Note 8 - Segments and Significant Group Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2024

Segment Reporting Disclosure [Text Block]

Segments and Significant Group Concentrations of Credit Risk

The chief decision maker assesses performance for the Association and decides how to allocate resources based on net income, cash and cash equivalents, and capital (retained earnings) that is also reported on the statements of operations and financial condition. The chief operating decision maker uses net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits. Net income is used to monitor budget versus actual results. The measure of segment assets is reported on the balance sheet as total assets.

The results of the operations for the segment are as follows for the years ended December 31, 2024 and 2023 (dollars in thousands):

	2024			2023
Interest income	$	1,458		$	1,483
Interest expense		390			160
Income before provision for credit losses		1,068			1,323
Provision for credit losses		-			-
Income after provision for credit losses		1,068			1,323
Other income		35			36
Noninterest expense (see note)		1,230			1,250
Income before taxes		(127	)		109
Income tax provision (benefit)		(27)			23
Net income (loss)	$	(100	)	$	86
Cash and cash equivalents	$	9,940		$	1,710
Retained Earnings	$	13,916		$	14,016

Note: The chief operating decision maker reviews non-interest expense at the level included in the Statement of Operations.

Most of the Association's lending activity is with customers located within the greater New Orleans, Louisiana metropolitan area. Generally, the loans are secured. The loans are expected to be repaid from cash flows, proceeds from the sale of selected assets of the borrowers, or insurance proceeds.

The contractual amounts of credit-related financial instruments, such as commitments to extend credit, represent the amounts of potential accounting loss should the contract be fully drawn upon, the customer defaults, and the value of any existing collateral becomes worthless.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Magnolia Bancorp, Inc. 10-K