# EDGAR Filing Document

**Accession Number:** 0001979332
**File Stem:** 0001193125-26-275962
**Filing Date:** 2026-6
**Character Count:** 397209
**Document Hash:** 5f3ed5f4abb57f43a83ac79ce161c2ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-275962.hdr.sgml**: 20260618

**ACCESSION NUMBER**: 0001193125-26-275962

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 114

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260618

**DATE AS OF CHANGE**: 20260618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Central Plains Bancshares, Inc.
- **CENTRAL INDEX KEY:** 0001979332
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41844
- **FILM NUMBER:** 261103236

**BUSINESS ADDRESS:**
- **STREET 1:** 221 SOUTH LOCUST STREET
- **CITY:** GRAND ISLAND
- **STATE:** NE
- **ZIP:** 68801
- **BUSINESS PHONE:** 308-382-4000

**MAIL ADDRESS:**
- **STREET 1:** 221 SOUTH LOCUST STREET
- **CITY:** GRAND ISLAND
- **STATE:** NE
- **ZIP:** 68801

?xml version='1.0' encoding='ASCII'? 10-K

[**<u>**Table of Contents**</u>**](#toc_page)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-K

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

**For the fiscal year ended** March 31**,** 2026

**OR** 

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

**Commission File Number:** 001-41844

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Central Plains Bancshares, Inc.

(Exact Name of Registrant as Specified in its Charter)

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

---

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

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 share | CPBI | NASDAQ Capital Market |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

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

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

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

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

---

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The aggregate market value of the Registrant's voting common stock held by non-affiliates based on the closing price of the common stock on September 30, 2025 was $57.0 million.

As of June 18, 2026, there were 4,182,777 shares outstanding of the registrant's common stock.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K.

Auditor Name: Plante & Moran, PLLC Auditor Location: Chicago, Illinois Auditor Firm ID: 166

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[**<u>**Table of Contents**</u>**](#toc_page)

**Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I** |  |  |
| &nbsp;&nbsp;&nbsp;Item 1. | [<u>Business</u>](#item_1_business) | 1 |
| &nbsp;&nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors_1) | 23 |
| &nbsp;&nbsp;&nbsp;Item 1B. | [<u>Unresolved Staff Comments</u>](#item_1b_unresolved_staff_comments) | 32 |
| &nbsp;&nbsp;&nbsp;Item 1C. | [<u>Cybersecurity</u>](#item_1c_cybersecurity) | 33 |
| &nbsp;&nbsp;&nbsp;Item 2. | [<u>Properties</u>](#item_2_properties) | 35 |
| &nbsp;&nbsp;&nbsp;Item 3. | [<u>Legal Proceedings</u>](#item_3_legal_proceedings) | 35 |
| &nbsp;&nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures_1) | 35 |
| **PART II** |  |  |
| &nbsp;&nbsp;&nbsp;Item 5. | [<u>Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</u>](#item_5_market_for_registrants_common) | 36 |
| &nbsp;&nbsp;&nbsp;Item 6. | [<u>\[Reserved\]</u>](#item_6_reserved) | 36 |
| &nbsp;&nbsp;&nbsp;Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#mda) | 37 |
| &nbsp;&nbsp;&nbsp;Item 7A. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative_and_qualitative) | 47 |
| &nbsp;&nbsp;&nbsp;Item 8. | [<u>Financial Statements and Supplementary Data</u>](#item_8_financial_statements) | 47 |
| &nbsp;&nbsp;&nbsp;Item 9. | [<u>Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</u>](#item_9_changes_in_and_disagreements) | 47 |
| &nbsp;&nbsp;&nbsp;Item 9A. | [<u>Controls and Procedures</u>](#item_9a_controls_and_procedures) | 47 |
| &nbsp;&nbsp;&nbsp;Item 9B. | [<u>Other Information</u>](#item_9b_other_information) | &nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;Item 9C. | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#item_9c_disclosure_regarding_foreign) | 47 |
| **PART III** |  |  |
| &nbsp;&nbsp;&nbsp;Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#item_10_directors_executive_officers) | 48 |
| &nbsp;&nbsp;&nbsp;Item 11. | [<u>Executive Compensation</u>](#item_11_executive_compensation) | 48 |
| &nbsp;&nbsp;&nbsp;Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#item_12_security_ownership) | 48 |
| &nbsp;&nbsp;&nbsp;Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item_13_certain_relationships) | 48 |
| &nbsp;&nbsp;&nbsp;Item 14. | [<u>Principal Accounting Fees and Services</u>](#item_14_principal_accounting_fees) | 48 |
| **PART IV** |  |  |
| &nbsp;&nbsp;&nbsp;Item 15. | [<u>Exhibits, Financial Statement Schedules</u>](#item_15_exhibits_financial_statement) | 49 |
| &nbsp;&nbsp;&nbsp;Item 16. | [<u>Form 10-K Summary</u>](#item_16_form_10_k_summary) | 49 |
|  | [<u>Index to Consolidated Financial Statements</u>](#index_to_consolidated_financial_statemen) | 50 |
| &nbsp;&nbsp;&nbsp;Item 17. | [<u>Consolidated Financial Statements</u>](#consolidated_statements_of_financial_con) | 52 |
|  | [<u>Signatures</u>](#signatures) | 86 |

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**FORWARD-LOOKING STATEMENTS**

This Annual Report on Form 10-K contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect," "will," "may" and words of similar meaning. These forward-looking statements include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•statements of our goals, intentions and expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•statements regarding our business plans, prospects, growth and operating strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•statements regarding the asset quality of our loan and investment portfolios; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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. Except as may be required by law, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic conditions, including any recessionary conditions and/or increases in unemployment, either nationally or in our market areas, that are worse than expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to access cost-effective funding and to maintain adequate liquidity, primarily through deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fluctuations in real estate values and in the conditions of the residential real estate, commercial real estate, and agricultural real estate markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•demand for loans, deposits and non-banking services in our market area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to implement and change our business strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•competition among depository and other financial institutions, including with respect to our ability to charge overdraft fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and will make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse changes in the securities markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in laws or government regulations or policies affecting financial institutions and/or their holding companies, including changes in regulatory fees, capital requirements and insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the quality or composition of our loan or investment portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•technological changes that may be more difficult or expensive than expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the inability of third-party providers to perform as expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a failure or breach of our operational or information security systems or infrastructure, including cyberattacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to manage market risk, credit risk and operational risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to enter new markets successfully and capitalize on growth opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in consumer spending, borrowing and savings habits;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in accounting and/or tax estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effects of any national or global conflict, war or act of terrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the U.S. Government to remain open, function properly and manage federal debt limits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our compensation expense associated with equity allocated or awarded to our directors and/or employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to attract and retain key employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Please also see "Item 1A. Risk Factors."

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**PART I**

**Item 1. Business.**

**Central Plains Bancshares, Inc.**

Central Plains Bancshares, Inc. (the "Company" or "Central Plains Bancshares") is a Maryland corporation and owns 100% of the outstanding common stock of Home Federal Savings and Loan Association of Grand Island ("Home Federal Savings"). On October 19, 2023, we completed our initial public offering of common stock in connection with the mutual-to-stock conversion of Home Federal Savings*.* The Company sold 4,130,815 shares of common stock at $10.00 per share in its subscription offering for gross proceeds of approximately $41.3 million. Since the completion of our initial public offering, we have not engaged in any significant business activity other than owning the common stock of and having savings deposits in Home Federal Savings. At March 31, 2026, we had consolidated assets of $558.6 million, consolidated deposits of $460.4 million and consolidated stockholders' equity of $89.0 million.

Our principal executive offices are located at 221 South Locust Street, Grand Island, Nebraska 68801, where our main administrative functions are conducted. Our telephone number at that address is (308) 382-4000.

**Home Federal Savings**

Originally chartered in 1935, Home Federal Savings, which operates under the name "Home Federal Bank," is a federally-chartered stock savings association headquartered in Grand Island, Nebraska. Our main office is located at 221 South Locust Street, Grand Island, Nebraska 68801, and our telephone number at that address is (308) 382-4000. Our website address is www.homefederalne.bank*.* Information on our website is not incorporated into this annual report and should not be considered part of this annual report.

**Available Information**

Central Plains Bancshares, Inc. is a public company, and files current, quarterly and annual reports with the Securities and Exchange Commission. These reports and any amendments to these reports are available for free on our website, www.homefederalne.bank as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission. Information on our website should not be considered a part of this Annual Report on Form 10-K. The Securities and Exchange Commission maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC (http://www.sec.gov).

**General**

We conduct our operations from our main office in Grand Island, Nebraska, eight branch offices located in Grand Island, Hastings, Holdrege, Lexington, Lincoln and Superior, Nebraska, and a drive-up facility in Grand Island, Nebraska. We consider our primary market area for deposit gathering to be the Nebraska counties of Adams, Dawson, Hall, Lancaster, Nuckolls and Phelps.

Our business consists primarily of accepting deposits from the general public and investing those deposits, together with funds generated from operations, in one- to four-family residential mortgage loans secured by properties located in our primary market area, as well as commercial real estate loans. To a lesser extent, we also originate commercial non-real estate loans, multi-family residential real estate loans, construction and land development loans, agricultural real estate and non-real estate loans and consumer loans. We offer a variety of deposit accounts including checking accounts, savings accounts and certificate of deposit accounts. In addition, we offer electronic banking services including mobile banking, on-line banking and bill pay, and electronic funds transfer via Zelle<sup>®</sup>. We have not needed to use significant levels of borrowings to fund our operations in recent years.

Home Federal Savings is subject to comprehensive regulation and examination by the Office of the Comptroller of the Currency (the "OCC").

**Market Area**

We serve southcentral Nebraska through our network of nine office locations, which cover a relatively broad area of southcentral Nebraska. We consider our primary market area for deposit gathering to be the Nebraska counties of Adams, Dawson, Hall, Nuckolls, Phelps, and Lancaster County. Our market area economy has a focus on manufacturing and agriculture with a cross-section of other economic sectors, including education, healthcare and services. The primary market area has developed a modern, diversified economy, including the historical agriculture sector. Attractions of the market area include a quality lifestyle, with sufficient personal and business services for residents.

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We believe that we have developed products and services that will meet the financial needs of our current and future customer base, and we continually plan to enhance our products and services to meet the changing needs of customers. Marketing strategies focus on the strength of our knowledge of local consumer and small business markets, as well as expanding relationships with current customers and reaching out to develop new, profitable business relationships.

**Competition**

We face strong competition within our primary market area, both in making loans and attracting retail deposits. Our market area includes large money centers and regional banks, community banks and savings institutions, and credit unions. We also face competition for loans from mortgage banking firms, consumer finance companies, credit unions, and fintech companies and, with respect to deposits, from money market funds, brokerage firms, mutual funds and insurance companies. At June 30, 2025 (the most recent date for which FDIC data is publicly available), we were ranked third among the 18 FDIC-insured financial institutions with offices in Hall County, Nebraska, with a deposit market share of 10.65%.

**Lending Activities**

Historically, our principal lending activity was the origination of one- to four-family residential mortgage loans secured by properties located in our primary market area, as well as commercial real estate loans. To a lesser extent, we have originated commercial non-real estate loans, multi-family residential real estate loans, construction and land development loans, agricultural real estate and non-real estate loans and consumer loans.

In recent years, we have expanded our focus on higher yielding commercial lending, including both commercial real estate and commercial non-real estate loans, while also continuing to grow our agricultural real estate and operating loan portfolios. This strategic emphasis reflects our commitment to diversifying our loan mix and supporting the credit needs of businesses and agricultural producers within our market area.

We offer both adjustable-rate and fixed-rate residential mortgage loans. Historically, a significant majority of the residential real estate loans that we originate have been long-term, fixed-rate loans that generally conform to secondary market guidelines.

***Loan Portfolio Composition.*** The following table shows the composition of our loan portfolio by type of loan at the dates.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **At March 31,** | **At March 31,** | **At March 31,** | **At March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Amount** | **Percent** | **Amount** | **Percent** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real Estate - Construction | $28633 | 6.39% | $15069 | 3.75% |
| Real Estate - Commercial | 129235 | 28.82 | 120184 | 29.88 |
| Real Estate - Residential | 162041 | 36.14 | 161144 | 40.06 |
| Commercial Non-Real Estate | 48378 | 10.79 | 32007 | 7.96 |
| Agricultural | 54655 | 12.19 | 42835 | 10.65 |
| Other Consumer | 10158 | 2.26 | 14649 | 3.64 |
| Land Development and Sanitary & Improvement Districts (SIDs) | 15306 | 3.41 | 16327 | 4.06 |
| &nbsp;&nbsp;**Total loans** | 448406 | 100.00% | 402215 | 100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net deferred loan costs | (60) |  | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (5809) |  | (5441) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans, net** | $442537 |  | $396756 |  |

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***Contractual Terms to Final Maturities.*** The following table sets forth the contractual maturities of our total loan portfolio at March 31, 2026. Demand loans, loans having no stated repayment schedule or maturity, and overdraft loans are reported as being due in one year or less. Because the table presents contractual maturities and does not reflect repricing or the effect of prepayments, actual maturities may differ.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** |
|  | **Real Estate-Construction** | **Real Estate-Commercial** | **Real Estate-Residential** | **Commercial<br>Non-Real<br>Estate** | **Agricultural** | **Other<br>Consumer** | **Land<br>Development<br>and SIDS** | **Total** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Amounts due in:** |  |  |  |  |  |  |  |  |
| One year or less | $11892 | $11267 | $8995 | $16621 | $16546 | $3587 | $1422 | $70330 |
| More than one year through five years | 5104 | 33311 | 21747 | 14726 | 6624 | 3440 | 10641 | 95593 |
| More than five years through fifteen years | 6525 | 47004 | 39890 | 17031 | 14969 | 3131 | 2319 | 130869 |
| More than fifteen years | 5112 | 37653 | 91409 |  | 16516 |  | 924 | 151614 |
| &nbsp;&nbsp;Total | $28633 | $129235 | $162041 | $48378 | $54655 | $10158 | $15306 | $448406 |

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The following table sets forth our fixed-rate and adjustable-rate loans at March 31, 2026 that are contractually due after March 31, 2027.

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| | | | |
|:---|:---|:---|:---|
|  |  | **Floating or** | **Total at** |
|  | **Fixed** | **Adjustable** | **March 31,** |
|  | **Rate** | **Rate** | **2026** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real Estate - Construction | $10054 | $6687 | $16741 |
| Real Estate - Commercial | 44431 | 73537 | 117968 |
| Real Estate - Residential | 83812 | 69234 | 153046 |
| Commercial Non-Real Estate | 20126 | 11631 | 31757 |
| Agricultural | 8972 | 29137 | 38109 |
| Other Consumer | 6437 | 134 | 6571 |
| Land Development and SIDs | 10640 | 3244 | 13884 |
| &nbsp;&nbsp;Total | $184472 | $193604 | $378076 |

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***Real Estate - Residential*.** At March 31, 2026, we had $162.0 million of loans secured by one- to four-family residential real estate and multi-family real estate loans, representing 36.14% of total loans as of that date. The significant majority of our one- to four-family residential real estate loans and multi-family dwellings are secured by properties located in our primary market area.

Our one- to four-family residential real estate loans are generally underwritten to secondary market guidelines for Freddie Mac. We offer both fixed-rate and adjustable-rate residential mortgage loans for terms up to 30 years. Adjustable-rate loans are tied to the one-year Treasury Rate published by the Federal Reserve Board. For adjustable-rate loans, the interest rate is generally fixed for the initial term of up to five years, and then adjusts yearly thereafter with an annual rate cap of 2% and a lifetime rate cap of 5%. We generally limit the loan-to-value ratios of our residential mortgage loans to 80%, and up to 90% with private mortgage insurance, of the purchase price or appraised value, whichever is lower.

We also do not offer loans that provide for negative amortization of principal, such as "Option ARM" loans, where the borrower can pay less than the interest owed on the loan, resulting in an increased principal balance during the life of the loans. We do not currently offer "subprime loans" on one- to four-family residential real estate loans (i.e., generally loans to borrowers with credit scores less than 620).

We also originate multi-family real estate loans to experienced, growing small- and mid-size owners and investors in our market areas. At March 31, 2026, we had $42.9 million in multi-family residential real estate loans, representing 9.69% of our total loan portfolio. Our multi-family residential real estate loans are generally adjustable-rate loans or have a call period after three or five years. Our multi-family residential real estate loans are secured by apartment buildings located within our primary market area, or we participate with a Nebraska-based bank for loans outside of our primary market area. These loans are generally made in amounts of up to 75% of the lesser of the appraised value or the purchase price of the property with an appropriate projected debt service coverage ratio.

Our underwriting procedures include considering the borrower's expertise and require verification of the borrower's credit history, income and financial statements, banking relationships, references and income projections for the property. We generally obtain personal guarantees on these loans.

At March 31, 2026, our largest multi-family loan had a balance of $5.5 million and was secured by an apartment complex located in our primary market area. At March 31, 2026, this loan was performing in accordance with its contractual terms.

***Real Estate - Commercial Loans*.** At March 31, 2026, we had $129.2 million in commercial real estate loans, or 28.82% of total loans. Our commercial real estate loans are secured by owner-occupied and non-owner occupied properties, including medical

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practices, insurance offices, warehouses, single- and multi-tenant retail and hotels. Our commercial residential real estate loans are secured by properties located within our primary market area, or we generally participate with a Nebraska-based bank for loans outside of our primary market area. Generally, our commercial real estate loans have terms and amortization periods up to 20 years with options for balloon payments and interest rate adjustments to occur every five years. The interest rate is fixed for the initial term (five years or less) and then adjusts again at the end of the next period matching the initial term or as negotiated at the end of the first term. Commercial real estate loans generally have terms and amortization periods up to 20 years. We generally limit the loan-to-value ratios of our commercial real estate loans to 75% of the purchase price or appraised value, whichever is lower.

At March 31, 2026, our largest commercial real estate loan had an outstanding balance of $7.6 million and was secured by a single retail grocery chain property located in our primary market area. At March 31, 2026, this loan was performing according to its original terms.

We consider a number of factors in originating commercial real estate loans. We evaluate the qualifications and financial condition of the borrower, including credit history, profitability and expertise, as well as the value and condition of the property securing the loan. When evaluating the qualifications of the borrower, we consider the financial resources of the borrower, the borrower's experience in owning or managing similar property and the borrower's payment history with us and other financial institutions. In evaluating the property securing the loan, the factors we consider include the net operating income of the mortgaged property before debt service and depreciation, the ratio of the loan amount to the appraised value of the mortgaged property, and the debt service coverage ratio (the ratio of net operating income to debt service). Generally, the debt service coverage ratio on these loans is at least 1.20x. The significant majority of our commercial real estate loans are appraised by outside independent appraisers approved by the board of directors. Personal guarantees are generally obtained from the principals of commercial real estate borrowers.

***Commercial Non-Real Estate Loans.*** At March 31, 2026, commercial non-real estate loans were $48.4 million, or 10.79% of total loans. Commercial non-real estate loans include both term loans and lines of credit. Loan terms vary depending on the type of collateral (such as five years for a loan secured by machinery and equipment, with a maximum loan-to-value ratio of 75% for new equipment and 70% for used equipment), or the type of loan (such as one year for a loan to support business inventory and receivables). Generally, the maximum loan-to-value ratio for commercial non-real estate loans is up to 90%, which applies to loans secured by U.S. Government securities with specified terms and maturities.

When making commercial non-real estate loans, we consider the financial statements of the borrower, our lending history with the borrower, the debt service capabilities and global cash flows of the borrower and other guarantors, the projected cash flows of the business and the value of the collateral, accounts receivable, inventory and equipment.

At March 31, 2026, our largest commercial non-real estate loan totaled $5.7 million and was secured by an assignment of cash flows from multiple apartment complex properties owned and operated by a large multi-state real estate investment and management group. At March 31, 2026, this loan was performing according to its original terms.

***Real Estate - Construction Loans.*** At March 31, 2026, we had $28.6 million in real estate construction loans, including properties for one- to four-family residences of $6.6 million and commercial construction properties of $22.00 million, representing 6.39% of our total loan portfolio. Our real estate construction loans are structured as straight construction or construction/permanent loans where after the initial construction period the loan converts to a permanent commercial mortgage loan. Our real estate construction loans are underwritten to the same guidelines for commercial loans.

Real estate construction loans generally can be made with a maximum loan-to-value ratio of 75% of the estimated appraised market value upon completion of the project. Before making a commitment to fund a construction loan, we require an appraisal of the property by an independent licensed appraiser. We also generally require inspections of the property before disbursements of funds during the term of the real estate construction loan.

At March 31, 2026, our largest real estate construction loan totaled $5.5 million and was secured by property located in our primary market area. At March 31, 2026, this loan was performing according to its original terms.

***Agricultural Loans*.** At March 31, 2026, we had $54.7 million in agricultural loans, or 12.19% of total loans. Our agriculture loans are for the acquisition, development and/or refinancing of agricultural property, and for financing (i) crop and livestock production expenses, (ii) crop and livestock inventory carrying, (iii) the acquisition of breeding livestock and (iv) the acquisition of equipment, machinery, vehicles and other capital assets. Our agriculture loans include term loans and lines of credit, with terms of one year for financing of crop and livestock expenses or carrying crop and livestock inventory, to up to seven years for capital asset acquisition. Our agriculture real estate loans generally amortize over a 25-year term with interest rates generally adjusting every five years. We generally limit the loan-to-value ratio of our agriculture loans to 70% of the collateral value.

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At March 31, 2026, our largest agricultural loan totaled $6.0 million and was secured by property located in our primary market area. At March 31, 2026, this loan was performing according to its original terms.

We consider a number of factors in originating agricultural loans. We evaluate the qualifications and financial condition of the borrower, including credit history, profitability and expertise, as well as the value and condition of the property securing the loan. When evaluating the qualifications of the borrower, we consider the financial resources of the borrower, the borrower's experience in agriculture and the borrower's payment history with us and other financial institutions. In evaluating the property securing the loan, the factors we consider include the net operating income of the mortgaged property before debt service and depreciation, the ratio of the loan amount to the appraised value of the mortgaged property, and the debt service coverage ratio (the ratio of net operating income to debt service). Generally, we require that the debt service coverage ratio be at least 1.20x. The significant majority of our agricultural loans are appraised by outside independent appraisers approved by the board of directors. Personal guarantees are generally obtained from the principals of agricultural real estate borrowers.

***Other Consumer Loans.*** We offer a limited range of consumer loans, and, except as described below, principally to customers residing in our primary market area with other relationships with us and with acceptable credit ratings. At March 31, 2026, other consumer loans were $10.2 million, or 2.26% of total loans. Our consumer loans generally consist of dental implant loans (described below), automobile loans, energy loans, student loans, recreation vehicles, boat loans and unsecured preferred lines of credit for customers with qualified relationships. An energy loan is a home equity loan originated through a partnership with the Nebraska Energy Office, which provides a preferred interest rate for eligible home improvement projects designed to reduce energy costs.

Included in the consumer loan portfolio are unsecured loans to individuals for dental implants. Home Federal Savings participates with a Nebraska-based financial institution to provide a funding line to a specialty finance company that has a nationwide network of dentists whose patients can apply directly for and obtain individual loans. Our portion of the loans to individuals totaled $5.6 million at March 31, 2026, and the average underlying loan size was $17,000. A reserve of between 7.5% and 11% of the outstanding balance of the funding line is maintained by the specialty finance company at the lead financial institution, who also services the loans. Any loan that may become over 120 days past due is automatically paid off from the reserve, which is replenished monthly back to covenant levels.

***Land Development and SIDs Loans.*** At March 31, 2026, land development and SIDs loans were $15.3 million, or 3.41% of total loans. Our land development loans complement our construction lending activities, as such loans are generally secured by lots that will be used for residential or commercial development. At March 31, 2026, our land development loans totaled $9.3 million, or 2.10% of total loans. Our largest land development loan totaled $1.5 million and was secured by property located in our primary market area. At March 31, 2026, this loan was performing according to its original terms.

Our SID loans complement land development activities and provide funding for certain infrastructure improvements. Our SID loans are secured by bonds and warrants issued within the project district. The warrants are also the primary source of repayment. At March 31, 2026, our SIDs loans totaled $6.0 million, or 1.36% of total loans. Our largest SID loan totaled $2.1 million and was secured by bonds and warrants. At March 31, 2026, this loan was performing according to its original terms.

**Loan Underwriting Risks**

***Commercial Real Estate Loans and Agricultural Real Estate Loans.*** Loans secured by commercial real estate or agricultural real estate generally have larger balances and involve a greater degree of risk than residential real estate loans. The primary concern in commercial real estate lending and agricultural real estate lending is the borrower's creditworthiness and the feasibility and cash flow potential of the underlying business. Payments on loans secured by income producing properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. To monitor cash flows on income properties, we require borrowers and loan guarantors to provide quarterly, semi-annual or annual financial statements, depending on the size of the loan, on commercial real estate loans. In reaching a decision on whether to make a commercial real estate loan, we consider and review a global cash flow analysis of the borrower and consider the net operating income of the property, the borrower's expertise, credit history and profitability and the value of the underlying property. An environmental phase one report is obtained when the possibility exists that hazardous materials may have existed on the site, or the site may have been impacted by adjoining properties that handled hazardous materials.

If we foreclose on a commercial real estate loan or an agricultural real estate loan, the marketing and liquidation period to convert the real estate asset to cash can be lengthy with substantial holding costs. In addition, vacancies, deferred maintenance, repairs and market stigma can result in prospective buyers expecting sale price concessions to offset their real or perceived economic losses for the time it takes them to return the property to profitability. Depending on the individual circumstances, initial charge-offs and subsequent losses on commercial real estate loans can be unpredictable and substantial.

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***Commercial and Industrial Loans.*** Unlike residential real estate loans, which generally are made on the basis of the borrower's ability to make repayment from his or her employment or other income, and which are secured by real property whose value tends to be more easily ascertainable, commercial and industrial loans are of higher risk and typically are made on the basis of the borrower's ability to make repayment from the cash flows of the borrower's business, and the collateral securing these loans may fluctuate in value. Our commercial and industrial loans are originated primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. Collateral for commercial and industrial loans typically consists of equipment, accounts receivable, or inventory. Credit support provided by the borrower for most of these loans is based on the liquidation of the pledged collateral and enforcement of a personal guarantee, if any. Further, any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value. As a result, the availability of funds for the repayment of commercial and industrial loans may depend substantially on the success of the business itself.

***Construction and Land Loans.*** Our construction loans are based upon estimates of costs and values associated with the completed project. Underwriting is focused on the borrowers' financial strength, credit history and demonstrated ability to produce a quality product and effectively market and manage their operations.

Construction lending involves additional risks when compared with permanent lending because funds are advanced upon the security of the project, which is of uncertain value before its completion. Because of the uncertainties inherent in estimating construction costs, as well as the market value of the completed project and the effects of governmental regulation of real property, it is relatively difficult to evaluate accurately the total funds required to complete a project and the related loan-to-value ratio. In addition, generally during the term of a construction loan, interest may be funded by the borrower or disbursed from an interest reserve set aside from the construction loan budget. These loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project and the ability of the borrower to sell or lease the property or obtain permanent take-out financing, rather than the ability of the borrower or guarantor to repay principal and interest. If the appraised value of a completed project proves to be overstated, we may have inadequate security for the repayment of the loan upon completion of construction of the project and may incur a loss. Land loans have substantially similar risks.

***Consumer Loans.*** Consumer loans may entail greater risk than residential real estate loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower. Consumer loan collections depend on the borrower's continuing financial stability, and therefore are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans.

***Adjustable-Rate One- to Four-Family Residential Real Estate Loans.*** Although adjustable-rate mortgage loans may reduce to an extent our vulnerability to changes in market interest rates because they periodically re-price, as interest rates increase the required payments due from the borrower also increase (subject to rate caps), increasing the potential for default by the borrower. At the same time, the ability of the borrower to repay the loan and the marketability of the underlying collateral may be adversely affected by higher interest rates. Upward adjustments of the contractual interest rate are also limited by our maximum periodic and lifetime rate adjustments. As a result, the effectiveness of adjustable-rate mortgage loans in compensating for changes in market interest rates may be limited.

**Loan Originations, Purchases and Sales**

We originate loans through employee marketing and advertising efforts, our existing customer base, walk-in customers and referrals from customers. All loans we originate are underwritten pursuant to our policies and procedures. While we originate both fixed-rate and adjustable-rate loans, our ability to generate each type of loan depends upon relative borrower demand and pricing levels established by competing banks, thrifts, credit unions, and mortgage-banking companies. Our volume of loan originations is influenced significantly by market interest rates and economic conditions, and, accordingly, the volume of our loan originations can vary from period to period. We generally do not sell any of the commercial and industrial or commercial real estate loans we originate, but we sell participation interests in loans, as described below.

We may purchase loan participations secured by properties primarily within the State of Nebraska in which we are not the lead lender. In these circumstances, we follow our customary loan underwriting and approval policies. At March 31, 2026, the outstanding balances of our loan participations where we were not the lead lender totaled $73.8 million, or 16.68% of our loan portfolio, of which $38.8 million, or 52.57%, were commercial real estate loans. All such loans were performing in accordance with their original repayment terms. We also have sold participation interests in loans that exceeded our loans-to-one borrower legal lending limit and for risk diversification. At March 31, 2026, we had participated out portions of loans with an aggregate principal balance of $72.2 million. Historically, we have not purchased whole loans.

Our traditional mortgage banking model follows selling loan production to Freddie Mac. We had total loan sales for the fiscal years ended March 31, 2026 and 2025 of $25.8 million and $14.9 million, respectively.

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**Loan Approval Procedures and Authority**

Our lending is subject to written, non-discriminatory underwriting standards and origination procedures. Decisions on loan applications are made on the basis of detailed applications submitted by the prospective borrower and property valuations. Our policies require that for all one- to four-family residential real estate loans that we originate in amounts in excess of $400,000, property valuations must be performed by outside independent state-licensed appraisers approved by our board of directors or as required by Freddie Mac guidelines. The loan applications are designed primarily to determine the borrower's ability to repay the requested loan, and the more significant items on the application are verified through use of credit reports, financial statements and tax returns.

By law, the aggregate amount of loans that we are permitted to make to any one borrower or a group of related borrowers is generally limited to 15% of Home Federal Savings' unimpaired capital and surplus (25% if the amount in excess of 15% is secured by "readily marketable collateral" or 30% for certain residential development loans with regulatory approval). The total aggregate exposure to one group of borrowers is 50% of unimpaired capital and surplus where each separate borrower (individual or entity) is financially independent. At March 31, 2026, our loan to one borrower limitation was $11.8 million based on 15% of our unimpaired capital and surplus, $23.6 million for residential development loans with regulatory approval and $39.3 million for a group of related borrowers where each separate borrower is financially independent. At March 31, 2026, our largest single loan to one borrower had an outstanding balance of $7.6 million and was secured by a grocery store property located in our primary market area. At March 31, 2026, this loan was performing according to its original terms. At March 31, 2026, our largest credit relationship was a group of loans to related borrowers with total exposure of $16.3 million with all loans performing according to original terms. The borrowers consist of ten entities and two individual owners, with the significant majority of the loans secured by multi-family residential real estate. The relationship qualifies for the 50% of unimpaired capital and surplus limitation due to the financial strength of each borrower on an individual basis, without dependence on any other borrower in the group.

Individual officers, and officers acting with others, may approve loans up to specified limits. We have a Residential Loan Committee, comprising of our President and Chief Executive Officer, Executive Vice President and Chief Lending Officer, Executive Vice President and Chief Sales Officer and/ or Mortgage Loan Manager, and also a Senior Loan Committee, comprising of our President and Chief Executive Officer, Executive Vice President and Chief Lending Officer, Executive Vice President and Chief Sales Officer and other members of experienced lending staff. The Residential Loan Committee may approve one- to four-family residential real estate loans up to $1.0 million, and Senior Loan Committee may approve all other loans exceeding specified limits of individual lending officers and/or Executive Officers.

Generally, we require property and extended coverage casualty insurance in amounts at least equal to the principal amount of the loan or the value of improvements on the property, depending on the type of loan. In addition, we require an escrow for flood insurance (where appropriate) and generally require an escrow for required property taxes and insurance. On occasion, we allow borrowers to pay their own taxes and property and casualty insurance as long as proof of payment is provided.

**Delinquencies, Classified Assets and Non-performing Assets**

***Delinquency Procedures.*** When a borrower fails to make a required monthly payment on a loan, we mail a notice to the borrower and attempt to contact the borrower by phone. Our personnel begin collection activity when a loan is 15 days past due. We attempt in-person discussions when a loan becomes 60 days delinquent, or sooner if deemed necessary. Our policies provide that a late notice be sent each month that the loan is past due. Once the loan is considered in default, generally at 90 days past due, a letter is generally sent to the borrower explaining that, unless the loan is brought current, we may initiate legal proceedings. In addition, the loan is placed on non-accrual status (if appropriate), and additional efforts are made to contact the borrower. If the borrower does not respond, we generally initiate foreclosure proceedings when the loan is 120 days past due. If the loan is reinstated, foreclosure proceedings will be discontinued, and the borrower will be permitted to continue to make payments. In certain instances, we may modify the loan or grant a limited exemption from loan payments to allow the borrower to reorganize his or her financial affairs.

When we acquire real estate as a result of foreclosure or by deed in lieu of foreclosure, the real estate is classified as other real estate owned until it is sold. The real estate is recorded at estimated fair value at the date of acquisition, less estimated costs to sell, and any write-down resulting from the acquisition is charged to the allowance for loan losses. Subsequent decreases in the value of the property are charged to operations. After acquisition, all costs in maintaining the property are expensed as incurred. 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.

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Real estate and other assets we acquire as a result of foreclosure or by deed-in-lieu of foreclosure are classified as real estate owned until sold. At March 31, 2026, we had $74,260 in other real estate owned consisting of one single family residence. At March 31, 2025, we had no real estate acquired as a result of foreclosure or by deed in lieu of foreclosure.

***Delinquent Loans*.** The following table sets forth our loan delinquencies (including non-accrual loans), by type and amount at March 31, 2026 and 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At March 31,** | **At March 31,** | **At March 31,** | **At March 31,** | **At March 31,** | **At March 31,** |
|  | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
|  | **30-59 Days<br>Past Due** | **60-89 Days<br>Past Due** | **90 Days<br>or More<br>Past Due** | **30-59 Days<br>Past Due** | **60-89 Days<br>Past Due** | **90 Days<br>or More<br>Past Due** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real Estate - Construction | $— | $— | $— | $— | $— | $— |
| Real Estate - Commercial |  |  |  |  |  |  |
| Real Estate - Residential | 623 | 26 | 96 | 486 |  | 87 |
| Commercial Non-Real Estate | 235 |  |  |  | 9 |  |
| Agricultural | 1356 |  |  | 79 |  |  |
| Other Consumer | 125 | 152 | 138 | 112 | 345 | 112 |
| Land Development and SIDs |  |  |  |  |  |  |
| &nbsp;&nbsp;Total | $2339 | $178 | $234 | $677 | $354 | $199 |

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***Non-Performing Assets.*** The following table sets forth information regarding our non-performing assets at the dates presented.

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| | | |
|:---|:---|:---|
|  | **At March 31,** | **At March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Non-accrual loans: |  |  |
| &nbsp;&nbsp;Real Estate - Construction | $— | $— |
| &nbsp;&nbsp;Real Estate - Commercial |  | 359 |
| &nbsp;&nbsp;Real Estate - Residential | 9 | 150 |
| &nbsp;&nbsp;Commercial Non-Real Estate |  |  |
| &nbsp;&nbsp;Agricultural | 1632 |  |
| &nbsp;&nbsp;Other Consumer |  | 13 |
| &nbsp;&nbsp;Land Development and SIDs |  | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-accruing loans | 1641 | 1329 |
| Accruing loans past due 90 days or more: |  |  |
| &nbsp;&nbsp;Real Estate-Construction |  |  |
| &nbsp;&nbsp;Real Estate-Commercial |  |  |
| &nbsp;&nbsp;Real Estate-Residential | 96 | 3 |
| &nbsp;&nbsp;Commercial Non-Real Estate |  |  |
| &nbsp;&nbsp;Agricultural |  |  |
| &nbsp;&nbsp;Other Consumer | 138 | 99 |
| &nbsp;&nbsp;Land Development and SIDs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accruing loans past due 90 days or more: | 234 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing loans | 1875 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned | 74 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $1949 | $1431 |
| Total loans outstanding | 448406 | 402215 |
| Total assets outstanding | 558647 | 508702 |
| Total non-accruing loans as a percentage of total loans outstanding | 0.37% | 0.33% |
| Total non-performing loans as a percentage of total loans outstanding | 0.42% | 0.36% |
| Total non-performing loans as a percentage of total assets | 0.34% | 0.28% |
| Total non-performing assets as a percentage of total assets | 0.35% | 0.28% |

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***Classified Assets*.** Federal regulations provide that loans and other assets of lesser quality should be classified as "substandard," "doubtful" or "loss." An asset is considered "substandard" if it is inadequately protected by the current paying capacity or net worth of the obligor or of the collateral pledged. "Substandard" assets are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or other defined weaknesses that may preclude repayment from original sources. Repayment may depend upon collateral or other credit risk mitigants. 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 a specific allowance for credit losses is not warranted. Assets that 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."

When we classify assets as either substandard or doubtful, we undertake an impairment analysis which may result in allocating a portion of our general loss allowances to a specific allowance for such assets as we deem prudent. The allowance for credit losses is the amount estimated by management as necessary to absorb credit losses incurred in the loan portfolio that are both probable and reasonably estimable at the balance sheet date. When an insured institution classifies problem assets as "loss," it is required either to establish a specific allowance for losses equal to 100% of that portion of the asset so classified or to charge-off such amount. An institution's determination as to the classification of its assets and the amount of its valuation allowances is subject to review by the regulatory authorities, which may require the establishment of additional general or specific allowances.

In connection with the filing of our periodic regulatory reports and according to our classification of assets policy, we regularly review the problem loans in our portfolio to determine whether any loans require classification according to applicable regulations. If a problem loan deteriorates in asset quality, the classification is changed to "substandard," "doubtful" or "loss" depending on the circumstances and the evaluation. Generally, loans 90 days or more past due are placed on nonaccrual status and classified "substandard."

Our classified and special mention assets at the dates presented were as follows. Substandard loans exceed our non-performing and delinquent loans due to the inclusion of $4.8 million and $3.5 million of performing loans as of March 31, 2026 and 2025, respectively, where there remains underlying uncertainties with respect to borrower performance.

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| | | |
|:---|:---|:---|
|  | **At March 31,** | **At March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Substandard loans | $6406 | $4623 |
| Doubtful loans |  | 5 |
| Loss loans |  |  |
| Total classified loans | $6406 | $4628 |
| Special mention loans | $— | $— |

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***Other Loans of Concern.*** At March 31, 2026, except for loans included in the above table, there were no other loans of concern for which we had information about possible credit problems of borrowers that caused us to have serious doubts about the ability of the borrowers to comply with present loan repayment terms and that may result in disclosure of such loans in the future.

**Allowance for Credit Losses**

The allowance for credit losses ("ACL") is an estimate of the expected credit losses on the loans held for investment, unfunded loan commitments, held to maturity securities, and available-for-sale debt securities portfolios.

*Allowance for Credit Losses on Loans*—The ACL is maintained by management at a level believed adequate to absorb estimated credit losses that are expected to occur within the existing loan portfolio through their contractual terms adjusted for expected prepayments. The ACL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on loans. Determination of the ACL is inherently subjective in nature since it requires significant estimates and management judgment and includes a level of imprecision given the difficulty of identifying and assessing the factors impacting loan repayment and estimating the timing and amount of losses. While management utilizes its best judgment and information available, the ultimate adequacy of the ACL is dependent upon a variety of factors beyond the Company's direct control, including, but not limited to, the performance of the loan portfolio, consideration of current economic trends, changes in interest rates and property values, estimated losses on pools of homogeneous loans based on an analysis that uses historical loss experience for prior periods that are determined to have like characteristics with the current period such as pre-recessionary, recessionary, or recovery periods, portfolio growth and concentration risk, management and staffing changes, the interpretation of loan risk classifications by regulatory authorities and other credit market factors.

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The ACL methodology consists of measuring loans on a collective (pool) basis when similar risk characteristics exist. The Company has identified seven portfolio segments and measures the ACL using the Scaled CECL Allowance for Losses Estimator ("SCALE") method. The loan portfolios are real estate – construction, real estate – commercial, real estate – residential, commercial non-real estate, agriculture, other consumer and land development/sanitary improvement districts (SIDS). The SCALE method uses publicly available data from Schedule RI-C of the Call Report to derive the initial proxy expected lifetime loss rates. These proxy expected lifetime loss rates are then adjusted for Company-specific facts and circumstances to arrive at the final ACL estimate that adequately reflects the Company's loss history and credit risk within our portfolio.

In addition to the pooled analysis performed for the majority of our loan and commitment balances, we also review those loans that have collateral dependency or nonperforming status which requires a specific review of that loan, per our individually analyzed CECL calculations.

Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed, while recoveries of amounts previously charged-off are credited to the ACL. Approved releases from previously established ACL reserves authorized under our ACL methodology also reduce the ACL. Additions to the ACL are established through the provision for credit losses on loans, which is charged to expense.

The Company's ACL methodology is intended to reflect all loan portfolio risk, but management recognizes the inability to accurately depict all future credit losses in a current ACL estimate, as the impact of various factors cannot be fully known. Accrued interest receivable on loans is excluded from the amortized cost basis of financing receivables for the purpose of determining the allowance for credit losses.

*Allowance for Credit Losses on Unfunded Loan Commitments*—The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk by a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The ACL related to off-balance sheet credit exposures, which is recorded within accounts payable, accrued expenses and other liabilities on the consolidated statement of financial condition, is estimated at each balance sheet date under the CECL model, and is adjusted as determined necessary through the provision for credit losses on the consolidated statement of income. The estimate for ACL on unfunded loan commitments includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.

*Allowance for Credit Losses on Securities Available-for-Sale*—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 sell, the security before recovery of its amortized cost basis. If either of the aforementioned criteria exists, the Company will record an ACL related to securities available-for-sale with an offsetting entry to the provision for credit losses on securities on the income statement. If either of these criteria does *not* exist, the Company will evaluate the securities individually to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors, such as market interest rate fluctuations.

In evaluating securities available-for sale for potential impairment, the Company considers many factors, including the financial condition and near-term prospects of the issuer, which for debt securities considers external credit ratings and recent downgrades; and its ability and intent to hold the security for a period of time sufficient for a recovery in value. The Company also considers the extent to which the securities are issued by the federal government or its agencies, and any guarantee of issued amounts by those agencies. The amount of the impairment related to other factors is recognized in other comprehensive income (loss).

*Allowance for Credit Losses on Held-to Maturity Securities*—The allowance for credit losses on held-to-maturity debt securities is estimated using a CECL methodology. Any expected credit loss is provided through the allowance for credit loss on held-to-maturity securities and is deducted from the amortized cost basis of the security so that the balance sheet reflects the net amount the Company expects to collect. Nearly all the Company's HTM debt securities are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Accordingly, there is a zero-credit loss expectation on these securities.

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The following table sets forth activity in our allowance for credit losses during the periods presented.

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| | | |
|:---|:---|:---|
|  | **For the Year Ended March 31,** | **For the Year Ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Total loans outstanding at end of period | $448406 | $402215 |
| Total non-accrual loans at end of period | 1641 | 1329 |
| Total non-performing loans at end of period | 1875 | 1431 |
| Total average loans outstanding | 418754 | 391330 |
| Allowance for credit losses, beginning of period | 5441 | 5860 |
| Provision for credit losses | 306 | 200 |
| Charge-offs: |  |  |
| &nbsp;&nbsp;Real Estate - Construction |  |  |
| &nbsp;&nbsp;Real Estate - Commercial |  |  |
| &nbsp;&nbsp;Real Estate - Residential | 1 |  |
| &nbsp;&nbsp;Commercial Non-Real Estate |  | 13 |
| &nbsp;&nbsp;Agricultural |  |  |
| &nbsp;&nbsp;Other Consumer | 17 | 4 |
| &nbsp;&nbsp;Land Development and SIDs |  | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs | $18 | $622 |
| Recoveries on loans previously charged-off: |  |  |
| &nbsp;&nbsp;Real Estate - Construction |  |  |
| &nbsp;&nbsp;Real Estate - Commercial |  |  |
| &nbsp;&nbsp;Real Estate - Residential |  |  |
| &nbsp;&nbsp;Commercial Non-Real Estate |  |  |
| &nbsp;&nbsp;Agricultural |  |  |
| &nbsp;&nbsp;Other Consumer | (3) | (3) |
| &nbsp;&nbsp;Land Development and SIDs | (77) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | $(80) | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (recoveries) charge-offs | $(62) | $619 |
| Allowance for credit losses, end of period | $5809 | $5441 |
| Allowance for credit losses as a percent of non-performing loans | 309.81% | 380.22% |
| Allowance for credit losses as a percent of total loans outstanding | 1.30% | 1.35% |
| Allowance for credit losses as a percent of total non-accrual loans | 353.99% | 409.41% |
| Net (recoveries) charge-offs during the period to average loans outstanding during the period | (0.01%) | 0.16% |

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The following table sets forth additional information with respect to charge-offs by category for the years presented.

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| | | |
|:---|:---|:---|
|  | **For the Year Ended March 31,** | **For the Year Ended March 31,** |
|  | **2026** | **2025** |
| Net (recoveries) charge-offs to average loans outstanding during the year: |  |  |
| Real Estate - Construction |  |  |
| Real Estate - Commercial |  |  |
| Real Estate - Residential |  |  |
| Commercial Non-Real Estate |  | 0.04% |
| Agricultural |  |  |
| Other Consumer | 0.14% | 0.01% |
| Land Development and SIDs | (0.50%) | 3.71% |

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***Allocation of Allowance for Credit/Loan Losses.*** The following table sets forth the allowance for credit/loan losses allocated by loan category and the percent of the allowance in each category to the total allocated allowance at the dates presented. 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At March 31,** | **At March 31,** | **At March 31,** | **At March 31,** | **At March 31,** | **At March 31,** |
|  | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
|  | **Amount of Allowance** | **Percent of<br>Allowance to<br>Total Allowance** | **Percent of Loans in Category to Total Loans** | **Amount of Allowance** | **Percent of<br>Allowance to<br>Total Allowance** | **Percent of Loans in Category to Total Loans** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real Estate - Construction | $356 | 6.13% | 6.39% | $246 | 4.52% | 3.75% |
| Real Estate - Commercial | 1787 | 30.75 | 28.82 | 1572 | 28.88 | 29.88 |
| Real Estate - Residential | 1784 | 30.71 | 36.14 | 1926 | 35.40 | 40.06 |
| Commercial Non-Real Estate | 991 | 17.06 | 10.79 | 667 | 12.26 | 7.96 |
| Agricultural | 558 | 9.61 | 12.19 | 476 | 8.75 | 10.65 |
| Other Consumer | 135 | 2.32 | 2.26 | 262 | 4.82 | 3.64 |
| Land Development and SIDs | 198 | 3.41 | 3.41 | 292 | 5.37 | 4.06 |
| &nbsp;&nbsp;Total | $5809 | 100.00% | 100.00% | $5441 | 100.00% | 100.00% |

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Although we believe that we use the best information available to establish the allowance for credit losses, future adjustments to the allowance for credit losses may be necessary and results of operations could be adversely affected if circumstances differ substantially from the assumptions used in making the determinations. Because future events affecting borrowers and collateral cannot be predicted with certainty, the existing allowance for credit losses may not be adequate and management may determine that increases in the allowance are necessary if the quality of any portion of our loan portfolio deteriorates as a result. Furthermore, as an integral part of its examination process, the OCC will periodically review our allowance for credit losses. The OCC may have judgments different than those of management, and we may determine to increase our allowance as a result of these regulatory reviews. Any material increase in the allowance for credit losses may adversely affect our financial condition and results of operations.

**Investment Activities**

***General*.** The goal of our investment policy is to provide and maintain liquidity within regulatory guidelines, maintain high quality and diversified investments, provide collateral for pledging requirements and short-term borrowing needs, balance earnings depending on levels of loan demand, maximize returns through value investing, and manage interest rate risk.

Our investment policy was adopted by the board of directors and is reviewed annually by the board of directors. All investment decisions are made by our Asset/Liability Committee according to board-approved policies. An investment schedule detailing the investment portfolio is reviewed at least monthly by the board of directors.

Our current investment policy permits, with certain limitations, investments in: U.S. Treasury securities; securities issued by the U.S. government and its agencies or government sponsored enterprises including mortgage-backed securities and collateralized mortgage obligations issued by Fannie Mae, Ginnie Mae, and Freddie Mac; corporate and municipal bonds; collateralized mortgage obligations (CMOs) and real estate mortgage investment conduits (REMICs); certificates of deposit in other financial institutions; and federal funds, among other investments.

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At March 31, 2026, our investment portfolio consisted of securities and obligations issued by U.S. government-sponsored enterprises as well as state and municipal securities. At March 31, 2026, we also owned $639,000 of Federal Home Loan Bank of Topeka stock. As a member of Federal Home Loan Bank of Topeka, we are required to purchase stock in the Federal Home Loan Bank of Topeka, which is carried at cost and classified as a restricted investment.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **At March 31,** | **At March 31,** | **At March 31,** | **At March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Securities available-for-sale | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;FHLMC bonds | $24376 | $23214 | $23085 | $21466 |
| &nbsp;&nbsp;GNMA bonds | 6948 | 6973 | 5035 | 5067 |
| &nbsp;&nbsp;FNMA bonds | 26010 | 24827 | 27237 | 25590 |
| &nbsp;&nbsp;Municipal bonds | 8623 | 7520 | 8622 | 7246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities available-for-sale | $65957 | $62534 | $63979 | $59369 |
| Securities held-to-maturity |  |  |  |  |
| &nbsp;&nbsp;FHLMC bonds | $54 | $55 | $64 | $66 |
| &nbsp;&nbsp;GNMA bonds | 33 | 33 | 46 | 46 |
| &nbsp;&nbsp;FNMA bonds | 88 | 90 | 112 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities held-to-maturity | $175 | $178 | $222 | $226 |

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***Portfolio Maturities and Yields.*** The composition and maturities of the securities portfolio at March 31, 2026, are summarized in the following table. Maturities are based on the final contractual payment dates, and do not reflect the effect of scheduled principal repayments, prepayments, or early redemptions that may occur. The weighted average yield is calculated based on the yield to maturity weighted for the size of each security over the entire portfolio of securities. No tax-equivalent yield adjustments have been made, as the effects would be immaterial.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **One Year or Less** | **One Year or Less** | **After One through<br>Five Years** | **After One through<br>Five Years** | **After Five through<br>Ten Years** | **After Five through<br>Ten Years** | **Over Ten Years** | **Over Ten Years** | **Total** | **Total** | **Total** |
|  | **Amortized<br>Cost** | **Weighted<br>Average<br>Yield** | **Amortized<br>Cost** | **Weighted<br>Average<br>Yield** | **Amortized<br>Cost** | **Weighted<br>Average<br>Yield** | **Amortized<br>Cost** | **Weighted<br>Average<br>Yield** | **Amortized<br>Cost** | **Fair<br>Value** | **Weighted<br>Average<br>Yield** |
| Investment securities: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Municipal bonds | $1064 | 1.79% | $2382 | 1.70% | $2842 | 2.05% | $2335 | 2.30% | $8623 | $7520 | 1.99% |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;U.S. Government agency and government-sponsored enterprise | 33 | 3.08 | 875 | 2.91 | 4220 | 3.87 | 52381 | 3.83 | 57509 | 55192 | 3.82 |
| Total | $1097 | 1.83% | $3257 | 2.02% | $7062 | 3.14% | $54716 | 3.65% | $66132 | $62712 | 3.57% |

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For additional information regarding our investment securities portfolio, see Note 2 to the notes to consolidated financial statements.

**Sources of Funds**

***General.*** Deposits have traditionally been our primary source of funds for use in lending and investment activities. We may also use borrowings to supplement cash flow needs, lengthen the maturities of liabilities for interest rate risk purposes and to manage the cost of funds. In addition, we receive funds from scheduled loan payments, investment maturities, loan prepayments and income on earning assets. While scheduled loan payments and income on earning assets are relatively stable sources of funds, deposit inflows and outflows can vary widely and are influenced by prevailing interest rates, market conditions and levels of competition.

***Deposits.*** Our deposits are generated primarily from our primary market area. We offer a selection of deposit accounts, including savings accounts, checking accounts, certificates of deposit and individual retirement accounts. Deposit account terms vary, with the principal differences being the minimum balance required, the amount of time the funds must remain on deposit and the interest rate.

Interest rates paid, maturity terms, service fees and withdrawal penalties are established on a periodic basis. Deposit rates and terms are based primarily on current operating strategies and market rates, liquidity requirements, rates paid by competitors and growth goals. We rely upon personalized customer service, long-standing relationships with customers, and our favorable reputation in the community to attract and retain local deposits. We also seek to obtain deposits from our commercial loan customers.

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The flow of deposits is influenced significantly by general economic conditions, changes in money market and other prevailing interest rates and competition. The variety of deposit accounts offered allows us to be competitive in obtaining funds and responding to changes in consumer demand. Based on experience, we believe that our deposits are relatively stable. However, the ability to attract and maintain deposits and the rates paid on these deposits, has been and will continue to be significantly affected by market conditions.

The following table sets forth the distribution of total deposits, by account type, at the dates presented.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2025** | **At March 31, 2025** | **At March 31, 2025** |
|  | **Amount** | **Percent** | **Average<br>Rate** | **Amount** | **Percent** | **Average<br>Rate** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Non-interest bearing demand | $64505 | 14.01% | —% | $64497 | 15.50% | —% |
| Savings accounts | 49768 | 10.81 | 0.53 | 45476 | 10.93 | 0.45 |
| Money market accounts | 38985 | 8.47 | 2.26 | 30718 | 7.38 | 2.29 |
| NOW accounts | 144047 | 31.29 | 1.69 | 152782 | 36.70 | 1.67 |
| Certificates of deposit | 143516 | 31.18 | 4.26 | 104129 | 25.02 | 4.47 |
| Individual retirement accounts | 19535 | 4.24 | 3.42 | 18599 | 4.47 | 3.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $460356 | 100.00% | 2.55% | $416201 | 100.00% | 2.56% |

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As of March 31, 2026 and 2025, the aggregate amount of uninsured deposits (deposits in amounts greater than or equal to $250,000, which is generally the maximum amount for federal deposit insurance), was $52.2 million and $54.8 million, respectively. In addition, as of March 31, 2026, the aggregate amount of all our uninsured certificates of deposit was $8.1 million. We have no deposits that are uninsured for any reason other than being in excess of the maximum amount for federal deposit insurance.

At March 31, 2026, we had approximately 179 depositors with uninsured deposits, resulting in an average balance of uninsured deposits of $291,000 per uninsured depositor. Of total uninsured deposits as of March 31, 2026, $30.4 million, or 58.28%, consisted of NOW accounts, $4.8 million, or 9.11%, consisted of savings accounts, $8.1 million, or 15.46%, consisted of certificates of deposit, including IRAs, $5.5 million, or 10.56% consisted of money market accounts and $3.4 million, or 6.59%, consisted of non-interest bearing demand accounts.

The following table sets forth the maturity of our uninsured certificates of deposit as of March 31, 2026.

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| | |
|:---|:---|
|  | **At March 31, 2026** |
|  | **(Dollars in thousands)** |
| Maturity Period: |  |
| &nbsp;&nbsp;Three months or less | $3151 |
| &nbsp;&nbsp;Over three through six months | 2553 |
| &nbsp;&nbsp;Over six through twelve months | 1639 |
| &nbsp;&nbsp;Over twelve months | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $8066 |

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***Borrowings.*** We may obtain advances from the Federal Home Loan Bank of Topeka upon the security of our capital stock in it and our one- to four-family residential real estate portfolio. We may utilize these advances for asset/liability management purposes and for additional funding for our operations. Such advances may be made under several different credit programs, each of which has its own interest rate and range of maturities. At March 31, 2026, we had no outstanding advances from the Federal Home Loan Bank of Topeka. At March 31, 2026, based on pledged collateral and our ownership of Federal Home Loan Bank of Topeka common stock, we had access to up to $47.0 million of advances from the Federal Home Loan Bank of Topeka. The Association had $13.0 million in irrevocable letters of credit outstanding with the FHLB at March 31, 2026 to secure public deposits. We could significantly increase our borrowing capacity from the Federal Home Loan Bank of Topeka if we pledged additional assets as security.

As of March 31, 2026, the Association has an approved line of credit to borrow funds from the Federal Reserve Bank ("FRB") Discount Window ("Discount Window"). The Association has pledged commercial real estate loans as security with a carrying value of $13.4 million to secure borrowings through the Discount Window, if needed. While the Association has conducted a test of borrowing through the Discount Window, there were no borrowings outstanding through the Discount Window at March 31, 2026. The Association had remaining availability for FRB borrowings of approximately $10.1 million at March 31, 2026.

As of March 31, 2026, we had a $5.0 million borrowing line from a private bankers' bank, and we also have the ability to participate in the Federal Reserve Board's Bank Term Funding Program if needed.

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**Subsidiary Activities**

Home Federal Savings' only subsidiary is First Service Corporation, a Nebraska corporation that provides insurance services directly and sells securities through a third-party arrangement.

**Employees**

At March 31, 2026, we had 68 full-time employees and seven part-time employees. Our employees are not represented by a collective bargaining group, and we believe that our relationship with our employees is excellent. The success of our business is highly dependent on our employees, who provide value to our customers and communities. Our workplace culture provides a set of core values: a concern for others, trust, respect, hard work and a dedication to our customers. We seek to hire well-qualified employees who are also a good fit for our value system.

We believe that our ability to attract and retain top quality employees is a key to our future success. We continue to elevate individuals from within the organization into new roles and we expect to continue to assess our management and staffing needs and are likely to add personnel in the future in order to fully implement our business strategy.

In an effort to continue our investment in our employees and as part of the conversion, Home Federal Savings and Loan Association of Grand Island established the Employee Stock Ownership Plan ("ESOP") for its employees. Shares held in the ESOP will be released and allocated to employees on an annual basis based on the ratio of each such participant's annual compensation.

**FEDERAL AND STATE TAXATION**

**Federal Taxation**

***General.*** Central Plains Bancshares and Home Federal Savings are subject to federal income taxation in the same general manner as other corporations, with some exceptions discussed below. The following discussion of federal taxation is intended only to summarize material federal income tax matters and is not a comprehensive description of the tax rules applicable to Central Plains Bancshares and Home Federal Savings.

***Method of Accounting.*** For federal income tax purposes, we currently report our income and expenses on the accrual method of accounting and use a tax year ending March 31 for filing our federal income tax returns. The Small Business Protection Act of 1996 eliminated the use of the reserve method of accounting for bad debt reserves by savings institutions considered "large banks," effective for taxable years beginning after 1995. Home Federal Savings is considered a "small bank" and therefore continues to use the reserve method of accounting for bad debt reserves.

***Minimum Tax.*** The alternative minimum tax ("AMT") for corporations has been repealed for tax years beginning after December 31, 2017. Any unused minimum tax credit of a corporation may be used to offset regular tax liability for any tax year. At March 31, 2026 we had no minimum tax credit carryforward.

***Net Operating Loss Carryovers.*** Generally, a corporation may carry forward net operating losses generated in tax years beginning after December 31, 2017 indefinitely and can offset up to 80% of taxable income. Generally, net operating losses that existed prior to December 31, 2017 were required to be carried back to the two preceding years, with any excess carried over to the succeeding 20 tax years. Such losses can offset up to 100% of taxable income subject to Internal Revenue Code Section 382 limitation. At March 31, 2026, we had $1.4 million of pre-2018 net operating loss carry forward limited to utilization of $167,000 per tax year under Internal Revenue Code Section 382.

***Capital Loss Carryovers.*** Generally, a corporation may carry back capital losses to the preceding three taxable years and forward to the succeeding five taxable years. Any capital loss carryback or carryover is treated as a short-term capital loss for the year to which it is carried. As such, it is grouped with any other capital losses for the year to which carried and is used to offset any capital gains. Any undeducted loss remaining after the five-year carryover period is not deductible. At March 31, 2026, we had no capital loss carryovers.

***Corporate Dividends.*** Central Plains Bancshares may generally exclude from income 100% of dividends received from Home Federal Savings as a member of the same affiliated group of corporations.

***Audit of Tax Returns.*** Our federal income tax returns have not been audited in the most recent five-year period.

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**State Taxation**

We are subject to Nebraska state taxation. Under Nebraska law, Home Federal Savings pays a financial institution tax that we classify as a franchise tax in lieu of a corporate income tax. The franchise tax is the lesser of two amounts computed based on our quarterly average deposits and net financial income, respectively. Presently, the tax is $0.31 per $1,000 of quarterly average deposits not to exceed an amount determined by applying 2.54% to our net financial income. Net financial income is our income after ordinary and necessary expenses but before income taxes as reported to the OCC.

In addition, Central Plains Bancshares is required to file a Nebraska corporation income tax return. For Nebraska income tax purposes, corporations are taxed at a flat rate, which is 5.20% for tax years beginning in 2025 and 4.55% for tax years beginning in 2026, subject to further scheduled reductions under Nebraska law. For this purpose, taxable income generally means federal taxable income, subject to certain state-specific additions and subtractions, including the addition of interest income on non-Nebraska municipal obligations and the exclusion of interest income from qualified U.S. governmental obligations. Taxable income reported by Central Plains Bancshares is determined without regard to the taxable income of Home Federal Savings, as Home Federal Savings files separate Nebraska financial institution tax returns.

Other applicable state taxes include sales and use taxes and real and personal property taxes.

Our state income tax returns have not been audited in the most recent five-year period.

As a Maryland business corporation, Central Plains Bancshares is required to file an annual report with and pay personal property taxes to the State of Maryland.

**SUPERVISION AND REGULATION**

**General**

As a federal savings association, Home Federal Savings is subject to examination and regulation by the OCC and is also subject to examination by the FDIC as the insurer of its deposit accounts. This regulation and supervision establishes a comprehensive framework of activities in which an institution may engage and is intended primarily for the protection of the FDIC's deposit insurance fund and depositors, and not for the protection of security holders. Home Federal Savings also is a member of and owns stock in the Federal Home Loan Bank of Topeka, which is one of the 11 regional banks in the Federal Home Loan Bank System.

Under this system of regulation, the regulatory authorities have extensive discretion in connection with their supervisory, enforcement, rulemaking and examination activities and policies, including rules or policies that: establish minimum capital levels; restrict the timing and amount of dividend payments; govern the classification of assets; determine the adequacy of loan loss reserves for regulatory purposes; and establish the timing and amounts of assessments and fees. Moreover, as part of their examination authority, the banking regulators assign numerical ratings to banks and savings institutions relating to capital, asset quality, management, liquidity, earnings and other factors. The receipt of a less than satisfactory rating in one or more categories may result in enforcement action by the banking regulators against a financial institution. A less than satisfactory rating may also prevent a financial institution, such as Home Federal Savings or its holding company, from obtaining necessary regulatory approvals to access the capital markets, pay dividends, acquire other financial institutions or establish new branches.

In addition, we must comply with significant anti-money laundering and anti-terrorism laws and regulations, Community Reinvestment Act laws and regulations, and fair lending laws and regulations. Government agencies have the authority to impose monetary penalties and other sanctions on institutions that fail to comply with these laws and regulations, which could significantly affect our business activities, including our ability to acquire other financial institutions or expand our branch network.

Central Plains Bancshares is a savings and loan holding company and is required to comply with the rules and regulations of the Federal Reserve Board. It is required to file certain reports with the Federal Reserve Board and is subject to examination by the enforcement authority of the Federal Reserve Board. Central Plains Bancshares is also subject to the rules and regulations of the Securities and Exchange Commission under the federal securities laws.

Any change in applicable laws or regulations, whether by the OCC, the FDIC, the Federal Reserve Board, the Securities and Exchange Commission or Congress, could have a material adverse impact on the operations and financial performance of Central Plains Bancshares and Home Federal Savings.

Set forth below is a brief description of material regulatory requirements that are or will be applicable to Home Federal Savings and Central Plains Bancshares. The description is limited to certain material aspects of the statutes and regulations addressed and is not intended to be a complete description of such statutes and regulations and their effects on Home Federal Savings and Central Plains Bancshares.

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**Federal Banking Regulation** 

***Business Activities.*** A federal savings association derives its lending and investment powers from the Home Owners' Loan Act, as amended, and applicable federal regulations. Under these laws and regulations, Home Federal Savings may invest in mortgage loans secured by residential and commercial real estate, commercial and industrial and consumer loans, certain types of debt securities and certain other assets, subject to applicable limits. Home Federal Savings may also establish subsidiaries that may engage in certain activities not otherwise permissible for Home Federal Savings to engage in directly, including real estate investment and securities and insurance brokerage.

***Capital Requirements*.** Federal regulations require federally insured depository institutions to meet several minimum capital standards: a common equity Tier 1 capital to risk-weighted assets ratio of 4.5%, a Tier 1 capital to risk-weighted assets ratio of 6.0%, a total capital to risk-weighted assets of 8.0%, and a 4.0% Tier 1 capital to adjusted average total assets leverage ratio.

Common equity Tier 1 capital is generally defined as common stockholders' equity and retained earnings. Tier 1 capital is generally defined as common equity Tier 1 and additional Tier 1 capital. Additional Tier 1 capital includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt. Also included in Tier 2 capital is the allowance for credit losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election regarding the treatment of Accumulated Other Comprehensive Income ("AOCI"), up to 45% of net unrealized gains on available-for-sale equity securities with readily determinable fair market values. Institutions that have not exercised the AOCI opt-out have AOCI incorporated into common equity Tier 1 capital (including unrealized gains and losses on available-for-sale-securities). Home Federal Savings exercised its AOCI opt-out election. Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations.

In determining the amount of risk-weighted assets for purposes of calculating risk-based capital ratios, all assets, including certain off-balance sheet assets (*e.g.*, recourse obligations, direct credit substitutes, residual interests) are multiplied by a risk weight factor assigned by the regulations based on the risks believed inherent in the type of asset. Higher levels of capital are required for asset categories believed to present greater risk. For example, a risk weight of 0% is assigned to cash and U.S. government securities, a risk weight of 50% is generally assigned to prudently underwritten first lien one- to four-family residential real estate loans, a risk weight of 100% is assigned to commercial and consumer loans, a risk weight of 150% is assigned to certain past due loans and a risk weight of between 0% to 600% is assigned to permissible equity interests, depending on certain specified factors.

In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a "capital conservation buffer" consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements.

The federal banking agencies have developed a "Community Bank Leverage Ratio" (the ratio of Tier 1 capital to average total consolidated assets) for financial institutions with assets of less than $10 billion that meet certain qualifying criteria. A "qualifying community bank" that exceeds this ratio is deemed to be compliant with all other capital requirements, including the capital requirements to be considered "well capitalized" under Prompt Corrective Action statutes. The federal banking agencies have adopted a final rule that will reduce the required ratio to 8%, effective July 1, 2026. Home Federal Savings has not elected to be subject to the Community Bank Leverage Ratio framework.

***Loans-to-One Borrower.*** Generally, a federal savings association may not make a loan or extend credit to a single or related group of borrowers in excess of 15% of capital and surplus. An additional amount may be loaned, equal to 10% of capital and surplus, if the loan is secured by readily marketable collateral, which generally does not include real estate. At March 31, 2026, Home Federal Savings complied with the loans-to-one borrower limitations.

***Qualified Thrift Lender Test.*** As a federal savings association, Home Federal Savings must satisfy the qualified thrift lender, or "QTL," test. Under the QTL test, it must maintain at least 65% of its "portfolio assets" in "qualified thrift investments" (primarily residential mortgages and related investments, including mortgage-backed securities) in at least nine months of the most recent 12-month period. "Portfolio assets" generally means total assets of a savings association, less the sum of specified liquid assets up to 20% of total assets, goodwill and other intangible assets, and the value of property used in the conduct of the savings association's business.

Home Federal Savings also may satisfy the QTL test by qualifying as a "domestic building and loan association" as defined in the Internal Revenue Code of 1986, as amended. This test generally requires a savings association to have at least 75% of its deposits

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held by the public and earn at least 25% of its income from loans and U.S. government obligations. Alternatively, a savings association can satisfy this test by maintaining at least 60% of its assets in cash, real estate loans and U.S. Government or state obligations.

A savings association that fails the qualified thrift lender test must operate under specified restrictions set forth in the Home Owners' Loan Act. The Dodd-Frank Act made noncompliance with the QTL test subject to agency enforcement action for a violation of law. At March 31, 2026, Home Federal Savings complied with the qualified thrift lender test.

***Capital Distributions.*** Federal regulations govern capital distributions by a federal savings association, which include cash dividends, stock repurchases, and other transactions charged to its capital account. A federal savings association must file an application with the OCC for approval of a capital distribution if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the total capital distributions for the applicable calendar year exceed the sum of the savings association's net income for that year to date plus its retained net income for the preceding two years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the savings association would not be at least adequately capitalized following the distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the distribution would violate any applicable statute, regulation, agreement or regulatory condition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the savings association is not eligible for expedited treatment of its filings, generally due to an unsatisfactory CAMELS rating or being subject to a cease-and-desist order or formal written agreement that requires action to improve the institution's financial condition.

Even if an application is not otherwise required, every savings association that is a subsidiary of a savings and loan holding company, such as Home Federal Savings, must still file a notice with the Federal Reserve Board at least 30 days before the board of directors declares a dividend or approves a capital distribution.

A notice or application related to a capital distribution may be disapproved if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the savings association would be undercapitalized following the distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the proposed capital distribution raises safety and soundness concerns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the capital distribution would violate a prohibition contained in any statute, regulation or agreement.

In addition, an insured depository institution may not make any capital distribution if, after making such distribution, the institution would fail to meet any applicable regulatory capital requirement. A federal savings association also may not make a capital distribution that would reduce its regulatory capital below the amount required for the liquidation account established in connection with its conversion to stock form.

***Community Reinvestment Act and Fair Lending Laws.*** All federal savings associations have a responsibility under the Community Reinvestment Act and related regulations to help meet the credit needs of their communities, including low- and moderate-income borrowers. In connection with its examination of a federal savings association, the OCC is required to assess the federal savings association's record of compliance with the Community Reinvestment Act. A savings association's failure to comply with the provisions of the Community Reinvestment Act could, at a minimum, result in denial of certain corporate applications such as branches or mergers, or in restrictions on its activities. In addition, the Equal Credit Opportunity Act and the Fair Housing Act prohibit lenders from discriminating in their lending practices on the basis of characteristics specified in those statutes. The failure to comply with the Equal Credit Opportunity Act and the Fair Housing Act could result in enforcement actions by the OCC, as well as other federal regulatory agencies and the Department of Justice.

The Community Reinvestment Act requires all institutions insured by the FDIC to publicly disclose their rating. Home Federal Savings received a "satisfactory" Community Reinvestment Act rating in its most recent federal examination.

***Transactions with Related Parties.*** A federal savings association's authority to engage in transactions with its affiliates is limited by Sections 23A and 23B of the Federal Reserve Act and federal regulations, as made applicable to the association by the Home Owners' Loan Act. An affiliate is generally a company that controls, or is under common control with, an insured depository institution such as Home Federal Savings. Central Plains Bancshares is an affiliate of Home Federal Savings because of its control of Home Federal Savings. In general, transactions between an insured depository institution and its affiliates are subject to certain quantitative limits and collateral requirements. In addition, federal regulations prohibit a savings association from lending to any of its affiliates that are engaged in activities that are not permissible for bank holding companies and from purchasing the securities of any affiliate, other than a subsidiary. Finally, transactions with affiliates must be consistent with safe and sound banking practices, not involve the purchase of low-quality assets and be on terms that are as favorable to the institution as comparable transactions with non-affiliates.

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Home Federal Savings' authority to extend credit to its directors, executive officers and 10% stockholders, as well as to entities controlled by such persons, is currently governed by the requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the Federal Reserve Board. Among other things, these provisions generally require that extensions of credit to insiders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of Home Federal Savings' capital.

In addition, extensions of credit in excess of certain limits must be approved by Home Federal Savings' board of directors. Extensions of credit to executive officers are subject to additional limits based on the type of extension involved.

***Enforcement.*** The OCC has primary enforcement responsibility over federal savings associations and has authority to bring enforcement action against all "institution-affiliated parties," including directors, officers, stockholders, attorneys, appraisers and accountants who knowingly or recklessly participate in specified misconduct that caused or is likely to cause a financial loss to or have an adverse effect on a federal savings association. Formal enforcement action by the OCC may range from the issuance of a capital directive or cease and desist order to removal of officers and/or directors of the institution and the appointment of a receiver or conservator. Civil penalties cover a wide range of violations and actions, and maximum amounts are adjusted annually for inflation. The FDIC also has the authority to terminate deposit insurance or recommend to the OCC that enforcement action be taken with respect to a particular savings association. If such action is not taken, the FDIC has authority to take the action under specified circumstances.

***Standards for Safety and Soundness.*** Federal law requires each federal banking agency to prescribe certain standards for all insured depository institutions. These standards relate to, among other things, internal controls, information systems and audit systems, loan documentation, credit underwriting, interest rate risk exposure, asset growth, compensation and other operational and managerial standards as the agency deems appropriate. Interagency guidelines set forth the safety and soundness standards that the federal banking agencies use to identify and address problems at insured depository institutions before capital becomes impaired. If the appropriate federal banking agency determines that an institution fails to meet any standard prescribed by the guidelines, the agency may require the institution to submit to the agency an acceptable plan to achieve compliance with the standard. If an institution fails to meet these standards, the appropriate federal banking agency may require the institution to implement an acceptable compliance plan. Failure to implement such a plan can result in further enforcement action, including the issuance of a cease-and-desist order or the imposition of civil money penalties.

***Interstate Banking and Branching.*** Federal law permits well-capitalized and well-managed holding companies to acquire banks in any state, subject to Federal Reserve Board approval, certain concentration limits and other specified conditions. Interstate mergers of banks are also authorized, subject to regulatory approval and other specified conditions. In addition, among other things, amendments made by the Dodd-Frank Act permit banks to establish *de novo* branches on an interstate basis provided that branching is authorized by the law of the host state for the banks chartered by that state.

***Prompt Corrective Action.*** Federal law requires, among other things, that federal bank regulators take "prompt corrective action" with respect to institutions that do not meet minimum capital requirements. For this purpose, the law establishes five capital categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Under the regulations, an institution is deemed to be "well capitalized" if it has a total risk-based capital ratio of 10.0% or greater, a Tier 1 risk-based capital ratio of 8.0% or greater, a leverage ratio of 5.0% or greater and a common equity Tier 1 ratio of 6.5% or greater. An institution is deemed to be "adequately capitalized" if it has a total risk-based capital ratio of 8.0% or greater, a Tier 1 risk-based capital ratio of 6.0% or greater, a leverage ratio of 4.0% or greater and a common equity Tier 1 ratio of 4.5% or greater. An institution is deemed to be "undercapitalized" if it has a total risk-based capital ratio of less than 8.0%, a Tier 1 risk-based capital ratio of less than 6.0%, a leverage ratio of less than 4.0% or a common equity Tier 1 ratio of less than 4.5%. An institution is deemed to be "significantly undercapitalized" if it has a total risk-based capital ratio of less than 6.0%, a Tier 1 risk-based capital ratio of less than 4.0%, a leverage ratio of less than 3.0% or a common equity Tier 1 ratio of less than 3.0%. An institution is considered to be "critically undercapitalized" if it has a ratio of tangible equity (as defined in the regulations) to total assets that is equal to or less than 2.0%.

Federal law and regulations also specify circumstances under which a federal banking agency may reclassify a well-capitalized institution as adequately capitalized and may require an institution classified as less than well capitalized to comply with supervisory actions as if it were in the next lower category.

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The OCC may order savings associations that have insufficient capital to take corrective actions. For example, a savings association that is categorized as "undercapitalized" is subject to growth limitations and is required to submit a capital restoration plan, and a holding company that controls such a savings association is required to guarantee that the savings association complies with the restoration plan. A "significantly undercapitalized" savings association may be subject to additional restrictions. Savings associations deemed by the OCC to be "critically undercapitalized" would be subject to the appointment of a receiver or conservator.

At March 31, 2026, Home Federal Savings met the criteria for being considered "well capitalized."

***Insurance of Deposit Accounts.*** Home Federal Savings is a member of the Deposit Insurance Fund, which is administered by the FDIC. Its deposit accounts are insured by the FDIC, generally up to a maximum of $250,000 per depositor.

The FDIC imposes deposit insurance assessments against all insured depository institutions. An institution's assessment rate depends upon the perceived risk of the institution to the Deposit Insurance Fund, with institutions deemed less risky paying lower rates. Currently, assessments for institutions of less than $10 billion of total assets are based on financial measures and supervisory ratings derived from statistical models estimating the probability of failure within three years. The FDIC may increase or decrease the range of assessments uniformly, except that no adjustment can deviate more than two basis points from the base assessment rate without notice and comment rulemaking.

A significant increase in insurance premiums would have an adverse effect on the operating expenses and results of operations of Home Federal Savings. We cannot predict what deposit insurance assessment rates will be in the future.

Insurance of deposits may be terminated by the FDIC upon finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC. We do not know of any practice, condition or violation that might lead to termination of deposit insurance for Home Federal Savings.

***Privacy Regulations.*** Federal regulations generally require that Home Federal Savings disclose its privacy policy, including identifying with whom it shares a customer's "non-public personal information," to customers at the time of establishing the customer relationship and annually thereafter. In addition, Home Federal Savings is required to provide its customers with the ability to "opt-out" of having their personal information shared with unaffiliated third parties and not to disclose account numbers or access codes to non-affiliated third parties for marketing purposes. Home Federal Savings has a privacy protection policy in place and believes that such policy is in compliance with the regulations.

***Cyber Security*.** The federal banking agencies have adopted rules providing for notification requirements for banking organizations and their service providers for significant cybersecurity incidents. A banking organization is required to notify its primary federal regulator as soon as possible, and no later than 36 hours after the banking organization determines that a "computer-security incident" rising to the level of a "notification incident" has occurred. Notification is required for incidents that have materially disrupted or degraded, or are reasonably likely to materially disrupt or degrade, the banking organization's ability to carry out banking operations, activities, or processes or to deliver banking products and services in the ordinary course, or operations the failure of which would threaten the stability of the financial sector. Service providers are required under the rule to notify affected banking organization customers as soon as possible when the provider determines that it has experienced a computer-security incident that has materially affected or is reasonably likely to materially affect the banking organization's customers for four or more hours.

***Bank Secrecy Act, USA PATRIOT Act and Anti-Money Laundering Regulations.*** We are subject to federal anti-money laundering and anti-terrorist financing laws, including the Bank Secrecy Act ("BSA") and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the "USA PATRIOT Act") and those laws' implementing regulations issued by FinCEN. The USA PATRIOT Act provides federal agencies the power to address money laundering and terrorist threats through enhanced domestic security measures, expanded surveillance powers, increased information sharing, and broadened anti-money laundering requirements. The USA PATRIOT Act has also implemented measures intended to encourage information sharing among bank regulatory agencies and law enforcement bodies. Together, the BSA and USA PATRIOT Act impose affirmative obligations on a broad range of financial institutions, including banks, thrifts. brokers, dealers, credit unions, money transfer agents and parties registered under the Commodity Exchange Act. The BSA and the USA PATRIOT Act, and their implementing regulations also require banks to: establish anti-money laundering compliance programs that include policies, procedures and internal controls, the appointment of an anti-money laundering compliance officer, a training program, independent testing, and customer due diligence; file certain reports with FinCEN and law enforcement that are designed to assist in the direction and prevention of money laundering and terrorist financing activities; establish programs specifying procedures for obtaining and maintaining certain records from customers seeking to open new accounts, including verifying the identity of customers; in certain circumstances, comply with enhanced due diligence policies, procedures and controls designed to detect and review for certain high risk customers or accounts. The USA PATRIOT Act also includes prohibitions on correspondent accounts for foreign shell banks and requires compliance with record keeping obligations with respect to correspondent accounts of foreign banks.

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***Prohibitions Against Tying Arrangements*.** Federal savings associations are prohibited, subject to some exceptions, from extending credit to or offering any other service, or fixing or varying the consideration for such extension of credit or service, on the condition that the customer obtain some additional service from the institution or its affiliates or not obtain services of a competitor of the institution.

**Other Regulations** 

Interest and other charges collected or contracted for by Home Federal Savings are subject to state usury laws and federal laws concerning interest rates. Loan operations are also subject to state and federal laws applicable to credit transactions, such as the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Home Mortgage Disclosure Act of 1975, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed or other prohibited factors in extending credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fair Credit Reporting Act of 1978, governing the use and provision of information to credit reporting agencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rules and regulations of the various federal and state agencies charged with the responsibility of implementing such federal and state laws.

The deposit operations of Home Federal Savings also are subject to, among others, the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Check Clearing for the 21st Century Act (also known as "Check 21"), which gives "substitute checks," such as digital check images and copies made from that image, the same legal standing as the original paper check; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Electronic Funds Transfer Act and Regulation E promulgated thereunder, which govern automatic deposits to and withdrawals from deposit accounts and customers' rights and liabilities arising from the use of automated teller machines and other electronic banking services.

**Federal Home Loan Bank System**

Home Federal Savings is a member of the Federal Home Loan Bank of Topeka, which is one of 11 regional Federal Home Loan Banks in the Federal Home Loan Bank System. The Federal Home Loan Bank of Topeka provides a central credit facility primarily for its member institutions. Members of the Federal Home Loan Bank of Topeka are required to acquire and hold shares of capital stock in the Federal Home Loan Bank of Topeka. Home Federal Savings complied with this requirement at March 31, 2026. Based on redemption provisions of the Federal Home Loan Bank of Topeka, the stock has no quoted market value and is carried at cost. Home Federal Savings reviews for impairment, based on the ultimate recoverability, the cost basis of the Federal Home Loan Bank of Topeka stock. At March 31, 2026, no impairment has been recognized.

**Holding Company Regulation**

Central Plains Bancshares is a unitary savings and loan holding company subject to regulation and supervision by the Federal Reserve Board. The Federal Reserve Board has enforcement authority over Central Plains Bancshares and its non-savings institution subsidiaries. Among other things, this authority permits the Federal Reserve Board to restrict or prohibit activities that are determined to be a risk to Home Federal Savings.

As a savings and loan holding company, Central Plains Bancshares' activities are limited to those activities permissible by law for financial holding companies (if Central Plains Bancshares makes an election to be treated as a financial holding company and meets the other requirements to be a financial holding company) or multiple savings and loan holding companies. Central Plains Bancshares does not intend to make an election to be treated as a financial holding company. A financial holding company may engage in activities that are financial in nature, incidental to financial activities or complementary to a financial activity. Such activities include lending and other activities permitted for bank holding companies under Section 4(c)(8) of the Bank Holding Company Act, insurance and underwriting equity securities. Multiple savings and loan holding companies are authorized to engage in activities specified by federal regulation, including activities permitted for bank holding companies under Section 4(c)(8) of the Bank Holding Company Act.

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Federal law prohibits a savings and loan holding company, directly or indirectly, or through one or more subsidiaries, from acquiring more than 5% of another savings institution or savings and loan holding company without prior written approval of the Federal Reserve Board, and from acquiring or retaining control of any depository institution not insured by the FDIC. In evaluating applications by holding companies to acquire savings institutions, the Federal Reserve Board must consider such things as the financial and managerial resources and future prospects of the company and institution involved, the effect of the acquisition on and the risk to the federal deposit insurance fund, the convenience and needs of the community and competitive factors. A savings and loan holding company may not acquire a savings institution in another state and hold the target institution as a separate subsidiary unless it is a supervisory acquisition under Section 13(k) of the Federal Deposit Insurance Act or the law of the state in which the target is located authorizes such acquisitions by out-of-state companies.

Savings and loan holding companies historically have not been subject to consolidated regulatory capital requirements. The Dodd-Frank Act requires the Federal Reserve Board to establish minimum consolidated capital requirements for all depository institution holding companies that are as stringent as those required for the insured depository subsidiaries. However, savings and loan holding companies of under $3 billion in consolidated assets remain exempt from consolidated regulatory capital requirements, unless the Federal Reserve determines otherwise in particular cases.

The Dodd-Frank Act extended the "source of strength" doctrine to savings and loan holding companies. The Federal Reserve Board has promulgated regulations implementing the "source of strength" policy that require holding companies to act as a source of strength to their subsidiary depository institutions by providing capital, liquidity and other support in times of financial stress.

The Federal Reserve Board has issued a policy statement regarding the payment of dividends and the repurchase of shares of common stock by bank holding companies and savings and loan holding companies. In general, the policy provides that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the holding company appears consistent with the organization's capital needs, asset quality and overall financial condition. Regulatory guidance provides for prior regulatory consultation with respect to capital distributions in certain circumstances such as where the company's net income for the past four quarters, net of dividends previously paid over that period, is insufficient to fully fund the dividend or the company's overall rate of earnings retention is inconsistent with the company's capital needs and overall financial condition. The ability of a holding company to pay dividends may be restricted if a subsidiary bank becomes undercapitalized. The policy statement also states that a holding company should inform the Federal Reserve Board supervisory staff before redeeming or repurchasing common stock or perpetual preferred stock if the holding company is experiencing financial weaknesses or if the repurchase or redemption would result in a net reduction, at the end of a quarter, in the amount of such equity instruments outstanding compared with the beginning of the quarter in which the redemption or repurchase occurred. These regulatory policies may affect the ability of Central Plains Bancshares to pay dividends, repurchase shares of common stock or otherwise engage in capital distributions.

For Central Plains Bancshares to be regulated by the Federal Reserve Board as savings and loan holding company rather than as a bank holding company, Home Federal Savings must qualify as a "qualified thrift lender" under federal regulations or satisfy the "domestic building and loan association" test under the Internal Revenue Code. Under the qualified thrift lender test, a savings institution is required to maintain at least 65% of its "portfolio assets" (total assets less: (i) specified liquid assets up to 20% of total assets; (ii) intangible assets, including goodwill; and (iii) the value of property used to conduct business) in certain "qualified thrift investments" (primarily residential mortgages and related investments, including certain mortgage-backed and related securities) in at least nine out of each 12 month period. At March 31, 2026, Home Federal Savings maintained approximately 65.13% of its portfolio assets in qualified thrift investments and was in compliance with the qualified thrift lender requirement.

**Federal Securities Laws**

Central Plains Bancshares common stock is registered with the Securities and Exchange Commission after the conversion and stock offering. Central Plains Bancshares is subject to the information, proxy solicitation, insider trading restrictions and other requirements under the Securities Exchange Act of 1934, as amended.

The registration under the Securities Act of 1933, as amended, of shares of common stock issued in Central Plains Bancshares' stock offering does not cover the resale of those shares. Shares of common stock purchased by persons who are not affiliates of Central Plains Bancshares may be resold without registration. Shares purchased by an affiliate of Central Plains Bancshares are subject to the resale restrictions of Rule 144 under the Securities Act of 1933. If Central Plains Bancshares meets the current public information requirements of Rule 144 under the Securities Act of 1933, each affiliate of Central Plains Bancshares that complies with the other conditions of Rule 144, including those that require the affiliate's sale to be aggregated with those of other persons, would be able to sell in the public market, without registration, a number of shares not to exceed, in any three-month period, the greater of 1% of the outstanding shares of Central Plains Bancshares, or the average weekly volume of trading in the shares during the preceding four calendar weeks. In the future, Central Plains Bancshares may permit affiliates to have their shares registered for sale under the Securities Act of 1933.

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**Sarbanes-Oxley Act**

The Sarbanes-Oxley Act is intended to improve corporate responsibility, to provide for enhanced penalties for accounting and auditing improprieties at publicly traded companies and to protect investors by improving the accuracy and reliability of corporate disclosures required under the federal securities laws. We have policies, procedures and systems designed to comply with these regulations, and we review and document such policies, procedures and systems to ensure continued compliance with these regulations.

**Change in Control Regulations**

Under the Change in Bank Control Act, a federal statute, no person may acquire control of a savings and loan holding company such as Central Plains Bancshares unless the Federal Reserve Board has been given 60 days prior written notice and has not issued a notice disapproving the proposed acquisition, taking into consideration certain factors, including the financial and managerial resources of the acquirer and the competitive effects of the acquisition. Control, as defined under federal law and regulation, means the power, directly or indirectly, to direct management or policies of an insured depository institution, or the ownership, control of or holding irrevocable proxies representing more than 25% of any class of voting stock, control in any manner of the election of a majority of the institution's directors, or a determination by the regulator that the acquiror has the power, directly or indirectly, to exercise a controlling influence over the management or policies of the institution. Acquisition of more than 10% of any class of a savings and loan holding company's voting stock constitutes a rebuttable determination of control under the regulations under certain circumstances including where, as is the case with Central Plains Bancshares, the issuer has registered securities under Section 12 of the Securities Exchange Act of 1934

In addition, federal regulations provide that no company may acquire control of a savings and loan holding company without the prior approval of the Federal Reserve Board. Any company that acquires such control becomes a "savings and loan holding company" subject to registration, examination and regulation by the Federal Reserve Board.

**Item 1A. Risk Factors.**

The material risks and uncertainties that management believes affect us are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information included or incorporated by reference herein as well as in other documents we file with the SEC. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties that management is not aware of or focused on or that management currently deems immaterial may also impair our business operations. This report is qualified in its entirety by these risk factors. See also, "Forward-Looking Statements."

**<u>Risks Related to Market Interest Rates</u>**

***Future changes in interest rates could reduce our profits and asset values.***

Net interest income comprises a significant portion of our earnings and represents the difference between interest income earned on interest-earning assets, such as loans and securities, and interest expense paid on interest-bearing liabilities, such as deposits and borrowings.

A substantial portion of our loan portfolio consists of fixed-rate loans, and many of our other interest-earning assets and interest-bearing liabilities are subject to contractual repricing over different timeframes. Our interest-bearing liabilities generally reprice or mature more quickly than our interest-earning assets, which may result in increased sensitivity of our net interest income to changes in market interest rates. In a rising rate environment, interest expense on deposits and borrowings may increase more rapidly than interest income on assets, which could negatively impact our net interest margin and earnings.

Changes in interest rates also affect the average lives of loans and mortgage-backed and related securities. In declining rate environments, prepayments typically increase as borrowers refinance, which accelerates the amortization of premiums and creates reinvestment risk, as we may be unable to reinvest these funds at comparable yields.

In addition, an inverted yield curve—where short-term interest rates exceed long-term interest rates—may compress our net interest margin and adversely affect profitability, particularly on longer-term fixed-rate assets.

Any substantial or prolonged changes in market interest rates could have a material adverse effect on our financial condition, liquidity, and results of operations. Interest rate changes may also reduce loan demand, adversely affect the fair value of our assets (including available-for-sale securities), and limit our ability to realize gains on asset sales. Additionally, our interest rate risk management models and assumptions may not fully capture the actual impact of rate changes on our balance sheet or operating results.

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**<u>Risks Related to Our Lending Activities</u>**

***Our real estate commercial loans involve credit risks that could adversely affect our financial condition and results of operations.***

At March 31, 2026, commercial real estate loans comprised approximately 28.82% of our loan portfolio. Given their larger balances and the complexity of the underlying collateral, commercial real estate loans generally involve greater risk than the one- to four-family residential real estate loans we originate. The repayment of these loans depends on the successful management and operation of the borrower's properties or related businesses and may be adversely affected by conditions in the local real estate market or economy. A downturn in real estate markets or local economic conditions could reduce property values or borrower revenues, increasing the risk of non-performing loans and losses. We intend to increase our commercial real estate loan portfolio, and as it grows, the associated risks and potential for losses may also increase.

***Our agricultural loans involve credit risks that could adversely affect our financial condition and results of operations.***

At March 31, 2026, agricultural loans comprised approximately 12.19% of our loan portfolio. Agricultural lending exposes us to risks unique to this industry, including volatility in commodity prices, weather conditions, input costs, government support programs, and global trade dynamics. Adverse developments such as drought, flooding, disease, trade restrictions, or reductions in government subsidies may impair borrowers' repayment capacity and could result in increased delinquencies or loan losses. In addition, concentrations in agricultural lending may increase our exposure to localized economic downturns or natural disasters. Any deterioration in the agricultural economy could materially and adversely affect our loan portfolio and overall results of operations.

***Our commercial and industrial loans involve credit risks that could adversely affect our financial condition and results of operations.***

At March 31, 2026, commercial and industrial loans comprised approximately 10.79% of our loan portfolio. These loans are generally based on the borrower's ability to generate cash flow from business operations, rather than on collateral values that are more readily ascertainable, as is often the case with residential real estate lending. Collateral securing these loans may fluctuate in value and may be difficult to appraise or liquidate. Repayment is therefore more dependent on the success of the underlying business. Accordingly, these loans may present a higher level of risk than other types of lending.

***Our real estate construction loans involve credit risks that could adversely affect our financial condition and results of operations.***

At March 31, 2026, construction real estate loans comprised approximately 6.39% of our loan portfolio. Construction lending involves additional risks compared to permanent financing because funds are advanced based on the projected value of the project, which is inherently uncertain prior to completion. Estimating construction costs and the market value of the completed project can be difficult, and cost overruns or project delays may occur. Repayment is typically dependent on the successful completion of the project and the borrower's ability to sell or lease the property or obtain permanent financing. If the appraised value of a completed project is overstated, we may have insufficient collateral to fully recover the loan, which could result in losses. As this portfolio grows, the associated risks may increase.

***Our historical emphasis on real estate residential loans exposes us to lending risks.***

At March 31, 2026, approximately 36.14% of our loan portfolio was secured by one- to four-family and multi-family residential real estate. Residential mortgage lending is sensitive to regional and local economic conditions that affect borrowers' ability to repay. Declines in real estate values could result in inadequately collateralized loans, increasing the risk of loss if we are required to foreclose and sell the underlying collateral.

***If our allowance for credit losses is not sufficient to cover actual loan losses, our earnings could decrease.***

We make assumptions and judgments about the collectability of our loan portfolio, including borrower creditworthiness and collateral values. In determining the adequacy of our allowance for credit losses, we consider historical loss experience, current economic conditions, and other relevant factors. If our assumptions prove incorrect, or if economic conditions deteriorate, our allowance may not be sufficient to cover expected losses, requiring additional provisions that would reduce earnings. Growth in higher-risk loan portfolios, including commercial real estate and commercial and industrial loans, could also necessitate increases in the allowance.

In addition, bank regulatory agencies periodically review our allowance for credit losses and may require us to increase the allowance or recognize additional charge-offs. Any such actions could have a material adverse effect on our financial condition and results of operations.

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***We are subject to environmental liability risk associated with our lending activities and owned properties.***

A significant portion of our loan portfolio is secured by real estate. We may become subject to environmental liabilities associated with properties securing our loans or properties we acquire through foreclosure. Hazardous substances or environmental contamination could result in liability for remediation costs, personal injury, property damage, civil penalties, or criminal sanctions, regardless of when the contamination occurred. Environmental laws may require significant expenditures and could reduce property values or limit our ability to sell such properties. Although we conduct environmental reviews prior to foreclosure on non-residential properties, these reviews may not identify all potential risks. Any such environmental liability could have a material adverse effect on our financial condition and results of operations.

***Our mortgage banking revenue and the value of our mortgage servicing rights can be volatile.***

We sell a portion of our originated mortgage loans in the secondary market to generate non-interest income and earn fees from servicing mortgage loans. Changes in interest rates significantly affect these activities. Rising interest rates typically reduce mortgage origination volume and gain-on-sale income, while potentially increasing servicing income due to slower prepayment speeds. Conversely, declining rates may increase originations but reduce the value of mortgage servicing rights. As a result, our mortgage banking revenue may be volatile.

Additionally, non-interest expenses associated with mortgage banking—such as compensation, occupancy, and data processing—may not decline proportionately during periods of reduced loan demand, which could adversely affect our results of operations.

***The foreclosure process may adversely impact our recoveries on non-performing loans.***

Foreclosure processes may be lengthy and subject to regulatory and legal constraints, which can delay the resolution of non-performing loans. Extended timelines may result from evolving regulatory requirements, increased judicial scrutiny, and borrower protections, including loan modification programs.

**<u>Risks Related to Laws and Regulations</u>**

***Changes in laws and regulations and the cost of regulatory compliance may adversely affect our operations and increase our expenses.***

Home Federal Savings is subject to extensive regulation, supervision, and examination by the Office of the Comptroller of the Currency (the "OCC"), and Central Plains Bancshares is subject to oversight by the Board of Governors of the Federal Reserve System (the "Federal Reserve"). Such regulation governs the activities in which we and our subsidiaries may engage and is intended primarily for the protection of the Deposit Insurance Fund and depositors, rather than our stockholders.

Regulatory authorities have broad discretion in their supervisory and enforcement activities, including the authority to impose restrictions on our operations, classify assets, and determine the adequacy of our allowance for credit losses. These regulations, together with applicable tax, accounting, securities, insurance, and monetary laws, rules, standards, and interpretations, govern our business practices, strategic initiatives, financial reporting, and disclosures.

Changes in applicable laws, regulations, or regulatory policies—whether through legislation, rulemaking, or supervisory guidance—may materially affect our business, financial condition, and results of operations. In addition, changes in accounting standards can be difficult to predict and may require significant judgment in interpretation and application by management and our independent auditors. Such changes could materially affect how we report our financial condition and results of operations, potentially on a retrospective basis.

***Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or related regulations could result in significant penalties.***

The Bank Secrecy Act ("BSA"), the USA PATRIOT Act, and related regulations require financial institutions to implement programs designed to prevent money laundering and terrorist financing. These requirements include, among other things, customer identification and due diligence procedures, monitoring and reporting of suspicious activities to the U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN"), and maintaining appropriate internal controls.

Failure to comply with these requirements could result in significant regulatory penalties, including fines, sanctions, restrictions on acquisitions or expansion activities, and reputational harm. Although we maintain policies and procedures designed to promote compliance with these laws and regulations, such measures may not be fully effective in preventing violations. Additionally, these regulatory requirements continue to evolve, increasing compliance complexity and cost.

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We have not incurred material penalties or experienced material reputational harm related to money laundering or related activities; however, there can be no assurance that such issues will not arise in the future.

***We may become subject to enforcement actions, even in cases of inadvertent noncompliance.***

The financial services industry is subject to heightened regulatory scrutiny and enforcement, particularly with respect to consumer protection, mortgage lending practices, anti-money laundering compliance, and adherence to Office of Foreign Assets Control ("OFAC") regulations and economic sanctions.

Enforcement actions may be initiated for violations of laws or regulations, as well as for practices deemed unsafe or unsound. While we maintain systems, policies, and procedures designed to ensure compliance, certain regulatory frameworks allow for the imposition of penalties even where non-compliance is inadvertent or unintentional.

Any failure to comply with applicable laws, regulations, or supervisory expectations may result in fines, penalties, legal proceedings, regulatory restrictions, or reputational damage, which could materially adversely affect our business, financial condition, and results of operations.

***Monetary policies of the Federal Reserve may adversely affect our business and results of operations.***

Our earnings and growth are significantly influenced by the monetary and fiscal policies of the Federal Reserve, in addition to general economic conditions. The Federal Reserve regulates the money supply and credit conditions through various tools, including open market operations, adjustments to the discount rate, and changes in reserve requirements.

These policies directly and indirectly affect interest rates, loan demand, deposit levels, and the overall availability and cost of credit. As a result, they have had, and are expected to continue to have, a material impact on the operations and profitability of financial institutions, including us.

The effects of future monetary policy actions on our business, financial condition, and results of operations are inherently uncertain and cannot be predicted.

***Capital requirements may limit our operations and adversely affect our return on equity.***

We are subject to regulatory capital requirements that establish minimum risk-based and leverage ratios and define qualifying capital instruments. These requirements include minimum ratios for common equity Tier 1, Tier 1 capital, total capital, and leverage, as well as a capital conservation buffer of 2.5%, which effectively increases the minimum required levels.

Failure to maintain required capital levels, including the buffer, may result in restrictions on capital distributions, including dividends and share repurchases, as well as limitations on discretionary bonus payments. In addition, higher capital requirements may reduce our return on equity and constrain growth.

Home Federal Savings' ability to pay dividends to Central Plains Bancshares is dependent on maintaining required capital levels, which in turn may affect our ability to pay dividends to our stockholders.

At March 31, 2026, Home Federal Savings exceeded all applicable regulatory capital requirements and was considered "well capitalized."

***Our status as an emerging growth company may make our common stock less attractive to investors.***

Central Plains Bancshares qualifies as an "emerging growth company" under the Jumpstart Our Business Startups Act (the "JOBS Act"). As an emerging growth company, we may elect to take advantage of certain reduced reporting and disclosure requirements, including exemptions from certain executive compensation disclosures and the requirement to obtain an auditor attestation of internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act.

We have also elected to use the extended transition period for adopting new or revised accounting standards applicable to private companies, which may result in our financial statements being less comparable to those of other public companies.

If investors perceive our reduced disclosure as less transparent, it could adversely affect the marketability and trading price of our common stock

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***Our status as a smaller reporting company may also reduce disclosure comparability.***

We also qualify as a "smaller reporting company" under federal securities laws, which allows us to provide reduced disclosures in our periodic reports and proxy statements. While these accommodations reduce compliance costs, they may limit the information available to investors.

If investors view our reduced disclosure unfavorably, it could result in decreased market liquidity and increased volatility in the trading price of our common stock.

***The Federal Reserve Board may require us to provide financial support to our bank subsidiary.***

Under federal law and regulatory policy, bank holding companies are expected to act as a source of financial and managerial strength to their subsidiary banks. The Federal Reserve may require us to commit capital resources to support Home Federal Savings, including at times when it may not otherwise be advantageous to do so.

Such a requirement could necessitate raising additional capital or incurring debt, which may be costly or difficult under adverse market conditions. Any such actions could materially adversely affect our financial condition and results of operations.

**<u>Risks Related to Economic Conditions</u>**

***Changes in trade policies and tariffs could adversely affect our business, financial condition, and results of operations.***

Changes in trade policies, including the imposition or escalation of tariffs and trade restrictions, could negatively affect economic conditions in the markets we serve. Our customers—particularly those engaged in agriculture, manufacturing, and retail—may experience higher input costs, reduced export demand, and supply chain disruptions as a result of such policies. These factors could reduce customer revenues and profitability, potentially leading to layoffs and impairing borrowers' ability to meet their financial obligations.

Prolonged trade tensions may also contribute to market volatility, declining asset values, and weakened consumer confidence. As a result, we may experience increased loan delinquencies, higher credit losses, and deterioration in asset quality. In addition, a slowdown in local economic activity could reduce loan demand, deposit growth, and fee-based income. We cannot predict the outcome of trade negotiations or the full impact of tariffs and related policies on our customers or the broader economy. Any adverse developments could materially and negatively affect our financial condition, results of operations, and growth prospects.

***Inflation could adversely affect our financial performance and our customers' ability to repay loans.***

Inflation risk represents the potential for increases in the cost of goods and services to erode purchasing power and negatively impact economic activity. Rising inflation may reduce the fair value of our investment securities, particularly those with longer durations, although floating-rate instruments may be less affected.

Inflation also increases our operating costs, including expenses for utilities, technology, and personnel, which may adversely affect our noninterest expense levels. At the same time, our customers may face higher household and business expenses, which could reduce their disposable income and cash flow. These pressures may impair borrowers' ability to repay loans, resulting in higher delinquencies and credit losses.

***Our concentration in real estate lending and our limited geographic diversification increase our exposure to adverse economic conditions.***

We maintain a significant concentration of loans secured by real estate, primarily within our local market area, and have limited geographic diversification. As a result, our financial performance is particularly dependent on economic conditions in this region. Adverse changes in local economic conditions may disproportionately affect our borrowers' ability to meet their repayment obligations.

A deterioration in economic conditions—whether local, national, or global—may negatively impact real estate values, reduce collateral coverage, and increase the risk of loan losses. In addition, disruptions in credit markets or broader economic downturns could adversely affect the value of our loan portfolio, investments, and collateral, as well as our operating results. These factors could lead to increased delinquencies, higher levels of nonperforming and classified assets, and reduced demand for our products and services, which may adversely affect our capital, liquidity, and overall financial condition.

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***A deterioration in economic conditions could reduce demand for our products and services and increase credit-related risks.***

Our profitability is largely dependent on economic conditions in our primary market area. Unlike more geographically diversified institutions, we are more susceptible to localized economic downturns. A weakening of economic conditions—whether due to inflation, recessionary pressures, trade disruptions, geopolitical events, unemployment, or other factors beyond our control—could have a material adverse effect on our business. Such conditions may result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reduced demand for loans and other financial products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased loan delinquencies, nonperforming assets, and foreclosures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•declines in the value of collateral, particularly real estate, reducing borrowing capacity and recovery values; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•deterioration in the financial condition of guarantors, impairing their ability to fulfill their obligations.

Additionally, deflationary pressures, while potentially lowering certain operating costs, could adversely affect borrowers by reducing asset values and revenues, thereby impairing their ability to service debt. Any of these developments could materially and adversely affect our financial condition, liquidity, and results of operations.

***Significant changes to the size, structure, powers and operations of the federal government, changes to U.S. economic policies, and uncertainties regarding the potential for these changes may cause economic disruptions that could, in turn, adversely impact our business, results of operations and financial condition.***

The current U.S. administration has implemented significant changes in federal priorities and has taken steps to change the operations, structure, and policy focus of various federal agencies, as well as regulatory priorities, policy approaches and interpretations of existing laws by those federal agencies. For example, recent executive actions and proposed legislation has changed agency mandates, modified or reduced federal program funding, altered regulatory frameworks, or adjusted the size and composition of the federal workforce. Moreover, leadership transitions at key federal agencies have impacted or may impact rulemaking, supervision, enforcement, and examination priorities across the financial regulatory landscape. These developments in the federal government may have varying effects on the banking and financial services industry that are difficult to predict, which makes it difficult for us to anticipate and mitigate attendant risks. Compliance with changing federal and regulatory priorities could, among other things, increase the costs of operating our business, reduce the demand for our products and services, impact our ability to achieve our business goals, and increase our legal, operational and reputational risks, any or all of which could materially adversely affect our results of operations.

The current U.S. administration also has implemented rapid shifts in macroeconomic policies, such as those relating to trade restrictions and tariffs, which have created significant uncertainties regarding U.S. economic growth, the potential for recession, and concerns over an increase in inflation. Slow economic growth, economic contraction or recession, or shifts in broader consumer and business trends would significantly impact our ability to originate loans, the ability of borrowers to repay loans, and the value of the collateral securing loans.

Other political and economic events within the United States, including a contentious domestic political environment, changes in or disagreements over U.S. monetary policy and actions of the Federal Reserve Board, disagreements over long-term federal budget and deficit reduction plans, disagreements over, or threats not to increase, the U.S. government's borrowing limit (or "debt ceiling"), and risk of further downgrade of the ratings of U.S. government debt obligations, also may negatively impact financial markets and the U.S. economy.

Regional business and economic conditions are a major driver of our results of operations. Difficult conditions in the regional business and economic environment, including those caused by the lack of stability and predictability of U.S. policymaking, may materially adversely affect our operating expenses, the quality of our assets, credit losses, and the demand for our products and services.

**<u>Risks Related to our Business Strategy</u>**

***Our growth strategy may not be successful and may adversely affect our financial condition and results of operations.***

Our business strategy includes growth in assets, deposits, and the scale of our operations. Achieving this growth will require us to attract customers who currently maintain relationships with competing financial institutions. Our ability to grow successfully depends on several factors, including our ability to attract and retain experienced personnel, identify and execute on viable business opportunities, and compete effectively within our market area.

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There can be no assurance that growth opportunities will be available or that we will be able to manage growth effectively. Failure to do so could adversely affect our financial condition and results of operations. In addition, expansion efforts typically involve significant upfront costs, including investments in personnel, infrastructure, and lending capacity, and there may be a lag before such investments generate corresponding revenues. As a result, growth initiatives may place downward pressure on earnings until economies of scale are achieved.

***Our growth may require additional capital, which may not be available on acceptable terms, if at all.***

We are subject to regulatory capital requirements and may need to raise additional capital to support future growth. If we raise capital through the issuance of equity or other securities, existing stockholders may experience dilution in ownership and, potentially, book value per share. Newly issued securities may also carry rights, preferences, or privileges senior to those of existing stockholders.

Our ability to raise additional capital will depend on market conditions and our financial performance, both of which are beyond our control. We may not be able to access capital markets on favorable terms, or at all, when needed. If we are unable to raise sufficient capital, our ability to pursue growth opportunities, including acquisitions and organic expansion, could be materially impaired.

**<u>Risks Related to Competitive Matters</u>**

***Strong competition may limit our growth and profitability.***

The banking and financial services industry is highly competitive. We compete with a wide range of financial institutions and non-bank financial service providers, many of which are significantly larger and have greater financial resources, broader product offerings, higher lending limits, and more advanced technologies.

These competitors may offer more favorable loan terms, higher deposit rates, or enhanced digital capabilities. Increased competition may also make it more difficult and costly to attract and retain qualified employees. Ongoing industry consolidation, as well as legislative and technological changes, may further intensify competition. Our ability to maintain and grow profitability depends on our ability to compete effectively in this environment.

***Our relatively small size may limit our ability to compete effectively.***

As a smaller financial institution, we have fewer financial and operational resources than many of our competitors. This may limit our ability to invest in marketing, technology, and new products and services at the same level as larger institutions.

Because our primary source of income is net interest income, our revenue-generating capacity is constrained by the size of our balance sheet. This may hinder our ability to absorb rising costs, including regulatory compliance expenses. In addition, our smaller customer base may limit our ability to generate diversified noninterest income. These factors could adversely affect our competitive position and growth prospects.

**<u>Risks Related to Operational Matters</u>**

***We are subject to operational and cybersecurity risks, including risks related to technology failures and data security breaches***

Our business is highly dependent on information technology systems and third-party service providers. We process, transmit, and store significant amounts of confidential information. Any failure, interruption, or breach of these systems could disrupt operations and compromise sensitive data.

We face risks from cyber-attacks, including malware, phishing, ransomware, denial-of-service attacks, and other security incidents. These threats are continually evolving, and while we implement security measures, there can be no assurance that such measures will be effective. A successful cyber incident or system failure could result in financial losses, reputational harm, regulatory scrutiny, and legal liability, any of which could materially and adversely affect our business.

Our reliance on third-party vendors for critical services, including data processing, also exposes us to risks related to vendor performance and security. Disruptions, failures, or security breaches at these vendors could negatively impact our operations. In addition, such incidents may not be disclosed to us in a timely manner, limiting our ability to respond effectively.

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***Our board relies on management and external advisors for oversight of cybersecurity risk.***

Our board of directors relies significantly on management and third-party experts to oversee cybersecurity risk management. While we maintain an internal technology committee and engage external consultants, members of our board have limited direct experience in cybersecurity matters. As a result, effective oversight depends on the quality of information and recommendations provided by management and advisors, which may not fully mitigate cybersecurity risks.

***The loss of key personnel could adversely affect our business.***

Our success depends on the continued service of our senior management and key employees, who possess significant industry experience, market knowledge, and customer relationships. The loss of these individuals, or our inability to attract and retain qualified personnel, could disrupt our operations and impair our ability to execute our business strategy. We do not maintain key-person life insurance on members of our senior management team.

***Liquidity constraints or funding disruptions could adversely affect our operations and financial condition.***

We must maintain adequate liquidity to meet deposit withdrawals and borrower funding needs. While we rely primarily on core deposits, we also utilize alternative funding sources such as Federal Home Loan Bank advances, Federal Reserve Discount Window, federal funds purchased, and brokered deposits.

Market disruptions, competitive pressures, or adverse operating performance could limit our access to these funding sources or increase their cost. If we are required to rely on higher-cost funding, our net interest margin and profitability may be negatively affected. In addition, we may be required to sell assets at unfavorable prices to meet liquidity needs, potentially resulting in realized losses.

Liquidity constraints may also result in increased regulatory scrutiny or restrictions, including limitations on growth, dividend payments, and the use of brokered deposits.

***Future potential reliance on and integration of artificial intelligence (AI) and machine learning (ML) technologies could expose us to various risks, including operational, data, regulatory, and reputational risks, which could materially affect our business and financial results.*** 

The enhanced use of AI and ML by financial institutions can lead to a variety of risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Operational & Model Risk:</u> AI/ML models that can be used for credit scoring, fraud detection, customer service, and investment decisions can rely on complex algorithms and vast datasets. Errors, biases, or "hallucinations" (generating false information) in these models, or unexpected system failures, could lead to flawed decisions, financial losses, compliance failures, or degraded customer experiences, impacting profitability and client retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Data Security & Privacy:</u> AI systems process sensitive customer data. Security breaches or unauthorized access to these systems could result in data theft, loss of intellectual property, and significant penalties, damaging customer trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Regulatory & Compliance Risk:</u> The regulatory landscape for AI is rapidly evolving. New laws could impose costly compliance burdens, restrict AI use, or introduce liabilities, particularly concerning algorithmic bias and fair lending practices (e.g., "digital redlining"), potentially increasing operational costs and limiting service offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Talent & Third-Party Risk</u>: Attracting and retaining skilled AI professionals is crucial and competitive. Financial institutions may also have greater dependence on third-party AI vendors, creating dependency risks and potential issues with data handling, model reliability, and licensing, all of which could disrupt operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Reputational & Ethical Risk</u>: Misuse of AI, biased outcomes, or privacy violations can harm a financial institution's brand, erode customer confidence, and attract negative public attention, potentially affecting demand for services.

If we cannot effectively manage these challenges, including adapting to rapid technological change and ensuring responsible AI governance, our reputation, competitive position, and financial performance could be significantly harmed.

***The financial condition of other financial institutions could adversely affect us.***

We have exposure to other financial institutions through various transactions and relationships, including funding, clearing, and investments. The financial instability or failure of one or more institutions could lead to market-wide liquidity disruptions and increased credit risk.

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Defaults by counterparties or declines in the value of collateral could result in financial losses. Broader concerns about the financial services industry may also negatively impact market confidence and funding availability, which could materially and adversely affect our operations and financial condition.

***Our inability to tailor our retail delivery model to respond to consumer preferences in banking may negatively affect earnings.***

Our branch network continues to be a very significant source of new business generation, however, consumers continue to migrate much of their routine banking to self-service channels. In recognition of this shift in consumer patterns, we regularly review our branch network, which can result in branch consolidation accompanied by the enhancement of our capabilities to serve its customers through alternate delivery channels. In that regard, we expect to continue to devote substantial time and resources to improving our digital products and services. The success of these initiatives will depend on, among other things, whether our upgraded technology and digital solutions are received favorably by our customers and employees and improves their experiences and interactions with us. If we are unable to fully implement the digital offerings or successfully achieve these objectives with customers, the anticipated benefits of these initiatives may not be realized fully, or at all, or may take longer to realize than expected or we may experience significant customer attrition.

**<u>Risks Related to Acquisitions</u>**

***Acquisitions may not achieve expected benefits and may adversely affect our financial condition.***

We may pursue acquisitions as part of our growth strategy. These transactions involve various risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential dilution of tangible book value and earnings per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exposure to unknown or contingent liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•asset quality deterioration in acquired portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•goodwill impairment and earnings volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•integration challenges and associated costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•failure to achieve anticipated synergies or cost savings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•diversion of management attention; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the loss of key employees or customers.

These risks could adversely affect our financial performance and the value of our common stock.

**<u>Risks Related to Accounting Matters</u>** 

***Changes in estimates and assumptions could materially affect our financial statements.***

The preparation of financial statements requires management to make estimates and assumptions that are inherently uncertain and subject to change. Key areas include the allowance for credit losses, pension obligations, and the fair value of financial instruments. Actual results may differ materially from these estimates, which could affect our financial condition and results of operations.

***Changes in accounting standards could impact reported results.***

Accounting standard-setters and regulators periodically update financial reporting requirements. These changes may affect how we recognize and measure financial statement items and could require retrospective application. Such changes could materially impact our reported financial condition and results of operations.

**<u>Other Risks Related to Our Business</u>**

***Our reputation is critical to our success.***

As a community bank, our reputation is a key component of our business strategy. Negative publicity, whether warranted or not, could result in the loss of customers, employees, and business opportunities. Reputational harm may arise from operational failures, regulatory issues, cybersecurity incidents, or misconduct by employees or customers, and could materially and adversely affect our performance.

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***Climate-related risks may adversely affect our business and customers.***

Regulatory, economic, and behavioral responses to climate change may affect our customers and the markets we serve. These changes could reduce demand for certain products, impair borrowers' creditworthiness, and decrease the value of collateral. Our efforts to manage these risks may not be effective, and such developments could adversely affect our financial condition and results of operations.

G***overnment shutdowns, natural disasters, and other external events could adversely affect our operations.***

Government shutdowns may disrupt loan originations and sales, reducing noninterest income. Natural disasters and severe weather events, particularly those affecting our regional footprint (e.g., tornadoes or drought), could impair borrowers' ability to repay loans, damage collateral, and disrupt operations. Such events could materially and adversely affect our financial condition and results of operations.

***Anti-takeover provisions may limit changes in control.***

Certain provisions of our articles of incorporation and bylaws and federal banking laws, including regulatory approval requirements, could make it more difficult for a third party to acquire control of Central Plains Bancshares without our board of directors' approval. Under regulations applicable to the conversion, for a period of three years following completion of the conversion, no person may offer to acquire or acquire beneficial ownership of more than 10% of our common stock without prior approval of the Federal Reserve Board. Under federal law, subject to certain exemptions, a person, entity or group must notify the Federal Reserve Board and receive the Federal Reserve Board's non-objection before acquiring control of a bank holding company or a savings and loan holding company.

There also are provisions in our articles of incorporation and bylaws that we may use to delay or block a takeover attempt, including a provision that prohibits any person from voting more than 10% of our outstanding shares of common stock. Furthermore, shares of restricted stock and stock options that we may grant to employees and directors, stock ownership by our management and directors and other factors may make it more difficult for companies or persons to acquire control of Central Plains Bancshares without the consent of our board of directors, and may increase the cost of an acquisition. Taken as a whole, these statutory or regulatory provisions and provisions in our articles of incorporation and bylaws could result in our being less attractive to a potential acquirer and therefore could adversely affect the market price of our common stock.

***Our articles of incorporation provide that, subject to limited exception, state and federal courts in the State of Maryland are the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, and other employees.***

The articles of incorporation of Central Plains Bancshares provide that, unless Central Plains Bancshares consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of Central Plains Bancshares, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of Central Plains Bancshares to Central Plains Bancshares or its stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Maryland General Corporation Law, or (iv) any action asserting a claim governed by the internal affairs doctrine will be conducted in a state or federal court located within the State of Maryland, in all cases subject to the court's having personal jurisdiction over the indispensable parties named as defendants. This exclusive forum provision does not apply to claims arising under the federal securities laws.

This exclusive forum provision may limit a stockholder's ability to bring a claim in a judicial forum it finds favorable for disputes with Central Plains Bancshares and its directors, officers, and other employees or may cause a stockholder to incur additional expense by having to bring a claim in a judicial forum that is distant from where the stockholder resides, or both. In addition, if a court were to find this exclusive forum provision to be inapplicable or unenforceable in a particular action, we may incur additional costs associated with resolving the action in another jurisdiction, which could have a material adverse effect on our financial condition and results of operations.

**Item 1B. Unresolved Staff Comments.**

Not applicable.

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**Item 1C. Cybersecurity.** 

Cybersecurity is a significant and integrated component of Central Plains Bancshares, Inc. risk management strategy. As a financial services corporation, cyber threats are present and growing, and the potential exists for a cybersecurity incident to occur, which could disrupt business operations or compromise sensitive data. To date, The Company has not, to its knowledge, experienced an incident materially affecting or reasonably likely to materially affect The Company.

To prepare and respond to incidents, the Company has implemented a multi-layered cybersecurity strategy integrating people, technology, and processes. This includes employee training, the use of innovative technologies, and the implementation of policies and procedures in the areas of information and network security, data management, business continuity and disaster recovery, privacy, third-party risk management, and incident response. The Company engages third-party consultants and independent auditors to, among other things, conduct penetration and vulnerability tests, monitor systems, perform cybersecurity risk assessments, and conduct audits.

The Information Technology Department is primarily responsible for identifying, assessing, and managing material risks from cybersecurity threats. The Information Technology Department is managed by the IT Manager who reports directly to the Executive Vice President/Chief Operations Officer (COO). The IT Manager has more than seven years of experience with the Company and additional years of experience in the information technology ("IT") field. The IT Manager is assisted in overseeing Information Technology by an IT Managed Service Provider firm. The IT Manager and COO oversee the information security program, which is governed by various information security and cybersecurity, systems development, change control, disaster recovery/business continuity and physical asset classification and control policies. The Information Security & Network System Policy identifies data sources, threats and vulnerabilities and ensures awareness, accountability, and oversight for data protection throughout the Company and with trusted third parties to ensure that data is protected and able to be recovered in the event of a breach or failure (technical or other disaster).

The Information Technology Department conducts on-going meetings and reviews with the IT Managed Service Provider to ensure the latest threats and vulnerabilities are addressed. This includes patch management. Quarterly external penetration and vulnerability testing is conducted by a third-party IT audit firm. Business continuity/ disaster recovery testing and incident response plan testing is conducted annually by the Board appointed Disaster Recovery Committee. In addition, the company participates in annual disaster recover exercises with its core IT system provider. The Board appointed Technology Committee provides oversight of policies and receives updates including cybersecurity, systems, IT assets and control policies. The COO is a member of the Technology Committee and the Disaster Recovery Committee and information from committee meetings and testing is reported to the Board.

The Company has implemented an Incident Response Plan to provide a structured incident response process for information security incidents that affect any of the information technology systems, network, or data of the Company. The Incident Response Plan is implemented and maintained by the COO.

**<u>Risk Assessment</u>**

On a periodic basis, but not less than annually, the COO, with the assistance of IT Department and Compliance/Risk Management staff, identifies and documents internal and external vulnerabilities that could result in unauthorized disclosure, misuse, alteration, or destruction of customer information or customer records. Based on the results of the risk assessments, the Company's processes and policies may be revised to protect against any anticipated threats or hazards to the security or integrity of such information.

**<u>Response to Security Vulnerabilities</u>**

In response to identified risks, management may take certain steps to correct and respond to security vulnerabilities, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Eliminating unwarranted risks by applying vendor-provided software fixes, commonly called patches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ensuring that changes to security configurations are documented, approved, and tested when possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ensuring that exploitable files and services are assessed and removed or disabled based upon known vulnerabilities and business needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Updating vulnerability scanning and intrusion detection tools to identify known vulnerabilities and related unauthorized activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conducting subsequent penetration testing and vulnerability assessments, as warranted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewing performance with service providers to ensure security maintenance and reporting responsibilities are operating according to contract provisions and that service providers provide notification of system security breaches that may affect the Company.

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**<u>Internal Controls, Audit, and Testing</u>**

Regular internal monitoring is integral to the risk assessment process, which includes regular testing of internal key controls, systems, and procedures. In addition, independent third-party penetration and vulnerability testing to test the effectiveness of security controls and preparedness measures is conducted at least annually (generally quarterly for external testing and every 12 to 18 months for internal testing) or more often, if warranted by the risk assessment or other external factors. The COO and IT Manager determine the scope and objectives of the penetration and vulnerability analysis and audits.

**<u>Service Providers</u>**

Like many companies, the Company relies on third-party vendor solutions to support its operations. Many of these vendors, especially in the financial services industry, have access to sensitive and proprietary information. In order to mitigate the operational, informational and other risks associated with the use of vendors, the company maintains a Vendor Management Program, which is implemented through a Vendor Management Program Policy and includes an onboarding process and periodic reviews of vendors with access to sensitive data. The Vendor Management Program is audited as part of IT audits.

**<u>Employees and Training</u>**

Employees are the first line of defense against cybersecurity measures. Each employee is responsible for protecting corporation and client information. Employees are provided training at initial onboarding and thereafter regarding information security and cybersecurity-related policies and procedures applicable to their respective roles within the company. In addition, employees are subjected to regular simulated phishing assessments, designed to sharpen threat detection and reporting capabilities. In addition to training, employees are supported with solutions designed to identify, prevent, detect, respond to, and recover from incidents. Notable technologies include firewalls, intrusion detection systems, security automation and response capabilities, multi-factor authentication, data backups to immutable storage and business continuity applications. Notable services include 24/7 security monitoring and response, continuous vulnerability scanning, third-party monitoring, and threat intelligence.

**<u>Board Reporting</u>**

At least annually, the Annual Electronic Data Processing Report & Risk Assessment is presented to the Board. The report provides an overview of IT operations, core providers, IT policies, audit and testing information, and IT strategic accomplishments and future planned IT initiatives. The report also includes an IT Risk Assessment and risk matrix. IT audit findings are included on the Master Exam/Audit Tracking Report of Action Items which is presented to the Board bi-monthly.

**<u>Program Adjustments</u>**

The COO, with the assistance of the IT Manager, monitors, evaluates, and adjusts the Information Security & Network Systems Policy considering any relevant changes in technology, the sensitivity of its customer information, internal or external threats to information, and changing business arrangements, such as mergers and acquisitions, alliances and joint ventures, outsourcing arrangements, and changes to customer information systems.

**<u>Incident Response Plan</u>**

To ensure that information security incidents can be recovered from quickly and with the least impact to the company and its customers, the company maintains an Incident Response Policy which is designed to work in conjunction with the Disaster Recover/Business Continuity Plan. The COO is responsible for implementing and maintaining the Incident Response Policy.

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**Item 2. Properties.**

We operate from our main office in Grand Island, Nebraska, eight branch offices located in Grand Island, Hastings, Holdrege, Lexington, Lincoln and Superior, Nebraska, and a drive-up facility in Grand Island, Nebraska. At March 31, 2026, the net book value of our properties (including furniture, fixtures and equipment) was $12.8 million. We own seven of our properties and lease the remaining property. Our properties range in size from 1,150 square feet to 12,197 square feet. We believe that our current facilities are adequate to meet our present and foreseeable needs.

**Item 3. Legal Proceedings.**

At March 31, 2026, we were not involved in any legal proceedings, the outcome of which we believe would be material to our financial condition or results of operations.

**Item 4. Mine Safety Disclosures.**

Not Applicable.

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**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

***Market, Holder and Dividend Information.***

Our common stock is traded on the NASDAQ Global Select Market under the symbol "CPBI." The approximate number of holders of record of Central Plains Bancshares, Inc.'s common stock as of June 10, 2026 was 251. Certain shares of Central Plains Bancshares, Inc. are held in "nominee" or "street" name and, accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number.

We do not currently intend to pay cash dividends to our stockholders, and no assurances can be given that any such dividend will be paid in the future. The payment and amount of any dividends will be subject to statutory and regulatory limitations, and will depend upon a number of factors, including the following: regulatory capital requirements; our financial condition and results of operations; our other uses of funds for long-term value of stockholders; tax considerations; and general economic conditions.

***Sales of Unregistered Securities.***

Not applicable.

***Issuer Purchases of Equity Securities.***

Effective October 22, 2024, the Company's Board of Directors authorized a new share repurchase program that authorizes the Company to repurchase up to an aggregate of 200,000 shares, or 5%, of its then outstanding common stock. The repurchase program does not have a scheduled expiration date and the Board of Directors may suspend or discontinue the program at any time.

During the year ended March 31, 2026, the Company repurchased 43,183 shares of Common Stock under the stock repurchase program at a weighted-average price of $15.70 per share, totaling $679,000.

The following table sets forth information about the Company's purchases of its common stock during the three months ended March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased (1)** | **Average Price Paid Per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs** |
| January 1 - January 31, 2026 |  | $— |  | 136374 |
| February 1 - February 28, 2026 | 2540 | 17.74 | 2540 | 133834 |
| March 1 - March 31, 2026 | 5156 | 17.47 | 5156 | 128678 |
| Total | 7696 | $17.57 | 7696 |  |

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**Item 6. [Reserved]**

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**Item 7. 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 as of March 31, 2026, and our results of operations for years ended March 31, 2026 and 2025. The information in this section has been derived from the consolidated financial statements that appear elsewhere in this annual report. You should read the information in this section in conjunction with the business and financial information regarding Central Plains Bancshares provided in this document.

**Overview**

Central Plains Bancshares conducts its operations primarily through Home Federal Savings. Home Federal Savings' business consists primarily of accepting deposits from the general public and investing those deposits, together with funds generated from operations, in one- to four-family residential mortgage loans secured by properties located in our primary market area, as well as commercial real estate loans. To a lesser extent, we also originate commercial and industrial loans, multi-family residential real estate loans, construction and land development loans, agricultural real estate and non-real estate loans and consumer loans. We offer a variety of deposit accounts including checking accounts, savings accounts and certificate of deposit accounts. In addition, we offer electronic banking services including mobile banking, on-line banking and bill pay, and electronic funds transfer via Zelle<sup>®</sup>. We have not needed to use significant levels of borrowings to fund our operations in recent years. Home Federal Savings is subject to comprehensive regulation and examination by the OCC.

Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provisions for loan losses, non-interest income and non-interest expense. Non-interest income currently consists primarily of interchange income, service charges on deposit accounts, servicing fees on loans and gain on sale of loans. Non-interest expense currently consists primarily of salaries and employee benefits, data processing, occupancy and equipment and other expenses.

Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities.

**Critical Accounting Policies**

Our most significant accounting policies are described in Note 1 to the consolidated financial statements. Certain of these accounting policies require management to use significant judgment and estimates, which can have a material impact on the carrying value of certain assets and liabilities. We consider these policies to be our critical accounting estimates.

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

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

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

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The following are our accounting policies that require significant judgments and estimates.

***Allowance for Credit Losses.*** The Current Expected Credit Losses ("CECL") accounting methodology requires entities to estimate and recognize an allowance for lifetime expected credit losses for loans and other financial assets measured at amortized cost. The accounting estimates relating to the allowance for credit losses is a "critical accounting policy" as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the provision for credit losses can materially affect our financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•estimates relating to the allowance for credit losses require us to project future borrower performance, including cash flows, delinquencies and charge-offs, along with, when applicable, collateral values, based on a reasonable and supportable forecast period utilizing forward-looking economic scenarios in order to estimate probability of default and loss given default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the allowance for credit losses is influenced by factors outside of our control such as industry and business trends, geopolitical events and the effects of laws and regulations as well as economic conditions such as trends in housing prices, interest rates, GDP, inflation, energy prices and unemployment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•considerable judgment is required to determine whether the models used to generate the allowance for credit losses produce an estimate that is sufficient to encompass the current view of lifetime expected credit losses.

Because our estimates of the allowance for credit losses involve judgment and are influenced by factors outside our control, there is uncertainty inherent in these estimates. Our estimate of lifetime expected credit losses is inherently uncertain because it is highly sensitive to changes in economic conditions and other factors outside of our control. Changes in such estimates could significantly impact our allowance and provision for credit losses. See Note 1 – *Summary of Significant Accounting Policies* in the accompanying notes to the consolidated financial statements included elsewhere in this report for a discussion of our allowance for credit losses.

***Investment Securities.*** Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Securities not classified as held to maturity are classified as available for sale and recorded at fair value, with unrealized gains and losses on a net-of-tax basis excluded from earnings and reported in other comprehensive income. The fair value of a security is determined based on quoted market prices. If quoted market prices are not available, fair value is determined based on quoted market prices of similar instruments or discounted cash flow models that incorporate market inputs and assumptions including discount rates, prepayment speeds, and loss rates. We did not have any securities classified as trading at March 31, 2026 or 2025.

Purchased premiums and discounts are amortized and accreted to the earlier of call or maturity of the related security using the interest method. Realized gains and losses on the sale of securities are recognized on the specific identification method in the statements of income.

Management monitors securities for impairment. If we intend to sell the security or will more likely than not be required to sell the security before recovery of the entire amortized cost basis, then an impairment has occurred. However, even if we do not intend to sell the security and will not likely be required to sell the security before recovery of its entire amortized cost basis, we must evaluate expected cash flows to be received to determine if a credit loss has occurred. In the event of a credit loss, the credit component of the impairment is recorded as a loss in the statement of income and the non-credit component is recognized through other comprehensive income (loss).

***Pension Liability***. We have a defined benefit pension plan covering certain employees. Our funding policy with respect to the pension plan is to contribute, at a minimum, amounts sufficient to meet minimum funding requirements as set by law. Pension expense is determined by an external actuarial valuation based on assumptions that are evaluated annually as of March 31, the measurement date for the pension obligation. The service cost component of pension expense is reflected as "Salaries and Employee Benefits" in the Consolidated Statements of Income. All other components of pension expense are reflected as "Other General and Administrative Expenses".

The Consolidated Statements of Financial Condition reflect an accrued pension benefit cost due to funding levels and unrecognized actuarial amounts. The most significant assumptions used in calculating the pension obligation are the weighted-average discount rate used to determine the present value of the pension obligation, the weighted-average expected long-term rate of return on plan assets, and the assumed rate of annual compensation increases. These assumptions are re-evaluated annually with the external actuaries, taking into consideration both current market conditions and anticipated long-term market conditions.

The discount rate is determined by matching the anticipated defined pension plan cash flows to the spot rates of a high-quality corporate bond index/yield curve and solving for the single equivalent discount rate which would produce the same present value. This methodology is applied consistently from year to year. The discount rate utilized in 2026 was 5.75%.

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The weighted average expected long-term rate of return on plan assets is determined based on the current and anticipated future mix of assets in the plan. The assets currently consist of equity securities, U.S. Government and Government-agency debt securities, and real estate investments. The weighted average expected long-term rate of return on plan assets utilized for 2025 was 5.25%. We anticipate using a weighted average expected long-term rate of return on plan assets of 5.50% in 2026.

The assumed rate of annual compensation increases of 4.00% in 2026 reflected expected trends in salaries and the employee base.

Detailed information on the pension plan, the actuarially determined disclosures, and the assumptions used are provided in Note 14 of the Notes to the Consolidated Financial Statements.

**Comparison of Financial Condition at March 31, 2026 and March 31, 2025**

The following table sets forth selected historical financial data at the dates presented. The information is derived in part from, and should be read together with, the audited consolidated financial statements and related notes included in this Annual Report on Form 10-K.

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| | | |
|:---|:---|:---|
|  | **At March 31,** | **At March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Selected Consolidated Financial Condition Data:** |  |  |
| Total assets | $558647 | $508702 |
| Cash and cash equivalents | 29929 | 28682 |
| Investment securities held-to-maturity | 175 | 222 |
| Investment securities available-for-sale | 62534 | 59369 |
| Loans, net of allowance for credit losses | 442537 | 396756 |
| Total liabilities | 469657 | 425370 |
| Deposits | 460356 | 416201 |
| Total equity | $88990 | $83332 |

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***Total Assets.*** Total assets increased $49.9 million, or 9.8%, to $558.6 million at March 31, 2026 from $508.7 million at March 31, 2025. The increase was primarily due to a $45.8 million, or 11.5%, increase in net loans.

***Cash and Cash Equivalents.*** Cash and cash equivalents increased $1.2 million, or 4.3%, to $29.9 million at March 31, 2026 from $28.7 million at March 31, 2025. The increase was primarily attributable to the timing of payments related to accounts payable and accrued expenses, including fluctuations in vendor disbursements near period end. We regularly evaluate our liquidity position in light of alternative uses of available funds and prevailing market conditions.

***Investment Securities Available for Sale.*** Securities available-for-sale increased $3.1 million, or 5.3%, to $62.5 million at March 31, 2026 from $59.4 million at March 31, 2025. We purchased $10.4 million in securities, received principal payments of $8.5 million, had net discount amortization of $19,000 and a decrease in the unrealized loss on the securities portfolio of $1.2 million during the year ended March 31, 2026.

***Gross Loans.*** Gross loans held for investment increased $46.1 million, or 11.5%, to $448.3 million at March 31, 2026, from $402.2 million at March 31, 2025. We experienced increases in five loan categories: real estate construction, real estate residential, real estate commercial, commercial non-real estate, and agriculture loans. The largest increase was in commercial non-real estate loans, which increased $16.4 million, or 51.2%, to $48.4 million from $32.0 at March 31, 2025.

***Total Deposits.*** Total deposits increased $44.2 million, or 10.6%, to $460.4 million at March 31, 2026 from $416.2 million at March 31, 2025. The increase in deposits reflected increases in money market, savings accounts, and time deposits, which increased by $52.9 million from $198.9 million at March 31, 2025 to $251.8 million at March 31, 2026. Included in the increase in time deposits was $20.3 million of brokered deposits obtained during the year to support balance sheet growth and liquidity management.

Non-interest bearing deposits and NOW accounts decreased $8.7 million, or 6.0%, to $208.6 million at March 31, 2026 from $217.3 million at March 31, 2025. We believe that long-term customers have continued to seek higher-yield deposits in the current market interest rate environment. We also had brokered deposits of $27.6 million at March 31, 2026 and $7.3 million at March 31, 2025, which are included in the other time deposits.

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***Borrowings.*** We had no borrowings at March 31, 2026 or March 31, 2025. We have had limited borrowings in recent periods, as we have generally been able to utilize cash provided by our increase in deposits to fund our operations, although we will utilize FHLB and FRB's Discount Window advances as needed to support increased loan funding.

***Total Equity.*** Total equity increased $5.7 million, or 6.8% to $89.0 million at March 31, 2026 from $83.3 million at March 31, 2025. This increase in total equity is the result of net income of $4.0 million for the year ended March 31, 2026 and other comprehensive income of $1.4 million.

**Average Balance Sheets and Related Yields and Rates**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
|  | **Average<br>Outstanding<br>Balance** | **Interest** | **Average<br>Yield/Rate** | **Average<br>Outstanding<br>Balance** | **Interest** | **Average<br>Yield/Rate** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Loans | $418754 | $25097 | 5.99% | $391330 | $22246 | 5.68% |
| Mortgage-backed securities | 52972 | 2115 | 3.99% | 51975 | 1976 | 3.80% |
| Investment securities <sup>(1)</sup> | 7391 | 165 | 2.23% | 7194 | 168 | 2.34% |
| Interest-bearing deposits and other | 12250 | 288 | 2.35% | 12451 | 313 | 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 491367 | 27665 | 5.63% | 462950 | 24703 | 5.34% |
| Non-interest-earning assets | 24504 |  |  | 19032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $515871 |  |  | $481982 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Savings accounts | $47083 | 250 | 0.53% | $42924 | 195 | 0.45% |
| Money market accounts | 33146 | 750 | 2.26% | 27530 | 631 | 2.29% |
| NOW accounts | 133070 | 2250 | 1.69% | 128546 | 2147 | 1.67% |
| Certificates of deposit | 119430 | 5082 | 4.26% | 101820 | 4547 | 4.47% |
| Individual retirement accounts | 17569 | 600 | 3.42% | 16693 | 595 | 3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 350298 | 8932 | 2.55% | 317513 | 8115 | 2.56% |
| Borrowings | 1324 | 59 | 4.46% | 1752 | 99 | 5.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 351622 | 8991 | 2.56% | 319265 | 8214 | 2.57% |
| Other non-interest-bearing liabilities | 90969 |  |  | 98895 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 442591 |  |  | 418160 |  |  |
| Total equity | 73280 |  |  | 63822 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and total equity | $515871 |  |  | $481982 |  |  |
| Net interest income |  | $18674 |  |  | $16489 |  |
| Net interest rate spread <sup>(2)</sup> |  |  | 3.07% |  |  | 2.76% |
| Net interest-earning assets <sup>(3)</sup> | $139745 |  |  | $143685 |  |  |
| Net interest margin <sup>(4)</sup> |  |  | 3.80% |  |  | 3.56% |
| Average interest-earning assets to interest-bearing liabilities | 139.74% |  |  | 145.00% |  |  |

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(1)Represents investments in municipal bonds.

(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.

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**Rate/Volume Analysis**

The following table presents the effects of changing rates and volumes on our net interest income for the years presented. 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. There were no out-of-period items or adjustments required to be excluded from the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended March 31, 2026 vs. 2025** | **Years Ended March 31, 2026 vs. 2025** | **Years Ended March 31, 2026 vs. 2025** |
|  | **Increase (Decrease) Due to** | **Increase (Decrease) Due to** | **Increase (Decrease) Due to** |
|  | **Volume** | **Rate** | **Net** |
| **Interest-earning assets:** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | $2183 | $668 | $2851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | 84 | 55 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities <sup>(1)</sup> |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits and other | 15 | (40) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 2282 | 680 | 2962 |
| **Interest-bearing liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 9 | 46 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 118 | 1 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Now accounts | 93 | 10 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposits | 780 | (245) | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual retirement accounts | 4 | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | (40) |  | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 964 | (187) | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net interest income | $1318 | $867 | $2185 |

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(1)Represents investments in municipal bonds.

**Comparison of Operating Results for the Years Ended March 31, 2026 and 2025**

The following table sets forth selected historical financial data for the fiscal years presented. The information is derived in part from, and should be read together with, the audited consolidated financial statements and related notes included in this Annual Report on Form 10-K.

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| | | |
|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Selected Consolidated Operating Data:** |  |  |
| Interest income | $27665 | $24703 |
| Interest expense | 8991 | 8214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income before provision for credit losses | 18674 | 16489 |
| Provision for credit losses | 306 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 18368 | 16289 |
| Non-interest income | 2667 | 2610 |
| Non-interest expense | 16044 | 14376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income tax expense | 4991 | 4523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 991 | 869 |
| Net income | $4000 | $3654 |

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***General.*** Net income increased $346,000, or 9.5%, to $4.0 million for the year ended March 31, 2026, compared to $3.7 million for the year ended March 31, 2025.

***Interest and Dividend Income.*** Interest and dividend income increased $3.0 million, or 12.0%, to $27.7 million for the year ended March 31, 2026 from $24.7 million for the year ended March 31, 2025. The increase was due primarily to an increase in interest income on loans, which is our primary source of interest income.

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Interest income on loans increased $2.9 million, or 12.8%, to $25.1 million for the year ended March 31, 2026 from $22.2 million for the year ended March 31, 2025. The average balance of loans increased $27.4 million, or 7.0%, to $418.7 million for the year ended March 31, 2026 from $391.3 million for the year ended March 31, 2025. The increase is due to our continued focus on growing our loan portfolio consistent with maintaining asset quality. Our yield on loans increased 31 basis points to 5.99% for the year ended March 31, 2026 from 5.68% for the year ended March 31, 2025. The increase in yield was primarily due to loan repricing upon reaching scheduled reset dates and growth in the loan portfolio.

Interest income on securities increased $136,000, or 6.3%, to $2.3 million for the year ended March 31, 2026 from $2.1 million for the year ended March 31, 2025, due to a 16 basis point increase in the average yield from 3.62% for the year ended March 31, 2025 to 3.78% for the year ended March 31, 2026, and by a $1.2 million increase in the average balance of securities to $60.4 million for the year ended March 31, 2026 from $59.2 million for the year ended March 31, 2025.

***Interest Expense.*** Interest expense increased $777,000, or 9.5%, to $9.0 million for the year ended March 31, 2026 compared to $8.2 million for the year ended March 31, 2025, driven primarily by an increase in the average balance of interest-bearing liabilities.

Interest expense on deposits increased $817,000, or 10.1%, to $8.9 million for the year ended March 31, 2026 compared to $8.1 million for the year ended March 31, 2025. The increase was due to an increase in the average balances of all interest-bearing liabilities.

The average balances of certificates of deposit increased $17.6 million, or 17.3% to $119.4 million for the year ended March 31, 2026 from $101.8 million for the year ended March 31, 2025. Included in the increase in time deposits was $20.3 million of brokered deposits obtained during the year to support balance sheet growth and liquidity management. The average balances of NOW accounts increased $4.5 million, or 3.5% to $133.0 million for the year ended March 31, 2026 from $128.5 million for the year ended March 31, 2025. The average balances of savings accounts increased $4.2 million, or 9.7% to $47.1 million for the year ended March 31, 2026 from $42.9 million for the year ended March 31, 2025. The average balances of money market accounts increased $5.6 million, or 20.4% to $33.1 million for the year ended March 31, 2026 from $27.5 million for the year ended March 31, 2025. The average balances of individual retirement accounts increased $876,000, or 5.2% to $17.6 million for the year ended March 31, 2026 from $16.7 million for the year ended March 31, 2025.

Interest expense on FHLB borrowings decreased $40,000, or 40.4%, to $59,000 for the year ended March 31, 2026 compared to $99,000 for the year ended March 31, 2025. The decrease was due to a decrease in the average balance of borrowings of $428,000, or 24.4%, to $1.3 million for the year ended March 31, 2026 compared to $1.8 million for the year ended March 31, 2025.

***Net Interest Income.*** Net interest income increased $2.1 million, or 12.8%, to $18.4 million for the year ended March 31, 2026 compared to $16.3 million for the year ended March 31, 2025.

Our interest rate spread increased 31 basis points to 3.07% for the year ended March 31, 2026, compared to 2.76% for the year ended March 31, 2025, and our net interest margin increased 24 basis points to 3.80% for the year ended March 31, 2026 compared to 3.56% for the year ended March 31, 2025.

***Provision for Credit Losses.*** Provision for credit losses was $306,000 for the year ended March 31, 2026, compared to $200,000 for the year ended March 31, 2025. The increase in provision expense was primarily attributable to loan growth during the period, as gross loans held for investment increased $46.1 million, or 11.5%, with notable growth in commercial non-real estate, real estate, and agricultural loan segments.

The allowance for credit losses increased to $5.8 million at March 31, 2026 from $5.4 million at March 31, 2025, reflecting the higher level of outstanding loans as well as continued evaluation of portfolio risk characteristics. Despite the increase in the allowance balance, the allowance for credit losses as a percentage of total loans decreased to 1.30% at March 31, 2026 from 1.35% at March 31, 2025, primarily due to the mix and relative credit quality of loan growth during the period.

We will continue to assess and evaluate the estimated future credit loss impact of current market conditions in subsequent reporting periods, which will be highly dependent on credit quality, macroeconomic forecasts and conditions, as well as the composition of our loan and available-for-sale securities portfolios.

***Non-Interest Income.*** Non-interest income increased $60,000, or 2.3%, to $2.7 million for the year ended March 31, 2026 compared to $2.6 million for the year ended March 31, 2025. Gain on sale of loans increased $156,000, or 72.6%, to $371,000 for the year ended March 31, 2026 from $215,000 for the year ended March 31, 2025. Service charges on deposit accounts decreased $146,000, or 16.0%, to $766,000 for the year ended March 31, 2026 compared to $912,000 for the year ended March 31, 2025, primarily due to decreases in ATM surcharges and miscellaneous operating income. Other income from the Company's insurance and investment subsidiary increased $57,000, or 73.1%, to $135,000 for the year ended March 31, 2026, from $78,000 for the year ended March 31, 2025, primarily reflecting improved market performance.

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***Non-Interest Expense.*** Non-interest expense increased $1.6 million, or 11.6%, to $16.0 million for the year ended March 31, 2026 from $14.4 million for the year ended March 31, 2025. Salaries and employee benefits increased $874,000, or 11.1%, to $8.8 million for the year ended March 31, 2026 from $7.9 million for the year ended March 31, 2025, due to annual wage adjustments and a full year of recognizing stock based compensation expense from stock options and restricted stock awards granted under the 2024 Equity Incentive Plan. The Company implemented the 2024 Equity Incentive Plan on November 26, 2024, and began recognizing expense associated with this plan in December 2024. Other general and administrative expenses increased $273,000, or 10.5%, to $2.9 million for the year ended March 31, 2026 from $2.6 million for the year ended March 31, 2025, due to a combination of increases in insurance, auditing and consulting fees. The increase was primarily attributable to higher insurance, audit, and consulting expenses, as well as incremental costs related to recruiter fees and software licensing.

Occupancy and equipment expenses increased $529,000, or 50.2%, to $1.6 million for the year ended March 31, 2026 from $1.1 million for the year ended March 31, 2025, due to recognizing a full year of depreciation for our newly constructed branches in Lincoln and Hastings, Nebraska.

***Income Tax Expense.*** Income tax expense increased $122,000, or 14.0%, to $991,000 for the year ended March 31, 2026, compared to $869,000 for the year ended March 31, 2025, primarily reflecting higher pre-tax income. The effective tax rate increased to 19.9% for the year ended March 31, 2026 from 19.2% for the year ended March 31, 2025.

The increase in the effective tax rate was primarily driven by changes in the composition of taxable income and a lower relative benefit from permanent tax differences, including tax-exempt income, compared to the prior year.

**Management of Market Risk**

***General.*** Our most significant form of market risk is interest rate risk. As a financial institution, the majority of our assets and liabilities are sensitive to changes in interest rates. Accordingly, a principal component of our operations is to manage interest rate risk and to limit the exposure of our financial condition and results of operations to changes in market interest rates.

The Board of Directors regularly reviews the interest rate risk inherent in our assets and liabilities and establishes the level of risk deemed appropriate. These reviews are conducted in the context of our overall business strategy, operating environment, capital position, liquidity profile and performance objectives, and are guided by policies and limits approved by the Board.

Our asset/liability management strategy is designed to manage the impact of changes in interest rates on net interest income, which is our primary source of earnings. The primary techniques we use to manage interest rate risk include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•maintaining capital levels in excess of the regulatory thresholds for "well-capitalized" institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•maintaining adequate levels of on-balance sheet and contingent liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•selling longer-term, fixed-rate loans into the secondary market, subject to market conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•diversifying our loan portfolio by increasing the proportion of commercial loans, which generally have shorter maturities and/or adjustable interest rates.

Through these strategies, we believe we are better positioned to respond to changes in market interest rates.

We do not currently engage in hedging activities, such as the use of interest rate futures or options, and we do not presently anticipate entering into such transactions.

***Net Interest Income Analysis.*** We assess our sensitivity to changes in interest rates using a net interest income ("NII") simulation model provided by a third-party vendor. Net interest income represents the difference between the interest income earned on interest-earning assets, such as loans and securities, and the interest expense paid on interest-bearing liabilities, such as deposits and borrowings.

Using this model, we estimate net interest income over a one-year horizon under various interest rate scenarios. These scenarios assume gradual and parallel shifts in the United States Treasury yield curve, both upward and downward, of up to 400 basis points. A basis point equals one one-hundredth of one percent; therefore, 100 basis points equals 1.0%. For example, an increase in interest rates from 3.0% to 4.0% represents a 100 basis point increase.

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The following table sets forth, at March 31, 2026, the calculation of the estimated changes in our NII that would result from the designated changes in the United States Treasury yield curve over a one-year period.

---

| | | |
|:---|:---|:---|
| **Changes in Interest Rates<br>(basis points)**<sup>(1)</sup> | **NII Year 1 Forecast<br>(Dollars in thousands)** | **Change in Net<br>Interest Income<br>Year One<br>(% change from<br>year one base)** |
| 400 | $21279 | 1.43% |
| 300 | 21238 | 1.23 |
| 200 | 21171 | 0.92 |
| 100 | 21082 | 0.49 |
| Base | 20979 |  |
| (100) | 20918 | (0.29) |
| (200) | 20847 | (0.63) |
| (300) | 20762 | (1.03) |
| (400) | 20675 | (1.45) |

---

(1)Assumes a gradual change in interest rates at all maturities over a one-year period.

The table above indicates that at March 31, 2026, we would have experienced a 0.92% increase in NII in the event of a gradual, one-year 200 basis point increase in market interest rates, and a 0.63% decrease in NII in the event of a gradual, one-year 200 basis point decrease in market interest rates.

**Market Value of Equity**

We also use a third-party model to compute amounts by which the net present value of our assets and liabilities (market value of equity or "MVE") would change in the event of a range of assumed changes in market interest rates. This model uses a discounted cash flow analysis and an option-based pricing approach to measure the interest rate sensitivity of net portfolio value. The model estimates the economic value of each type of asset, liability and off-balance sheet contract under the assumptions that the United States Treasury yield curve increases or decreases instantaneously by up to 400 basis points.

The following table sets forth, at March 31, 2026, the calculation of the estimated changes in our MVE that would result from the designated immediate changes in the United States Treasury yield curve.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Estimated Increase (Decrease) in MVE** | **Estimated Increase (Decrease) in MVE** | **MVE as a Percentage of Present Value of Assets**<sup>(3)</sup> | **MVE as a Percentage of Present Value of Assets**<sup>(3)</sup> |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |  |  |
| **Changes in Interest Rates<br>(basis points)**<sup>(1)</sup> | **Estimated<br>MVE**<sup>(2)</sup> | **Dollar<br>Change** | **Percent<br>Change** | **MVE Ratio**<sup>(4)</sup> | **Increase<br>(Decrease)<br>(basis points)** |
| 400 | $137275 | $6588 | 5.04% | 27.38% | 352 |
| 300 | 137028 | 6341 | 4.85 | 26.77 | 291 |
| 200 | 136265 | 5578 | 4.27 | 26.03 | 217 |
| 100 | 134129 | 3442 | 2.63 | 25.06 | 120 |
| Base | 130687 |  |  | 23.86 |  |
| (100) | 124211 | (6476) | (4.96) | 22.24 | (162) |
| (200) | 114439 | (16248) | (12.43) | 20.13 | (373) |
| (300) | 100754 | (29933) | (22.90) | 17.45 | (641) |
| (400) | 85115 | (45572) | (34.87) | 14.53 | (933) |

---

(1)Assumes an immediate uniform change in interest rate at all maturities.

(2)MVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.

(3)Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.

(4)MVE Ratio represents MVE divided by the present value of assets.

The table above indicates that at March 31, 2026, we would have experienced a 4.27% increase in market value of equity MVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 12.43% decrease in MVE in the event of an instantaneous 200 basis point decrease in market interest rates. As of March 31, 2026, all changes in net interest income NII and MVE reflected in the above tables were within policy limits established by the Board of Directors.

Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurement. Modeling changes in NII and MVE require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. For instance, the NII and MVE tables presented above assume that the composition of our

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interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. However, the shape of the yield curve changes constantly and the value and pricing of our assets and liabilities, including our deposits, may not closely correlate with changes in market interest rates. Accordingly, although the NII and MVE tables may provide an indication of our interest rate risk exposure at a particular point in time and in the context of a particular yield curve, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on NII and MVE and will differ from actual results.

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

**Liquidity and Capital Resources**

***Liquidity.*** Liquidity refers to our ability to generate sufficient cash flows to fund loan demand, repay maturing borrowings, meet deposit withdrawal requirements, and fund operating expenses. Our primary sources of funds include deposits; scheduled repayments of loans and investment securities, including interest payments; maturities and sales of loans and investment securities; borrowings from the FRB; advances from the FHLB; and cash flows generated from operations.

Our funding needs vary from period to period based on loan demand, deposit activity, and the level of amortization and prepayments on loans and investment securities. The use of borrowings from the FRB, FHLB advances, and other sources is influenced by loan originations, deposit inflows and outflows, and balance sheet management strategies designed to enhance net interest income.

While contractual maturities and scheduled amortization of loans and investment securities are relatively predictable sources of liquidity, deposit flows and loan prepayments are influenced by market interest rates, general economic conditions, and competitive factors. Our most liquid assets consist of cash and short-term investments, the levels of which 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, cash flows from investing activities, and cash flows from financing activities.

For the year ended March 31, 2026, cash flows from operating, investing, and financing activities resulted in a net increase in cash and cash equivalents of $1.2 million. Net cash provided by operating activities totaled $6.4 million, driven primarily by net income of $4.0 million.

Net cash used in investing activities totaled $48.7 million, primarily reflecting a net increase in loans of $46.1 million and purchases of available-for-sale investment securities of $10.5 million, partially offset by proceeds from principal paydowns and maturities of available-for-sale investment securities of $8.5 million.

Net cash provided by financing activities totaled $43.5 million, consisting primarily of net increases in deposit accounts.

For the year ended March 31, 2025, cash flows from operating, investing, and financing activities resulted in a net increase in cash and cash equivalents of $17.2 million. Net cash provided by operating activities totaled $4.5 million, driven primarily by net income of $3.7 million.

Net cash used in investing activities totaled $27.9 million, primarily reflecting a net increase in loans of $22.6 million and purchases of available-for-sale investment securities of $6.2 million, partially offset by proceeds from principal paydowns and maturities of available-for-sale investment securities of $8.3 million.

Net cash provided by financing activities totaled $40.7 million, consisting primarily of net increases in deposit accounts.

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 and current pricing strategy, we anticipate that a significant portion of maturing time deposits will be retained.

At March 31, 2026, Home Federal Savings was categorized as well-capitalized for bank regulatory purposes. Management is not aware of any conditions or events since the most recent notification that would change our category. For further information, see note 8 to the notes to consolidated financial statements.

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***Off-Balance Sheet Arrangements.*** At March 31, 2026, we had $48.4 million of unfunded loan commitments, $10.2 million of which represents the balance of remaining funds to be disbursed on construction loans in process. Certificates of deposit (excluding retirement account deposits) that are scheduled to mature in less than one year from March 31, 2026 totaled $89.0 million at March 31, 2026. Management expects that a substantial portion of the maturing certificates of deposit will be renewed. However, if a substantial portion of these deposits is not retained, we may utilize FHLB advances, FRB borrowings, or our private bankers' bank line of credit or raise interest rates on deposits to attract new accounts, which may result in higher levels of interest expense.

**Impact of Inflation and Changing Prices**

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

**Current Accounting Developments**

In March 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-01, "Compensation—Stock Compensation (Topic 718): Scope Applications of Profits Interests and Similar Awards" (ASU 2024-01). ASU 2024-01 adds an example to Topic 718 which illustrates how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as share-based payment arrangements under Topic 718 or under other U.S. GAAP. ASU 2024-01 is effective for annual periods beginning after December 15, 2025, although early adoption is permitted. Upon adoption, ASU 2024-01 is not expected to have an impact on the Company's consolidated balance sheets or consolidated statements of income.

In November 2024, the FASB issued ASU 2024-03, "Income Statement Reporting—Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses," which requires expanded disclosures regarding the disaggregation of certain expense categories, including employee compensation, depreciation, and other material components of operating expenses. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance; however, as the update is limited to expanded disclosures, it is not expected to have a material effect on the Company's consolidated financial statements.

**Concentration - Commercial Real Estate**

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

We consider a number of factors in originating commercial real estate loans. We evaluate the qualifications and financial condition of the borrower, including credit history, profitability and expertise, as well as the value and condition of the property securing the loan. When evaluating the qualifications of the borrower, we consider the financial resources of the borrower, the borrower's experience in owning or managing similar property and the borrower's payment history with us and other financial institutions. In evaluating the property securing the loan, the factors we consider include the net operating income of the mortgaged property before debt service and depreciation, the ratio of the loan amount to the appraised value of the mortgaged property, and the debt service coverage ratio (the ratio of net operating income to debt service). Generally, the debt service coverage ratio on these loans is at least 1.20x. The significant majority of our commercial real estate loans are appraised by outside independent appraisers approved by the board of directors. Personal guarantees are generally obtained from the principals of commercial real estate borrowers.

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**Item 7A. Quantitative and Qualitative Disclosures About Market Risk.**

Information required by this item is included in "ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," above.

**Item 8. Financial Statements and Supplementary Data.**

The consolidated Financial Statements, including supplemental data, of Central Plains Bancshares, Inc. and its consolidated subsidiaries begins on page 50 of this Annual Report on Form 10-K.

**Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.**

None.

**Item 9A. Controls and Procedures.**

***Evaluation of Disclosure Controls & Procedures***

An evaluation was performed under the supervision and with the participation of the Company's management, including the Chairman of the Board, President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of March 31, 2026. Based on that evaluation, the Company's management, including the Chairman of the Board, President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, concluded that the Company's disclosure controls and procedures were effective.

During the year ended March 31, 2026, there have been no changes in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

***Management's annual report on internal control over financial reporting.***

This annual report does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of the company's registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission for newly public companies.

**Item 9B. Other Information.**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

None.

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**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance.**

The information in Central Plains Bancshares, Inc.'s definitive Proxy Statement for the 2026 Annual Meeting of Stockholders under the captions "Proposal 1—Election of Directors," "—Delinquent Section 16(a) Reports," "—Code of Ethics for Senior Officers," "Nominating and Corporate Governance Committee Procedures—Recommendations by Stockholders," and "Meetings and Committees of the Board of Directors—Audit Committee" is incorporated herein by reference.

**Item 11. Executive Compensation.**

The information in Central Plains Bancshares, Inc.'s definitive Proxy Statement for the 2026 Annual Meeting of Stockholders under the captions "Proposal 1—Election of Directors—Executive Compensation and Directors' Compensation" is incorporated herein by reference.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

***Securities Authorized for issuance under Stock-Based Compensation Plans***

Set forth below is information as of March 31, 2026 regarding the Company's equity compensation plans that have been approved by shareholders.

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| | | | |
|:---|:---|:---|:---|
| **Plan** | **Number of Securities to be Issued Upon Exercise of Outstanding Options and rights** <sup>(1)</sup> | **Weighted Average Exercise Price** <sup>(2)</sup> | **Number of Securities Remaining Available for Issuance Under Plan** <sup>(3)</sup> |
| 2024 Equity Incentive Plan | 319924 | $14.63 | 93157 |
| Total | 319924 | $14.63 | 93157 |

---

(1)Consists of outstanding stock options to purchase 319,924 shares of common stock granted under the Company's stock-based compensation plan.

(2)Represents the weighted average exercise price of stock options granted in 2024, 2025, and 2026.

(3)Represents the number of available shares that may be granted under the 2024 Equity Incentive Plan.

**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

The information in Central Plains Bancshares, Inc.'s definitive Proxy Statement for the 2026 Annual Meeting of Stockholders under the captions "Proposal 1—Election of Directors—Transactions with Certain Related Persons" and "—Board Independence" is incorporated herein by reference.

**Item 14. Principal Accounting Fees and Services.**

The information in Central Plains Bancshares, Inc.'s definitive Proxy Statement for the 2026 Annual Meeting of Stockholders under the captions "Proposal 2—Ratification of Appointment of Independent Registered Public Accounting Firm" is incorporated herein by reference.

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**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [<u>Articles of Incorporation of Central Plains Bancshares, Inc. (Incorporated by reference to Exhibit 3.1 of the Registration Statement on Form S-1 (file no. 333-155388), initially filed by Central Plains Bancshares, Inc. with the Securities and Exchange Commission on November 14, 2008)</u>](https://www.sec.gov/Archives/edgar/data/1979332/000119312523166802/d841634dex31.htm) |
| 3.2 | [<u>Bylaws of Central Plains Bancshares, Inc. (Incorporated by reference to Exhibit 3.2 of the Registration Statement on Form S-1 (file no. 333-155388), initially filed by Central Plains Bancshares, Inc. with the Securities and Exchange Commission on November 14, 2008)</u>](https://www.sec.gov/Archives/edgar/data/1979332/000119312523166802/d841634dex32.htm) |
| 4.1 | [<u>Form of Common Stock Certificate of Central Plains Bancshares, Inc. (Incorporated by reference to Exhibit 4 of the Registration Statement on Form S-1 (file no. 333-155388), initially filed by Central Plains Bancshares, Inc. with the Securities and Exchange Commission on November 14, 2008)</u>](https://www.sec.gov/Archives/edgar/data/1979332/000119312523166802/d841634dex4.htm) |
| 4.2 | [<u>Description of Registrant's Securities (incorporated by reference to Exhibit 4.2 to the Annual Report on Form 10-K of the Company (file no. 001-41844), filed with the SEC on June 21, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1979332/000095017024076246/cpbi-ex4_2.htm) |
| 10.1 | [<u>Employment Agreement with Steven D. Kunzman (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company (file no. 001-41844), filed with the SEC on October 26, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1979332/000094337423000430/ex10-1_8k102423.htm) |
| 10.2 | [<u>Change in Control Agreement with Lisa A. Harris (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company (file no. 001-41844), filed with the SEC on October 26, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1979332/000094337423000430/ex10-2_8k102423.htm) |
| 10.3 | [<u>Change in Control Agreement with Kurt A. Haecker (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of the Company (file no. 001-41844), filed with the SEC on October 26, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1979332/000094337423000430/ex10-3_8k102423.htm) |
| 10.4 | [<u>CPBI, Inc. 2024 Equity Incentive Plan</u>](https://www.sec.gov/Archives/edgar/data/1979332/000119312524242495/d79136ddef14a.htm) |
| 10.5 | [<u>Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-8 of the Company (file no. 333-283501), filed with the SEC on November 27, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1979332/000094337424000482/ex10-2s8_112724.htm) |
| 10.6 | [<u>Form of Incentive Stock Option Award Agreement (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form S-8 of the Company (file no. 333-283501), filed with the SEC on November 27, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1979332/000094337424000482/ex10-3s8_112724.htm) |
| 10.7 | [<u>Form of Non-Qualified Stock Option Award Agreement (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form S-8 of the Company (file no. 333-283501), filed with the SEC on November 27, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1979332/000094337424000482/ex10-4s8_112724.htm) |
| 10.8 | [<u>Employment Agreement with Dannel R. Garness (incorporated by reference to Exhibit 10.8 to the Annual Report on Form 10-K of the Company (files no. 001-41844), filed with the SEC on June 26, 2026).</u>](https://www.sec.gov/Archives/edgar/data/1979332/000095017025090434/cpbi-ex10_8.htm) |
| 19 | [<u>Policies and Procedures and Addendum Regarding Insider Trading and the Confidentiality of Information (Appendices omitted) (incorporated by reference to Exhibit 19 to the Annual Report on Form 10-K of the Company (file no. 001-41844), filed with the SEC on June 26, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1979332/000095017025090434/cpbi-ex19.htm) |
| 97 | [<u>Policy Relating to Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 to Annual Report on Form 10-K of the Company (file no. 001-41844), filed with the SEC on June 26, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1979332/000095017025090434/cpbi-ex97.htm) |
| 31.1\* | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](cpbi-ex31_1.htm) |
| 23 | [<u>Consent of Independent Public Accounting Firm - Plante & Moran, PLLC</u>](cpbi-ex23.htm) |
| 31.2\* | [<u>Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](cpbi-ex31_2.htm) |
| 32.1\* | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](cpbi-ex32_1.htm) |
| 32.2\* | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](cpbi-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents |
| 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101 |

---

\* Filed herewith.

**Item 16. Form 10-K Summary**

None.

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**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF CENTRAL PLAINS BANCSHARES, INC.**

**2026 and 2025 Consolidated Annual Financial Statements**

---

| | |
|:---|:---|
| [<u>Report of Independent Registered Public Accounting Firm</u>](#report_of_independent_registered) | 51 |
| [<u>Consolidated Statements of Financial Condition at March 31, 2026 and 2025</u>](#consolidated_statements_of_financial_con) | 52 |
| [<u>Consolidated Statements of Income for the years ended March 31, 2026 and 2025</u>](#consolidated_statements_of_income) | 53 |
| [<u>Consolidated Statements of Comprehensive Income for the years ended March 31, 2026 and 2025</u>](#consolidated_statements_of_comp_income) | 54 |
| [<u>Consolidated Statements of Stockholders' Equity for the years ended March 31, 2026 and 2025</u>](#consolidated_statements_of_stock_equity) | 55 |
| [<u>Consolidated Statements of Cash Flows for the years ended March 31, 2026 and 2025</u>](#consolidated_statements_of_cash_flows) | 56 |
| [<u>Notes to Consolidated Financial Statements</u>](#notes_to_cons_financial_statements) | 57 |

---

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**Report of Independent Registered Public Accounting Firm**

To the Stockholders and Board of Directors of

Central Plains Bancshares, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of financial condition of Central Plains Bancshares, Inc. and its Subsidiary (the "Company") as of March 31, 2026 and 2025, the related statements of income, comprehensive income, stockholders' equity, and cash flows for each of the years in the two-year period ended March 31, 2026, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and 2025, and the results of its operations and its cash flows for each of the years in the two-year period ended March 31, 2026, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

The Company's management is responsible for these financial statements. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Plante & Moran, PLLC

We have served as the Company's auditor since 2023.

Chicago, Illinois

June 18, 2026

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**PART I—FINANCIAL INFORMATION**

**Item 17. Financial Statements.**

**CENTRAL PLAINS BANCHSARES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION**

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Assets:** |  |  |
| Cash and due from banks | $7464 | $7611 |
| Interest-bearing deposits in other banks | 22465 | 21071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 29929 | 28682 |
| Investment securities - available for sale | 62534 | 59369 |
| Investment securities - held to maturity | 175 | 222 |
| Loans - net of unearned income | 448346 | 402197 |
| &nbsp;&nbsp;Allowance for credit losses on loans | (5809) | (5441) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | 442537 | 396756 |
| Accrued interest receivable | 3256 | 3101 |
| Federal Home Loan Bank (FHLB) stock - at cost | 639 | 612 |
| Premises and equipment, net | 12755 | 12938 |
| Deferred income taxes | 2228 | 2703 |
| Mortgage servicing rights | 415 | 380 |
| Other assets | 4179 | 3939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $558647 | $508702 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;Deposits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest bearing deposits | $64505 | $64497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand and NOW checking | 144047 | 152782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market | 38985 | 30718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 49768 | 45476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits over $250,000 | 35453 | 28590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other time deposits | 127598 | 94138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 460356 | 416201 |
| Pension liability | 754 | 1459 |
| Advances from borrowers for taxes and insurance | 1897 | 1834 |
| Accrued interest payable | 1727 | 1716 |
| Accounts payable, accrued expenses and other liabilities | 4923 | 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 469657 | 425370 |
| **Stockholders' equity:** |  |  |
| Common Stock ($0.01 par value, 10,000,000 shares authorized, 4,196,359 and 4,231,742 shares issued and outstanding at March 31, 2026 and March 31, 2025, respectively) | 41 | 41 |
| Additional paid-in capital | 39672 | 39265 |
| Retained earnings | 54404 | 50652 |
| Unallocated common shares held by Employee Stock Ownership Plan (ESOP) | (2875) | (3007) |
| Accumulated other comprehensive loss | (2252) | (3619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 88990 | 83332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $558647 | $508702 |

---

*See accompanying notes to consolidated financial statements.*

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**CENTRAL PLAINS BANCHSARES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME**

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Interest and dividend income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans—including fees | $25097 | $22246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 2280 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLB stock | 28 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 260 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 27665 | 24703 |
| **Interest expense:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 8932 | 8115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings and federal funds purchased | 59 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 8991 | 8214 |
| Net interest income before provision for credit losses | 18674 | 16489 |
| Provision for credit losses | 306 | 200 |
| Net interest income after provision for credit losses | 18368 | 16289 |
| **Non-interest income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees on loans | 126 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 766 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange income | 1268 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of loans, net | 371 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from real estate owned and other repossessed assets, net | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 135 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 2667 | 2610 |
| **Non-interest expense:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 8763 | 7889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 1494 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 1945 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal deposit insurance premiums | 207 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debit card processing | 268 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 401 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 2966 | 2607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 16044 | 14376 |
| Income before income tax expense | 4991 | 4523 |
| Income tax expense | 991 | 869 |
| **Net income** | $4000 | $3654 |
| Earnings per share - basic | $1.06 | $0.96 |
| Earnings per share - diluted | $1.05 | $0.96 |
| Weighted average shares outstanding - basic | 3790384 | 3815228 |
| Weighted average shares outstanding - diluted | 3810764 | 3816418 |

---

*See accompanying notes to consolidated financial statements.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**CENTRAL PLAINS BANCHSARES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Net income | $4000 | $3654 |
| Other comprehensive income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gain arising during the period on available-for-sale securities | 1187 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minimum pension liability adjustment | 543 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, before tax | 1730 | 1840 |
| Income tax expense for other comprehensive income | (363) | (386) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, net of tax | 1367 | 1454 |
| **Comprehensive income** | $5367 | $5108 |

---

*See accompanying notes to consolidated financial statements.*

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**CENTRAL PLAINS BANCHSARES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Stock** | **Additional Paid-In Capital** | **Retained Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Unallocated<br>Common Shares Held by ESOP** | **Total<br>Equity** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Balance at March 31, 2024** | 4130815 | $41 | $39318 | $47130 | $(5073) | $(3139) | $78277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 3654 |  |  | 3654 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESOP shares committed to be released |  |  | 35 |  |  | 132 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock purchased and retired | (28139) |  | (281) | (132) |  |  | (413) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation |  |  | 193 |  |  |  | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares for the Restricted stock plan | 129066 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss - net of tax |  |  |  |  | 1454 |  | 1454 |
| **Balance at March 31, 2025** | 4231742 | $41 | $39265 | $50652 | $(3619) | $(3007) | $83332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 4000 |  |  | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESOP shares committed to be released |  |  | 79 |  |  | 132 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeiture of restricted stock | (1200) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock purchased and retired | (43183) |  | (431) | (248) |  |  | (679) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation |  |  | 759 |  |  |  | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares for the Restricted stock plan | 9000 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income - net of tax |  |  |  |  | 1367 |  | 1367 |
| **Balance at March 31, 2026** | 4196359 | $41 | $39672 | $54404 | $(2252) | $(2875) | $88990 |

---

*See accompanying notes to consolidated financial statements.*

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**CENTRAL PLAINS BANCHSARES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $4000 | $3654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 965 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of loans | (371) | (215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount on securities, net | (19) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposal of premises and equipment | 96 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | 112 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 306 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination of loans held for sale | (25796) | (14883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of loans held for sale | 26167 | 15098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions to pension plan | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESOP expense | 211 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation | 759 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | (155) | (852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage servicing rights | (35) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (166) | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 11 | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 1 | (516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 6686 | 4459 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in loans | (46161) | (22567) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of investment securities available for sale | (10446) | (6203) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal paydowns from investment securities available for sale | 8487 | 8337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal paydowns from investment securities held to maturity | 47 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of FHLB stock | (27) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of premises and equipment | (878) | (7526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (48978) | (27902) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in deposits | 44155 | 41056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in advances from borrowers for taxes and insurance | 63 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (679) | (413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 43539 | 40671 |
| Net increase in cash and cash equivalents | 1247 | 17228 |
| Cash and cash equivalents—beginning of period | 28682 | 11454 |
| Cash and cash equivalents—end of period | $29929 | $28682 |
| **Supplemental disclosures of cash flow and non-cash information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for taxes - federal | $650 | $300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for taxes - state | $139 | $148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $8980 | $8391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer of loan into other real estate owned | $74 | $— |

---

*See accompanying notes to consolidated financial statements.*

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**CENTRAL PLAINS BANCHSARES, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The accompanying consolidated financial statements ("the financial statements") have been prepared in conformity with accounting principles generally accepted in the United States of America and conform to practices within the banking industry.

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

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

The consolidated financial statements include the accounts of the Company and the Association, a wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (GAAP) as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC).

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

**Use of Estimates**—In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Significant estimates that are particularly susceptible to change in the near term include the allowance for credit losses, the pension liability, and the fair value of investment securities. Actual results could differ materially from those estimates.

**Accounting Developments**—The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, in December 2023. The amendments require additional disclosures regarding the rate reconciliation and income taxes paid. ASU 2023-09 also removed certain existing disclosure requirements and is effective for annual periods beginning January 1, 2025. The Company adopted ASU 2023-09 effective April 1, 2025, and elected to adopt the amendments retrospectively. Other than the inclusion of additional disclosures, the adoption did not have a significant effect on the Company's consolidated financial statements.

In March 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-01, "Compensation—Stock Compensation (Topic 718): Scope Applications of Profits Interests and Similar Awards" (ASU 2024-01). ASU 2024-01 adds an example to Topic 718 which illustrates how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as share-based payment arrangements under Topic 718 or under other U.S. GAAP. ASU 2024-01 is effective for annual periods beginning after December 15, 2025, although early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial position, results of operations, or disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting—Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses, which requires expanded disclosures regarding the disaggregation of certain expense categories, including employee compensation, depreciation, and other material components of operating expenses. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance; however, as the update is limited to expanded disclosures, it is not expected to have a material effect on the Company's consolidated financial statements.

The Company has evaluated other recently issued accounting standards and determined that they are either not applicable or are not expected to have a material effect on its consolidated financial statements.

**Cash and Cash Equivalents**—Cash and cash equivalents include cash on hand, federal funds sold, demand deposits at other financial institutions, and short-term investments with maturities of three months or less when purchased.

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**Investment Securities**—Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Securities not classified as held to maturity are classified as available for sale and recorded at fair value, with unrealized gains and losses on a net-of-tax basis excluded from earnings and reported in other comprehensive income. The fair value of a security is determined based on quoted market prices. If quoted market prices are not available, fair value is determined based on quoted market prices of similar instruments or discounted cash flow models that incorporate market inputs and assumptions including discount rates, prepayment speeds, and loss rates. The Company did not have any securities classified as trading at March 31, 2026 or 2025.

Purchased premiums and discounts are amortized and accreted to the earlier of call or maturity of the related security using the effective interest method. Realized gains and losses on the sale of securities are recognized on the specific identification method in the statements of income.

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 sell, the security before recovery of its amortized cost basis. If either of the aforementioned criteria exists, the Company will record an ACL related to securities available-for-sale with an offsetting entry to the provision for credit losses on securities on the statement of operations. Losses are charged against the allowance when management believes the available-for-sale security is uncollectible or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale securities, totaling $222,000 and $223,000 as of March 31, 2026 and 2025, respectively, is excluded from the estimate of credit losses. If either of these criteria does not exist, the Company will evaluate the securities individually to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors, such as market interest rate fluctuations.

**Federal Home Loan Bank Stock**—As a member of the Federal Home Loan Bank of Topeka (FHLB), the Association is required to maintain an investment in the capital stock of the FHLB. For financial reporting purposes, such stock is carried at cost, which approximates fair value, based on the redemption provisions.

**Loans Held for Sale**—Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Mortgage loans held for sale are generally sold with servicing rights retained. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related mortgage loan sold, which is reduced by the cost allocated to the servicing right. The Association generally locks in the sale price to the purchaser of the mortgage loan at the same time an interest rate commitment is made to the borrower.

**Loans**—Loans that management has the intent and ability to hold for the foreseeable future are stated at the amount of unpaid principal less an allowance for credit losses and any deferred fees or costs on originated loans. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. The accrual of interest on loans is discontinued when management believes that the borrower may be unable to make payments as scheduled, generally when a loan becomes contractually delinquent for three months or more. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent that cash payments are received in excess of principal due. Loan origination fees and commitment fees offset by certain direct loan origination costs are deferred and recognized over the contractual life of the loan as a yield adjustment.

**Allowance for Credit Losses**

The allowance for credit losses ("ACL") represents management's estimate of expected credit losses over the contractual life of financial assets measured at amortized cost, including loans held for investment, held-to-maturity debt securities, and certain off-balance sheet credit exposures. The ACL is established through a provision for credit losses charged to earnings and is presented as a valuation account that is deducted from the amortized cost basis of the related financial assets to present the net amount expected to be collected.

*Allowance for Credit Losses on Loans*—The ACL on loans is estimated using a current expected credit loss ("CECL") methodology, which considers historical loss experience, current conditions, and reasonable and supportable forecasts. The estimate reflects expected losses over the contractual term of the loans, adjusted for expected prepayments.

The determination of the ACL requires significant management judgment and is inherently subjective, as it involves evaluating a variety of quantitative and qualitative factors that may affect collectability. These factors include, but are not limited to, economic conditions, portfolio composition, borrower creditworthiness, collateral values, and changes in underwriting standards.

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Loans are evaluated on a collective (pool) basis when they share similar risk characteristics. The Company has identified the following portfolio segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Residential real estate* - Loans collateralized by 1–4 family residential properties, including owner-occupied, second homes, investment properties, home equity, and junior lien loans. Repayment is primarily dependent on borrower credit quality and housing market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Construction real estate* - Loans to finance residential and commercial construction, land acquisition, and development. Repayment is dependent on project completion, market absorption, and borrower financial capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Commercial real estate* - Loans secured by income-producing or owner-occupied commercial properties. Repayment is largely dependent on property cash flows and market conditions such as vacancy rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Commercial* - Loans to businesses secured by non-real estate assets. Repayment depends on business operations and cash flow generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Consumer* - Loans to individuals for personal expenditures, including both secured and unsecured credits. Repayment is dependent on borrower financial capacity and economic conditions..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Land development/sanitary improvement districts (SIDS)* - Loans associated with land development and infrastructure financing, with repayment typically dependent on property development progress, lot sales, or assessments.

The Company estimates expected credit losses using the Scaled CECL Allowance for Losses Estimator ("SCALE") method, which utilizes publicly available regulatory data to develop proxy lifetime loss rates. These rates are adjusted for Company-specific factors and current conditions to arrive at an appropriate estimate of expected losses

*Qualitative Adjustments*—Management applies qualitative factor adjustments to reflect risks not fully captured in the quantitative model. These factors may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in the nature, volume, and composition of the loan portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The existence and extent of credit concentrations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trends in delinquency, nonaccrual, and classified assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in collateral values for collateral-dependent loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in lending policies, underwriting standards, and collection practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Effectiveness of the credit review function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Experience and depth of lending and credit staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Regulatory, legal, and technological developments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Actual and expected changes in economic conditions at the national, regional, and local levels.

Loans that do not share similar risk characteristics, including collateral-dependent or nonperforming loans, are evaluated individually. For collateral-dependent loans, expected credit losses are generally measured based on the fair value of collateral, less estimated costs to sell, when repayment is expected to be derived from the collateral.

*Charge-Off and Recovery Policy*—Loans are charged off when management determines that a loan balance is uncollectible. Recoveries of amounts previously charged off are credited to the ACL. Adjustments to the ACL are recorded through the provision for credit losses. While the ACL methodology incorporates management's best estimate of expected losses, actual losses may differ due to factors beyond the Company's control. Accrued interest receivable is excluded from the amortized cost basis of loans for purposes of estimating expected credit losses. The Company has elected to write off accrued interest receivable in a timely manner when deemed uncollectible.

*Allowance for Credit Losses on Unfunded Loan Commitments*—The Company estimates expected credit losses on off-balance sheet credit exposures, including unfunded loan commitments, over the contractual period in which the Company is exposed to credit risk, unless the obligation is unconditionally cancelable. The ACL for unfunded commitments is recorded as a liability within accrued expenses and other liabilities and is adjusted through the provision for credit losses. The estimate incorporates both the likelihood of funding and the expected credit losses on amounts expected to be funded.

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*Allowance for Credit Losses on Securities Available-for-Sale*—For available-for-sale ("AFS") debt securities in an unrealized loss position, the Company first evaluates whether it intends to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either condition is met, the security is written down to fair value through earnings. If neither condition is met, the Company evaluates whether the decline in fair value is attributable to credit-related factors. If so, an ACL is established for the credit loss component, limited to the amount by which amortized cost exceeds fair value. Noncredit-related changes in fair value are recognized in other comprehensive income. In performing this assessment, management considers factors such as issuer financial condition, credit ratings, payment performance, and the nature of any guarantees or government support.

*Allowance for Credit Losses on Held-to Maturity Securities*—The ACL on held-to-maturity ("HTM") debt securities is estimated under the CECL framework and reflects expected credit losses over the contractual life of the securities. The Company's HTM portfolio consists primarily of securities issued or guaranteed by U.S. government agencies or government-sponsored enterprises. These securities carry minimal credit risk due to explicit or implicit government guarantees and a long history of no credit losses. Accordingly, the Company has determined that expected credit losses on these securities are not material.

**Premises and Equipment**—Office properties and equipment are carried at cost less accumulated depreciation. Depreciation is computed based on the straight-line basis over the estimated useful lives of the assets, which range from 3 to 39 years. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Costs incurred for maintenance and repairs are expensed as incurred. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable.

**Real Estate Owned**—Real estate owned ("REO") represents the collateral acquired through foreclosure in full or partial satisfaction of the related loan. REO is recorded at the fair value less estimated selling costs at the date of foreclosure. Any write-down at the date of transfer is charged to the allowance for credit losses related to loans. The recognition of gains or losses on sales of REO is dependent upon various factors relating to the nature of the property being sold and the terms of sale. REO values are reviewed on an ongoing basis and any decline in value is recognized as foreclosed asset expense in the current period. All legal fees and direct costs, including foreclosure and other related costs, are expensed as incurred.

**Leases**—Lease expense for operating and short-term leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent the Association's right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. When the rate implicit in the lease is unknown, the present value of the lease payments is determined using our incremental borrowing rate based on the FHLB amortizing advance rate, adjusted for the lease term and other factors.

**Revenue Recognition**—Most of the Association's revenue is not subject to ASC 606. Revenue subject to ASC 606 includes customer services fees charged for deposit account maintenance, overdrafts, wire transfers, and check fees. Also included is revenue generated through service charges from the use of of ATM machines and interchange income from the use of Association issued debit cards.

Under ASC 606, the Association must identify the contract with a customer, identify the performance obligation(s) within the contract, determine the transaction price, allocate the transaction price to the performance obligation(s) within the contract, and recognize revenue when (or as) the performance obligation(s) are satisfied. The core principle under ASC 606 requires the Association to recognize revenue to depict the transfer of services or products to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those services or products recognized as performance obligations are satisfied. The Association generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Since performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers.

**Mortgage Servicing Rights**—Mortgage servicing rights are established based on the allocated fair value of servicing rights retained on loans originated by the Association and subsequently sold in the secondary market. Mortgage servicing rights are amortized into servicing fees on loans on the consolidated statements of income in proportion to, and over the period of, the estimated net servicing income and are evaluated for impairment based on their fair value. Each class of separately recognized servicing assets subsequently measured using the amortization method are evaluated and measured for impairment. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the carrying amount of the servicing assets for that tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment after the initial measurement of impairment. Fair value in excess of the carrying amount of servicing assets for that stratum is not recognized.

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Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income.

**Transfer of Financial Assets**—Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Association, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Association does *not* maintain effective control over the transferred assets through an agreement to repurchase them before maturity.

**Retirement Plans**—Pension expense is the net of service and interest cost, return on plan assets, and amortization of gains and losses not immediately recognized. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service.

**Interest Rate Risk**—The Association is engaged principally in originating and investing in first mortgage loans, consumer loans to individuals, agricultural loans and commercial loans to businesses primarily in Grand Island, Nebraska. These loans are funded primarily with short-term liabilities that have interest rates that vary with market rates over time. The earnings of the Association are exposed to interest rate risk largely because of the mismatch between the repricing intervals of its assets and liabilities.

To reduce interest rate risk, the Association has employed the strategy of selling a majority of the single family fixed-rate home loans the Association originates into the secondary market. The Association holds any adjustable-rate single family home loans in their portfolio. In addition, the commercial loans the Association originates and maintains in its portfolio are either tied to some variant of Wall Street Journal Prime (WSJP) and adjust as WSJP adjusts or they contain shorter term call dates (typically three or five years) when amortized over longer periods of time. The consumer portfolio has three-to-five-year amortized terms which mitigate long term interest rate exposure in this portfolio.

**Income Taxes**—The Company and its subsidiary file consolidated income tax returns. Income taxes are accounted for using an asset and liability method. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to operating loss and tax credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using the currently enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. If needed, a valuation allowance is recorded to reduce deferred tax assets to the amount expected to be realized. The Company recognizes tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement. A liability for unrecognized tax benefits is recorded for any tax benefits claimed in tax returns that do not meet these recognition and measurement standards. The Company recognizes both interest and penalties (if applicable) as a component of income tax expense.

**Comprehensive Income**—Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and minimum pension liability adjustments, are reported as a separate component of the equity section of the consolidated statements of financial condition; such items, along with net income, are components of comprehensive income, net of tax.

**Financial Instruments and Loan Commitments**—Financial instruments include off-balance-sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Instruments, such as standby letters of credit, that are considered financial guarantees are recorded at fair value.

**Operating Segments**—The Company's revenue is primarily derived from the business of banking. The Company's financial performance is monitored on consolidated basis by Mr. Dannel Garness, President/CEO, who is considered to be the Company's Chief Operating Decision Maker ("CODM"). Financial performance is reported to the CODM monthly, and the primary measure of performance is consolidated net income. The allocation of resources throughout the Company is determined annually based upon consolidated net income performance. The presentation of financial performance to the CODM is consistent with amounts and financial statement line items shown in the Company's consolidated balance sheets and consolidated statements of operations. Additionally, the Company's significant expenses are adequately segmented by category and amount in the consolidated statements of operations to include all significant items when considering both qualitative and quantitative factors. Significant expenses of the Company include salaries and employee benefits, equipment and occupancy expense, data processing, professional services and advertising.

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

**Stock Based Compensation**—The Company maintains an equity incentive plan under which restricted stock and stock options may be granted to employees and directors, see Note 17.

The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of those awards in accordance with ASC 718*,* "Compensation-Stock Compensation". The Company estimates the per-share fair value of option grants on the date of grant using the Black-Scholes option pricing model using assumptions for the expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term. These assumptions are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision. The Black-Scholes option pricing model also contains certain inherent limitations when applied to options that are not traded on public markets.

The per share fair value of options is highly sensitive to changes in assumptions. In general, the per-share fair value of options will move in the same direction as changes in the expected stock price volatility, risk-free interest rate and expected option term, and in the opposite direction as changes in the expected dividend yield. For example, the per-share fair value of options will generally increase as expected stock price volatility increases, risk-free interest rate increases, expected option term increases and expected dividend yield decreases. The use of different assumptions or different option pricing models could result in materially different per share fair values of options.

The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. The Company's accounting policy is to recognize forfeitures as they occur. Forfeited shares are added back to the pool of shares available for future grants.

**Employee Stock Ownership Plan**—The ESOP shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Statements of Financial Condition. As shares are committed to be released from collateral, the Association reports compensation expense equal to the average market price of the shares during the year, and the shares become outstanding for basic net income per common share computations. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce the ESOP's debt and accrued interest.

**Earnings per Share**—Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. ESOP shares committed to be released are considered to be outstanding for purposes of the earnings per share computation. ESOP shares that have not been legally released, but that relate to employee services rendered during an accounting period (interim or annual) ending before the related debt service payment is made, are considered committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from the assumed issuance.

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**Note 2 - Investment SECURITIES**

The following is a summary of investment securities at March 31, 2026 and March 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Gross** | **Gross** |  |
|  | **Amortized** | **Unrealized** | **Unrealized** | **Fair** |
|  | **Cost** | **Gains** | **Losses** | **Value** |
| **Securities available-for-sale** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;FHLMC bonds | $24376 | $149 | $(1311) | $23214 |
| &nbsp;&nbsp;GNMA bonds | 6948 | 44 | (19) | 6973 |
| &nbsp;&nbsp;FNMA bonds | 26010 | 224 | (1407) | 24827 |
| &nbsp;&nbsp;Municipal bonds | 8623 |  | (1103) | 7520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities available-for-sale | $65957 | $417 | $(3840) | $62534 |
| **Securities held-to-maturity** |  |  |  |  |
| &nbsp;&nbsp;FHLMC bonds | $54 | $1 | $— | $55 |
| &nbsp;&nbsp;GNMA bonds | 33 |  |  | 33 |
| &nbsp;&nbsp;FNMA bonds | 88 | 2 |  | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities held-to-maturity | $175 | $3 | $— | $178 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  |  | **Gross** | **Gross** |  |
|  | **Amortized** | **Unrealized** | **Unrealized** | **Fair** |
|  | **Cost** | **Gains** | **Losses** | **Value** |
| **Securities available-for-sale** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;FHLMC bonds | $23085 | $107 | $(1726) | $21466 |
| &nbsp;&nbsp;GNMA bonds | 5035 | 34 | (2) | 5067 |
| &nbsp;&nbsp;FNMA bonds | 27237 | 224 | (1871) | 25590 |
| &nbsp;&nbsp;Municipal bonds | 8622 |  | (1376) | 7246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities available-for-sale | $63979 | $365 | $(4975) | $59369 |
| **Securities held-to-maturity** |  |  |  |  |
| &nbsp;&nbsp;FHLMC bonds | $64 | $2 | $— | $66 |
| &nbsp;&nbsp;GNMA bonds | 46 |  |  | 46 |
| &nbsp;&nbsp;FNMA bonds | 112 | 2 |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities held-to-maturity | $222 | $4 | $— | $226 |

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The fair value and gross unrealized losses on the Association's available-for-sale investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2026 and March 31, 2025, are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 12 Months** | **Less than 12 Months** | **12 Months or Greater** | **12 Months or Greater** | **Total** | **Total** |
|  | **Fair** | **Unrealized** | **Fair** | **Unrealized** | **Fair** | **Unrealized** |
| **<u>March 31, 2026</u>** | **Value** | **Losses** | **Value** | **Losses** | **Value** | **Losses** |
| **Securities available-for-sale** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;FHLMC bonds | $4088 | $(36) | $10998 | $(1275) | $15086 | $(1311) |
| &nbsp;&nbsp;GNMA bonds | 2647 | (19) |  |  | 2647 | (19) |
| &nbsp;&nbsp;FNMA bonds | 2824 | (35) | 10815 | (1372) | 13639 | (1407) |
| &nbsp;&nbsp;Municipal bonds |  |  | 7520 | (1103) | 7520 | (1103) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities available-for-sale | $9559 | $(90) | $29333 | $(3750) | $38892 | $(3840) |
|  | **Less than 12 Months** | **Less than 12 Months** | **12 Months or Greater** | **12 Months or Greater** | **Total** | **Total** |
|  | **Fair** | **Unrealized** | **Fair** | **Unrealized** | **Fair** | **Unrealized** |
| **<u>March 31, 2025</u>** | **Value** | **Losses** | **Value** | **Losses** | **Value** | **Losses** |
| **Securities available-for-sale** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;FHLMC bonds | $2919 | $(39) | $12978 | $(1687) | $15897 | $(1726) |
| &nbsp;&nbsp;GNMA bonds | 105 | (1) | 1154 | (1) | 1259 | (2) |
| &nbsp;&nbsp;FNMA bonds | 3004 | (24) | 12315 | (1847) | 15319 | (1871) |
| &nbsp;&nbsp;Municipal bonds |  |  | 7246 | (1376) | 7246 | (1376) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities available-for-sale | $6028 | $(64) | $33693 | $(4911) | $39721 | $(4975) |

---

The unrealized losses at March 31, 2026 are related to mortgage-backed securities and municipal bonds. Government-sponsored enterprises, such as the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association, have an implied guarantee by the U.S. government. At March 31, 2026, all of the mortgage-backed securities held by the Association were issued by U.S. government-sponsored entities and agencies. The issuers continue to make timely principal and interest payments on the mortgage-backed securities.

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

At March 31, 2026 and March 31, 2025, investment securities with amortized cost of $22.5 million, and $44.2 million, respectively, and estimated fair value of $21.2 million and $41.0 million, respectively, were pledged to secure public, consumer, and commercial deposits.

The Company's held-to-maturity securities portfolio at March 31, 2026 consists entirely of mortgage-backed securities. These securities do not have a single contractual maturity date and are instead characterized by monthly principal and interest payments, with expected lives that may differ from contractual terms due to prepayments of the underlying mortgage loans. As a result, the Company has not presented the held-to-maturity portfolio by contractual maturity.

The amortized cost and fair values of available for sale investment securities as of March 31, 2026 by contractual maturity, are shown below:

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| | | |
|:---|:---|:---|
|  | **Available for Sale** | **Available for Sale** |
|  | **Amortized Cost** | **Fair Value** |
| **Maturity** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Due less than one year | $1064 | $1046 |
| Due after one year through five years | 2382 | 2274 |
| Due after five years through ten years | 2842 | 2367 |
| Due after ten years | 2335 | 1833 |
| Mortgage-backed securities and collateralized mortgage obligations | 57334 | 55014 |
| Total | $65957 | $62534 |

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The Association had no sales of available for sale investment securities for the years ended March 31, 2026 or 2025.

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**Note 3 - LOANS AND ALLOWANCE FOR Credit LOSSES**

A summary of loans by major category as of March 31, 2026 and 2025 is as follows:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real Estate - Construction | $28633 | $15069 |
| Real Estate - Commercial | 129235 | 120184 |
| Real Estate - Residential | 162041 | 161144 |
| Commercial Non-Real Estate | 48378 | 32007 |
| Agriculture | 54655 | 42835 |
| Other Consumer | 10158 | 14649 |
| Land Development and SIDs | 15306 | 16327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Loans | 448406 | 402215 |
| Allowance for credit losses | (5809) | (5441) |
| Net deferred origination costs & fees | (60) | (18) |
| Loans—net | $442537 | $396756 |

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**Related Party Loans**: In the normal course of business, loans are made to directors and officers of the Association. Loans to Association directors and key officers outstanding as of March 31, 2026 and March 31, 2025 were $1.7 million and $1.8 million, respectively. Additionally, the Association had loans totaling $861,000 and $940,000 as of March 31, 2026 and March 31, 2025, respectively, to related parties that were originated by the Association, sold to Federal Home Loan Mortgage Company and are serviced by the Association.

The following tables present the activity in the allowance for credit losses for the years ended March 31, 2026 and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** |
|  | **Beginning Allowance Balance** | **Provision for (Recovery of) Credit Losses** | **Loans Charged off** | **Recoveries** | **Ending Allowance Balance** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real Estate - Construction | $246 | $110 | $— | $— | $356 |
| Real Estate - Commercial | 1572 | 215 |  |  | 1787 |
| Real Estate - Residential | 1926 | (141) | (1) |  | 1784 |
| Commercial Non-Real Estate | 667 | 324 |  |  | 991 |
| Agricultural | 476 | 82 |  |  | 558 |
| Other Consumer | 262 | (113) | (17) | 3 | 135 |
| Land Development and SIDs | 292 | (171) |  | 77 | 198 |
| Total | $5441 | $306 | $(18) | $80 | $5809 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** |
|  | **Beginning** | **Provision for** |  |  | **Ending** |
|  | **Allowance** | **(Recovery of)** | **Loans** |  | **Allowance** |
|  | **Balance** | **Loan Losses** | **Charged off** | **Recoveries** | **Balance** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real Estate - Construction | $246 | $— | $— | $— | $246 |
| Real Estate - Commercial | 2245 | (673) |  |  | 1572 |
| Real Estate - Residential | 1829 | 97 |  |  | 1926 |
| Commercial Non-Real Estate | 759 | (79) | (13) |  | 667 |
| Agricultural | 228 | 248 |  |  | 476 |
| Other Consumer | 327 | (64) | (4) | 3 | 262 |
| Land Development and SIDs | 226 | 671 | (605) |  | 292 |
| Total | $5860 | $200 | $(622) | $3 | $5441 |

---

The allowance for credit losses on loans excludes $215,000 of allowance for off-balance sheet credit exposures as of March 31, 2026 and 2025, which is recorded within other liabilities on the Consolidated Statements of Financial Condition. No provision for credit losses related to off-balance sheet credit exposures was recorded during the years ended March 31, 2026 and 2025.

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Collateral dependent loans individually evaluated for purposes of the ACL by collateral type were as follows at March 31, 2026 and 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** |
|  | **Real Estate** | **Other** | **ACL Allocation** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |  |
| **Portfolio Segment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate - Construction | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate - Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate - Residential | 9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Non-Real Estate |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural | 1632 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Consumer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Development and SIDs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1641 | $— | $— |

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** |
|  | **Real Estate** | **Other** | **ACL Allocation** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |  |
| **Portfolio Segment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate - Construction | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate - Commercial | 359 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate - Residential | 150 |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Non-Real Estate |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Consumer |  | 13 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Development and SIDs | 807 |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1316 | $13 | $116 |

---

The increase in collateral dependent loans without an allowance for credit losses during the year ended March 31, 2026 was primarily attributable to the migration of two agricultural credits to nonaccrual status. Subsequent to year end, these loans were paid in full in May 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Pass Loans:</u> Loans in the pass category are loans that do not raise Association concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Special Mention Loans:</u> Loans in this category may have a potential for weakness which, if not corrected, could weaken the asset and increase the risk in the future. By classifying a loan as Special Mention the Association can give the loan the attention needed to remedy any credit deficiencies or potential weaknesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Substandard Loans:</u> Loans identified as Substandard are assets that are inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans in this classification category must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Association will sustain some loss if the deficiencies are not corrected. If a loan is classified as Substandard, a determination based upon objective evidence must be made as to any specific or general valuation allowance within the guidelines of generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Doubtful Loans:</u> Loans in this category have all the weaknesses inherent in Substandard loans with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. If a loan is classified as Doubtful, a determination based upon objective evidence must be made as to any specific or general valuation allowance within the guidelines of generally accepted accounting principles.

------

[**<u>**Table of Contents**</u>**](#toc_page)

Based on the most recent analysis performed, the risk category of loans by class and year of origination is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Term Loans by Origination Year (Fiscal Year)** | **Term Loans by Origination Year (Fiscal Year)** | **Term Loans by Origination Year (Fiscal Year)** | **Term Loans by Origination Year (Fiscal Year)** | **Term Loans by Origination Year (Fiscal Year)** | **Term Loans by Origination Year (Fiscal Year)** | **Revolving** |  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **Prior** | **Loans** | **Total** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **At March 31, 2026** |  |  |  |  |  |  |  |  |
| Real Estate - Construction |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $13177 | $11698 | $2242 | $— | $— | $— | $1516 | $28633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total Real Estate - Construction | $13177 | $11698 | $2242 | $— | $— | $— | $1516 | $28633 |
| Current year-to-date gross write-offs |  |  |  |  |  |  |  |  |
| Real Estate - Commercial |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 18117 | 17226 | 13026 | 25608 | 24682 | 28077 | 30 | $126766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 382 |  |  | 2087 |  | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total Real Estate - Commercial | $18117 | $17226 | $13408 | $25608 | $24682 | $30164 | $30 | $129235 |
| Current year-to-date gross write-offs |  |  |  |  |  |  |  |  |
| Real Estate - Residential |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 22592 | 15237 | 12185 | 19644 | 42437 | 39282 | 10297 | $161674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 75 | 19 | 273 |  | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total Real Estate - Residential | $22592 | $15237 | $12185 | $19719 | $42456 | $39555 | $10297 | $162041 |
| Current year-to-date gross write-offs | 1 |  |  |  |  |  |  | 1 |
| Commercial - Non-Real Estate |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 24366 | 5590 | 3492 | 1469 | 1404 | 5124 | 6151 | $47596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard | 127 |  |  | 109 |  | 216 | 330 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total Commercial - Non-Real Estate | $24493 | $5590 | $3492 | $1578 | $1404 | $5340 | $6481 | $48378 |
| Current year-to-date gross write-offs |  |  |  |  |  |  |  |  |
| Agricultural |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 16708 | 13705 | 1286 | 2692 | 1747 | 2594 | 13245 | $51977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard | 868 |  |  |  |  |  | 1810 | 2678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total - Agricultural | $17576 | $13705 | $1286 | $2692 | $1747 | $2594 | $15055 | $54655 |
| Current year-to-date gross write-offs |  |  |  |  |  |  |  |  |
| Other Consumer |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 1826 | 1416 | 3188 | 3031 | 109 | 478 |  | $10048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard | 14 | 43 | 42 | 7 | 4 |  |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total Other Consumer | $1840 | $1459 | $3230 | $3038 | $113 | $478 | $— | $10158 |
| Current year-to-date gross write-offs | 17 |  |  |  |  |  |  | 17 |
| Land Development and SIDs |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 1981 | 926 | 1137 | 5308 | 5068 | 886 |  | $15306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total Land Development and SIDs | $1981 | $926 | $1137 | $5308 | $5068 | $886 | $— | $15306 |
| Current year-to-date gross write-offs |  |  |  |  |  |  |  |  |
| Total loans | $99776 | $65841 | $36980 | $57943 | $75470 | $79017 | $33379 | $448406 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Term Loans by Origination Year (Fiscal Year)** | **Term Loans by Origination Year (Fiscal Year)** | **Term Loans by Origination Year (Fiscal Year)** | **Term Loans by Origination Year (Fiscal Year)** | **Term Loans by Origination Year (Fiscal Year)** | **Term Loans by Origination Year (Fiscal Year)** | **Revolving** |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Loans** | **Total** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **At March 31, 2025** |  |  |  |  |  |  |  |  |
| Real Estate - Construction |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $9809 | $2908 | $367 | $— | $— | $— | $1985 | $15069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total Real Estate - Construction | $9809 | $2908 | $367 | $— | $— | $— | $1985 | $15069 |
| Current year-to-date gross write-offs |  |  |  |  |  |  |  |  |
| Real Estate - Commercial |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 17451 | 14153 | 26916 | 25840 | 3089 | 30409 | 140 | $117998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 391 |  |  | 306 | 1489 |  | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total Real Estate - Commercial | $17451 | $14544 | $26916 | $25840 | $3395 | $31898 | $140 | $120184 |
| Current year-to-date gross write-offs |  |  |  |  |  |  |  |  |
| Real Estate - Residential |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 18914 | 19970 | 22674 | 46132 | 31265 | 12861 | 9078 | $160894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 135 |  |  | 115 |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total Real Estate - Residential | $18914 | $19970 | $22809 | $46132 | $31265 | $12976 | $9078 | $161144 |
| Current year-to-date gross write-offs |  |  |  |  |  |  |  |  |
| Commercial - Non-Real Estate |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 6549 | 5670 | 3613 | 2790 | 1775 | 6563 | 4551 | $31511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 122 |  |  | 374 |  | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total Commercial - Non-Real Estate | $6549 | $5670 | $3735 | $2790 | $1775 | $6937 | $4551 | $32007 |
| Current year-to-date gross write-offs | 13 |  |  |  |  |  |  | 13 |
| Agricultural |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 16635 | 1763 | 2927 | 2069 | 857 | 2635 | 15078 | $41964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard | 405 |  | 165 |  |  |  | 301 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total - Agricultural | $17040 | $1763 | $3092 | $2069 | $857 | $2635 | $15379 | $42835 |
| Current year-to-date gross write-offs |  |  |  |  |  |  |  |  |
| Other Consumer |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 2779 | 5021 | 5252 | 359 | 224 | 996 |  | $14631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  | 5 | 8 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful | 5 |  |  |  |  |  |  | 5 |
| Total Other Consumer | $2784 | $5021 | $5252 | $359 | $229 | $1004 | $— | $14649 |
| Current year-to-date gross write-offs | 4 |  |  |  |  |  |  | 4 |
| Land Development and SIDs |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 841 | 1124 | 6313 | 5956 | 552 | 734 |  | $15520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 807 |  |  |  |  | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |
| Total Land Development and SIDs | $841 | $1124 | $7120 | $5956 | $552 | $734 | $— | $16327 |
| Current year-to-date gross write-offs | 605 |  |  |  |  |  |  | 605 |
| Total loans | $73388 | $51000 | $69291 | $83146 | $38073 | $56184 | $31133 | $402215 |

---

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

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[**<u>**Table of Contents**</u>**](#toc_page)

The following table presents certain information with respect to loans on nonaccrual status as of and for the years ended March 31, 2026 and 2025. As of April 1, 2024, the amortized cost basis of loans on nonaccrual status was $537,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nonaccrual loans** | **Nonaccrual with no** | **Nonaccrual with** | **Interest Income** |
|  | **at March 31,** | **Allowance for Credit** | **Allowance for Credit** | **Recognized During** |
|  | **2026** | **Loss** | **Loss** | **the Period** |
| **March 31, 2026** |  |  |  |  |
| Real Estate- Residential | $9 | $9 | $— | $1 |
| Agricultural | 1632 | 1632 |  |  |
| Total | $1641 | $1641 | $— | $1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nonaccrual loans** | **Nonaccrual with no** | **Nonaccrual with** | **Interest Income** |
|  | **at March 31,** | **Allowance for Credit** | **Allowance for Credit** | **Recognized During** |
|  | **2025** | **Loss** | **Loss** | **the Period** |
| **March 31, 2025** |  |  |  |  |
| Real Estate - Commercial | $359 | $359 | $— | $29 |
| Real Estate- Residential | 150 | 81 | 69 | 10 |
| Commercial Non-Real Estate | 13 | 5 | 8 |  |
| Other Consumer | 807 | 768 | 39 | 27 |
| Total | $1329 | $1213 | $116 | $66 |

---

The following is an aging analysis of the contractually past due loans as of March 31, 2026 and 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Loans Past** |
|  |  |  | **Greater than** |  |  |  | **Due 90 Days** |
|  | **30–59 Days** | **60–89 Days** | **89 Days** | **Total** |  |  | **or More Still** |
|  | **Past Due** | **Past Due** | **Past Due** | **Past Due** | **Current** | **Total** | **Accruing** |
| **March 31, 2026** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real Estate - Construction | $— | $— | $— | $— | $28633 | $28633 | $— |
| Real Estate - Commercial |  |  |  |  | 129235 | 129235 |  |
| Real Estate - Residential | 623 | 26 | 96 | 745 | 161296 | 162041 | 96 |
| Commercial Non-Real Estate | 235 |  |  | 235 | 48143 | 48378 |  |
| Agricultural | 1356 |  |  | 1356 | 53299 | 54655 |  |
| Other Consumer | 125 | 152 | 138 | 415 | 9743 | 10158 | 138 |
| Land Development and SIDs |  |  |  |  | 15306 | 15306 |  |
| Total | $2339 | $178 | $234 | $2751 | $445655 | $448406 | $234 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Loans Past** |
|  |  |  | **Greater than** |  |  |  | **Due 90 Days** |
|  | **30–59 Days** | **60–89 Days** | **90 Days** | **Total** |  |  | **or More Still** |
|  | **Past Due** | **Past Due** | **Past Due** | **Past Due** | **Current** | **Total** | **Accruing** |
| **March 31, 2025** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real Estate - Construction | $— | $— | $— | $— | $15069 | $15069 | $— |
| Real Estate - Commercial |  |  |  |  | 120184 | 120184 |  |
| Real Estate - Residential | 486 |  | 87 | 573 | 160571 | 161144 | 3 |
| Commercial Non-Real Estate |  | 9 |  | 9 | 31998 | 32007 |  |
| Agricultural | 79 |  |  | 79 | 42756 | 42835 |  |
| Other Consumer | 112 | 345 | 112 | 569 | 14080 | 14649 | 99 |
| Land Development and SIDs |  |  |  |  | 16327 | 16327 |  |
| Total | $677 | $354 | $199 | $1230 | $400985 | $402215 | $102 |

---

The Association may modify loans to borrowers experiencing financial difficulty by providing modifications to repayment terms; more specifically, modifications to loan interest rates. Management performs an analysis at the time of loan modification. Any reserve required is recorded through a provision to the allowance for credit losses on loans. There were no modifications on loans to borrowers experiencing financial difficulty during the years ended March 31, 2026 and 2025.

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[**<u>**Table of Contents**</u>**](#toc_page)

**Note 4 - PREMISES AND EQUIPMENT**

Premises and equipment at March 31, 2026 and March 31, 2025, consist of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Land | $2654 | $2367 |
| Buildings and leasehold improvements | 17228 | 8888 |
| Construction Work in Progress <sup>(1)</sup> |  | 8028 |
| Equipment | 3457 | 3419 |
| Automobiles | 150 | 140 |
| Computer software |  | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost | 23489 | 23949 |
| Less accumulated depreciation | 10734 | 11011 |
| Total premises and equipment | $12755 | $12938 |

---

(1)Construction work in progress represents new branch construction in Lincoln and Hastings, NE. At March 31, 2025; the Lincoln full service branch was 89% billed and the Hastings full service branch was 78% billed. Certificates of occupancy were received in late March 2025 for Lincoln and Mid May 2025 for Hastings.

Depreciation expense included in occupancy and equipment on the consolidated statements of income totaled $965,000 and $455,000 for the years ended March 31, 2026 and 2025, respectively.

**Note 5 - DEPOSITS**

A summary of time deposits included in interest bearing deposits in the consolidated statements of financial condition by maturity at March 31, 2026, is as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| **12 Months Ending March 31,** | **(Dollars in thousands)** |
| 2027 | $115240 |
| 2028 | 29213 |
| 2029 | 17434 |
| 2030 | 1030 |
| 2031 or later | 134 |
| &nbsp;&nbsp;Total time deposit accounts | $163051 |

---

The aggregate amount of jumbo certificates of deposit, each with a minimum denomination greater than $250, was $35.5 million at March 31, 2026 and $28.6 million at March 31, 2025, respectively. At March 31, 2026, the Company had $27.6 million in brokered deposits and $7.3 million in brokered deposits at March 31, 2025.

In the normal course of business, deposit accounts are held by directors and officers of the Association (related parties). The terms for these accounts, including interest rates, fees, and other attributes, are similar to those prevailing for comparable transactions with other customers and do not involve more than the normal level of risk associated with deposit accounts. At March 31, 2026 and 2025, total deposits held by directors and officers of the Company and the Association were $3.3 million and $3.4 million, respectively.

**Note 6 - Borrowings**

The Company had no outstanding borrowings as of March 31, 2026 and March 31, 2025.

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[**<u>**Table of Contents**</u>**](#toc_page)

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

---

| | | |
|:---|:---|:---|
|  | **At or For the Year Ended March 31,** | **At or For the Year Ended March 31,** |
|  | **2026** | **2025** |
| **FHLB of Topeka advances and other borrowings:** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Average balance outstanding | $1324 | $1752 |
| &nbsp;&nbsp;Maximum amount outstanding with the FHLB of Topeka at any month-end during the period | 8500 | 8000 |
| &nbsp;&nbsp;Maximum amount outstanding with the Federal Reserve Bank at any month-end during the period |  |  |
| &nbsp;&nbsp;Maximum amount outstanding with a private banker's bank at any month-end during the period |  | 459 |
| Total maximum amount outstanding at any month-end during the period | $8500 | $8459 |
| &nbsp;&nbsp;Average interest rate during the period | 4.46% | 5.65% |

---

As of March 31, 2026, the Association had remaining available borrowing capacity with the Federal Home Loan Bank ("FHLB") of approximately $47.0 million, compared to $40.5 million at March 31, 2025, subject to collateral requirements and FHLB credit policies. The Association had $13.0 million in irrevocable letters of credit outstanding with the FHLB at March 31, 2026 to secure public deposits. The FHLB retains sole discretion to grant or deny additional advances. At March 31, 2026, the Association had pledged investment securities with a carrying value of $25,000 and loans with a carrying value of $80.0 million as collateral for FHLB borrowings.

As of March 31, 2026, the Association had an approved line of credit with the Federal Reserve Bank ("FRB") Discount Window. The Association had pledged commercial real estate loans with a carrying value of $13.4 million as collateral for potential borrowings and had remaining borrowing capacity of approximately $10.0 million at March 31, 2026.

Additionally, the Association maintained a $5.0 million unsecured federal funds line of credit with a private bankers' bank at March 31, 2026 and March 31, 2025.

**Note 7 - INCOME TAXES**

Income tax expense for the years ended March 31, 2026 and 2025, is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** |
| Current | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;Federal | $711 | $484 |
| &nbsp;&nbsp;State | 168 | 130 |
| &nbsp;&nbsp;Foreign |  |  |
| Deferred |  |  |
| &nbsp;&nbsp;Federal | 112 | 255 |
| &nbsp;&nbsp;State |  |  |
| &nbsp;&nbsp;Foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $991 | $869 |

---

The Association's provision for income taxes for the years ended March 31, 2026 and 2025, differs from the amounts determined by applying the statutory federal income tax rate to income before income taxes as a result of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Amount** | **% of Pretax Income** | **Amount** | **% of Pretax Income** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Expected income tax expense at statutory rates (21%) | $1048 | 21.0% | $950 | 21.0% |
| Tax exempt interest | (20) | (0.4) | (21) | (0.5) |
| Investment partnership tax benefits, net of amortization | 1 | 0.0 | 1 | 0.0 |
| Other | (38) | (0.8) | (61) | (1.3) |
| &nbsp;&nbsp;Income tax expense | $991 | 19.8% | $869 | 19.2% |

---

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Deferred income taxes result from temporary differences in the recognition of income and expense for tax and financial statement purposes. The primary sources of these temporary differences relate to the timing of the recognition of allowances for credit losses, net operating losses, mortgage-backed securities premium amortization, employee benefits, mortgage servicing rights and the market adjustment of available-for-sale securities.

The deferred tax assets and the deferred tax liabilities measured at the federal tax rate of 21% at March 31, 2026 and 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;Allowance for credit losses | $1265 | $1188 |
| &nbsp;&nbsp;Employee benefits | 312 | 456 |
| &nbsp;&nbsp;Net operating loss acquired due to merger | 302 | 337 |
| &nbsp;&nbsp;Pre-1997 intangible asset | 207 | 207 |
| &nbsp;&nbsp;Fair value market adjustment for AFS securities | 732 | 972 |
| &nbsp;&nbsp;Other | 215 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 3033 | 3287 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;Premises and equipment depreciation | 590 | 405 |
| &nbsp;&nbsp;FHLB stock dividends | 55 | 49 |
| &nbsp;&nbsp;Mortgage servicing rights | 87 | 80 |
| &nbsp;&nbsp;Prepaid expenses | 73 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | 805 | 584 |
| Net deferred tax assets | $2228 | $2703 |

---

The Association does not expect the total amount of unrecognized tax benefits to change significantly in the next twelve months. As of March 31, 2026 and 2025, the Association had federal net operating loss (NOL) carryforwards of approximately $1.4 million, and $1.6 million, respectively. These NOLs are scheduled to expire between 2030 and 2036 and are subject to annual utilization limitations under Section 382 of the Internal Revenue Code. During 2025, management assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. Based on this assessment, and growth of the Association, the deferred tax asset is expected to be utilized in future years.

The amount of the deferred tax asset considered realizable, however, could be adjusted, and a valuation allowance recorded, if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses is present and additional weight cannot be given to subjective evidence such as our projections for growth. Our projections for growth are based on growth within our deposit and loan portfolios and maintaining an adequate net interest margin.

The Association is permitted under the Internal Revenue Code to deduct an annual addition to a reserve for bad debts in determining taxable income, subject to certain limitations. This addition differs from the bad debt expense used for financial accounting purposes. Bad debt deductions for income tax purposes are included in taxable income of later years only if the bad debt reserve is used subsequently for purposes other than to absorb bad debt losses. For years beginning after December 31, 1995, the special provisions described above have been repealed. Because the Association does not intend to use the reserve for purposes other than to absorb losses, no deferred income taxes have been provided. Retained earnings at March 31, 2026 and 2025 include approximately $4.5 million, representing such bad debt deductions for which no deferred income taxes have been provided.

The Association does not have material uncertain tax positions.

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**Note 8 - REGULATORY CAPITAL REQUIREMENTS**

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

Quantitative measures established by regulation to ensure capital adequacy require the Association to maintain minimum amounts and ratios as set forth in the following tables of tangible, core, and total risk-based capital. To be considered well-capitalized under the regulatory framework for Prompt Corrective Action provisions, the Association must maintain minimum Tier I leverage, Tier I risk- based, common equity Tier 1, and total risk-based capital ratios (as defined) as set forth in the following tables.

As of March 31, 2026 and March 31, 2025, the Association was well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Association must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table. There are no conditions or events since March 31, 2026, that management believes have changed the Association's category.

The Association's actual capital amounts and ratios as of March 31, 2026 and March 31, 2025, are also presented in the table below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Minimum Required for<br>Capital Adequacy Purposes** | **Minimum Required for<br>Capital Adequacy Purposes** | **Minimum Required To be<br>Well-Capitalized Under<br>Prompt Corrective Action<br>Provisions** | **Minimum Required To be<br>Well-Capitalized Under<br>Prompt Corrective Action<br>Provisions** |
| **As of March 31, 2026** | **Amount** | **Ratio** | **Amount** | **Ratio** | **Amount** | **Ratio** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Total Capital (to Risk- Weighted Assets) | $78679 | 17.30% | $36387 | 8.00% | $45484 | 10.00% |
| Tier 1 Capital (to Risk- Weighted Assets) | $72990 | 16.05% | $27291 | 6.00% | $36387 | 8.00% |
| Common Equity Tier 1 Capital to Risk-Weighted Assets | $72990 | 16.05% | $20468 | 4.50% | $29565 | 6.50% |
| Tier 1 Capital (to Average Assets) | $72990 | 13.48% | $21658 | 4.00% | $27073 | 5.00% |
| **As of March 31, 2025** | **Amount** | **Ratio** | **Amount** | **Ratio** | **Amount** | **Ratio** |
| Total Capital (to Risk- Weighted Assets) | $72977 | 17.83% | $32734 | 8.00% | $40918 | 10.00% |
| Tier 1 Capital (to Risk- Weighted Assets) | $67856 | 16.58% | $24551 | 6.00% | $32734 | 8.00% |
| Common Equity Tier 1 Capital to Risk-Weighted Assets | $67856 | 16.58% | $18413 | 4.50% | $26597 | 6.50% |
| Tier 1 Capital (to Average Assets) | $67856 | 13.78% | $19701 | 4.00% | $24626 | 5.00% |

---

**Note 9 - MORTGAGE SERVICING**

Activity for mortgage servicing rights ("MSRs") measured using the amortized cost method was as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Mortgage servicing rights |  |  |
| Balance at beginning of year | $380 | $403 |
| Additions | 188 | 115 |
| Repayments and amortization | (153) | (138) |
| &nbsp;&nbsp;Balance at end of period | $415 | $380 |

---

At March 31, 2026 and 2025, the Association serviced loans for others totaling approximately $118.5 million and $108.4 million, respectively. These loans are not included in the accompanying consolidated financial statements. Servicing activities primarily include collecting payments, managing escrow accounts, and remitting funds to investors. Servicing income is recognized on the accrual basis and consists of servicing fees and ancillary charges.

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Borrowers' escrow balances held in connection with servicing activities totaled approximately $3.0 million and $2.9 million at March 31, 2026 and 2025, respectively, and are included in interest-bearing deposits.

The Association utilizes derivative instruments, including interest rate lock commitments and forward loan sale commitments, to manage interest rate risk associated with mortgage banking activities. These instruments are not designated as hedging instruments, and their notional amounts and fair values were insignificant at March 31, 2026 and 2025.

Mortgage servicing rights are evaluated for impairment at least annually. The fair value of mortgage servicing rights was $1.2 million and $1.3 million at March 31, 2026 and 2025, respectively. Fair value at March 31, 2026 was determined using a discount rate of 9.75%, prepayment speeds ranging from 7.04% to 24.2%, depending on the stratification of the specific mortgage servicing rights. Fair value at March 31, 2025 was determined using a discount rate of 9.75%, prepayment speeds ranging from 6.0% to 17.5%, depending on the stratification of the specific mortgage servicing rights.

**Note 10 - COMMITMENTS AND CONTINGENCIES**

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

At March 31, 2026 and March 31, 2025, the Association had approved outstanding loan origination commitments of $5.6 million and $1.1 million, respectively. Loan commitments, which are funded subject to certain limitations, extend over various periods of time and may expire without being drawn upon. Generally, unused commitments are canceled upon expiration of the commitment term as outlined in each individual contract. All outstanding loan origination commitments were subject to forward sales commitments to various entities. Also, at March 31, 2026 and March 31, 2025, the Association has committed unused lines of credit, equity lines, loans in process and letters of credit to consumers totaling $48.4 million and $45.0 million, respectively. The Association evaluates each customer's creditworthiness on an individual basis and determines collateral requirements based on this evaluation. Collateral securing these commitments varies by product and borrower and may include residential and commercial real estate, agricultural real estate, inventory, equipment, accounts receivable, and other business and personal assets.

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

**Note 11 - FAIR VALUE OF FINANCIAL INSTRUMENTS**

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Measurements at Reporting Date Using** | **Measurements at Reporting Date Using** | **Measurements at Reporting Date Using** | **Measurements at Reporting Date Using** | **Measurements at Reporting Date Using** |
|  | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** | **Estimated<br>Fair Value** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **March 31, 2026** |  |  |  |  |  |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | $442537 | $— | $— | $435562 | $435562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage servicing rights | 415 |  | 1212 |  | 1212 |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | $395851 | $— | $350037 | $— | $350037 |
| **March 31, 2025** |  |  |  |  |  |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | $396756 | $— | $— | $380967 | $380967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage servicing rights | 380 |  | 1251 |  | 1251 |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | $351704 | $— | $308114 | $— | $308114 |

---

***Assets Measured at Fair Value on a Recurring Basis***

<u>Available-for-Sale Securities</u>

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

The Association's financial assets measured at fair value on a recurring basis are available-for-sale securities. Available-for-sale securities are classified within Level 2 because they are valued based on market prices for similar assets. The fair value of the Association's available-for-sale securities as of March 31, 2026 and March 31, 2025 was $62.5 million and $59.4 million, respectively. The Association does not have any other assets or liabilities measured at fair value on a recurring basis as of March 31, 2026 or March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
|  | **Estimated<br>Fair Value** | **Level 1** | **Level 2** | **Level 3** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **March 31, 2026** |  |  |  |  |
| Securities Available-for-sale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities | $55014 | $— | $55014 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 7520 |  | 7520 |  |
| Total | $62534 | $— | $62534 | $— |
| **March 31, 2025** |  |  |  |  |
| Securities Available-for-sale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities | $52123 | $— | $52123 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 7246 |  | 7246 |  |
| Total | $59369 | $— | $59369 | $— |

---

There were no transfers of financial instruments between Levels 1, 2, and 3 during the year ended March 31, 2026. The Association does not have any financial instruments measured at fair value on a recurring basis classified as Level 3.

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***Nonrecurring Measurements***

The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2026 and March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
|  | **Estimated<br>Fair Value** | **Level 1** | **Level 2** | **Level 3** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **March 31, 2026** |  |  |  |  |
| Financial Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Individually evaluated loans | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned |  |  |  | 74 |
| Total | $— | $— | $— | $74 |
| **March 31, 2025** |  |  |  |  |
| Financial Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Individually evaluated loans | $772 | $— | $— | $772 |
| Total | $772 | $— | $— | $772 |

---

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

***Individually Evaluated Loans***

Individually evaluated loans are measured at fair value on a nonrecurring basis when they require a specific allocation of the allowance for credit losses. Fair value is generally based on recent real estate appraisals, which may incorporate a single valuation approach or a combination of approaches, including the comparable sales method and the income approach. Independent appraisers routinely make adjustments to account for differences between the subject property and comparable sales or income data; such adjustments are often significant and result in a Level 3 classification of inputs used to determine fair value.

For loans collateralized by non-real estate assets, fair value may be determined using collateral appraisals, net book value information from the borrower's financial statements, or aging reports. These values are adjusted or discounted, as appropriate, based on management's assessment of historical experience, current market conditions, and the specific characteristics of the borrower and the underlying collateral. These inputs are also considered Level 3 within the fair value hierarchy.

Individually evaluated loans are reviewed at least monthly for additional impairment, and valuations are adjusted as necessary to reflect current conditions.

Due to the subjective nature of these valuations and the use of significant unobservable inputs, the disclosure of a range of such inputs is not considered meaningful.

***Other Real Estate Owned (ORE)***

Other real estate owned ("ORE") is comprised of properties acquired through foreclosure or in satisfaction of loans and is carried at the lower of cost or fair value less estimated costs to sell. ORE is measured at fair value on a nonrecurring basis at the time of transfer and subsequently when events or changes in circumstances indicate that the carrying amount may not be recoverable.

Fair value is generally based on current real estate appraisals or evaluations, which may utilize the comparable sales approach, income approach, or a combination thereof. Independent appraisers commonly adjust valuation inputs to reflect differences between the subject property and comparable market transactions or income assumptions. These adjustments can be significant and result in a Level 3 classification within the fair value hierarchy.

Management also considers recent sales activity, listing prices, broker opinions of value, and other market data, as well as estimated costs to sell, in determining fair value. When appropriate, management applies additional discounts to reflect current market conditions, time-to-sell expectations, and the condition of the property.

ORE properties are periodically evaluated, and their carrying values are adjusted as necessary to reflect changes in market conditions or updated valuation information. Any write-downs are recorded as a charge to earnings.

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Due to the subjective nature of these valuations and the use of significant unobservable inputs, disclosure of a range of such inputs is not considered meaningful.

**Note 12 -accumulated other comprehensive loss**

The components of accumulated other comprehensive loss for the years ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Unrealized Gains<br>and Losses on<br>Available-for-<br>Sale Debt<br>Securities** | **Defined Benefit<br>Pension Plans** | **Total** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Year Ended March 31, 2026** |  |  |  |
| Balance at beginning of period | $(3642) | $23 | $(3619) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income | 938 | 429 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period, net of tax | $(2704) | $452 | $(2252) |
| **Year Ended March 31, 2025** |  |  |  |
| Balance at beginning of period | $(4605) | $(468) | $(5073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 963 | 491 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period, net of tax | $(3642) | $23 | $(3619) |

---

The following table summarizes the significant amounts reclassified out of each component of AOCI for the years ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** |  |
|  | **2026** | **2025** |  |
|  | **Amount Reclassified<br>from AOCI** | **Amount Reclassified<br>from AOCI** |  |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |  |
| **Details about AOCI Components** |  |  |  |
| Unrealized gains on available-for-sale securities | $1187 | $1218 | Debt Securities gains, net |
|  | (249) | (255) | Income tax expense |
|  | $938 | $963 | Net income |
| Amortization of defined benefit pension items |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actuarial gains | $543 | $622 | Salaries and employee benefits |
|  | (114) | (131) | Income tax expense |
|  | $429 | $491 | Net income |
| Total reclassification for the period | $1367 | $1454 | Net income |

---

**Note 13 -LEASES**

The Association leases office space under operating leases that expire at various dates through October 2030.

Rent expense, which is included in occupancy expenses on the consolidated statements of income, was $58,000 and $79,000 for the years ended March 31, 2026 and 2025, respectively.

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The following table shows the future undiscounted lease payments required under the leases described above as of March 31, 2026:

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| | |
|:---|:---|
| **12 Months Ending March 31,** | **Operating Leases** |
|  | **(Dollars in thousands)** |
| 2027 | $43 |
| 2028 | 37 |
| 2029 | 37 |
| 2030 | 37 |
| 2031 | 24 |
| Thereafter | 32 |
| Total undiscounted lease payments | $210 |
| Less: Imputed interest | (15) |
| Net lease liability | $195 |

---

**Note 14 - Pension plan**

The Association has a defined benefit pension plan covering pre-merger employees. Benefits are based on the employee's compensation during the last 10 years of employment. Contributions are intended to provide not only for benefits attributed to service to date but also for those expected to be earned in the future. The plan assets are invested in pooled separate accounts through an account at Principal Financial as of March 31, 2026. The separate accounts are quoted at net asset value (NAV), which is calculated based on the value of the underlying pool of assets. The accounts include investments in fixed income, equity, and real estate funds which have observable net asset values. As of March 31, 2026 and 2025, management determined the fair market value of the pension assets to be a Level 2 valuation as established by GAAP (see Note 11 for definitions of Level 1, Level 2, and Level 3).

The following table presents by level, within the fair value hierarchy, the pension plan's investments at fair value as of March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** |
| **At March 31, 2026** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Pooled separate accounts: | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Fixed income | $5221 | $— | $5221 | $— |
| Equity | 1455 |  | 1455 |  |
| Real estate | 618 |  | 618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total plan assets | $7294 | $— | $7294 | $— |
| **At March 31, 2025** |  |  |  |  |
| Pooled separate accounts: |  |  |  |  |
| Fixed income | $4642 | $— | $4642 | $— |
| Equity | 1231 |  | 1231 |  |
| Real estate | 586 |  | 586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total plan assets | $6459 | $— | $6459 | $— |

---

GAAP requires the recognition of the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in the consolidated statements of financial condition and recognition of changes in that funded status in the year in which the changes occur through comprehensive income.

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Using a measurement date of March 31, the following tables provide a reconciliation of the benefit obligations, plan assets, and funded status of the pension plan:

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| Change in benefit obligations: | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Benefit obligation - beginning of year | $7918 | $8329 |
| Service cost | 320 | 335 |
| Interest cost | 402 | 422 |
| Actuarial gain | (368) | (709) |
| Benefits paid | (224) | (459) |
| &nbsp;&nbsp;Benefit obligation - end of year | $8048 | $7918 |
| Change in plan assets: |  |  |
| Fair value of plan assets - beginning of year | $6459 | $6074 |
| Return on plan assets | 459 | 244 |
| Contributed by employer | 600 | 600 |
| Benefits paid | (224) | (459) |
| &nbsp;&nbsp;Fair value of plan assets - end of year | $7294 | $6459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funded status - March 31 | $(754) | $(1459) |

---

The funded status of the plan is recognized as a separate line item in the consolidated statements of financial condition. The accumulated benefit obligation for the defined benefit pension plan was $7.1 million at March 31, 2026 and $6.5 million at March 31, 2025.

Amounts recognized in other comprehensive income, net of tax, for the years ended March 31, 2026 and 2025, related to the change in the minimum pension liability were $429,000 and 491,000, respectively.

Net periodic cost included the following components:

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Service cost | $320 | $335 |
| Interest cost | 402 | 422 |
| Expected return on plan assets | (284) | (331) |
| &nbsp;&nbsp;Net period benefit costs | $438 | $426 |

---

The components of net periodic benefit cost other than the service cost component are included in other general and administrative expenses in the consolidated statement of income.

Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at March 31, 2026 and 2025, are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** |
| Discount rate - benefit obligation | 5.75% | 5.55% |
| Discount rate - benefit cost | 5.55% | 5.20% |
| Expected return on plan assets | 5.25% | 5.40% |
| Rate of compensation increase | 4.00% | 4.00% |

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The Association expects to contribute $600,000 to its pension plan in the fiscal year 2027.

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The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in following fiscal years:

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| | |
|:---|:---|
| **12 Months Ending March 31,** | **Benefit Payments** |
|  | **(Dollars in thousands)** |
| 2027 | $150 |
| 2028 | 2110 |
| 2029 | 1680 |
| 2030 | 650 |
| 2031 | 200 |
| 2032-2036 | 2840 |
| &nbsp;&nbsp;Total benefit payments | $7630 |

---

The Association also provides supplemental retirement benefits to certain key executives under which the executives will receive a fixed monthly payment for 120 months following their retirement, subject to certain requirements. A liability of approximately $484,000 and $536,000 was recorded in accounts payable, accrued expenses and other liabilities on the consolidated statements of financial condition as of March 31, 2026 and 2025, respectively. This obligation is funded by certain insurance policies, recorded in other assets on the consolidated statements of financial condition, which have a cash surrender value of approximately $1.1 million and $1.0 million at March 31, 2026 and 2025, respectively.

**Note 15 - LOW INCOME HOUSING TAX CREDIT**

The Association makes equity investments in various limited partnerships that sponsor affordable housing projects utilizing the Low-Income Housing Tax Credit ("LIHTC") program pursuant to Section 42 of the Internal Revenue Code. The objectives of these investments are to earn an acceptable return on capital, support the development and availability of affordable housing, and assist in meeting the requirements of the Community Reinvestment Act.

The limited partnerships' primary activities include the identification, development, and operation of multifamily residential housing that is leased to qualifying tenants. These investments are generally funded through a combination of debt and equity.

The Association accounts for a majority of its LIHTC investments using the proportional amortization method. These investments are included in other assets, and related unfunded commitments are included in accounts payable, accrued expenses, and other liabilities in the consolidated statements of financial condition.

The following table presents the balances of the Association's affordable housing tax credit investments and related unfunded commitments as of March 31:

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Affordable housing tax credit investments - beginning of year | $1313 | $1479 |
| Less: amortization | (173) | (166) |
| &nbsp;&nbsp;Net affordable housing tax credit investments - end of year | $1140 | $1313 |
| Unfunded commitments | $276 | $487 |
| Tax credits and other tax benefits recognized | $172 | $164 |
| Proportional amortization expense included in income tax expense | (173) | (166) |

---

There was no impairment recognized for the years ended March 31, 2026 and 2025.

**Note 16 - EARNINGS PER SHARE**

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

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Net income applicable to common shares | $4000 | $3654 |
| Average number of common shares outstanding | 4085011 | 4123079 |
| Less: Average unallocated ESOP shares | 294627 | 307851 |
| Average number of common shares outstanding used to calculate basic earnings per common share | 3790384 | 3815228 |
| Diluted potential common shares | 20380 | 1190 |
| Average number of common shares outstanding used to calculate diluted earnings per common share | 3810764 | 3816418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per common share - basic | $1.06 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per common share - diluted | $1.05 | $0.96 |

---

**Note 17 - Stock based compensation**

***ESOP***

In connection with the Association's mutual to stock conversion in October 2023, the Association established the Home Federal Savings and Loan Association of Grand Island Employee Stock Ownership Plan ("ESOP") for all eligible employees. The ESOP purchased 330,465 shares of Company common stock in the Company's initial public offering at $10.00 per share with the proceeds of a twenty-five (25) year loan from the Company in the amount of $3.3 million. The Association intends to make annual contributions to the ESOP that at a minimum will permit the ESOP to repay the principal and interest due on the ESOP debt. As the ESOP loan is repaid, shares of Company common stock pledged as collateral for the loan are released to Plan participants on the basis of each active participant's proportional share of compensation. Participants vest 100% in their ESOP allocations after five years of service. In connection with the implementation of the ESOP, participants were given credit for past service with the Association for vesting purposes. Generally, participants will receive distributions from the ESOP upon separation from service. The plan reallocates any unvested shares of common stock forfeited upon termination of employment among the remaining participants in the plan.

ESOP compensation represents the average fair market value of the shares of Company common stock allocated or committed to be released as of that date. 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. The ESOP compensation expense for the years ended March 31, 2026 and 2025 was $211,000 and $167,000.

The Company typically makes discretionary contributions to the ESOP each December in amounts sufficient to fund the required principal and interest payments on the loan. In December 2025, the Company made a contribution of $303,000 to the ESOP for this purpose.

Shares held by the ESOP were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Shares allocated | 42967 | 29743 |
| Unallocated | 287498 | 300722 |
| Total ESOP shares | 330465 | 330465 |
| Less: Average unallocated ESOP shares |  |  |
| Fair value of unearned shares at March 31, 2026 and 2025, respectively | $4919 | $4487 |

---

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***Equity Incentive Plan***

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

Stock options granted under the 2024 Equity Plan generally vest in equal annual installments over a service period of five years beginning one year from the date of grant. The vesting of the options accelerates upon death, disability or an involuntary termination at or following a change in control of the Company. Stock options are generally granted at an exercise price equal to the fair value of the Company's common stock on the grant date based on the closing market price of the Company's common stock on the date of grant, and have an expiration period of ten years. In November 2024, the Company granted 123,924 stock options under the 2024 Equity Plan. In January 2025, the Company granted 185,000 stock options under the 2024 Equity Plan. In May 2025, the Company granted 9,000 stock options under the 2024 Equity Plan. As of March 31, 2026, the Company has 93,157 shares available for future grants of stock options under the 2024 Equity Plan.

The weighted average grant date fair value of stock options granted during the year ended March 31, 2026 and 2025 was $5.86 and $5.61, respectively.

The following is a summary of the Company's stock option activity and related information for the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stock Option - for the years ended March 31, 2026 and 2025** | **Shares** | **Weighted Average Exercise Price** | **Weighted Average Remaining Contractual Term (in years)** | **Aggregate Intrinsic Value** |
|  |  |  |  | **(Dollars in thousands)** |
| Options, outstanding at March 31. 2025 | 308924 | $14.63 | 9.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 15000 | 14.61 | 9.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (4000) | 14.79 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options, outstanding at March 31, 2026 | 319924 | $14.63 | 8.8 | $793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercisable - End of Period | 61785 |  |  | $153 |
| Options, outstanding March 31, 2024 |  | $— |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 308924 | 14.63 | 9.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options, outstanding March 31, 2025 | 308924 | $14.63 | 9.7 | $88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercisable - End of Period |  |  |  | $— |

---

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

Expected future expense relating to the non-vested options outstanding as of March 31, 2026 is $1.3 million over a weighted average period of 3.7 years.

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

In November 2024, the Company granted 49,566 shares of restricted stock under the 2024 Equity Plan. In January 2025, the Company granted 79,500 shares of restricted stock under the 2024 Equity Plan. In May 2025, the Company granted 9,000 shares of restricted stock under the 2024 Equity Plan. As of March 31, 2026, the Company has 28,367 shares available for future grants of restricted stock under the 2024 Equity Plan.

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The following is a summary of the Company's restricted stock activity and related information for the periods presented.

---

| | | |
|:---|:---|:---|
| **Restricted Stock - for the years ended March 31, 2026 and 2025** | **Shares** | **Weighted Average Grant Date Fair Value** |
| Nonvested balance as of March 31, 2025 | 129066 | $14.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 9000 | 14.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (25812) | 14.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (1200) | 14.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonvested balance as of March 31, 2026 | 111054 | $14.64 |
| Nonvested balance as of March 31, 2024 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 129066 | 14.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonvested balance as of March 31, 2025 | 129066 | $14.64 |

---

Expected future expense relating to the non-vested restricted shares outstanding as of March 31, 2026, is $1.5 million over a weighted average period of 3.7 years.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Stock option expense | $360 | $93 |
| Restricted stock expense | 399 | 100 |
| &nbsp;&nbsp;Total stock based compensation expense | $759 | $193 |

---

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**Note 18 - CONDENSED Parent ONLY Financial INFORMATION**

The Parent Company's condensed balance sheet and related condensed statements of operations and cash flows are as follows.

**CENTRAL PLAINS BANCHSARES, INC.**

**CONDENSED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **As of<br>March 31, 2026** | **As of<br>March 31, 2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Assets:** |  |  |
| Cash | $14774 | $15610 |
| Investment in subsidiary | 70892 | 64435 |
| Loan to ESOP | 2957 | 3004 |
| Receivable from subsidiary | 83 | 95 |
| Deferred tax asset | 71 |  |
| Other assets | 213 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $88990 | $83342 |
| **Liabilities:** |  |  |
| Deferred tax liability |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  | 10 |
| **Stockholders' equity:** |  |  |
| Common Stock | 41 | 41 |
| Additional paid-in capital | 39672 | 39265 |
| Retained earnings | 54404 | 50652 |
| Unallocated common shares held by ESOP | (2875) | (3007) |
| Accumulated other comprehensive loss, net | (2252) | (3619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 88990 | 83332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $88990 | $83342 |

---

**CENTRAL PLAINS BANCHSARES, INC.**

**CONDENSED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the year ended March 31,** | **For the Year Ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Income:** |  |  |
| Interest income | $255 | $259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 255 | 259 |
| **Expense:** |  |  |
| Non-interest expense | $1321 | $909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expense | 1321 | 909 |
| Losses before income tax benefit and equity in undistributed earnings of subsidiary | $(1066) | $(650) |
| Income tax benefit | (183) | (128) |
| Losses before equity in undistributed earnings of subsidiary | $(883) | $(522) |
| Equity in undistributed earnings of subsidiary | 4883 | 4176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $4000 | $3654 |

---

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**CENTRAL PLAINS BANCHSARES, INC.**

**CONDENSED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $4000 | $3654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided<br> by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in other assets | (11) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in receivable from subsidiary | 12 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in deferred tax liability | (81) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 759 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in undistributed earnings of subsidiary | (4883) | (4176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (204) | (368) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on loan to ESOP | 47 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 47 | 43 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (679) | (413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (679) | (413) |
| Net decrease in cash and cash equivalents | (836) | (738) |
| Cash and cash equivalents—beginning of period | 15610 | 16348 |
| Cash and cash equivalents—end of period | $14774 | $15610 |

---

**Note 19 - SUBSEQUENT EVENTS**

Management evaluated subsequent events through June 18, 2026, the date the financial statements were issued. Management does not believe there were any material subsequent events during this period that would have required further recognition or disclosure in the audited consolidated financial statements included in this report.

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**SIGNATURES**

In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Central Plains Bancshares, Inc.** | **Central Plains Bancshares, Inc.** |
| Date: June 18, 2026 | By: | /s/ Dannel R. Garness |
|  |  | Dannel R. Garness |
|  |  | President and Chief Executive Officer |

---

Pursuant to requirements of the Exchange Act, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates presented.

---

| | | |
|:---|:---|:---|
| **Signatures** | **Title** | **Date** |
| /s/ Dannel R. Garness | President and Chief Executive Officer | June 18, 2026 |
| Dannel R. Garness | (Principal Executive Officer) |  |
| /s/ Bradley M. Kool | Executive Vice President and  | June 18, 2026 |
| Bradley M. Kool<br>| Chief Financial Officer<br>(Principal Financial and Accounting Officer) |  |
| /s/ Steven D. Kunzman | Chairman | June 18, 2026 |
| Steven D. Kunzman |  |  |
| /s/ Steven G. Schneider | Director | June 18, 2026 |
| Steven G. Schneider |  |  |
| /s/ Daniel D. Naranjo | Director | June 18, 2026 |
| Daniel D. Naranjo |  |  |
| /s/ William D. Oltean | Director | June 18, 2026 |
| William D. Oltean |  |  |
| /s/ Russell R. Rerucha | Director | June 18, 2026 |
| Russell R. Rerucha |  |  |
| /s/ Tamara L. Slater | Director | June 18, 2026 |
| Tamara L. Slater |  |  |
| /s/ Joseph P. Stump | Director | June 18, 2026 |
| Joseph P. Stump |  |  |

---

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## Ex-23

**Exhibit 23**

![img202451552_0.jpg](img202451552_0.jpg)

**Consent of Independent Registered**

**Public Accounting Firm**

We have issued our report dated June 18, 2026, with respect to the consolidated financial statements included in the Annual Report of Central Plains Bancshares, Inc. on Form 10-K for the year ended March 31, 2026. We hereby consent to the incorporation by reference of said report in the Registration Statements of Central Plains Bancshares, Inc. on Form S-8 (Files No. 333-283501 and 333-275090).

/s/ Plante & Moran, PLLC

Chicago, Illinois

June 18, 2026

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Dannel R. Garness, certify that:

1. I have reviewed this Annual Report on Form 10-K of Central Plains Bancshares, Inc. (the "registrant");

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

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: June 18, 2026 | By: | /s/ Dannel R. Garness |
|  |  | Dannel R. Garness |
|  |  | President and Chief Executive Officer |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Bradley M. Kool, certify that:

1. I have reviewed this Annual Report on Form 10-K of Central Plains Bancshares, Inc. (the "registrant");

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

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: June 18, 2026 | By: | /s/ Bradley M. Kool |
|  |  | Bradley M. Kool |
|  |  | Executive Vice President and Chief Financial Officer |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

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

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Central Plains Bancshares, Inc. (the "Company") on Form 10-K for the year ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: June 18, 2026 | By: | /s/ Dannel R. Garness |
|  |  | Dannel R. Garness |
|  |  | President and Chief Executive Officer |

---

------

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

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

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Central Plains Bancshares, Inc. (the "Company") on Form 10-K for the year ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: June 18, 2026 | By: | /s/ Bradley M. Kool |
|  |  | Bradley M. Kool |
|  |  | Executive Vice President and Chief Financial Officer |

---

------