Mon, Jun 24, 7:32 PM (119 days ago)
Fifth District Bancorp, Inc.'s Form 10-Q for the quarter ended March 31, 2024, reports an increase in total assets by $4.9 million to $485.7 million, driven by a $17.3 million rise in cash and cash equivalents, offset by a $14.1 million decrease in investment securities available-for-sale. Net loans receivable increased marginally by $365,000 to $365.4 million. Deposit growth was strong, increasing by $10.4 million to $400.4 million, primarily in certificates of deposit. However, the company reported a net loss of $1.1 million, down from a net income of $376,000 in the prior year due to higher interest expenses and a $1.1 million loss on the sale of investment securities. Non-interest income declined significantly by $1.1 million. The company identified material weaknesses in internal controls over financial reporting, specifically in the allowance for credit losses. Management is implementing remedial measures to address these issues. The company maintains a strong liquidity position and is well-capitalized under regulatory guidelines.