MGNO
Magnolia Bancorp, Inc.11.36
-0.01-0.09%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
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0%Recent Filings
10-K
FY2025 results
Magnolia Bancorp posted a $170K net loss for FY2025 ended December 31, 2025, wider than 2024's $100K loss, as public company costs surged noninterest expense 26.9% to $1.561M despite net interest income jumping 25.1% to $1.336M (3.70% margin) on conversion proceeds and lower deposit costs. Loans held steady at $30.7M (97.8% residential), with originations tripling to $5.2M y/y amid rising fixed-rate demand, but deposits plunged 42.9% to $16.9M post-conversion outflows. Q4 saw nonperformers tick to 0.4% of loans, allowance steady at $185K. Equity swelled to $20M via $6.9M net IPO proceeds; $12.7M FHLB line untapped. Board greenlit 4% buyback post-January 2026. Interest rate shifts crimp margins.
8-K
Auditor switch disclosed
Magnolia Bancorp dismissed EisnerAmper LLP as its independent auditor effective 2026, opting for Mauldin & Jenkins instead, with Audit Committee approval on January 22. No disagreements arose, but prior material weaknesses in internal controls persist from 2024's 10-K. EisnerAmper finishes the 2025 audit. Switch signals control fixes ahead.
8-K
Approves first buyback program
Magnolia Bancorp approved its first stock repurchase program for up to 33,350 shares—4.0% of outstanding common stock—starting January 15, 2026, after its subsidiary's mutual-to-stock conversion anniversary. Shares will fund the 2025 Recognition and Retention Plan, with 16,280 awards granted November 20, 2025. It's a 10b5-1 plan with KBW. Repos signal board confidence.
10-Q
Q3 FY2025 results
Magnolia Bancorp posted a Q3 net loss of $48,000, up from $36,000 last year, as noninterest expenses climbed 27% to $400,000 on public company costs like audit fees and legal, while net interest income rose 27% to $331,000 from lower deposit rates and conversion liquidity. Loans grew modestly 2.1% YTD to $31.3M, with originations up 304% q/q amid easing rates, but deposits fell 48% to $15.2M post-conversion. Cash dipped to $2.9M, yet equity swelled 44% to $20.0M after $6.9M net proceeds; no debt, with $13M FHLB line available. Conversion closed January 2025 for $6.9M net (stock issuance), recognizing no goodwill. Controls lag with material weaknesses in risk assessment. Delinquencies pose a quiet risk.
8-K
CFO transition and shareholder approvals
Magnolia Bancorp replaced its part-time CFO Anita Cambre with full-time executive Donice Wagner, effective September 18, 2025, after Cambre's voluntary resignation from operational roles while staying on as a director. Wagner, a CPA with prior CFO experience at Liberty Bank, joined in June to strengthen financial controls. Shareholders at the annual meeting that day elected directors, approved stock plans, ratified auditors, and endorsed triennial pay votes. Smooth transition bolsters oversight.
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