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, ~~2025~~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~~Yes ☐ NONo ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. ~~YES~~Yes ☐ NONo ☒

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~~Yes ☒ NONo ☐

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~~Yes ☒ NONo ☐

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, ~~2024~~2025 was $4457.0 million.

As of June 2618, ~~2025~~2026, there were 4,~~224~~182,~~078~~777 shares outstanding of the registrant’s common stock.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement for the ~~2025~~2026 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K.

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

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		Page
PART I
Item 1.	Business	1
Item 1A.	Risk Factors	23
Item 1B.	Unresolved Staff Comments	3432
Item 1C.	Cybersecurity	3433
Item 2.	Properties	35
Item 3.	Legal Proceedings	3635
Item 4.	Mine Safety Disclosures	3635
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	3736
Item 6.	[Reserved]	3736
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3837
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	4847
Item 8.	Financial Statements and Supplementary Data	4847
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	4847
Item 9A.	Controls and Procedures	4847
Item 9B.	Other Information	4847
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	4847
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	4948
Item 11.	Executive Compensation	4948
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	4948
Item 13.	Certain Relationships and Related Transactions, and Director Independence	4948
Item 14.	Principal Accounting Fees and Services	4948
PART IV
Item 15.	Exhibits, Financial Statement Schedules	5049
Item 16.	Form 10-K Summary	5049
	Index to Consolidated Financial Statements	5150
Item 17.	Consolidated Financial Statements	5352
	Signatures	8786

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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;

•

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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.”

iii

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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, ~~2025~~2026, we had consolidated assets of $~~508~~558.76 million, consolidated deposits of $~~416~~460.24 million and consolidated stockholders’ equity of $8389.30 million.

Our principal executive offices are located at ~~principal office is located at~~ 221 South Locust Street, Grand Island, Nebraska 68801, ~~and~~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, ~~2024~~2025 (the most recent date for which FDIC data is publicly available), we were ranked third among the 1718 FDIC-insured financial institutions with offices in Hall County, Nebraska, with a deposit market share of 1110.1265%.

Lending Activities

~~Our~~Historically, ~~primary~~our principal lending activity iswas 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 ~~also~~have ~~originate~~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 increased our focus on originating higher yielding commercial real estate loans. We offer both adjustable-rate and fixed-rate residential mortgage loans. However, historically a significant majority of the residential real estate loans that we have originated are long-term, fixed-rate loans that generally conform to secondary market guidelines.

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,
	2025						2024
	2026						2025
	Amount			Percent			Amount			Percent
	(Dollars in thousands)
Real Estate - Construction	$	1528,~~069~~633			36.7539	%	$	1615,~~011~~069			43.2175	%
Real Estate - Commercial		~~120~~129,~~184~~235			2928.8882			~~123~~120,~~313~~184			3229.4388
Real Estate - Residential		~~161~~162,~~144~~041			4036.0614			~~149~~161,~~854~~144			3940.4106
Commercial Non-Real Estate		3248,~~007~~378			710.9679			3532,~~047~~007			97.2296
Agricultural		4254,~~835~~655			1012.6519			1942,~~694~~835			510.1865
Other Consumer		1410,~~649~~158			32.6426			1914,~~985~~649			53.2664
Land Development and Sanitary & Improvement Districts (SIDs)		1615,~~327~~306			43.0641			16,~~341~~327			4.2906
Total loans		~~402~~448,~~215~~406			100.00	%		~~380~~402,~~245~~215			100.00	%
Net deferred loan costs		(1860	)					4(18	)
Allowance for credit losses		(5,~~441~~809	)					(5,~~860~~441	)
Total loans, net	$	~~396~~442,~~756~~537					$	~~374~~396,~~389~~756

Contractual Terms to Final Maturities. The following table sets forth the contractual maturities of our total loan portfolio at March 31, ~~2025~~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.

	At March 31, 2025
	Real Estate-Construction		Real Estate-Commercial		Real Estate-Residential		CommercialNon-RealEstate		Agricultural		OtherConsumer		LandDevelopmentand SIDS		Total
	(Dollars in thousands)
Amounts due in:
One year or less	$	6,507	$	8,272	$	5,671	$	6,646	$	17,021	$	5,878	$	3,277	$	53,272
More than one year through five years		4,769		30,277		23,988		12,135		3,853		4,331		10,394		89,747
More than five years through fifteen years		98		45,309		32,024		13,226		7,792		4,440		1,785		104,674
More than fifteen years		3,695		36,326		99,461		—		14,169				871		154,522
Total	$	15,069	$	120,184	$	161,144	$	32,007	$	42,835	$	14,649	$	16,327	$	402,215

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The following table sets forth our fixed-rate and adjustable-rate loans at March 31, 2025 that are contractually due after March 31, 2026.


	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

			Floating or		Total at
	Fixed		Adjustable		March 31,
	Rate		Rate		2025
	(Dollars in thousands)
Real Estate - Construction	$	4,769	$	3,793	$	8,562
Real Estate - Commercial		42,880		69,032		111,912
Real Estate - Residential		89,417		66,056		155,473
Commercial Non-Real Estate		14,945		10,416		25,361
Agricultural		6,335		19,479		25,814
Other Consumer		8,771		—		8,771
Land Development and SIDs		10,437		2,613		13,050
Total	$	177,554	$	171,389	$	348,943

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

Real Estate - Residential. At March 31, 2025, we had $161.1 million of loans secured by one- to four-family residential real estate and multi-family real estate loans, representing 40.06% 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.


			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, ~~2025~~2026, we had $4142.49 million in multi-family residential real estate loans, representing 109.2969% 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, ~~2025~~2026, our largest multi-family loan had a balance of $5.65 million and was secured by an apartment complex located in our primary market area. At March 31, ~~2025~~2026, this loan was performing in accordance with its contractual terms.

Real Estate - Commercial Loans. At March 31, ~~2025~~2026, we had $~~120~~129.2 million in commercial real estate loans, or 2928.8882% of total loans. Our commercial real estate loans are secured by owner-occupied and non-owner occupied properties, including medical practices, insurance offices, warehouses, single- and multi-tenant retail and hotels. Our commercial residential real estate loans are secured by properties located within our primary market area, or we generally participate with a Nebraska-based bank for loans outside of our primary market area. Generally, our commercial real estate loans have terms and amortization periods up to 20 years with options for balloon payments and interest rate adjustments to occur every five years. The interest rate is fixed for the initial term (five years or less) and then adjusts again at the end of the next period matching the initial term or as negotiated at the end of the first term. Commercial

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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, ~~2025~~2026, our largest commercial real estate loan had an outstanding balance of $7.76 million and was secured by a single retail grocery chain property located in our primary market area. At March 31, ~~2025~~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, ~~2025~~2026, commercial non-real estate loans were $3248.04 million, or 710.9679% 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, ~~2025~~2026, our largest commercial non-real estate loan totaled $15.67 million and was secured by ~~media~~an ~~company~~assignment ~~licenses~~of cash flows from multiple apartment complex properties owned and ~~related~~operated ~~assets~~by ina ~~our~~large ~~primary~~multi-state ~~market~~real ~~area~~estate investment and management group. At March 31, ~~2025~~2026, this loan was performing according to its original terms.

Real Estate - Construction Loans. At March 31, ~~2025~~2026, we had $1528.16 million in real estate construction loans, including properties for one- to four-family residences of $6.36 million and commercial construction properties of $822.800 million, representing 36.7539% 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, ~~2025~~2026, our largest real estate construction loan totaled $25.85 million and was secured by property located in our primary market area. At March 31, ~~2025~~2026, this loan was performing according to its original terms.

Agricultural Loans. At March 31, ~~2025~~2026, we had $4254.87 million in agricultural loans, or 1012.6519% 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.

At March 31, 2025, our largest agricultural loan totaled $5.9 million and was secured by property located in our primary market area. At March 31, 2025, 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

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~~debt~~At ~~service).~~March ~~Generally~~31, we2026, ~~require~~our ~~that~~largest ~~the~~agricultural ~~debt~~loan ~~service~~totaled ~~coverage ratio be at least 1~~$6.~~20x. The~~0 ~~significant~~million ~~majority~~and ofwas ~~our~~secured ~~agricultural loans are appraised~~ by ~~outside~~property ~~independent~~located ~~appraisers~~in ~~approved~~our byprimary ~~the~~market ~~board of directors~~area. ~~Personal~~At ~~guarantees~~March ~~are~~31, ~~generally~~2026, ~~obtained~~this ~~from~~loan ~~the~~was ~~principals~~performing ofaccording ~~agricultural~~to ~~real~~its ~~estate~~original ~~borrowers~~terms.

~~Other~~We ~~Consumer~~consider ~~Loans.~~a number of factors in originating agricultural loans. We ~~offer~~evaluate athe ~~limited~~qualifications ~~range~~and financial condition of ~~consumer~~the ~~loans~~borrower, including credit history, profitability and expertise, ~~except~~as well as ~~described~~the ~~below~~value and condition of the property securing the loan. When evaluating the qualifications of the borrower, ~~principally~~we toconsider ~~customers~~the ~~residing~~financial inresources ~~our~~of ~~primary~~the ~~market~~borrower, ~~area~~the ~~with~~borrower’s ~~other~~experience ~~relationships~~in agriculture and the borrower’s payment history with us and ~~with~~other ~~acceptable~~financial ~~credit ratings~~institutions. In Atevaluating ~~March~~the ~~31,~~property ~~2025~~securing the loan, ~~other~~the ~~consumer~~factors ~~loans~~we ~~were~~consider ~~$14.6~~include ~~million,~~the ornet ~~3.64%~~operating income of ~~total~~the ~~loans. Our~~mortgaged ~~consumer~~property ~~loans~~before ~~generally~~debt ~~consist~~service and depreciation, the ratio of ~~dental~~the ~~implant~~loan ~~loans~~amount ~~(described~~to ~~below),~~the ~~automobile~~appraised ~~loans,~~value ~~energy~~of ~~loans,~~the ~~student~~mortgaged ~~loans~~property, ~~recreation~~and ~~vehicles,~~the ~~boat~~debt ~~loans~~service ~~and~~coverage ~~unsecured~~ratio ~~preferred~~(the ~~lines~~ratio of ~~credit~~net ~~for~~operating ~~customers~~income ~~with~~to ~~qualified~~debt ~~relationships~~service). AnGenerally, ~~energy~~we ~~loan~~require isthat athe ~~home~~debt ~~equity~~service ~~loan~~coverage ~~originated~~ratio ~~through~~be aat ~~partnership~~least ~~with~~1.20x. The ~~the~~significant ~~Nebraska~~majority ~~Energy~~of ~~Office,~~our ~~which~~agricultural ~~provides~~loans aare ~~preferred~~appraised ~~interest~~by ~~rate~~outside ~~for~~independent ~~eligible~~appraisers ~~home~~approved ~~improvement~~by ~~projects~~the ~~designed~~board toof ~~reduce~~directors. Personal ~~energy~~guarantees ~~costs~~are generally obtained from the principals of agricultural real estate borrowers.

~~Included~~Other inConsumer ~~the~~Loans. ~~consumer~~We ~~loan~~offer ~~portfolio~~a ~~are~~limited ~~unsecured~~range ~~loans~~of toconsumer ~~individuals~~loans, ~~for~~and, ~~dental~~except ~~implants. Home~~as ~~Federal~~described ~~Savings~~below, ~~participates~~principally ~~with~~to acustomers ~~Nebraska-based~~residing ~~financial~~in ~~institution~~our toprimary ~~provide~~market aarea ~~funding~~with ~~line~~other torelationships awith ~~specialty~~us ~~finance~~and ~~company~~with ~~that~~acceptable ~~has~~credit aratings. ~~nationwide~~At ~~network~~March of31, ~~dentists~~2026, ~~whose~~other ~~patients~~consumer ~~can~~loans ~~apply~~were ~~directly~~$10.2 ~~for~~million, ~~and~~or ~~obtain~~2.26% ~~individual~~of total loans. Our ~~portion~~consumer ~~of the~~ loans togenerally ~~individuals~~consist ~~totaled~~of ~~$9.1~~dental ~~million~~implant atloans ~~March~~(described 31below), ~~2025~~automobile loans, ~~and~~energy ~~the~~loans, ~~average~~student ~~underlying~~loans, ~~loan~~recreation ~~size was $17~~vehicles,~~000. A~~ ~~reserve~~boat ofloans ~~between 7.5%~~ and ~~11%~~unsecured ofpreferred ~~the~~lines ~~outstanding balance~~ of ~~the~~credit ~~funding~~for ~~line~~customers iswith ~~maintained~~qualified byrelationships. ~~the~~An ~~specialty~~energy ~~finance~~loan ~~company~~is ata ~~the~~home ~~lead~~equity ~~financial institution, who also services the loans. Any~~ loan ~~that~~originated ~~may~~through ~~become~~a ~~over~~partnership ~~120~~with ~~days~~the ~~past~~Nebraska ~~due~~Energy isOffice, ~~automatically~~which ~~paid~~provides ~~off~~a ~~from~~preferred ~~the~~interest ~~reserve,~~rate ~~which~~for iseligible ~~replenished~~home ~~monthly~~improvement ~~back~~projects designed to ~~covenant~~reduce ~~levels~~energy costs.

~~Land~~Included ~~Development~~in ~~and~~the ~~SIDs~~consumer ~~Loans.~~loan Atportfolio ~~March~~are ~~31,~~unsecured ~~2025,~~loans ~~land~~to ~~development~~individuals ~~and~~for ~~SIDs~~dental ~~loans~~implants. Home ~~were~~Federal ~~$16.3~~Savings ~~million,~~participates orwith ~~4.06%~~a ofNebraska-based ~~total~~financial ~~loans. Our~~institution ~~land~~to ~~development~~provide ~~loans~~a ~~complement~~funding ~~our~~line ~~construction~~to ~~lending~~a ~~activities,~~specialty asfinance ~~such~~company ~~loans~~that ~~are~~has ~~generally~~a ~~secured~~nationwide bynetwork ~~lots~~of ~~that~~dentists ~~will~~whose bepatients ~~used~~can apply directly for ~~residential~~and orobtain ~~commercial~~individual ~~development~~loans. AtOur portion of the loans to individuals totaled $5.6 million at March 31, ~~2025~~2026, ~~our~~and ~~land~~the ~~development~~average ~~loans~~underlying ~~totaled~~loan size was $817,000.7 A ~~million,~~reserve orof 2between 7.175% and 11% of ~~total~~the ~~loans. Our~~outstanding ~~largest~~balance ~~land~~of ~~development~~the ~~loan~~funding ~~totaled~~line ~~$1.5~~is ~~million~~maintained ~~and~~by ~~was~~the ~~secured~~specialty byfinance ~~property~~company ~~located~~at inthe ~~our~~lead ~~primary~~financial ~~market~~institution, ~~area~~who also services the loans. AtAny ~~March~~loan ~~31,~~that ~~2025~~may become over 120 days past due is automatically paid off from the reserve, ~~this~~which ~~loan~~is ~~was~~replenished ~~performing~~monthly ~~according~~back to ~~its~~covenant ~~original terms~~levels.

~~Our~~Land ~~SID~~Development ~~loans~~and ~~complement~~SIDs Loans. At March 31, 2026, land development ~~activities~~ and ~~provide~~SIDs ~~funding~~loans ~~for~~were ~~certain~~$15.3 ~~infrastructure~~million, ~~improvements~~or 3.41% of total loans. Our ~~SID~~land development loans ~~are~~complement ~~secured~~our byconstruction ~~bonds~~lending ~~and~~activities, ~~warrants~~as ~~issued~~such ~~within~~loans ~~the~~are ~~project~~generally ~~district. The~~secured ~~warrants~~by ~~are~~lots ~~also~~that ~~the~~will ~~primary~~be ~~source~~used offor ~~repayment~~residential or commercial development. At March 31, ~~2025~~2026, our ~~SIDs~~land development loans totaled $7.9.3 million, or 12.8910% of total loans. Our largest ~~SID~~land development loan totaled $31.05 million and was secured by ~~bonds~~property ~~and~~located ~~warrants~~in our primary market area. At March 31, ~~2025~~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.

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.

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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, ~~2025~~2026, the outstanding balances of our loan participations where we were not the lead lender totaled $73.58 million, or 1816.2768% of our loan portfolio, of which $3538.8 million, or 4852.6657%, 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, ~~2025~~2026, we had participated out portions of loans with an aggregate principal balance of $5872.82 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, ~~2025~~2026 and ~~2024~~2025 of $1425.98 million and $1114.89 million, respectively.

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.

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ByLoan ~~law,~~Approval ~~the~~Procedures ~~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, 2025, our loan to one borrower limitation was $10.9 million based on 15% of our unimpaired capital and surplus, $21.8 million for residential development loans with regulatory approval and $36.5 million for a group of related borrowers where each separate borrower is financially independent. At March 31, 2025, our largest single loan to one borrower had an outstanding balance of $7.7 million and was secured by a grocery store property located in our primary market area. At March 31, 2025, this loan was performing according to its original terms. At March 31, 2025, our largest credit relationship was a group of loans to related borrowers with total exposure of $18.0 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.Authority

~~Individual~~Our ~~officers,~~lending ~~and~~is ~~officers~~subject ~~acting~~to ~~with others~~written, ~~may~~non-discriminatory ~~approve~~underwriting ~~loans~~standards upand toorigination ~~specified limits~~procedures. Decisions Weon ~~have~~loan aapplications ~~Residential~~are ~~Loan~~made ~~Committee,~~on ~~consisting~~the basis of ~~our~~detailed ~~Chairman~~applications ofsubmitted by the ~~Board,~~prospective ~~President~~borrower and ~~Chief~~property ~~Executive~~valuations. Our ~~Officer,~~policies ~~Executive~~require ~~Vice~~that ~~President~~for ~~and~~all ~~Chief~~one- ~~Lending~~to ~~Officer~~four-family ~~and~~residential orreal ~~Mortgage~~estate ~~Manager,~~loans ~~and~~that ~~Senior~~we ~~Loan~~originate ~~Committee,~~in ~~consisting~~amounts in excess of ~~our~~$400,000, ~~Chairman~~property ofvaluations ~~the~~must ~~Board,~~be ~~President~~performed ~~and~~by ~~Chief~~outside ~~Executive~~independent ~~Officer,~~state-licensed ~~Executive~~appraisers ~~Vice~~approved ~~President~~by ~~and~~our ~~Chief~~board ~~Lending~~of ~~Officer,~~directors ~~Executive~~or ~~Vice~~as ~~President~~required ~~and~~by ~~Chief~~Freddie ~~Sales~~Mac ~~Officer~~guidelines. The ~~and~~loan ~~other~~applications ~~members~~are ofdesigned ~~management~~primarily ~~and~~to ~~various~~determine ~~lending~~the ~~staff. The~~borrower’s ~~Residential~~ability ~~Loan~~to ~~Committee~~repay ~~may~~the ~~approve~~requested ~~one-~~loan, toand ~~four-family~~the ~~residential~~more ~~real~~significant ~~estate~~items ~~loans~~on upthe toapplication ~~$1.0~~are ~~million,~~verified ~~and~~through ~~Senior~~use ~~Loan~~of ~~Committee~~credit ~~may~~reports, ~~approve~~financial ~~all~~statements ~~other~~and ~~loans~~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. ~~At March 31, 2025, we had no real estate acquired as a result of foreclosure or by deed in lieu of foreclosure.~~

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~~Delinquent~~Real ~~Loans.~~estate ~~The~~and ~~following~~other ~~table~~assets ~~sets~~we ~~forth~~acquire ~~our~~as ~~loan~~a ~~delinquencies~~result ~~(including~~of ~~non~~foreclosure or by deed-~~accrual~~in-lieu ~~loans)~~of foreclosure are classified as real estate owned until sold. At March 31, by2026, ~~type~~we ~~and~~had ~~amount~~$74,260 atin other real estate owned consisting of one single family residence. At March 31, 2025, ~~and~~we ~~2024~~had no real estate acquired as a result of foreclosure or by deed in lieu of foreclosure.

	At March 31,
	2025						2024
	30-59 DaysPast Due		60-89 DaysPast Due		90 Daysor MorePast Due		30-59 DaysPast Due		60-89 DaysPast Due		90 Daysor MorePast Due
	(Dollars in thousands)
Real Estate - Construction	$	—	$	—	$	—	$	—	$	—	$	—
Real Estate - Commercial		—		—		—		—		—		—
Real Estate - Residential		486		—		87		154		51		—
Commercial Non-Real Estate		—		9		—		—		—		16
Agricultural		79		—		—		—		—		—
Other Consumer		112		345		112		37		375		125
Land Development and SIDs		—		—		—		—		—		—
Total	$	677	$	354	$	199	$	191	$	426	$	141

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,
	2025			2024
	2026			2025
	(Dollars in thousands)
Non-accrual loans:
Real Estate - Construction	$	—		$	—
Real Estate - Commercial		~~359~~—			~~419~~359
Real Estate - Residential		~~150~~9			98150
Commercial Non-Real Estate		—			16—
Agricultural		—1,632			—
Other Consumer		13—			413
Land Development and SIDs		~~807~~—			—807
Total non-accruing loans		1,~~329~~641			~~537~~1,329
Accruing loans past due 90 days or more:
Real Estate-Construction		—			—
Real Estate-Commercial		—			—
Real Estate-Residential		396			—3
Commercial Non-Real Estate		—			—
Agricultural		—			—
Other Consumer		99138			~~125~~99
Land Development and SIDs		—			—
Total accruing loans past due 90 days or more:		~~102~~234			~~125~~102
Total non-performing loans		1,~~431~~875			~~662~~1,431
Other real estate owned		—74			—
Total non-performing assets	$	1,~~431~~949		$	~~662~~1,431
Total loans outstanding		~~402~~448,~~215~~406			~~380~~402,~~245~~215
Total assets outstanding		~~508~~558,~~702~~647			~~463~~508,~~278~~702
Total non-accruing loans as a percentage of total loans outstanding		0.3337	%		0.1433	%
Total non-performing loans as a percentage of total loans outstanding		0.3642	%		0.1736	%
Total non-performing loans as a percentage of total assets		0.2834	%		0.1428	%
Total non-performing assets as a percentage of total assets		0.2835	%		0.1428	%

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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 $34.58 million and $23.85 million of performing loans as of March 31, ~~2025~~2026 and ~~2024~~2025, respectively, where there remains underlying uncertainties with respect to borrower performance.

	At March 31,
	2025		2024
	2026		2025
	(Dollars in thousands)
Substandard loans	$	46,~~623~~406	$	34,~~048~~623
Doubtful loans		5—		975
Loss loans		—		—
Total classified loans	$	46,~~628~~406	$	34,~~145~~628
Special mention loans	$	—	$	—

Other Loans of Concern. At March 31, ~~2025~~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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concentration risk, management and staffing changes, the interpretation of loan risk classifications by regulatory authorities and other credit market factors.

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 ~~uncollectability~~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,
	2025			2024
	2026			2025
	(Dollars in thousands)
Total loans outstanding at end of period	$	~~402~~448,~~215~~406		$	~~380~~402,~~245~~215
Total non-accrual loans at end of period		1,~~329~~641			~~537~~1,329
Total non-performing loans at end of period		1,~~431~~875			~~662~~1,431
Total average loans outstanding		~~391~~418,~~330~~754			~~361~~391,~~978~~330
Allowance for credit losses, beginning of period		5,~~860~~441			5,~~412~~860
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A			$	299
Provision for credit losses		306			200
Provision for credit losses		200			88
Charge-offs:
Real Estate - Construction		—			—
Real Estate - Commercial		—			—
Real Estate - Residential		—1			—
Commercial Non-Real Estate		13—			—13
Agricultural		—			—
Other Consumer		417			64
Land Development and SIDs		~~605~~—			—605
Total charge-offs	$	~~622~~18		$	6622
Recoveries on loans previously charged-off:
Real Estate - Construction		—			—
Real Estate - Commercial		—			—
Real Estate - Residential		—			—
Commercial Non-Real Estate		—			~~(69~~—	)
Agricultural		—			—
Other Consumer		(3	)		(3	)
Land Development and SIDs		—(77	)		—
Total recoveries	$	(380	)	$	(723	)
Net (recoveries) charge-offs	$	~~619~~(62	)	$	~~(66~~619	)
Allowance for credit losses, end of period	$	5,~~441~~809		$	5,~~860~~441
Allowance for credit losses as a percent of non-performing loans		~~380~~309.2281	%		~~885~~380.2022	%
Allowance for credit losses as a percent of total loans outstanding		1.3530	%		1.5435	%
Allowance for credit losses as a percent of total non-accrual loans		~~409~~353.4199	%		~~1091~~409.2541	%
Net (recoveries) charge-offs during the period to average loans outstanding during the period		(0.1601	%)		(0.0216	%)

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

	For the Year Ended March 31,
	2025			2024
	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~~—	%		(0.2004	%)
Agricultural		—			—
Other Consumer		0.0114	%		0.0201	%
Land Development and SIDs		3(0.7150	%)		—3.71	%

The increase in charge-offs is related to land that is pending for sale by the borrower, for which we charged off $605,000. We are expecting to recover much, if not all, of this amount in the future by either sale of the land or regular receipt of payments from the borrower.

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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,
	2025								2024
	2026								2025
	Amount of Allowance		Percent ofAllowance toTotal Allowance			Percent of Loans in Category to Total Loans			Amount of Allowance		Percent ofAllowance toTotal Allowance			Percent of Loans in Category to Total Loans
	(Dollars in thousands)
Real Estate - Construction	$	~~246~~356		46.5213	%		36.7539	%	$	246		4.2052	%		43.2175	%
Real Estate - Commercial		1,~~572~~787		2830.8875			2928.8882			21,~~245~~572		3828.3188			3229.4388
Real Estate - Residential		1,~~926~~784		3530.4071			4036.0614			1,~~829~~926		3135.2140			3940.4106
Commercial Non-Real Estate		~~667~~991		1217.2606			710.9679			~~759~~667		12.9526			97.2296
Agricultural		~~476~~558		89.7561			1012.6519			~~228~~476		38.8975			510.1865
Other Consumer		~~262~~135		42.8232			32.6426			~~327~~262		54.5882			53.2664
Land Development and SIDs		~~292~~198		53.3741			43.0641			~~226~~292		35.8637			4.2906
Total	$	5,~~441~~809		100.00	%		100.00	%	$	5,~~860~~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.

At March 31, 2025, 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, 2025, we also owned $612,000 of Federal Home Loan Bank of Topeka stock. As a member of Federal Home Loan Bank of Topeka, we are required to purchase stock in the Federal Home Loan Bank of Topeka, which is carried at cost and classified as a restricted investment.

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	At March 31,
	2025				2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	23,085	$	21,466	$	24,859	$	22,709
GNMA bonds		5,035		5,067		4,456		4,406
FNMA bonds		27,237		25,590		28,241		26,061
Municipal bonds		8,622		7,246		8,628		7,180
Total securities available-for-sale	$	63,979	$	59,369	$	66,184	$	60,356
Securities held-to-maturity
FHLMC bonds	$	64	$	66	$	85	$	85
GNMA bonds		46		46		57		56
FNMA bonds		112		114		165		164
Total securities held-to-maturity	$	222	$	226	$	307	$	305

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.

Portfolio Maturities and Yields. The composition and maturities of the securities portfolio at March 31, 2025, 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.


	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

	One Year or Less					After One throughFive Years					After Five throughTen Years					Over Ten Years					Total
	AmortizedCost		WeightedAverageYield			AmortizedCost		WeightedAverageYield			AmortizedCost		WeightedAverageYield			AmortizedCost		WeightedAverageYield			AmortizedCost		FairValue		WeightedAverageYield
Investment securities:
Municipal bonds	$	—		—	%	$	3,012		1.76	%	$	1,950		1.80	%	$	3,660		2.06	%	$	8,622	$	7,246		1.90	%
Mortgage-backed securities:
U.S. Government agency and government-sponsored enterprise		4		3.50			635		2.98			3,572		4.10			51,368		3.76			55,579		52,349		3.77
Total	$	4		3.50	%	$	3,647		1.97	%	$	5,522		3.29	%	$	55,028		3.65	%	$	64,201	$	59,595		3.52	%

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, 2025								At March 31, 2024
	At March 31, 2026								At March 31, 2025
	Amount		Percent			AverageRate			Amount		Percent			AverageRate
	(Dollars in thousands)
Non-interest bearing demand	$	64,~~497~~505		1514.5001	%		—	%	$	6664,~~891~~497		1715.8350	%		—	%
Savings accounts		4549,~~476~~768		10.9381			0.4553			4345,~~461~~476		1110.5993			0.3745
Money market accounts		3038,~~718~~985		78.3847			2.2926			2430,~~287~~718		67.4738			2.0729
NOW accounts		~~152~~144,~~782~~047		3631.7129			1.6769			~~127~~152,~~077~~782		3336.8870			1.5867
Certificates of deposit		~~104~~143,~~129~~516		2531.0218			4.4726			95104,~~266~~129		25.3902			34.9347
Individual retirement accounts		1819,~~599~~535		4.4724			3.5642			18,~~163~~599		4.8447			23.9756
Total	$	~~416~~460,~~201~~356		100.00	%		2.5655	%	$	~~375~~416,~~145~~201		100.00	%		2.2456	%

As of March 31, ~~2025~~2026 and ~~2024~~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 $5452.82 million and $3454.38 million, respectively. In addition, as of March 31, ~~2025~~2026, the aggregate amount of all our uninsured certificates of deposit was $78.01 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, ~~2025~~2026, we had approximately ~~155~~179 depositors with uninsured deposits, resulting in an average balance of uninsured deposits of $~~354~~291,000 per uninsured depositor. Of total uninsured deposits as of March 31, ~~2025~~2026, $3530.74 million, or 6558.0628%, consisted of NOW accounts, $34.28 million, or 59.8611%, consisted of savings accounts, $78.01 million, or 1215.8546%, consisted of certificates of deposit, including IRAs, $35.65 million, or 610.5556% consisted of money market accounts and $5.3.4 million, or 96.6859%, consisted of non-interest bearing demand accounts.

The following table sets forth the maturity of our uninsured certificates of deposit as of March 31, ~~2025~~2026.

	At March 31, 2025
	At March 31, 2026
	(Dollars in thousands)
Maturity Period:
Three months or less	$	3,~~145~~151
Over three through six months		2,~~579~~553
Over six through twelve months		1,~~312~~639
Over twelve months		13723
Total	$	78,~~049~~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, ~~2025~~2026, we had no outstanding advances from the Federal Home Loan Bank of Topeka. At March 31, ~~2025~~2026, based on pledged collateral and our ownership of Federal Home Loan Bank of Topeka common stock, we had access to up to $4047.50 million of advances from the Federal Home Loan Bank of Topeka. WeThe ~~could~~Association ~~significantly~~had ~~increase~~$13.0 ~~our~~million ~~borrowing~~in ~~capacity~~irrevocable ~~from~~letters ~~the Federal Home Loan Bank~~ of ~~Topeka~~credit ifoutstanding wewith ~~pledged~~the ~~additional~~FHLB ~~assets~~at ~~as security. As of~~ March 31, ~~2025,~~2026 weto ~~had~~secure apublic $5deposits.0 We ~~million~~could ~~borrowing~~significantly ~~line~~increase ~~from~~our aborrowing ~~private~~capacity ~~bankers’~~from ~~bank, and we also have~~ the ~~ability~~Federal toHome ~~participate~~Loan inBank ~~the~~of ~~Federal~~Topeka ~~Reserve~~if ~~Board’s~~we ~~Bank~~pledged ~~Term~~additional ~~Funding~~assets ~~Program~~as ~~if needed~~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

14At 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.

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At March 31, 2025, we had 68 full-time employees and five 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, ~~2025~~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, ~~2025~~2026, we had $1.64 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, ~~2025~~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.

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 $0.35 per $1,000 of quarterly average deposits not to exceed an amount determined by applying 2.85% 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 income tax return. For Nebraska tax purposes, corporations are presently taxed at a rate equal to 5.58% of the first $100,000 of taxable income and 5.84% of taxable income in excess of $100,000. For this purpose, “taxable income” generally means Federal

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~~taxable~~State income, subject to certain adjustments (including addition of interest income on non-Nebraska municipal obligations and excluding interest income from qualified U.S. governmental obligations). For Nebraska tax return purposes, taxable income on the return filed for 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.Taxation

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.

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

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~~activities not otherwise permissible for Home~~ Federal ~~Savings~~Banking toRegulation ~~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 ~~set~~adopted ~~the~~a ~~minimum~~final ~~Community~~rule ~~Bank~~that ~~Leverage~~will ~~Ratio~~reduce atthe 9required 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, ~~2025~~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, ~~2025~~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:

•

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;

•

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

•

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

•

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:

•

the savings association would be undercapitalized following the distribution;

•

the proposed capital distribution raises safety and soundness concerns; or

•

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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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.

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:

•

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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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%.

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, ~~2025~~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 a 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.

~~USA~~Cyber ~~Patriot~~Security. ~~Act~~The federal banking agencies have adopted rules providing for notification requirements for banking organizations and their service providers for significant cybersecurity incidents. ~~Home~~ ~~Federal~~A ~~Savings~~banking organization is ~~subject~~required to ~~the~~notify ~~USA~~its ~~PATRIOT~~primary ~~Act~~federal regulator as soon as possible, ~~which~~and ~~gives~~no ~~federal~~later ~~agencies~~than ~~additional~~36 ~~powers~~hours toafter ~~address~~the ~~terrorist~~banking ~~threats~~organization ~~through~~determines ~~enhanced~~that ~~domestic~~a “computer-security ~~measures~~incident” rising to the level of a “notification incident” has occurred. Notification is required for incidents that have materially disrupted or degraded, ~~expanded~~or ~~surveillance~~are ~~powers~~reasonably likely to materially disrupt or degrade, ~~increased~~the ~~information~~banking ~~sharing~~organization’s ability to carry out banking operations, activities, or processes or to deliver banking products and ~~broadened~~services ~~anti-money~~in ~~laundering~~the ~~requirements~~ordinary course, or operations the failure of which would threaten the stability of the financial sector. ~~The~~ ~~USA~~Service ~~PATRIOT~~providers ~~Act~~are ~~contains~~required ~~provisions~~under ~~intended~~the rule to ~~encourage~~notify ~~information~~affected ~~sharing~~banking ~~among~~organization ~~bank~~customers ~~regulatory~~as ~~agencies~~soon ~~and~~as ~~law~~possible ~~enforcement~~when ~~bodies~~the ~~and~~provider ~~imposes~~determines ~~affirmative~~that ~~obligations~~it onhas ~~financial~~experienced ~~institutions,~~a ~~such~~computer-security asincident ~~enhanced~~that ~~recordkeeping~~has ~~and~~materially ~~customer~~affected ~~identification~~or ~~requirements~~is reasonably likely to materially affect the banking organization’s customers for four or more hours.

~~Prohibitions~~Bank ~~Against~~Secrecy ~~Tying~~Act, ~~Arrangements. Federal~~USA ~~savings~~PATRIOT ~~associations~~Act ~~are~~and ~~prohibited,~~Anti-Money Laundering Regulations. We are subject to ~~some~~federal ~~exceptions~~anti-money laundering and anti-terrorist financing laws, ~~from~~including ~~extending~~the ~~credit~~Bank Secrecy Act (“BSA”) and the Uniting and Strengthening America by Providing Appropriate Tools Required to orIntercept ~~offering~~and ~~any~~Obstruct ~~other~~Terrorism ~~service~~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, orexpanded ~~fixing~~surveillance orpowers, ~~varying~~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 ~~consideration~~BSA ~~for~~and ~~such~~USA ~~extension~~PATRIOT Act impose affirmative obligations on a broad range of ~~credit~~financial orinstitutions, ~~service~~including banks, onthrifts. brokers, dealers, credit unions, money transfer agents and parties registered under the ~~condition~~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 ~~obtain~~due ~~some~~diligence; ~~additional~~file ~~service~~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 ~~institution~~identity orof ~~its~~customers; ~~affiliates~~in certain circumstances, comply with enhanced due diligence policies, procedures and controls designed to detect and review for certain high risk customers or ~~not~~accounts. The ~~obtain~~USA ~~services~~PATRIOT ofAct aalso ~~competitor~~includes prohibitions on correspondent accounts for foreign shell banks and requires compliance with record keeping obligations with respect to correspondent accounts of ~~the~~foreign ~~institution~~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:

•

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:

•

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, ~~2025~~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, ~~2025~~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.

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

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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, ~~2025~~2026, Home Federal Savings maintained approximately 65.5313% 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.

Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act of 2002 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.

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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 iscomprises ~~the~~a ~~amount~~significant byportion ~~which~~of ~~net~~our ~~interest~~earnings ~~income~~ and ~~non-~~represents the difference between interest income ~~exceed~~earned ~~non-~~on interest-earning ~~expense~~assets, ~~and~~such ~~the~~as ~~provision~~loans ~~for~~and ~~loan~~securities, ~~losses.~~and ~~Net~~ interest ~~income~~expense ~~makes~~paid upon ainterest-bearing ~~majority~~liabilities, ofsuch ~~our~~as ~~income~~deposits and ~~is based on the difference between:~~borrowings.

~~the~~A substantial portion of our loan portfolio consists of fixed-rate loans, and many of our other interest-earning ~~income~~assets weand ~~earn~~interest-bearing onliabilities are subject to contractual repricing over different timeframes. Our interest-bearing liabilities generally reprice or mature more quickly than our interest-earning assets, ~~such~~which asmay ~~loans~~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 ~~securities;~~borrowings may increase more rapidly than interest income on assets, which could negatively impact our net interest margin and earnings.

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

AIn ~~substantial~~addition, ~~portion~~an ofinverted ~~our~~yield ~~loans~~curve—where ~~are fixed~~short-~~rate~~term ~~loans.~~interest ~~Furthermore,~~rates ~~the~~exceed ~~rates~~long-term weinterest ~~earn~~rates—may oncompress our ~~other~~net interest~~-earning~~ ~~assets~~margin and ~~the~~adversely ~~rates~~affect weprofitability, ~~pay~~particularly on ~~our interest~~longer-~~bearing~~term ~~liabilities are generally~~ fixed ~~for a contractual period of time. Our interest~~-~~bearing~~rate ~~liabilities generally have shorter contractual maturities than our interest-earning~~ assets. This imbalance can create significant earnings volatility as market interest rates change over time. Generally, in a period of rising interest rates, the interest income we earn on our assets may not increase as rapidly as the interest we pay on deposits and our other liabilities.

InAny ~~addition,~~substantial or prolonged changes in market interest rates ~~can~~could ~~affect~~have ~~the~~a ~~average~~material ~~life~~adverse ofeffect ~~loans~~on ~~and~~our ~~mortgage-backed~~financial ~~and~~condition, ~~related~~liquidity, ~~securities. A~~and ~~decline in interest rates~~ results ~~in increased prepayments~~ of ~~loans~~operations. ~~and~~Interest ~~mortgage-backed~~rate ~~and~~changes ~~related~~may ~~securities~~also ~~as borrowers refinance their debt to~~ reduce ~~their~~loan ~~borrowing costs. This creates reinvestment risk~~demand, ~~which~~adversely isaffect the ~~risk~~fair ~~that~~value weof ~~may~~our ~~not~~assets be(including ~~able~~available-for-sale tosecurities), ~~reinvest~~and ~~prepayments~~limit atour ~~rates~~ability ~~that are comparable~~ to ~~the~~realize ~~rates~~gains ~~we earned~~ on ~~the~~asset ~~prepaid loans or securities~~sales. ~~Furthermore~~Additionally, anour ~~inverted~~ interest rate ~~yield~~risk ~~curve,~~management ~~where~~models ~~short-term~~and ~~interest~~assumptions ~~rates~~may ~~(which~~not ~~are~~fully ~~usually~~capture the ~~rates~~actual atimpact ~~which~~of ~~financial institutions borrow funds) are higher than long-term interest rates (which are usually the rates at which financial institutions lend funds for fixed-~~rate ~~loans)~~changes ~~can~~on ~~reduce~~our abalance ~~financial~~sheet ~~institution’s~~or ~~net~~operating ~~interest margin and create financial risk for financial institutions that originate longer-term, fixed rate mortgage loans~~results.

Any substantial, prolonged change in market interest rates could have a material adverse effect on our financial condition, liquidity and results of operations. Changes in the level of interest rates may also negatively affect the value of our assets, including the value of our available-for-sale investment securities, which generally decreases when market interest rates rise, and ultimately affect our earnings.

During the year ended March 31, 2025, we had $1.2 million net unrealized gains on available-for-sale investment securities caused by market interest rates leveling out during the period. In addition, as a result of rising interest rates, we have experienced a shift in deposits from lower-cost savings, NOW and money market accounts to higher-cost certificates of deposit. However, the rates we earn on our loans did not increase as rapidly during the year ended March 31, 2025, as we have a significant amount of fixed-rate residential real estate loans where the interest rates did not increase commensurate with the increase in market interest rates. In addition, not all of

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our adjustable-rate loans reprice immediately, such that changes in market interest rates take a period of time to affect our portfolio yields.

Changes in the level of interest rates also may negatively affect our ability to originate real estate loans, the value of our assets, and our ability to realize gains from the sale of our assets, all of which ultimately affect our earnings. Also, our interest rate risk modeling techniques and assumptions likely may not fully predict or capture the impact of actual interest rate changes on our balance sheet or projected operating results.

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, ~~2025~~2026, commercial real estate loans ~~totaled~~comprised ~~$120.2~~approximately ~~million, or 29~~28.8882% of our loan portfolio. Given their larger balances and the complexity of the underlying collateral, commercial real estate loans generally ~~have~~involve ~~more~~greater risk than the one- to four-family residential real estate loans we originate. ~~Because~~ ~~the~~The repayment of ~~commercial~~these ~~real estate~~ loans depends on the successful management and operation of the borrower’s properties or related businesses, ~~their~~and ~~repayment~~may ~~can~~ be adversely affected by ~~adverse~~ conditions in the local real estate market or economy. A downturn in ~~the~~ real estate ~~market~~markets or ~~the~~ local ~~economy~~economic conditions could ~~adversely~~reduce ~~impact~~property ~~the~~values ~~value of properties securing the loan~~ or ~~the revenues from the~~ borrower’s ~~business~~revenues, ~~thereby~~ increasing the risk of non-performing loans and losses. We intend to increase our commercial real estate loan portfolio, and, as it ~~increases~~grows, the ~~corresponding~~associated risks and potential for losses ~~from these loans~~ may also increase.

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

At March 31, ~~2025~~2026, agricultural loans ~~totaled~~comprised ~~$42.8~~approximately ~~million, or 10~~12.6519% of our loan portfolio. A ~~portion~~Agricultural oflending ~~our loan portfolio is comprised of loans to borrowers in the agricultural sector, which~~ exposes us to ~~unique~~ risks ~~associated~~unique ~~with~~to this industry., ~~Agricultural~~including ~~lending~~volatility isin ~~highly~~commodity ~~dependent on the~~ prices ~~of commodities~~, weather conditions, input costs, government support programs, and global ~~market~~trade ~~trends, all of which can be volatile and unpredictable~~dynamics. Adverse developments such as ~~droughts~~drought, flooding, ~~fluctuating input costs~~disease, trade restrictions, or reductions in government subsidies ~~could~~may impair ~~our~~ borrowers’ ~~ability~~repayment tocapacity ~~repay~~and ~~their~~could ~~loans,~~result ~~resulting~~ in increased delinquencies or loan losses. ~~Additionally~~In addition, concentrations in agricultural lending may ~~heighten~~increase our exposure to localized economic downturns or natural disasters. Any deterioration in the agricultural economy could materially and adversely affect ~~the performance of~~ our loan portfolio and ~~our~~ overall ~~financial condition and~~ 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, ~~2025~~2026, commercial and industrial loans ~~totaled~~comprised ~~$32.0~~approximately ~~million, or 7~~10.9679% of our loan portfolio. ~~Unlike~~ ~~residential~~These ~~real estate~~ loans, ~~which~~are generally ~~are~~based ~~made~~ on the ~~basis of the~~ borrower’s ability to ~~make~~generate ~~repayment~~cash flow from ~~his~~business oroperations, ~~her~~rather ~~employment~~than oron ~~other~~collateral ~~income,~~values ~~and~~that ~~which~~ are ~~secured by real property whose value tends to be~~ more ~~easily~~readily ascertainable, ~~commercial~~as ~~loans~~is ~~are~~often ~~of higher risk and typically are made on~~ the ~~basis~~case ofwith ~~the~~residential ~~borrower’s~~real ~~ability~~estate tolending. ~~make~~Collateral ~~repayment from the cash flows of the borrower’s business, and the collateral~~ securing these loans may fluctuate in value~~. Further,~~ ~~any~~and ~~collateral securing commercial loans~~ may ~~depreciate over time, may~~ be difficult to appraise ~~and~~or ~~may~~liquidate. ~~fluctuate~~Repayment inis ~~value. As~~therefore amore ~~result,~~dependent on the ~~availability~~success of ~~funds for~~ the ~~repayment~~underlying ofbusiness. ~~commercial~~Accordingly, these loans may ~~depend~~present ~~substantially~~a onhigher ~~the~~level ~~success~~ of ~~the~~risk ~~business~~than ~~itself~~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, ~~2025~~2026, construction real estate loans ~~totaled~~comprised ~~$15.1~~approximately ~~million, or 3~~6.7539% of our loan portfolio. Construction lending involves additional risks ~~when~~ compared ~~with~~to permanent ~~finance~~financing ~~lending~~ because funds are advanced ~~upon~~based on the ~~security~~projected value of the project, which is ofinherently uncertain ~~value~~prior ~~before~~to ~~its~~ completion. ~~Because~~ ofEstimating ~~the uncertainties inherent in estimating~~ construction costs, asand ~~well as~~ the market value of the completed project ~~and~~can ~~the~~be ~~effects of governmental regulation of real property~~difficult, itand iscost ~~relatively~~overruns ~~difficult~~or ~~to accurately evaluate the total funds required to complete a~~ project ~~and~~delays ~~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~~occur. ~~These~~ ~~loans~~Repayment ~~often~~is ~~involve~~typically ~~the disbursement of substantial funds with repayment substantially~~ dependent on the ~~success~~successful completion of the ~~ultimate~~ project and the ~~ability of the~~ borrower’s ability 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~~is ~~to be~~ overstated, we may have ~~inadequate~~insufficient ~~security~~collateral ~~for~~to ~~the~~fully ~~repayment~~recover of the loan, ~~upon~~which ~~completion~~could ofresult ~~construction~~in ~~of the project and may incur a loss~~losses. As ~~our~~this ~~construction real estate loan~~ portfolio ~~increases~~grows, the ~~corresponding~~associated risks ~~and potential for losses from these loans~~ may ~~also~~ increase.

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

At March 31, ~~2025~~2026, ~~$161.1~~approximately ~~million, or 40~~36.0614% of our loan portfolio, was secured by one- to four-family ~~residential real estate~~ and multi-family residential real estate ~~loans~~. ~~One-~~ toResidential ~~four-family residential~~ mortgage lending is ~~generally~~ sensitive to regional and local economic conditions that ~~significantly~~affect ~~impact~~borrowers’ ~~the~~ ability ofto ~~borrowers~~repay. toDeclines ~~meet~~in ~~their~~real ~~loan~~estate ~~payment~~values ~~obligations~~could result in inadequately collateralized loans, ~~making~~increasing the risk of loss ~~levels~~if ~~difficult~~we are required to ~~predict.~~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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~~Declines~~We inare ~~real~~subject ~~estate values could cause some of our residential mortgage loans~~ to beenvironmental ~~inadequately~~liability ~~collateralized, which would expose us to a greater~~ risk ofassociated ~~loss~~with ifour welending ~~seek~~activities toand ~~recover~~owned ~~on defaulted loans by selling the real estate collateral~~properties.

IfA ~~our~~significant ~~allowance~~portion ~~for~~of ~~credit~~our ~~losses~~loan portfolio is ~~not~~secured ~~sufficient~~by real estate. We may become subject to ~~cover~~environmental ~~actual~~liabilities ~~loan~~associated ~~losses~~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 ~~earnings~~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 ~~decrease~~have a material adverse effect on our financial condition and results of operations.

We make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of many of our loans. In determining the amount of the allowance for credit losses, we review our loans and our loss and delinquency experience, and we evaluate economic conditions. If our assumptions or the results of our analyses are incorrect, our allowance for credit losses may not be sufficient to cover expected credit losses, resulting in additions to our allowance. In addition, our emphasis on loan growth and on increasing our portfolios of commercial real estate and commercial and industrial loans, as well as any future credit deterioration, could require us to increase our allowance for credit losses in the future. Material additions to our allowance would materially decrease our net income.

In addition, bank regulators periodically review our allowance for credit losses and, as a result of such reviews, we may decide to increase our provision for loan losses or recognize further loan charge-offs. Any increase in our allowance for credit losses or loan charge-offs as a result of such review or otherwise may have a material adverse effect on our financial condition and results of operations.

We are subject to environmental liability risk associated with lending activities or properties we own.

A significant portion of our loan portfolio is secured by real estate, and we could become subject to environmental liabilities with respect to one or more of these properties, or with respect to properties that we own in operating our business. During the ordinary course of business, we may foreclose on and take title to properties securing defaulted loans and, in doing so, there is a risk that hazardous or toxic substances could be found on these properties. If hazardous conditions or toxic substances are found on these properties, we may be liable for remediation costs, as well as for personal injury and property damage, civil fines and criminal penalties regardless of when the hazardous conditions or toxic substances first affected any particular property. Environmental laws may require us to incur substantial expenses to address unknown liabilities and may materially reduce the affected property’s value or limit our ability to use or sell the affected property. In addition, future laws or more stringent interpretations or enforcement policies with respect to existing laws may increase our exposure to environmental liability. Our policies, which require us to perform an environmental review before initiating any foreclosure action on non-residential real property, may not be sufficient to detect all potential environmental hazards. The remediation costs and any other financial liabilities associated with an environmental hazard could have a material adverse effect on us.

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

We ~~plan~~sell toa ~~continue~~portion toof ~~sell~~our originated mortgage loans in the secondary market ~~and~~ to ~~other financial institutions longer-term, conforming and non-conforming fixed-rate and, to a lesser extent, adjustable-rate loans that we originate to~~ generate non-interest income. Weand ~~also~~ earn ~~revenue~~fees from ~~fees we receive for~~ servicing mortgage loans. Changes in interest rates ~~may~~significantly ~~impact~~affect ~~our~~these ~~mortgage~~activities. ~~banking~~Rising ~~revenues, which could negatively impact our non-~~interest ~~income. When~~ rates ~~rise,~~typically ~~the~~reduce ~~demand for~~ mortgage ~~loans usually tends to fall, reducing loan~~ origination volume and ~~the related amount of gains~~ gain-on-sale ~~the sales of loans. Under the same conditions~~income, ~~net~~while ~~revenue~~potentially ~~from~~increasing ~~our mortgage~~ servicing ~~activities~~income ~~can increase~~ due to slower ~~prepayments,~~prepayment ~~which reduces our amortization expense for mortgage servicing rights~~speeds. ~~When~~Conversely, declining rates ~~fall,~~may ~~mortgage~~increase originations ~~usually~~but ~~tend~~reduce ~~to increase and~~ the value of ~~our~~ mortgage servicing rights. ~~usually~~As ~~tends~~a ~~to decline~~result, ~~also~~our ~~with~~mortgage ~~some~~banking ~~offsetting~~ revenue ~~effect~~may be volatile.

~~In addition~~Additionally, ~~our results of operations are affected by the amount of~~ non-interest expenses associated with mortgage banking ~~activities,~~ —such as ~~salaries and employee benefits (including commissions)~~compensation, occupancy, ~~equipment~~ and data processing—may ~~expense,~~not ~~and~~decline ~~other~~proportionately ~~operating~~during ~~costs. During~~ periods of reduced loan demand, ~~our~~which ~~results~~could ~~of operations may be~~ adversely ~~affected~~affect toour ~~the~~results ~~extent~~of ~~that we are unable to reduce expenses commensurate with the decline in mortgage loan origination activity~~operations.

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

~~The~~Foreclosure ~~judicial~~processes ~~foreclosure~~may ~~process~~be islengthy ~~protracted,~~and ~~which~~subject ~~delays~~to ~~our~~regulatory ~~ability~~and tolegal ~~resolve~~constraints, ~~non-performing~~which ~~loans~~can ~~through~~delay the ~~sale~~resolution of ~~the~~non-performing ~~underlying collateral~~loans. ~~The~~Extended ~~longer~~ timelines ~~have~~may ~~been the~~ result offrom ~~the~~evolving ~~economic~~regulatory ~~environment~~requirements, ~~additional consumer protection initiatives related to the foreclosure process,~~ increased ~~documentary requirements and~~ judicial scrutiny, and, ~~both~~borrower ~~voluntary~~protections, ~~and~~including ~~mandatory programs under which lenders may consider~~ loan ~~modifications~~modification ~~or other alternatives to foreclosure~~programs. These reasons and the legal and regulatory responses have impacted the foreclosure process and completion time of foreclosures for residential mortgage lenders. This may result in a material adverse effect on collateral values and our ability to minimize our losses.

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

~~Changes~~We ~~in laws and regulations and the cost of regulatory compliance with new laws and regulations~~ may ~~adversely~~become ~~affect~~subject ~~our~~to ~~operations~~enforcement ~~and/or~~actions, ~~increase~~even ~~our~~in ~~costs~~cases of ~~operations~~inadvertent noncompliance.

~~Home~~The ~~Federal~~financial ~~Savings~~services isindustry ~~subject to extensive regulation, supervision and examination by the OCC. Central Plains Bancshares~~ is subject to ~~extensive~~heightened ~~regulation,~~regulatory ~~supervision~~scrutiny and examination by the Federal Reserve Board. Such regulation and supervision govern the activities in which an institution and its holding company may engage and is intended primarily for the protection of the federal deposit insurance fund and the depositors of Home Federal Savings rather than the protection of Central Plains Bancshares’ stockholders. Regulatory authorities have extensive discretion in their supervisory and enforcement ~~activities~~, ~~including~~particularly ~~the imposition of restrictions on our operations, the classification of our assets and determination of the adequacy of the level of our allowance for credit losses. These regulations, along~~ with ~~existing~~respect ~~tax,~~to ~~accounting,~~consumer ~~securities~~protection, ~~insurance~~mortgage ~~and~~lending ~~monetary laws~~practices, ~~rules,~~anti-money ~~standards,~~laundering ~~policies, and interpretations, control the methods by which financial institutions conduct business, implement strategic initiatives and tax~~ compliance, and ~~govern~~adherence ~~financial~~to ~~reporting~~Office ~~and~~of ~~disclosures. Any~~Foreign ~~change~~Assets inControl ~~such~~(“OFAC”) ~~regulation and oversight, whether in the form of regulatory policy,~~ regulations, ~~legislation or supervisory action, may have a material impact on our operations. Further, changes in accounting standards can be both difficult to predict~~ and ~~involve~~economic ~~judgment and discretion in their interpretation by us and our independent accounting firm~~sanctions. ~~These changes could materially impact, potentially even retroactively, how we report our financial condition and results of operations.~~

~~Non-compliance~~Enforcement ~~with~~actions ~~the~~may ~~USA~~be ~~PATRIOT~~initiated ~~Act,~~for ~~Bank~~violations ~~Secrecy~~of ~~Act~~laws or regulations, as well as for practices deemed unsafe or ~~other~~unsound. ~~laws~~While we maintain systems, policies, and ~~regulations~~procedures ~~could~~designed ~~result~~to inensure ~~fines~~compliance, certain regulatory frameworks allow for the imposition of penalties even where non-compliance is inadvertent or ~~sanctions~~unintentional.

~~The~~Any ~~USA~~failure ~~PATRIOT and Bank Secrecy Acts require financial institutions~~ to develop programs to prevent financial institutions from being used for money laundering and terrorist activities. If such activities are suspected, financial institutions are obligated to file suspicious activity reports with the U.S. Treasury’s Office of Financial Crimes Enforcement Network. These rules require financial institutions to establish procedures for identifying and verifying the identity of customers seeking to open new financial accounts. Failure to comply with ~~these~~applicable ~~regulations~~laws, ~~could result in fines or sanctions~~regulations, ~~including restrictions on pursuing any acquisitions~~ or ~~establishing~~supervisory orexpectations ~~acquiring new branches. The policies and procedures we have adopted that are designed to assist in compliance with these laws and regulations~~ may ~~not~~result ~~be effective~~ in ~~preventing~~fines, ~~violations~~penalties, oflegal ~~these~~proceedings, ~~laws~~regulatory ~~and regulations. Furthermore~~restrictions, ~~these rules and regulations continue to evolve and expand. We have not been subject to fines~~ or ~~other~~reputational ~~penalties~~damage, orwhich ~~have~~could ~~suffered~~materially ~~business~~adversely oraffect ~~reputational~~our ~~harm~~business, asfinancial acondition, ~~result~~and results of ~~money laundering activities in the past~~operations.

WeMonetary ~~may~~policies ~~become~~of ~~subject~~the toFederal ~~enforcement~~Reserve ~~actions~~may ~~even~~adversely ~~though~~affect ~~non-compliance~~our ~~was~~business ~~inadvertent~~and orresults ~~unintentional~~of operations.

~~The~~Our ~~financial~~earnings ~~services~~and ~~industry~~growth isare ~~subject~~significantly toinfluenced ~~intense~~by ~~scrutiny from bank supervisors in~~ the ~~examination~~monetary ~~process~~ and ~~aggressive~~fiscal ~~enforcement~~policies of ~~federal~~the ~~and~~Federal ~~state regulations~~Reserve, ~~particularly~~in ~~with~~addition ~~respect~~ to ~~mortgage-related~~general ~~practices~~economic ~~and~~conditions. ~~other~~The ~~consumer~~Federal ~~compliance~~Reserve ~~matters,~~regulates ~~and~~the ~~compliance with anti-~~money ~~laundering,~~supply ~~Bank Secrecy Act~~ and ~~Office~~credit ofconditions ~~Foreign~~through ~~Assets~~various ~~Control regulations~~tools, ~~and~~including ~~economic~~open ~~sanctions~~market ~~against~~operations, ~~certain~~adjustments ~~foreign countries and nationals. Enforcement actions may be initiated for violations of laws and regulations and unsafe or unsound practices. We maintain systems and procedures designed~~ to ~~ensure that we comply with applicable laws and regulations; however, some legal/regulatory frameworks provide for~~ the ~~imposition~~discount of fines and penalties for non-compliance even though the non-compliance was inadvertent or unintentional and even though there was in place at the time systems and procedures designed to ensure compliance. Failure to comply with these and other regulationsrate, and ~~supervisory~~changes ~~expectations related thereto, may result~~ in ~~fines,~~reserve ~~penalties, lawsuits, regulatory sanctions, reputation damage, or restrictions on our business~~requirements.

~~Monetary~~These policies directly and ~~regulations~~indirectly ofaffect interest rates, loan demand, deposit levels, and the ~~Federal~~overall ~~Reserve~~availability ~~Board~~and ~~could~~cost ~~adversely~~of ~~affect~~credit. ~~our~~As ~~business~~a result, ~~financial~~they ~~condition~~have had, and ~~results~~are ofexpected to continue to have, a material impact on the operations and profitability of financial institutions, including us.

InThe ~~addition~~effects ~~to being affected by general economic conditions, our earnings and growth are affected by the policies~~ of ~~the~~future Federal Reserve Board. An important function of the Federal Reserve Board is to regulate the money supply and credit conditions. Among the instruments used by the Federal Reserve Board to implement these objectives are open market purchases and sales of U.S. government securities, adjustments to the discount rate and changes in banks’ reserve requirements against bank deposits. These instruments are used in varying combinations to influence overall economic growth and the distribution of credit, bank loans, investments and deposits. Their use also affects interest rates charged on loans or paid on deposits. The monetary ~~policies~~policy ~~and~~actions ~~regulations of the Federal Reserve Board have had a significant effect~~ on ~~the operating results of financial institutions in the past and are expected to continue to do so in the future. The effects of such policies upon~~ our business, financial condition, and results of operations are inherently uncertain and cannot be predicted.

WeCapital ~~are~~requirements ~~subject~~may tolimit ~~stringent~~our ~~capital~~operations ~~requirements,~~and ~~which may~~ adversely ~~impact~~affect our return on equity~~, require us to raise additional capital, or limit our ability to pay dividends or repurchase shares~~.

~~Federal~~We ~~regulations~~are ~~establish~~subject ~~minimum~~to regulatory capital requirements ~~for~~that ~~insured~~establish ~~depository institutions, including~~ minimum risk-based ~~capital~~ and leverage ratios, and define “qualifying capital” ~~for calculating these ratios~~instruments. ~~The~~These ~~minimum capital~~ requirements ~~are:~~include ~~(1)~~minimum aratios for common equity Tier 1, ~~capital ratio of 4.5%; (2) a~~ Tier 1 tocapital, ~~risk-based~~total ~~assets~~ capital, ~~ratio~~and ofleverage, ~~6%;~~as ~~(3)~~well as a ~~total~~ capital ~~ratio~~conservation buffer of 82.5%;, ~~and~~which ~~(4)~~effectively aincreases ~~Tier~~the 1minimum ~~leverage~~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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~~ratio~~Our ofstatus ~~4%. The~~as ~~regulations also establish~~ a ~~“capital~~smaller ~~conservation~~reporting ~~buffer”~~company ofmay ~~2.5%,~~also ~~which~~reduce ~~resulted~~disclosure ~~in the following minimum ratios: (1) a common equity Tier 1 capital ratio of 7~~comparability.0%; (2) a Tier 1 to risk-based assets capital ratio of 8.5%; and (3) a total capital ratio of 10.5%. An institution will be subject to limitations on paying dividends, engaging in share repurchases and paying discretionary bonuses if its capital level falls below the capital conservation buffer amount.

~~The~~We ~~application~~also ofqualify ~~these~~as ~~capital~~a ~~requirements~~“smaller ~~could,~~reporting ~~among~~company” ~~other~~under ~~things,~~federal ~~result~~securities ~~in lower returns on equity~~laws, ~~and~~which ~~result~~allows inus ~~regulatory~~to ~~actions~~provide ifreduced wedisclosures ~~are~~in ~~unable~~our toperiodic ~~comply~~reports ~~with~~and ~~such~~proxy ~~requirements~~statements. ~~Specifically,~~ ~~Home~~While ~~Federal~~these ~~Savings’~~accommodations ~~ability~~reduce tocompliance ~~pay dividends to Central Plains Bancshares will be limited if Home Federal Savings does not maintain the capital conservation buffer required by the capital rules~~costs, ~~which~~they may limit ~~our~~the ~~ability~~information toavailable ~~pay dividends~~ to ~~our stockholders~~investors.

AtIf ~~March~~investors ~~31,~~view ~~2025,~~our ~~Home~~reduced ~~Federal~~disclosure ~~Savings~~unfavorably, ~~exceeded~~it ~~all~~could ~~applicable~~result ~~regulatory~~in ~~capital~~decreased ~~requirements~~market liquidity and ~~was~~increased ~~considered~~volatility ~~“well~~in ~~capitalized~~the trading price of our common stock.”

WeThe ~~are~~Federal anReserve ~~emerging~~Board ~~growth~~may ~~company,~~require ~~and~~us ~~any decision on our part~~ to ~~comply~~provide ~~only~~financial ~~with~~support ~~certain reduced reporting and disclosure requirements applicable~~ to ~~emerging growth companies could make~~ our ~~common~~bank ~~stock less attractive to investors~~subsidiary.

~~Central~~Under ~~Plains~~federal ~~Bancshares~~law qualifies as an “emerging growth company” under the JOBS Act. For as long as it continues to be an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to public companies but not applicable to emerging growth companies, including, but not limited to, reduced disclosure obligations regarding executive compensation in our periodic reports and ~~proxy~~regulatory ~~statements~~policy, ~~and~~bank ~~exemptions from the requirements of~~ holding acompanies ~~non-binding~~are ~~advisory~~expected ~~vote on executive compensation. As an emerging growth company, Central Plains Bancshares also will not be subject~~ to ~~Section~~act ~~404(b) of the Sarbanes-Oxley Act, which would require that our independent auditors audit our internal control over financial reporting. In addition,~~ as ana ~~emerging~~source ~~growth company, we have elected to take advantage~~ of ~~the extended transition periods for adopting new or revised~~ financial ~~accounting~~and ~~standards~~managerial ~~until~~strength ~~the date they are required~~ to ~~be adopted by private companies (however, if any new or revised financial accounting standards would not apply to private companies, we would not be able to delay~~ their ~~adoption)~~subsidiary banks. ~~Accordingly,~~ ~~our~~The ~~financial~~Federal ~~statements~~Reserve may ~~not~~require beus ~~comparable~~ to ~~those~~commit ofcapital ~~public~~resources ~~companies~~to ~~that~~support ~~adopt~~Home ~~new~~Federal orSavings, ~~revised~~including ~~financial~~at ~~accounting~~times ~~standards~~when asit ~~of an earlier date. Investors~~ may ~~find~~not ~~our~~otherwise ~~common~~be ~~stock~~advantageous ~~less attractive since we have chosen~~ to ~~rely~~do ~~on these exemptions~~so. If some investors find our common stock less attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and the price of our common stock may be more volatile.

WeSuch ~~are also~~ a ~~smaller~~requirement ~~reporting~~could ~~company,~~necessitate ~~and~~raising ~~even~~additional ifcapital weor noincurring ~~longer qualify as an emerging growth company~~debt, ~~any~~which ~~decision~~may onbe ~~our~~costly ~~part~~or todifficult ~~comply~~under ~~only~~adverse ~~with~~market ~~certain~~conditions. ~~reduced~~Any ~~reporting~~such ~~and~~actions ~~disclosure~~could ~~requirements~~materially ~~applicable~~adversely toaffect ~~smaller reporting companies could make~~ our ~~common~~financial ~~stock~~condition ~~less~~and ~~attractive~~results toof ~~investors~~operations.

In addition to qualifying as an emerging growth company, Central Plains Bancshares qualifies as a “smaller reporting company” under the federal securities laws. For as long as it continues to be a smaller reporting company, it may choose to take advantage of exemptions from various reporting requirements applicable to public companies but not applicable to companies that are not smaller reporting companies, including, but not limited to, reduced financial disclosure obligations and reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. If some investors find our common stock less attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and the price of our common stock may be more volatile.

The Federal Reserve Board may require us to commit capital resources to support Home Federal Savings.

Federal law requires that a holding company act as a source of financial and managerial strength to its subsidiary bank and to commit resources to support such subsidiary bank. Under the “source of strength” doctrine, the Federal Reserve Board may require a holding company to make capital injections into a troubled subsidiary bank and may charge the holding company with engaging in unsafe and unsound practices for failure to commit resources to a subsidiary bank. A capital injection may be required at times when the holding company may not have the resources to provide it and therefore may be required to borrow the funds or raise capital. Thus, any borrowing or funds needed to raise capital required to make a capital injection may be more expensive or difficult to obtain and could have an adverse effect on our business, financial condition and results of operations.

Risks Related to Economic Conditions

Changes toin trade policies and tariffs ~~can~~could ~~have~~adversely anaffect ~~adverse impact on~~ our business, financial condition, and ~~our~~results ~~customers~~of operations.

Changes in trade policies, including the imposition ~~of tariffs~~ or ~~the~~ escalation of atariffs and trade ~~war~~restrictions, could negatively ~~impact~~affect ~~the~~ economic conditions in the markets we serve. Our customers—particularly ~~local~~those ~~businesses~~ engaged in agriculture, manufacturing, and retail—may ~~face~~experience higher ~~costs~~input ~~for imported goods and materials~~costs, reduced export demand, and supply chain disruptions ~~due~~as toa ~~increased~~result ~~tariffs~~of such policies. These ~~challenges~~factors could ~~lead~~reduce tocustomer ~~lower~~ revenues, ~~reduced~~and profitability, ~~and~~potentially ~~potential~~leading to layoffs, ~~all~~and ofimpairing ~~which may impair our customers~~borrowers’ ability to meet their financial obligations. Furthermore, prolonged trade tensions and economic uncertainty could lead to market volatility, declining asset values, and weakened consumer confidence. If our customers experience financial stress, we could see

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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anA ~~increase~~deterioration in ~~loan delinquencies and credit losses, negatively affecting our asset quality and overall financial performance. Additionally, any decline in local~~ economic ~~activity~~conditions could reduce ~~loan~~ demand, ~~deposit~~for ~~growth, and fee income, which are critical to~~ our ~~long-term~~products ~~success. While we actively monitor economic~~ and ~~policy~~services ~~developments, we cannot predict the outcome of trade negotiations or the full impact of tariffs~~ and ~~trade~~increase ~~restrictions~~credit-related ~~on our business, customers, and the broader economy~~risks. ~~Any adverse effects from tariffs or a trade war could materially and negatively impact our financial condition, results of operations, and future growth prospects.~~

~~Inflation~~Our ~~can~~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 ana material adverse ~~impact~~effect on our business. Such ~~and~~conditions onmay ~~our~~result ~~customers.~~in:

•

~~Inflation~~reduced ~~risk~~demand is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the value of our investment securities, particularly those with longer maturities, would decrease, although this effect can be less pronounced for ~~floating~~loans ~~rate instruments. In addition, inflation increases the cost of goods~~ and ~~services we use in our business operations, such as electricity and~~ other ~~utilities,~~financial which increases our non-interest expenses. Furthermore, our customers are also affected by inflation and the rising costs of goods and services used in their households and businesses, which could have a negative impact on their ability to repay their loans with us.products;

•

Weincreased ~~have~~loan ~~a high concentration of loans secured by real estate in our market area. Adverse economic conditions~~delinquencies, ~~both~~nonperforming ~~generally and in our market area~~assets, ~~could adversely affect our financial condition~~ and ~~results of operations.~~foreclosures;

•

Wedeclines ~~have relatively few loans outside of our market area. Consequently, we have a greater risk of loan defaults and losses~~ in the event of a further economic downturn in our market area, as adverse economic conditions may have a negative effect on the ability of our borrowers to make timely payments of their loans. A return of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of ~~our loans, investments, and~~ collateral ~~securing our loans~~, ~~and~~particularly ~~our~~real ~~ongoing operations~~estate, ~~costs~~reducing ~~and~~borrowing ~~profitability.~~capacity ~~Any of these negative events may result in higher-than expected loan delinquencies, increase our levels of non-performing~~ and ~~classified~~recovery ~~assets,~~values; and ~~reduce demand for our products and services, which may cause us to incur losses and may adversely affect our capital, liquidity and financial condition.~~

•

Adeterioration ~~worsening~~in ofthe ~~economic~~financial ~~conditions~~condition ~~could reduce demand for our products and services and/or increase our level~~ of ~~non-performing loans~~guarantors, ~~which~~impairing ~~could~~their ~~adversely~~ability ~~affect~~to ~~our~~fulfill ~~financial~~their ~~condition and results of operations~~obligations.

~~Unlike~~Additionally, ~~larger~~deflationary ~~financial~~pressures, ~~institutions~~while ~~that~~potentially ~~are~~lowering ~~more~~certain ~~geographically~~operating ~~diversified~~costs, ~~our~~could ~~profitability~~adversely ~~depends~~affect ~~primarily~~borrowers onby ~~the~~reducing ~~general~~asset ~~economic~~values ~~conditions in our primary market area. We believe the current general economic conditions in our primary market area are healthy~~ and ~~stable. In addition to local economic conditions~~revenues, ~~which~~thereby ~~could~~impairing ~~have~~their ~~a significant impact on~~ ability ~~of our borrowers~~ to ~~repay~~service ~~their~~debt. ~~loans~~Any ~~and on the value~~ of ~~the~~these ~~collateral~~developments ~~securing their loans, deterioration in general economic conditions~~ could ~~result~~materially inand ~~the~~adversely ~~following~~affect ~~consequences, any of which could have a material adverse effect on~~ our ~~business,~~ financial condition, liquidity, and results of operations:.

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

~~loan~~The ~~delinquencies~~current U.S. administration has implemented significant changes in federal priorities and has taken steps to change the operations, ~~problem~~structure, ~~assets~~and policy focus of various federal agencies, as well as regulatory priorities, policy approaches and ~~foreclosures~~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.

~~collateral~~The ~~for~~current ~~loans~~U.S. administration also has implemented rapid shifts in macroeconomic policies, ~~especially~~such ~~real~~as ~~estate~~those relating to trade restrictions and tariffs, ~~may~~which ~~decline~~have created significant uncertainties regarding U.S. economic growth, the potential for recession, and concerns over an increase in ~~value~~inflation. Slow economic growth, ~~reducing~~economic ~~customers’~~contraction ~~future~~or ~~borrowing~~recession, ~~power~~or shifts in broader consumer and business trends would significantly impact our ability to originate loans, the ~~value~~ability of ~~assets~~borrowers to repay loans, and ~~collateral~~the ~~associated~~value ~~with~~of ~~existing~~the ~~loans;~~collateral ~~and~~securing loans.

Other political and economic events within the ~~net~~United ~~worth~~States, including a contentious domestic political environment, changes in or disagreements over U.S. monetary policy and ~~liquidity~~actions of ~~loan~~the ~~guarantors~~Federal ~~may~~Reserve ~~decline~~Board, ~~impairing~~disagreements ~~their~~over ~~ability~~long-term tofederal ~~honor~~budget ~~commitments~~and deficit reduction plans, disagreements over, or threats not to usincrease, 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.

~~Moreover,~~Regional abusiness ~~significant~~and ~~decline in general~~ economic conditions, ~~caused~~are bya ~~inflation,~~major ~~recession,~~driver ~~tariffs~~of ~~and~~our ~~international~~results ~~trade disputes, acts~~ of ~~terrorism,~~operations. anDifficult ~~outbreak~~conditions ofin ~~hostilities~~the orregional ~~other~~business ~~international~~and oreconomic ~~domestic calamities~~environment, ~~unemployment~~including orthose ~~other~~caused ~~factors~~by ~~beyond~~the ~~our~~lack ~~control~~of ~~could~~stability ~~further impact these local economic conditions~~ and ~~could~~predictability ~~further negatively affect the financial results~~ of ~~our banking operations~~U.S. ~~In addition~~policymaking, ~~deflationary~~may ~~pressures,~~materially ~~while~~adversely ~~possibly~~affect ~~lowering~~ our operating ~~costs~~expenses, ~~could~~the ~~have~~quality aof ~~significant negative effect on~~ our ~~borrowers~~assets, ~~especially~~credit ~~our business borrowers~~losses, and the ~~values~~demand offor ~~underlying collateral securing loans, which could negatively affect~~ our ~~financial~~products ~~performance~~and services.

Risks Related to our Business Strategy

Our ~~business~~growth strategy ~~includes~~may ~~growth,~~not be successful and may adversely affect our financial condition and results of operations ~~could be negatively affected if we fail to grow or fail to manage our growth effectively~~. ~~Growing our operations could also cause our expenses to increase faster than our revenues.~~

Our business strategy includes growth in assets, deposits, and the scale of our operations. Achieving ~~such~~this growth will require us to attract customers ~~that~~who currently ~~bank~~maintain atrelationships ~~other~~with competing financial institutions ~~in our market area~~. Our ability to ~~successfully~~ grow ~~will~~successfully ~~depend~~depends on aseveral ~~variety of~~ factors, including our ability to attract and retain experienced ~~bankers~~personnel, ~~the~~identify ~~continued~~and ~~availability~~execute ofon ~~desirable~~viable business opportunities, and ~~the~~compete ~~level~~effectively ofwithin ~~competition~~our ~~from~~market ~~other financial institutions~~area. ~~Growth opportunities may not be available or we may not~~

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beThere ~~able~~can tobe ~~manage~~no ~~our~~assurance that growth ~~successfully. If~~opportunities wewill dobe ~~not~~available ~~manage~~or ~~our~~that ~~growth~~we ~~effectively,~~will ~~our~~be ~~financial~~able ~~condition~~to ~~and~~manage ~~operating~~growth ~~results~~effectively. ~~could~~Failure beto ~~negatively~~do ~~affected. Furthermore,~~so ~~there~~could ~~can~~adversely beaffect ~~considerable~~our ~~costs~~financial ~~involved~~condition inand ~~expanding~~results ~~lending~~of ~~capacity,~~operations. ~~and~~In ~~generally~~addition, aexpansion ~~period~~efforts oftypically ~~time~~involve issignificant ~~required~~upfront tocosts, ~~generate~~including ~~the~~investments ~~necessary~~in ~~revenues~~personnel, toinfrastructure, ~~offset~~and ~~these~~lending ~~costs~~capacity, ~~especially~~and inthere ~~areas~~may inbe ~~which~~a welag dobefore ~~not~~such ~~have~~investments angenerate ~~established~~corresponding ~~presence~~revenues. ~~Accordingly,~~ ~~any~~As ~~such~~a ~~business~~result, ~~expansion~~growth ~~can~~initiatives bemay ~~expected~~place todownward ~~negatively~~pressure ~~impact~~on ~~our~~ earnings until ~~certain~~ economies of scale are ~~reached~~achieved.

Our ~~continued pace of~~ growth may require ~~us to raise~~ additional capital ~~in the future~~, ~~but~~which ~~that capital~~ may not be available ~~when~~on itacceptable isterms, ~~needed~~if at all.

We are ~~required~~subject byto ~~banking~~ regulatory ~~authorities to maintain adequate levels of~~ capital torequirements ~~support~~and ~~our operations. We~~ may ~~at some point~~ need to raise additional capital to support ~~our~~future ~~continued~~ growth. If we raise capital through the issuance of ~~additional~~equity ~~shares of our common stock~~ or other securities, itexisting ~~would~~stockholders ~~dilute~~may ~~the~~experience ~~ownership~~dilution ~~interests~~in ofownership ~~stockholders~~ and, ~~may~~potentially, ~~dilute the per share~~ book value ofper ~~our common stock~~share. ~~New~~Newly ~~investors~~issued securities may also ~~have~~carry rights, preferences, ~~and~~or privileges senior to ~~our~~those ~~current~~of ~~stockholders,~~existing ~~which may adversely impact our current~~ stockholders. ~~Also, the need to raise additional capital may force our management to spend more time in managerial and financing-related activities than in operational activities.~~

Our ability to raise additional capital, ~~if needed,~~ will depend on market conditions inand ~~the~~our ~~capital~~financial ~~markets~~performance, atboth ~~that~~of ~~time,~~ which are ~~outside~~beyond of our control~~, and on our financial performance~~. ~~Accordingly,~~ weWe may not be able to ~~raise~~access ~~additional~~ capital, ifmarkets ~~needed,~~on ~~with~~ favorable terms, or at all, when needed. If we ~~cannot~~are ~~raise~~unable ~~additional~~to ~~capital~~raise ~~when~~sufficient ~~needed~~capital, our ability to ~~further~~pursue ~~expand~~growth ~~our~~opportunities, ~~operations~~including ~~through~~acquisitions ~~internal growth~~ and ~~acquisitions~~organic expansion, could be materially impaired.

Risks Related to Competitive Matters

Strong competition ~~within our market area~~ may limit our growth and profitability.

~~Competition~~The ~~in the~~ banking and financial services industry is ~~intense~~highly competitive. We compete with ~~commercial~~a ~~banks,~~wide ~~savings~~range ~~institutions,~~of ~~mortgage~~financial ~~brokerage~~institutions ~~firms,~~and ~~credit~~non-bank ~~unions,~~financial ~~finance~~service ~~companies~~providers, ~~mutual~~many ~~funds, insurance companies, brokerage and investment banking firms and unregulated or less regulated non-banking entities. Many~~ of ~~these~~which ~~competitors~~ are ~~substantially~~significantly larger ~~than us~~ and have ~~substantially~~ greater financial resources, ~~and~~broader product offerings, higher lending limits ~~than we have and offer certain services that we do not or cannot provide. In addition~~, ~~some of our competitors offer loans with lower interest rates~~ and~~/or~~ more ~~attractive~~advanced ~~terms than loans we offer~~technologies. Competition also makes it increasingly difficult and costly to attract and retain qualified employees. We expect competition to increase in the future as a result of legislative, regulatory and technological changes and the continuing trend of consolidation in the financial services industry. Our profitability depends upon our continued ability to successfully compete for business and qualified employees in our market area. The greater resources and deposit and loan products offered by some of our competitors may limit our ability to increase our interest-earning assets.

~~Our~~These ~~smaller~~competitors ~~size~~may offer more favorable loan terms, higher deposit rates, or enhanced digital capabilities. Increased competition may also make it more difficult ~~for~~and uscostly 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 ~~smaller~~relatively ~~asset~~small size may ~~make~~limit ~~it more difficult to compete with other financial institutions that are larger and can more easily afford to invest in the marketing and technologies needed to attract and retain customers. Because~~ our ~~principal source of income is the net interest income we earn on our loans and investments after deducting interest paid on deposits and other sources of funds, our~~ ability to ~~generate~~compete ~~the revenues needed to cover our expenses and finance such investments is limited by the size of our loan and investment portfolios~~effectively. Accordingly, we are not always able to offer new products and services as quickly as our competitors. In addition, our smaller customer base may make it difficult to generate meaningful non-interest income from such activities as securities and insurance brokerage. Finally, as a smaller institution, we are disproportionately affected by the continually increasing costs of compliance with new banking and other regulations.

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 ~~face~~are ~~significant~~subject to operational ~~risks~~and ~~because~~cybersecurity ofrisks, ~~our~~including ~~reliance~~risks onrelated ~~technology.~~to ~~Our information~~ technology ~~systems~~failures ~~may~~and bedata ~~subject to failure, interruption or~~ security breaches.

~~Information~~Our ~~technology~~business ~~systems~~is ~~are~~highly ~~critical~~dependent toon ~~our~~information ~~business. Our~~technology ~~business~~systems ~~requires~~and usthird-party toservice ~~collect,~~providers. We process, transmit, and store significant amounts of confidential information ~~regarding our customers, employees and our own business, operations, plans and business strategies~~. We ~~use~~Any ~~various technology systems to manage our customer relationships~~failure, ~~general ledger~~interruption, securities investments, deposits, and loans. Our computer systems, data management and internal processes, as well as those of third parties, are integral to our performance. Our operational risks include the risk of malfeasance by employees or ~~persons~~breach ~~outside our company, errors relating to transaction processing and technology, systems failures or interruptions, breaches~~ of ~~our~~these ~~internal control~~ systems ~~and~~could ~~compliance~~disrupt ~~requirements,~~operations and ~~business~~compromise ~~continuation~~sensitive ~~and disaster recovery. There have been increasing efforts by third parties to breach~~ data ~~security at financial institutions~~. Such attacks include computer viruses, malicious or destructive code, phishing attacks, denial of service or information or other security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of

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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~~confidential,~~Our ~~proprietary~~board ~~and~~relies ~~other~~on ~~information,~~management ~~damages to systems, or other material disruptions to network access or business operations. Although we take protective measures~~ and ~~believe~~external ~~that~~advisors wefor ~~have~~oversight ~~not experienced any~~ of ~~the~~cybersecurity data breaches described above, the security of our computer systems, software, and networks may be vulnerable to breaches, unauthorized access, misuse, computer viruses, or other malicious code and cyber-attacks that could have an impact on information securityrisk. ~~Because the techniques used to cause security breaches change frequently, we may be unable to proactively address these techniques or to implement adequate preventative measures.~~

IfOur ~~there~~board ~~is a breakdown in our internal control systems, improper operation~~ of ~~systems~~directors orrelies ~~improper~~significantly ~~employee~~on ~~actions,~~management orand athird-party ~~breach~~experts ofto ~~our~~oversee ~~security~~cybersecurity ~~systems,~~risk ~~including~~management. ifWhile ~~confidential~~we ormaintain ~~proprietary~~an ~~information~~internal ~~were~~technology tocommittee beand ~~mishandled,~~engage ~~misused~~external ~~or lost~~consultants, wemembers ~~could suffer financial loss, loss~~ of ~~customers and damage to~~ our ~~reputation,~~board ~~and~~have ~~face~~limited ~~regulatory~~direct ~~action~~experience orin ~~civil~~cybersecurity ~~litigation~~matters. ~~Any~~As ~~of these events could have~~ a ~~material~~result, ~~adverse~~effective ~~effect~~oversight depends on ~~our~~the ~~financial~~quality ~~condition and results~~ of ~~operations.~~information ~~Insurance~~and ~~coverage~~recommendations ~~may~~provided ~~not~~by bemanagement ~~available~~and ~~for such losses~~advisors, orwhich ~~where~~may ~~available,~~not ~~such~~fully ~~losses~~mitigate ~~may~~cybersecurity ~~exceed insurance limits~~risks.

InThe ~~addition,~~loss ~~we outsource a majority~~ of ~~our~~key ~~data~~personnel ~~processing requirements to third-party providers. Accordingly, our operations are exposed to risk that these vendors will not perform according to our contractual agreements with them, or we also~~ could be adversely ~~affected~~affect ~~if such an agreement is not renewed by the third-party vendor or is renewed on terms less favorable to us. If~~ our third-party providers encounter difficulties, or if we have difficulty communicating with those service providers, our ability to adequately process and account for transactions could be affected, and our business ~~operations could be adversely affected, which could have a material adverse effect on our financial condition and results of operations~~. Threats to information security also exist in the processing of customer information through various other vendors and their personnel. To our knowledge, the services and programs provided to us by third parties have not experienced any material security breaches. However, the existence of cyber-attacks or security breaches at third parties with access to our data, such as vendors, may not be disclosed to us in a timely manner.

Our ~~board~~success depends on the continued service of ~~directors~~our ~~relies~~senior management and key employees, who possess significant industry experience, market knowledge, and customer relationships. The loss of these individuals, or our inability to aattract ~~large~~and ~~degree~~retain onqualified ~~management~~personnel, could disrupt our operations and ~~outside~~impair ~~consultants~~our inability ~~overseeing~~to ~~cybersecurity~~execute ~~risk~~our business strategy. We do not maintain key-person life insurance on members of our senior management team.

~~Home~~Liquidity ~~Federal~~constraints Savings has a standing Technology/Virtual Banking Committee, consisting of the Chief Operating Officer, the Information Technology Manager, information technology staff and staff from other departments within Home Federal Savings. The committee meets quarterly, or ~~more~~funding ~~frequently~~disruptions ifcould ~~needed,~~adversely ~~and~~affect ~~reports~~our tooperations the board of directors after each meeting through committee minutes. Home Federal Savings also engages outside consultants to support its cybersecurity efforts. The directors of Home Federal Savings do not have significant experience in cybersecurity risk management in other business entities comparable to Home Federal Savings and ~~rely~~financial ~~on the Chief Operating Officer, the Information Technology Manager and an information technology service provider for cybersecurity guidance~~condition.

We ~~depend~~must onmaintain ~~our~~adequate ~~management~~liquidity ~~team~~ to ~~implement~~meet ~~our~~deposit ~~business~~withdrawals ~~strategy~~ and ~~execute~~borrower ~~successful~~funding ~~operations~~needs. ~~and~~While we ~~could~~rely beprimarily ~~harmed~~on bycore ~~the~~deposits, ~~loss~~we ofalso ~~their~~utilize ~~services~~alternative funding sources such as Federal Home Loan Bank advances, Federal Reserve Discount Window, federal funds purchased, and brokered deposits.

WeMarket ~~depend~~disruptions, oncompetitive ~~the~~pressures, ~~services~~or ofadverse ~~the~~operating ~~members~~performance ofcould ~~our~~limit ~~senior management team who direct~~ our ~~strategy~~access ~~and~~to ~~operations. Our~~these ~~executive~~funding ~~officers~~sources ~~and~~or ~~lending~~increase ~~personnel~~their ~~possess substantial expertise, extensive knowledge of our markets and key business relationships~~cost. ~~Our~~ ~~loss~~If ofwe ~~these~~are ~~persons,~~required ~~or our inability~~ to ~~hire~~rely ~~additional~~on ~~qualified~~higher-cost ~~personnel~~funding, ~~could impact~~ our ~~ability~~net tointerest ~~implement~~margin ~~our business strategy~~ and ~~could~~profitability ~~have~~may abe ~~material~~negatively ~~adverse~~affected. ~~effect~~In onaddition, ~~our~~we ~~results~~may ofbe ~~operations~~required ~~and our ability~~ to ~~compete~~sell inassets ~~our~~at ~~markets. We~~unfavorable doprices ~~not~~to ~~maintain~~meet ~~“key-person”~~liquidity ~~life~~needs, ~~insurance~~potentially onresulting ~~any~~in ~~member~~realized ~~of our senior management team~~losses.

~~Our~~Liquidity ~~funding~~constraints ~~sources~~ may ~~prove~~also ~~insufficient~~result toin ~~replace~~increased ~~deposits~~regulatory atscrutiny ~~maturity~~or ~~and~~restrictions, ~~support~~including ~~our~~limitations ~~future~~on growth~~. A~~, ~~lack~~dividend ofpayments, ~~liquidity could adversely affect our financial condition~~ and ~~results~~the use of ~~operations~~brokered ~~and result in regulatory limits being placed on us~~deposits.

WeFuture ~~must~~potential ~~maintain~~reliance ~~sufficient~~on ~~funds to respond to the needs of depositors~~ and ~~borrowers. As~~integration ~~a part~~ of ~~our~~artificial ~~liquidity~~intelligence ~~management,~~(AI) weand ~~use~~machine alearning ~~number~~(ML) oftechnologies ~~funding~~could ~~sources~~expose inus ~~addition~~ to ~~core~~various ~~deposit~~risks, ~~growth~~including ~~and repayments and maturities of loans and investments. As we continue to grow~~operational, ~~we are likely to depend more on these sources~~data, ~~which may include Federal Home Loan Bank of Topeka advances~~regulatory, ~~federal funds purchased~~ and ~~brokered~~reputational ~~certificates of deposit. While we emphasize the generation of low-cost core deposits as a source of funding~~risks, ~~there~~which iscould ~~strong~~materially ~~competition~~affect ~~for such deposits in~~ our ~~market~~business ~~area.~~and ~~Additionally,~~financial ~~deposit balances can decrease if customers perceive alternative investments as providing a better risk/return tradeoff. Adverse operating~~ results ~~or changes in industry conditions could lead to difficulty or an inability to access these additional funding sources~~. ~~Our~~ financial flexibility will be severely constrained if we are unable to maintain our access to funding or if adequate financing is not available to accommodate future growth at acceptable interest rates.

~~Further,~~The ifenhanced weuse ~~are~~of ~~required~~AI ~~to rely more heavily on more expensive funding sources to support liquidity~~ and ~~future~~ML ~~growth,~~by ~~our~~financial ~~revenues~~institutions ~~may~~can ~~not~~lead ~~increase proportionately~~ to ~~cover~~a ~~our~~variety ~~increased~~of ~~costs~~risks. ~~In this case, our operating margins and profitability would be~~

•

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.

•

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.

•

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.

•

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.

•

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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~~adversely~~Defaults ~~affected.~~by ~~Alternatively,~~counterparties weor ~~may~~declines ~~need~~in tothe ~~sell~~value aof ~~portion~~collateral ofcould ~~our~~result ~~investment~~in ~~and/or~~financial ~~loan~~losses. ~~portfolio~~Broader toconcerns ~~raise~~about ~~funds,~~the ~~which,~~financial ~~depending~~services ~~upon~~industry may also negatively impact market ~~conditions,~~confidence ~~could~~and ~~result~~funding inavailability, uswhich ~~realizing~~could amaterially ~~loss~~and onadversely ~~the~~affect ~~sale~~our ofoperations ~~such~~and ~~assets~~financial condition.

AOur ~~lack~~inability ofto ~~liquidity~~tailor ~~could~~our ~~also~~retail ~~attract~~delivery ~~increased~~model ~~regulatory~~to ~~scrutiny~~respond ~~and potential restraints imposed on us by regulators. Depending on the capitalization status and regulatory treatment of depository institutions, including whether an institution is subject~~ to aconsumer ~~supervisory~~preferences ~~prompt~~in ~~corrective~~banking ~~action directive, certain additional regulatory restrictions and prohibitions~~ may ~~apply,~~negatively ~~including~~affect ~~restrictions on growth, restrictions on interest rates paid on deposits, restrictions or prohibitions on payment of dividends and restrictions on the acceptance of brokered deposits~~earnings.

AtOur ~~March~~branch ~~31,~~network ~~2025,~~continues weto ~~had~~be noa ~~outstanding~~very ~~borrowings~~significant ~~from~~source ~~the~~of ~~Federal~~new ~~Home~~business ~~Loan~~generation, ~~Bank~~however, ofconsumers ~~Topeka. At~~continue ~~March~~to ~~31,~~migrate ~~2025,~~much weof ~~had~~their ~~the~~routine ~~capacity~~banking to ~~borrow~~self-service ~~$40~~channels.5 ~~million~~In ~~from~~recognition ~~the~~of ~~Federal~~this ~~Home~~shift ~~Loan~~in ~~Bank~~consumer ~~of Topeka~~patterns, aswe ~~well~~regularly asreview ~~$5.0~~our ~~million~~branch ~~from~~network, awhich ~~private~~can ~~bankers’~~result ~~bank.~~in Webranch ~~could~~consolidation ~~significantly~~accompanied ~~increase~~by the enhancement of our ~~borrowing~~capabilities ~~capacity~~to ~~from~~serve ~~the~~its ~~Federal~~customers ~~Home~~through ~~Loan~~alternate ~~Bank~~delivery ofchannels. ~~Topeka~~In ifthat regard, we ~~pledged~~expect ~~additional~~to ~~assets~~continue asto ~~security. We~~devote ~~also~~substantial ~~have~~time ~~the~~and ~~ability~~resources to ~~participate~~improving inour ~~the~~digital ~~Federal~~products ~~Reserve~~and ~~Board’s~~services. ~~Bank~~The ~~Term~~success ~~Funding~~of ~~Program~~these ifinitiatives ~~needed. We~~will ~~anticipate~~depend ~~that~~on, weamong ~~will~~other ~~have~~things, ~~sufficient~~whether ~~funds~~our toupgraded ~~meet~~technology ~~our~~and ~~current~~digital ~~funding~~solutions ~~commitments. Based~~are onreceived favorably by our ~~deposit~~customers ~~retention~~and ~~experience~~employees and ~~current~~improves ~~pricing~~their ~~strategy,~~experiences and interactions with us. If we ~~anticipate~~are ~~that~~unable ato ~~significant~~fully ~~portion~~implement the digital offerings or successfully achieve these objectives with customers, the anticipated benefits of ~~maturing~~these ~~time~~initiatives ~~deposits~~may ~~will~~not be ~~retained~~realized fully, or at all, or may take longer to realize than expected or we may experience significant customer attrition.

The soundness of other financial institutions could adversely affect us.

Our ability to engage in routine funding transactions could be adversely affected by the actions and commercial soundness of other financial institutions. Financial services institutions are interrelated as a result of trading, clearing, counterparty and other relationships. We have exposure to many different counterparties, and we routinely execute transactions with counterparties in the financial industry, including brokers and dealers, other commercial banks, investment banks, mutual and hedge funds, and other financial institutions. As a result, defaults by, or even rumors or questions about, one of more financial services institutions, or the financial services industry generally, could lead to market-wide liquidity problems and losses or defaults by us or by other institutions and organizations. Many of these transactions expose us to credit risk in the event of default of our counterparty or client. In addition, our credit risk may be exacerbated when the collateral held by us cannot be liquidated or is liquidated at prices no sufficient to recover the full amount of the financial instrument exposure due to us. Any such losses could materially and adversely affect our results of operations.

Risks Related to Acquisitions

Acquisitions may ~~disrupt~~not ~~our~~achieve ~~business~~expected benefits and ~~dilute~~may ~~stockholder~~adversely ~~value~~affect our financial condition.

We ~~evaluate merger and acquisition opportunities with other financial institutions. As a result, negotiations~~ may ~~take~~pursue ~~place and future mergers or~~ acquisitions ~~with~~as ~~consideration~~part ~~consisting~~ of ~~cash~~our ~~and/or~~growth ~~equity securities may occur~~strategy. These Wetransactions ~~would~~involve ~~seek~~various ~~acquisition~~risks, ~~partners that offer us either significant market presence or the potential to expand our market footprint and improve profitability through economies of scale or expanded services.~~including:

•

31potential dilution of tangible book value and earnings per share;

•

~~Table~~exposure ofto ~~Contents~~unknown or contingent liabilities;

•

~~Acquiring~~asset ~~other~~quality ~~banks~~deterioration orin ~~businesses~~acquired ~~may have an adverse effect on our financial results and may involve various other risks commonly associated with acquisitions, including, among other things:~~portfolios;

•

~~payment~~goodwill ofimpairment ~~a premium over book~~ and ~~market values that may dilute our tangible book value and~~ earnings ~~per share in the short- and long-term~~volatility;

•

~~potential~~integration ~~exposure~~challenges toand ~~unknown~~associated ~~or contingent liabilities of the target company, as well as potential asset quality problems of the target company~~costs;

•

~~potential~~failure ~~volatility~~to inachieve ~~reported~~anticipated ~~income~~synergies ~~associated~~or ~~with~~cost ~~goodwill impairment losses~~savings;

•

~~difficulty~~diversion ~~and expense~~ of ~~integrating~~management ~~the~~attention; ~~operations~~ and ~~personnel of the target company;~~

•

~~inability to realize~~ the ~~expected~~loss ~~revenue~~of ~~increases,~~key ~~cost~~employees ~~savings, increases in geographic~~ or ~~product presence, and/or other projected benefits of the acquisition;~~customers.

~~potential~~These ~~disruption~~risks tocould adversely affect our ~~business~~financial performance and ~~diversion~~the value of our ~~management’s~~common ~~time and attention;~~stock.

the possible loss of key employees and customers of the target company; and

potential changes in banking or tax laws or regulations that may affect the target company.

Risks Related to Accounting Matters

Changes in ~~management’s~~ estimates and assumptions ~~may~~could ~~have~~materially aaffect ~~material impact on~~ our ~~consolidated~~ financial statements ~~and our financial condition or operating results~~.

InThe ~~preparing~~preparation ~~this~~of ~~annual report, as well as in preparing the other periodic reports and consolidated~~ financial statements ~~Central~~requires ~~Plains Bancshares is required to file under the Securities Exchange Act of 1934, as amended, our~~ management ~~is and will be required under applicable rules and regulations~~ to make estimates and assumptions asthat ~~of a specified date. These estimates and assumptions~~ are ~~based~~inherently onuncertain ~~management’s best estimates~~ and ~~experience as of that date and are~~ subject to ~~substantial risk and uncertainty. Materially different results may occur as circumstances~~ change ~~and additional information becomes known~~. ~~Areas~~Key ~~requiring~~areas ~~significant~~include ~~estimates that are particularly susceptible to change in~~ the ~~near term relate to the determination of the~~ allowance for credit losses, ~~the determination of the~~ pension ~~liability~~obligations, asand ~~well as~~ the fair value ~~measurements~~ of ~~investment~~financial ~~securities~~instruments. As ~~with~~Actual ~~any estimate, actual~~ results ~~could~~may differ materially from ~~those~~these estimates, which could affect our financial condition and results of operations.

Changes in accounting standards could ~~affect~~impact reported ~~earnings~~results.

~~The~~Accounting ~~bodies~~standard-setters ~~responsible~~and ~~for~~regulators ~~establishing~~periodically ~~accounting~~update ~~standards,~~financial ~~including~~reporting ~~the~~requirements. ~~Financial~~These ~~Accounting~~changes ~~Standards~~may ~~Board,~~affect ~~the~~how ~~Securities~~we ~~and~~recognize ~~Exchange Commission~~ and ~~other~~measure ~~regulatory bodies, periodically change the~~ financial ~~accounting~~statement items and ~~reporting~~could ~~guidance~~require ~~that~~retrospective ~~governs the preparation of our financial statements~~application. ~~These~~Such changes ~~can~~could ~~be hard to predict and can~~ materially impact ~~how we record and report~~ our ~~consolidated~~reported financial condition and results of operations. ~~In some cases, we could be required to apply new or revised guidance retroactively.~~

Other Risks Related to Our Business

WeOur ~~are a community bank and our ability to maintain our~~ reputation is critical to ~~the success of~~ our ~~business~~success. ~~The failure to do so may materially adversely affect our performance.~~

WeAs ~~are~~ a community bank, ~~and~~ our reputation is ~~one~~a ofkey ~~the~~component ~~most valuable components~~ of our business strategy. A ~~key~~Negative ~~factor~~publicity, inwhether ~~implementing~~warranted ~~our~~or ~~business~~not, ~~strategy~~could isresult ~~our~~in ~~reputation~~the ~~for~~loss ~~customer service and knowledge~~ of ~~local markets to expand our presence by capturing new business opportunities from existing and prospective~~ customers, inemployees, ~~our market area~~ and ~~contiguous~~business ~~areas~~opportunities. ~~Threats~~ toReputational ~~our~~harm ~~reputation~~may ~~can~~arise ~~come~~ from ~~many~~operational ~~sources~~failures, ~~including~~regulatory ~~adverse sentiment about financial institutions generally~~issues, ~~unethical practices, employee misconduct, failure to deliver minimum standards of service or quality, compliance deficiencies,~~ cybersecurity incidents, ~~and questionable~~ or ~~fraudulent~~misconduct ~~activities~~by ~~of our customers. Negative publicity regarding our business,~~ employees, or customers, ~~with or without merit, may result in the loss of customers~~ and ~~employees,~~could ~~costly~~materially ~~litigation~~ and ~~increased governmental regulation, all of which could~~ adversely affect our ~~business and operating results~~performance.

~~Societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers.~~31

Concerns over the long-term impacts of climate change have led and will continue to lead to governmental efforts around the world to mitigate those impacts. Consumers and businesses also may change their behavior as a result of these concerns. We and our customers will need to respond to new laws and regulations as well as consumer and business preferences resulting from climate change

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~~concerns.~~Climate-related The impact on our customers will likely vary depending on their specific attributes, including reliance on or role in carbon intensive activities. Among the impacts to us could be a drop in demand for our products and services, particularly in certain sectors. In addition, we could face reductions in creditworthiness on the part of some customers or in the value of assets securing loans. Our efforts to take these risks ~~into~~may ~~account~~adversely inaffect ~~making lending and other decisions, including by increasing~~ our business ~~with climate-friendly companies, may not be effective in protecting us from the negative impact of new laws~~ and ~~regulations or changes in consumer or business behavior~~customers.

ARegulatory, ~~protracted~~economic, ~~government~~and ~~shutdown~~behavioral responses to climate change may ~~result~~affect inour ~~reduced~~customers ~~loan~~and ~~originations~~the markets we serve. These changes could reduce demand for certain products, impair borrowers’ creditworthiness, and ~~related~~decrease ~~gains~~the onvalue ~~sale~~of collateral. Our efforts to manage these risks may not be effective, and such developments could ~~negatively~~adversely affect our financial condition and results of operations.

~~During~~Government ~~any protracted federal government shutdown~~shutdowns, wenatural ~~may not be able to close certain loans and we may not be able to recognize non-interest income on the sale of loans. Some of the loans we originate are sold directly to government agencies~~disasters, and ~~some~~other ofexternal ~~these~~events sales may be unable to be consummated during a shutdown. In addition, we believe that some borrowers may determine not to proceed with their home purchase and not close on their loans, which would result in a permanent loss of the related non-interest income. A federal government shutdown could ~~also~~adversely ~~result~~affect ~~in reduced income for government employees or employees of companies that engage in business with the federal government, which could result in greater loan delinquencies, increases in~~ our ~~non-performing, criticized and classified assets and a decline in demand for our products and services~~operations.

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

~~Severe~~Anti-takeover ~~weather~~provisions ormay ~~natural~~limit ~~disasters,~~changes such as tornados, drought and other adverse external events, could have a significant effect on our ability to conduct business. Such events could affect the stability of our deposit base, impair the ability of borrowers to repay outstanding loans, impair the value of collateral securing loans, cause significant property damage, result in ~~loss of revenue and/or cause us to incur additional expenses~~control. Accordingly, the occurrence of any such severe weather or natural disaster event could have a material adverse effect on our business, which, in turn, could adversely affect our financial condition and results of operations.

~~Various~~Certain ~~factors~~provisions ~~may~~of ~~make~~our ~~takeover~~articles ~~attempts~~of incorporation and bylaws and federal banking laws, including regulatory approval requirements, could make it more difficult for a third party to ~~achieve~~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.

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.

33This 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.

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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.

•

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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.

~~Item 2. Properties.~~34

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, 2025, the net book value of our properties (including furniture, fixtures and equipment) was $12.9 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. As of March 31, 2025 our new branch office in Lincoln, Nebraska was 98% completed, and occupancy permits were issued in Mid March 2025. Our new Hastings, Nebraska location opened in May 2025. While Lincoln was new land and structure, in Hastings, the old building was torn down and a new building was being constructed on existing land.

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Item 2. Properties.

Item 3. Legal Proceedings.

At March 31, ~~2025~~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 1610, ~~2025~~2026 was ~~253~~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. ~~As of March 31, 2025, 28,139 shares have been repurchased pursuant to the program at a cost of $415,000, which includes $2,000 in commission expenses.~~

~~The~~During ~~following~~the ~~table~~year ~~sets~~ended ~~forth~~March ~~information~~31, ~~about~~2026, the Company's ~~purchases~~repurchased 43,183 shares of ~~its~~Common ~~common~~Stock under the stock ~~during~~repurchase ~~the~~program ~~three~~at ~~months~~a ~~ended~~weighted-average ~~March~~price ~~31,~~of ~~2025~~$15.70 per share, totaling $679,000.

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, 2025		6,335	$	14.70		6,335		184,279
February 1 - February 28, 2025		4,131		14.70		4,131		180,148
March 1 - March 31. 2025		8,287		14.82		8,287		171,861
Total		18,753	$	14.74		18,753

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, ~~2025~~2026, and our results of operations for years ended March 31, ~~2025~~2026 and ~~2024~~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 ~~intend~~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.

~~The following are our accounting policies that require significant judgments and estimates.~~37

Allowance for Credit Losses. Determining the allowance for loan and lease losses has historically been identified as a critical accounting policy. On April 1, 2023, we adopted the new CECL accounting methodology. The CECL model utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity securities, and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. For available for-sale securities where fair value is less than cost, credit-related impairment, if any, will be recognized in an allowance for credit losses and adjusted each period for changes in expected credit risk. This model replaced the previous existing impairment models, which generally required that a loss be incurred before it is recognized.

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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, ~~2025~~2026 or ~~2024~~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 ~~2025~~2026 was 5.5575%.

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 2024 was 5.40%. We anticipate using a weighted average expected long-term rate of return on plan assets of 5.25% in 2025.38

~~The~~Table ~~assumed rate~~ of ~~annual compensation increases of 4.00% in 2025 reflected expected trends in salaries and the employee base.~~Contents

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, ~~2025~~2026 and March 31, ~~2024~~2025

The following ~~tables~~table ~~set~~sets forth selected historical financial ~~and other~~ data at the dates ~~and for the fiscal years~~ presented. The information ~~at and for the fiscal years ended March 31, 2025 and 2024~~ 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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	At March 31,
	2025		2024
	(Dollars in thousands)
Selected Consolidated Financial Condition Data:
Total assets	$	508,702	$	463,278
Cash and cash equivalents		28,682		11,454
Investment securities held-to-maturity		222		307
Investment securities available-for-sale		59,369		60,356
Loans, net of allowance for loan losses		396,756		374,389
Total liabilities		425,370		385,001
Deposits		416,201		375,145
Borrowings		—		—
Total equity	$	83,332	$	78,277

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 ~~Assets~~Equity. Total ~~assets~~equity increased $455.47 million, or 96.8%, to $~~508~~89.70 million at March 31, ~~2025~~2026 from $~~463~~83.3 million at March 31, ~~2024~~2025. ~~The~~This increase ~~was~~in ~~primarily~~total ~~due~~equity tois athe result of net income of $~~22.~~4.0 million, orfor ~~6.0%~~the year ended March 31, ~~increase~~2026 inand ~~net~~other ~~loans~~comprehensive income of $1.4 million.

Cash and Cash Equivalents. Cash and cash equivalents increased $17.2 million, or 150.4%, to $28.7 million at March 31, 2025 from $11.5 million at March 31, 2024. This increase was primarily due to proceeds from principal payment on securities and an increase in deposits. We regularly review our liquidity position based on alternative uses of available funds as well as market conditions.

Investment Securities Available for Sale. Securities available-for-sale decreased $1.0 million, or 1.6%, to $59.4 million at March 31, 2025 from $60.4 million at March 31, 2024. We purchased $6.2 million in securities, received principal payments of $8.3 million, had net premium amortization and discount accretion of $71,000 and had a decrease in the unrealized loss on the securities portfolio of $1.2 million during the year ended March 31, 2025.

Gross Loans. Gross loans held for investment increased $22.0 million, or 5.8%, to $402.2 million at March 31, 2025 from $380.2 million at March 31, 2024. We experienced increases in two loan categories, residential real estate and agriculture loans. The largest increase was in agriculture loans, which increased $23.1 million, or 117.50%, to $42.8 million from $19.7 at March 31, 2024.

Total Deposits. Total deposits increased $41.1 million, or 10.9%, to $416.2 million at March 31, 2025 from $375.1 million at March 31, 2024. The increase in deposits reflected increases in NOW, money market, savings accounts and time deposits, which increased by $43.4 million from $308.3 million at March 31, 2024 to $351.7 million at March 31, 2025.

Non-interest bearing deposits decreased $2.4 million, or 3.6%, to $64.5 million at March 31, 2025 from $66.9 million at March 31, 2024. 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 $7.3 million at March 31, 2025 that are included in the $94.1 million total under other time deposits.

Borrowings. We had no borrowings at March 31, 2025 or March 31, 2024. 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 advances as needed to support increased loan funding.

Total Equity. Total equity increased $5.0 million, or 6.5% to $83.3 million at March 31, 2025 from $78.3 million at March 31, 2024. This increase in total equity is the result of net income of $3.7 million for the period ended March 31, 2025 and other comprehensive income of $1.4 million.

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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,
	2025								2024
	2026								2025
	AverageOutstandingBalance			Interest		AverageYield/Rate			AverageOutstandingBalance			Interest		AverageYield/Rate
	(Dollars in thousands)
Interest-earning assets:
Loans	$	~~391~~418,~~330~~754		$	2225,~~246~~097		5.6899	%	$	~~361~~391,~~978~~330		$	1822,~~958~~246		5.2468	%
Mortgage-backed securities		5152,~~975~~972			12,~~976~~115		3.8099	%		51,~~332~~975			1,~~551~~976		3.0280	%
Investment securities (1)		7,~~194~~391			~~168~~165		2.3423	%		7,~~080~~194			~~174~~168		2.4634	%
Interest-bearing deposits and other		12,~~451~~250			~~313~~288		2.5135	%		1012,~~010~~451			~~280~~313		2.8051	%
Total interest-earning assets		~~462~~491,~~950~~367			2427,~~703~~665		5.3463	%		~~430~~462,~~400~~950			2024,~~963~~703		45.8734	%
Non-interest-earning assets		1924,~~032~~504								1319,~~267~~032
Total assets	$	~~481~~515,~~982~~871							$	~~443~~481,~~667~~982
Interest-bearing liabilities:
Savings accounts	$	4247,~~924~~083			~~195~~250		0.4553	%	$	4142,~~485~~924			~~154~~195		0.3745	%
Money market accounts		2733,~~530~~146			~~631~~750		2.2926	%		2127,~~788~~530			~~450~~631		2.0729	%
NOW accounts		~~128~~133,~~546~~070			2,~~147~~250		1.6769	%		~~118~~128,~~944~~546			12,~~877~~147		1.5867	%
Certificates of deposit		~~101~~119,~~820~~430			45,~~547~~082		4.4726	%		86101,~~845~~820			34,~~413~~547		34.9347	%
Individual retirement accounts		1617,~~693~~569			~~595~~600		3.5642	%		16,~~529~~693			~~491~~595		23.9756	%
Total interest-bearing deposits		~~317~~350,~~513~~298			8,~~115~~932		2.5655	%		~~285~~317,~~591~~513			68,~~385~~115		2.2456	%
Borrowings		1,~~752~~324			9959		54.6546	%		1,~~951~~752			~~105~~99		5.3865	%
Total interest-bearing liabilities		~~319~~351,~~265~~622			8,~~214~~991		2.5756	%		~~287~~319,~~542~~265			68,~~490~~214		2.2657	%
Other non-interest-bearing liabilities		9890,~~895~~969								~~110~~98,~~924~~895
Total liabilities		~~418~~442,~~160~~591								~~398~~418,~~466~~160
Total equity		6373,~~822~~280								4563,~~201~~822
Total liabilities and total equity	$	~~481~~515,~~982~~871							$	~~443~~481,~~667~~982
Net interest income				$	1618,~~489~~674							$	1416,~~473~~489
Net interest rate spread (2)							23.7607	%							2.6176	%
Net interest-earning assets (3)	$	~~143~~139,~~685~~745							$	~~142~~143,~~858~~685
Net interest margin (4)							3.5680	%							3.3656	%
Average interest-earning assets to interest-bearing liabilities		~~145~~139.0074	%							~~149~~145.6800	%

(1)

Represents investments in municipal bonds.

(2)

Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(3)

Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4)

Net interest margin represents net interest income divided by average total interest-earning assets.

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Rate/Volume Analysis

The following table presents the effects of changing rates and volumes on our net interest income for the years presented. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume. There were no out-of-period items or adjustments required to be excluded from the table below.


	Years Ended March 31, 2026 vs. 2025
	Increase (Decrease) Due to
	Volume			Rate			Net
Interest-earning assets:	(Dollars in thousands)
Loans	$	2,183		$	668		$	2,851
Mortgage-backed securities		84			55			139
Investment securities (1)		—			(3	)		(3	)
Interest-bearing deposits and other		15			(40	)		(25	)
Total interest-earning assets		2,282			680			2,962

Interest-bearing liabilities:
Savings accounts		9			46			55
Money market accounts		118			1			119
Now accounts		93			10			103
Certificates of deposits		780			(245	)		535
Individual retirement accounts		4			1			5
Borrowings		(40	)		—			(40	)
Total interest-bearing liabilities		964			(187	)		777
Change in net interest income	$	1,318		$	867		$	2,185

(1)

Represents investments in municipal bonds.

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

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


	For the year ended March 31,
	2026		2025
	(Dollars in thousands)
Selected Consolidated Operating Data:
Interest income	$	27,665	$	24,703
Interest expense		8,991		8,214
Net interest income before provision for credit losses		18,674		16,489
Provision for credit losses		306		200
Net interest income after provision for credit losses		18,368		16,289
Non-interest income		2,667		2,610
Non-interest expense		16,044		14,376
Income before income tax expense		4,991		4,523
Income tax expense		991		869
Net income	$	4,000	$	3,654

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

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

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	Years Ended March 31, 2025 vs. 2024
	Increase (Decrease) Due to
	Volume			Rate			Net
Interest-earning assets:	(Dollars in thousands)
Loans	$	1,654		$	1,634		$	3,288
Mortgage-backed securities		(174	)		599			425
Investment securities (1)		—			(6	)		(6	)
Interest-bearing deposits and other		43			(10	)		33
Total interest-earning assets		1,523			2,217			3,740
Interest-bearing liabilities:
Savings accounts		1			40			41
Money market accounts		131			50			181
Now accounts		122			148			270
Certificates of deposits		(2,708	)		3,842			1,134
Individual retirement accounts		100			4			104
Borrowings		(6	)		—			(6	)
Total interest-bearing liabilities		(2,360	)		4,084			1,724
Change in net interest income	$	3,883		$	(1,867	)	$	2,016

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

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

~~Comparison~~Interest ofExpense. Interest ~~Operating~~expense ~~Results~~increased $777,000, or 9.5%, to $9.0 million for the ~~Years~~year ~~Ended~~ended March 31, 2026 compared to $8.2 million for the year ended March 31, 2025, ~~and~~driven ~~2024~~primarily by an increase in the average balance of interest-bearing liabilities.

~~The~~Interest ~~following~~expense ~~tables~~on ~~set~~deposits ~~forth~~increased ~~selected~~$817,000, ~~historical~~or ~~financial~~10.1%, ~~and~~to ~~other~~$8.9 ~~data~~million atfor the ~~dates~~year ~~and~~ended ~~for~~March ~~the~~31, ~~fiscal~~2026 ~~years~~compared ~~presented~~to $8. ~~The~~1 ~~information~~million ~~at and~~ for the ~~fiscal~~year ~~years~~ ended March 31, 2025. The ~~and~~increase ~~2024~~was isdue ~~derived~~to inan ~~part~~increase ~~from,~~in ~~and should be read together with,~~ the ~~audited~~average ~~consolidated~~balances ~~financial~~of ~~statements~~all ~~and related notes included in this Annual Report on Form 10~~interest-Kbearing liabilities.

	For the year ended March 31,
	2025		2024
	(Dollars in thousands)
Selected Consolidated Operating Data:
Interest income	$	24,703	$	20,963
Interest expense		8,214		6,490
Net interest income before provision for loan losses		16,489		14,473
Provision for loan losses		200		88
Net interest income after provision for loan losses		16,289		14,385
Non-interest income		2,610		2,853
Non-interest expense		14,376		12,602
Income before income tax expense		4,523		4,636
Income tax expense		869		877
Net income	$	3,654	$	3,759

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

~~General~~Interest expense on FHLB borrowings decreased $40,000, or 40.4%, to $59,000 for the year ended March 31, 2026 compared to $99,000 for the year ended March 31, 2025. ~~Net~~The ~~income~~decrease ~~decreased~~was due to a decrease in the average balance of borrowings of $~~105~~428,000, or 224.84%, to $31.73 million for the year ended March 31, ~~2025,~~2026 compared to $31.8 million for the year ended March 31, ~~2024~~2025.

Net Interest ~~and Dividend~~ Income. ~~Interest~~Net ~~and~~interest ~~dividend~~ income increased $32.71 million, or 1712.8%, to $2418.74 million for the year ended March 31, ~~2025~~2026 ~~from~~compared to $2116.03 million for the year ended March 31, ~~2024~~2025. ~~The increase was due primarily to an increase in interest income on loans, which is our primary source of interest income, due to increases in market interest rates.~~

~~Interest~~Our ~~income~~interest onrate ~~loans~~spread increased ~~$3.2~~31 ~~million,~~basis orpoints ~~17.3%,~~ to ~~$22~~3.207% ~~million~~ for the year ended March 31, ~~2025 from $19.0 million for the year ended March 31~~2026, ~~2024. The~~compared ~~average~~to ~~balance of loans and loan balances increased $29~~2.~~3 million, or 8.1~~76%, ~~to $391.3 million~~ for the year ended March 31, 2025 ~~from $362.0 million for the year ended March 31~~, ~~2024. The~~and ~~increase is due to~~ our ~~continued~~net ~~focus~~interest onmargin ~~growing our loan portfolio consistent with maintaining asset quality. Our yield on loans~~ increased 4424 basis points to 53.6880% for the year ended March 31, ~~2025~~2026 ~~from~~compared 5to 3.2456% for the year ended March 31, ~~2024~~2025. ~~The increase in yield was due to increases in market interest rates.~~

~~Interest~~Provision ~~income~~for onCredit ~~securities~~Losses. Provision ~~increased~~for ~~$419,000,~~credit orlosses ~~24.3%,~~was to $~~2.1~~306,000 ~~million~~ for the year ended March 31, ~~2025~~2026, ~~from~~compared to $~~1.7~~200,000 ~~million~~ for the year ended March 31, ~~2024,~~2025. ~~due~~The toincrease ain 67provision ~~basis~~expense ~~point~~was ~~increase~~primarily inattributable to loan growth during the ~~average~~period, ~~yield~~as ~~from~~gross 2loans held for investment increased $46.951 million, or 11.5%, ~~for~~with ~~the~~notable ~~year~~growth ~~ended~~in ~~March~~commercial non-real estate, real estate, and agricultural loan segments.

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

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

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

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31Non-Interest Expense. Non-interest expense increased $1.6 million, ~~2024~~or 11.6%, to 3$16.~~62%~~0 million for the year ended March 31, ~~2025~~2026 from $14.4 million for the year ended March 31, 2025. Salaries and byemployee abenefits increased $~~757~~874,000, ~~increase~~or in11.1%, to $8.8 million for the ~~average~~year ~~balance~~ended ofMarch ~~securities~~31, 2026 from $7.9 million for the year ended March 31, 2025, due to annual wage adjustments and a full year of recognizing stock based compensation expense from stock options and restricted stock awards granted under the 2024 Equity Incentive Plan. The Company implemented the 2024 Equity Incentive Plan on November 26, 2024, and began recognizing expense associated with this plan in December 2024. Other general and administrative expenses increased $59273,000, or 10.5%, to $2.9 million for the year ended March 31, ~~2025~~2026 from $582.46 million for the year ended March 31, ~~2024~~2025, due to a combination of increases in insurance, auditing and consulting fees. The increase was primarily attributable to higher insurance, audit, and consulting expenses, as well as incremental costs related to recruiter fees and software licensing.

~~Interest~~Occupancy ~~Expense. Interest~~and ~~expense~~equipment expenses increased $~~1.7 million~~529,000, or 2650.62%, to $81.26 million for the year ended March 31, ~~2025~~2026 ~~compared~~from to $61.51 million for the year ended March 31, ~~2024~~2025, due ~~primarily~~ to ~~increases~~recognizing ina ~~the~~full ~~average~~year ~~balance~~of ~~and~~depreciation ~~higher~~for ~~costs~~our ofnewly ~~interest-bearing~~constructed ~~liabilities~~branches in Lincoln and Hastings, Nebraska.

~~Interest~~Income ~~expense~~Tax onExpense. Income ~~deposits~~tax expense increased $~~1.7 million~~122,000, or 2714.10%, to $~~8.1~~991,000 ~~million~~ for the year ended March 31, ~~2025~~2026, compared to $~~6.4 million for the year ended March 31~~869,000 ~~2024. The increase was due to a 32 basis point increase in the average cost of deposits to 2.56%~~ for the year ended March 31, 2025 ~~from 2.24% for the year ended March 31~~, ~~2024. The~~primarily ~~increase~~reflecting ~~in the average cost of deposits was due to the~~ higher ~~interest~~pre-tax ~~rate environment and an increase in the average balances of certificates of deposit, NOW accounts, savings accounts and money market accounts~~income. The ~~average~~effective ~~balances~~tax ofrate ~~certificates of deposit~~ increased ~~$15.0 million, or 17.2%~~ to ~~$101~~19.~~8 million for the year ended March 31, 2025 from $86.8 million for the year ended March 31, 2024. The average balances of NOW accounts increased $~~9~~.6 million, or 8.1~~% ~~to $128.5 million~~ for the year ended March 31, ~~2025~~2026 from ~~$118~~19.~~9 million for the year ended March 31, 2024. The average balances of savings accounts increased $1.4 million, or 3.5~~2% ~~to $42.9 million~~ for the year ended March 31, 2025 ~~from $41~~.5 million for the year ended March 31, 2024. The average balances of money market accounts increased $5.7 million, or 26.4% to $27.5 million for the year ended March 31, 2025 from $21.8 million for the year ended March 31, 2024.

~~Interest~~The ~~expense~~increase onin ~~FHLB borrowings decreased $6,000, or 5.7%, to $99,000 for~~ the ~~year~~effective ~~ended~~tax ~~March~~rate ~~31, 2025 compared to $105,000 for the year ended March 31, 2024. The decrease~~ was ~~due~~primarily todriven aby ~~decrease~~changes in the ~~average~~composition ~~balance~~ of ~~borrowings~~taxable ofincome ~~$199,000,~~and ora ~~10.2%,~~lower torelative ~~$1.8~~benefit ~~million~~from ~~for~~permanent ~~the~~tax ~~year~~differences, ~~ended~~including ~~March~~tax-exempt 31income, ~~2025~~ compared to ~~$2.0 million for~~ the ~~year~~prior ~~ended March 31, 2024~~year.

~~Net~~Management ~~Interest~~of ~~Income. Net~~Market ~~interest income increased $1.9 million, or 13.2%, to $16.3 million for the year ended March 31, 2025 compared to $14.4 million for the year ended March 31, 2024.~~Risk

General. Our ~~interest~~most ~~rate~~significant ~~spread~~form ~~increased~~of 15market ~~basis~~risk ~~points~~is tointerest 2rate risk.~~76%~~ ~~for~~As a financial institution, the ~~year~~majority ~~ended~~of ~~March~~our ~~31,~~assets ~~2025,~~and ~~compared~~liabilities toare ~~2.61%~~sensitive ~~for~~to ~~the~~changes ~~year~~in ~~ended~~interest ~~March~~rates. 31Accordingly, ~~2024,~~a ~~and~~principal component of our ~~net~~operations ~~interest~~is ~~margin~~to ~~increased~~manage 20interest ~~basis~~rate ~~points~~risk and to ~~3.56%~~limit ~~for~~ the ~~year~~exposure ~~ended~~of ~~March~~our ~~31,~~financial ~~2025~~condition ~~compared~~and toresults ~~3.36%~~of ~~for~~operations ~~the~~to ~~year~~changes ~~ended~~in ~~March~~market ~~31,~~interest ~~2024~~rates.

~~Provision~~The ~~for~~Board ~~Credit Losses. We recorded a provision for credit losses~~ of ~~$200,000~~Directors ~~for~~regularly reviews the ~~year~~interest ~~ended~~rate ~~March~~risk ~~31,~~inherent ~~2025~~in ~~compared~~our toassets aand ~~provision~~liabilities ~~for~~and ~~credit~~establishes ~~losses of $88,000 for~~ the ~~year~~level ~~ended~~of ~~March~~risk ~~31,~~deemed ~~2024~~appropriate. ~~Our~~ ~~allowance~~These ~~for~~reviews ~~credit~~are ~~losses~~conducted ~~was~~in ~~$5.4~~the ~~million~~context ~~at March 31, 2025 compared to an allowance for credit losses~~ of ~~$5.9~~our ~~million~~overall atbusiness ~~March 31~~strategy, ~~2024. The~~operating ~~ratio~~environment, ofcapital ~~our~~position, ~~allowance~~liquidity ~~for~~profile ~~credit~~and ~~losses~~performance toobjectives, ~~total~~and ~~loans~~are ~~was~~guided ~~1.35%~~by atpolicies ~~March~~and ~~31,~~limits ~~2025~~approved ~~compared~~by tothe 1Board.~~54% at March 31, 2024.~~

WeOur ~~will~~asset/liability ~~continue~~management tostrategy ~~assess~~is ~~and~~designed ~~evaluate~~to manage the ~~estimated future credit loss~~ impact of ~~current~~changes ~~market conditions~~ in ~~subsequent~~interest ~~reporting~~rates ~~periods, which will be highly dependent~~ on ~~credit~~net ~~quality,~~interest ~~macroeconomic forecasts and conditions~~income, aswhich ~~well~~is asour ~~the~~primary ~~composition~~source of ~~our loan and available-for-sale securities portfolios~~earnings. In ~~addition,~~The ~~the~~primary ~~OCC,~~techniques ~~as an integral part of its examination process, will periodically review our allowance for credit losses, and as a result of such reviews,~~ we ~~may~~use ~~have~~ to ~~adjust~~manage ~~our~~interest ~~allowance~~rate ~~for~~risk ~~credit losses.~~include:

•

~~Non-Interest~~maintaining ~~Income. Non-interest~~capital ~~income~~levels decreased $243,000, or 8.5%, to $2.6 million for the year ended March 31, 2025 compared to $2.9 million for the year ended March 31, 2024. Service charges on deposit accounts increased $143,000, or 18.6%, to $912,000 for the year ended March 31, 2025 compared to $769,000 for the year ended March 31, 2024, primarily due to increases in ~~overdraft~~excess income and debit card usage. Other income decreased $385,000, or 83.2%, to $78,000 for the year ended March 31, 2025 compared to $463,000 for the year ended March 31, 2024, due primarily to the recovery of ~~loans previously written off on~~ the ~~books~~regulatory ofthresholds ~~an acquired institution~~ for ~~year~~"well-capitalized" ~~ending March 31, 2024. Gain on sale of loans increased $20,000, or 10.3%, to $215,000 for the year ended March 31, 2025 from $195,000 for the year ended March 31, 2024.~~institutions;

•

~~Non-Interest~~maintaining ~~Expense.~~adequate ~~Non-interest~~levels ~~expense~~of increased $1.8 million, or 14.1%, to $14.4 million for the year ended March 31, 2025 from $12.6 million for the year ended March 31, 2024. Salaries and employee benefits increased $940,000, or 13.5%, to $7.9 million for the year ended March 31, 2025 from $7.0 million for the year ended March 31, 2024, due to our hiring additional lenders. Additionally, the Company implemented the 2024 Equity Incentive Plan on-balance ~~November~~sheet ~~26, 2024,~~ and ~~began~~contingent recognizing expense associated with this plan in December 2024. Other general and administrative expenses increased $622,000, or 31.3%, to $2.6 million for the year ended March 31, 2025 from $2.0 million for the year ended March 31, 2024, due to a combination of increases in insurance, auditing and consulting fees. These additional fees relate to public company filing requirements and further regulatory compliance consulting.liquidity;

•

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

•

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

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

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

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

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

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~~Income~~The ~~Tax~~following ~~Expense. Income~~table ~~tax~~sets ~~expense decreased $8~~forth,~~000,~~ orat ~~0.9%, to $869,000 for the year ended~~ March 31, ~~2025 from $877~~2026,~~000~~ ~~for~~ the ~~year~~calculation ~~ended~~of ~~March 31, 2024. The effective tax rate for~~ the ~~years~~estimated ~~ended~~changes ~~March~~in ~~31,~~our ~~2025~~NII ~~and~~that ~~2024~~would ~~were~~result ~~19.2%~~from ~~and~~the ~~18.9%,~~designated ~~respectively. The~~changes ~~most~~in ~~significant~~the ~~difference~~United ~~between~~States ~~our~~Treasury ~~effective~~yield ~~tax~~curve ~~rate~~over ~~and~~a ~~statutory~~one-year ~~rates results from investment partnership tax credits~~period.

Management of Market Risk


Changes in Interest Rates (basis points)(1)	NII Year 1 Forecast (Dollars in thousands)		Change in Net Interest Income Year One (% change from year one base)
400	$	21,279		1.43	%
300		21,238		1.23
200		21,171

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