10-Q - MBBC - Equibles

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 December 31, 2025

☐	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: 001-42608

MARATHON BANCORP, INC. ****
(Exact name of registrant as specified in its charter)

Maryland	86-2191258
(State or other jurisdiction of<br>incorporation or organization)	(I.R.S. Employer<br>Identification No.)

500 Scott Street , Wausau , Wisconsin ****	54403
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: ( 715 ) 845-7331

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

	<br><br>
Title of each class	Trading<br><br>Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	MBBC	The Nasdaq Stock Market LLC

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 definitions of “large accelerated filer,” “accelerated filer,” “small 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 7(a)(2)(B) of the Exchange Act. ☐

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date:

As of February 10, 2026, there were 2,938,620 shares of the registrant’s common stock issued and outstanding.

Table of Contents MARATHON BANCORP, INC.

INDEX

		PAGE NO.
PART I - FINANCIAL INFORMATION		2
Item 1.	Consolidated Balance Sheets as of December 31, 2025 (Unaudited) and June 30, 2025	2
	Consolidated Statements of Income for the Three and Six Months Ended December 31, 2025 and 2024 (Unaudited)	3
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended December 31, 2025 and 2024 (Unaudited)	4-5
	Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended December 31, 2025 and 2024 (Unaudited)	6
	Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2025 and 2024 (Unaudited)	7
	Notes to Consolidated Financial Statements (Unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	58
Item 4.	Controls and Procedures	58
PART II - OTHER INFORMATION		59
Item 1.	Legal Proceedings	59
Item 1A.	Risk Factors	59
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 3.	Defaults upon Senior Securities	59
Item 4.	Mine Safety Disclosures	59
Item 5.	Other information	59
Item 6.	Exhibits	60
SIGNATURES		61

Table of Contents PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

MARATHON BANCORP, INC.

CONSOLIDATED BALANCE SHEETS


		Unaudited			June 30,
		December 31, 2025			2025
Assets
Cash and due from banks		$	2,166,492		$	2,242,736
Federal funds sold			11,491,000			12,143,000
Cash and cash equivalents			13,657,492			14,385,736
Interest earning deposits held in other financial institutions			176,326			237,247
Debt securities available for sale, at fair value			4,060,914			5,201,279
Debt securities held to maturity, at amortized cost (fair value $372,596 and $373,568)			465,336			483,787
Loans, net of allowance of $1,702,526 and $1,708,269, respectively			211,912,653			200,795,706
Accrued interest receivable			706,026			667,686
Foreclosed assets, net			996,373			996,373
Investment in restricted stock, at cost			1,329,413			1,329,413
Cash surrender value life insurance			9,384,116			9,242,673
Premises and equipment, net			3,707,059			3,883,537
Other assets			1,620,318			1,611,363
Total assets		$	248,016,026		$	238,834,800
Liabilities and Stockholders' Equity
Liabilities
Deposits
Non-interest bearing		$	21,415,679		$	22,466,092
Interest bearing			156,971,774			152,774,734
Total deposits			178,387,453			175,240,826
Federal Home Loan Bank (FHLB) advances			19,000,000			15,000,000
Other liabilities			3,743,138			2,884,753
Total liabilities			201,130,591			193,125,579
Commitments and Contingent Liabilities (see note 13)			—			—
Stockholders' Equity
Preferred stock, $.01 par value, 5,000,000 shares authorized, none issued			—			—
Common stock, $.01 par value, 20,000,000 shares authorized, 2,938,620 and 2,938,698 shares issued and outstanding at December 31, 2025 and June 30, 2025, respectively			28,962			28,962
Additional paid-in capital			22,753,704			22,647,140
Retained earnings			26,511,815			25,566,126
Unearned ESOP shares, at cost			(2,005,296)			(2,047,077)
Accumulated other comprehensive loss			(403,750)			(485,930)
Total stockholders' equity			46,885,435			45,709,221
Total liabilities and stockholders' equity		$	248,016,026		$	238,834,800

See accompanying notes to the consolidated financial statements.

Table of Contents MARATHON BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

Unaudited



		Three Months			Three Months (1)			Six Months			Six Months (1)
		Ended December 31,			Ended December 31,			Ended December 31,			Ended December 31,
		2025			2024		****	2025		****	2024		****
Interest Income
Loans, including fees		$	2,756,794		$	2,037,941		$	5,377,900		$	4,113,820
Debt securities			31,321			44,868			88,135			91,331
Other			162,578			184,416			360,073			374,271
Total interest income			2,950,693			2,267,225			5,826,108			4,579,422
Interest Expense
Deposits			751,897			763,506			1,534,116			1,534,861
Borrowings and other			140,990			97,622			281,162			218,370
Total interest expense			892,887			861,128			1,815,278			1,753,231
Net Interest Income			2,057,806			1,406,097			4,010,830			2,826,191
Provision for (Recovery of) Credit Losses			33,000			8,000			(7,000)			(147,000)
Net Interest Income After Provision for (Recovery of) Credit Losses			2,024,806			1,398,097			4,017,830			2,973,191
Non-Interest Income
Service charges on deposit accounts			34,171			28,920			67,279			60,559
Mortgage banking income			66,120			76,755			147,382			164,668
Increase in cash value of life insurance			71,550			67,193			141,443			134,189
Other income			18,106			7,433			23,521			14,119
Total non-interest income			189,947			180,301			379,625			373,535
Non-Interest Expenses
Salaries and employee benefits			903,919			834,453			1,801,791			1,669,641
Occupancy and equipment expenses			210,042			210,273			426,021			450,730
Data processing and office			26,843			99,660			126,186			214,394
Professional fees			257,236			185,010			449,757			341,629
Marketing expenses			21,816			13,933			43,266			28,645
Foreclosed assets, net			13,495			5,228			29,730			22,800
Other expenses			192,799			177,195			384,782			350,735
Total non-interest expenses			1,626,150			1,525,752			3,261,533			3,078,574
Income Before Provision for Income Taxes			588,603			52,646			1,135,922			268,152
Provision for Income Taxes			87,207			1,519			190,233			42,118
Net Income		$	501,396		$	51,127		$	945,689		$	226,034

Net income per common share-basic			$0.19			$0.02			$0.35			$0.08
Net income per common share-diluted			$0.19			$0.02			$0.35			$0.08
Weighted average number of common shares outstanding-basic			2,686,037			2,792,641			2,684,856			2,793,235
Weighted average number of common shares outstanding-diluted			2,698,863			2,793,938			2,694,021			2,793,235

(1)	Share amounts related to periods prior to the April 21, 2025 closing of the conversion offering have been restated to give retroactive recognition to the 1.3728 exchange ratio applied in the conversion offering (See Note 1).

See accompanying notes to the consolidated financial statements.

Table of Contents MARATHON BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited


		Three Months Ended
		December 31,
	****	2025		****	2024
Net Income		$	501,396		$	51,127
Other comprehensive income
Unrealized gains on available for sale debt securities
Unrealized holding gains arising during the period			37,942			9,808
Tax effect			(7,968)			(2,060)
Net amount			29,974			7,748
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)			(2,019)			(2,767)
Amortization of unrealized losses on debt securities transferred from available for sale to held to maturity (a)			1,263			1,346
Other comprehensive income			29,218			6,327
Comprehensive Income		$	530,614		$	57,454

(a)	The reclassification adjustment is reflected in the Consolidated Statements of Income as Interest Income-Debt Securities.
(b)	The reclassification is included in the Consolidated Statements of Income as Other Expenses.
---	---

See accompanying notes to the consolidated financial statements.

Table of Contents MARATHON BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited


		Six Months Ended
		December 31,
	****	2025		****	2024
Net Income		$	945,689		$	226,034
Other comprehensive income
Unrealized gains on available for sale debt securities
Unrealized holding gains arising during the period			106,124			153,636
Tax effect			(22,285)			(32,264)
Net amount			83,839			121,372

Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)			(4,321)			(5,855)
Amortization of unrealized losses on debt securities transferred from available for sale to held to maturity (a)			2,662			2,603
Other comprehensive income			82,180			118,120
Comprehensive Income		$	1,027,869		$	344,154

(a) The reclassification adjustment is reflected in the Consolidated Statements of Income as Interest Income-Debt Securities.

(b) The reclassification is included in the Consolidated Statements of Income as Other Expenses.

See accompanying notes to the consolidated financial statements.

Table of Contents MARATHON BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Unaudited


																	Accumulated
		Common						Additional						Unearned			Other
		Stock			Common			Paid-in			Retained			ESOP			Comprehensive
		Shares			Stock			Capital			Earnings			Shares			Loss			Total
Balance, July 1, 2025			2,938,698		$	28,962		$	22,647,140		$	25,566,126		$	(2,047,077)		$	(485,930)		$	45,709,221
Net income			—			—			—			444,293			—			—			444,293
Other comprehensive income			—			—			—			—			—			52,962			52,962
ESOP shares committed to be released (2,363 shares)			—			—			14,555			—			20,883			—			35,438
Stock based compensation			402			—			38,868			—			—			—			38,868
Balance, September 30, 2025			2,939,100			28,962			22,700,563			26,010,419			(2,026,194)			(432,968)			46,280,782
Net income			—			—			—			501,396			—			—			501,396
Other comprehensive income			—			—			—			—			—			29,218			29,218
ESOP shares committed to be released (2,363 shares)			—			—			14,541			—			20,898			—			35,439
Stock based compensation			(480)			—			38,600			—			—			—			38,600
Balance, December 31, 2025			2,938,620		$	28,962		$	22,753,704		$	26,511,815		$	(2,005,296)		$	(403,750)		$	46,885,435

																		Accumulated
		Common							Additional						Unearned			Other
			Stock			Common			Paid-in			Retained			ESOP			Comprehensive
			Shares (1)			Stock			Capital			Earnings			Shares			Loss			Total
Balance, July 1, 2024			2,938,362		$	20,970		$	7,254,534		$	25,523,681		$	(751,613)		$	(752,788)		$	31,294,784
Net income			—			—			—			174,907			—			—			174,907
Other comprehensive income			—			—			—			—			—			111,793			111,793
ESOP shares committed to be released (874 shares)			—			—			1,747			—			8,740			—			10,487
Stock based compensation			—			—			39,776			—			—			—			39,776
Purchase and retirement of common stock shares			(6,864)			(50)			(44,450)			—			—			—			(44,500)
Balance, September 30, 2024			2,931,498			20,920			7,251,607			25,698,588			(742,873)			(640,995)			31,587,247
Net income			—			—			—			51,127			—			—			51,127
Other comprehensive income			—			—			—			—			—			6,327			6,327
ESOP shares committed to be released (874 shares)			—			—			(7,691)			—			8,739			—			1,048
Stock based compensation			—			—			39,170			—			—			—			39,170
Balance, December 31, 2024			2,931,498		$	20,920		$	7,283,086		$	25,749,715		$	(734,134)		$	(634,668)		$	31,684,919

(1)	Share amounts related to periods prior to the April 21, 2025 closing of the conversion offering have been restated to give retroactive recognition to the 1.3728 exchange ratio applied in the conversion offering (see Note 1).

See accompanying notes to the consolidated financial statements.

Table of Contents MARATHON BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited


		Six Months Ended
		December 31,
****		2025			2024
Operating Activities
Net income		$	945,689		$	226,034
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			140,970			141,121
Recovery of credit losses			(7,000)			(147,000)
Stock based compensation expense			77,468			78,946
ESOP expense			70,877			11,535
Net amortization of discounts and premiums on debt securities			2,044			28,279
Amortization of deferred loan fees, net			(52,626)			(23,479)
Net gain on sale of loans			(70,144)			(88,082)
Deferred tax expense (benefit)			(33,869)			20,901
Earnings on cash value of life insurance			(141,443)			(134,189)
(Increase) decrease in interest receivable			(38,340)			7,319
Originations of loans held for sale			(2,150,024)			(4,135,841)
Proceeds from loans held for sale			2,220,168			4,223,923
Net change in operating leases			115			692
Net change in other assets			(1,692)			(51,805)
Net change in other liabilities			915,124			900,506
Net Cash Provided by Operating Activities			1,877,317			1,058,860
Investing Activities
Net change in interest-bearing deposits in other financial institutions			60,921			87,930
Proceeds from maturities, calls and repayments of debt securities available for sale			1,243,938			489,296
Proceeds from maturities and calls of debt securities held to maturity			21,620			13,479
Net (increase) decrease in loans			(11,057,321)			6,690,621
Purchases of property and equipment			(21,346)			(32,307)
Net Cash (Used in) Provided by Investing Activities			(9,752,188)			7,249,019
Financing Activities
Net change in deposits			3,146,627			436,498
Proceeds from FHLB advances, net			4,000,000			—
Repayments of FHLB advances			—			(3,000,000)
Purchase and retirement of common stock			—			(44,500)
Net Cash Provided by (Used in) Financing Activities			7,146,627			(2,608,002)
Net Change in Cash and Cash Equivalents			(728,244)			5,699,877
Cash and Cash Equivalents, Beginning of Period			14,385,736			10,472,438
Cash and Cash Equivalents, End of Period		$	13,657,492		$	16,172,315
Supplemental Disclosure of Cash Flow Information
Cash payments for
Interest		$	1,864,051		$	1,274,504
Taxes			140,000			—

See accompanying notes to the consolidated financial statements.

Table of Contents MARATHON BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Unaudited

Note 1- Basis of Presentation

Marathon Bancorp, Inc. (the “Company” or “Marathon Bancorp”), a Maryland corporation, was formed in December 2020 to serve as the mid-tier holding company for Marathon Bank (the “Bank”) upon the completion of the Bank’s mutual holding company reorganization and offering.

On April 14, 2021, the Bank completed its reorganization into the mutual holding company structure and the related stock offering of the Company, the Bank’s new holding company. As a result of the reorganization, the Bank became a wholly-owned subsidiary of the Company, the Company issued and sold 45.0% of its outstanding shares of common stock in its stock offering to the public, and the Company issued 55.0% of its outstanding shares of common stock to Marathon MHC (“Mutual Holding Company”), which was the Company’s mutual holding company.

On April 21, 2025, the Company completed its conversion from the mutual holding company form of organization to the stock holding company form of organization (the "Conversion"). In connection with the Conversion, the Mutual Holding Company ceased to exist. Also, as part of the Conversion, the Company sold 1,693,411 shares of its common stock, which included 135,472 shares issued to the Employee Stock Ownership Plan (“ESOP”) at a price of $10.00 per share to the public. Each outstanding share of Company common stock owned by the public stockholders of the Company (stockholders other than the Mutual Holding Company) were converted into new shares of Company common stock based on an exchange ratio of 1.3728-to-1. Following the completion of the Conversion, the Company’s shares of common stock began trading on the Nasdaq Capital Market under the trading symbol “MBBC.”

The Company generated gross proceeds of $16.9 million from the Conversion. Offering expenses in connection with the Conversion were $1.7 million which were netted against the gross proceeds.

In connection with the Conversion, the Company provided a term loan to the ESOP to finance the ESOP’s purchase of the 135,472 shares noted above. The Company combined its existing outstanding ESOP loan in the amount of $777,212 with this new loan resulting in a new term loan to the ESOP of $2.1 million which will be repaid in annual installments over 25 years.

Finally, as a result of the Conversion, all existing stock options and restricted stock awards outstanding on April 21, 2025 were adjusted based on the exchange ratio of 1.3728-to-1. All historical share and per share information prior to the completion of the Conversion also has been restated to reflect the 1.3728-to-1 exchange ratio.

The Bank is a Wisconsin stock savings bank, which conducts its business through five facilities. The Bank operates as a full-service financial institution with a primary market area including, but not limited to, Marathon County, Ozaukee County and Waukesha County, Wisconsin. Its primary deposit products are demand deposits, savings, and certificates of deposits; and its primary lending products are commercial real estate, commercial and industrial, construction, one-to-four-family residential, multi-family real estate and consumer loans. In addition, the Bank has two nonbank subsidiaries for the purpose of temporarily holding a foreclosed property pending the liquidation of this property and to hold the real estate of its recently opened branch in Brookfield, Wisconsin.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the financial statements. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses, valuation of foreclosed assets, valuation of deferred tax assets, and fair value of financial assets and liabilities. 8

Table of Contents In the opinion of management, all adjustments considered necessary for fair presentation have been included. Operating results for the three and six month periods ended December 31, 2025 are not necessarily indicative of the results for the fiscal year ending June 30, 2026 or any other period. For further information, refer to the audited consolidated financial statements and notes thereto for the fiscal years ended June 30, 2025 and 2024 contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on September 26, 2025.

Recent Accounting Pronouncements

This section provides a summary description of recent Accounting Standards Updates (ASU) issued by the Financial Accounting Standards Board (FASB) to the Accounting Standards Codification (ASC) that had or that management expects may have an impact on the consolidated financial statements issued upon adoption. The Company is classified as an emerging growth company and has elected 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. Effective dates reflect this election.

Recently Issued, But Not Yet Effective Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. In January 2025, the FASB issued ASU No. 2025-01 clarifying the effective date for public business entities for fiscal years beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating ASU 2024-03 and its impact on its disclosures.

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

Table of Contents Note 2- Earnings Per Share

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released. Diluted earnings per share is adjusted for the dilutive effects of stock based compensation and is calculated using the treasury stock method. Set forth below is the calculation of earnings per share.


	Unaudited					Unaudited
	For the Three Months					For the Six Months
	Ended December 31,					Ended December 31,
	2025			2024 (1)		2025		2024

Net income applicable to common stock	$	501,396		$	51,127	$	945,689	$	226,034

Average number of shares outstanding		2,914,021			2,894,022		2,914,021		2,895,216
Less: Average unallocated ESOP shares		227,984			101,381		229,165		101,981

Average number of common shares outstanding used to calculate basic earnings per share		2,686,037			2,792,641		2,684,856		2,793,235
Effect of dilutive restricted stock awards and stock options		12,826			1,297		9,165		—
Average number of common shares outstanding used to calculate diluted earnings per share		2,698,863			2,793,938		2,694,021		2,793,235

Earnings per common share:
Basic	$	0.19		$	0.02	$	0.35	$	0.08
Diluted		0.19			0.02		0.35		0.08

(1)	Share amounts related to periods prior to the April 21, 2025 closing of the conversion offering have been restated to give retroactive recognition to the 1.3728 exchange ratio applied in the conversion offering (see Note 1).

Note 3- Debt Securities

The amortized cost and fair value of debt securities, with gross unrealized gains and losses, are as follows as of December 31, 2025 and June 30, 2025:


					Gross			Gross
		Amortized			Unrealized			Unrealized
	****	Cost		****	Gains		****	Losses		****	Fair Value
December 31, 2025
Available for sale debt securities
States and municipalities		$	379,864		$	234		$	(432)		$	379,666
Mortgage-backed			699,215			22,933			(27,326)			694,822
Corporate bonds			3,500,000			—			(513,574)			2,986,426
		$	4,579,079		$	23,167		$	(541,332)		$	4,060,914
Held to maturity debt securities
Mortgage-backed		$	465,336		$	—		$	(92,740)		$	372,596

Table of Contents


					Gross			Gross
	****	Amortized		****	Unrealized		****	Unrealized
	****	Cost		****	Gains		****	Losses		****	Fair Value
June 30, 2025
Available for sale debt securities
States and municipalities		$	449,792		$	296		$	(772)		$	449,316
Mortgage-backed			875,776			22,607			(39,621)			858,762
Corporate bonds			4,500,000			5,900			(612,699)			3,893,201
		$	5,825,568		$	28,803		$	(653,092)		$	5,201,279
Held to maturity debt securities
Mortgage-backed		$	483,787		$	—		$	(110,219)		$	373,568

There is no allowance for credit losses on available for sale and held to maturity debt securities at December 31, 2025 and June 30, 2025. Securities with a carrying value of approximately $33,000 and $79,000 as of December 31, 2025 and June 30, 2025, respectively, were pledged to secure public deposits and debt. Accrued interest receivable totaled $35,584 and $64,377 as of December 31, 2025 and June 30, 2025, respectively and is excluded from the measurement of credit losses.

The amortized cost and fair value of debt securities by contractual maturity at December 31, 2025, are as follows:


	Available for Sale Debt Securities				Held to Maturity Debt Securities
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
December 31, 2025
Due in one year or less	$	299,864	$	299,625	$	—	$	—
Due from more than one to five years		3,580,000		3,066,467		—		—
Due from more than five to ten years		—		—		—		—
		3,879,864		3,366,092		—		—
Mortgage-backed securities (with no specific maturity)		699,215		694,822		465,336		372,596
	$	4,579,079	$	4,060,914	$	465,336	$	372,596

There were no sales of available for sale debt securities during the three and six month periods ended December 31, 2025 and 2024. There were also no transfers of debt securities between categories during the three and six month periods ended December 31, 2025 and 2024. The following table shows the gross unrealized losses and fair value of the Company’s securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2025 and June 30, 2025:


	Less than 12 Months				12 Months or More				Total
	Gross				Gross				Gross
	Unrealized				Unrealized				Unrealized
	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
December 31, 2025
Available for sale debt securities
States and municipalities	$	—	$	—	$	(432)	$	114,568	$	(432)	$	114,568
Mortgage-backed		—		—		(27,326)		511,016		(27,326)		511,016
Corporate bonds		—		—		(513,574)		2,986,426		(513,574)		2,986,426
	$	—	$	—	$	(541,332)	$	3,612,010	$	(541,332)	$	3,612,010

Table of Contents


	Less than 12 Months				12 Months or More				Total
	Gross				Gross				Gross
	Unrealized				Unrealized				Unrealized
	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
June 30, 2025
Available for sale debt securities
States and municipalities	$	—	$	—	$	(772)	$	114,228	$	(772)	$	114,228
Mortgage-backed		(97)		30,835		(39,524)		691,927		(39,621)		722,762
Corporate bonds		—		—		(612,699)		2,887,301		(612,699)		2,887,301
	$	(97)	$	30,835	$	(652,995)	$	3,693,456	$	(653,092)	$	3,724,291

There were no securities in an unrealized loss position in the less than 12 months category and 35 securities in the 12 months or more category at December 31, 2025. There were four securities in an unrealized loss position in the less than 12 months category and 40 securities in the 12 months or more category at June 30, 2025. Unrealized losses have not been recognized into income because the decline in fair value is largely due to changes in interest rates and other market conditions and does not indicate a permanent impairment of fair value. The contractual terms of the securities do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investment. The Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be maturity. Mortgage-backed securities held to maturity are backed by pools of mortgages that are insured or guaranteed by the Federal Home Mortgage Corporation. It is expected that the securities will not be settled at prices less than the amortized cost bases of the securities. Accordingly, no allowance for credit losses has been recorded.

Note 4- Loans

The Company’s loans are stated at their face amount, net of deferred fees and costs and discounts, and consist of the classes of loans included in the table below. The Company has elected to exclude accrued interest receivable, totaling $670,442 at December 31, 2025 and $603,309 as of June 30, 2025, from the amortized cost basis of loans and measurement of credit loss.

A summary of loans by major category follows:


	Unaudited
	December 31, 2025		June 30, 2025
	(Dollars in thousands)
Commercial real estate	$	90,819	$	91,867
Commercial and industrial		3,659		3,876
Construction		800		733
One-to-four-family residential		64,008		56,330
Multi-family real estate		51,679		47,808
Consumer		2,767		1,957
Total loans		213,732		202,571
Deferred loan fees		(116)		(67)
Allowance for credit losses		(1,703)		(1,708)
Loans, net	$	211,913	$	200,796

Table of Contents The following tables summarize the activity in the allowance for credit losses - loans by loan class for the three and six months ended December 31, 2025 and 2024:


		Allowance for Credit Losses-Loans-Three Months Ended December 31, 2025
		(Dollars in thousands)

												Provision for
												(Recovery of)
												Credit
			Beginning									Losses-			Ending
			Balance			Charge-offs			Recoveries			Loans			Balance
			October 1, 2025												December 31, 2025
Commercial real estate		$	418		$	—		$	—		$	(51)		$	367
Commercial and industrial			14			—			—			(4)			10
Construction			5			—			—			(4)			1
One-to-four-family residential			979			—			—			121			1,100
Multi-family real estate			236			—			—			(29)			207
Consumer			17			—			1			—			18
Total loans		$	1,669		$	—		$	1		$	33		$	1,703


		Allowance for Credit Losses-Loans-Three Months Ended December 31, 2024
		(Dollars in thousands)

												Provision for
												(Recovery of)
												Credit
			Beginning									Losses-			Ending
			Balance			Charge-offs			Recoveries			Loans			Balance
			October 1, 2024												December 31, 2024
Commercial real estate		$	244		$	—		$	—		$	18		$	262
Commercial and industrial			15			—			—			(1)			14
Construction			—			—			—			—			—
One-to-four-family residential			1,210			—			—			(1)			1,209
Multi-family real estate			168			—			—			(11)			157
Consumer			5			—			1			3			9
Total loans		$	1,642		$	—		$	1		$	8		$	1,651

Table of Contents


		Allowance for Credit Losses-Loans-Six Months Ended December 31, 2025
		(Dollars in thousands)

												Provision for
												(Recovery of)
												Credit
			Beginning									Losses-			Ending
			Balance			Charge-offs			Recoveries			Loans			Balance
			July 1, 2025												December 31, 2025
Commercial real estate		$	390		$	—		$	—		$	(23)		$	367
Commercial and industrial			11			—			—			(1)			10
Construction			4			—			—			(3)			1
One-to-four-family residential			1,123			—			—			(23)			1,100
Multi-family real estate			171			—			—			36			207
Consumer			9			—			2			7			18
Total loans		$	1,708		$	—		$	2		$	(7)		$	1,703


		Allowance for Credit Losses-Loans-Six Months Ended December 31, 2024
		(Dollars in thousands)

												Provision for
												(Recovery of)
												Credit
			Beginning									Losses-			Ending
			Balance			Charge-offs			Recoveries			Loans			Balance
			July 1, 2024												December 31, 2024
Commercial real estate		$	259		$	—		$	—		$	3		$	262
Commercial and industrial			16			—			—			(2)			14
Construction			28			—			—			(28)			—
One-to-four-family residential			1,314			—			—			(105)			1,209
Multi-family real estate			175			—			—			(18)			157
Consumer			5			—			1			3			9
Total loans		$	1,797		$	—		$	1		$	(147)		$	1,651

The following table presents a breakdown of the provision for (recovery of) credit losses for the periods indicated:


	Three Months				Six Months
	Ended				Ended
	December 31,				December 31,
	2025		2024		2025			2024
Provision for (recovery of) credit losses:
Provision for (recovery of) loans	$	33,000	$	8,000	$	(7,000)	$	(147,000)
Provision for unfunded commitments		—		—		—		—
Total provision for (recovery of) credit losses	$	33,000	$	8,000	$	(7,000)	$	(147,000)

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, collateral adequacy, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis typically includes larger, non-homogeneous loans such as commercial and industrial, commercial real estate loans and multi-family real estate loans. This analysis is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings:

Pass – Loans classified as pass represent loans that are evaluated and are performing under the stated terms. Pass rated assets are analyzed by the paying capacity, the current net worth, and the value of the loan collateral of the obligor. 14

Table of Contents Watch - A watch grade is assigned to any credit that is adequately secured and performing but monitored for a number of indicators. These characteristics may include, but are not limited to: any unexpected short-term adverse financial performance from budgeted projections or prior period results (i.e., declining profits, sales, margins, cash flow, or increased reliance on leverage, including adverse balance sheet ratios, trade debt issues, etc.), any managerial or personal problems of company management, a decline in the entire industry or local economic conditions, failure to provide financial information or other documentation as requested, issues regarding delinquency, overdrafts, or renewals, and any other issues that cause concern for the Company. ****

Special Mention – The characteristics of a special mention asset have potential weaknesses that deserve the Company’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are considered criticized assets. Characteristics of special mention loans may include: continued adverse financial trends relating to declining sales, profits, margins, balance sheet ratios, increasing debt to worth, and trade debt issues; cash flows declining in coverage, a repeated lack of compliance with Bank requests for information, correction of a violation of loan covenants, lack of current or adequate financial information or documentation, or more serious managerial or declining industry conditions. Weakness identified in a special mention credit should be short-term in nature.

Substandard – Loans classified as substandard are inadequately protected by the current net worth, paying capacity of the obligor, or by the collateral pledged. Substandard loans must have a well-defined weakness or weaknesses that jeopardize the repayment of the debt as originally contracted. They are characterized by the distinct possibility that the Company will sustain a loss if the deficiencies are not corrected.

Doubtful – Loans classified as doubtful have the weaknesses of those classified as substandard, 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. Loans in this category are individually evaluated for impairment or charged-off if deemed uncollectible.

Residential and Consumer Grading System-One-to-four-family residential real estate and consumer loans are graded as either non-performing or performing.

Non-performing-Non-performing loans are loans in which the borrower has not made the scheduled payments of principal or interest, and are generally loans over 90 days past due and still accruing interest, and loans on non-accrual status.

Performing-Performing loans are those loans in which the borrower is making timely payments of both principal and interest as upon the agreed loan terms.

Table of Contents The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of watch, special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2025 based on fiscal year of origination:


																							Revolving
																							Loans
																				Revolving			Converted to
		2026			2025			2024			2023			2022			Prior			Loans			Term Loans			Total
		(Dollars in thousands)
Commercial real estate
Pass		$	10,166		$	27,727		$	2,034		$	3,236		$	22,246		$	24,596		$	161		$	—		$	90,166
Watch			—			—			—			653			—			—			—			—			653
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total commercial real estate		$	10,166		$	27,727		$	2,034		$	3,889		$	22,246		$	24,596		$	161		$	—		$	90,819

Commercial and industrial
Pass		$	432		$	380		$	72		$	398		$	902		$	1,466		$	9		$	—		$	3,659
Watch			—			—			—			—			—			—			—			—			—
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total commercial and industrial		$	432		$	380		$	72		$	398		$	902		$	1,466		$	9		$	—		$	3,659

Construction
Pass		$	—		$	800		$	—		$	—		$	—		$	—		$	—		$	—		$	800
Watch			—			—			—			—			—			—			—			—			—
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total construction		$	—		$	800		$	—		$	—		$	—		$	—		$	—		$	—		$	800

Multi-family real estate
Pass		$	12,629		$	3,627		$	1,241		$	2,547		$	15,569		$	16,034		$	32		$	—		$	51,679
Watch			—			—			—			—			—			—			—			—			—
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total multi-family real estate		$	12,629		$	3,627		$	1,241		$	2,547		$	15,569		$	16,034		$	32		$	—		$	51,679

One-to-four-family residential
Performing		$	12,297		$	9,474		$	2,606		$	6,042		$	9,310		$	24,089		$	—		$	—		$	63,818
Non-performing			—			—			—			123			—			67			—			—			190
Total one-to-four-family		$	12,297		$	9,474		$	2,606		$	6,165		$	9,310		$	24,156		$	—		$	—		$	64,008

Consumer
Performing		$	—		$	156		$	32		$	25		$	58		$	—		$	2,496		$	—		$	2,767
Non-performing			—			—			—			—			—			—			—			—			—
Total consumer		$	—		$	156		$	32		$	25		$	58		$	—		$	2,496		$	—		$	2,767

Total loans		$	35,524		$	42,164		$	5,985		$	13,024		$	48,085		$	66,252		$	2,698		$	—		$	213,732


																							Revolving
																							Loans
																				Revolving			Converted to
		2025			2024			2023			2022			2021			Prior			Loans			Term Loans			Total
		(Dollars in thousands)
Commercial real estate
Pass		$	27,952		$	4,203		$	4,041		$	25,549		$	18,297		$	11,029		$	139		$	—		$	91,210
Watch			—			—			657			—			—			—			—			—			657
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total commercial real estate		$	27,952		$	4,203		$	4,698		$	25,549		$	18,297		$	11,029		$	139		$	—		$	91,867

Commercial and industrial
Pass		$	415		$	64		$	513		$	1,125		$	1,483		$	264		$	12		$	—		$	3,876
Watch			—			—			—			—			—			—			—			—			—
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total commercial and industrial		$	415		$	64		$	513		$	1,125		$	1,483		$	264		$	12		$	—		$	3,876

Construction
Pass		$	733		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	733
Watch			—			—			—			—			—			—			—			—			—
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total construction		$	733		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	733

Multi-family real estate
Pass		$	5,444		$	1,617		$	7,696		$	16,275		$	13,043		$	3,193		$	46		$	—		$	47,314
Watch			—			—			494			—			—			—			—			—			494
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total multi-family real estate		$	5,444		$	1,617		$	8,190		$	16,275		$	13,043		$	3,193		$	46		$	—		$	47,808

One-to-four-family residential
Performing		$	9,565		$	3,196		$	6,667		$	10,699		$	9,886		$	16,250		$	—		$	—		$	56,263
Non-performing			—			—			—			—			—			67			—			—			67
Total one-to-four-family		$	9,565		$	3,196		$	6,667		$	10,699		$	9,886		$	16,317		$	—		$	—		$	56,330

Consumer
Performing		$	179		$	38		$	31		$	85		$	—		$	—		$	1,624		$	—		$	1,957
Non-performing			—			—			—			—			—			—			—			—			—
Total consumer		$	179		$	38		$	31		$	85		$	—		$	—		$	1,624		$	—		$	1,957

Total loans		$	44,288		$	9,118		$	20,099		$	53,733		$	42,709		$	30,803		$	1,821		$	—		$	202,571

Table of Contents The following tables summarize the aging of the past due and nonaccrual loans by loan class within the portfolio segments as of December 31, 2025 and June 30, 2025:


	Still Accruing
	30-59 Days		60-89 Days		Over 90 Days		Nonaccrual
	Past Due		Past Due		Past Due		Balance
December 31, 2025
Commercial real estate	$	—	$	—	$	—	$	—
Commercial and industrial		—		—		—		—
Construction		—		—		—		—
One-to-four-family residential		24,068		—		—		190,013
Multi-family real estate		—		—		—		—
Consumer		—		—		—		—
Total	$	24,068	$	—	$	—	$	190,013


	Still Accruing
	30-59 Days		60-89 Days		Over 90 Days		Nonaccrual
	Past Due		Past Due		Past Due		Balance
June 30, 2025
Commercial real estate	$	—	$	—	$	—	$	—
Commercial and industrial		—		—		—		—
Construction		—		—		—		—
One-to-four-family residential		252,723		—		—		66,645
Multi-family real estate		—		—		—		—
Consumer		—		—		—		—
Total	$	252,723	$	—	$	—	$	66,645

Table of Contents Individually Evaluated Loans

Loans that do not share common risk characteristics with other loans are evaluated individually and are not included in the collective analysis in accordance with ASC 326. Information for loans evaluated individually is set forth below.

The following table presents the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses as of December 31, 2025 and June 30, 2025 and interest income recorded on nonaccrual loans in each of the three and six month periods then ended.


	December 31, 2025
		Nonaccrual loans	Loans Past Due
	Without an Allowance		Over 90 Days			Interest Income
	For Credit Loss		Still Accruing			Three Months Ended		Six Months Ended
Commercial real estate	$	—	$	—		$	—	$	—
Commercial and industrial		—		—			—		—
Construction		—		—			—		—
One-to-four-family residential		190,013		—			—		—
Multi-family real estate		—		—			—		—
Consumer		—		—			—		—
Total loans	$	190,013	$	—		$	—	$	—


	June 30, 2025
		Nonaccrual loans	Loans Past Due
	Without an Allowance		Over 90 Days		Interest Income
	For Credit Loss		Still Accruing			Year Ended
Commercial real estate	$	—	$	—		$	—
Commercial and industrial		—		—			—
Construction		—		—			—
One-to-four-family residential		66,645		—			2,492
Multi-family real estate		—		—			—
Consumer		—		—			—
Total loans	$	66,645	$	—		$	2,492

Table of Contents The following table presents the amortized cost basis of collateral-dependent loans by loan class as of December 31, 2025 and June 30, 2025.


	December 31, 2025
	Real Estate			Non-Real Estate		Total Collateral		Allowance for
	Secured			Secured		Dependent		Credit Losses-
	Loans			Loans		Loans		Loans
Commercial real estate	$	—	$	—	$	—	$	—
Commercial and industrial		—		—		—		—
Construction		—		—		—		—
One-to-four-family residential		190,013		—		190,013		—
Multi-family real estate		—		—		—		—
Consumer		—		—		—		—
Total	$	190,013	$	—	$	190,013	$	—


	June 30, 2025

	Real Estate			Non-Real Estate		Total Collateral		Allowance for
	Secured			Secured		Dependent		Credit Losses-
	Loans			Loans		Loans		Loans
Commercial real estate	$	—	$	—	$	—	$	—
Commercial and industrial		—		—		—		—
Construction		—		—		—		—
One-to-four-family residential		66,645		—		66,645		—
Multi-family real estate		—		—		—		—
Consumer		—		—		—		—
Total	$	66,645	$	—	$	66,645	$	—

There were no loans during the three and six months ended December 31, 2025 and 2024 that were modified to borrowers experiencing financial difficulty.

The Company maintains a collateral pledge agreement with the FHLB covering secured advances whereby the Company has agreed to retain, free of all other pledges, liens, and encumbrances, commercial and industrial, commercial real estate, and one-to-four family residential real estate loans. The pledged loans are discounted at a factor of 24% to 38% when aggregating the amount of loans required by the pledge agreement. The amount of eligible collateral was $94,902,016 and $70,573,734 as of December 31, 2025 and June 30, 2025, respectively. There was also FHLB stock of $1,329,413 as of December 31, 2025 and June 30, 2025. The Company also has a collateral pledge agreement with the FRB securing multi-family real estate loans. These pledged loans have discounted margins applied ranging from 45% - 95% as required by the pledging agreement. The amount of eligible collateral was $16,469,725 and $17,487,584 as of December 31, 2025 and June 30, 2025, respectively.

Table of Contents Note 5 - Leases

Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable prepaid rent, initial direct costs and any incentives received from the lessor.

For all underlying classes of assets, the Company has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less at lease commencement and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.

The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations.

On June 25, 2025, the Company executed a ten-year lease agreement to sublet the top floor of its Brookfield branch which includes monthly lease payments ranging from $2,700 to $3,300 over the term of the lease. These lease payments are included in other income in the accompanying Consolidated Statements of Income. 21

Table of Contents The following tables present information about the Company’s leases as of and for the three and six months ended December 31, 2025 and 2024 and as of June 30, 2025:


							As of			As of
							December 31,			June 30,
							2025			2025
Right-of-use assets (included in premises and equipment on consolidated balance sheets)							$	386,257		$	443,111
Lease liabilities (included in other liabilities on consolidated balance sheets)								383,189			439,928
Weighted average remaining lease term								4.8 years			4.73 years
Weighted average discount rate								3.13%			2.99%

	Three Months			Three Months			Six Months			Six Months
	Ended			Ended			Ended			Ended
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operating lease costs	$	32,003		$	55,383		$	64,006		$	87,297
Short-term lease costs		10,120			10,070			19,990			19,640
Total lease costs	$	42,123		$	65,453		$	83,996		$	106,937

Cash paid for amounts included in measurement of lease liabilities	$	31,946		$	31,281		$	63,892		$	62,562

As of December 31, 2025, future maturities of the lease liabilities described above are as follows for each of the respective future fiscal years:
										As of
										December 31,
										2025


Year ending June 30, 2026										$	64,088
Year ending June 30, 2027											118,710
Year ending June 30, 2028											48,620
Year ending June 30, 2029											43,200
Year ending June 30, 2030											43,200
Thereafter											100,800
Total											418,618
Less: Present value discount											35,429
Lease liabilities										$	383,189

Table of Contents Note 6 - Foreclosed Assets

Real estate owned activity was as follows:


	Six Months		Six Months
	Ended		Ended
	December 31, 2025		December 31, 2024
Balance July 1,	$	2,312,240	$	2,312,240
Loans transferred to real estate owned		—		—
Capitalized expenditures		—		—
Direct write-downs		—		—
Sales of real estate owned		—		—
Balance September 30,		2,312,240		2,312,240
Loans transferred to real estate owned		—		—
Capitalized expenditures		—		—
Direct write-downs		—		—
Sales of real estate owned		—		—
Balance December 31,	$	2,312,240	$	2,312,240

Activity in the valuation allowance is as follows:


	Six Months		Six Months
	Ended		Ended
	December 31, 2025		December 31, 2024
Balance July 1,	$	1,315,867	$	937,100
Provisions/(recoveries) charged (credited) to expense		—		—
Reductions from sales of real estate owned		—		—
Direct write-downs		—		—
Sales of real estate owned		—		—
Balance September 30,		1,315,867		937,100
Provisions/(recoveries) charged (credited) to expense		—		—
Reductions from sales of real estate owned		—		—
Direct write-downs		—		—
Sales of real estate owned		—		—
Balance December 31,	$	1,315,867	$	937,100

Table of Contents Expenses related to foreclosed assets include:


	Six Months		Six Months
	Ended		Ended
	December 31, 2025		December 31, 2024
Balance July 1,	$	—	$	—
Net loss (gain) on sales		—		—
Provisions for unrealized losses		—		—
Operating expenses, net of rental income		16,235		17,572
Sales of real estate owned		—		—
Balance September 30,		16,235		17,572
Net loss (gain) on sales		—		—
Provisions for unrealized losses		—		—
Operating expenses, net of rental income		13,495		5,228
Sales of real estate owned		—		—
Balance December 31,	$	29,730	$	22,800

During the fiscal year ended June 30, 2023, the Company foreclosed on collateral supporting a construction loan which was valued at $2.3 million and was included in foreclosed assets (OREO), net. The valuation was based on independent appraisals subject to certain discounts less estimated costs to sell. A subsequent independent appraisal was obtained in April 2024 subject to certain discounts less estimated costs to sell. After adjusting for estimated costs to sell, the revised valuation was $1.4 million resulting in a provision for valuation allowance of $937,100 being recorded during the year ended June 30, 2024. An offer to sell the property for $1.1 million was accepted by the Company in August 2025 resulting in a provision for valuation allowance of $378,767 being recorded during the year ended June 30, 2025. The sale contract was terminated during the current quarter and the Company has relisted the property for $1.5 million. The recorded investment in one-to-four-family owner occupied properties that were in the process of foreclosure was $190,013 and $66,645 at December 31, 2025 and June 30, 2025, respectively.

Note 7 - Deposits

Major classifications of deposits are as follows as of December 31, 2025 and June 30, 2025. Brokered deposits totaled $12.0 million at December 31, 2025 and June 30, 2025.


		Unaudited
		At December 31, 2025					At June 30, 2025
	****	Amount			Percent		Amount			Percent	****
Non-interest-bearing demand accounts		$	21,415,679		12.01	%	$	22,466,092		12.82	%
Demand, NOW, money market accounts			54,146,641		30.35	%		48,103,922		27.45	%
Savings accounts			37,621,160		21.09	%		37,646,244		21.48	%
Certificates of deposit			65,203,973		36.55	%		67,024,568		38.25	%
Total		$	178,387,453		100.00	%	$	175,240,826		100.00	%

Note 8- Borrowings

There was $19.0 million in borrowings from the Federal Home Loan Bank of Chicago (FHLB) as of December 31, 2025. The borrowings at December 31, 2025 consisted of three separate $5.0 million 5-year term callable putable advances with maturity dates in September 2028, October 2028 and February 2030 which have call dates beginning in March 2026, January 2026 and February 2026, respectively. The Company also has a $4.0 million six-month fixed rate advance maturing June 30, 2026. These putable advances can be called quarterly until maturity at the option of the FHLB. If any advance is terminated requiring repayment prior to stated maturity, the FHLB will offer replacement funding at the then-prevailing rate of interest for an advance product then offered by the FHLB, subject to normal FHLB credit and collateral requirements.

There was $15.0 million in borrowings from the Federal Home Loan Bank of Chicago (FHLB) as of June 30, 2025. The borrowings at June 30, 2025 consisted of three separate $5.0 million 5-year term callable putable advances 24

Table of Contents with maturity dates in September 2028, October 2028 and February 2030 which have call dates beginning in September, 2025, October, 2025 and August 2025, respectively. These putable advances can be called quarterly until maturity at the option of the FHLB. If any advance is terminated requiring repayment prior to stated maturity, the FHLB will offer replacement funding at the then-prevailing rate of interest for an advance product then offered by the FHLB, subject to normal FHLB credit and collateral requirements.

The Company maintains a collateral pledge agreement with the FHLB covering secured advances whereby the Company has agreed to retain, free of all other pledges, liens, and encumbrances, commercial, commercial real estate, and residential loans. The advances reprice daily at market rates. The pledged loans are discounted at a factor of 24% to 38% when aggregating the amount of loans required by the pledge agreement. The amount of eligible collateral was $94,902,016 and $70,573,734 as of December 31, 2025 and June 30, 2025, respectively. Based on eligible collateral, net of outstanding borrowings, the Company had available $75.1 million to borrow from the FHLB as of December 31, 2025. There was FHLB stock of $1,329,413 pledged as of December 31, 2025 and June 30, 2025, respectively. The Company also has $16,469,725 available to borrow from the Federal Reserve Bank which is pledged by multi-family loans and an unsecured Federal Funds purchasing limit of $5.0 million with the Bank’s correspondent bank as of December 31, 2025. There were no borrowings under these arrangements at December 31, 2025 and June 30, 2025.

Note 9- Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss by component for the six months ended December 31, 2025 and 2024, are as follows:


	Unrealized
	Gains and		Unrealized
	Losses on		Losses on
	Available		Held to
	for Sale Debt		Maturity Debt
	Securities		Securities		Total
December 31, 2025
Balance, beginning of period	$	(451,309)	$	(34,621)	$	(485,930)
Other comprehensive income before reclassifications (net of tax)		53,865		—		53,865
Amortization of amounts transferred from debt securities available for sale to held to maturity (a)		—		1,399		1,399
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)		(2,302)		—		(2,302)
Balance, September 30, 2025		(399,746)		(33,222)		(432,968)
Other comprehensive income before reclassifications (net of tax)		29,974		—		29,974
Amortization of amounts transferred from debt securities available for sale to held to maturity (a)		—		1,263		1,263
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)		(2,019)		—		(2,019)
Balance, end of period	$	(371,791)	$	(31,959)	$	(403,750)

(a)	The reclassification adjustment is reflected in the Consolidated Statements of Income as Interest Income-Debt Securities.
(b)	The reclassification adjustment is included in the Consolidated Statements of Income as Other Expenses.
---	---

Table of Contents


	Unrealized
	Gains and		Unrealized
	Losses on		Losses on
	Available		Held to
	for Sale Debt		Maturity Debt
	Securities		Securities		Total
December 31, 2024
Balance, beginning of period	$	(712,843)	$	(39,945)	$	(752,788)
Other comprehensive income before reclassifications (net of tax)		113,624		—		113,624
Amortization of amounts transferred from debt securities available for sale to held to maturity (a)		—		1,257		1,257
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)		(3,088)		—		(3,088)
Balance, September 30, 2024		(602,307)		(38,688)		(640,995)
Other comprehensive income before reclassifications (net of tax)		7,748		—		7,748
Amortization of amounts transferred from debt securities available for sale to held to maturity (a)		—		1,346		1,346
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)		(2,767)		—		(2,767)
Balance, end of period	$	(597,326)	$	(37,342)	$	(634,668)

(a) The reclassification adjustment is reflected in the Consolidated Statements of Income as Interest Income-Debt Securities.

(b) The reclassification adjustment is included in the Consolidated Statements of Income as Other Expenses.

****

Table of Contents Note 10- Minimum Regulatory Capital Requirements

Bank regulatory authorities in the United States issue risk-based capital standards. These capital standards relate a banking company’s capital to the risk profile of its assets and provide the basis by which all banking companies and banks are evaluated in terms of capital adequacy.

The risk-based capital standards require financial institutions to maintain: (a) a minimum ratio of common equity tier 1 (“CET1”) to risk weighted assets of at least 4.5%, (b) a minimum ratio of tier 1 capital to risk-weighted assets of at least 6.0%; (c) a minimum ratio of total (that is, tier 1 plus tier 2) capital to risk-weighted assets of at least 8.0%; and (d) a minimum leverage ratio of 3.0%, calculated as the ratio of tier 1 capital balance sheet exposures plus certain off-balance sheet exposures (computed as the average for each quarter of the month-end ratios for the quarter). In addition, the rules also limit a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer” of 2.5% above the minimum standards stated in (a) - (c) above.

In September 2019, the FDIC finalized a rule to simplify the capital calculation for qualifying community banking organizations (i.e., the community bank leverage ratio (“CBLR”)), as required by the Economic Growth, Regulatory Relief and Consumer Protection Act. The CBLR framework is designed to reduce burden by removing the requirements for calculating and reporting risk-based capital ratios for qualifying community banking organizations that opt into the framework. A qualifying community bank may elect to utilize the CBLR in lieu of the general capital requirements and will be considered well capitalized if it exceeds the minimum CBLR of 9.0%. The CBLR framework also provides a two-quarter grace period for qualifying banks whose leverage ratio falls no more than 1.00% below the required ratio for that reporting quarter. The Bank opted into the CBLR framework as of December 31, 2025 and June 30, 2025. In November 2025, the federal banking agencies issued a proposed rule to lower the CBLR to 8%. That proposed rule was not effective as of December 31, 2025.

As of December 31, 2025 and June 30, 2025, management believes the Bank has met all capital adequacy requirements to which it is subject. As of December 31, 2025 and June 30, 2025, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since the notification that management believes have changed the Bank’s category.

The Bank’s actual capital amounts and ratios are presented in the following table (dollars in thousands):


										Minimum To Be Well
										Capitalized Under
					Minimum Capital					Prompt Corrective
	Actual				Requirements					Action Provisions
	Amount		Ratio		Amount			Ratio		Amount			Ratio
December 31, 2025	(Dollars in thousands)
Tier I Capital to Average Assets	$	37,526	15.27	%	$	19,660	>	8.0	%	$	22,117	>	9.0	%


										Minimum To Be Well
										Capitalized Under
					Minimum Capital					Prompt Corrective
	Actual				Requirements					Action Provisions
	Amount		Ratio		Amount			Ratio		Amount			Ratio
June 30, 2025	(Dollars in thousands)
Tier I Capital to Average Assets	$	36,299	15.21	%	$	19,092	>	8.0	%	$	21,479	>	9.0	%

A Wisconsin state-chartered savings bank is required by state law to maintain minimum net worth, as defined, in an amount equal to at least 6.0% of its total assets. At December 31, 2025, the Bank’s net worth was $37,450,934 and general credit loss reserve was $1,702,526 totaling 15.79% of total assets, which meets the state of Wisconsin’s minimum net worth requirements. At June 30, 2025, the Bank’s net worth was $36,141,469 and general credit loss reserve was $1,708,269, totaling 15.86% of total assets, which meets the state of Wisconsin’s minimum net worth requirements.

Table of Contents Note 11 - Employee Benefit Plans

The Company provides a 401(k) salary deferral plan to substantially all employees. Employees are allowed to make voluntary contributions to the plan up to 15% of their compensation. In addition, the Company provides discretionary matching and profit-sharing contributions as well as a safe harbor contribution.

Effective upon the completion of the Company’s initial public stock offering in April 2021, the Company established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees. The ESOP used $873,970 in proceeds from a term loan obtained from the Company to purchase 87,397 shares of common stock in the initial public offering at a price of $10.00 per share. Also, as part of the Conversion, the Company sold 135,472 shares of its common stock to the ESOP at a price of $10.00 per share. The outstanding balance of the April 2021 ESOP loan ($777,212 and the new ESOP loan $1,354,720) were combined as of the date of the Conversion. The new ESOP loan will be repaid principally from the Company’s contribution to the ESOP in annual payments through 2049 at a variable interest rate at the Bank’s prime rate. Shares are released to participants on a straight-line basis over the loan term and allocated based on participant compensation. The Company recognizes compensation benefit expense as shares are committed for release at their current market price. The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in capital. Dividends on allocated shares, if applicable, are recorded as a reduction of retained earnings and dividends on unallocated shares are recorded as a reduction of debt. The Company recognized $70,877 (upon the release of 4,726 shares) and $11,535 (upon the release of 1,748 shares) of compensation expense for the six months ended December 31, 2025 and 2024, respectively. At December 31, 2025, there were 226,802 shares not yet released having an aggregate market value of approximately $2,749,157. Participants will become fully vested upon completion of three years of credited service. Eligible employees who were employed with the Company shall receive credit for vesting purposes for each year of continuous employment prior to adoption of the ESOP.

Note 12 - Stock Based Compensation

On May 24, 2022, the stockholders of Marathon Bancorp, Inc. approved the Company’s 2022 Equity Incentive Plan (the “Plan”), which provides for the grant of stock-based awards to officers, employees and directors of the Company and Marathon Bank. Under provisions of the Plan, while active, awards may consist of grants of incentive stock options, nonqualified stock options, restricted stock and restricted stock units. Incentive stock options totaling 149,972 and restricted stock awards totaling 59,989 were authorized for award under the Plan. As a result of the Conversion, all existing stock options and restricted stock awards outstanding on April 21, 2025 were adjusted based on the exchange ratio of 1.3728-to-1 including those described below. The grant date exercise prices for stock options and fair values of restricted stock at grant date were adjusted downward based on the exchange ratio.

Stock Options

On June 28, 2022, a total of 100,481 stock option awards were granted to the Bank’s directors, executive officers, senior officers and other officers (25,496 and 74,985 options were awarded to directors and employees, respectively). Director awards are considered non-qualified stock options while employee awards are considered incentive stock options. An additional 3,996 of options were forfeited by an employee during the year ended June 30, 2025. The awards vest ratably over five years (20% per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or June 2032. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 3.27%; volatility factors of the expected market price of the Company's common stock of 20.76%; weighted average expected lives of the options of 6.5 years; cash dividend yield of 0%. The expected term of the options is derived by using the simplified method as the Company has no relevant exercise experience from other stock-based compensation plans. Based upon these assumptions, the weighted average fair value of options granted was $3.33. 28

Table of Contents On May 16, 2023, a total of 53,992 stock option awards were granted to the Bank’s directors, executive officers, senior officers and other officers (5,996 and 47,996 options were awarded to directors and employees, respectively). The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 3.53%; volatility factors of the expected market price of the Company's common stock of 20.71%; weighted average expected lives of the options of 6.5 years; cash dividend yield of 0%. The expected term of the options is derived by using the simplified method as the Company has no relevant exercise experience from other stock-based compensation plans. Based upon these assumptions, the weighted average fair value of options granted was $2.72.

Stock option expense amortized to expense for the six months ended December 31, 2025 and 2024 was $31,653 and $32,235, respectively. At December 31, 2025, total unrecognized compensation expense related to stock options was $117,438, and will be amortized to expense over a period of 2.3 years. On June 28, 2025, there were 5,996 stock option awards granted to two employees. As of December 31, 2025, no future stock option awards remain under the Plan.

The aggregate intrinsic value of a stock option represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options prior to the expiration date. The intrinsic value can change based on fluctuations in the market value of the Company’s stock.

A summary of stock option activity and related information for the six months ended December 31, 2025 is as follows.


				Weighted-Average
				Remaining	Aggregate
		Weighted-Average		Contractual Life	Intrinsic
	Options	Exercise Price		(in years)	Value
Outstanding, July 1, 2025	144,226	$	7.52	7.34	$	337,414
Granted	—		—	—		—
Exercised	—		—	—		—
Forfeited	—		—	—		—
Outstanding, September 30, 2025	144,226		7.52	7.20		405,305
Granted	—		—	—		—
Exercised	—		—	—		—
Forfeited	—		—	—		—
Outstanding, December 31, 2025	144,226	$	7.52	6.95	$	654,816



Exercisable, December 31, 2025	81,608	$	7.64	6.79	$	369,202

Restricted Stock

On June 28, 2022, a total of 55,191 restricted stock awards were granted to the Bank’s directors, executive officers, senior officers and other officers under the Plan (13,198 and 41,993 shares were granted to directors and employees, respectively). On May 16, 2023, a total of 8,595 restricted stock awards were granted to the Bank’s directors, executive officers, senior officers and other officers under the Plan (1,800 and 6,795 shares were granted to directors and employees, respectively). An additional 1,296 of restricted stock awards were forfeited by an employee during the year ended June 30, 2025 and finally, an additional 481 of restricted stock awards were forfeited by an employee during the six months ended December 31, 2025. The restricted stock awards vest ratably over five years (20% per year for each year of the participant’s service with the Company). Restricted stock expense was $45,815 and $46,711 for the six months ended December 31, 2025 and 2024, respectively. At December 31, 2025, future compensation expense related to non-vested restricted stock outstanding was $152,828 which will be amortized over a remaining period of 2.3 years. On June 28, 2025, there were 402 shares of restricted stock granted to two employees. As of December 31, 2025, no restricted stock awards remain under the Plan. 29

Table of Contents A summary of restricted stock activity and related information for the six months ended December 31, 2025, is as follows:


		Weighted-Average
	Number of	Grant Date
	Shares	Fair Value
Non-vested, July 1, 2025	25,079	$	7.81
Granted	—		—
Exercised	—		—
Forfeited	—		—
Outstanding, September 30, 2025	25,079		7.81
Granted	—		—
Exercised	—		—
Forfeited	(481)		8.13
Outstanding, December 31, 2025	24,598	$	7.80

Note 13- Commitments and Contingencies

The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments.

Commitments to grant loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer.

Mortgage Partnership Finance (MPF) credit enhancements allow the Company to share the credit risk associated with home mortgage finance with Federal Home Loan Bank (FHLB). MPF provides the Company the ability to originate, sell, and service fixed-rate, residential mortgage loans, and receive a Credit Enhancement Fee based on the performance of the loans. FHLB manages the liquidity, interest rate, and prepayment risks of the loans while the Company manages the credit risk of the loans. The Company will incur an obligation on a foreclosure loss only after a foreclosure loss exceeds the borrower’s equity, any private mortgage insurance, and the funded first loss account. Based on the delinquency results for states where properties are located and the Company’s historical loss experience, the estimated foreclosure losses are immaterial.

As of December 31, 2025 and June 30, 2025, the following financial instruments were outstanding where contract amounts represent credit risk:


	December 31, 2025		June 30, 2025
Commitments to grant loans	$	—	$	4,790,000
Unused commitments under lines of credit		4,722,954		6,346,008
MPF credit enhancements		788,289		735,448

The Company, from time to time, may be a defendant in legal proceedings relating to the conduct of its banking business. Most of such legal proceedings are a normal part of the banking business and, in management’s opinion as of December 31, 2025 and June 30, 2025, the financial condition and results of operations of the Company would not be materially affected by the outcome of such legal proceedings.

Table of Contents Note 14- Fair Value of Assets and Liabilities

The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. The fair value of a financial instrument is 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. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. These techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.

Fair value accounting guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions.

In accordance with this guidance, the Company groups its financial assets and liabilities generally measured at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value.

Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 – Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities may include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following table sets forth assets and liabilities measured at fair value on a recurring basis at December 31, 2025 and June 30, 2025:


			Quoted Prices in		Other Observable		Unobservable
			Active Markets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
December 31, 2025
Available for sale debt securities
States and municipalities	$	379,666	$	—	$	379,666	$	—
Mortgage-backed		694,822		—		694,822		—
Corporate bonds		2,986,426		—		1,301,426		1,685,000
Total assets	$	4,060,914	$	—	$	2,375,914	$	1,685,000

Table of Contents


			Quoted Prices in		Other Observable		Unobservable
			Active Markets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
June 30, 2025
Available for sale debt securities
States and municipalities	$	449,316	$	—	$	449,316	$	—
Mortgage-backed		858,762		—		858,762		—
Corporate bonds		3,893,201		—		2,283,201		1,610,000
Total assets	$	5,201,279	$	—	$	3,591,279	$	1,610,000

For those available for sale debt securities where quoted prices are unavailable, fair values are calculated based on market prices of similar securities and, therefore, are classified as Level 2 within the valuation hierarchy.

The following table represents changes in the Company’s available for sale debt securities measured at fair value on a recurring basis using unobservable inputs (Level 3). The Company had one investment security measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at December 31, 2025 and June 30, 2025. The investment is valued on a quarterly basis by a third-party valuation expert. The Level 3 valuation is based on the 5/30 swap curve, floated at 1%, which is considered a significant unobservable input.



	Six Months Ended		Six Months Ended
	December 31,		December 31,
	2025		2024
Balance at July 1,	$	1,610,000	$	1,460,000
Unrealized gains included in other comprehensive income		50,000		40,000
Balance at September 30,		1,660,000		1,500,000
Unrealized gains included in other comprehensive income		25,000		—
Balance at December 31,	$	1,685,000	$	1,500,000

Under certain circumstances the Company may make adjustments to fair value for assets and liabilities although they are not measured at fair value on an ongoing basis. The Company had Level 3 financial assets measured at fair value on a nonrecurring basis, which are summarized below:


		Unaudited
		December 31,			June 30,			Valuation		Unobservable		Range
		2025			2025			Technique		Input		(Weighted Avg.)

Foreclosed assets (OREO)		$	996,373		$	996,373		Collateral valuation		Discount from market value		2025: 10%-75%
												2025: 10%-75%

Collateral dependent financial assets		$	190,013		$	66,645		Appraisal		Discount from market value		0%

During the year ended June 30, 2023, the Company foreclosed on collateral supporting a construction loan which was valued at $2.3 million and was included in foreclosed assets (OREO), net. The valuation was based on independent appraisals subject to certain discounts less estimated costs to sell. A subsequent independent appraisal was obtained in April 2024 subject to certain discounts less estimated costs to sell. After adjusting for estimated costs to sell, the revised valuation was $1.4 million resulting in a provision for valuation allowance of $937,100 being recorded during the year ended June 30, 2024. An offer to sell the property for $1.1 million was accepted by the Company in August 2025 resulting in a provision for valuation allowance of $378,767 being recorded during the year ended June 30, 2025. The sale contract was terminated during the current quarter and the Company has relisted the property for $1.5 million. 32

Table of Contents Financial Disclosures about Fair Value of Financial Instruments

Accounting guidance requires disclosures of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate their fair values. Certain financial instruments and all non-financial instruments are excluded from the scope of the guidance.

The estimated fair values of financial instruments are as follows:


		December 31, 2025						June 30, 2025
		Carrying Value			Fair Value			Carrying Value			Fair Value
Financial Assets
Cash and due from banks		$	2,166,492		$	2,166,492		$	2,242,736		$	2,242,736
Federal funds sold			11,491,000			11,491,000			12,143,000			12,143,000
Interest bearing deposits in other financial institutions			176,326			176,326			237,247			237,247
Available for sale debt securities			4,060,914			4,060,914			5,201,279			5,201,279
Held to maturity debt securities			465,336			372,596			483,787			373,568
Loans, net			211,912,653			210,747,000			200,795,706			195,176,000
Investment in restricted stock			1,329,413			1,329,413			1,329,413			1,329,413
Accrued interest receivable			706,026			706,026			667,686			667,686
Financial Liabilities
Deposits		$	178,387,453		$	178,128,000		$	175,240,826		$	174,732,000
Federal Home Loan Bank (FHLB) advances			19,000,000			19,000,000			15,000,000			15,000,000
Accrued interest payable			221,920			221,920			270,693			270,693

The methods and assumptions that were used to estimate the fair value of financial assets and financial liabilities that are measured at fair value on a recurring and non-recurring basis have been previously disclosed. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below:

Cash and due from banks – Due to their short -term nature, the carrying amount of cash and due from banks approximates fair value and is categorized in level 1 of the fair value hierarchy.

Federal funds sold – Due to their short-term nature, the carrying amount of federal funds sold approximates the fair value and is categorized in level 1 of the fair value hierarchy.

Interest bearing deposits in other financial institutions- Due to their short -term nature, the carrying amount of interest- bearing deposits in other financial institutions approximates fair value and is categorized in level 1 of the fair value hierarchy.

Available for sale securities – For those available for sale debt securities where quoted prices are unavailable, fair values are calculated based on market prices of similar securities and, therefore, are classified as level 2 within the valuation hierarchy. For those available for sale debt securities where market prices of similar securities are not available because of the lack of observable market data, they are valued on a quarterly basis by a third-party valuation expert and, therefore, are classified as level 3 within the valuation hierarchy.

Held to maturity debt securities-The fair value is estimated using quoted market prices or by pricing models and is categorized as level 2 of the fair value hierarchy.

Loans– The fair value of variable rate loans that reprice frequently are based on carrying values. The fair value of other loans is estimated by discounting future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and is categorized in level 3 of the fair value hierarchy. Loans held for sale are included with loans, net above, with fair value based on commitments on hand from investors or prevailing market prices and is categorized in level 3 of the fair value hierarchy. 33

Table of Contents Investments in restricted stock – No secondary market exists for FHLB stock. The stock is bought and sold at par by the FHLB and management believes the carrying amount approximates fair value and is categorized in level 2 of the fair value hierarchy.

Interest receivable – Due to their short-term nature, the carrying amount approximates fair value and is categorized in level 1 of the fair value hierarchy.

Deposits – Fair value of deposits with no stated maturity, such as demand deposits, savings, and money market accounts, by definition, is the amount payable on demand on the reporting date. Fair value of fixed rate time deposits is estimated using discounted cash flows applying interest rates currently offered on similar time deposits. Deposits are categorized in level 2 of the fair value hierarchy.

Federal Home Loan Bank (FHLB) advances – The carrying amount approximates fair value and is categorized in level 2 of the fair value hierarchy.

Accrued interest payable – Due to their short-term nature, the carrying amount approximates fair value and is categorized in level 1 of the fair value hierarchy.

The estimated fair value of fee income on letters of credit at December 31, 2025 and June 30, 2025 is insignificant. Loan commitments on which the committed interest rate is less than the current market rate are also insignificant at December 31, 2025 and June 30, 2025.

Table of Contents Note 15- Revenue Recognition

In accordance with FASB Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (Topic 606) and all subsequent amendments, the Company’s services that fall within the scope of Topic 606 are presented within non-interest income and are recognized as revenue as the Company satisfies its obligation to the customer. All of the Company’s revenue from contracts with customers in the scope of Topic 606 is recognized within non-interest income which includes service charges on deposit accounts and the sale of foreclosed assets.

A description of the Company’s revenue streams accounted for under Topic 606 follows:

Service Charges on Deposit Accounts: Service charges on deposit accounts relate to fees generated from a variety of deposit products and services rendered to customers. Charges include, but are not limited to, overdraft fees, non-sufficient fund fees, dormant fees, and monthly service charges. Such fees are recognized concurrent with the event on a daily basis or on a monthly basis depending upon the customer’s cycle date.

Gains (Losses) on Sales of Foreclosed Assets: The Company records a gain or loss from a sale of foreclosed assets when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. If the Company finances the sale of foreclosed asset to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the foreclosed asset is derecognized, and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present.

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

This discussion and analysis reflects our consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the accompanying consolidated financial statements. You should read the information in this section in conjunction with the business and financial information regarding Marathon Bancorp, Inc. provided in this Quarterly Report on Form 10-Q and the Company’s Annual Report on Form 10-K for the year ended June 30, 2025 as filed with the Securities and Exchange Commission on September 26, 2025.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains certain forward-looking statements, which are included pursuant to the “safeharbor” provisions of the Private Securities Litigation Reform Act of 1995, and reflect management’s beliefs and expectations based on information currently available. These forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “potential,” “target” and words of similar meaning, 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 our current beliefs and expectations 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. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this Quarterly Report on Form 10-Q.

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:

●	inflation, tariffs and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues, 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 make;
●	general economic conditions, either nationally or in our market areas, that are worse than expected;
---	---
●	events involving the failure of financial institutions may adversely affect our business, and the market price of our common stock;
---	---
●	changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses;
---	---
●	our ability to access cost-effective funding;
---	---
●	fluctuations in real estate values and both residential and commercial real estate market conditions;
---	---
●	demand for loans and deposits in our market area;
---	---

Table of Contents

●	our ability to implement and change our business strategies;
●	competition among depository and other financial institutions;
---	---
●	adverse changes in the securities or secondary mortgage markets, including our ability to sell loans in the secondary market;
---	---
●	changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
---	---
●	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;
---	---
●	a failure or breach of our operational or security systems or infrastructure, including cyberattacks;
---	---
●	our ability to manage market risk, credit risk and operational risk in the current economic environment;
---	---
●	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;
---	---
●	our ability to retain key employees;
---	---
●	any future FDIC insurance premium increases or special assessments may adversely affect our earnings;
---	---
●	our ability to prevent or mitigate fraudulent activity;
---	---
●	our ability to evaluate the amount and timing of recognition of future tax assets and liabilities;
---	---
●	political instability or civil unrest;
---	---
●	acts of war or terrorism or pandemics such as the COVID-19 pandemic;
---	---
●	our ability to control operating costs and expenses, including compensation expense associated with equity allocated or awarded to our employees;
---	---
●	changes in the financial condition, results of operations or future prospects of issuers of securities that we own; and
---	---
●	our inability to sell our foreclosed assets, net at an amount equal to or greater than the carrying amount.
---	---

Table of Contents Overview

Net Interest Income. Our primary source of income is net interest income. Net interest income is the difference between interest income, which is the income we earn on our loans and investments, and interest expense, which is the interest we pay on our deposits and borrowings.

Provision for (Recovery of) Credit Losses. We charge (credit) provisions for (recovery of) credit losses to operations in order to maintain our allowance for credit losses on loans and reserve for unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and expected losses on commitments to grant loans that are expected to be advanced at the consolidated balance sheet date. In determining the level of the allowance for credit losses, we consider our past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions, and the levels of non-performing and other classified loans. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates as more information becomes available or conditions change. We assess the allowance for (recovery of) credit losses on a quarterly basis and make provisions for credit losses in order to maintain the allowance.

Non-interest Income. Our primary sources of non-interest income are mortgage banking income, service charges on deposit accounts and net gains in the cash surrender value of bank owned life insurance. Other sources of non-interest income sometimes include net gain or losses on sales and calls of securities, net gain or loss on disposal of foreclosed assets and other income.

Non-Interest Expenses. Our non-interest expenses consist of salaries and employee benefits, net occupancy and equipment, data processing and office, professional fees, marketing expenses, foreclosed assets and other general and administrative expenses, including premium payments we make to the FDIC for insurance of our deposits.

Provision for Income Taxes. Our income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between the carrying amounts and the tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amounts expected to be realized.

Summary of Significant Accounting Policies and Estimates

The discussion and analysis of the financial condition and results of operations are based on our consolidated financial statements, which are prepared in conformity with U.S. GAAP. The preparation of these financial statements requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. We consider the accounting policies discussed below to be significant accounting policies. The estimates and assumptions that we use are based on historical experience 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.

In 2012, the JOBS Act was signed into law. The 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. 38

Table of Contents The following represent our significant accounting policies and estimates:

Allowance for Credit Losses. We establish the allowance for credit losses through charges (credits) to earnings in the form of a provision for (recovery of) credit losses. Loan losses are charged against the allowance for credit losses for the difference between the carrying value of the loan and the estimated net realizable value or fair value of the collateral, if collateral dependent, when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance.

The allowance for credit losses (“ACL”) at December 31, 2025 represents the Company’s current estimate of the lifetime credit losses expected from its loan portfolio. Management estimates the ACL by projecting a lifetime loss rate conditional on a forecast of economic parameters and other qualitative adjustments, for the loans’ expected remaining term.

Management’s judgment in determining the level of the allowance is based on evaluations of historical loan losses, current conditions and reasonable and supportable forecasts relevant to the collectability of loans. In addition, management’s estimate of expected credit losses is based on the weighted-average remaining maturity of loans held for investment, and changes in expected prepayment behavior may result in changes in the remaining life of loans and expected credit losses.

The allowance may be affected materially by a variety of qualitative factors that the Company considers to reflect its current judgement of various events and risks that are not measured in our statistical procedures. These qualitative risk factors include: (1) lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices; (2) changes in the value of underlying collateral for collateral dependent loans; (3) nature and volume of the portfolio and terms of loans; (4) volume and severity of past due, classified and nonaccrual loans as well as loan modifications; (5) existence and effect of any concentrations of credit and changes in the level of such concentrations; (6) experience, ability, and depth of lending department management and other relevant staff; (7) quality of loan review and board of directors oversight; (8) the effect of other external factors such as competition, legal and regulatory requirements; and (9) changes in national and local economic conditions related to unemployment, house price index, and gross domestic product. This evaluation is inherently subjective because it requires estimates that are susceptible to significant revision as more information becomes available. In evaluating the level of the allowance, we consider a range of possible assumptions and outcomes related to the various factors identified above. The level of the allowance is particularly sensitive to changes in the actual and forecasted probability of default of benchmarked banks and changes in current conditions or reasonably expected future conditions affecting the collectability of loans.

Changes in the Wisconsin unemployment rate, the Wisconsin annual housing price index and the Wisconsin annual gross domestic product could have a material impact on the model’s estimation of the allowance for credit losses. Marathon Bank’s methodology for maintaining its allowance for credit losses includes various levels within each of the aforementioned criteria. Set forth below is a hypothetical change to the next level within Marathon Bank’s allowance calculation. Changing these levels as of December 31, 2025, from those actually used on December 31, 2025 to the next highest or lowest level resulted in an increase in Marathon Bank’s allowance for credit losses of $182,000, or 10.9%.



As of December 31, 2025

Historical Actual	Hypothetical Change

Wisconsin Unemployment (2.4%-3.0%)		3.0%-3.6%
Wisconsin Annual Housing Price Index (4.6%-6.5%)		1.8%-4.6%
Wisconsin Annual Gross Domestic Product (2.5%-4.0%)		(-6.1%)-2.5%

Table of Contents Although we believe that we use the best information available to establish the allowance for credit losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluation. In addition, the FDIC and the WDFI, as an integral part of their examination process, periodically review our allowance for credit losses, and as a result of such reviews, we may have to adjust our allowance for credit losses. However, regulatory agencies are not directly involved in establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management. A large loss could deplete the allowance and require increased provisions to replenish the allowance, which would adversely affect earnings.

Provision for Income Taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

We recognize the tax effects from an uncertain tax position in the financial statements only if the position is more likely than not to be sustained on audit, based on the technical merits of the position. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized, upon ultimate settlement with the relevant tax authority. We recognize interest and penalties accrued or released related to uncertain tax positions in current income tax expense or benefit.

Allowance for Credit Losses-Available for Sale Debt Securities. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through a provision for credit losses. For debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income.

Allowance for Credit Losses-Held-to-Maturity Debt Securities. Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security group and any other risk characteristics used to segment the portfolio. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

Foreclosed Assets. Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from foreclosed assets.

Table of Contents Comparison of Financial Condition at December 31, 2025 and June 30, 2025

Total Assets. Total assets increased $9.2 million, or 3.8%, to $248.0 million at December 31, 2025, from $238.8 million at June 30, 2025. The increase was primarily due to an increase in loans, net of $11.1 million, or 5.5%, which was offset by decreases in debt securities available for sale and cash and cash equivalents of $1.1 million and $728,000, respectively. The remaining asset categories showed no significant changes when comparing December 31, 2025 with June 30, 2025.

Cash and Cash Equivalents. Total cash and cash equivalents decreased $728,000, or 5.1%, to $13.7 million at December 31, 2025, from $14.4 million at June 30, 2025, primarily due to an increase in loans, net of $11.1 million, or 5.5%. This increase was primarily offset by new borrowings of $4.0 million, or 26.7%, an increase in deposits of $3.1 million, or 1.8%, and a decrease in debt securities available for sale of $1.1 million, or 21.9%.

Debt Securities Available for Sale. Total debt securities available for sale decreased by $1.1 million, or 21.9%, to $4.1 million at December 31, 2025 due to $1.1 million of debt securities available for sale maturing or being called during the six months ended December 31, 2025.

Loans. Gross loans increased $11.1 million, or 5.5%, to $213.7 million at December 31, 2025, from $202.6 million at June 30, 2025. The increase was primarily due to an increase in one-to-four-family residential loans of $7.7 million, or 13.6%, and an increase in multi-family real estate loans of $3.9 million, or 8.1%. The increase in multi-family real estate loans and one-to-four-family residential loans was due to a strategic decision to grow both of these portfolios. The remaining categories of loans showed no substantial changes.

The following table presents the commercial real estate portfolio by industry sector at December 31, 2025 and June 30, 2025.


	Loans by Industry Sector					Loans by Industry Sector
	At December 31,			Percentage of		At June 30,			Percentage of
	2025			Total		2025			Total
	(Dollars in thousands)					(Dollars in thousands)
Commercial real estate loans:
Owner occupied real estate:
Office	$	1,175		%	1.29	$	1,212		%	1.32
Warehouse		966			1.06		990			1.08
Retail		1,389			1.53		1,576			1.72
Accommodation and food service		131			0.14		145			0.16
Mixed use		1,839			2.02		1,881			2.05
Other real estate		501			0.55		286			0.31
Total owner occupied real estate		6,001			6.61		6,090			6.63

Non-owner occupied real estate:
Office		6,802			7.49		6,934			7.55
Warehouse		583			0.64		1,539			1.68
Industrial		24,101			26.54		25,022			27.24
Retail		42,474			46.77		41,201			44.85
Accommodation and food service		7,586			8.35		7,657			8.33
Mixed use		1,599			1.76		1,612			1.75
Land		1,673			1.84		1,725			1.88
Other real estate		-			-		87			0.09
Total non-owner occupied real estate		84,818			93.39		85,777			93.37

Total commercial real estate loans	$	90,819		%	100.00	$	91,867		%	100.00

Table of Contents

Foreclosed Assets. Foreclosed assets, net remained unchanged at $996,000 when comparing December 31, 2025 with June 30, 2025.

Deposits. Total deposits increased by $3.1 million, or 1.8%, to $178.4 million at December 31, 2025, from $175.2 million at June 30, 2025 primarily due to an increase in demand, NOW and money market deposits of $6.0 million, or 12.6%. This increase was offset by a decrease in certificates of deposit balances of $1.8 million, or 2.7%, and a decrease in non-interest-bearing demand deposits of $1.1 million, or 4.7%. Savings deposits showed no significant changes when comparing the two dates. The increase in demand, NOW and money market deposits was due to the Company’s increased focus on relationship management by obtaining customers’ deposit balances when granting loans to new customers. The decrease in certificates of deposit balances was related to customer funds being transferred to higher yielding certificate of deposit specials being offered by our competitors. The decrease in non-interest-bearing demand deposits was due to a combination of seasonal business cash management and increased consumer spending.

Federal Home Loan Bank (FHLB) Advances. FHLB advances increased by $4.0 million to $19.0 million at December 31, 2025 due to a new borrowing during the six months ended December 31, 2025.

Stockholders’ Equity. Total stockholders’ equity increased by $1.2 million to $46.9 million when comparing December 31, 2025 with June 30, 2025 primarily due to net income of $946,000.

Table of Contents Average Balance Sheets

The following tables set forth average balances, 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. Non-accrual loans, if applicable, are included in the computation of 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, as applicable. Loan balances include loans held for sale.


		For the Three Months Ended December 31,
		2025								2024
		Average						Average		Average						Average
		Outstanding						Yield/Rate		Outstanding						Yield/Rate
		Balance			Interest			(1)		Balance			Interest			(1)
		(Dollars in thousands)
Interest-earning assets:
Loans		$	207,203		$	2,757		5.38	%	$	175,651		$	2,038		4.68	%
Debt securities			4,611			31		2.69	%		6,913			45		2.61	%
Cash and cash equivalents			12,919			135		4.21	%		13,764			159		4.66	%
Other			1,329			28		8.31	%		1,329			25		7.67	%
Total interest-earning assets			226,062			2,951		5.28	%		197,657			2,267		4.63	%
Noninterest-earning assets			18,943								18,684
Total assets		$	245,005							$	216,341
Interest-bearing liabilities:
Demand, NOW and money market deposits		$	55,144			220		1.59	%	$	44,803			163		1.45	%
Savings deposits			37,866			14		0.15	%		38,102			14		0.15	%
Certificates of deposit			65,722			518		3.16	%		68,314			587		3.45	%
Total interest-bearing deposits			158,732			752		1.89	%		151,219			764		2.02	%
FHLB advances and other borrowings			15,086			141		3.76	%		10,000			97		3.90	%
Total interest-bearing liabilities			173,818			893		2.05	%		161,219			861		2.14	%
Non-interest bearing demand deposits			29,634								22,824
Other non-interest bearing liabilities			3,301								2,563
Total liabilities			206,753								186,606
Total stockholders' equity			38,252								29,735
Total liabilities and stockholders' equity		$	245,005							$	216,341
Net interest income					$	2,058							$	1,406
Net interest rate spread (2)								3.23	%							2.49	%
Net interest-earning assets (3)		$	52,244							$	36,438
Net interest margin (4)								3.66	%							2.85	%
Average interest-earning assets to interest-bearing liabilities			130.06	%							122.60	%

(1)	Annualized.
---	---
(2)	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.
---	---
(3)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
---	---
(4)	Net interest margin represents net interest income divided by average total interest-earning assets.
---	---

Table of Contents


		For the Six Months Ended December 31,
		2025								2024
		Average						Average		Average						Average
		Outstanding						Yield/Rate		Outstanding						Yield/Rate
		Balance			Interest			(1)		Balance			Interest			(1)
		(Dollars in thousands)
Interest-earning assets:
Loans		$	204,534		$	5,378		5.28	%	$	177,682		$	4,114		4.65	%
Debt securities			5,142			88		3.42	%		6,996			91		2.60	%
Cash and cash equivalents			14,372			307		4.27	%		12,804			320		5.02	%
Other			1,329			53		8.22	%		1,329			54		8.22	%
Total interest-earning assets			225,377			5,826		5.19	%		198,811			4,579		4.62	%
Noninterest-earning assets			18,809								19,457
Total assets		$	244,186							$	218,268
Interest-bearing liabilities:
Demand, NOW and money market deposits		$	54,241			450		1.65	%	$	44,630			341		1.52	%
Savings deposits			38,823			28		0.14	%		38,524			28		0.14	%
Certificates of deposit			65,830			1,056		3.21	%		68,440			1,166		3.41	%
Total interest-bearing deposits			158,894			1,534		1.92	%		151,594			1,535		2.02	%
FHLB advances and other borrowings			15,043			281		3.74	%		10,823			218		4.04	%
Total interest-bearing liabilities			173,937			1,815		2.08	%		162,417			1,753		2.15	%
Non-interest-bearing demand deposits			29,387								24,157
Other non-interest-bearing liabilities			2,602								2,112
Total liabilities			205,926								188,686
Total stockholders' equity			38,260								29,582
Total liabilities and stockholders' equity		$	244,186							$	218,268
Net interest income					$	4,011							$	2,826
Net interest rate spread (2)								3.11	%							2.47	%
Net interest-earning assets (3)		$	51,440							$	36,394
Net interest margin (4)								3.56	%							2.84	%
Average interest-earning assets to interest-bearing liabilities			129.57	%							122.41	%

(1)	Annualized.
---	---
(2)	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.
---	---
(3)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
---	---
(4)	Net interest margin represents net interest income divided by a verage total interest-earning assets.
---	---

Table of Contents The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume.


		Three Months Ended December 31,									Six Months Ended December 31,
		2025 vs. 2024									2025 vs. 2024
		Increase (Decrease) Due to						Total			Increase (Decrease) Due to						Total
								Increase									Increase
		Volume			Rate			(Decrease)			Volume			Rate			(Decrease)
			(In thousands)									(In thousands)
Interest-earning assets:
Loans		$	369		$	350		$	719		$	623		$	641		$	1,264
Debt securities			(15)			1			(14)			(24)			21			(3)
Cash and cash equivalents			(10)			(14)			(24)			41			(54)			(13)
Other			—			3			3			(1)			—			(1)
Total interest-earning assets			344			340			684			639			608			1,247
Interest-bearing liabilities:
Demand, NOW and money market deposits			37			20			57			73			35			108
Savings deposits			—			—			—			—			—			—
Certificates of deposit			(22)			(47)			(69)			(43)			(66)			(109)
Total interest-bearing deposits			15			(27)			(12)			30			(31)			(1)
FHLB advances and other borrowings			50			(6)			44			85			(22)			63
Total interest-bearing liabilities			65			(33)			32			115			(53)			62
Change in net interest income		$	279		$	373		$	652		$	524		$	661		$	1,185

Comparison of Operating Results for the Three Months Ended December 31, 2025 and 2024

General. Net income was $501,000 for the three months ended December 31, 2025, an increase of $450,000, or 880.7%, from net income of $51,000 for the three months ended December 31, 2024. The increase in net income was primarily attributable to an increase in net interest income of $652,000. This increase was offset by an increase in non-interest expenses of $100,000 and an increase in the provision for income taxes of $87,000.

Interest Income**.** Interest income increased by $683,000, or 35.3%, to $3.0 million for the three months ended December 31, 2025 as compared to $2.3 million for the three months ended December 31, 2024 primarily due to an increase in loan interest income of $719,000.

Loan interest income increased by $719,000, or 26.3%, to $2.8 million for the three months ended December 31, 2025 as compared to $2.0 million for the three months ended December 31, 2024, due to an increase in the average yield on loans and an increase in the average balance of loans. The average yield on the loan portfolio increased by 70 basis points from 4.68% for the three months ended December 31, 2024 to 5.38% for the three months ended December 31, 2025. The average balance of the loan portfolio increased by $31.6 million, or 18.0%, to $207.2 million for the three months ended December 31, 2025 from $175.6 million for the three months ended December 31, 2024. The increase in the average yield on the loan portfolio was the result of higher interest rates on new loan originations. The increase in the average balance of the loan portfolio was primarily related to new loan growth. 45

Table of Contents Debt securities interest income decreased by $14,000, or 30.2%, to $31,000 for the three months ended December 31, 2025 from $45,000 for the three months ended December 31, 2024 due to a decrease in the average balance of debt securities of $2.3 million, which was offset by a slight increase in the average yield on the debt securities portfolio of eight basis points to 2.69% for the three months ended December 31, 2025 from 2.61% for the three months ended December 31, 2024. The decrease in the average balance of debt securities continues to be related to securities calls and paydowns. The increase in the average yield on the debt securities portfolio was primarily due to the change in the mix of the securities portfolio as a result of securities calls and paydowns.

Interest Expense. Interest expense increased $32,000, or 3.7%, to $893,000 for the three months ended December 31, 2025 from $861,000 for the three months ended December 31, 2024, due to an increase of $43,000 in interest paid on FHLB borrowings which was offset by a decrease of $11,000 in interest paid on deposits.

Interest expense on deposits decreased by $11,000, or 1.5%, to $752,000 for the three months ended December 31, 2025 from $763,000 for the three months ended December 31, 2024 due to a decrease in the average rate paid on deposits which was offset by an increase in the average balance of deposits. The average rate paid on deposits decreased by 13 basis points to 1.89% for the three months ended December 31, 2025 from 2.02% for the three months ended December 31, 2024 due to declining interest rates and a shift in customer funds from fixed-rate certificates of deposit into more liquid deposit products with variable rates. The increase in the average balance of deposits was the result of the initiation of new loan relationships which increased the average balances of demand, NOW and money market deposits while the decrease in the average balances of certificate of deposit account balances was related to customer funds being transferred to higher yielding certificate of deposit specials being offered by our competitors.

Interest paid on FHLB borrowings increased $43,000, from $98,000 for the three months ended December 31, 2024 to $141,000 for the three months ended December 31, 2025. The increase in interest paid on borrowings was due to the average balance of FHLB advances increasing by $5.1 million to $15.1 million for the three months ended December 31, 2025 from $10.0 million for the three months ended December 31, 2024. The average rate paid on borrowings decreased slightly from 3.90% for the three months ended December 31, 2024 to 3.76% for the three months ended December 31, 2025 due to a decrease in the federal funds rate.

Net Interest Income. Net interest income increased by $652,000, or 46.4%, to $2.1 million for the three months ended December 31, 2025 from $1.4 million for the three months ended December 31, 2024. Net interest rate spread increased by 74 basis points to 3.23% for the three months ended December 31, 2025 from 2.49% for the three months ended December 31, 2024, reflecting a 65 basis points increase in the average yield on interest-earning assets and a nine basis points decrease in the average interest rate paid on interest-bearing liabilities. The net interest margin increased to 3.66% for the three months ended December 31, 2025 from 2.85% for the three months ended December 31, 2024. The increase in the average yield on interest earning assets for the three months ended December 31, 2025 compared to the three months ended December 31, 2024 was primarily due to an increase in the average yield of all interest-earning asset categories (with the exception of cash and cash equivalents which decreased by 45 basis points due to a drop in the federal funds rate) associated with an increase in the percentage of commercial and multi-family real estate loans making up the total loan portfolio which generally carry higher interest rates than the other categories of loans. Also, the Company has been retaining higher rate mortgages in its one-to-four-family residential loan portfolio. Net interest-earning assets increased by $15.8 million, or 43.3%, to $52.2 million for the three months ended December 31, 2025 from $36.4 million for the three months ended December 31, 2024. 46

Table of Contents

Provision for (Recovery of) Credit Losses. We charge (credit) provisions for (recovery of) credit losses to operations in order to maintain our allowance for credit losses on loans and reserve for unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and expected losses on commitments to grant loans that are expected to be advanced at the consolidated balance sheet date. In determining the level of the allowance for credit losses, we consider our past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions, and the levels of non-performing and other classified loans. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates as more information becomes available or conditions change. We assess the allowance for credit losses on a quarterly basis and make provisions for (recovery of) credit losses in order to maintain the allowance.

Based on our evaluation of the above factors, we recorded a provision for credit losses of $33,000 for the three months ended December 31, 2025 compared to a provision for credit losses of $8,000 for the three months ended December 31, 2024. The increase in provision when comparing the two periods was primarily related to an increase in the loan portfolio for the three months ended December 31, 2025.

The allowance for credit losses was $1.7 million, or 0.80%, of loans outstanding at December 31, 2025 and $1.7 million, or 0.92%, of loans outstanding at December 31, 2024.

To the best of our knowledge, we have recorded our best estimate of expected losses in the loan portfolio and for unfunded commitments at December 31, 2025. In addition, the WDFI and the FDIC, as an integral part of their examination process, will periodically review our allowance for credit losses, and as a result of such reviews, we may have to adjust our allowance for credit losses. However, regulatory agencies are not directly involved in establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.

Non-interest Income. Non-interest income information is as follows.


		Three Months Ended										****
		December 31,						Change				****
		2025			2024			Amount			Percent	****
		(Dollars in thousands)										****
Service charges on deposit accounts		$	34		$	29		$	5		17.2	%
Mortgage banking			66			77			(11)		(14.3)	%
Increase in cash surrender value of BOLI			72			67			5		7.5	%
Other			18			7			11		157.1	%
Total non-interest income		$	190		$	180		$	10		5.6	%

Non-interest income increased slightly by $10,000 to $190,000 for the three months ended December 31, 2025 from $180,000 for the three months ended December 31, 2024. Other income increased by $11,000 as a result of the Company leasing the top floor of its Brookfield branch to new tenants. Mortgage banking income decreased as a result of less mortgage sales during the current three-month period.

Table of Contents

Non-interest Expenses. Non-interest expenses information is as follows.


		Three Months Ended										****
		December 31,						Change				****
		2025			2024			Amount			Percent	****
		(Dollars in thousands)										****
Salaries and employee benefits		$	904		$	835		$	69		8.3	%
Occupancy and equipment			210			210			—		—	%
Data processing and office			27			100			(73)		(73.0)	%
Professional fees			257			185			72		38.9	%
Marketing expenses			22			14			8		57.1	%
Foreclosed assets, net			13			5			8		160.0	%
Other			193			177			16		9.0	%
Total non-interest expenses		$	1,626		$	1,526		$	100		6.6	%

Non-interest expenses were $1.6 million for the three months ended December 31, 2025 and $1.5 million for the three months ended December 31, 2024. The increase was primarily related to an increase in salaries and employee benefits and professional fees which was offset by a decrease in data processing and office expenses. The salaries and employee benefits increase was associated with the new branch we opened in Brookfield, Wisconsin in January 2024. The increase in professional fees was related to timing of various legal expenses while the decrease in data processing and office expenses was related to a new contract with the Company’s core software provider which started in September 2025. This new contract is expected to save the Company approximately $185,000 annually.

Provision for Income Taxes. Income tax expense was $87,000 for the three months ended December 31, 2025, an increase of $85,000, as compared to income tax expense of $2,000 for the three months ended December 31, 2024. The increase in income tax expense was primarily the result of an increase in income before provision for income taxes for the three months ended December 31, 2025 and the higher percentage of non-taxable income making up income before income taxes for the three months ended December 31, 2024.

Comparison of Operating Results for the Six Months Ended December 31, 2025 and 2024

General. Net income was $946,000 for the six months ended December 31, 2025, an increase of $720,000, or 318.4%, from net income of $226,000 for the six months ended December 31, 2024. The increase in net income was primarily attributable to an increase in net interest income of $1.2 million. This increase was offset by a decrease in the recovery of credit losses of $140,000, from a recovery of credit losses of $147,000 for the six months ended December 31, 2024 to a recovery of credit losses of $7,000 for the six months ended December 31, 2025, and an increase in non-interest expenses of $183,000. The provision for income taxes also increased by $148,000.

Interest Income**.** Interest income increased by $1.2 million, or 27.2%, to $5.8 million for the six months ended December 31, 2025 compared to the six months ended December 31, 2024 primarily due to an increase in loan interest income.

Loan interest income increased by $1.3 million, or 30.7%, to $5.4 million for the six months ended December 31, 2025, as compared to $4.1 million for the six months ended December 31, 2024, due to an increase in the average yield on loans and an increase in the average balance of loans. The average yield on the loan portfolio increased by 63 basis points from 4.65% for the six months ended December 31, 2024 to 5.28% for the six months ended December 31, 2025. The average balance of the loan portfolio increased by $26.9 million, or 15.1%, to $204.5 million for the six months ended December 31, 2025 from $177.7 million for the six months ended December 31, 2024. The increase in the average yield on the loan portfolio was the result of higher interest rates on new loan originations. The increase in the average balance of the loan portfolio was primarily related to new loan growth. 48

Table of Contents Debt securities interest income decreased by $3,000, or 3.5%, to $88,000 for the six months ended December 31, 2025 from $91,000 for the six months ended December 31, 2024 due to a decrease of $1.9 million in the average balance of debt securities to $5.1 million for the six months ended December 31, 2025 from $7.0 million for the six months ended December 31, 2024. This decrease was offset by an increase in the average yield on the debt securities portfolio of 82 basis points to 3.42% for the six months ended December 31, 2025 as compared to 2.60% for the six months ended December 31, 2024. The average balance of debt securities continued to decrease as a result of securities calls and paydowns. The increase in the average yield on the debt securities portfolio was due to a $1.0 million floating rate corporate bond that was called in October 2025 that had a coupon rate of 10.17% for the last three months prior to being called. It was purchased in May 2021.

Interest Expense. Interest expense increased $62,000, or 3.5%, to $1.8 million for the six months ended December 31, 2025 from $1.8 million for the six months ended December 31, 2024, due to an increase in interest paid on FHLB borrowings.

Interest expense on deposits remained substantially the same at $1.8 million when comparing the six months ended December 31, 2025 to the six months ended December 31, 2024. The decrease in the average rate paid on deposits was offset by an increase in the average balance of deposits. The average rate paid on deposits decreased by ten basis points to 1.92% for the six months ended December 31, 2025 from 2.02% for the six months ended December 31, 2024 due to declining interest rates and a shift in customer funds from fixed-rate certificates of deposit into more liquid deposit products with variable rates. The increase in the average balance of deposits was the result of the initiation of new loan relationships which increased the average balances of demand, NOW, money market and savings deposit accounts while the decrease in the average balances of certificate of deposit accounts was related to customer funds being transferred to higher yielding certificate of deposit specials being offered by our competitors.

Interest paid on FHLB borrowings increased $63,000, from $218,000 for the six months ended December 31, 2024 to $281,000 for the six months ended December 31, 2025. The increase in interest paid on borrowings was due to the average balance of FHLB advances increasing by $4.2 million to $15.0 million for the six months ended December 31, 2025 from $10.8 million for the six months ended December 31, 2024. The average rate paid on borrowings decreased from 4.04% for the six months ended December 31, 2024 to 3.74% for the six months ended December 31, 2025 due to a decrease in the federal funds rate.

Net Interest Income. Net interest income increased by $1.2 million, or 41.9%, to $4.0 million for the six months ended December 31, 2025 from $2.8 million for the six months ended December 31, 2024. Net interest rate spread increased by 64 basis points to 3.11% for the six months ended December 31, 2025 from 2.47% for the six months ended December 31, 2024, reflecting a 57 basis points increase in the average yield on interest-earning assets and a seven basis points decrease in the average interest rate paid on interest-bearing liabilities. The net interest margin increased to 3.56% for the six months ended December 31, 2025 from 2.84% for the six months ended December 31, 2024. The increase in the average yield on interest earning assets for the six months ended December 31, 2025 compared to the six months ended December 31, 2024 was primarily due to an increase in the average yield of all interest-earning asset categories (with the exception of cash and cash equivalents which decreased by 75 basis points due to a drop in the federal funds rate) was associated with an increase in the percentage of commercial and multi-family real estate loans making up the total loan portfolio which generally carry higher interest rates than the other categories of loans. Also, the Company has been retaining higher rate mortgages in its one-to-four-family residential loan portfolio. Net interest-earning assets increased by $15.0 million, or 41.3%, to $51.4 million for the six months ended December 31, 2025 from $36.4 million for the six months ended December 31, 2024. 49

Table of Contents

Provision for (Recovery of) Credit Losses. We charge (credit) provisions for (recovery of) credit losses to operations in order to maintain our allowance for credit losses on loans and reserve for unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and expected losses on commitments to grant loans that are expected to be advanced at the consolidated balance sheet date. In determining the level of the allowance for credit losses, we consider our past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions, and the levels of non-performing and other classified loans. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates as more information becomes available or conditions change. We assess the allowance for credit losses on a quarterly basis and make provisions for (recovery of) credit losses in order to maintain the allowance.

Based on our evaluation of the above factors, we recorded a recovery of credit losses of $7,000 for the six months ended December 31, 2025 compared to a recovery of credit losses of $147,000 for the six months ended December 31, 2024. The decrease in recovery when comparing the two periods was primarily related to an increase in the loan portfolio for the six months ended December 31, 2025. The recovery continues to be related to the projected future economic conditions in our market area stabilizing over the next two years, an increase in prepayments in both consumer and commercial loans, which was impactful to the weighted average life of the loan portfolio and the continuous recoveries of two legacy charge-offs.

The allowance for credit losses was $1.7 million, or 0.80%, of loans outstanding at December 31, 2025 and $1.7 million, or 0.92%, of loans outstanding at December 31, 2024.

To the best of our knowledge, we have recorded our best estimate of expected losses in the loan portfolio and for unfunded commitments at December 31, 2025. However, future changes in the factors described above, including, but not limited to, actual loss experience with respect to our loan portfolio, could result in material increases in our provision for credit losses. In addition, the WDFI and the FDIC, as an integral part of their examination process, will periodically review our allowance for credit losses, and as a result of such reviews, we may have to adjust our allowance for credit losses. However, regulatory agencies are not directly involved in establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.

Non-interest Income. Non-interest income information is as follows.


		Six Months Ended										****
		December 31,						Change				****
		2025			2024			Amount			Percent	****
	****	(Dollars in thousands)
Service charges on deposit accounts		$	67		$	61		$	6		9.84	%
Mortgage banking			147			165			(18)		(10.9)	%
Increase in cash surrender value of BOLI			142			134			8		6.0	%
Other			24			14			10		71.43	%
Total non-interest income		$	380		$	374		$	6		1.60	%

Non-interest income increased slightly by $6,000 to $380,000 for the six months ended December 31, 2025 from $374,000 for the six months ended December 31, 2024. Other income increased by $10,000 as a result of the Company leasing the top floor of its Brookfield branch to new tenants. Mortgage banking income decreased as a result of less mortgage sales during the current six-month period.

Table of Contents

Non-interest Expenses. Non-interest expenses information is as follows.


		Six Months Ended										****
		December 31,						Change				****
		2025			2024			Amount			Percent	****
	****	(Dollars in thousands)
Salaries and employee benefits		$	1,802		$	1,670		$	132		7.9	%
Occupancy and equipment			426			451			(25)		(5.5)	%
Data processing and office			126			214			(88)		(41.1)	%
Professional fees			450			341			109		32.0	%
Marketing expenses			43			29			14		48.3	%
Foreclosed assets, net			30			23			7		(37.8)	%
Other			385			351			34		9.7	%
Total non-interest expenses		$	3,262		$	3,079		$	183		5.9	%

Non-interest expenses were $3.3 million for the six months ended December 31, 2025 compared to $3.1 million for the six months ended December 31, 2024. The increase was primarily related to an increase in salaries and employee benefits and professional fees which was offset by a decrease in data processing and office expenses. The salaries and employee benefits increase was associated with the new branch we opened in Brookfield, Wisconsin in January 2024. The increase in professional fees was related to timing of various legal expenses while the decrease in data processing and office expenses was related to a new contract with the Company’s core software provider which started in September 2025. This new contract is expected to save the Company approximately $185,000 annually.

Provision for Income Taxes. Income tax expense was $190,000 for the six months ended December 31, 2025, an increase of $148,000, as compared to income tax expense of $42,000 for the six months ended December 31, 2024. The increase in income tax expense was primarily the result of an increase in income before provision for income taxes during the six months ended December 31, 2025. The effective tax rate for the six months ended December 31, 2025 and 2024 was 16.75% and 15.71%, respectively.

Asset Quality

Loans Past Due and Non-Performing Assets. Loans are reviewed on a regular basis. Non-accrual loans are loans for which collectability is questionable and, therefore, interest on such loans will no longer be recognized on an accrual basis. All loans that become 90 days or more delinquent are placed on non-accrual status unless the loan is well secured and in the process of collection. When loans are placed on non-accrual status, unpaid accrued interest is fully reversed, and further income is recognized only to the extent received on a cash basis or cost recovery method.

When we acquire real estate as a result of foreclosure, the real estate is classified as real estate owned. Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from foreclosed assets. Costs relating to the development and improvement of the property, however, are capitalized to the extent of estimated fair value less estimated costs to sell. 51

Table of Contents

Delinquent Loans. The following table sets forth our loan delinquencies, including non-accrual loans, by type and amount at the dates indicated.


		At December 31, 2025								At June 30, 2025
		30-59			60-89			90 Days					30-59			60-89			90 Days			****
		Days			Days			or More		Nonaccrual			Days			Days			or More			Nonaccrual
		Past Due			Past Due			Past Due		Balance			Past Due			Past Due			Past Due			Balance
		(In thousands)
Real estate loans:
One- to- four-family residential		$	24		$	—		$	—	$	190		$	253		$	—		$	—		$	67
Multifamily			—			—			—		—			—			—			—			—
Commercial			—			—			—		—			—			—			—			—
Construction			—			—			—		—			—			—			—			—
Commercial and industrial			—			—			—		—			—			—			—			—
Consumer			—			—			—		—			—			—			—			—
Total		$	24		$	—		$	—	$	190		$	253		$	—		$	—		$	67

Non-Performing Assets. The following table sets forth information regarding our non-performing assets.


		At December 31,			At June 30,
		2025			2025
		(Dollars in thousands)
Non-accrual loans:
Real estate loans:
One- to four-family residential		$	190		$	67
Multifamily			—			—
Commercial			—			—
Construction			—			—
Commercial and industrial			—			—
Consumer			—			—
Total non-accrual loans			190			67
Accruing loans past due 90 days or more			—			—
Real estate owned:
One- to four-family residential			—			—
Multifamily			—			—
Commercial			—			—
Construction			996			996
Commercial and industrial			—			—
Consumer			—			—
Total real estate owned			996			996
Total non-performing assets		$	1,186		$	1,063
Total non-performing loans to total loans			0.09	%		0.03	%
Total non-performing loans to total assets			0.08	%		0.03	%
Total non-performing assets to total assets			0.48	%		0.45	%

Table of Contents Non-performing assets include other real estate owned of $996,000 at December 31, 2025 and June 30, 2025. During the year ended June 30, 2023, the Company foreclosed on collateral supporting a construction loan which was valued at $2.3 million and was included in foreclosed assets (OREO), net. The valuation was based on independent appraisals subject to certain discounts less estimated costs to sell. A subsequent independent appraisal was obtained in April 2024 subject to certain discounts less estimated costs to sell. After adjusting for estimated costs to sell, the revised valuation was $1.4 million resulting in a provision for valuation allowance of $937,100 being recorded during the year ended June 30, 2024. An offer to sell the property for $1.1 million was accepted by the Company in August 2025 resulting in a provision for valuation allowance of $378,767 being recorded during the year ended June 30, 2025. The sale contract was terminated during the current quarter and the Company has relisted the property for $1.5 million. Non-performing loans at December 31, 2025 consisted of two one-to four-family residential loans that were fully secured compared to one one-to four-family residential loan that was fully secured at June 30, 2025.

Classified Assets. Federal regulations provide for the classification of loans and other assets, such as debt and equity securities considered to be of lesser quality, as “substandard,” “doubtful” or “loss.” An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard,” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of an allowance for credit loss is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are designated as “special mention” or “watch” by our management.

Set forth below is a schedule of classified loans as of December 31, 2025 and June 30, 2025.


		December 31,		June 30,
		2025		2025
	(In thousands)
Classification of Loans:
Substandard	$	—	$	—
Doubtful		—		—
Loss		—		—
Total Classified Assets	$	—	$	—
Special Mention/Watch	$	653	$	1,151

Allowance for Credit Losses

Allowance for Credit Losses. We establish the allowance for credit losses through charges (credits) to earnings in the form of a provision for (recovery of) credit losses. Credit losses are charged against the allowance for credit losses for the difference between the carrying value of the loan and the estimated net realizable value or fair value of the collateral, if collateral dependent, when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance.

Table of Contents Management’s judgment in determining the level of the allowance is based on evaluations of historical loan losses, current conditions and reasonable and supportable forecasts relevant to the collectability of loans. In addition, management’s estimate of expected credit losses is based on the weighted-average remaining maturity of loans held for investment, and changes in expected prepayment behavior may result in changes in the remaining life of loans and expected credit losses.

Although we believe that we use the best information available to establish the allowance for credit losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluation. In addition, the FDIC and the WDFI, as an integral part of their examination process, periodically review our allowance for credit losses, and as a result of such reviews, we may have to adjust our allowance for credit losses. However, regulatory agencies are not directly involved in establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management. A large loss could deplete the allowance and require increased provisions to replenish the allowance, which would adversely affect earnings. 54

Table of Contents The following table sets forth activity in our allowance for credit losses for the periods indicated.


	For the Three Months Ended						For the Six Months Ended
	December 31,						December 31,
	2025			2024			2025			2024
	(Dollars in thousands)						(Dollars in thousands)
Allowance at beginning of period	$	1,669		$	1,642		$	1,708		$	1,797
Provision for (recovery of) credit losses		33			8			(7)			(147)
Charge offs:
Real estate loans:
One- to four-family residential		—			—			—			—
Multifamily		—			—			—			—
Commercial		—			—			—			—
Construction		—			—			—			—
Commercial loans and industrial		—			—			—			—
Consumer		—			—			—			—
Total charge-offs		—			—			—			—
Recoveries:
Real estate loans:
One- to four-family residential		—			—			—			—
Multifamily		—			—			—			—
Commercial		—			—			—			—
Construction		—			—			—			—
Commercial and industrial		—			—			—			—
Consumer		1			1			2			1
Total recoveries		1			1			2			1
Net (charge-offs) recoveries		1			1			2			1
Allowance at end of period	$	1,703		$	1,651		$	1,703		$	1,651
Allowance to non-performing loans		896.32	%		—	%		896.32	%		—	%
Allowance to total loans outstanding at the end of the period		0.80	%		0.92	%		0.80	%		0.92	%
Net (charge-offs) recoveries to average loans outstanding during the period		0.00	%		0.00	%		0.00	%		0.00	%

Net (charge-offs) recoveries to average loans outstanding during the period

Real estate loans:
One- to four-family residential		—	%		—	%		—	%		—	%
Multifamily		—	%		—	%		—	%		—	%
Commercial		—	%		—	%		—	%		—	%
Construction		—	%		—	%		—	%		—	%
Commercial and industrial		—	%		—	%		—	%		—	%
Consumer		—	%		—	%		—	%		—	%
Net (charge-offs) recoveries to average loans outstanding during the period		0.00	%		0.00	%		0.00	%		0.00	%

Table of Contents

Allocation of Allowance for Credit Losses. The following table sets forth the allowance for credit losses allocated by loan category and the percent of the allowance in each category to the total allocated allowance at the dates indicated. The allowance for credit losses allocated to each category is not necessarily indicative of future losses in any particular category and does not restrict the use of the allowance to absorb losses in other categories.


		At December 31, 2025							At June 30, 2025
													****
					Percent of		Percent of Loans					Percent of		Percent of Loans
					Allowance to		In Category to Total					Allowance to		In Category to Total
		Amount			Total Allowance		Loans		Amount			Total Allowance		Loans
		(Dollars in thousands)
Commercial real estate		$	367		21.6	%	42.5	%	$	390		22.8	%	45.4	%
Commercial and industrial			10		0.6	%	1.7	%		11		0.6	%	1.9	%
Construction			1		0.1	%	0.4	%		4		0.2	%	0.4	%
One-to-four-family residential			1,100		64.6	%	29.9	%		1,123		65.7	%	27.8	%
Multi-family real estate			207		12.2	%	24.2	%		171		10.0	%	23.6	%
Consumer			18		1.1	%	1.3	%		9		0.5	%	0.9	%
Total		$	1,703		100	%	100	%	$	1,708		100.0	%	100.0	%

Liquidity and Capital Resources

Liquidity describes our ability to meet the 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, proceeds from the sale of loans, and proceeds from maturities of securities. We also have the ability to borrow from the Federal Home Loan Bank of Chicago. At December 31, 2025, we had a $85.9 million line of credit with the Federal Home Loan Bank of Chicago, which had $19.0 million in borrowings outstanding as of that date. The Bank also has $16.5 million available to borrow from the Federal Reserve Bank which is pledged by multi-family loans and an unsecured Federal Funds purchasing limit of $5.0 million with the Bank’s correspondent bank. There were no borrowings under these arrangements at December 31, 2025.

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

Our cash flows are comprised of three primary classifications: cash flows from operating activities, investing activities, and financing activities. Net cash provided by operating activities was $1.9 million and $1.1 million of cash provided by operating activities for the six months ended December 31, 2025 and 2024, respectively. Net cash provided by (used in) investing activities, which consists primarily of disbursements for loan origination, the purchase of securities, and the purchase of premises and equipment offset by principal collections on loans, proceeds from the sale of securities and proceeds from maturing securities and pay downs on securities, was $9.8 million used in investing activities compared to $7.2 million provided by investing activities for the six months ended December 31, 2025 and 2024, respectively. Net cash provided by (used in) financing activities, consisting of activity in deposit accounts and borrowings, was $7.1 million provided by financing activities compared to $2.6 million being used in financing activities for the six months ended December 31, 2025 and 2024, respectively.

We are committed to maintaining a strong liquidity position. We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. Based on our deposit retention experience, current pricing strategy and regulatory restrictions, we anticipate that a substantial portion of maturing time deposits will be retained, and that we can supplement our funding with borrowings in the event that we allow these deposits to run off at maturity.

At December 31, 2025, Marathon Bank was classified as “well capitalized” for regulatory capital purposes. See Note 10-Minimum Regulatory Capital Requirements in the accompanying consolidated financial statements for additional information. 56

Table of Contents Off-Balance Sheet Arrangements and Aggregate Contractual Obligations

Commitments. As a financial services provider, we routinely are a party to various financial instruments with off-balance-sheet risks, such as commitments to extend credit and unused lines of credit. While these contractual obligations represent our future cash requirements, a significant portion of commitments to extend credit may expire without being drawn upon. Such commitments are subject to the same credit policies and approval process accorded to loans we make. At December 31, 2025, we had outstanding commitments to originate loans of $4.7 million, and no outstanding commitments to sell loans. We anticipate that we will have sufficient funds available to meet our current lending commitments. Time deposits that are scheduled to mature in one year or less from December 31, 2025 totaled $43.6 million, which include $2.3 million in brokered certificates of deposit. Management expects that a substantial portion of the maturing time deposits will be renewed. However, if a substantial portion of these deposits is not retained, we may utilize additional Federal Home Loan Bank advances or other borrowings, which may result in higher levels of interest expense.

Contractual Obligations. In the ordinary course of our operations, we enter into certain contractual obligations. Such obligations include data processing services, operating leases for premises and equipment, agreements with respect to borrowed funds and deposit liabilities.

Recent Accounting Pronouncements

Please refer to Note 1 to the consolidated financial statements for a description of recent accounting pronouncements that may affect our financial condition and results of operations.

Impact of Inflation and Changing Price

The financial statements and related data presented herein have been prepared in accordance with U.S. GAAP, which requires 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 of 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.

Table of Contents Item 3. Quantitative and Qualitative Disclosure about Market Risk

A smaller reporting company is not required to provide the information related to this item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are the controls and other procedures that are designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must necessarily reflect the fact that there are resource constraints and that management is required to apply its judgement in evaluating the benefits of possible controls and procedures relative to their costs.

Under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer , the Company has evaluated the effectiveness of the Company’s disclosure controls and procedures as defined in Rules 13a-15 and 15d-15(e) under the Exchange Act as of December 31, 2025. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2025, the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the second quarter of the fiscal year ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Table of Contents PART II. OTHER INFORMATION

Item 1. Legal Proceedings

As of December 31, 2025, the Company is not currently a named party in a legal proceeding, the outcome of which would have a material effect on the financial condition or results of operations of the Company.

Item 1A. Risk Factors

A smaller reporting company is not required to provide the information related to this item.

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

None.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the second fiscal quarter of 2026, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as that term is used in SEC regulations.

Table of Contents Item 6. Exhibits

Exhibit No.		Description
31.1		Rule 13a-14(a) / 15d-14(a) Certification of the Chief Executive Officer
31.2		Rule 13a-14(a) / 15d-14(a) Certification of the Chief Financial Officer
32.1		Section 1350 Certification of the Chief Executive Officer
32.2		Section 1350-Certification of the Chief Financial Officer
101		The following materials from Marathon Bancorp, Inc. Form 10-Q for the three and six months ended December 31, 2025 and 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Statements of Income, (ii) the Consolidated Balance Sheets, (iii) Consolidated Statements of Cash Flows, and (iv) related notes
104		Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

Table of Contents 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.


	Marathon Bancorp, Inc.

Date: February 11, 2026	By:	/s/ Nicholas W. Zillges
		Nicholas W. Zillges
		President and Chief Executive
		Officer (Principal Executive Officer)

Date: February 11, 2026	By:	/s/ Joy Selting-Buchberger
		Joy Selting-Buchberger
		Senior Vice President and Chief
		Financial Officer (Principal
		Financial and Accounting Officer)

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, Nicholas W. Zillges, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Marathon Bancorp, Inc.;

2. 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;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the consolidated financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant have:

(a) 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;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) 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

(d) 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

5. The registrant's other certifying officer 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):

(a) 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

(b) 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: February 11, 2026		By:	/s/ Nicholas W. Zillges
			Nicholas W. Zillges
			President and Chief Executive Officer
			(Principal Executive Officer)

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, Joy Selting-Buchberger , certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Marathon Bancorp, Inc.;

(b) 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: February 11, 2026	By:	/s/ Joy Selting-Buchberger
		Joy Selting-Buchberger
		Senior Vice President and Chief
		Financial Officer (Principal
		Financial and Accounting Officer)

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 on Form 10-Q of Marathon Bancorp, Inc. (the “Company”) for the quarter ended December 31, 2025 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
---	---


Date: February 11, 2026	By:	/s/ Nicholas W. Zillges
		Nicholas W. Zillges
		President and Chief Executive Officer
		(Principal Executive Officer)

**** 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

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
---	---


Date: February 11, 2026	By:	/s/ Joy Selting-Buchberger
		Joy Selting-Buchberger
		Senior Vice President and Chief
		Financial Officer (Principal Financial
		and Accounting Officer)