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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


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

For the fiscal year ended March 31, 2026


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

Commission File Number: 001-41844

Central Plains Bancshares, Inc.

(Exact Name of Registrant as Specified in its Charter)


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

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

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

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Stock, par value $0.01 share

     CPBI

     NASDAQ Capital Market

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

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

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

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

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

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


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

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

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

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

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

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

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

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

DOCUMENTS INCORPORATED BY REFERENCE

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

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

Table of Contents


		Page
PART I
Item 1.	Business	1
Item 1A.	Risk Factors	23
Item 1B.	Unresolved Staff Comments	32
Item 1C.	Cybersecurity	33
Item 2.	Properties	35
Item 3.	Legal Proceedings	35
Item 4.	Mine Safety Disclosures	35

PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	36
Item 6.	[Reserved]	36
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 8.	Financial Statements and Supplementary Data	47
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	47
Item 9A.	Controls and Procedures	47
Item 9B.	Other Information	47
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	47

PART III
Item 10.	Directors, Executive Officers and Corporate Governance	48
Item 11.	Executive Compensation	48
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	48
Item 13.	Certain Relationships and Related Transactions, and Director Independence	48
Item 14.	Principal Accounting Fees and Services	48

PART IV
Item 15.	Exhibits, Financial Statement Schedules	49
Item 16.	Form 10-K Summary	49

	Index to Consolidated Financial Statements	50
Item 17.	Consolidated Financial Statements	52

	Signatures	86

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FORWARD-LOOKING STATEMENTS

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

•

statements of our goals, intentions and expectations;

•

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

•

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

•

estimates of our risks and future costs and benefits.

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Except as may be required by law, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

•

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

•

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

•

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

•

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

•

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

•

our ability to implement and change our business strategies;

•

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

•

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

•

adverse changes in the securities markets;

•

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

•

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

•

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

•

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

•

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

•

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

•

our ability to manage market risk, credit risk and operational risk;

•

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

•

our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames, and any goodwill charges related thereto;

•

changes in consumer spending, borrowing and savings habits;

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•

changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;

•

changes in accounting and/or tax estimates;

•

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

•

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

•

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

•

our ability to attract and retain key employees; and

•

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

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

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PART I

Item 1. Business.

Central Plains Bancshares, Inc.

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

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

Home Federal Savings

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

Available Information

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

General

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

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

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

Market Area

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

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

Competition

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

Lending Activities

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

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

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

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


	At March 31,
	2026						2025
	Amount			Percent			Amount			Percent
	(Dollars in thousands)
Real Estate - Construction	$	28,633			6.39	%	$	15,069			3.75	%
Real Estate - Commercial		129,235			28.82			120,184			29.88
Real Estate - Residential		162,041			36.14			161,144			40.06
Commercial Non-Real Estate		48,378			10.79			32,007			7.96
Agricultural		54,655			12.19			42,835			10.65
Other Consumer		10,158			2.26			14,649			3.64
Land Development and Sanitary & Improvement Districts (SIDs)		15,306			3.41			16,327			4.06
Total loans		448,406			100.00	%		402,215			100.00	%
Net deferred loan costs		(60	)					(18	)
Allowance for credit losses		(5,809	)					(5,441	)
Total loans, net	$	442,537					$	396,756

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

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	At March 31, 2026
	Real Estate-Construction		Real Estate-Commercial		Real Estate-Residential		Commercial Non-Real Estate		Agricultural		Other Consumer		Land Development and SIDS		Total
	(Dollars in thousands)
Amounts due in:
One year or less	$	11,892	$	11,267	$	8,995	$	16,621	$	16,546	$	3,587	$	1,422	$	70,330
More than one year through five years		5,104		33,311		21,747		14,726		6,624		3,440		10,641		95,593
More than five years through fifteen years		6,525		47,004		39,890		17,031		14,969		3,131		2,319		130,869
More than fifteen years		5,112		37,653		91,409		—		16,516		—		924		151,614
Total	$	28,633	$	129,235	$	162,041	$	48,378	$	54,655	$	10,158	$	15,306	$	448,406

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


			Floating or		Total at
	Fixed		Adjustable		March 31,
	Rate		Rate		2026
	(Dollars in thousands)
Real Estate - Construction	$	10,054	$	6,687	$	16,741
Real Estate - Commercial		44,431		73,537		117,968
Real Estate - Residential		83,812		69,234		153,046
Commercial Non-Real Estate		20,126		11,631		31,757
Agricultural		8,972		29,137		38,109
Other Consumer		6,437		134		6,571
Land Development and SIDs		10,640		3,244		13,884
Total	$	184,472	$	193,604	$	378,076

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Loan Underwriting Risks

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

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

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

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

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

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

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

Loan Originations, Purchases and Sales

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

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

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

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Loan Approval Procedures and Authority

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

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

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

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

Delinquencies, Classified Assets and Non-performing Assets

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

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

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

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


	At March 31,
	2026						2025
	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due
	(Dollars in thousands)
Real Estate - Construction	$	—	$	—	$	—	$	—	$	—	$	—
Real Estate - Commercial		—		—		—		—		—		—
Real Estate - Residential		623		26		96		486		—		87
Commercial Non-Real Estate		235		—		—		—		9		—
Agricultural		1,356		—		—		79		—		—
Other Consumer		125		152		138		112		345		112
Land Development and SIDs		—		—		—		—		—		—
Total	$	2,339	$	178	$	234	$	677	$	354	$	199

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


	At March 31,
	2026			2025
	(Dollars in thousands)
Non-accrual loans:
Real Estate - Construction	$	—		$	—
Real Estate - Commercial		—			359
Real Estate - Residential		9			150
Commercial Non-Real Estate		—			—
Agricultural		1,632			—
Other Consumer		—			13
Land Development and SIDs		—			807
Total non-accruing loans		1,641			1,329
Accruing loans past due 90 days or more:
Real Estate-Construction		—			—
Real Estate-Commercial		—			—
Real Estate-Residential		96			3
Commercial Non-Real Estate		—			—
Agricultural		—			—
Other Consumer		138			99
Land Development and SIDs		—			—
Total accruing loans past due 90 days or more:		234			102
Total non-performing loans		1,875			1,431
Other real estate owned		74			—
Total non-performing assets	$	1,949		$	1,431
Total loans outstanding		448,406			402,215
Total assets outstanding		558,647			508,702
Total non-accruing loans as a percentage of total loans outstanding		0.37	%		0.33	%
Total non-performing loans as a percentage of total loans outstanding		0.42	%		0.36	%
Total non-performing loans as a percentage of total assets		0.34	%		0.28	%
Total non-performing assets as a percentage of total assets		0.35	%		0.28	%

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Classified Assets. Federal regulations provide that loans and other assets of lesser quality should be classified as “substandard,” “doubtful” or “loss.” An asset is considered “substandard” if it is inadequately protected by the current paying capacity or net worth of the obligor or of the collateral pledged. “Substandard” assets are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or other defined weaknesses that may preclude repayment from original sources. Repayment may depend upon collateral or other credit risk mitigants. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard,” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific allowance for credit losses is not warranted. Assets that do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are designated as “special mention.”

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

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

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


	At March 31,
	2026		2025
	(Dollars in thousands)
Substandard loans	$	6,406	$	4,623
Doubtful loans		—		5
Loss loans		—		—
Total classified loans	$	6,406	$	4,628
Special mention loans	$	—	$	—

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

Allowance for Credit Losses

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

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

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

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

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

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

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

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

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

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

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


	For the Year Ended March 31,
	2026			2025
	(Dollars in thousands)
Total loans outstanding at end of period	$	448,406		$	402,215
Total non-accrual loans at end of period		1,641			1,329
Total non-performing loans at end of period		1,875			1,431
Total average loans outstanding		418,754			391,330
Allowance for credit losses, beginning of period		5,441			5,860
Provision for credit losses		306			200
Charge-offs:
Real Estate - Construction		—			—
Real Estate - Commercial		—			—
Real Estate - Residential		1			—
Commercial Non-Real Estate		—			13
Agricultural		—			—
Other Consumer		17			4
Land Development and SIDs		—			605
Total charge-offs	$	18		$	622
Recoveries on loans previously charged-off:
Real Estate - Construction		—			—
Real Estate - Commercial		—			—
Real Estate - Residential		—			—
Commercial Non-Real Estate		—			—
Agricultural		—			—
Other Consumer		(3	)		(3	)
Land Development and SIDs		(77	)		—
Total recoveries	$	(80	)	$	(3	)
Net (recoveries) charge-offs	$	(62	)	$	619
Allowance for credit losses, end of period	$	5,809		$	5,441
Allowance for credit losses as a percent of non-performing loans		309.81	%		380.22	%
Allowance for credit losses as a percent of total loans outstanding		1.30	%		1.35	%
Allowance for credit losses as a percent of total non-accrual loans		353.99	%		409.41	%
Net (recoveries) charge-offs during the period to average loans outstanding during the period		(0.01	%)		0.16	%

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


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

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


	At March 31,
	2026								2025
	Amount of Allowance		Percent of Allowance to Total Allowance			Percent of Loans in Category to Total Loans			Amount of Allowance		Percent of Allowance to Total Allowance			Percent of Loans in Category to Total Loans
	(Dollars in thousands)
Real Estate - Construction	$	356		6.13	%		6.39	%	$	246		4.52	%		3.75	%
Real Estate - Commercial		1,787		30.75			28.82			1,572		28.88			29.88
Real Estate - Residential		1,784		30.71			36.14			1,926		35.40			40.06
Commercial Non-Real Estate		991		17.06			10.79			667		12.26			7.96
Agricultural		558		9.61			12.19			476		8.75			10.65
Other Consumer		135		2.32			2.26			262		4.82			3.64
Land Development and SIDs		198		3.41			3.41			292		5.37			4.06
Total	$	5,809		100.00	%		100.00	%	$	5,441		100.00	%		100.00	%

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

Investment Activities

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

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

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

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


	At March 31,
	2026				2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	24,376	$	23,214	$	23,085	$	21,466
GNMA bonds		6,948		6,973		5,035		5,067
FNMA bonds		26,010		24,827		27,237		25,590
Municipal bonds		8,623		7,520		8,622		7,246
Total securities available-for-sale	$	65,957	$	62,534	$	63,979	$	59,369

Securities held-to-maturity
FHLMC bonds	$	54	$	55	$	64	$	66
GNMA bonds		33		33		46		46
FNMA bonds		88		90		112		114
Total securities held-to-maturity	$	175	$	178	$	222	$	226

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


	One Year or Less					After One through Five Years					After Five through Ten Years					Over Ten Years					Total
	Amortized Cost		Weighted Average Yield			Amortized Cost		Weighted Average Yield			Amortized Cost		Weighted Average Yield			Amortized Cost		Weighted Average Yield			Amortized Cost		Fair Value		Weighted Average Yield
Investment securities:
Municipal bonds	$	1,064		1.79	%	$	2,382		1.70	%	$	2,842		2.05	%	$	2,335		2.30	%	$	8,623	$	7,520		1.99	%
Mortgage-backed securities:
U.S. Government agency and government-sponsored enterprise		33		3.08			875		2.91			4,220		3.87			52,381		3.83			57,509		55,192		3.82
Total	$	1,097		1.83	%	$	3,257		2.02	%	$	7,062		3.14	%	$	54,716		3.65	%	$	66,132	$	62,712		3.57	%

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

Sources of Funds

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

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

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

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

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


	At March 31, 2026								At March 31, 2025
	Amount		Percent			Average Rate			Amount		Percent			Average Rate
	(Dollars in thousands)
Non-interest bearing demand	$	64,505		14.01	%		—	%	$	64,497		15.50	%		—	%
Savings accounts		49,768		10.81			0.53			45,476		10.93			0.45
Money market accounts		38,985		8.47			2.26			30,718		7.38			2.29
NOW accounts		144,047		31.29			1.69			152,782		36.70			1.67
Certificates of deposit		143,516		31.18			4.26			104,129		25.02			4.47
Individual retirement accounts		19,535		4.24			3.42			18,599		4.47			3.56
Total	$	460,356		100.00	%		2.55	%	$	416,201		100.00	%		2.56	%

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

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

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


	At March 31, 2026
	(Dollars in thousands)
Maturity Period:
Three months or less	$	3,151
Over three through six months		2,553
Over six through twelve months		1,639
Over twelve months		723
Total	$	8,066

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

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

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

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Subsidiary Activities

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

Employees

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

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

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

FEDERAL AND STATE TAXATION

Federal Taxation

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

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

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

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

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

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

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

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State Taxation

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

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

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

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

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

SUPERVISION AND REGULATION

General

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

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

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

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

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

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

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Federal Banking Regulation

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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the savings association would be undercapitalized following the distribution;

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the proposed capital distribution raises safety and soundness concerns; or

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Other Regulations

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

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

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

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

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

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

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

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

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

Federal Home Loan Bank System

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

Holding Company Regulation

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

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

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

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

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

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

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

Federal Securities Laws

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

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

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Sarbanes-Oxley Act

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

Change in Control Regulations

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

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

Item 1A. Risk Factors.

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

Risks Related to Market Interest Rates

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

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

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

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

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

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

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Risks Related to Our Lending Activities

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Risks Related to Laws and Regulations

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Risks Related to Economic Conditions

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

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

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

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

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

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

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

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

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

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

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

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reduced demand for loans and other financial products;

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increased loan delinquencies, nonperforming assets, and foreclosures;

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

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deterioration in the financial condition of guarantors, impairing their ability to fulfill their obligations.

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

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

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

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

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

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

Risks Related to our Business Strategy

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

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

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

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

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

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

Risks Related to Competitive Matters

Strong competition may limit our growth and profitability.

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

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

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

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

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

Risks Related to Operational Matters

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

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

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

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

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

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

The loss of key personnel could adversely affect our business.

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

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

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

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

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

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

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

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

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

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

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

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Reputational & Ethical Risk: Misuse of AI, biased outcomes, or privacy violations can harm a financial institution’s brand, erode customer confidence, and attract negative public attention, potentially affecting demand for services.

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

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

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

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

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

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

Risks Related to Acquisitions

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

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

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potential dilution of tangible book value and earnings per share;

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exposure to unknown or contingent liabilities;

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asset quality deterioration in acquired portfolios;

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goodwill impairment and earnings volatility;

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integration challenges and associated costs;

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failure to achieve anticipated synergies or cost savings;

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diversion of management attention; and

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the loss of key employees or customers.

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

Risks Related to Accounting Matters

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

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

Changes in accounting standards could impact reported results.

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

Other Risks Related to Our Business

Our reputation is critical to our success.

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

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

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

Government shutdowns, natural disasters, and other external events could adversely affect our operations.

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

Anti-takeover provisions may limit changes in control.

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

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

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

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

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

Item 1B. Unresolved Staff Comments.

Not applicable.

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Item 1C. Cybersecurity.

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

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

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

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

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

Risk Assessment

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

Response to Security Vulnerabilities

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

•

Eliminating unwarranted risks by applying vendor-provided software fixes, commonly called patches.

•

Ensuring that changes to security configurations are documented, approved, and tested when possible.

•

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

•

Updating vulnerability scanning and intrusion detection tools to identify known vulnerabilities and related unauthorized activities.

•

Conducting subsequent penetration testing and vulnerability assessments, as warranted.

•

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

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Internal Controls, Audit, and Testing

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

Service Providers

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

Employees and Training

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

Board Reporting

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

Program Adjustments

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

Incident Response Plan

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

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Item 2. Properties.

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

Item 3. Legal Proceedings.

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

Item 4. Mine Safety Disclosures.

Not Applicable.

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PART II

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

Market, Holder and Dividend Information.

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

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

Sales of Unregistered Securities.

Not applicable.

Issuer Purchases of Equity Securities.

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

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

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


Period	Total Number of Shares Purchased (1)		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs

January 1 - January 31, 2026		—	$	—		—		136,374
February 1 - February 28, 2026		2,540		17.74		2,540		133,834
March 1 - March 31, 2026		5,156		17.47		5,156		128,678
Total		7,696	$	17.57		7,696

Item 6. [Reserved]

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This discussion and analysis reflects our consolidated financial statements and other relevant statistical data and is intended to enhance your understanding of our financial condition as of March 31, 2026, and our results of operations for years ended March 31, 2026 and 2025. The information in this section has been derived from the consolidated financial statements that appear elsewhere in this annual report. You should read the information in this section in conjunction with the business and financial information regarding Central Plains Bancshares provided in this document.

Overview

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

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

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

Critical Accounting Policies

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

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

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

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

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

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

•

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

•

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

•

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

•

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

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

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

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

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

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

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

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

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

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

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

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

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


	At March 31,
	2026		2025
	(Dollars in thousands)
Selected Consolidated Financial Condition Data:
Total assets	$	558,647	$	508,702
Cash and cash equivalents		29,929		28,682
Investment securities held-to-maturity		175		222
Investment securities available-for-sale		62,534		59,369
Loans, net of allowance for credit losses		442,537		396,756
Total liabilities		469,657		425,370
Deposits		460,356		416,201
Total equity	$	88,990	$	83,332

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

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

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

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

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

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

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

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

Average Balance Sheets and Related Yields and Rates

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

      
     Year Ended March 31,

      
     Average
Outstanding
Balance

     Interest

     Average
Yield/Rate

     Average
Outstanding
Balance

Central Plains Bancshares, Inc. 10-K