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Marathon Bancorp (MBBC-0.02%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
Total assets decreased to $217.9 million from $219.2 million as of June 30, 2024. The decrease was primarily due to a reduction in net loans by $6.5 million, offset by an increase in cash and cash equivalents by $5.7 million.
Net interest income for the quarter was $1.4 million, down from $1.5 million in the previous year, attributed to a decrease in loan interest income.
The company recorded a provision for credit losses of $8,000, compared to a recovery of $135,000 in the previous year. This change was influenced by projected economic conditions and loan portfolio adjustments.
Non-interest income increased slightly to $180,000, with minor changes across service charges and mortgage banking income.
Non-interest expenses decreased to $1.5 million, with reductions in professional fees and other expenses, offset by increased salaries due to a new branch opening.
Net income for the quarter was $51,000, a decrease from $272,000 in the previous year, influenced by changes in credit provisions and net interest income.
Total deposits increased slightly to $173.4 million, with a shift from non-interest bearing to interest bearing deposits.
Marathon Bancorp's capital ratios remain strong, with the bank classified as well-capitalized under regulatory standards.
The company reported no non-performing loans and maintained a stable allowance for credit losses at $1.7 million, or 0.92% of total loans.
Marathon Bancorp continues to manage liquidity effectively, with sufficient funds to meet current commitments and maintain a strong capital position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Marathon Bancorp quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.