Mon, Sep 23, 8:16 PM (88 days ago)
For the quarter ending June 30, 2024, Monroe Federal Bancorp, Inc. reported a net loss of $116,000, contrasting with a net income of $19,685 in the same period of 2023. Total assets decreased by 5.1% to $147.5 million, primarily due to an $8.7 million decline in cash and cash equivalents, while net loans increased slightly by 1.0% to $108.9 million. Deposits fell significantly by 9.0% to $129.3 million, driven by a notable reduction in a major commercial customer’s account. Interest income rose 6.5% to $1.5 million, mainly from increased loan yields, while interest expense surged 17.6% to $507,000 due to higher deposit costs. The provision for credit losses was $32,000, reflecting management's response to credit risk amid changing economic conditions. The allowance for credit losses on loans remained stable at 0.79% of total loans. The company’s capital ratios indicate a well-capitalized status, with total capital at 14.3% of risk-weighted assets. Looking ahead, management emphasizes enhancing core deposits and managing interest rate risks as priorities, particularly in the context of ongoing economic uncertainties.