Fri, Mar 28, 3:23 PM (33 days ago)
**Magnolia Bancorp, Inc. (MGNO) 2024 Annual Report Summary** **Financial Performance:** - **Revenue:** $32.0 million (2023: $33.5 million) - **Net Income:** -$100,000 (2023: $86,000) - **Operating Expenses:** $1.2 million (2023: $1.1 million) - **Earnings per Share:** -$0.12 (2023: $0.10) **Strategic Overview:** - **Conversion:** Completed on January 14, 2025, converting from mutual to stock form. - **Stock Offering:** Issued 833,750 shares for $8.3 million, with net proceeds of $6.9 million. - **Loan Portfolio:** Focus on one- to four-family residential mortgage loans (92.3% of total loans). **Future Outlook:** - **Growth Plans:** Aim to increase loan portfolio, particularly in commercial real estate and multi-family residential loans. - **Regulatory Compliance:** Subject to extensive regulation by OCC and FDIC, with a focus on capital requirements and risk management. **Risk Factors:** - **Market Interest Rates:** High interest rates reduced net interest income and increased operating expenses. - **Economic Conditions:** Vulnerable to economic downturns, particularly in the local market. - **Competition:** Faces strong competition from larger financial institutions. **Financial Condition:** - **Capital:** Well-capitalized with a total risk-based capital ratio of 10.0% or greater. - **Liquidity:** Deposits are the primary source of funds, with a focus on core deposit growth and loan repayments. **Market Position Changes:** - **Market Share:** Negligible for total bank and thrift deposits in Jefferson and St. Tammany Parishes. - **Customer Base:** Reliant on local deposits and retail customers. **Other Highlights:** - **Cybersecurity:** Proactive approach to information security and cybersecurity. - **Governance:** Board of directors with a mix of independent and executive members. - **Employee Stock Ownership Plan:** Established to incentivize employees and align interests with shareholders.