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Monroe Federal Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total assets to $147.9 million from $155.3 million as of March 31, 2024. This decrease is attributed to a reduction in cash and cash equivalents as well as available-for-sale investment securities.
Net loans increased to $108.6 million from $107.9 million, driven by new loan originations in residential real estate and construction and land loans.
Deposits decreased to $124.4 million from $142.1 million, influenced by a reduction in core deposits and certificates of deposit.
The company reported a net loss of $86,000 for the quarter, down from a net income of $30,000 in the same quarter the previous year. The decrease is attributed to a reduction in net interest income and an increase in noninterest expenses.
Interest income increased by $36,000, primarily due to higher yields on loans, while interest expense increased by $112,000 due to higher deposit costs and borrowings.
The allowance for credit losses on loans increased to $875,000 from $855,000, reflecting a recovery of credit losses during the period.
Noninterest income decreased slightly to $85,000, while noninterest expenses increased to $1.1 million, with higher salaries and employee benefits being a significant factor.
The company completed its conversion from mutual to stock form on October 23, 2024, with the issuance of 526,438 shares of common stock, resulting in net offering proceeds of approximately $3.9 million.
Monroe Federal Bancorp, Inc. is categorized as well-capitalized under regulatory capital guidelines as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Monroe Federal Bancorp Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.