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Monroe Federal Bancorp Inc. (MFBI-0.23%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in total assets to $144.9 million from $155.3 million at the end of March 2024. This decrease is primarily attributed to a reduction in cash and cash equivalents and available-for-sale investment securities.
Cash and cash equivalents decreased to $2.5 million, down from $10.6 million at the end of March 2024. The decrease is due to a reduction in deposits and advances from the Federal Home Loan Bank.
Investment securities available for sale decreased to $23.2 million from $25.2 million, primarily due to calls, maturities, and repayments.
Net loans decreased slightly to $107.3 million from $107.9 million, with loan originations totaling $13.1 million during the nine months ended December 31, 2024.
Deposits decreased to $130.1 million from $142.1 million, with a significant decrease in certificates of deposit and core deposits.
Advances from the Federal Home Loan Bank decreased to $1.0 million from $3.0 million, as management elected to repay these advances.
Stockholders' equity increased to $11.8 million from $8.6 million, primarily due to capital from the common stock issuance.
The company reported a net loss of $120,000 for the quarter, an increase from a net loss of $44,000 in the same quarter the previous year. The increase in net loss is primarily due to an increase in the provision for credit losses.
Interest income increased by $40,000 to $1.5 million, driven by an increase in loan interest income. However, interest expense decreased by $6,000 to $539,000.
Noninterest income increased slightly to $90,000, while noninterest expense rose to $1.1 million, primarily due to increased professional services costs.
The allowance for credit losses on loans increased to $915,000, reflecting a provision for credit losses of $61,000 for the quarter.
The company maintains a strong liquidity position, with the ability to borrow from the Federal Home Loan Bank and other sources.
Monroe Federal Bancorp is categorized as well-capitalized under regulatory capital guidelines as of December 31, 2024.
The filing also discusses the company's market risk management strategies, including maintaining a high level of liquidity and diversifying the loan portfolio.
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 February 14, 2025. To report an error, please email earnings@qz.com.