Magnolia Bancorp, Inc.

Magnolia Bancorp, Inc. announced a planned leadership transition, appointing Robert W. Kimbro as its new President and Chief Executive Officer, effective June 1, 2026. Michael L. Hurley, previously Chairman, President, and CEO, transitioned to Executive Chair of the Board for both Magnolia Bancorp and its subsidiary, Mutual Savings and Loan Association. Mr. Hurley's salary was reduced to reflect his changed responsibilities. Additionally, the company held its Annual Meeting of Shareholders on May 28, 2026, where directors were elected and the appointment of the independent auditor was ratified.

Magnolia Bancorp, Inc. reported a net loss of $(69)K for the first quarter of 2026, a significant increase from the $(30)K net loss in the same period last year. The loss per share also widened to $(0.09) from $(0.04). While total assets saw a slight increase, stockholders' equity experienced a minor decrease. The company's net interest income improved, but this was offset by a rise in noninterest expenses, particularly salaries and employee benefits. Despite the increased loss, the Association maintains a strong regulatory capital position, categorized as 'well capitalized'.