Equibles

10-Q

Central Plains Bancshares, Inc. (CPBI)

10-Q 2025-11-13 For: 2025-09-30
View Original
Added on April 06, 2026

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ROC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-41844

Central Plains Bancshares, Inc.

(Exact Name of Registrant as Specified in its Charter)

Maryland 93-2239246
(State or other jurisdiction of<br><br>Incorporation or organization) (I.R.S. Employer<br>Identification No.)
221 South Locust Street<br><br>Grand Island, NE 68801
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (308) 382-4000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br><br>Symbol(s) Name of each exchange on which registered
Common Stock CPBI NASDAQ Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer ☒ Smaller reporting company ☒
Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 13, 2025, the registrant had 4,212,839 shares of common stock, $0.01 par value per share, outstanding.

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Page
PART I. Financial Information 1
Item 1. Consolidated Financial Statements (Unaudited) 1
Consolidated Balance Sheets 1
Consolidated Statements of Operations 2
Consolidated Statements of Comprehensive Income (Loss) 3
Consolidated Statements of Changes in Equity 4
Consolidated Statements of Cash Flows 5
Notes to Unaudited Consolidated Financial Statements 6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 24
Item 3. Quantitative and Qualitative Disclosures About Market Risk 35
Item 4. Controls and Procedures 36
PART II. OTHER INFORMATION 37
Item 1. Legal Proceedings 37
Item 1A. Risk Factors 37
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37
Item 3. Defaults Upon Senior Securities 37
Item 4. Mine Safety Disclosures 37
Item 5. Other Information 37
Item 6. Exhibits 38
Signatures

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

CENTRAL PLAINS BANCHSARES, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

March 31, 2025
Assets:
Cash and due from banks 6,340 $ 7,611
Interest-bearing deposits in other banks 2,549 21,071
Total cash and cash equivalents 8,889 28,682
Investment securities - available for sale 59,670 59,369
Investment securities - held to maturity 192 222
Loans, net of unearned income 422,320 402,197
Allowance for credit losses on loans (5,523 ) (5,441 )
Loans, net 416,797 396,756
Accrued interest receivable 3,809 3,101
Federal Home Loan Bank (FHLB) stock - at cost 626 612
Premises and equipment, net 13,372 12,938
Deferred income taxes 2,477 2,703
Mortgage servicing rights 402 380
Other assets 3,769 3,939
Total assets 510,003 $ 508,702
Liabilities:
Deposits:
Non-interest-bearing deposits 63,980 $ 64,497
Interest-bearing
Demand and NOW checking 125,927 152,782
Money market 32,151 30,718
Savings 45,961 45,476
Time deposits over 250,000 34,025 28,590
Other time deposits 106,146 94,138
Total deposits 408,190 416,201
Borrowings 8,500 —
Pension liability 1,378 1,459
Advances from borrowers for taxes and insurance 1,111 1,834
Accrued interest payable 1,738 1,716
Accounts payable, accrued expenses and other liabilities 2,906 4,160
Total liabilities 423,823 425,370
Stockholders' equity:
Common Stock (0.01 par value, 10,000,000 shares authorized, 4,217,338 shares issued and outstanding at September 30, 2025 and 4,231,742 shares issued and outstanding at March 31, 2025) 41 41
Additional paid-in capital 39,442 39,265
Retained earnings 52,405 50,652
Unallocated common shares held by Employee Stock Ownership Plan (ESOP) (2,941 ) (3,007 )
Accumulated other comprehensive loss, net (2,767 ) (3,619 )
Total stockholders' equity 86,180 83,332
Total liabilities and stockholders' equity 510,003 $ 508,702

All values are in US Dollars.

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCHSARES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

For the Three Months Ended September 30, For the Six Months Ended September 30,
2025 2024 2025 2024
(Dollars in thousands) (Dollars in thousands)
Interest and dividend income:
Loans—including fees $ 6,188 $ 5,596 $ 12,087 $ 10,904
Investment securities 576 532 1,160 1,065
FHLB stock 7 9 14 16
Federal funds sold 14 12 105 75
Total interest and dividend income 6,785 6,149 13,366 12,060
Interest expense:
Deposits 2,165 2,017 4,253 3,937
Borrowings under FHLB advances 35 74 37 99
Total interest expense 2,200 2,091 4,290 4,036
Net interest income before provision for (reversal of) credit losses 4,585 4,058 9,076 8,024
Provision for (reversal of) credit losses 89 4 86 (1 )
Net interest income after provision for (reversal of) credit losses 4,496 4,054 8,990 8,025
Non-interest income:
Servicing fees on loans 33 36 64 68
Service charges on deposit accounts 197 199 389 391
Interchange income 327 326 655 648
Gain on sale of loans 98 43 175 91
Gain from real estate owned and other repossessed assets, net — 1 1 1
Other non-interest income 24 19 49 37
Total non-interest income 679 624 1,333 1,236
Non-interest expense:
Salaries and employee benefits 2,194 1,938 4,297 3,781
Occupancy and equipment 429 270 747 522
Data processing 514 522 1,014 984
Federal deposit insurance premiums 52 49 103 93
Debit card processing 70 70 134 134
Advertising 102 71 193 146
Other general and administrative expenses 699 601 1,491 1,334
Total non-interest expense 4,060 3,521 7,979 6,994
Income before income tax expense 1,115 1,157 2,344 2,267
Income tax expense 233 205 474 412
Net income $ 882 $ 952 $ 1,870 $ 1,855
Earnings per share - basic $ 0.23 $ 0.25 $ 0.49 $ 0.49
Earnings per share - diluted $ 0.23 $ 0.25 $ 0.49 $ 0.49
Weighted average shares outstanding - basic 3,785,223 3,821,330 3,788,896 3,819,680
Weighted average shares outstanding - diluted 3,808,651 3,821,330 3,806,172 3,819,680

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCHSARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

For the Three Months Ended September 30,
2025 2024
(Dollars in thousands)
Net income $ 882 $ 952
Other comprehensive income:
Unrealized holding gains arising during the period on available-for-sale securities 633 1,820
Other comprehensive income, before tax 633 1,820
Income tax expense for other comprehensive income (133 ) (382 )
Total other comprehensive income, net of tax 500 1,438
Comprehensive income $ 1,382 $ 2,390
For the Six Months Ended September 30,
--- --- --- --- --- --- ---
2025 2024
(Dollars in thousands)
Net income $ 1,870 $ 1,855
Other comprehensive income:
Unrealized holding gains arising during the period on available-for-sale securities 1,079 1,802
Other comprehensive income, before tax 1,079 1,802
Income tax expense for other comprehensive income (227 ) (378 )
Total other comprehensive income, net of tax 852 1,424
Comprehensive income $ 2,722 $ 3,279

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCHSARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited)

Common Shares Common Stock Additional Paid-In Capital Retained Earnings Accumulated<br>Other<br>Comprehensive<br> Loss Unallocated Common Shares Held by ESOP Total<br>Equity
(Dollars in thousands)
For the three months ended September 30, 2024
Balance at June 30, 2024 4,130,815 $ 41 $ 39,318 $ 48,033 $ (5,087 ) $ (3,106 ) $ 79,199
Net income — — — 952 — — 952
ESOP shares committed to be released — — 5 — — 33 38
Other comprehensive income - net of tax — — — — 1,438 — 1,438
Balance at September 30, 2024 4,130,815 $ 41 $ 39,323 $ 48,985 $ (3,649 ) $ (3,073 ) $ 81,627
For the three months ended September 30, 2025
Balance at June 30, 2025 4,223,278 $ 41 $ 39,292 $ 51,554 $ (3,267 ) $ (2,974 ) $ 84,646
Net income — — — 882 — — 882
ESOP shares committed to be released — — 18 — — 33 51
Stock purchased and retired (5,940 ) — (59 ) (31 ) — — (90 )
Stock based compensation — — 191 — — — 191
Other comprehensive income - net of tax — — — — 500 — 500
Balance at September 30, 2025 4,217,338 $ 41 $ 39,442 $ 52,405 $ (2,767 ) $ (2,941 ) $ 86,180
Common Shares Common Stock Additional Paid-In Capital Retained Earnings Accumulated<br>Other<br>Comprehensive<br> Loss Unallocated Common Shares Held by ESOP Total<br>Equity
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands)
For the six months ended September 30, 2024
Balance at March 31, 2024 4,130,815 $ 41 $ 39,318 $ 47,130 $ (5,073 ) $ (3,139 ) $ 78,277
Net income — — — 1,855 — — 1,855
ESOP shares committed to be released — — 5 — — 66 71
Other comprehensive income - net of tax — — — — 1,424 — 1,424
Balance at September 30, 2024 4,130,815 $ 41 $ 39,323 $ 48,985 $ (3,649 ) $ (3,073 ) $ 81,627
For the six months ended September 30, 2025
Balance at March 31, 2025 4,231,742 $ 41 $ 39,265 $ 50,652 $ (3,619 ) $ (3,007 ) $ 83,332
Net income — — — 1,870 — — 1,870
ESOP shares committed to be released — — 34 — — 66 100
Stock purchased and retired (23,404 ) — (233 ) (117 ) — — (350 )
Stock based compensation — — 376 — — — 376
Issuance of common shares for the restricted stock plan 9,000 — — — — — —
Other comprehensive income - net of tax — — — — 852 — 852
Balance at September 30, 2025 4,217,338 $ 41 $ 39,442 $ 52,405 $ (2,767 ) $ (2,941 ) $ 86,180

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCHSARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

For the Six Months Ended September 30,
2025 2024
(Dollars in thousands)
Cash flows from operating activities
Net income $ 1,870 $ 1,855
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 478 259
Gain on sale of loans (175 ) (91 )
Amortization of premium and accretion of discount on securities, net (3 ) 47
Deferred income tax expense — 1
Provision for (reversal of) credit losses 86 (1 )
Origination of loans held for sale (12,764 ) (6,166 )
Proceeds from sales of loans held for sale 12,939 6,257
ESOP expense 100 71
Contributions to pension plan 300 300
Stock based compensation 376 —
Change in assets and liabilities:
Accrued interest receivable (708 ) (427 )
Mortgage servicing rights (22 ) 18
Other assets 170 249
Accrued interest payable 22 262
Accounts payable, accrued expenses and other liabilities (1,635 ) (930 )
Net cash provided by operating activities 1,034 1,704
Cash flows from investing activities
Net change in loans (20,127 ) (18,843 )
Purchase of investment securities available for sale (3,399 ) (1,948 )
Principal paydowns from investment securities available for sale 4,179 4,385
Principal paydowns from investment securities held to maturity 30 33
Purchase of FHLB stock (14 ) (29 )
Purchase of premises and equipment (912 ) (2,644 )
Net cash used in investing activities (20,243 ) (19,046 )
Cash flows from financing activities
Net change in deposits (8,011 ) 16,664
Net change in advances from borrowers for taxes and insurance (723 ) (897 )
Repurchase of common stock (350 ) —
Proceeds from short-term FHLB advances 8,500 —
Net cash (used in) provided by financing activities (584 ) 15,767
Net decrease in cash and cash equivalents (19,793 ) (1,575 )
Cash and cash equivalents—beginning of period 28,682 11,454
Cash and cash equivalents—end of period $ 8,889 $ 9,879
Supplemental disclosures of cash flow information:
Cash paid for taxes $ 200 $ 200
Cash paid for interest $ 4,268 $ 3,774

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCHSARES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and conform to practices within the banking industry. The accounting policies followed in the preparation of the interim consolidated financial statements are consistent with those used in the preparation of the annual financial statements. The interim consolidated financial statements reflect all normal and recurring adjustments that are necessary, in the opinion of management, for fair statement of results for the interim periods presented. Results for the three- and six-months period ended September 30, 2025, are not necessarily indicative of the results that may be expected for the year ending March 31, 2026, or any other period.

Nature of Operations—Central Plains Bancshares, Inc. (the “Company”) was formed to serve as the holding company for Home Federal Savings and Loan Association of Grand Island (the “Association”), upon conversion into the stock form of organization, which was completed on October 19, 2023.

The Company completed its stock offering on October 19, 2023. The Company sold 4,130,815 shares of common stock at $10.00 per share in its subscription offering for gross proceeds of approximately $41.3 million. Shares of the Company's common stock began trading on October 20, 2023 on the Nasdaq Capital Market under the trading symbol "CPBI."

The Association is a federally chartered stock savings and loan association whose primary business is providing mortgage, consumer, commercial real estate, and commercial loans in the Grand Island, Nebraska area, with additional lending opportunities through the Association’s participation network of banks in Nebraska and other states, and acquiring consumer and commercial deposits to fund these investments.

Basis of Presentation—The accompanying unaudited Consolidated Financial Statements were prepared in accordance with GAAP and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with Central Plains Bancshares, Inc.’s Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025. The unaudited Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Significant estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for credit losses, as well as the fair value measurements of investment securities. As with any estimate, actual results could differ from those estimates.

The Company's revenue is primarily derived from the business of banking. The Company's financial performance is monitored on consolidated basis by Mr. Dannel Garness, President and CEO, who is considered to be the Company's Chief Operating Decision Maker ("CODM").

All of the Company’s financial results are similar and considered by management to be aggregated into one reportable operating segment. While the Company has assigned certain management responsibilities by business-line, the Company’s Chief Operating Decision Maker ("CODM") evaluates financial performance on a Company-wide basis. The Company's assigned business lines have similar economic characteristics, products, services and customers. Accordingly, all of the Company’s operations are considered by management to be aggregated in one reportable operating segment.

Financial performance is reported to the CODM monthly, and the primary measure of performance is consolidated net income. The allocation of resources throughout the Company is determined annually based upon consolidated net income performance. The presentation of financial performance to the CODM is consistent with amounts and financial statement line items shown in the Company's consolidated balance sheets and consolidated statements of operations. Additionally, the Company's significant expenses are adequately segmented by category and amount in the consolidated statements of operations to include all significant items when considering both qualitative and quantitative factors. Significant expenses of the Company include salaries and employee benefits, equipment and occupancy expense, data processing, professional services and advertising.

In March 2024, the FASB issued ASU No. 2024-01, “Compensation—Stock Compensation (Topic 718): Scope Applications of Profits Interests and Similar Awards” (ASU 2024-01). ASU 2024-01 adds an example to Topic 718 which illustrates how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as share-based payment arrangements under Topic 718 or under other U.S. GAAP. ASU 2024-01 is effective for annual periods beginning after December 15,

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2025, although early adoption is permitted. Upon adoption, ASU 2024-01 is not expected to have a material impact on the Company’s consolidated balance sheets or consolidated statements of operations.

On December 14, 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: (1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, and (2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: (1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company will adopt this ASU, and does not expect the amendments to have a material impact to the annual financial statements of the Company.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new standard requires tabular disclosure of certain costs and expenses including more detailed disclosures of certain categories of expenses such as employee compensation, depreciation and intangible asset amortization that are components of existing expense captions presented on the face of the income statement. The ASU should be applied prospectively for annual reporting periods beginning after December 15, 2026, with retrospective application and early adoption permitted. The Company is currently evaluating the impacts of this guidance on the Company’s consolidated financial statements.

Subsequent events have been evaluated through the date of issuance of the unaudited Consolidated Financial Statements. No significant subsequent events have occurred through this date requiring adjustment to the financial statements or disclosures.

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Note 2 - Investment SECURITIES

The following is a summary of investment securities at September 30, 2025 and March 31, 2025:

September 30, 2025
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
Securities available-for-sale (Dollars in thousands)
FHLMC bonds $ 23,604 $ 166 $ (1,389 ) $ 22,381
GNMA bonds 4,746 43 — 4,789
FNMA bonds 26,230 315 (1,543 ) 25,002
Municipal bonds 8,621 — (1,123 ) 7,498
Total securities available-for-sale $ 63,201 $ 524 $ (4,055 ) $ 59,670
Securities held-to-maturity
FHLMC bonds $ 58 $ 1 $ — $ 59
GNMA bonds 38 1 — 39
FNMA bonds 96 2 — 98
Total securities held-to-maturity $ 192 $ 4 $ — $ 196
(dollars in thousands) March 31, 2025
--- --- --- --- --- --- --- --- --- ---
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
Securities available-for-sale (Dollars in thousands)
FHLMC bonds $ 23,085 $ 107 $ (1,726 ) $ 21,466
GNMA bonds 5,035 34 (2 ) 5,067
FNMA bonds 27,237 224 (1,871 ) 25,590
Municipal bonds 8,622 — (1,376 ) 7,246
Total securities available-for-sale $ 63,979 $ 365 $ (4,975 ) $ 59,369
Securities held-to-maturity
FHLMC bonds $ 64 $ 2 $ — $ 66
GNMA bonds 46 — — 46
FNMA bonds 112 2 — 114
Total securities held-to-maturity $ 222 $ 4 $ — $ 226

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The fair value and gross unrealized losses on the Association’s available-for-sale investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2025 and March 31, 2025, are as follows:

Less than 12 Months 12 Months or Longer Total
Fair Unrealized Fair Unrealized Fair Unrealized
September 30, 2025 Value Losses Value Losses Value Losses
Securities available-for-sale (Dollars in thousands)
FHLMC bonds $ 1,792 $ (6 ) $ 12,310 $ (1,383 ) $ 14,102 $ (1,389 )
FNMA bonds 874 (3 ) 11,746 (1,540 ) 12,620 (1,543 )
Municipal bonds — — 7,498 (1,123 ) 7,498 (1,123 )
Total securities available-for-sale $ 2,666 $ (9 ) $ 31,554 $ (4,046 ) $ 34,220 $ (4,055 )
Less than 12 Months 12 Months or Longer Total
Fair Unrealized Fair Unrealized Fair Unrealized
March 31, 2025 Value Losses Value Losses Value Losses
Securities available-for-sale (Dollars in thousands)
FHLMC bonds $ 2,919 $ (39 ) $ 12,978 $ (1,687 ) $ 15,897 $ (1,726 )
GNMA bonds 105 (1 ) 1,154 (1 ) 1,259 (2 )
FNMA bonds 3,004 (24 ) 12,315 (1,847 ) 15,319 (1,871 )
Municipal bonds — — 7,246 (1,376 ) 7,246 (1,376 )
Total securities available-for-sale $ 6,028 $ (64 ) $ 33,693 $ (4,911 ) $ 39,721 $ (4,975 )

The unrealized losses at September 30, 2025 are related to mortgage-backed securities and municipal bonds. Government-sponsored enterprises, such as the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association, have an implied guarantee by the U.S. government. At September 30, 2025, all the mortgage-backed securities held by the Association were issued by U.S. government-sponsored entities and agencies. The issuers continue to make timely principal and interest payments on the mortgage-backed securities. The fair value is expected to recover as the bonds approach maturity.

Unrealized losses on municipal bonds have not been recognized into income because the issuers’ bonds are high credit quality, the Association does not intend to sell, and it is more likely than not, that the Association will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.

No credit losses were determined to be present as of September 30, 2025, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the six months ended September 30, 2025.

At September 30, 2025 and March 31, 2025, investment securities with amortized cost of $43.5 million, and $44.2 million, respectively, and estimated fair value of $40.9 million and $41.0 million, respectively, were pledged to secure public, consumer, and commercial deposits.

The amortized cost and fair values of available for sale investment securities as of September 30, 2025 by contractual maturity, are shown below:

Available for Sale
Amortized Cost Fair Value
Maturity (Dollars in thousands)
Due less than one year $ — $ —
Due after one year through five years 3,012 2,932
Due after five years through ten years 2,602 2,195
Due after ten years 3,007 2,371
Mortgage-backed securities and collateralized mortgage obligations 54,580 52,172
Total $ 63,201 $ 59,670

The Association had no sales of available for sale investment securities for the six months ended September 30, 2025 or 2024.

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Note 3 - LOANS AND ALLOWANCE FOR Credit LOSSES

A summary of loans by major category as of September 30, 2025 and March 31, 2025 is as follows:

September 30, 2025 March 31, 2025
(Dollars in thousands)
Real Estate - Construction $ 19,247 $ 15,069
Real Estate - Commercial 126,993 120,184
Real Estate - Residential 158,635 161,144
Commercial Non-Real Estate 38,692 32,007
Agriculture 51,138 42,835
Other Consumer 12,439 14,649
Land Development and Sanitary & Improvement Districts (SIDs) 15,231 16,327
Total loans 422,375 402,215
Allowance for credit losses (5,523 ) (5,441 )
Net deferred origination costs & fees (55 ) (18 )
Total loans, net $ 416,797 $ 396,756

Related Party Loans: In the normal course of business, loans are made to directors and officers of the Association. Loans to Association directors and key officers outstanding as of September 30, 2025 and March 31, 2025 were $1.8 million. Additionally, the Association had loans totaling $901,000 and $940,000 as of September 30, 2025 and March 31, 2025 to related parties that were originated by the Association, sold to Federal Home Loan Mortgage Company and are serviced by the Association.

The following tables present the activity in the allowance for credit losses for the three and six months ended September 30, 2025 and 2024:

Three Months Ended September 30, 2025
Beginning Ending
Allowance Provision for Loans Allowance
Balance Credit Losses Charged off Recoveries Balance
(Dollars in thousands)
Real Estate - Construction $ 246 $ 39 $ — $ — $ 285
Real Estate - Commercial 1,572 116 — — 1,688
Real Estate - Residential 1,925 (125 ) — — 1,800
Commercial Non-Real Estate 667 128 — — 795
Agricultural 476 83 — — 559
Other Consumer 261 (88 ) (7 ) 2 168
Land Development and SIDs 292 (64 ) — — 228
Total $ 5,439 $ 89 $ (7 ) $ 2 $ 5,523
Six Months Ended September 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning Ending
Allowance Provision for Loans Allowance
Balance Credit Losses Charged off Recoveries Balance
(Dollars in thousands)
Real Estate - Construction $ 246 $ 39 $ — $ — $ 285
Real Estate - Commercial 1,572 116 — — 1,688
Real Estate - Residential 1,926 (126 ) — — 1,800
Commercial Non-Real Estate 667 128 — — 795
Agricultural 476 83 — — 559
Other Consumer 262 (90 ) (7 ) 3 168
Land Development and SIDs 292 (64 ) — — 228
Total $ 5,441 $ 86 $ (7 ) $ 3 $ 5,523

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Three Months Ended September 30, 2024
Beginning Ending
Allowance Provision for Loans Allowance
Balance Credit Losses Charged off Recoveries Balance
(Dollars in thousands)
Real Estate - Construction $ 268 $ 21 $ — $ — $ 289
Real Estate - Commercial 2,044 (21 ) — — 2,023
Real Estate - Residential 1,907 (31 ) — — 1,876
Commercial Non-Real Estate 711 (53 ) — — 658
Agricultural 284 122 — — 406
Other Consumer 392 (24 ) — 2 370
Land Development and SIDs 246 (10 ) — — 236
Total $ 5,852 $ 4 $ — $ 2 $ 5,858
Six Months Ended September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning Ending
Allowance (Reversal of) Loans Allowance
Balance Credit Losses Charged off Recoveries Balance
(Dollars in thousands)
Real Estate - Construction $ 246 $ 43 $ — $ — $ 289
Real Estate - Commercial 2,245 (222 ) — — 2,023
Real Estate - Residential 1,829 47 — — 1,876
Commercial Non-Real Estate 759 (101 ) — — 658
Agricultural 228 178 — — 406
Other Consumer 327 44 (4 ) 3 370
Land Development and SIDs 226 10 — — 236
Total $ 5,860 $ (1 ) $ (4 ) $ 3 $ 5,858

The ACL on loans excludes $215,000 as of September 30, 2025 and March 31, 2025 of allowance for off-balance sheet exposures and is recorded within accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets.

Collateral dependent loans individually evaluated for purposes of the ACL by collateral type were as follows at September 30, 2025 and March 31, 2025:

September 30, 2025
Real Estate Other ACL Allocation
(Dollars in thousands)
Portfolio Segment
Real Estate - Construction $ — $ — $ —
Real Estate - Commercial 329 — —
Real Estate - Residential 11 — —
Commercial Non-Real Estate — — —
Agricultural — — —
Other Consumer — — —
Land Development and SIDs 4 — 4
Total $ 344 $ — $ 4

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March 31, 2025
Real Estate Other ACL Allocation
(Dollars in thousands)
Portfolio Segment
Real Estate - Construction $ — $ — $ —
Real Estate - Commercial 359 — —
Real Estate - Residential 150 — 68
Commercial Non-Real Estate — — —
Agricultural — — —
Other Consumer — 13 9
Land Development and SIDs 807 — 39
Total $ 1,316 $ 13 $ 116

Credit Risk—The Association monitors the credit risk within the loan portfolio by assessing the strength of the borrower’s repayment capacity and the probability of default. The Association first assesses the paying capacity of the borrower; then, it analyzes the sound worth of any pledged collateral or guarantees. In estimating the allowance for credit losses management also uses a quarterly Loan Concentration Report to monitor any concentrations that may develop in any specific category of the loan portfolio. It identifies four varying degrees of credit worthiness:

  • Pass Loans: Loans in the pass category are loans that do not raise Association concerns.
  • Special Mention Loans: Loans in this category may have a potential for weakness which, if not corrected, could weaken the asset and increase the risk in the future. By classifying a loan as Special Mention the Association can give the loan the attention needed to remedy any credit deficiencies or potential weaknesses.
  • Substandard Loans: Loans identified as Substandard are assets that are inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans in this classification category must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Association will sustain some loss if the deficiencies are not corrected. If a loan is classified as Substandard, a determination based upon objective evidence must be made as to any specific or general valuation allowance within the guidelines of generally accepted accounting principles.
  • Doubtful Loans: Loans in this category have all the weaknesses inherent in Substandard loans with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. If a loan is classified as Doubtful, a determination based upon objective evidence must be made as to any specific or general valuation allowance within the guidelines of generally accepted accounting principles.

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The following tables present the credit risk profile of the Association's loan portfolio based on risk rating category and year of origination as of September 30, 2025 and March 31, 2025.

As of September 30, 2025
Term Loans by Origination Year (Fiscal Year) Revolving
2026 2025 2024 2023 2022 Prior Loans Total
(Dollars in thousands)
Real Estate - Construction
Pass $ 5,620 $ 10,150 $ 2,005 $ — $ — $ — $ 1,472 $ 19,247
Special mention — — — — — — — —
Substandard — — — — — — — —
Doubtful — — — — — — — —
Total Real Estate - Construction $ 5,620 $ 10,150 $ 2,005 $ — $ — $ — $ 1,472 $ 19,247
Current year-to-date gross write-offs — — — — — — — —
Real Estate - Commercial
Pass 7,812 20,153 13,843 26,113 25,277 31,667 63 $ 124,928
Special mention — — — — — — — —
Substandard — 327 — — — 1,738 — 2,065
Doubtful — — — — — — — —
Total Real Estate - Commercial $ 7,812 $ 20,480 $ 13,843 $ 26,113 $ 25,277 $ 33,405 $ 63 $ 126,993
Current year-to-date gross write-offs — — — — — — — —
Real Estate - Residential
Pass 11,406 16,228 13,943 21,072 44,213 41,452 10,074 $ 158,388
Special mention — — — — — — — —
Substandard — — 24 — 16 207 — 247
Doubtful — — — — — — — —
Total Real Estate - Residential $ 11,406 $ 16,228 $ 13,967 $ 21,072 $ 44,229 $ 41,659 $ 10,074 $ 158,635
Current year-to-date gross write-offs — — — — — — — —
Commercial - Non-Real Estate
Pass 10,643 5,827 4,412 2,595 1,934 7,158 5,656 $ 38,225
Special mention — — — — — — — —
Substandard — — — 115 — 252 100 467
Doubtful — — — — — — — —
Total Commercial - Non-Real Estate $ 10,643 $ 5,827 $ 4,412 $ 2,710 $ 1,934 $ 7,410 $ 5,756 $ 38,692
Current year-to-date gross write-offs — — — — — — — —
Agricultural
Pass 5,971 15,402 1,842 2,874 2,015 3,223 18,790 $ 50,117
Special mention — — — — — — — —
Substandard — 347 — 165 — — 509 1,021
Doubtful — — — — — — — —
Total - Agricultural $ 5,971 $ 15,749 $ 1,842 $ 3,039 $ 2,015 $ 3,223 $ 19,299 $ 51,138
Current year-to-date gross write-offs — — — — — — — —
Other Consumer
Pass 1,480 1,975 3,971 3,965 218 784 — $ 12,393
Special mention — — — — — — — —
Substandard — 43 — — 3 — — 46
Doubtful — — — — — — — —
Total Other Consumer $ 1,480 $ 2,018 $ 3,971 $ 3,965 $ 221 $ 784 $ — $ 12,439
Current year-to-date gross write-offs 7 — — — — — — 7
Land Development and SIDs
Pass 772 1,283 1,142 5,539 5,249 1,181 — $ 15,166
Special mention — — — — — — — —
Substandard — — — — 65 — — 65
Doubtful — — — — — — — —
Total Land Development and SIDs $ 772 $ 1,283 $ 1,142 $ 5,539 $ 5,314 $ 1,181 $ — $ 15,231
Current year-to-date gross write-offs — — — — — — — —
Total loans $ 43,704 $ 71,735 $ 41,182 $ 62,438 $ 78,990 $ 87,662 $ 36,664 $ 422,375

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As of March 31, 2025
Term Loans by Origination Year (Fiscal Year) Revolving
2025 2024 2023 2022 2021 Prior Loans Total
(Dollars in thousands)
Real Estate - Construction
Pass $ 9,809 $ 2,908 $ 367 $ — $ — $ — $ 1,985 $ 15,069
Special mention — — — — — — — —
Substandard — — — — — — — —
Doubtful — — — — — — — —
Total Real Estate - Construction $ 9,809 $ 2,908 $ 367 $ — $ — $ — $ 1,985 $ 15,069
Current year-to-date gross write-offs — — — — — — — —
Real Estate - Commercial
Pass 17,451 14,153 26,916 25,840 3,089 30,409 140 $ 117,998
Special mention — — — — — — — —
Substandard — 391 — — 306 1,489 — 2,186
Doubtful — — — — — — — —
Total Real Estate - Commercial $ 17,451 $ 14,544 $ 26,916 $ 25,840 $ 3,395 $ 31,898 $ 140 $ 120,184
Current year-to-date gross write-offs — — — — — — — —
Real Estate - Residential
Pass 18,914 19,970 22,674 46,132 31,265 12,861 9,078 $ 160,894
Special mention — — — — — — — —
Substandard — — 135 — — 115 — 250
Doubtful — — — — — — — —
Total Real Estate - Residential $ 18,914 $ 19,970 $ 22,809 $ 46,132 $ 31,265 $ 12,976 $ 9,078 $ 161,144
Current year-to-date gross write-offs — — — — — — — —
Commercial - Non-Real Estate
Pass 6,549 5,670 3,613 2,790 1,775 6,563 4,551 $ 31,511
Special mention — — — — — — — —
Substandard — — 122 — — 374 — 496
Doubtful — — — — — — — —
Total Commercial - Non-Real Estate $ 6,549 $ 5,670 $ 3,735 $ 2,790 $ 1,775 $ 6,937 $ 4,551 $ 32,007
Current year-to-date gross write-offs 13 — — — — — — 13
Agricultural
Pass 16,635 1,763 2,927 2,069 857 2,635 15,078 $ 41,964
Special mention — — — — — — — —
Substandard 405 — 165 — — — 301 871
Doubtful — — — — — — — —
Total - Agricultural $ 17,040 $ 1,763 $ 3,092 $ 2,069 $ 857 $ 2,635 $ 15,379 $ 42,835
Current year-to-date gross write-offs — — — — — — — —
Other Consumer
Pass 2,779 5,021 5,252 359 224 996 — $ 14,631
Special mention — — — — — — — —
Substandard — — — — 5 8 — 13
Doubtful 5 — — — — — — 5
Total Other Consumer $ 2,784 $ 5,021 $ 5,252 $ 359 $ 229 $ 1,004 $ — $ 14,649
Current year-to-date gross write-offs 4 — — — — — — 4
Land Development and SIDs
Pass 841 1,124 6,313 5,956 552 734 — $ 15,520
Special mention — — — — — — — —
Substandard — — 807 — — — — 807
Doubtful — — — — — — — —
Total Land Development and SIDs $ 841 $ 1,124 $ 7,120 $ 5,956 $ 552 $ 734 $ — $ 16,327
Current year-to-date gross write-offs 605 — — — — — — 605
Total loans $ 73,388 $ 51,000 $ 69,291 $ 83,146 $ 38,073 $ 56,184 $ 31,133 $ 402,215

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Nonperforming and Past-Due Loans—All loans in the Association’s portfolio are considered past due if the required principal and interest payments have not been received as of the date such payments were due.

The following table presents certain information with respect to loans on nonaccrual status as of and for the six months ended September 30, 2025 and March 31, 2025:

Nonaccrual Nonaccrual with no Nonaccrual with Interest Income
loans at Allowance for Credit Allowance for Credit Recognized During
September 30, 2025 Loss Loss the Period
September 30, 2025
Real Estate - Commercial $ 329 $ 329 $ — $ 4
Real Estate - Residential 11 11 — —
Land Development and SIDs 4 — 4 34
Total $ 344 $ 340 $ 4 $ 38
Nonaccrual loans Nonaccrual with no Nonaccrual with Interest Income
--- --- --- --- --- --- --- --- ---
at March 31, Allowance for Credit Allowance for Credit Recognized During
2025 Loss Loss the Period
March 31, 2025
Real Estate - Commercial $ 359 $ 359 $ — $ 29
Real Estate - Residential 150 81 69 10
Commercial Non-Real Estate 13 5 8 —
Other Consumer 807 768 39 27
Total $ 1,329 $ 1,213 $ 116 $ 66

The following is an aging analysis of the contractually past due loans as of September 30, 2025 and March 31, 2025:

Loans Past
Greater than Due 90 Days
30–59 Days 60–89 Days 89 Days Total or More Still
Past Due Past Due Past Due Past Due Current Total Accruing
September 30, 2025 (Dollars in thousands)
Real Estate - Construction $ — $ — $ — $ — $ 19,247 $ 19,247 $ —
Real Estate - Commercial — — — — 126,993 126,993 —
Real Estate - Residential 322 383 24 729 157,906 158,635 24
Commercial Non-Real Estate 282 — — 282 38,410 38,692 —
Agricultural — — — — 51,138 51,138 —
Other Consumer 67 261 128 456 11,983 12,439 128
Land Development and SIDs — — — — 15,231 15,231 —
Total $ 671 $ 644 $ 152 $ 1,467 $ 420,908 $ 422,375 $ 152
Loans Past
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Greater than Due 90 Days
30–59 Days 60–89 Days 89 Days Total or More Still
Past Due Past Due Past Due Past Due Current Total Accruing
March 31, 2025 (Dollars in thousands)
Real Estate - Construction $ — $ — $ — $ — $ 15,069 $ 15,069 $ —
Real Estate - Commercial — — — — 120,184 120,184 —
Real Estate - Residential 486 — 87 573 160,571 161,144 3
Commercial Non-Real Estate — 9 — 9 31,998 32,007 —
Agricultural 79 — — 79 42,756 42,835 —
Other Consumer 112 345 112 569 14,080 14,649 99
Land Development and SIDs — — — — 16,327 16,327 —
Total $ 677 $ 354 $ 199 $ 1,230 $ 400,985 $ 402,215 $ 102

The Association may modify loans to borrowers experiencing financial difficulty by providing modifications to repayment terms; more specifically, modifications to loan interest rates. Management performs an analysis at the time of loan modification. Any reserve required is recorded through a provision to the allowance for credit losses on loans. There were no modifications on loans to borrowers experiencing financial difficulty during the six months ended September 30, 2025 and 2024.

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Note 4 - DEPOSITS

As of September 30, 2025 the scheduled maturities of time deposits are as follows:

Amount
12 Months Ending September 30, (Dollars in thousands)
2026 $ 93,244
2027 34,464
2028 11,242
2029 1,141
2030 or later 80
Total time deposits $ 140,171

At September 30, 2025 and March 31, 2025, the Association had $17.4 million and $7.3 million in brokered deposits.

Note 5 - Borrowings

The Company had $8.5 million in overnight borrowings outstanding from the Federal Home Loan Bank ("FHLB") of Topeka as of September 30, 2025. The Company had no outstanding borrowings as of March 31, 2025.

The following table shows certain information regarding our borrowings at or for the dates indicated:

For the three months ended September 30, For the six months ended September 30,
2025 2024 2025 2024
FHLB of Topeka advances and other borrowings: (Dollars in thousands) (Dollars in thousands)
Average balance outstanding $ 3,091 $ 5,208 $ 1,621 $ 3,463
Outstanding advances with the FHLB of Topeka at any month-end during the period 8,500 8,000 8,500 8,000
Outstanding advances with a private banker's bank at any month-end during the period — 459 — 459
Total maximum amount outstanding at any month-end during the period $ 8,500 $ 8,459 $ 8,500 $ 8,459
Average interest rate during the period 4.53 % 5.68 % 4.57 % 5.72 %
September 30, 2025 March 31, 2025
--- --- --- --- ---
(Dollars in thousands)
Outstanding advances with the FHLB of Topeka $ 8,500 $ —
Additional borrowing capacity 37,028 45,534
Total borrowing capacity $ 45,528 $ 45,534

The Association had remaining availability for FHLB borrowings of approximately $32.0 million at September 30, 2025 and $40.5 million at March 31, 2025. The FHLB has sole discretion to deny additional advances. $31,000 of investment securities and $54.0 million of loans were pledged as collateral for FHLB advances at September 30, 2025.

Additionally, the Association had the capacity to borrow $5.0 million at September 30, 2025 and March 31, 2025, from a private bankers’ bank.

Note 6 - REGULATORY CAPITAL REQUIREMENTS

The Association is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Association’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Association must meet specific capital guidelines that involve quantitative measures of the Association’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Association’s capital amounts, and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Association to maintain minimum amounts and ratios as set forth in the following tables of tangible, core, and total risk-based capital. To be considered well-capitalized

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under the regulatory framework for Prompt Corrective Action provisions, the Association must maintain minimum Tier I leverage, Tier I risk- based, common equity Tier 1, and total risk-based capital ratios (as defined) as set forth in the following tables.

As of September 30, 2025 and March 31, 2025, the Association was well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Association must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the tables. There are no conditions or events since September 30, 2025, that management believes have changed the Association’s category.

The Association’s actual capital amounts and ratios as of September 30, 2025 and March 31, 2025, are also presented in the table below:

Actual Minimum Required for Capital Adequacy Purposes Minimum Required To be Well-Capitalized Under Prompt Corrective Action Provisions
As of September 30, 2025 Amount Ratio Amount Ratio Amount Ratio
(Dollars in thousands)
Total Capital (to Risk- Weighted Assets) $ 75,554 17.71 % $ 34,133 8.00 % $ 42,666 10.00 %
Tier 1 Capital (to Risk- Weighted Assets) $ 70,216 16.46 % $ 25,600 6.00 % $ 34,133 8.00 %
Common Equity Tier 1 Capital to Risk-Weighted Assets $ 70,216 16.46 % $ 19,200 4.50 % $ 27,733 6.50 %
Tier 1 Capital (to Average Assets) $ 70,216 14.05 % $ 19,996 4.00 % $ 24,995 5.00 %
As of March 31, 2025 Amount Ratio Amount Ratio Amount Ratio
Total Capital (to Risk- Weighted Assets) $ 72,977 17.83 % $ 32,734 8.00 % $ 40,918 10.00 %
Tier 1 Capital (to Risk- Weighted Assets) $ 67,856 16.58 % $ 24,551 6.00 % $ 32,734 8.00 %
Common Equity Tier 1 Capital to Risk-Weighted Assets $ 67,856 16.58 % $ 18,413 4.50 % $ 26,597 6.50 %
Tier 1 Capital (to Average Assets) $ 67,856 13.78 % $ 19,701 4.00 % $ 24,626 5.00 %

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Note 7 - COMMITMENTS AND CONTINGENCIES

The Association is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers including commitments to extend credit and lines or letters of credit and commitments to sell to investors loans held for sale. The Association uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

At September 30, 2025 and March 31, 2025, the Association had approved outstanding loan origination commitments of $1.6 million and $1.1 million, respectively. Loan commitments, which are funded subject to certain limitations, extend over various periods of time and may expire without being drawn upon. Generally, unused commitments are canceled upon expiration of the commitment term as outlined in each individual contract. All outstanding loan origination commitments were subject to forward sales commitments to various entities. Also, at September 30, 2025 and March 31, 2025, the Association has committed unused lines of credit, equity lines, loans in process and letters of credit to consumers totaling $45.5 million and $45.0 million, respectively. The Association evaluates each customer’s credit worthiness on a separate basis and requires collateral based on this evaluation. Collateral consists mainly of residential family units and personal property.

Various legal claims also arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Association’s consolidated financial statements.

Note 8 - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Association measures certain financial assets and liabilities at fair value in accordance with GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows:

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data of substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs for the asset or liability for which there is little, if any, market activity at the measurement date. The inputs are developed based on the best information available in the circumstances, which might include the Association’s own financial data such as internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant management judgment.

Fair Value of Financial Instruments—Financial instruments are classified within the fair value hierarchy using the methodologies described above. The following disclosures include financial instruments that are not carried at fair value on the Statements of Financial Condition. The calculation of estimated fair values is based on market conditions at a specific point in time and may not reflect current or future fair values.

Certain financial instruments generally expose the Association to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market. The carrying value of these financial instruments assumes to approximate the fair value of these instruments. These instruments include cash and cash equivalents, non-interest-bearing deposit accounts, FHLB advances, FHLB stock, escrow deposits and accrued interest receivable and payable.

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The carrying amounts and estimated fair values by fair value hierarchy of certain financial instruments are as follows:

Measurements at Reporting Date Using
Carrying<br>Amount Level 1 Level 2 Level 3 Estimated<br>Fair Value
(Dollars in thousands)
September 30, 2025
Financial assets:
Loans, net $ 416,797 $ — $ — $ 404,325 $ 404,325
Financial liabilities:
Interest-bearing deposits $ 344,210 $ — $ 306,371 $ — $ 306,371
March 31, 2025
Financial assets:
Loans, net $ 396,756 $ — $ — $ 380,967 $ 380,967
Financial liabilities:
Interest-bearing deposits $ 351,704 $ — $ 308,114 $ — $ 308,114

Available-for-Sale Securities

Where quoted market prices are available in an active market, securities such as U.S. Treasuries, would be classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities would be classified within Level 3 of the hierarchy.

The Association’s financial assets measured at fair value on a recurring basis are available-for-sale securities. Available-for-sale securities are classified within Level 2 because they are valued based on market prices for similar assets. The fair value of the Association’s available-for-sale securities as of September 30, 2025 and March 31, 2025 was $59.7 million and $59.4 million, respectively. The Association does not have any other assets or liabilities measured at fair value on a recurring basis as of September 30, 2025 or March 31, 2025.

Fair Value Measurements at Reporting Date Using
Estimated<br>Fair Value Level 1 Level 2 Level 3
(Dollars in thousands)
September 30, 2025
Securities Available-for-sale
Mortgage-Backed Securities $ 52,172 $ — $ 52,172 $ —
Municipal Bonds 7,498 — 7,498 —
Total $ 59,670 $ — $ 59,670 $ —
March 31, 2025
Securities Available-for-sale
Mortgage-Backed Securities $ 52,123 $ — $ 52,123 $ —
Municipal Bonds 7,246 — 7,246 —
Total $ 59,369 $ — $ 59,369 $ —

There were no transfers of financial instruments between Levels 1, 2, and 3 during the six months ended September 30, 2025. The Association does not have any financial instruments measured at fair value on a recurring basis classified as Level 3.

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Nonrecurring Measurements

The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2025 and March 31, 2025:

Fair Value Measurements at Reporting Date Using
Estimated<br>Fair Value Level 1 Level 2 Level 3
(Dollars in thousands)
September 30, 2025
Financial Assets
Individually evaluated loans $ — $ — $ — $ —
Total $ — $ — $ — $ —
March 31, 2025
Financial Assets
Individually evaluated loans $ 772 $ — $ — $ 772
Total $ 772 $ — $ — $ 772

Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheet, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

Individually Evaluated Loans

Individually evaluated loans are recorded at fair value on a nonrecurring basis. The fair value of loans is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Individually evaluated loans are evaluated on a monthly basis for additional impairment and adjusted accordingly.

The numerical range of unobservable inputs for these valuation assumptions is not meaningful to this presentation.

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Note 9 - EARNINGS PER SHARE

Basic earnings per share (EPS) represents income available to common stockholders divided by weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that should then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributed to common stockholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents.

Shares held by the Employee Stock Ownership Plan ("ESOP") that have not been allocated to employees in accordance with the terms of the ESOP, referred to as "unallocated ESOP shares", are not deemed outstanding for EPS calculations.

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
(Income in thousands) (Income in thousands)
Net income applicable to common shares $ 882 $ 952 $ 1,870 $ 1,855
Average number of common shares outstanding 4,081,484 4,130,815 4,086,807 4,130,815
Less: Average unallocated ESOP shares 296,261 309,485 297,911 311,135
Average number of common shares outstanding used to calculate basic earnings per common share 3,785,223 3,821,330 3,788,896 3,819,680
Diluted potential common shares 23,428 — 17,276 —
Average number of common shares outstanding used to calculate diluted earnings per common share 3,808,651 3,821,330 3,806,172 3,819,680
Earnings per common share - basic $ 0.23 $ 0.25 $ 0.49 $ 0.49
Earnings per common share - diluted $ 0.23 $ 0.25 $ 0.49 $ 0.49

Note 10 - STOCK BASED COMPENSATION

ESOP

Employees participate in "the ESOP". The ESOP borrowed funds from the Company to purchase 330,465 shares of stock at $10 per share. The Association makes discretionary contributions to the ESOP and the ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation. Participants receive the shares at the end of employment.

There were no contributions to the ESOP during the six months ending September 30, 2025 and 2024, as the annual loan payment is made in December. The ESOP compensation expense for six months ending September 30, 2025 and 2024 was $100,000 and $71,000, respectively.

Shares held by the ESOP were as follows:

As of September 30,
2025 2024
(Dollars in thousands)
Shares allocated 36,354 23,136
Unallocated 294,111 307,329
Total ESOP shares 330,465 330,465
Fair value of unearned shares as of September 30, 2025 and 2024, respectively $ 4,794 $ 3,860

Fair value of unearned shares is based on a stock price of $16.30 and $12.56 as of September 30, 2025 and 2024, respectively.

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Equity Incentive plan

At the Company's annual meeting of stockholders held on November 26, 2024, stockholders approved the Central Plains Bancshares, Inc. 2024 Equity Incentive Plan (“2024 Equity Plan”), which provides for the granting of up to 578,313 shares (165,232 shares of restricted stock and 413,081 stock options) of the Company’s common stock pursuant to equity awards made under the 2024 Equity Plan.

Stock options granted under the 2024 Equity Plan generally vest in equal annual installments over a service period of five years beginning one year from the date of grant. The vesting of the options accelerates upon death, disability or an involuntary termination at or following a change in control of the Company. Stock options are generally granted at an exercise price equal to the fair value of the Company’s common stock on the grant date based on the closing market price of the Company's common stock on the date of grant, and have an expiration period of ten years. As of September 30, 2025, the Company has 89,157 stock options available for future grants under the 2024 Equity Plan.

The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. Upon exercise of vested options, management expects to first draw on retired stock as the source for shares.

The following is a summary of the Company's stock option activity and related information for the periods presented. There was no stock option activity for the three- and six-months ended September 30, 2024.

Stock Option Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value
(Dollars in thousands)
Options, outstanding at June 30, 2025 323,924 $ 14.63 9.5 $ 159
Granted — — — —
Vested — — — —
Forfeited — — — —
Options, outstanding at September 30, 2025 323,924 $ 14.63 9.3 541
Exercisable - End of Period — $ —
Stock Option Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value
--- --- --- --- --- --- --- --- ---
(Dollars in thousands)
Options, outstanding at March 31, 2025 308,924 $ 14.63 9.7 $ 88
Granted, May 27, 2025 15,000 14.61 9.9 8
Vested — — — —
Forfeited — — — —
Options, outstanding at September 30, 2025 323,924 $ 14.63 9.3 541
Exercisable - End of Period — $ —

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, the difference between the Company's closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options.

Expected future expense relating to the non-vested options outstanding as of September 30, 2025, is $1.6 million over a weighted average period of

4.3

years. Restricted shares granted under the 2024 Equity Plan generally vest in equal annual installments over a service period of five years beginning one year from the date of grant. The vesting of the awards accelerates upon death, disability or an involuntary termination at or following a change in control of the Company. The product of the number of shares granted and the grant date closing market price of the Company’s common stock determines the fair value of restricted shares under the 2024 Equity Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period.

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As of September 30, 2025, the Company has 27,166 shares of restricted stock available for future grants under the 2024 Equity Plan.

The following is a summary of the status of the Company's restricted shares as of and for the periods presented.

Restricted Stock Shares Weighted Average Exercise Price
Nonvested balance as of June 30, 2025 138,066 $ 14.64
Granted — —
Vested — —
Forfeited — —
Nonvested balance as of September 30, 2025 138,066 $ 14.64
Restricted Stock Shares Weighted Average Exercise Price
--- --- --- --- ---
Nonvested balance as of March 31, 2025 129,066 $ 14.64
Granted, May 27, 2025 9,000 14.61
Vested — —
Forfeited — —
Nonvested balance as of September 30, 2025 138,066 $ 14.64

Expected future expense relating to the non-vested restricted shares outstanding as of September 30, 2025, is $1.7 million over a weighted average period of

4.3

years. The following table presents the stock based compensation expense for the periods presented.

For the Three Months Ended September 30, For the Six Months Ended September 30,
2025 2024 2025 2024
(Dollars in thousands) (Dollars in thousands)
Stock option expense $ 91 $ — $ 179 $ —
Restricted stock expense 100 — 197 —
Total stock based compensation expense $ 191 $ — $ 376 $ —

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General

Management’s discussion and analysis of financial condition and results of operations at September 30, 2025 and March 31, 2025 and for the three and six months ended September 30, 2025 and 2024 is intended to assist in understanding the financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto appearing in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Cautionary Note Regarding Forward-Looking Statements

This report contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and words of similar meaning. These forward-looking statements include, but are not limited to:

  • statements of our goals, intentions and expectations;
  • statements regarding our business plans, prospects, growth and operating strategies;
  • statements regarding the quality of our loan and investment portfolios; and
  • estimates of our risks and future costs and benefits.

These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

  • general economic conditions, including any recessionary conditions and/or increases in unemployment, either nationally or in our market areas, that are worse than expected;
  • changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses;
  • our ability to access cost-effective funding and to maintain adequate liquidity, primarily through deposits;
  • fluctuations in real estate values and in the conditions of the residential real estate, commercial real estate, and agricultural real estate markets;
  • demand for loans, deposits and non-banking services in our market area;
  • our ability to implement and change our business strategies;
  • competition among depository and other financial institutions, including with respect to our ability to charge overdraft fees;
  • inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and will make;
  • adverse changes in the securities markets;
  • changes in laws or government regulations or policies affecting financial institutions and/or their holding companies, including changes in regulatory fees, capital requirements and insurance premiums;
  • monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;
  • changes in the quality or composition of our loan or investment portfolios;
  • technological changes that may be more difficult or expensive than expected;
  • the inability of third-party providers to perform as expected;

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  • a failure or breach of our operational or information security systems or infrastructure, including cyberattacks;
  • our ability to manage market risk, credit risk and operational risk;
  • our ability to enter new markets successfully and capitalize on growth opportunities;
  • our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames, and any goodwill charges related thereto;
  • changes in consumer spending, borrowing and savings habits;
  • changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;
  • changes in accounting and/or tax estimates;
  • the effects of any national or global conflict, war or act of terrorism;
  • the ability of the U.S. Government to remain open, function properly and manage federal debt limits;
  • our compensation expense associated with equity allocated or awarded to our directors and/or employees;
  • our ability to attract and retain key employees; and
  • changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

Critical Accounting Policies

Of the significant accounting policies used in the preparation of our consolidated financial statements, we have identified certain items as critical accounting policies based on the associated estimates, assumptions, judgments and complexity. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” in our Annual Report on Form 10-K for the year ended March 31, 2025.

Certain of these accounting policies require management to use significant judgment and estimates, which can have a material impact on the carrying value of certain assets and liabilities. We consider these policies to be our critical accounting estimates.

The estimates and assumptions that we use are based on historical experience, future forecasts and various other factors and are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions, resulting in a change that could have a material impact on the carrying value of our assets and liabilities and our results of operations.

Critical accounting estimates are necessary in the application of certain accounting policies and procedures and are particularly susceptible to significant change. Critical accounting policies are defined as those involving significant judgments and assumptions by management that could have a material impact on the carrying value of certain assets or on income under different assumptions or conditions. Actual results could differ from these judgments and estimates under different conditions, resulting in a change that could have a material impact on the carrying values of our assets and liabilities and our results of operations.

The Jumpstart Our Business Startups ("JOBS") Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards.

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Comparison of Financial Condition at September 30, 2025 and March 31, 2025

At September 30, 2025 At March 31, 2025
(Dollars in thousands)
Selected Consolidated Financial Condition Data:
Cash and cash equivalents $ 8,889 $ 28,682
Investment securities - available for sale 59,670 59,369
Investment securities - held to maturity 192 222
FHLB stock 626 612
Loans, net 416,797 396,756
Total assets 510,003 508,702
Total deposits 408,190 416,201
Total stockholders' equity 86,180 83,332

Total Assets. Total assets increased by $1.3 million, or 0.3%, to $510.0 million at September 30, 2025, compared to $508.7 million at March 31, 2025. The increase primarily reflects a $708,000, or 22.8%, increase in accrued interest receivable and a $434,000, or 3.4%, increase in premises and equipment, net. Gross loans grew by $20.1 million, or 5.0%, partially offset by a $19.8 million, or 69.0% decrease in total cash and cash equivalents.

Cash and cash equivalents. Cash and cash equivalents decreased $19.8 million, or 69.0%, to $8.9 million at September 30, 2025, from $28.7 million at March 31, 2025. This decrease was primarily attributable to increased loan funding and a reduction in total deposits. Management continues to monitor liquidity based on alternative uses of funds and prevailing market conditions.

Investment Securities Available for Sale. Securities available-for-sale increased $301,000, or 0.5%, to $59.7 million at September 30, 2025, from $59.4 million at March 31, 2025. During the six-month period, we purchased $3.4 million in securities and received $4.2 million in principal payments. Additionally, net unrealized losses on the securities portfolio decreased by $1.1 million.

Gross Loans. Loans increased $20.1 million, or 5.0%, to $422.3 million at September 30, 2025, from $402.2 million at March 31, 2025. Growth was driven by increases across all loan categories except land development and SIDs, residential real estate and other consumer loans. The largest increase occurred in agricultural loans, which rose $8.3 million, or 19.4%, to $51.1 million from $42.8 million, primarily due to additional agricultural business sought by the Association.

Premises and Equipment, Net. Premises and equipment increased $434,000, or 3.4%, to $13.3 million at September 30, 2025, from $12.9 million at March 31, 2025. The increase reflects final construction billings for two new branch offices in Lincoln and Hastings, Nebraska. Both full-service branches were open to the public as of September 30, 2025, and are expected to enhance service coverage and support customer engagement.

Total Deposits. Total deposits decreased $8.0 million, or 1.9%, to $408.2 million at September 30, 2025, from $416.2 million at March 31, 2025. The decrease was primarily driven by funds leaving the Association that were held in a 1031 exchange. Management continues to actively monitor deposit balances and interest rates to maintain adequate liquidity.

Noninterest-bearing deposits decreased $517,000, or 0.8%, to $64.0 million at September 30, 2025, from $64.5 million at March 31, 2025. Time certificates of deposit increased $17.4 million, or 14.2%, to $140.1 million from $122.7 million, as long-term customers sought higher-yield deposit options. Additionally, the Association acquired $10.1 million in brokered time deposits, with a balance of $17.4 million at September 30, 2025, and $7.3 million at March 31, 2025.

Borrowings. Outstanding borrowings increased to $8.5 million at September, 30 2025, compared to no borrowings at March 31, 2025. While borrowings have been limited in recent periods, the Association has generally utilized deposit growth to fund operations. Management remains prepared to access FHLB advances if necessary to support additional loan funding.

Stockholders' Equity. Stockholders' equity increased $2.9 million, or 3.4% to $86.2 million at September 30, 2025, from $83.3 million at March 31, 2025. The increase was primarily driven by net income of $1.9 million and a $1.1 million decrease in unrealized losses on securities valuations, net of tax, partially offset by share repurchases under the Company's stock repurchase program. The decrease in the unrealized losses reflects changes in market interest rates during the six-month period ended September 30, 2025.

On October 22, 2024, the Company adopted a program to repurchase up to 200,000 shares, or 5%, of its then outstanding common stock. The program may be suspended, terminated or modified at any time based on market conditions, repurchase costs, alternative investment opportunities, liquidity, and other factors. Repurchases will be made at management’s discretion at prices deemed attractive and in the best interests of the Company and its stockholders, subject to availability, market conditions, trading price, alternative uses of capital, and financial performance. Open market purchases will comply with Rule 10b-18 of the Securities and

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Exchange Commission and other applicable requirements. As of September 30, 2025, 148,457 shares remained available for repurchase. During the six months ended September 30, 2025, the Company repurchased 23,404 shares at a weighted average price of $14.96, for a total of $345,000.

Average Balance Sheets and Related Yields and Rates

The following table sets forth average annualized balance sheets, average yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are daily average balances. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense. Loan fees are included in interest income on loans and are not material.

For the Three Months Ended September 30,
2025 2024
Average<br>Outstanding<br>Balance Interest Average<br>Yield/Rate Average<br>Outstanding<br>Balance Interest Average<br>Yield/Rate
(Dollars in thousands)
Interest-earning assets:
Loans $ 409,853 $ 6,188 6.04 % $ 388,854 $ 5,596 5.76 %
Mortgage-backed securities 53,069 534 4.02 % 52,978 490 3.70 %
Investment securities (1) 7,314 42 2.30 % 7,228 42 2.32 %
Interest-bearing deposits and other 6,632 21 1.27 % 5,707 21 1.47 %
Total interest-earning assets 476,868 6,785 5.69 % 454,767 6,149 5.41 %
Non-interest-earning assets 24,669 16,562
Total assets $ 501,537 $ 471,329
Interest-bearing liabilities:
Savings accounts $ 46,054 $ 102 0.89 % $ 42,330 $ 39 0.37 %
Money market accounts 32,337 197 2.44 % 27,650 148 2.14 %
NOW accounts 127,444 562 1.76 % 120,453 499 1.66 %
Certificates of deposit 116,678 1,151 3.95 % 105,508 1,178 4.47 %
Individual retirement accounts 17,560 153 3.49 % 16,618 153 3.68 %
Total interest-bearing deposits 340,073 2,165 2.55 % 312,559 2,017 2.58 %
Borrowings 3,091 35 4.53 % 5,208 74 5.68 %
Total interest-bearing liabilities 343,164 2,200 2.56 % 317,767 2,091 2.63 %
Other non-interest-bearing liabilities 90,276 92,827
Total liabilities 433,440 410,594
Total equity 68,097 60,735
Total liabilities and total equity $ 501,537 $ 471,329
Net interest income $ 4,585 $ 4,058
Net interest rate spread (2) 3.13 % 2.78 %
Net interest-earning assets (3) $ 133,704 $ 137,000
Net interest margin (4) 3.85 % 3.57 %
Average interest-earning assets to<br>  interest-bearing liabilities 138.96 % 143.11 %
  • Represents investments in municipal bonds.
  • Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
  • Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
  • Net interest margin represents net interest income divided by average total interest-earning assets.

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For the Six Months Ended September 30,
2025 2024
Average<br>Outstanding<br>Balance Interest Average<br>Yield/Rate Average<br>Outstanding<br>Balance Interest Average<br>Yield/Rate
(Dollars in thousands)
Interest-earning assets:
Loans $ 406,736 $ 12,087 5.94 % $ 383,624 $ 10,904 5.68 %
Mortgage-backed securities 53,357 1,076 4.03 % 53,421 981 3.67 %
Investment securities (1) 7,239 84 2.32 % 7,168 84 2.34 %
Interest-bearing deposits and other 10,337 119 2.30 % 7,607 91 2.39 %
Total interest-earning assets 477,669 13,366 5.60 % 451,820 12,060 5.34 %
Non-interest-earning assets 24,109 15,847
Total assets $ 501,778 $ 467,667
Interest-bearing liabilities:
Savings accounts $ 46,173 $ 193 0.84 % $ 42,510 $ 78 0.37 %
Money market accounts 30,974 374 2.41 % 26,380 277 2.10 %
NOW accounts 133,882 1,176 1.76 % 123,193 1,017 1.65 %
Certificates of deposit 111,938 2,211 3.95 % 101,820 2,258 4.44 %
Individual retirement accounts 17,322 299 3.45 % 16,880 307 3.64 %
Total interest-bearing deposits 340,289 4,253 2.50 % 310,783 3,937 2.53 %
Borrowings 1,621 37 4.57 % 3,463 99 5.72 %
Total interest-bearing liabilities 341,910 4,290 2.51 % 314,246 4,036 2.57 %
Other non-interest-bearing liabilities 92,924 93,923
Total liabilities 434,834 408,169
Total equity 66,944 59,498
Total liabilities and total equity $ 501,778 $ 467,667
Net interest income $ 9,076 $ 8,024
Net interest rate spread (2) 3.09 % 2.77 %
Net interest-earning assets (3) $ 135,759 $ 137,574
Net interest margin (4) 3.80 % 3.55 %
Average interest-earning assets to<br>  interest-bearing liabilities 139.71 % 143.78 %
  • Represents investments in municipal bonds.
  • Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
  • Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
  • Net interest margin represents net interest income divided by average total interest-earning assets.

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Comparison of Operating Results for the Three and Six Months Ended September 30, 2025 and 2024

General. Net income was $882,000 for the three months ended September 30, 2025, compared to $952,000 for the same period in 2024. For the six months ended September 30, 2025 and 2024, net income remained consistent at $1.9 million..

Interest and Dividend Income. Interest and dividend income increased $636,000, or 10.3%, to $6.8 million for the three months ended September 30, 2025, compared to $6.1 million for the same period in 2024. The increase was primarily driven by higher yields on interest-earning assets and loan growth.

Interest income on loans increased $592,000, or 10.6%, to $6.2 million for the three months ended September 30, 2025 from $5.6 million for the same period in 2024. The average balance of loans rose $21.0 million, or 5.4%, to $409.9 million from $388.9 million. Yield on loans increased 28 basis points to 6.04% from 5.76%, reflecting loan growth and the repricing of existing loans.

Interest income on securities increased $44,000, or 8.3%, to $576,000 for the three months ended September 30, 2025 from $532,000 for the the same period in 2024, due to a 28 basis point increase in average yield to 3.82% from 3.54%. The average balance of securities increased slightly to $60.4 million from $60.2 million.

Interest and dividend income increased $1.3 million, or 10.8%, to $13.4 million for the six months ended September 30, 2025 from $12.1 million in 2024.

Interest income on loans increased $1.2 million, or 10.8%, to $12.1 million for the six months ended September 30, 2025 from $10.9 million for the same period in 2024. The average balance of loans rose $23.1 million, or 6.0%, to $406.7 million from $383.6 million. Yield on loans increased 26 basis points to 5.94% from 5.68%. The increase in yield was driven by loan growth and the repricing of existing loans during the period.

Interest income on securities increased $95,000, or 8.9%, to $1.2 million for the six months ended September 30, 2025 from $1.1 million for the same period in 2024, due to a 31 basis point increase in the average yield to 3.83% from 3.52%. The average balance of securities remained flat at $60.6 million.

Interest Expense. Interest expense increased $109,000, or 5.2%, to $2.2 million for the three months ended September 30, 2025, compared to $2.1 million for the same period in 2024. While average yields on certificates of deposit and IRAs decreased, rates on savings, money market and NOW accounts were higher.

Interest expense on deposits increased $148,000, or 7.3%, to $2.2 million for the three months ended September 30, 2025, compared to $2.0 million for the same period in 2024. The increase was driven by higher average balances across all interest-bearing accounts and increased yields on savings, money market, and NOW accounts, partially offset by lower yields on certificates of deposit and IRAs.

Interest expense increased $254,000, or 6.3%, to $4.3 million for the six months ended September 30, 2025, compared to $4.0 million for the same period in 2024. While average yields on certificates of deposit and IRAs decreased, rates on savings, money market and NOW accounts were higher.

Interest expense on deposits increased $316,000, or 8.0%, to $4.2 million for the six months ended September 30, 2025, compared to $3.9 million for the same period in 2024. The increase was due to higher average balances and increased yields on savings, money market, and NOW accounts, offset by lower yields on certificates of deposit and IRAs.

Net Interest Income. Net interest income before provision for credit losses increased $527,000, or 13.0%, to $4.6 million for the three months ended September 30, 2025 compared to $4.1 million for the same period in 2024.

Our interest rate spread increased 35 basis points to 3.13% for the three months ended September 30, 2025, compared to 2.78% for the same period in 2024. Our net interest margin increased 28 basis points to 3.85% for the three months ended September 30, 2025 compared to 3.57% for the same period in 2024.

Net interest income before provision for credit losses increased $1.1 million, or 13.1%, to $9.1 million for the six months ended September 30, 2025 compared to $8.0 million for the same period in 2024.

Our interest rate spread increased 32 basis points to 3.09% for the six months ended September 30, 2025, compared to 2.77% for the same period in 2024. Our net interest margin increased 25 basis points to 3.80% for the six months ended September 30, 2025, compared to 3.55% for the same period in 2024.

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Provision for Credit Losses. During the three months ended September 30, 2025, we recorded a provision for credit losses of $89,000 and $4,000 for the same period in 2024.

During the six months ended September 30, 2025, we recorded a provision for credit losses of $86,000, compared to a reversal of provision for credit losses of $1,000 for the same period in 2024.

We will continue to evaluate the estimated future credit loss impact of current market conditions, which will depend on credit quality, macroeconomic forecasts, and the composition of our loan and securities portfolios. In addition, the OCC periodically reviews our allowance for credit losses as part of its examination process, which may result in adjustments.

Non-Interest Income. The following table shows the components of non-interest income for periods presented.

For the three months ended September 30, For the six months ended September 30,
Non-interest income: 2025 2024 2025 2024
(Dollars in thousands) (Dollars in thousands)
Servicing fees on loans $ 33 $ 36 $ 64 $ 68
Service charges on deposit accounts 197 199 389 391
Interchange income 327 326 655 648
Gain on sale of loans 98 43 175 91
Gain from real estate owned and other repossessed assets, net — 1 1 1
Other non-interest income 24 19 49 37
Total non-interest income $ 679 $ 624 $ 1,333 $ 1,236

Noninterest income increased $55,000, or 8.8%, to $679,000 for the three months ended September 30, 2025, compared to $624,000 for the same period in 2024. The increase was primarily due to gains on sale of loans, which rose $55,000, or 127.9%, to $98,000 from $48,000.

Noninterest income increased $97,000, or 7.8%, to $1.3 million for the six months ended September 30, 2025, compared to $1.2 million for the same period in 2024. The increase was primarily due to the gains on sale of loan,s which rose $84,000, or 92.3%, to $175,000 from $91,000.

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Non-Interest Expense. The following table shows the components of non-interest expense for the periods presented.

For the three months ended September 30, For the six months ended September 30,
Non-interest expense: 2025 2024 2025 2024
(Dollars in thousands) (Dollars in thousands)
Salaries and employee benefits $ 2,194 $ 1,938 $ 4,297 $ 3,781
Occupancy and equipment 429 270 747 522
Data processing 514 522 1,014 984
Federal deposit insurance premiums 52 49 103 93
Debit card processing 70 70 134 134
Advertising 102 71 193 146
Other general and administrative expenses 699 601 1,491 1,334
Total non-interest expense $ 4,060 $ 3,521 $ 7,979 $ 6,994

Non-interest expense increased $539,000, or 15.3% to $4.1 million for the three months ended September 30, 2025, compared to $3.5 million for the same period in 2024. The largest increase in non-interest expense during the three months ended September 30, 2025 was in salaries and employee benefits, which rose $256,000, or 13.2%, to $2.2 million, compared to $1.9 million for the same period in 2024. These increases were primarily due to higher staffing levels and costs associated with the 2024 Equity Incentive Plan. Occupancy and equipment expense increased $159,000, or 58.9%, to $429,000 for the three months ended September 30, 2025, compared to $270,000 for the same period in 2024. This increase is due to maintenance, utilities, and depreciation related to new branches in Hastings and Lincoln. Other general and administrative expenses increased $98,000, or 16.3%, to $699,000 for the three months ended September 30, 2025, compared to $601,000 for the same period in 2024, due to higher insurance, audit, and consulting fees related to public filing and regulatory compliance.

Non-interest expense increased $985,000, or 14.1% to $8.0 million for the six months ended September 30, 2025, compared to $7.0 million for the same period in 2024. The largest increase in non-interest expense during the six months ended September 30, 2025 was salaries and employee benefits, which rose $516,000, or 13.6%, to $4.3 million, compared to $3.8 million for the same period in 2024. These increases were primarily due to higher staffing levels and costs associated with the 2024 Equity Incentive Plan. Occupancy and equipment expense increased $225,000, or 43.1%, to $747,000 for the six months ended September 30, 2025, compared to $522,000 for the same period in 2024. This increase is due to maintenance, utilities, and depreciation related to new branches in Hastings and Lincoln. Other general and administrative expenses increased $157,000, or 11.8%, to $1.5 million for the six months ended September 30, 2025, compared to $1.3 million for the same period in 2024, due to higher insurance, audit, and consulting fees related to public filing and regulatory compliance.

Income Tax Expense. Income tax expense was $233,000 for the three months ended September 30, 2025, compared to $205,000 for the same period in 2024, resulting in effective tax rates of 20.9% and 17.7%, respectively.

Income tax expense was $474,000 for the six months ended September 30, 2025, compared to $412,000 for the same period in 2024, resulting in effective tax rates of 20.2% and 18.2%, respectively.

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Management of Market Risk

General. Our most significant form of market risk is interest rate risk because, as a financial institution, the majority of our assets and liabilities are sensitive to changes in interest rates. Therefore, a principal part of our operations is to manage interest rate risk and limit the exposure of our financial condition and results of operations to changes in market interest rates. All directors participate in discussions during the regular board meetings evaluating the interest rate risk inherent in our assets and liabilities, and the level of risk that is appropriate. These discussions take into consideration our business strategy, operating environment, capital, liquidity and performance objectives consistent with the policy and guidelines approved by them.

Our asset/liability management strategy attempts to manage the impact of changes in interest rates on net interest income, our primary source of earnings. Among the techniques we are using to manage interest rate risk are:

  • maintaining capital levels that exceed the thresholds for well-capitalized status under federal regulations;
  • maintaining adequate levels of liquidity;
  • selling longer-term, fixed-rate loans, subject to market conditions; and
  • continuing to diversify our loan portfolio by adding more commercial-related loans, which typically have shorter maturities and/or adjustable rates.

By following these strategies, we believe that we are better positioned to react to increases and decreases in market interest rates.

We have not engaged in hedging activities, such as engaging in futures or options. We do not anticipate entering into similar transactions in the future.

Net Interest Income Analysis. We analyze our sensitivity to changes in interest rates through a third-party net interest income ("NII") model. NII is the difference between the interest income we earn on our interest-earning assets, such as loans and securities, and the interest we pay on our interest-bearing liabilities, such as deposits and borrowings. We estimate what our NII would be for a one-year period and then calculate what the NII would be for the same period under the assumptions that the United States Treasury yield curve increases or decreases gradually by up to 400 basis points. A basis point equals one-hundredth of one percent, and 100 basis points equals one percent. An increase in the interest rates from 3% to 4% would mean, for example, a 100 basis point increase in the "Change in Interest Rates" column below.

The following table sets forth, at September 30, 2025, the calculation of the estimated changes in our NII that would result from the designated changes in the United States Treasury yield curve over a one-year period.

Changes in Interest Rates<br>(basis points)(1) NII Year 1 Forecast (Dollars in thousands) Change in Net Interest Income Year One<br>(% change from year one base)
400 $ 18,958 (0.57 )%
300 19,004 (0.33 )
200 19,035 (0.17 )
100 19,058 (0.05 )
Base 19,067 —
(100) 19,057 (0.05 )
(200) 19,036 (0.16 )
(300) 19,018 (0.26 )
(400) 18,989 (0.41 )
  • Assumes a gradual change in interest rates at all maturities over a one-year period.

The table above indicates that at September 30, 2025, we would have experienced a 0.17% decrease in NII in the event of a gradual, one-year 200 basis point increase in market interest rates, and a 0.16% decrease in NII in the event of a gradual, one-year 200 basis point decrease in market interest rates.

Market Value of Equity. We also use a third-party model to compute amounts by which the net present value of our assets and liabilities (market value of equity or "MVE") would change in the event of a range of assumed changes in market interest rates. This model uses a discounted cash flow analysis and an option-based pricing approach to measure the interest rate sensitivity of net

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portfolio value. The model estimates the economic value of each type of asset, liability and off-balance sheet contract under the assumptions that the United States Treasury yield curve increases or decreases instantaneously by up to 400 basis points.

The following table sets forth, at September 30, 2025, the calculation of the estimated changes in our MVE that would result from the designated immediate changes in the United States Treasury yield curve.

Estimated Increase (Decrease) in MVE MVE as a Percentage of Present Value of Assets(3)
(Dollars in thousands)
Changes in Interest Rates<br>(basis points)(1) Estimated MVE(2) Dollar<br>Change Percent<br>Change MVE Ratio(4) Increase (Decrease) (basis points)
400 $ 114,829 $ 2,675 2.39 % 25.74 % 301
300 115,779 3,625 3.23 25.33 260
200 115,774 3,620 3.23 24.70 197
100 114,519 2,365 2.11 23.83 110
Base 112,154 — — 22.73 —
(100) 110,743 (1,411 ) (1.26 ) 21.95 (78 )
(200) 100,858 (11,296 ) (10.07 ) 19.60 (313 )
(300) 87,408 (24,746 ) (22.06 ) 16.70 (603 )
(400) 76,155 (35,999 ) (32.10 ) 14.31 (842 )
  • Assumes an immediate uniform change in interest rate at all maturities.
  • MVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.
  • Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.
  • MVE Ratio represents MVE divided by the present value of assets.

The table above indicates that at September 30, 2025, we would have experienced a 3.23% increase in MVE in the event of an instantaneous parallel 200 basis point increase in the market interest rates and a 10.07% decrease in MVE in the event of an instantaneous 200 basis point decrease in market interest rates.

Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurement. Modeling changes in NII and MVE require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. For instance, the NII and MVE tables presented above assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. However, the shape of the yield curve changes constantly and the value and pricing of our assets and liabilities, including our deposits, may not closely correlate with changes in market interest rates. Accordingly, although the NII and MVE tables may provide an indication of our interest rate risk exposure at a particular point in time and in the context of a particular yield curve, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on NII and MVE and will differ from actual results.

NII and MVE calculations also may not reflect the fair values of financial instruments. For example, decreases in market interest rates can increase the fair values of our loans, deposits and borrowings.

Liquidity and Capital Resources

Liquidity. Liquidity describes our ability to meet financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on loans and securities, and proceeds from maturities of securities. We also have the ability to borrow from the FHLB. The Association had remaining availability for FHLB borrowings of approximately $32.0 million at September 30, 2025. The FHLB has sole discretion to deny additional advances. We could significantly increase our borrowing capacity from the FHLB of Topeka if we pledged additional assets as security. We also have the ability to participate in the Federal Reserve Board's Bank Term Funding Program if needed. Additionally, the Association had the capacity to borrow $5.0 million from a private bankers’ bank at September 30, 2025.

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While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by market interest rates, economic conditions, and competition. Our most liquid assets are cash and short-term investments. The levels of these assets are dependent on our operating, financing, lending and investing activities during any period.

The Consolidated Statements of Cash Flows present the change in cash from operating, investing and financing activities.

For the six months ended September 30, 2025, cash flows from operating, investing, and financing activities resulted in a net decrease in cash and cash equivalents of $19.8 million, reflecting cash provided by operating activities of $1.0 million, offset by cash used in investing activities of $20.2 million and cash used in investing activities of $584,000.

Net cash provided by operating activities amounted to $1.0 million, primarily due to net income of $1.9 million, depreciation of $478,000, stock based compensation of $376,000 and changes of other assets of $170,000, partially offset by changes in accrued expenses and other liabilities of $1.6 million and accrued interest receivable of $708,000. Net cash used in investing activities amounted to $20.2 million, primarily due to a net increase in loans of $20.1 million and the purchase of available-for-sale investment securities of $3.4 million, partially offset by proceeds from paydowns of available-for-sale investment securities of $4.2 million. Net cash used in financing activities amounted to $584,000, primarily due to a decrease in deposits of $8.0 million, partially offset by proceeds from short term FHLB advances of $8.5 million.

For the six months ended September 30, 2024, cash flows from operating, investing, and financing activities resulted in a net decrease in cash and cash equivalents of $1.6 million, reflecting cash provided in operating activities of $1.7 million and cash provided in financing activities of $15.8 million, partially offset by cash used in investing activities of $19.0 million.

Net cash provided by operating activities amounted to $1.7 million, primarily due to net income of $1.9 million, depreciation of $259,000, changes in accrued interest payable of $262,000 and changes of other assets of $249,000, partially offset by changes in accrued expenses and other liabilities of $930,000. Net cash used in investing activities amounted to $19.0 million, primarily due to a net increase in loans of $18.8 million and the purchase of available-for-sale investment securities of $1.9 million, partially offset by proceeds from paydowns of available-for-sale investment securities of $4.4 million. Net cash provided by financing activities amounted to $15.8 million, primarily due to an increase in deposits of $16.7 million.

For further information, see the statements of cash flows contained in the consolidated financial statements in Part 1, Item 1 of this Quarterly Report.

Impact of Inflation and Changing Prices

The consolidated financial statements and related data presented in this Quarterly Report have been prepared according to GAAP which require the measurement of financial position and operating results in terms of historical dollars without considering changes in the relative purchasing power of money over time due to inflation. The primary impact of inflation on our operations is reflected in increased operating costs. Unlike most industrial companies, virtually all the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates generally have a more significant impact on a financial institution’s performance than does inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

Concentration - Commercial Real Estate

Our market areas have experienced strong population and job growth, contributing to favorable economic conditions for generating new commercial loans. We target new commercial real estate loan originations to experienced, growing small- and mid-size owners and investors in our market area. Our commercial real estate loans are secured by owner-occupied and non-owner-occupied properties, including medical practices, insurance offices, warehouses, single- and multi-tenant retail and hotels. Our commercial residential real estate loans are secured by properties located within our primary market area, or we generally participate with a Nebraska-based bank for loans outside of our primary market area. Generally, our commercial real estate loans have terms and amortization periods up to 20 years with options for balloon payments and interest rate adjustments to occur every five years. The interest rate is fixed for the initial term (five years or less) and then adjusts again at the end of the next period matching the initial term or as negotiated at the end of the first term. Commercial real estate loans generally have terms and amortization periods up to 20 years. We generally limit the loan-to-value ratios of our commercial real estate loans to 75% of the purchase price or appraised value, whichever is lower.

We consider a number of factors in originating commercial real estate loans. We evaluate the qualifications and financial condition of the borrower, including credit history, profitability and expertise, as well as the value and condition of the property securing the loan. When evaluating the qualifications of the borrower, we consider the financial resources of the borrower, the borrower’s experience in owning or managing similar property and the borrower’s payment history with us and other financial institutions. In evaluating the property securing the loan, the factors we consider include the net operating income of the mortgaged property before debt service and depreciation, the ratio of the loan amount to the appraised value of the mortgaged property, and the debt service coverage

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ratio (the ratio of net operating income to debt service). Generally, the debt service coverage ratio on these loans is at least 1.20x. A significant majority of our commercial real estate loans are appraised by outside independent appraisers approved by the board of directors. Personal guarantees are generally obtained from the principals of commercial real estate borrowers.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Information with respect to qualitative disclosures about market risk can be found in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operation - Management of Market Risk."

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Item 4. Controls and Procedures.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by the quarterly report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that we file or submit under the Securities and Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

There has been no change in our internal control over financial reporting during the most recent fiscal quarter that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

At September 30, 2025, we were not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business, the outcome of which would not be material to our financial condition or results of operations.

Item 1A. Risk Factors.

Not required for smaller reporting companies.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

The following table reports information regarding repurchases of our common stock during the quarter ended September 30, 2025, and the stock repurchase plan approved by our Board of Directors.

Period Total Number of Shares Purchased (1) Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
July 1 - July 31, 2025 2,355 $ 15.00 2,355 152,042
August 1 - August 31, 2025 2,500 15.26 2,500 149,542
September 1 - September 30, 2025 1,085 15.79 1,085 148,457
Total 5,940 $ 15.26 5,940

On October 22, 2024, the Company adopted a program to repurchase up to 200,000 shares, or 5%, of its then outstanding common stock. 148,457 shares remain available to be repurchased under the program as of September 30, 2025.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

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Item 6. Exhibits.

Furnish the exhibits required by Item 601 of Regulation S-K (§ 229.601 of this chapter).

Exhibit<br><br>Number Description
31.1* Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2* Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1* Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2* Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Central Plains Bancshares, Inc.
Date: November 13, 2025 By: /s/ Dannel R. Garness
Dannel R. Garness
President and Chief Executive Officer
Date: November 13, 2025 By: /s/ Bradley M. Kool
Bradley M. Kool<br><br>Executive Vice President and Chief Financial Officer

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Dannel R. Garness, certify that:

  • I have reviewed this Quarterly Report on Form 10-Q of Central Plains Bancshares, Inc. (the "registrant");
  • Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
  • Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
  • The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
  • Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  • Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
  • Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
  • The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
  • All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
  • Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: November 13, 2025 By: /s/ Dannel R. Garness
Dannel R. Garness
President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bradley M. Kool, certify that:

  • I have reviewed this Quarterly Report on Form 10-Q of Central Plains Bancshares, Inc. (the "registrant");
  • Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
  • Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
  • The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
  • Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  • Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
  • Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
  • The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
  • All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
  • Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: November 13, 2025 By: /s/ Bradley M. Kool
Bradley M. Kool
Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Central Plains Bancshares, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

  • The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
  • The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 13, 2025 By: /s/ Dannel R. Garness
Dannel R. Garness
President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Central Plains Bancshares, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

  • The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
  • The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 13, 2025 By: /s/ Bradley M. Kool
Bradley M. Kool
Executive Vice President and Chief Financial Officer

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