2023, customer represented % and % of the total deposits outstanding, respectively.

Interest-Bearing Deposits

Interest expense on deposits during the nine months ended September 30, 2024and September 30, 2023are as follows:

|                                |     | 2024 | September 30, |   |     | 2023 | September 30, |   |
|:-------------------------------|:----|:-----|--------------:|:--|:----|:-----|--------------:|:--|
| Now Accounts                   |     | $    |         7,118 |   |     | $    |         8,171 |   |
| Passbook Accounts              |     |      |           192 |   |     |      |           231 |   |
| Certificates of Deposit        |     |      |       257,965 |   |     |      |        72,063 |   |
| Total                          |     | $    |       265,275 |   |     | $    |        80,465 |   |
| Weighted Average Interest Rate |     |      |          1.73 | % |     |      |          0.47 | % |

The weighted average interest rate on NOW accounts was .11%, on passbook accounts was .01%, and on certificates of deposit was % as of September 30,2024.The weighted average interest rate on NOW accounts was .11%, on passbook savings accounts was .01%, and on certificates of deposit was % as of September 30, 2023.

4. Advances from Federal Home Loan Bank (FHLB)

The Association has a line of credit with the FHLB through which advances are drawn. The total available line of credit at September 30, 2024is $ million. The unused portion of the line of credit as of September 30, 2024was approximately $ million. Pursuant to collateral agreements with the FHLB, advances are secured by a blanket-floating lien on first mortgage loans. During 2024, the Association obtained FHLB advances of $ million, all of which matured and were paid prior to September