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utr:Day iso4217:USD xbrli:shares iroq:SecurityLoan utr:M utr:Y

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

☒	Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended

December 31

2025

☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______________ to _______________

Commission File

No. 001-35226

IF Bancorp, Inc.

(Exact name of registrant as specified in its charter)


Maryland		45-1834449
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

201 East Cherry Street, Watseka, Illinois		60970
(Address of Principal Executive Offices)		Zip Code

(815)

432-2476

(Registrant’s telephone number)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	IROQ	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. ☒

Yes

☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation

S-T

during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒

Yes

☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule

12b-2

of the Exchange Act. (Check one)

Indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Exchange Act). ☐ Yes ☒ No

The Registrant had 3,351,526 shares of common stock, par value $0.01 per share, issued and outstanding as of February 4, 2026.

IF Bancorp, Inc.

Form 10-Q

Index


		Page
Part I. Financial Information

Item 1.	Condensed Consolidated Financial Statements		1

	Condensed Consolidated Balance Sheets as of December 31, 2025 (unaudited) and June 30, 2025		1

	Condensed Consolidated Statements of Income for the Three Months and Six Months Ended December 31, 2025 and 2024 (unaudited)		2

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months and Six Months Ended December 31, 2025 and 2024 (unaudited)		3

	Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended December 31, 2025 and 2024 (unaudited)		4

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2025 and 2024 (unaudited)		6

	Notes to Condensed Consolidated Financial Statements (unaudited)		7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		37

Item 3.	Quantitative and Qualitative Disclosures about Market Risk		51

Item 4.	Controls and Procedures		51

Part II. Other Information

Item 1.	Legal Proceedings		52

Item 1A.	Risk Factors		52

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		52

Item 3.	Defaults upon Senior Securities		52

Item 4.	Mine Safety Disclosures		52

Item 5.	Other Information		52

Item 6.	Exhibits		53

	Signature Page		54

Part I. – Financial Information

Item 1.

Condensed Consolidated Financial Statements

IF Bancorp, Inc.

Condensed Consolidated Balance Sheets

(Dollars in thousands, except per share amount)


	December 31, 2025			June 30, 2025
	(Unaudited)
Assets
Cash and due from banks	$	7,684		$	18,703
Interest-bearing demand deposits		1,107			1,389

Cash and cash equivalents		8,791			20,092

Interest-bearing time deposits in banks		250			250
Available-for-sale securities		184,755			187,753
Loans, net of allowance for credit losses of $6,526 and $6,627 at December 31, 2025 and June 30, 2025, respectively		592,281			633,603
Premises and equipment, net of accumulated depreciation of $9,779 and $9,503 at December 31, 2025 and June 30, 2025, respectively		10,005			10,201
Federal Home Loan Bank stock, at cost		4,721			5,174
Foreclosed assets held for sale		—			165
Accrued interest receivable		3,733			3,545
Bank-owned life insurance		15,584			15,348
Mortgage servicing rights		1,431			1,429
Deferred income taxes		7,380			8,656
Other		1,451			1,443

Total assets	$	830,382		$	887,659

Liabilities and Equity
Liabilities
Deposits
Demand	$	37,685		$	104,428
Savings, NOW and money market		303,368			303,745
Certificates of deposit		286,838			283,368
Brokered certificates of deposit		21,670			29,717

Total deposits		649,561			721,258

Repurchase agreements		16,985			18,795
Federal Home Loan Bank advances		66,624			54,124
Advances from borrowers for taxes and insurance		962			972
Accrued post-retirement benefit obligation		2,174			2,169
Accrued interest payable		2,073			1,861
Allowance for credit losses on off-balance sheet credit exposures		39			75
Other		4,597			6,568

Total liabilities		743,015			805,822

Commitments and Contingencies
Stockholders’ Equity
Common stock, $.01 par value per share, 100,000,000 shares authorized, 3,351,526 shares issued and outstanding at both December 31, 2025 and June 30, 2025, respectively		33			33
Additional paid-in capital		52,571			52,329
Unearned ESOP shares, at cost, 105,848 and 115,470 shares at December 31, 2025 and June 30, 2025, respectively		(1,058	)		(1,155	)
Retained earnings		48,967			46,894
Accumulated other comprehensive loss, net of tax		(13,146	)		(16,264	)

Total stockholders’ equity		87,367			81,837

Total liabilities and stockholders’ equity	$	830,382		$	887,659

See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

IF Bancorp, Inc.

Condensed Consolidated Statements of Income (Unaudited)

(Dollars in thousands except per share amounts)


	Three Months Ended December 31,					Six Months Ended December 31,
	2025		2024			2025			2024
Interest and Dividend Income
Interest and fees on loans	$	9,026	$	9,564		$	18,511		$	19,039
Securities:
Taxable		1,316		1,266			2,660			2,519
Tax-exempt		13		23			26			46
Federal Home Loan Bank dividends		110		101			233			214
Deposits with other financial institutions		70		56			197			105

Total interest and dividend income		10,535		11,010			21,627			21,923

Interest Expense
Deposits		3,918		4,694			8,016			9,447
Federal Home Loan Bank advances and repurchase agreements		644		1,089			1,454			2,122
Line of credit and other borrowings		2		210			3			516

Total interest expense		4,564		5,993			9,473			12,085

Net Interest Income		5,971		5,017			12,154			9,838
Provision (Credit) for Credit Losses		34		(450	)		(8	)		(68	)

Net Interest Income After Provision (Credit) for Credit Losses		5,937		5,467			12,162			9,906

Noninterest Income
Customer service fees		148		121			280			246
Other service charges and fees		76		68			151			129
Insurance commissions		208		214			395			398
Brokerage commissions		203		183			401			361
Net realized gains (losses) on sales of available-for-sale securities		—		—			(114	)		(71	)
Mortgage banking income, net		89		198			175			156
Gain on sale of loans		152		72			268			169
Bank-owned life insurance income, net		118		114			236			229
Other		366		287			710			1,048

Total noninterest income		1,360		1,257			2,502			2,665

Noninterest Expense
Compensation and benefits		3,135		3,184			6,515			6,252
Office occupancy		263		256			549			535
Equipment		560		568			1,163			1,147
Federal deposit insurance		88		124			177			256
Stationary, printing and office		30		29			55			51
Advertising		96		86			208			187
Professional services		673		163			819			299
Supervisory examinations		29		32			38			57
Audit and accounting services		20		22			110			114
Organizational dues and subscriptions		6		5			28			27
Insurance bond premiums		69		68			135			132
Telephone and postage		38		49			86			95
Loss on foreclosed assets, net		8		—			105			—
Other		460		456			950			886

Total noninterest expense		5,475		5,042			10,938			10,038

Income Before Income Tax		1,822		1,682			3,726			2,533
Provision for Income Tax		494		463			1,006			681

Net Income	$	1,328	$	1,219		$	2,720		$	1,852

Earnings Per Share:
Basic	$	0.41	$	0.38		$	0.84		$	0.57
Diluted	$	0.41	$	0.38		$	0.84		$	0.57
Dividends declared per common share	$	0.00	$	0.00		$	0.20		$	0.20

See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

IF Bancorp, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(Dollars in thousands)


	Three Months Ended December 31,
	2025			2024
Net Income	$	1,328		$	1,219
Other Comprehensive Income (Loss)
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes of $527 and $(1,683), for 2025 and 2024, respectively		1,321			(4,221	)
Change in postretirement health plan gains and losses, net of taxes of $0 and $(1) for 2025 and 2024, respectively		1			(1	)

Other comprehensive income (loss), net of tax		1,322			(4,222	)

Comprehensive Income (Loss)	$	2,650		$	(3,003	)


	Six Months Ended December 31,
	2025			2024
Net Income	$	2,720		$	1,852
Other Comprehensive Income
Unrealized appreciation on available-for-sale securities, net of taxes of $1,211 and $192, for 2025 and 2024, respectively		3,034			482
Less: reclassification adjustment for realized losses included in net income, net of taxes of $(32) and $(20), for 2025 and 2024, respectively		(82	)		(51	)

		3,116			533
Change in postretirement health plan gains and losses, net of taxes of $0 and $(1) for 2025 and 2024, respectively		2			(3	)

Other comprehensive income, net of tax		3,118			530

Comprehensive Income	$	5,838		$	2,382

See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

IF Bancorp, Inc.

Condensed Consolidated Statement of Stockholders’ Equity (Unaudited)

(Dollars in thousands, except per share amounts)


	Common Stock		Additional Paid-In Capital		Unearned ESOP Shares			Retained Earnings		Accumulated Other Comprehensive Income (Loss)			Total
	Common Stock		Additional Paid-In Capital		Unearned ESOP Shares			Retained Earnings		Accumulated Other Comprehensive Income (Loss)			Total
For the three months ended December 31, 2025
Balance, October 1, 2025	$	33	$	52,448	$	(1,107	)	$	47,616	$	(14,468	)	$	84,522
Net income		—		—		—			1,328		—			1,328
Other comprehensive income		—		—		—			—		1,322			1,322
Dividends paid on unearned ESOP		—		—		—			23		—			23
Stock equity plan		—		46		—			—		—			46
ESOP shares earned, 4,811 shares		—		77		49			—		—			126

Balance, December 31, 2025	$	33	$	52,571	$	(1,058	)	$	48,967	$	(13,146	)	$	87,367

For the three months ended December 31, 2024
Balance, October 1, 2024	$	33	$	51,999	$	(1,299	)	$	43,839	$	(15,807	)	$	78,765
Net income		—		—		—			1,219		—			1,219
Other comprehensive loss		—		—		—			—		(4,222	)		(4,222	)
Dividends paid on unearned ESOP		—		—		—			27		—			27
Stock equity plan		—		46		—			—		—			46
ESOP shares earned, 4,811 shares		—		56		48			—		—			104

Balance, December 31, 2024	$	33	$	52,101	$	(1,251	)	$	45,085	$	(20,029	)	$	75,939

See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

IF Bancorp, Inc.

Condensed Consolidated Statement of Stockholders’ Equity (Unaudited)

(Dollars in thousands, except per share amounts)


	Common Stock		Additional Paid-In Capital		Unearned ESOP Shares			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
	Common Stock		Additional Paid-In Capital		Unearned ESOP Shares			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
For the six months ended December 31, 2025
Balance, June 30, 2025	$	33	$	52,329	$	(1,155	)	$	46,894		$	(16,264	)	$	81,837
Net income		—		—		—			2,720			—			2,720
Other comprehensive income		—		—		—			—			3,118			3,118
Dividends on common stock, $0.20 per share		—		—		—			(647	)		—			(647	)
Stock equity plan		—		93		—			—			—			93
ESOP shares earned, 9,622 shares		—		149		97			—			—			246

Balance, December 31, 2025	$	33	$	52,571	$	(1,058	)	$	48,967		$	(13,146	)	$	87,367

For the six months ended December 31, 2024
Balance, June 30, 2024	$	33	$	51,913	$	(1,347	)	$	43,876		$	(20,559	)	$	73,916
Net income		—		—		—			1,852			—			1,852
Other comprehensive income		—		—		—			—			530			530
Dividends on common stock, $0.20 per share		—		—		—			(643	)		—			(643	)
Stock equity plan		—		95		—			—			—			95
ESOP shares earned, 9,622 shares		—		93		96			—			—			189

Balance, December 31, 2024	$	33	$	52,101	$	(1,251	)	$	45,085		$	(20,029	)	$	75,939

See accompanying notes to the unaudited condensed consolidated financial statements.

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IF Bancorp, Inc.

Condensed Consolidated Statement of Cash Flows (Unaudited)

(Dollars in thousands)


	Six Months Ended December 31,
	2025			2024
Operating Activities
Net income	$	2,720		$	1,852
Items not requiring (providing) cash
Depreciation		306			310
Provision (credit) for credit losses		(8	)		(68	)
Net amortization (accretion) of premiums and discounts on securities		(124	)		(74	)
Deferred income taxes		33			32
Net realized gains on loan sales		(268	)		(169	)
Net realized losses on sales of available-for-sale securities		114			71
Loss on foreclosed assets held for sale		105			—
Bank-owned life insurance income, net		(236	)		(227	)
Originations of loans held for sale		(13,076	)		(4,629	)
Proceeds from sales of loans held for sale		13,342			4,811
ESOP compensation expense		246			189
Stock equity plan expense		93			95
Changes in
Accrued interest receivable		(188	)		(522	)
Other assets		(8	)		1,210
Accrued interest payable		212			(808	)
Post-retirement benefit obligation		7			(1	)
Other liabilities		(2,007	)		(61	)

Net cash provided by operating activities		1,263			2,011

Investing Activities
Purchases of available-for-sale securities		(5,312	)		(6,179	)
Proceeds from sales of available-for-sale securities		2,016			4,665
Proceeds from maturities and pay-downs of available-for-sale securities		10,663			9,847
Net change in loans		41,330			(8,236	)
Purchase of premises and equipment		(110	)		(143	)
Proceeds from sale of foreclosed assets		60			1
Purchase of Federal Home Loan Bank stock		—			(1,339	)
Redemption of Federal Home Loan Bank stock		453			168

Net cash provided by (used in) investing activities		49,100			(1,216	)

Financing Activities
Net decrease in demand deposits, money market, NOW and savings accounts		(67,120	)		(50,173	)
Net (decrease) increase in certificates of deposit, including brokered certificates		(4,577	)		5,122
Net decrease in advances from borrowers for taxes and insurance		(10	)		(183	)
Proceeds from other borrowings		26,250			51,600
Repayments of other borrowings		(26,250	)		(76,850	)
Proceeds from Federal Home Loan Bank advances		142,500			362,500
Repayments of Federal Home Loan Bank advances		(130,000	)		(296,500	)
Net increase (decrease) in repurchase agreements		(1,810	)		667
Dividends paid		(647	)		(643	)

Net cash used in financing activities		(61,664	)		(4,460	)

Net Decrease in Cash and Cash Equivalents		(11,301	)		(3,665	)
Cash and Cash Equivalents, Beginning of Period		20,092			9,571

Cash and Cash Equivalents, End of Period	$	8,791		$	5,906

Supplemental Cash Flows Information
Interest paid	$	9,261		$	12,893
Income taxes paid	$	1,067		$	333
Foreclosed assets in the settlement of loans	$	—		$	1

See accompanying notes to the unaudited condensed consolidated financial statements.

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IF Bancorp, Inc.

Form

10-Q

(Unaudited)

(Table dollar amounts in thousands)

Notes to Condensed Consolidated Financial Statements

Note 1:

Basis of Financial Statement Presentation

IF Bancorp, Inc., (“IF Bancorp” or the “Company”) is a Maryland corporation whose principal activity is the ownership and management of its wholly owned subsidiary, Iroquois Federal Savings and Loan Association (“Iroquois Federal” or the “Association”). The unaudited condensed consolidated financial statements include the accounts of the Company, the Association, and the Association’s wholly owned subsidiary, L.C.I. Service Corporation. All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting and with instructions for Form 10–Q and Regulation S–X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ from these estimates. In the opinion of management, the preceding unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the financial condition of the Company as of December 31, 2025 and June 30, 2025, and the results of its operations for the three month and six month periods ended December 31, 2025 and 2024. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form

10-K

for the year ended June 30, 2025. The results of operations for the three month and

six-month

periods ended December 31, 2025 are not necessarily indicative of the results that may be expected for the entire year.

Revenue Recognition

Accounting Standards Codification (“ASC”) 606,

Revenue from Contracts with Customers

(“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit and investments securities, as well as revenue related to our mortgage servicing activities and bank owned life insurance, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our revenue-generating activities that are within the scope of ASC 606, and which are presented in our income statements as components of noninterest income are as follows:

•

Customer Service Fees - The Company generates revenue from fees charged for deposit account maintenance, overdrafts, wire transfers, and check fees. The revenue related to deposit fees is recognized at the time the performance obligation is satisfied.

•

Insurance

Commissions - The Company’s insurance agency, IF Insurance Agency, receives commissions on premiums of new and renewed business policies. IF Insurance Agency records commission revenue on direct bill policies as the cash is received. For agency bill policies, IF Insurance Agency retains its commission portion of

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the customer premium payment and remits the balance to the carrier. In both cases, the carrier holds the performance obligation.

•

Brokerage Commissions - The primary brokerage revenue is recorded at the beginning of each quarter through billing to customers based on the account asset size on the last day of the previous quarter. If a withdrawal of funds takes place, a prorated refund may occur; this is reflected within the same quarter as the original billing occurred. All performance obligations are met within the same quarter that the revenue is recorded.

•

Other - The Company generates revenue through service charges from the use of its ATM machines and interchange income from the use of Company issued credit and debit cards. The revenue is recognized at the time the service is used, and the performance obligation is satisfied.

Segment Reporting

The Company operates as a single segment entity for financial reporting purposes and has adopted ASU

2023-07

during the fiscal year ended June 30, 2025. The Chief Executive Officer, Walter H. Hasselbring, III, serves as the Company’s chief operating decision maker (“CODM”). The CODM allocates resources and assesses the performance of the Company based on the consolidated performance, excluding all significant intercompany balances and transactions, of the Company and its wholly owned subsidiaries and does not significantly utilize disaggregated segment financial information for decision making and resource allocation. Management has reviewed the requirements of ASU

2023-07

and has determined that no additional segment disclosures are required. Specifically,

•

the Company does not use the tracked performance on the disaggregated segment level for decision-making or resource allocation purposes,

•

no significant segment-specific expenses or performance metrics are used internally for decision-making or resource allocation purposes, and

•

the level of financial consolidation presented in these financial statements aligns with the CODM’s internal reporting and decision-making process.

Based on this assessment, the Company’s financial statement disclosures fully comply with ASC

2023-07,

and no additional qualitative segment disclosures are necessary.

Note 2:

New Accounting Pronouncements

In December 2023, the FASB issued ASU

2023-09,

Income Tax (Topic 740):

Improvements to Income Tax Disclosures.

The amendments expand the disclosure requirements of income taxes, primarily related to the income tax rate reconciliation and income taxes paid. The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred income tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. Earlier adoption is permitted. The adoption of the guidance is not expected to have a material impact on the Company’s consolidated financial statements.

Note 3:

Stock-based Compensation

In connection with the conversion to stock form, the Association established an ESOP for the exclusive benefit of eligible e

loyees (all salaried employees who have completed at least

1,000

hours of service in a twelve-month period and have attained the age of 21). The ESOP borrowed funds from the Company in an amount sufficient to purchase 384,900 shares (approximately 8% of the common stock issued in the stock offering). The loan is secured by the shares purchased and will be repaid by the ESOP with funds from contributions made by the Association and dividends received by the ESOP. Contributions will be applied to repay interest on the loan first, and then the remainder will be applied to principal. The

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loan is expected to be repaid over a period of up to 20 years. Shares purchased with the loan proceeds are held in a suspense account for allocation among participants as the loan is repaid. Contributions to the ESOP and shares released from the suspense account are allocated among participants in proportion to their compensation, relative to total compensation of all active participants. Participants will vest 100% in their accrued benefits under the employee stock ownership plan after

six

vesting years, with prorated vesting in years

two

through

five

. Vesting is accelerated upon retirement, death or disability of the participant or a change in control of the Association. Forfeitures will be reallocated to remaining plan participants. Benefits may be payable upon retirement, death, disability, separation from service, or termination of the ESOP. Since the Association’s annual contributions are discretionary, benefits payable under the ESOP cannot be estimated. Participants receive the shares at the end of employment.

The Company is accounting for its ESOP in accordance with ASC Topic 718,

Employers Accounting for Employee Stock Ownership Plans

. Accordingly, the debt of the ESOP is eliminated in consolidation and the shares pledged as collateral are reported as unearned ESOP shares in the consolidated balance sheets. Contributions to the ESOP shall be sufficient to pay principal and interest currently due under the loan agreement. As shares are committed to be released from collateral, the Company reports compensation expense equal to the average market price of the shares for the respective period, and the shares become outstanding for earnings per share computations. Dividends, if any, on unallocated ESOP shares are recorded as a reduction of debt and accrued interest.

A summary of ESOP shares at December 31, 2025 and June 30, 2025 are as follows (dollars in thousands):


	December 31, 2025		June 30, 2025
Allocated shares		188,202		179,498
Shares committed for release		9,622		19,245
Unearned shares		105,848		115,470

Total ESOP shares		303,672		314,213

Fair value of unearned ESOP shares (1)	$	2,854	$	2,812

(1)	Based on closing price of $26.96 and $24.35 per share on December 31, 2025, and June 30, 2025, respectively.

During the six months ended December 31, 2025, 10,541 ESOP shares were paid to ESOP participants due to separation from service and no shares were transferred out as a result of participant diversification. During the six months ended December 31, 2024, 7,091 ESOP shares were paid to ESOP participants due to separation from service and 563 shares were transferred out as a result of participant diversification.

The IF

Bancorp

, Inc. 2012 Equity Incentive Plan (the “Equity Incentive Plan”) was approved by stockholders in 2012 for a

ten-year

period which ended in November 2022. The purpose of the Equity Incentive Plan was to promote the long-term financial success of the Company and its Subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company’s stockholders. The Equity Incentive Plan authorized the issuance or delivery to participants of up to 673,575 shares of the Company common stock pursuant to grants of incentive and

non-qualified

stock options, restricted stock awards and restricted stock unit awards, provided that the maximum number of shares of Company common stock that may be delivered pursuant to the exercise of stock options (all of which may be granted as incentive stock options) was 481,125 and the maximum number of shares of Company stock that may be issued as restricted stock awards or restricted stock units was 192,450. This plan was replaced by the 2022 Equity Incentive Plan when the stockholders approved the new plan on November 21, 2022. The new plan authorizes the issuance or delivery to participants of up to 264,850 shares of the Company common stock pursuant to grants of incentive and

non-qualified

On September 9, 2022, 53,000 shares of restricted stock were awarded to senior officers and directors of the Association. These shares of restricted stock will vest in equal installments over 5 years, starting in September 2023. No shares have

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been granted from the 2022 Equity Incentive Plan as of December 31, 2024, so there are 211,888 shares of restricted stock and 52,970 stock option shares available for future grants under this plan.

No stock options were outstanding at December 31, 2025, June 30, 2025 or December 31, 2024. No stock options were granted or vested during the three or six months ended December 31, 2025 and 2024.

The following table summarizes

non-vested

restricted stock activity for the six months ended December 31, 2025:


	Shares		Weighted-Average Grant- Date Fair Value
Balance, June 30, 2025		29,100	$	19.10
Granted		—		—
Forfeited		—		—
Earned and issued		9,700		19.10

Balance, December 31, 2025		19,400	$	19.10

The fair value of the restricted stock awards is amortized to compensation expense over the vesting period and is based on the market price of the Company’s common stock at the date of grant multiplied by the number of shares granted that are expected to vest. At the date of grant the par value of the shares granted was recorded in equity as a credit to common stock and a debit to

paid-in

capital. Stock-based compensation expense and related tax benefit for restricted stock, which was recognized in

non-interest

expense, was $93,000 and $27,000, respectively, for the six months ended December 31, 2025, was $95,000 and $27,000, respectively, for the six months ended December 31, 2024, was $47,000 and $14,000, respectively, for the three months ended December 31, 2025, and was $46,000 and $13,000, respectively, for the three months ended December 31, 2024. Unrecognized compensation expense for

non-vested

restricted stock awards was $309,000 at December 31, 2025, and is expected to be recognized over 1.7 years with a corresponding credit to

paid-in

capital.

Note 4:

Earnings Per Common Share (“EPS”)

Basic and diluted earnings per common share are presented for the three month and six month periods ended December 31, 2025 and 2024. The factors used in the earnings per common share computation follow:


	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Net income	$	1,328		$	1,219		$	2,720		$	1,852

Basic weighted average shares outstanding		3,351,526			3,353,010			3,351,526			3,353,018
Less: Average unallocated ESOP shares		(108,253	)		(127,498	)		(110,659	)		(129,904	)

Basic average shares outstanding		3,243,273			3,225,512			3,240,867			3,223,114

Diluted effect of restricted stock awards and stock options		—			—			—			—

Diluted average shares outstanding		3,243,273			3,225,512			3,240,867			3,223,114

Basic earnings per common share	$	0.41		$	0.38		$	0.84		$	0.57

Diluted earnings per common share	$	0.41		$	0.38		$	0.84		$	0.57

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Note 5:

Securities

The amortized cost and approximate fair value of securities, together with gross unrealized gains and losses, of securities are as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
December 31, 2025:
U.S. Government and federal agency	$	994	$	—	$	(68	)	$	926
Mortgage-backed:
GSE residential		186,899		302		(17,468	)		169,733
Small Business Administration		14,204		—		(1,543	)		12,661
State and political subdivisions		1,435		—		—			1,435

	$	203,532	$	302	$	(19,079	)	$	184,755


June 30, 2025:
U.S. Government and federal agency	$	1,986	$	—	$	(174	)	$	1,812
Mortgage-backed:
GSE residential		192,261		70		(21,252	)		171,079
Small Business Administration		14,894		—		(1,780	)		13,114
State and political subdivisions		1,748		—		—			1,748

	$	210,889	$	70	$	(23,206	)	$	187,753

Available for sale securities (“AFS”), which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Unrealized gains and losses, net of tax, are reported in accumulated other comprehensive income (loss), a component of stockholders’ equity. All securities have been classified as available for sale.

Premiums and discounts on debt securities are amortized or accreted as adjustments to income over the estimated life of the security using the level yield method or to the earlier of call or maturity date. Realized gains or losses on the sale of securities are based on the specific identification method. The fair value of securities is based on quoted market prices or dealer quotes. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities.

For AFS securities with fair value less than amortized cost that management has no intent to sell and believes that it more likely than not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income (loss). The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security as projected based on cash flow projections, and is recorded to the allowance for credit losses (“ACL”) on investments, by a charge to provision for credit losses.

Accrued

interest receivable of $466,000 is included in the accrued interest receivable on the Company’s Consolidated Balance Sheets. The total amount of accrued interest is excluded from the estimate of credit losses. Both the ACL and the adjustment to net income may be reversed if conditions change.

The Company evaluates impaired AFS securities at the individual level on a quarterly basis, and considers such factors including, but not limited to: the extent to which the fair value of the security is less than the amortized cost basis; adverse

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conditions specifically related to the security, an industry, or geographic area; the payment structure of the security and likelihood of the issuer to be able to make payments that may increase in the future; failure of the issuer to make scheduled interest or principal payments; any changes to the rating of the security by a rating agency; and the ability and intent to hold the security until maturity. A qualitative determination as to whether any portion of the impairment is attributable to credit risk is acceptable. There were no credit related factors underlying unrealized losses on AFS securities at December 31, 2025, and June 30, 2025.

Changes in the ACL are recorded as expense. Losses are charged against the ACL when management believes the uncollectibility of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

The Company did not hold securities of any one issuer at December 31, 2025 or June 30, 2025 with a book value that exceeded 10% of the Company’s total equity except for mortgage-backed government-sponsored enterprise (“GSE”) residential securities and Small Business Administration securities with an amortized cost of approximately $186,899,000 and $14,204,000, respectively, and a market value of approximately $169,733,000 and $12,661,000, respectively, at December 31, 2025 and with an amortized cost of approximately $192,261,000 and $14,894,000 respectively, and a market value of approximately $171,079,000 and $13,114,000, respectively at June 30, 2025.

All mortgage-backed securities at December 31, 2025 and June 30, 2025 were issued by GSEs.

The amortized cost and fair value of

available-for-sale

securities at December 31, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available-for-sale Securities
	Amortized Cost		Fair Value
Within one year	$	—	$	—
One to five years		2,486		2,393
Five to ten years		6,711		6,355
After ten years		7,436		6,274

		16,633		15,022
Mortgage-backed securities		186,899		169,733

Totals	$	203,532	$	184,755

The carrying value of securities pledged as collateral to secure public deposits and for other purposes was $69,751,000 and $102,268,000 as of December 31, 2025 and June 30, 2025, respectively.

The carrying value of securities sold under agreement to repurchase amounted to $17.0 million at December 31, 2025 and $18.8 million at June 30, 2025. At December 31, 2025, all $17.0 million of our repurchase agreements had an overnight maturity, and all were secured by U.S. Government, federal agency and GSE securities. The right of offset for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The collateral is held by the Company in a segregated custodial account. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained.

Gross

gains of $0 and $30,000 and gross losses of $114,000 and $101,000 resulting from sales of

available-for-sale

securities were realized for the six months ended December 31, 2025, and 2024, respectively. Tax credit applicable to

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these net realized losses was $32,000 and $20,000, respectively. There were no sales of

available-for-sale

securities for the three month periods ended December 31, 2025 and 2024.

Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost. Total fair value of these investments at December 31, 2025 and June 30, 2025, was $165,042,000 and $173,405,000, respectively, which is approximately 89% and 92% of the Company’s

available-for-sale

investment portfolio.

The following table shows the Company’s gross unrealized investment losses and the fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2025 and June 30, 2025:


	Less Than 12 Months					12 Months or More					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
December 31, 2025:
U.S. Government and federal agency	$	—	$	—		$	926	$	(68	)	$	926	$	(68	)
Mortgage-backed:
GSE residential		3,940		(12	)		147,515		(17,456	)		151,455		(17,468	)
Small Business Administration		—		—			12,661		(1,543	)		12,661		(1,543	)

Total	$	3,940	$	(12	)	$	161,102	$	(19,067	)	$	165,042	$	(19,079	)

June 30, 2025:
U.S. Government and federal agency	$	—	$	—		$	1,812	$	(174	)	$	1,812	$	(174	)
Mortgage-backed:
GSE residential		7,887		(100	)		150,592		(21,152	)		158,479		(21,252	)
Small Business Administration		1,242		(13	)		11,872		(1,767	)		13,114		(1,780	)

Total	$	9,129	$	(113	)	$	164,276	$	(23,093	)	$	173,405	$	(23,206	)

of December 31, 2025, the Company’s

available-for-sale

securities portfolio consisted of 181 securities, of which 163 were in an unrealized loss position.

The unrealized losses on the Company’s investment in U.S. Government and federal agency, Mortgage-backed Government-sponsored enterprises, and Small Business Administration securities at December 31, 2025 and June 30, 2025, were mostly the result of a decline in market value that was attributable to changes in interest rates and not credit quality, and the Company does not consider those investments to need an allowance for credit losses at December 31, 2025 and June 30, 2025.

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Note 6:

Loans and Allowance for Credit Losses

Classes of loans include:


	December 31, 2025			June 30, 2025
Real estate loans:
One- to four-family	$	181,235		$	178,979
Multi-family		107,826			126,127
Commercial		189,026			201,550
Home equity lines of credit		10,854			10,487
Construction		17,150			22,927
Commercial		86,611			93,961
Consumer		5,739			5,855

Total loans		598,441			639,886
Less:
Unearned fees and discounts, net		(366	)		(344	)
Allowance for credit losses		6,526			6,627

Loans, net	$	592,281		$	633,603

The

Company had no loans held for sale as of December 31, 2025 and June 30, 2025.

The Company believes that sound loans are a necessary and desirable means of employing funds available for investment. Recognizing the Company’s obligations to its depositors and to the communities it serves, authorized personnel are expected to seek to develop and make sound, profitable loans that resources permit and that opportunity affords. The Company maintains lending policies and procedures designed to focus our lending efforts on the types, locations, and duration of loans most appropriate for our business model and markets. The Company’s lending activity includes the origination of

one-

to four-family residential mortgage loans, multi-family loans, commercial real estate loans, commercial business loans, home equity lines of credit, and to a lesser extent, consumer loans (consisting primarily of automobile loans), construction loans and land loans. The primary lending market includes the Illinois counties of Vermilion, Iroquois, Champaign and Kankakee, as well as the adjacent counties in Illinois and Indiana. The Company also has a loan production office in Osage Beach, Missouri, which serves the Missouri counties of Camden, Miller, and Morgan. Generally, loans are collateralized by assets, primarily real estate, of the borrowers and guaranteed by individuals. The loans are expected to be repaid from cash flows of the borrowers or from proceeds from the sale of selected assets of the borrowers.

Management reviews and approves the Company’s lending policies and procedures on a routine basis. Management routinely (at least quarterly) reviews our allowance for credit losses and reports related to loan production, loan quality, concentrations of credit, loan delinquencies and

non-performing

and potential problem loans. Our underwriting standards are designed to encourage relationship banking rather than transactional banking. Relationship banking implies a primary banking relationship with the borrower that includes, at minimum, an active deposit banking relationship in addition to the lending relationship. The integrity and character of the borrower are significant factors in our loan underwriting. As a part of underwriting, tangible positive or negative evidence of the borrower’s integrity and character are sought out. Additional significant underwriting factors beyond location, duration, the sound and profitable cash flow basis underlying the loan and the borrower’s character are the quality of the borrower’s financial history, the liquidity of the underlying collateral and the reliability of the valuation of the underlying collateral.

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The Company’s policies and loan approval limits are established by the Board of Directors. The structure of the Company’s loan approval process is based on progressively larger lending authorities granted to loan officers, loan committees, and ultimately the Board of Directors through its Operating Committee, consisting of the Chairman and at least four other Board members. At no time is a borrower’s total borrowing relationship to exceed our regulatory lending limit. Loans to related parties, including executive officers and the Company’s directors, are reviewed for compliance with regulatory guidelines and the Board of Directors at least annually.

The Company conducts internal loan reviews that validate the loans against the Company’s loan policy quarterly for mortgage, consumer, and small commercial loans on a sample basis, and all larger commercial loans on an annual basis. The Association also receives independent loan reviews performed by a third party on larger commercial loans to be performed annually. In addition to compliance with our policy, the loan review process reviews the risk assessments made by our credit department, lenders and loan committees. Results of these reviews are presented to management, Audit Committee and the Board of Directors.

The Company’s lending can be summarized into six primary areas:

one-

to four-family residential mortgage loans, commercial real estate and multi-family real estate loans, home equity lines of credits, real estate construction, commercial business loans, and consumer loans.

One-

to four-family Residential Mortgage Loans

The Company offers

one-

to four-family residential mortgage loans that conform to Fannie Mae and Freddie Mac underwriting standards (conforming loans) as well as

non-conforming

loans. The Company has sold a substantial portion of the fixed-rate

one-

to four-family residential mortgage loans with terms of 15 years or greater. Generally, the Company retains fixed-rate

one-

to four-family residential mortgage loans with terms of less than 15 years, although this has represented a small percentage of the fixed-rate loans originated in recent years due to the favorable long-term rates for borrowers.

The Company offers United States Department of Agriculture (USDA Rural Development), Federal Housing Administration and Veterans Affairs loans that were originated through a nationwide wholesale lender.

In addition, the Company also offers home equity loans that are secured by a second mortgage on the borrower’s primary or secondary residence. Home equity loans are generally underwritten using the same criteria used to underwrite

one-

to four-family residential mortgage loans.

one-

to four-family residential mortgage and home equity loan underwriting are subject to specific regulations, the Company typically underwrites its

one-

to four-family residential mortgage and home equity loans to conform to widely accepted standards. Several factors are considered in underwriting including the value of the underlying real estate and the

debt-to-income

ratio and credit history of the borrower.

Commercial Real Estate and Multi-Family Real Estate Loans

Commercial real estate mortgage loans are primarily secured by office buildings, owner-occupied businesses, retail rentals, churches, office buildings and farm loans secured by real estate. In underwriting commercial real estate and multi-family real estate loans, the Company considers a number of factors, which include the projected net cash flow to the loan’s debt service requirement, the age and condition of the collateral, the financial resources and income level of the borrower and the borrower’s experience in owning or managing similar properties. Personal guarantees are typically obtained from commercial real estate and multi-family real estate borrowers. In addition, the borrower’s financial information on such loans is monitored on an ongoing basis by requiring periodic financial statement updates. The repayment of these loans is primarily dependent on the cash flows of the underlying property. However, the commercial real estate loan generally must be supported by an adequate underlying collateral value. The performance and the value of the underlying property may be adversely affected by economic factors or geographical and/or industry specific factors. These loans are subject to other industry guidelines that are closely monitored by the

Company

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Home

Equity Lines of Credit

In addition to traditional

one-

to four-family residential mortgage loans and home equity loans, the Company offers home equity lines of credit that are secured by the borrower’s primary or secondary residence. Home equity lines of credit are generally underwritten using the same criteria used to underwrite

one-

to four-family residential mortgage loans. As home equity lines of credit underwriting is subject to specific regulations, the Company typically underwrites its home equity lines of credit to conform to widely accepted standards. Several factors are considered in underwriting including the value of the underlying real estate and the

debt-to-income

ratio and credit history of the borrower.

Commercial Business Loans

The Company originates commercial

non-mortgage

business (term) loans and lines of credit. These loans are generally originated to small- and

medium-sized

companies in the Company’s primary market area. Commercial business loans are generally used for working capital purposes or for acquiring equipment, inventory or furniture, and are primarily secured by business assets other than real estate, such as business equipment and inventory, accounts receivable or stock. The Company also offers agriculture loans that are not secured by real estate.

The commercial business loan portfolio consists primarily of secured loans. When making commercial business loans, the Company considers the financial statements, lending history and debt service capabilities of the borrower, the projected cash flows of the business and the value of any collateral. The cash flows of the underlying borrower, however, may not perform consistently with historical or projected information. Further, the collateral securing loans may fluctuate in value due to individual economic or other factors. Loans are typically guaranteed by the principals of the borrower. The Company has established minimum standards and underwriting guidelines for all commercial loan types.

Real Estate Construction Loans

The Company originates construction loans for

one-

to four-family residential properties and commercial real estate properties, including multi-family properties. The Company generally requires that a commitment for permanent financing be in place prior to closing the construction loan. The repayment of these loans is typically through permanent financing following completion of the construction. Real estate construction loans are inherently riskier than loans on completed properties as the unimproved nature and the financial risks of construction significantly enhance the risks of commercial real estate loans. These loans are closely monitored and subject to other industry guidelines.

Consumer Loans

Consumer loans consist of installment loans to individuals, primarily automotive loans. These loans are underwritten utilizing the borrower’s financial history, including the Fair Isaac Corporation (“FICO”)

credit scoring and information as to the underlying collateral. Repayment is expected from the cash flow of the borrower. Consumer loans may be underwritten with terms up to seven years, fully amortized. Unsecured loans are limited to twelve months.

Loan-to-value

ratios vary based on the type of collateral. The Company has established minimum standards and underwriting guidelines for all consumer loan collateral types.

Loan Concentration

The loan portfolio includes a concentration of loans secured by commercial real estate properties amounting to $299,776,000 and $339,861,000 as of December 31, 2025 and June 30, 2025, respectively. Generally, these loans are collateralized by multi-family and nonresidential properties. The loans are expected to be repaid from cash flows or from proceeds from the sale of the properties of the borrower.

Purchased Loans and Loan Participations

The Company’s loans receivable included purchased loans of $213,000 and $198,000 at December 31, 2025 and June 30, 2025, respectively. All of these purchased loans are secured by single family homes located out of our primary market area, but still primarily in the Midwest. The Company’s loans receivable also include commercial loan participations of

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$31,100,000 and $55,849,000 at December 31, 2025 and June 30, 2025, respectively, of which $27,910,000 and $38,860,000, at December 31, 2025 and June 30, 2025 were outside our primary market area.

Allowance for Credit Losses

The following tables present the activity in the allowance for credit losses for the three-month and

six-month

periods ended December 31, 2025 and 2024 and the year ended June 30, 2025:


	Three Months Ended December 31, 2025 Real Estate Loans
	One- to Four-Family			Multi-Family			Commercial			Home Equity Lines of Credit
Allowance for credit losses:
Balance, beginning of period	$	1,552		$	1,360		$	2,117		$	136
Provision (credit) charged to expense		(7	)		(183	)		29			(7	)
Losses charged off		—			—			—			—
Recoveries		—			—			—			—

Balance, end of period	$	1,545		$	1,177		$	2,146		$	129

Loans:
Ending balance	$	181,235		$	107,826		$	189,026		$	10,854


	Three Months Ended December 31, 2025 (Continued)
	Construction			Commercial			Consumer			Total
Allowance for credit losses:
Balance, beginning of period	$	180		$	1,091		$	55		$	6,491
Provision (credit) charged to expense		(18	)		270			9			93
Losses charged off		—			(122	)		(8	)		(130	)
Recoveries		—			63			9			72

Balance, end of period	$	162		$	1,302		$	65		$	6,526

Loans:
Ending balance	$	17,150		$	86,611		$	5,739		$	598,441


	Six Months Ended December 31, 2025 Real Estate Loans
	One- to Four-Family			Multi-Family			Commercial			Home Equity Lines of Credit
Allowance for credit losses:
Balance, beginning of period	$	1,475		$	1,513		$	2,252		$	144
Provision (credit) charged to expense		68			(336	)		(106	)		(15	)
Losses charged off		—			—			—			—
Recoveries		2			—			—			—

Balance, end of period	$	1,545		$	1,177		$	2,146		$	129

Loans:
Ending balance	$	181,235		$	107,826		$	189,026		$	10,854

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	Six Months Ended December 31, 2025 (Continued)
	Construction			Commercial			Consumer			Total
Allowance for credit losses:
Balance, beginning of period	$	206		$	985		$	52		$	6,627
Provision (credit) charged to expense		(44	)		444			17			28
Losses charged off		—			(192	)		(17	)		(209	)
Recoveries		—			65			13			80

Balance, end of period	$	162		$	1,302		$	65		$	6,526

Loans:
Ending balance	$	17,150		$	86,611		$	5,739		$	598,441


	Year Ended June 30, 2025 Real Estate Loans
	One- to Four-Family			Multi-Family			Commercial			Home Equity Lines of Credit
Allowance for credit losses:
Balance, beginning of year	$	1,774		$	1,764		$	2,358		$	148
Provision (credit) charged to expense		(222	)		(121	)		(106	)		(4	)
Losses charged off		(79	)		(350	)		—			—
Recoveries		2			220			—			—

Balance, end of year	$	1,475		$	1,513		$	2,252		$	144

Loans:
Ending balance	$	178,979		$	126,127		$	201,550		$	10,487


	Year Ended June 30, 2025 (Continued)
	Construction			Commercial			Consumer			Total
Allowance for credit losses:
Balance, beginning of year	$	337		$	1,053		$	65		$	7,499
Provision (credit) charged to expense		(131	)		(131	)		37			(678	)
Losses charged off		—			(50	)		(70	)		(549	)
Recoveries		—			113			20			355

Balance, end of year	$	206		$	985		$	52		$	6,627

Loans:
Ending balance	$	22,927		$	93,961		$	5,855		$	639,886

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	Three Months Ended December 31, 2024 Real Estate Loans
	One- to Four-Family			Multi-Family			Commercial			Home Equity Lines of Credit
Allowance for credit losses:
Balance, beginning of period	$	1,628		$	1,762		$	2,362		$	147
Provision (credit) charged to expense		(49	)		(281	)		16			(13	)
Losses charged off		—			—			—			—
Recoveries		—			200			—			—

Balance, end of period	$	1,579		$	1,681		$	2,378		$	134

Loans:
Ending balance	$	177,733		$	129,371		$	205,348		$	9,887


	Three Months Ended December 31, 2024 (Continued)
	Construction			Commercial			Consumer			Total
Allowance for credit losses:
Balance, beginning of period	$	278		$	1,236		$	59		$	7,472
Provision (credit) charged to expense		20			(127	)		23			(411	)
Losses charged off		—			—			(33	)		(33	)
Recoveries		—			107			11			318

Balance, end of period	$	298		$	1,216		$	60		$	7,346

Loans:
Ending balance	$	31,326		$	94,042		$	6,926		$	654,633


	Six Months Ended December 31, 2024 Real Estate Loans
	One- to Four-Family			Multi-Family			Commercial			Home Equity Lines of Credit
Allowance for credit losses:
Balance, beginning of period	$	1,774		$	1,764		$	2,358		$	148
Provision (credit) charged to expense		(196	)		67			20			(14	)
Losses charged off		—			(350	)		—			—
Recoveries		1			200			—			—

Balance, end of period	$	1,579		$	1,681		$	2,378		$	134

Loans:
Ending balance	$	177,733		$	129,371		$	205,348		$	9,887

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	Six Months Ended December 31, 2024 (Continued)
	Construction			Commercial			Consumer			Total
Allowance for credit losses:
Balance, beginning of period	$	337		$	1,053		$	65		$	7,499
Provision (credit) charged to expense		(39	)		104			24			(34	)
Losses charged off		—			(50	)		(42	)		(442	)
Recoveries		—			109			13			323

Balance, end of period	$	298		$	1,216		$	60		$	7,346
Loans:
Ending balance	$	31,326		$	94,042		$	6,926		$	654,633

Management’s opinion as to the ultimate collectability of loans is subject to estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers.

The allowance for credit losses represents the Company’s best estimate of the reserve necessary to adequately account for probable losses expected over the remaining contractual life of the assets. The provision for credit losses is the charge against current earnings that is determined by the Company as the amount needed to maintain an adequate allowance for credit losses. In determining the adequacy of the allowance for credit losses, and therefore the provision to be charged to current earnings, the Company relies on a sound credit review and approval process. The review process is directed by the overall lending policy and is intended to identify, at the earliest possible stage, borrowers who might be facing financial difficulty.

The Company utilizes the CECL cohort methodology analysis which relies on segmenting the loan portfolio into pools with similar risks, tracking the performance of the pools over time, and using the data to determine pool loss experience.

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 the loans and is established through provision for credit losses charged to current earnings. The ACL is increased by the provision for losses on loans charged to expense and reduced by loans charged off, net of recoveries. Loans are charged off in the period deemed uncollectible, based on management’s analysis of expected cash flows (for

non-collateral

dependent loans) or collateral value (for collateral-dependent loans). Subsequent recoveries of loans previously charged off, if any, are credited to the allowance when received.

Management estimates the ACL balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Adjustments may be made to historical loss information for differences identified in current loan-specific risk characteristics, such as differences in underwriting standards or terms; lending review systems; experience, ability, or depth of lending management and staff; portfolio growth and mix; delinquency levels and trends; as well as for changes in environmental conditions, such as changes in economic activity or employment, industry economic conditions, property values, or other relevant factors.

The allowance for credit losses on most loans is measured on a collective (pool) basis for loans with similar risk characteristics. The Company estimates the appropriate level of allowance for credit losses for specifically identified loans by evaluating them individually.

The specific allowance for collateral-dependent loans that are evaluated individually is measured by determining the fair value of the collateral adjusted for market conditions and selling expense. Factors used in identifying a specific problem loan include: (1) the strength of the customer’s personal or business cash flows; (2) the availability of other sources of repayment; (3) the amount due or past due; (4) the type and value of collateral; (5) the strength of the collateral position; (6) the estimated cost to sell the collateral; and (7) the borrower’s effort to cure the delinquency. In addition, for loans

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secured by real estate, the Company also considers the extent of any past due and unpaid property taxes applicable to the property serving as collateral on the mortgage.

The Company establishes a general allowance for loans that are not individually evaluated to recognize the inherent losses associated with lending activities, but which, unlike specific allowances, has not been allocated to particular problem assets. The general valuation allowance is determined by segmenting the loan portfolio into pools with similar risks and collecting data to determine pool loss experience. Factors considered by the Company in evaluating the overall adequacy of the allowance include historical net loan losses, the level and composition of nonaccrual, past due and loan modifications for borrowers with financial difficulties, trends in volumes and terms of loans, effects of changes in risk selection and underwriting standards or lending practices, lending staff changes, concentrations of credit, industry conditions and the current economic conditions in the region where the Company operates. In addition, a forecast, using reasonable and supportable future conditions, is prepared that is used to estimate expected changes to existing and historical conditions in the current period.

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. All loans are graded at inception of the loan. Subsequently, analyses are performed on an annual basis and grade changes are made as necessary. Interim grade reviews may take place if circumstances of the borrower warrant a timelier review. The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company’s risk rating system, the Company classifies problem and potential problem loans as “Watch,” “Substandard,” “Doubtful,” and “Loss.” The Company uses the following definitions for risk ratings:

Pass –

Loans classified as pass are well protected by the ability of the borrower to pay or by the value of the asset or underlying collateral.

Watch –

Loans classified as watch have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.

Substandard –

Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of any pledged collateral. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful –

Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

Loss –

Loans classified as loss are the portion of the loan that is considered uncollectible so that its continuance as an asset is not warranted. The amount of the loss determined will be

charged-off.

Risk

characteristics applicable to each segment of the loan portfolio are described as follows.

Residential

One-

to Four-Family and Equity Lines of Credit Real Estate:

The residential

one-

to four-family real estate loans are generally secured by owner-occupied

one-

to four-family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans can be impacted by economic conditions within the Company’s market areas that might impact either property values or a borrower’s personal income. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

Commercial and Multi-family Real Estate:

Commercial and multi-family real estate loans typically involve larger principal amounts, and repayment of these loans is generally dependent on the successful operations of the

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property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Credit risk in these loans may be impacted by the creditworthiness of a borrower, property values and the local economies in the Company’s market areas.

Construction Real Estate:

Construction real estate loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property, or an interim loan commitment from the Company until permanent financing is obtained. These loans are considered to be higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing. Credit risk in these loans may be impacted by the creditworthiness of a borrower, property values and the local economies in the Company’s market areas.

Commercial:

The commercial portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations.

Consumer:

The consumer loan portfolio consists of various term loans such as automobile loans and loans for other personal purposes. Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Company’s market area) and the creditworthiness of a borrower.

The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category and calendar year of origination as of December 31, 2025 and June 30, 2025 (in thousands):


December 31, 2025	2025		2024		2023		2022		2021		Prior Years		Total
Risk Rating
One- to Four-Family
Pass	$	31,210	$	22,971	$	30,591	$	42,618	$	17,381	$	35,495	$	180,266
Watch		—		34		274		—		—		40		348
Substandard		—		254		—		2		—		365		621

Total	$	31,210	$	23,259	$	30,865	$	42,620	$	17,381	$	35,900	$	181,235

Current period recoveries	$	—	$	—	$	—	$	—	$	—	$	2	$	2
Multi-Family
Pass	$	11,539	$	15,462	$	20,471	$	37,923	$	2,819	$	19,083	$	107,297
Watch		—		—		308		—		—		—		308
Substandard		—		—		—		—		—		221		221

Total	$	11,539	$	15,462	$	20,779	$	37,923	$	2,819	$	19,304	$	107,826

Commercial Real Estate
Pass	$	15,933	$	12,938	$	25,963	$	48,069	$	27,981	$	55,031	$	185,915
Watch		1,129		—		286		169		—		17		1,601
Substandard		—		123		—		503		641		243		1,510

Total	$	17,062	$	13,061	$	26,249	$	48,741	$	28,622	$	55,291	$	189,026

Home Equity Line of Credit
Pass	$	2,621	$	2,489	$	1,852	$	1,384	$	1,202	$	1,306	$	10,854
Watch		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—

Total	$	2,621	$	2,489	$	1,852	$	1,384	$	1,202	$	1,306	$	10,854

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Construction
Pass	$	15,935		$	1,215		$	—	$	—	$	—	$	—		$	17,150
Watch		—			—			—		—		—		—			—
Substandard		—			—			—		—		—		—			—

Total	$	15,935		$	1,215		$	—	$	—	$	—	$	—		$	17,150

Commercial Business
Pass	$	15,371		$	19,479		$	27,872	$	3,355	$	4,712	$	12,054		$	82,843
Watch		1,287			—			—		49		—		51			1,387
Substandard		—			—			1,400		—		981		—			2,381

Total	$	16,658		$	19,479		$	29,272	$	3,404	$	5,693	$	12,105		$	86,611

Current period charge-offs	$	—		$	(192)		$	—	$	—	$	—	$	—		$	(192	)
Current period recoveries	$	—		$	—		$	—	$	—	$	—	$	65		$	65
Consumer
Pass	$	2,648		$	1,208		$	1,008	$	658	$	169	$	34		$	5,725
Watch		—			—			—		—		—		—			—
Substandard		—			—			14		—		—		—			14

Total	$	2,648		$	1,208		$	1,022	$	658	$	169	$	34		$	5,739

Current period charge-offs	$	(17	)	$	—		$	—	$	—	$	—	$	—		$	(17	)
Current period recoveries	$	13		$	—		$	—	$	—	$	—	$	—		$	13
Total Loans
Pass	$	95,257		$	75,762		$	107,757	$	134,007	$	54,264	$	123,003		$	590,050
Watch		2,416			34			868		218		—		108			3,644
Substandard		—			377			1,414		505		1,622		829			4,747

Total	$	97,673		$	76,173		$	110,039	$	134,730	$	55,886	$	123,940		$	598,441


June 30, 2025	2025			2024			2023		2022		2021		Prior Years			Total
Risk Rating
One- to Four-Family
Pass	$	16,760		$	23,826		$	32,946	$	45,173	$	19,879	$	40,102		$	178,686
Watch		—			—			—		—		51		40			91
Substandard		—			—			—		3		5		194			202

Total	$	16,760		$	23,826		$	32,946	$	45,176	$	19,935	$	40,336		$	178,979

Current period charge-offs	$	—		$	—		$	—	$	—	$	—	$	(79	)	$	(79	)
Current period recoveries	$	—		$	—		$	—	$	—	$	—	$	2		$	2
Multi-Family
Pass	$	4,517		$	15,648		$	10,379	$	39,148	$	19,827	$	36,383		$	125,902
Watch		—			—			—		—		—		—			—
Substandard		—			—			—		—		—		225			225

Total	$	4,517		$	15,648		$	10,379	$	39,148	$	19,827	$	36,608		$	126,127

Current period charge-offs	$	—		$	(350	)	$	—	$	—	$	—	$	—		$	(350	)
Current period recoveries	$	—		$	220		$	—	$	—	$	—	$	—		$	220
Commercial Real Estate
Pass	$	9,649		$	14,724		$	26,490	$	50,471	$	28,946	$	69,788		$	200,068
Watch		—			—			—		—		135		—			135
Substandard		—			—			—		—		846		501			1,347

Total	$	9,649		$	14,724		$	26,490	$	50,471	$	29,927	$	70,289		$	201,550

Home Equity Line of Credit
Pass	$	1,004		$	2,884		$	1,851	$	1,616	$	1,230	$	1,902		$	10,487
Watch		—			—			—		—		—		—			—

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Substandard		—			—			—		—		—		—		—

Total	$	1,004		$	2,884		$	1,851	$	1,616	$	1,230	$	1,902	$	10,487

Construction
Pass	$	2,165		$	8,574		$	12,062	$	123	$	—	$	3	$	22,927
Watch		—			—			—		—		—		—		—
Substandard		—			—			—		—		—		—		—

Total	$	2,165		$	8,574		$	12,062	$	123	$	—	$	3	$	22,927

Commercial Business
Pass	$	10,266		$	23,374		$	31,068	$	4,070	$	5,209	$	14,493	$	88,480
Watch		—			—			—		—		—		—		—
Substandard		—			—			3,355		3		197		1,926		5,481

Total	$	10,266		$	23,374		$	34,423	$	4,073	$	5,406	$	16,419	$	93,961

Current period charge-offs	$	—		$	(50	)	$	—	$	—	$	—	$	—	$	(50	)
Current period recoveries	$	—		$	50		$	—	$	—	$	—	$	63	$	113
Consumer
Pass	$	1,489		$	1,583		$	1,430	$	883	$	304	$	149	$	5,838
Watch		—			—			—		—		—		—		—
Substandard		—			—			17		—		—		—		17

Total	$	1,489		$	1,583		$	1,447	$	883	$	304	$	149	$	5,855

Current period charge-offs	$	(28	)	$	(41	)	$	—	$	(1)	$	—	$	—	$	(70	)
Current period recoveries	$	7		$	13		$	—	$	—	$	—	$	—	$	20
Total Loans
Pass	$	45,850		$	90,613		$	116,226	$	141,484	$	75,395	$	162,820	$	632,388
Watch		—			—			—		—		186		40		226
Substandard		—			—			3,372		6		1,048		2,846		7,272

Total	$	45,850		$	90,613		$	119,598	$	141,490	$	76,629	$	165,706	$	639,886

The following tables present the Company’s loan portfolio aging analysis:


	30-59 Days Past Due		60-89 Days Past Due		90 Days or Greater		Total Past Due		Current		Total Loans Receivable		Total Loans 90 Days Past Due & Accruing
December 31, 2025:
Real estate loans:
One- to four-family	$	635	$	450	$	458	$	1,543	$	179,692	$	181,235	$	—
Multi-family		444		—		—		444		107,382		107,826		—
Commercial		449		412		626		1,487		187,539		189,026		—
Home equity lines of credit		44		—		—		44		10,810		10,854		—
Construction		—		—		—		—		17,150		17,150		—
Commercial		2,720		—		—		2,720		83,891		86,611		—
Consumer		54		58		—		112		5,627		5,739		—

Total	$	4,346	$	920	$	1,084	$	6,350	$	592,091	$	598,441	$	—

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	30-59 Days Past Due		60-89 Days Past Due		90 Days or Greater		Total Past Due		Current		Total Loans Receivable		Total Loans 90 Days Past Due & Accruing
June 30, 2025:
Real estate loans:
One- to four-family	$	866	$	307	$	29	$	1,202	$	177,777	$	178,979	$	29
Multi-family		25		—		—		25		126,102		126,127		—
Commercial		1,049		249		—		1,298		200,252		201,550		—
Home equity lines of credit		—		—		—		—		10,487		10,487		—
Construction		—		—		—		—		22,927		22,927		—
Commercial		256		300		—		556		93,405		93,961		—
Consumer		56		—		17		73		5,782		5,855		—

Total	$	2,252	$	856	$	46	$	3,154	$	636,732	$	639,886	$	29

The allowance for credit losses on most loans is measured on a collective (pool) basis for loans with similar risk characteristics, while some loans are selected to be evaluated individually. At December 31, 2025, four loans were individually evaluated and one of these loans required specific reserves of $281,000. The other three loans were sufficiently collateralized requiring no reserves and are in the process of foreclosure. At June 30, 2025, no

non-performing

loans were individually evaluated and no specific reserve was established.

The following table presents the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated for which no allowance was recorded at December 31, 2025 and June 30, 2025:


	December 31, 2025				June 30, 2025
	Nonaccrual with no Allowance for Credit Losses		Nonaccrual		Nonaccrual with no Allowance for Credit Losses		Nonaccrual
Mortgages on real estate:
One- to four-family	$	458	$	458	$	—	$	—
Multi-family		—		—		—		—
Commercial		626		626		—		—
Home equity lines of credit		—		—		—		—
Construction loans		—		—		—		—
Commercial business loans		—		881		—		—
Consumer loans		—		14		—		17

Total	$	1,084	$	1,979	$	—	$	17

Loan Modifications with Borrowers Experiencing

Financial

Difficulty

The Company had no loans for borrowers with financial difficulty in the six months ended December 31, 2025 or in the year ended June 30, 2025.

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Loan Modifications with Defaults

The Company had no loan modifications for borrowers experiencing financial difficulty in default or in foreclosure as of December 31, 2025 or as of June 30, 2025. The Company defines a default as any loan that becomes 90 days or more past due.

Management considers the level of defaults within the various portfolios, as well as the current adverse economic environment and negative outlook in the real estate and collateral markets when evaluating qualitative adjustments used to determine the adequacy of the allowance for credit losses. The Company believe the qualitative adjustments more accurately reflect collateral values considering the sales and economic conditions that the Company has recently observed.

The Company may obtain physical possession of real estate collateralizing a residential mortgage loan or home equity loan via foreclosure or

in-substance

repossession. As of December 31, 2025 and June 30, 2025, the carrying value of foreclosed residential real estate properties as a result of obtaining physical possession was $0 and $165,000, respectively. As of December 31, 2025, the Company had one residential mortgage loan with a carrying value of $254,000 collateralized by residential real estate property for which formal foreclosure proceedings were in process. As of June 30, 2025, the Company had no residential mortgage loans or home equity loans collateralized by residential real estate property for which formal foreclosure proceedings were in process.

Note 7:

Federal Home Loan Bank Stock

Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula. The Company owned approximately $4,721,000 and $5,174,000 of Federal Home Loan Bank stock as of December 31, 2025 and June 30, 2025. The FHLB provides liquidity and funding through advances.

Note 8:

Federal Home Loan Bank Advances and Other Borrowings

The FHLB advances totaled $66,624,000 and $54,124,000 as of December 31, 2025 and June 30, 2025, respectively. The FHLB a

dvan

ces are secured by mortgage, multi-family, commercial real estate and home equity line of credit (“HELOC”) loans totaling $421,132,000 at December 31, 2025 and $415,223,000 at June 30, 2025, and are subject to restrictions or penalties in the event of prepayment. Interest rates on advances were from 0.00 to 4.93 percent with maturities from 2026 to 2032 at December 31, 2025, while interest rates on advances were from 0.00 to 4.93 percent with maturities from 2025 to 2032 at June 30, 2025. At December 31, 2025, the Company’s advances included 12 advances at a rate of 0% totaling $3,624,000 as part of the FHLB Community Small Business Advance program.

Other borrowings include borrowings from the Federal Reserve Bank of Chicago. The Company utilizes the Federal Reserve Bank Discount Window periodically for overnight funding. The collateral value of loans pledged at the Federal Reserve Bank was $31,993,000 at December 31, 2025 and $35,251,000 at June 30, 2025. The Company had no borrowings from the Federal Reserve Bank at December 31, 2025 or June 30, 2025.

Note 9:

Accumulated Other Comprehensive Loss

The following tables present changes in accumulated other comprehensive loss, by com

pon

ent, net of tax, for the six months ended December 31, 2025 and 2024:

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	Unrealized Gains and Losses on Available-for-Sale Securities			Defined Benefit Pension Items			Total
December 31, 2025:
Beginning balance	$	(16,541	)	$	277		$	(16,264	)
Other comprehensive income before reclassification		3,034			—			3,034
Amounts reclassified from accumulated other comprehensive loss		82			—			82
Net current period other comprehensive loss		—			2			2

Ending balance	$	(13,425	)	$	279		$	(13,146	)
December 31, 2024:
Beginning balance	$	(20,768	)	$	209		$	(20,559	)
Other comprehensive loss before reclassification		482			—			482
Amounts reclassified from accumulated other comprehensive loss		51			—			51
Net current period other comprehensive loss		—			(3	)		(3	)

Ending balance	$	(20,235	)	$	206		$	(20,029	)

Note 10:

Changes

in Accumulated Other Comprehensive Loss (“AOCI”) by Component

Amounts reclassified from AOCI and the affected line items in the statements of income during the three- and

six-month

periods ended December 31, 2025 and 2024, were as follows:

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	Amounts Reclassified from AOCI
	Three Months Ended December 31,					Six Months Ended December 31,
	2025		2024			2025			2024			Affected Line Item in the Condensed Consolidated Statements of Income
Realized gains (losses) on available-for-sale securities	$	—	$	—		$	(114	)	$	(71	)	Net realized gains (losses) on sale of available-for-sale securities
Amortization of defined benefit pension items: Actuarial losses		1		(2	)		2			(4	)	Components are included in computation of net periodic pension cost

Total reclassified amount before tax		1		(2	)		(112	)		(75	)
Tax expense (credit)		—		(1	)		(32	)		(21	)	Provision for Income Tax

Total reclassification out of AOCI	$	1	$	(1	)	$	(80	)	$	(54	)	Net Income

Note 11:

Income Taxes

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:


	Three Months Ended December 31,						Six Months Ended December 31,
	2025			2024			2025			2024
Computed at the statutory rate	$	383		$	353		$	782		$	532
Decrease resulting from
Tax exempt interest		(8	)		(7	)		(14	)		(15	)
Cash surrender value of life insurance		(25	)		(24	)		(50	)		(48	)
State income taxes		136			125			273			182
Other		8			16			15			30

Actual expense	$	494		$	463		$	1,006		$	681

Note 12:

Regulatory

Capital

The Association is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and 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 involving 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.

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The Basel III regulatory capital framework (the “Basel III Capital Rules”) adopted by U.S. federal regulatory authorities, among other things, (i) establish the capital measure called “Common Equity Tier 1” (“CET1”), (ii) specify that Tier 1 capital consist of CET1 and “Additional Tier 1 Capital” instruments meeting stated requirements, (iii) define CET1 narrowly by requiring that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital and (iv) set forth the acceptable scope of deductions/adjustments to the specified capital measures.

In addition, to avoid restrictions on capital distributions, including dividend payments and stock repurchases, or discretionary bonus payments to executives, a covered banking organization must maintain a “capital conservation buffer” of 2.5 percent on top of its minimum risk-based capital requirements. This buffer must consist solely of Tier 1 Common Equity and the buffer applies to all three measurements: Common Equity Tier 1, Tier 1 capital and total capital.

As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies were required to develop a “Community Bank Leverage Ratio” (the ratio of a bank’s tangible equity capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A “qualifying community bank” that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The Community Bank Leverage Ratio is currently set at 9%. The Association opted into the Community Bank Leverage Ratio in 2020.

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

Note 13:

Disclosures About Fair Value of Assets

Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:


Level 1		Quoted prices in active markets for identical assets

Level 2		Observable inputs other than Level 1 prices, such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets

Level 3		Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets

Recurring Measurements

The following table presents the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2025 and June 30, 2025:

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	Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2025:
Available-for-sale securities:
U.S. Government and federal agency	$	926	$	—	$	926	$	—
Mortgage-backed: GSE residential		169,733		—		169,733		—
Small Business Administration		12,661		—		12,661		—
State and political subdivisions		1,435		—		—		1,435
Mortgage servicing rights		1,431		—		—		1,431


	Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2025:
Available-for-sale securities:
U.S. Government and federal agency	$	1,812	$	—	$	1,812	$	—
Mortgage-backed: GSE residential		171,079		—		171,079		—
Small Business Administration		13,114		—		13,114		—
State and political subdivisions		1,748		—		—		1,748
Mortgage servicing rights		1,429		—		—		1,429

Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended December 31, 2025. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

Available-for-Sale

Securities

Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. For these investments, the inputs used by the pricing service to determine fair value may include one, or a combination of, observable inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads,

two-sided

markets, benchmark securities, bid, offers and reference data market research publications and are classified within Level 2 of the valuation hierarchy. Level 2 securities include U.S. Treasury, U.S. Government and federal agency, mortgage-backed securities (GSE—residential), Small Business

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Administration and state and political subdivisions. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy.

Mortgage Servicing Rights

Mortgage servicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models. Due to the nature of the valuation inputs, mortgage servicing rights are classified within Level 3 of the hierarchy.

Level 3

Reconciliation

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs:


	Six months ended December 31, 2025
	Obligations of State and Political Subdivisions			Mortgage Servicing Rights			Total
Beginning balance	$	1,748		$	1,429		$	3,177
Transfers into Level 3		—			136			136
Transfers out of Level 3		—			(99	)		(99	)
Total realized and unrealized gains and losses included in net income		—			(35	)		(35	)
Purchases		—			—			—
Sales		—			—			—
Settlements		(313	)		—			(313	)

Ending balance	$	1,435		$	1,431		$	2,866

Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date	$	—		$	(35	)	$	(35	)


	Year ended June 30, 2025
	Obligations of State and Political Subdivisions		Mortgage Servicing Rights			Total
Beginning balance	$	2,057	$	1,491		$	3,548
Transfers into Level 3		—		130			130
Transfers out of Level 3		—		(122	)		(122	)
Total realized and unrealized gains and losses included in net income		—		(70	)		(70	)

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Purchases		—			—			—
Sales		—			—			—
Settlements		(309	)		—			(309	)

Ending balance	$	1,748		$	1,429		$	3,177

Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date	$	—		$	(70	)	$	(70	)

Realized and unrealized gains and losses for items reflected in the table above are included in net income in the consolidated statements of income as noninterest income.

Nonrecurring Measurements

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


			Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2025:
Individually evaluated collateral-dependent loans	$	600	$	—	$	—	$	600

Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheets, 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

Collateral-dependent Loans, Net of the Allowance for Credit Losses on Loans

The estimated fair value of individually evaluated collateral-dependent loans is based on the appraised fair value of the collateral, less estimated cost to sell. Individually evaluated collateral-dependent loans are classified within Level 3 of the fair value hierarchy.

The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the senior lending officer. Appraisals are reviewed for accuracy and consistency by the senior lending officer. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the senior lending officer by comparison to historical results.

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Unobservable

(Level 3) Inputs

The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at December 31, 2025 and June 30, 2025.


	Fair Value at December 31, 2025		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Mortgage servicing rights	$	1,431	Discounted cash flow	Discount rate	9.0% (9.0%)
				Constant prepayment rate	5.1% - 12.0% (10.9%)
				Probability of default	0.07% - 0.12% (0.11%)
State and political subdivision		1,435	Discounted cash flow	Maturity/Call Date	1 month – 6 years
				Weighted average coupon	2.97% - 3.08% (3.04%)
				Marketability yield adjustment	1.0% - 2.0% (1.6%)
Individually evaluated collateral-dependent loans		600	Market comparable properties	Marketability discount	20.0% (20.0%)

	Fair Value at June 30, 2025		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Mortgage servicing rights	$	1,429	Discounted cash flow	Discount rate	9.5% (9.5%)
				Constant prepayment rate	4.9% - 9.8% (9.2%)
				Probability of default	0.07% - 0.12% (0.12%)
State and political subdivision		1,748	Discounted cash flow	Maturity/Call Date	1 month – 6 years
				Weighted average coupon	2.97% - 3.08% (3.04%)
				Marketability yield adjustment	1.0% - 2.0% (1.6%)

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Fair Value of

Financial

Instruments

The following tables present estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2025 and June 30, 2025.


	Carrying Amount		Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2025:
Financial assets
Cash and cash equivalents	$	8,791	$	8,791	$	—	$	—
Interest-bearing time deposits in banks		250		250		—		—
Loans, net of allowance for credit losses		592,281		—		—		570,989
Federal Home Loan Bank stock		4,721		—		4,721		—
Accrued interest receivable		3,733		—		3,733		—
Financial liabilities
Deposits		649,561		—		341,053		308,447
Repurchase agreements		16,985		—		16,985		—
Federal Home Loan Bank advances		66,624		—		65,645		—
Advances from borrowers for taxes and insurance		962		—		962		—
Accrued interest payable		2,073		—		2,073		—
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		—		—		—		—

	Carrying Amount		Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2025:
Financial assets
Cash and cash equivalents	$	20,092	$	20,092

Large accelerated filer

Accelerated filer

Non-accelerated
filer

Smaller reporting company

Emerging growth company

IF Bancorp, Inc. 10-Q