Company: MGNO
Filing Date: 2025-01-03
Form Type: 10-Q/A
Source: 0000927089-25-000009
Chunk: 39

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-01-03
Form: 10-Q/A
Chunk 39
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 90 days or more delinquent. The foreclosed property was recorded at the market value as determined by an appraisal, less estimated selling costs, resulting in a $15,000 write-off which reduced our allowance for credit losses from $200,000 as of December 31, 2023 to $185,000 at September 30, 2024. The allowance for credit losses on loans represented 0.60% of total loans at September 30, 2024 and 0.62% of total loans at September 30, 2023. We had no loan charge-offs in the quarter ended September 30, 2023. Our total non-performing assets and our total classified loans as of September 30, 2024 and September 30, 2023 were $39,000 and $34,000, respectively. As a percentage of non-performing assets, the allowance for credit losses was 469.6% at September 30, 2024 and 590.0% at September 30, 2023. As of September 30, 2024, we had two loans totaling $216,000 that were 30 days or more delinquent, compared to one loan for $34,000 that was 30 days or more delinquent at December 31, 2023. While loan delinquencies increased slightly in the first nine months of 2024, no additional provision for credit losses was deemed necessary in light of the overall decrease in the loan portfolio.

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Non-interest Income.Non-interest income totaled $8,000 for the quarter ended September 30, 2024 compared to $7,000 for the quarter ended September 30, 2023. This increase was due to a nominal increase in rental income, as we rent out a portion of the parking lot at our main office building.

Non-interest Expense.Non-interest expense increased by $8,000, or 2.6%, to $315,000 for the quarter ended September 30, 2024 compared to $307,000 for the quarter ended September 30, 2023. The increase in non-interest expense in the quarter ended September 30, 2024 was primarily due to increases of $2,500 or 1.3% in salaries and employee benefits and $2,400 or 24.1% in audit and regulatory examination fees.

Income Tax Provision (Benefit).We had an income tax benefit