Marathon Bancorp, Inc. reported a net income of $51,127 for the three months ended December 31, 2024, a significant decrease of 81.2% compared to $272,100 for the same period in 2023. For the six months ended December 31, 2024, net income was $226,034, down 36.9% from $358,297 in the prior year. The decline in profitability was primarily attributed to a shift from a recovery of credit losses in the previous year to a provision for credit losses of $8,000 in the current quarter, alongside a decrease in net interest income and an increase in income tax expenses.
Total assets for Marathon Bancorp decreased by $1.3 million, or 0.6%, to $217.9 million as of December 31, 2024, compared to $219.2 million at June 30, 2024. This decline was mainly driven by a $6.5 million reduction in net loans, which fell to $176.9 million, offset by a $5.7 million increase in cash and cash equivalents. The company also reported a slight increase in total deposits, which rose by $436,000 to $173.4 million, reflecting a shift from non-interest-bearing to interest-bearing accounts as customers sought higher returns.
In terms of operational developments, Marathon Bancorp opened a new branch in Brookfield, Wisconsin, in January 2024, contributing to an increase in salaries and employee benefits by 9.7% to $835,000 for the three months ended December 31, 2024. The company’s total non-interest expenses decreased by 1.8% to $1.5 million during the same period, primarily due to reductions in professional fees and expenses related to foreclosed assets. The bank's allowance for credit losses was $1.7 million, representing 0.92% of total loans outstanding, indicating a cautious approach to potential credit risks.
Looking ahead, Marathon Bancorp anticipates maintaining a strong liquidity position, supported by a $75.7 million line of credit with the Federal Home Loan Bank of Chicago. The company is committed to monitoring its liquidity daily and expects to meet its current funding commitments. The management remains optimistic about stabilizing economic conditions in its market area, which may positively influence future credit loss provisions and overall financial performance.
About Marathon Bancorp, Inc. /MD/
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