Company: MGNO
Filing Date: 2025-01-03
Form Type: 10-Q/A
Source: 0000927089-25-000009
Chunk: 26

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-01-03
Form: 10-Q/A
Chunk 26
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 |     |      |        |   |     |                   |        |    |     |      |        |   |
| Banking offices                                                                        |     |                    |      2 |    |     |      |      2 |   |     |                   |      2 |    |     |      |      2 |   |
| Full-time equivalent employees                                                         |     |                    |      8 |    |     |      |      7 |   |     |                   |      8 |    |     |      |      7 |   |

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| (1) | With the exception of end of period ratios, all ratios are based on average weekly balances during the indicated periods. Ratios for the three and nine months ended September 30, 2024 and 2023 have been annualized. |

| (2) | Average interest rate spread represents the difference between the average yield on interest-earning assets and the average rate paid on interest-bearing liabilities, and net interest margin represents net interest income as a percentage of average interest-earning assets. |

| (3) | The efficiency ratio represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income. |

| (4) | Asset quality ratios and capital ratios are end of period ratios, except for net charge-offs to average loans receivable. |

| (5) | Non-performing assets consist of non-performing loans. Mutual Savings and Loan Association did not have any real estate owned as of the dates indicated. Non-performing loans consist of all loans 90 days or more past due. It is our policy to cease accruing interest on all loans 90 days or more past due. Real estate owned consists of real estate acquired through foreclosure, real estate acquired by acceptance of a deed-in-lieu of foreclosure. |

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Comparison of Financial Condition at September 30, 2024 and December 31, 2023

Total Assets.Total assets were $35.1 million at September 30, 2024, a decrease of $700,000, or 2.0%, from $35.8 million at December 31, 2023. This decrease is primarily due to decreases of $1.2 million or 3.7% in net loans receivable and $83,000 or 4.8% in cash and cash equivalents. In September 2024, Hurricane Francine hit the New Orleans area but did not