secwatch.observer — SEC 8-K summary
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Issuer:     Marathon Bancorp, Inc. /MD/ (MBBC)
CIK:        0001835385
Form:       8-K
Filed at:   2023-09-20T23:59:59+00:00
Accession:  0000943374-23-000391
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Marathon Bancorp restates FY2022 & FY2023 quarterly statements due to deferred tax liability error
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- Audit committee concluded prior audited FY2022 and unaudited quarterly periods from Sep 2021 to Mar 2023 should no longer be relied upon.
- Error: erroneously recorded a deferred tax liability for pre-1988 excess tax bad debt due to misinterpretation of thrift status after 1993 charter conversion.
- Correction requires a $481,798 adjustment to opening retained earnings as of July 1, 2021.
- Unrecaptured pre-1988 federal bad debt reserve of ~$1.5 million; no deferred tax liability provided as management does not intend to trigger recapture.
- Restated financials will be included in the pending FY2023 10-K.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1835385/000094337423000391/0000943374-23-000391-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1835385/000094337423000391/form8k_091923.htm
  HTML page:      https://secwatch.observer/filing/0000943374-23-000391

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