10-Q

ROC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


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

For the quarterly period ended September 30, 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

     CPBI

     NASDAQ Capital Market

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

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

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


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

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

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

As of November 13, 2026, the registrant had 4,152,557 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page

PART I.	Financial Information	1

Item 1.	Consolidated Financial Statements (Unaudited)	1
	Consolidated Statements of Financial Condition	1
	Consolidated Statements of Operations	2
	Consolidated Statements of Comprehensive Income (Loss)	3
	Consolidated Statements of Changes in Equity	4
	Consolidated Statements of Cash Flows	5
	Notes to Unaudited Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	36

PART II.	OTHER INFORMATION	37

Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	38
Signatures		39

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

CENTRAL PLAINS BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


	September 30, 2026 (unaudited)			March 31, 2026
	(Dollars in thousands)
Assets:
Cash and due from banks	$	7,174		$	7,464
Interest-bearing deposits in other banks		24,615			22,465
Total cash and cash equivalents		31,789			29,929
Investment securities - available-for-sale		65,434			62,534
Investment securities - held-to-maturity		3,150			175
Loans, net of unearned income		446,432			448,346
Allowance for credit losses on loans		(5,890	)		(5,809	)
Loans, net		440,542			442,537
Accrued interest receivable		3,832			3,256
Federal Home Loan Bank (FHLB) stock - at cost		652			639
Premises and equipment, net		12,397			12,755
Deferred income taxes		2,677			2,228
Mortgage servicing rights		417			415
Other assets		4,022			4,179
Total assets	$	564,912		$	558,647
Liabilities:
Deposits:
Non-interest-bearing deposits	$	67,993		$	64,505
Interest-bearing:
Demand and NOW checking		143,326			144,047
Money market		42,225			38,985
Savings		49,141			49,768
Time deposits over $250,000		37,231			35,453
Other time deposits		128,870			127,598
Total deposits		468,786			460,356
Pension liability		648			754
Advances from borrowers for taxes and insurance		1,138			1,897
Accrued interest payable		1,614			1,727
Accounts payable, accrued expenses and other liabilities		2,841			4,923
Total liabilities		475,027			469,657
Stockholders' equity:
Common Stock ($0.01 par value, 10,000,000 shares authorized, 4,166,293 shares issued and outstanding at September 30, 2026 and 4,196,359 shares issued and outstanding at March 31, 2026)		40			41
Additional paid-in capital		39,817			39,672
Retained earnings		56,777			54,404
Unallocated common shares held by Employee Stock Ownership Plan (ESOP)		(2,809	)		(2,875	)
Accumulated other comprehensive loss, net		(3,940	)		(2,252	)
Total stockholders' equity		89,885			88,990
Total liabilities and stockholders' equity	$	564,912		$	558,647

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	For the Three Months Ended September 30,					For the Six Months Ended September 30,
	2026			2025		2026			2025
	(Dollars in thousands)					(Dollars in thousands)
Interest and dividend income:
Loans—including fees	$	6,729		$	6,188	$	13,591		$	12,087
Investment securities		687			576		1,279			1,160
FHLB stock		6			7		13			14
Federal funds sold		231			14		456			105
Total interest and dividend income		7,653			6,785		15,339			13,366
Interest expense:
Deposits		2,523			2,165		4,978			4,253
Borrowings		—			35		—			37
Total interest expense		2,523			2,200		4,978			4,290
Net interest income before provision for credit losses		5,130			4,585		10,361			9,076
Provision for (reversal of) credit losses		(13	)		89		38			86
Net interest income after provision for (reversal of) credit losses		5,143			4,496		10,323			8,990
Non-interest income:
Servicing fees on loans		34			33		59			64
Service charges on deposit accounts		206			197		383			389
Interchange income		335			327		673			655
Gain on sale of loans		65			98		148			175
Gain (loss) from real estate owned and other repossessed assets, net		(7	)		—		(4	)		1
Loss on disposition of investment securities		(226	)		—		(226	)		—
Other non-interest income		18			24		35			49
Total non-interest income		425			679		1,068			1,333
Non-interest expense:
Salaries and employee benefits		2,247			2,194		4,491			4,297
Occupancy and equipment		390			429		757			747
Data processing		380			514		715			1,014
Federal deposit insurance premiums		59			52		118			103
Debit card processing		78			70		145			134
Advertising		100			102		187			193
Other general and administrative expenses		819			699		1,634			1,491
Total non-interest expense		4,073			4,060		8,047			7,979
Income before income tax expense		1,495			1,115		3,344			2,344
Income tax expense		329			233		686			474
Net income	$	1,166		$	882	$	2,658		$	1,870
Earnings per share - basic	$	0.31		$	0.23	$	0.70		$	0.49
Earnings per share - diluted	$	0.30		$	0.23	$	0.69		$	0.49
Weighted average shares outstanding - basic		3,780,314			3,785,223		3,786,341			3,788,896
Weighted average shares outstanding - diluted		3,856,031			3,808,651		3,838,439			3,806,172

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)


	For the Three Months Ended September 30,
	2026			2025
	(Dollars in thousands)
Net income	$	1,166		$	882
Other comprehensive (loss) income:
Loss reclassified from AOCI into earnings		226			—
Unrealized holding (losses) gains arising during the period on available-for-sale securities		(2,156	)		633
Other comprehensive (loss) income, before tax		(1,930	)		633
Income tax benefit (expense) for other comprehensive (loss) income		405			(133	)
Total other comprehensive (loss) income, net of tax		(1,525	)		500
Comprehensive (loss) income	$	(359	)	$	1,382


	For the Six Months Ended September 30,
	2026			2025
	(Dollars in thousands)
Net income	$	2,658		$	1,870
Other comprehensive (loss) income:
Loss reclassified from AOCI into earnings		226			—
Unrealized holding (losses) gains arising during the period on available-for-sale securities		(2,361	)		1,079
Other comprehensive (loss) income, before tax		(2,135	)		1,079
Income tax benefit (expense) for other comprehensive income		447			(227	)
Total other comprehensive (loss) income, net of tax		(1,688	)		852
Comprehensive income	$	970		$	2,722

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited)


	Common Shares			Common Stock			Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Unallocated Common Shares Held by ESOP			Total Equity
	(Dollars in thousands)
	For the three months ended September 30, 2025
Balance at June 30, 2025		4,223,278		$	41		$	39,292		$	51,554		$	(3,267	)	$	(2,974	)	$	84,646
Net income		—			—			—			882			—			—			882
ESOP shares committed to be released		—			—			18			—			—			33			51
Stock purchased and retired		(5,940	)		—			(59	)		(31	)		—			—			(90	)
Stock based compensation		—			—			191			—			—			—			191
Other comprehensive income - net of tax		—			—			—			—			500			—			500
Balance at September 30, 2025		4,217,338		$	41		$	39,442		$	52,405		$	(2,767	)	$	(2,941	)	$	86,180

	For the three months ended September 30, 2026
Balance at June 30, 2026		4,181,011		$	41		$	39,738		$	55,763		$	(2,415	)	$	(2,842	)	$	90,285
Net income		—			—			—			1,166			—			—			1,166
ESOP shares committed to be released		—			—			35			—			—			33			68
Stock purchased and retired		(14,718	)		(1	)		(147	)		(152	)		—			—			(300	)
Stock based compensation		—			—			191			—			—			—			191
Other comprehensive loss - net of tax		—			—			—			—			(1,525	)		—			(1,525	)
Balance at September 30, 2026		4,166,293		$	40		$	39,817		$	56,777		$	(3,940	)	$	(2,809	)	$	89,885


	Common Shares			Common Stock			Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Unallocated Common Shares Held by ESOP			Total Equity
	(Dollars in thousands)
	For the six months ended September 30, 2025
Balance at March 31, 2025		4,231,742		$	41		$	39,265		$	50,652		$	(3,619	)	$	(3,007	)	$	83,332
Net income		—			—			—			1,870			—			—			1,870
ESOP shares committed to be released		—			—			34			—			—			66			100
Stock purchased and retired		(23,404	)		—			(233	)		(117	)		—			—			(350	)
Stock based compensation		—			—			376			—			—			—			376
Issuance of common shares for restricted stock plan		9,000			—			—			—			—			—			—
Other comprehensive income - net of tax		—			—			—			—			852			—			852
Balance at September 30, 2025		4,217,338		$	41		$	39,442		$	52,405		$	(2,767	)	$	(2,941	)	$	86,180

	For the six months ended September 30, 2026
Balance at March 31, 2026		4,196,359		$	41		$	39,672		$	54,404		$	(2,252	)	$	(2,875	)	$	88,990
Net income		—			—			—			2,658			—			—			2,658
ESOP shares committed to be released		—			—			61			—			—			66			127
Stock purchased and retired		(31,066	)		(1	)		(310	)		(285	)		—			—			(596	)
Stock options exercised		1,000			—			14			—			—			—			14
Stock based compensation		—			—			380			—			—			—			380
Other comprehensive loss - net of tax		—			—			—			—			(1,688	)		—			(1,688	)
Balance at September 30, 2026		4,166,293		$	40		$	39,817		$	56,777		$	(3,940	)	$	(2,809	)	$	89,885

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	For the Six Months Ended September 30,
	2026			2025
	(Dollars in thousands)
Cash flows from operating activities
Net income	$	2,658		$	1,870
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		453			478
Gain on sale of loans		(148	)		(175	)
Amortization of premium and accretion of discount on securities, net		(82	)		(3	)
Deferred income tax expense		(2	)		—
Provision for credit losses		38			86
Origination of loans held for sale		(11,676	)		(12,764	)
Proceeds from sales of loans held for sale		11,824			12,939
ESOP expense		127			100
Stock based compensation		380			376
Change in assets and liabilities:
Accrued interest receivable		(576	)		(708	)
Mortgage servicing rights		(2	)		(22	)
Other assets		157			170
Accrued interest payable		(113	)		22
Accounts payable, accrued expenses and other liabilities		(2,188	)		(1,335	)
Net cash provided by operating activities		850			1,034
Cash flows from investing activities
Net change in loans		1,957			(20,127	)
Purchase of investment securities available-for-sale		(10,784	)		(3,399	)
Proceeds from principal payments, maturities and disposition of available-for-sale investment securities		5,831			4,179
Proceeds from principal paydowns from investment securities held-to-maturity		25			30
Purchase of investment securities held-to-maturity		(3,000	)		—
Purchase of FHLB stock		(13	)		(14	)
Purchase of premises and equipment		(95	)		(912	)
Net cash used in investing activities		(6,079	)		(20,243	)
Cash flows from financing activities
Net change in deposits		8,430			(8,011	)
Net change in advances from borrowers for taxes and insurance		(759	)		(723	)
Repurchase of common stock		(596	)		(350	)
Proceeds from exercise of stock options		14			—
Proceeds from short-term FHLB advances		—			8,500
Net cash provided by (used in) financing activities		7,089			(584	)
Net increase (decrease) in cash and cash equivalents		1,860			(19,793	)
Cash and cash equivalents—beginning of period		29,929			28,682
Cash and cash equivalents—end of period	$	31,789		$	8,889
Supplemental disclosures of cash flow information:
Cash paid for taxes	$	660		$	200
Cash paid for interest	$	5,091		$	4,268

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCSHARES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies followed in the preparation of the interim consolidated financial statements are consistent with those used in the preparation of the annual financial information. The interim consolidated financial statements reflect all normal and recurring adjustments that are necessary, in the opinion of management, for a fair statement of results for the interim period presented. Results for the period ended September 30, 2026, are not necessarily indicative of the results that may be expected for the year ending March 31, 2027. These interim consolidated financial statements and accompanying notes are unaudited and should be read in conjunction with the audited financial statements and notes included in Central Plains Bancshares, Inc.’s (the “Company”) annual report on Form 10-K for the year ended March 31, 2026. The Company’s wholly owned bank subsidiary, Home Federal Savings and Loan Association of Grand Island (the “Association”), conducts substantially all of the Company’s banking operations. Unless otherwise indicated, dollar amounts in the tables contained in the notes to the consolidated financial statements are in thousands.

The Company’s consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and follow general practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the consolidated financial statements. Future changes in information may affect these estimates, assumptions, and judgments, which, in turn, may affect amounts reported in the consolidated financial statements.

Changes in Significant Accounting Policies

Significant accounting policies are presented in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2026. These policies, along with the disclosures presented in the other financial statement notes and, in this discussion, provide information on how significant assets and liabilities are valued in the consolidated financial statements and how those values are determined. During the six months ended September 30, 2026, the Company had no changes to significant accounting policies or estimates.

Recently Issued Accounting Pronouncements

ASU 2025-01 – On January 6, 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. ASU 2025-01 clarifies the effective dates established by ASU 2024-03. For public business entities, the guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting this guidance; however, it does not expect adoption to have a material effect on its consolidated financial statements.

Subsequent events have been evaluated through the date of issuance of the unaudited Consolidated Financial Statements. No significant subsequent events have occurred through this date requiring adjustment to the financial statements or disclosures.

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Note 2 - Investment SECURITIES

The following is a summary of investment securities at September 30, 2026 and March 31, 2026:


	September 30, 2026
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	23,578	$	76	$	(1,995	)	$	21,659
GNMA bonds		9,363		11		(217	)		9,157
FNMA bonds		30,793		115		(2,453	)		28,455
Municipal bonds		7,259		—		(1,096	)		6,163
Total securities available-for-sale	$	70,993	$	202	$	(5,761	)	$	65,434

Securities held-to-maturity
FHLMC bonds	$	48	$	1	$	—		$	49
GNMA bonds		27		—		—			27
FNMA bonds		75		1		—			76
Bank subordinated debt		3,000		—		(20	)		2,980
Total securities held-to-maturity	$	3,150	$	2	$	(20	)	$	3,132


(dollars in thousands)	March 31, 2026
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	24,376	$	149	$	(1,311	)	$	23,214
GNMA bonds		6,948		44		(19	)		6,973
FNMA bonds		26,010		224		(1,407	)		24,827
Municipal bonds		8,623		—		(1,103	)		7,520
Total securities available-for-sale	$	65,957	$	417	$	(3,840	)	$	62,534

Securities held-to-maturity
FHLMC bonds	$	54	$	1	$	—		$	55
GNMA bonds		33		—		—			33
FNMA bonds		88		2		—			90
Total securities held-to-maturity	$	175	$	3	$	—		$	178

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The fair value and gross unrealized losses on the Association’s available-for-sale investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2026 and March 31, 2026, are as follows:


	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
September 30, 2026	Value		Losses			Value		Losses			Value		Losses
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	9,278	$	(365	)	$	9,794	$	(1,630	)	$	19,072	$	(1,995	)
GNMA bonds		7,156		(217	)		—		—			7,156		(217	)
FNMA bonds		14,486		(751	)		8,987		(1,702	)		23,473		(2,453	)
Municipal bonds		—		—			6,163		(1,096	)		6,163		(1,096	)
Total securities available-for-sale	$	30,920	$	(1,333	)	$	24,944	$	(4,428	)	$	55,864	$	(5,761	)

	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
March 31, 2026	Value		Losses			Value		Losses			Value		Losses
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	4,088	$	(36	)	$	10,998	$	(1,275	)	$	15,086	$	(1,311	)
GNMA bonds		2,647		(19	)		—		—			2,647		(19	)
FNMA bonds		2,824		(35	)		10,815		(1,372	)		13,639		(1,407	)
Municipal bonds		—		—			7,520		(1,103	)		7,520		(1,103	)
Total securities available-for-sale	$	9,559	$	(90	)	$	29,333	$	(3,750	)	$	38,892	$	(3,840	)

The unrealized losses at September 30, 2026 are related to mortgage-backed securities and municipal bonds. Government-sponsored enterprises, such as the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association, have an implied guarantee by the U.S. government. At September 30, 2026, all the mortgage-backed securities held by the Association were issued by U.S. government-sponsored entities and agencies. The issuers continue to make timely principal and interest payments on the mortgage-backed securities. The fair value is expected to recover as the bonds approach maturity.

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

No allowance for credit losses was required to be recorded as of September 30, 2026, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the six months ended September 30, 2026.

During the quarter ended September 30, 2026, the Company purchased a $3.0 million bank subordinated debt security that was classified as held-to-maturity. The Company evaluates its held-to-maturity securities portfolio for expected credit losses in accordance with ASC 326. Management monitors the credit quality of held-to-maturity securities based on the nature of the security and relevant credit-risk factors, which may include external credit ratings, payment performance, the financial condition of the issuer or guarantor, and other available information regarding the issuer’s ability to meet its contractual obligations.

For the Company’s held-to-maturity securities, management evaluated expected credit losses based on the credit characteristics of the securities and relevant current conditions. Management identified no deterioration in credit quality or other conditions indicating that contractual principal and interest payments were not expected to be received.

With respect to the $3.0 million bank subordinated debt security, the Company monitors the issuer’s financial condition, including regulatory capital, asset quality, earnings, liquidity and other relevant credit-risk indicators. At September 30, 2026, the subordinated debt was rated BBB (low) by Morningstar DBRS, which is considered investment grade. Based on management’s evaluation of the held-to-maturity securities portfolio, including the subordinated debt security, no allowance for credit losses was required on the Company’s held-to-maturity securities at September 30, 2026.

At September 30, 2026 and March 31, 2026, investment securities with amortized cost of $26.0 million, and $22.5 million, respectively, and estimated fair value of $23.6 million and $21.2 million, respectively, were pledged to secure public, consumer, and commercial deposits.

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The amortized cost and fair values of available-for-sale investment securities as of September 30, 2026 by contractual maturity, are shown below:


	Available-for-Sale
	Amortized Cost		Fair Value
Maturity	(Dollars in thousands)
Due less than one year	$	2,010	$	1,979
Due after one year through five years		1,938		1,752
Due after five years through ten years		973		762
Due after ten years		2,338		1,670
Mortgage-backed securities and collateralized mortgage obligations		63,734		59,271
Total	$	70,993	$	65,434

During the six months ended September 30, 2026, an available-for-sale investment security was redeemed following a tender pursuant to an offer by the issuer. The Association received proceeds of $1.1 million and recognized a loss of $226,000 upon redemption. The proceeds were subsequently reinvested in higher-yielding available-for-sale mortgage-backed securities. The Association had no sales of available-for-sale securities during the six months ended September 30, 2026 or 2025.

The amortized cost and fair values of held-to-maturity investment securities as of September 30, 2026 by contractual maturity, are shown below:


	Held-to-Maturity
	Amortized Cost		Fair Value
Maturity	(Dollars in thousands)
Due less than one year	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		3,000		2,980
Due after ten years		—		—
Mortgage-backed securities		150		152
Total	$	3,150	$	3,132

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

There were no sales of securities held to maturity during the six months ended September 30, 2026 and 2025.

Note 3 - LOANS AND ALLOWANCE FOR Credit LOSSES

A summary of loans by major category as of September 30, 2026 and March 31, 2026 is as follows:


	September 30, 2026			March 31, 2026
	(Dollars in thousands)
Real Estate - Construction	$	16,359		$	28,633
Real Estate - Commercial		140,604			129,235
Real Estate - Residential		154,150			162,041
Commercial Non-Real Estate		41,077			48,378
Agriculture		72,689			54,655
Other Consumer		8,313			10,158
Land Development and Sanitary & Improvement Districts (SIDs)		13,321			15,306
Total loans		446,513			448,406
Allowance for credit losses		(5,890	)		(5,809	)
Net deferred origination costs & fees		(81	)		(60	)
Total loans, net	$	440,542		$	442,537

Related Party Loans: In the normal course of business, loans are made to directors and officers of the Association. Loans to Association directors and key officers outstanding as of September 30, 2026 and March 31, 2026 were $1.7 million. Additionally, the Association had loans totaling $827,000 and $861,000 as of September 30, 2026 and March 31, 2026 to related parties that were originated by the Association, sold to Federal Home Loan Mortgage Company and are serviced by the Association.

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The following tables present the activity in the allowance for credit losses for the three and six months ended September 30, 2026 and 2025:


	Three Months Ended September 30, 2026
	Beginning		Provision for								Ending
	Allowance		(Reversal of)			Loans					Allowance
	Balance		Credit Losses			Charged off			Recoveries		Balance
	(Dollars in thousands)
Real Estate - Construction	$	247	$	—		$	—		$	—	$	247
Real Estate - Commercial		1,973		—			—			—		1,973
Real Estate - Residential		1,702		—			—			—		1,702
Commercial Non-Real Estate		981		—			—			—		981
Agricultural		694		—			—			—		694
Other Consumer		120		—			(1	)		—		119
Land Development and SIDs		173		(13	)		—			14		174
Total	$	5,890	$	(13	)	$	(1	)	$	14	$	5,890


	Six Months Ended September 30, 2026
	Beginning										Ending
	Allowance		Provision for			Loans					Allowance
	Balance		Credit Losses			Charged off			Recoveries		Balance
	(Dollars in thousands)
Real Estate - Construction	$	356	$	(109	)	$	—		$	—	$	247
Real Estate - Commercial		1,787		186			—			—		1,973
Real Estate - Residential		1,784		(82	)		—			—		1,702
Commercial Non-Real Estate		991		(10	)		—			—		981
Agricultural		558		136			—			—		694
Other Consumer		135		(11	)		(5	)		—		119
Land Development and SIDs		198		(72	)		—			48		174
Total	$	5,809	$	38		$	(5	)	$	48	$	5,890


	Three Months Ended September 30, 2025
	Beginning		Provision for								Ending
	Allowance		(Reversal of)			Loans					Allowance
	Balance		Credit Losses			Charged off			Recoveries		Balance
	(Dollars in thousands)
Real Estate - Construction	$	246	$	39		$	—		$	—	$	285
Real Estate - Commercial		1,572		116			—			—		1,688
Real Estate - Residential		1,925		(125	)		—			—		1,800
Commercial Non-Real Estate		667		128			—			—		795
Agricultural		476		83			—			—		559
Other Consumer		261		(88	)		(7	)		2		168
Land Development and SIDs		292		(64	)		—			—		228
Total	$	5,439	$	89		$	(7	)	$	2	$	5,523


	Six Months Ended September 30, 2025
	Beginning										Ending
	Allowance		(Reversal of)			Loans					Allowance
	Balance		Credit Losses			Charged off			Recoveries		Balance
	(Dollars in thousands)
Real Estate - Construction	$	246	$	39		$	—		$	—	$	285
Real Estate - Commercial		1,572		116			—			—		1,688
Real Estate - Residential		1,926		(126	)		—			—		1,800
Commercial Non-Real Estate		667		128			—			—		795
Agricultural		476		83			—			—		559
Other Consumer		262		(90	)		(7	)		3		168
Land Development and SIDs		292		(64	)		—			—		228
Total	$	5,441	$	86		$	(7	)	$	3	$	5,523

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The ACL on loans excludes $215,000 as of September 30, 2026 and March 31, 2026 of allowance for off-balance sheet exposures and is recorded within accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

Collateral dependent loans individually evaluated for purposes of the ACL by collateral type were as follows at September 30, 2026 and March 31, 2026:


	September 30, 2026
	Real Estate		Other		ACL Allocation
	(Dollars in thousands)
Portfolio Segment
Real Estate - Construction	$	—	$	—	$	—
Real Estate - Commercial		—		—		—
Real Estate - Residential		347		—		—
Commercial Non-Real Estate		—		357		165
Agricultural		—		—		—
Other Consumer		—		42		—
Land Development and SIDs		—		—		—
Total	$	347	$	399	$	165


	March 31, 2026
	Real Estate		Other		ACL Allocation
	(Dollars in thousands)
Portfolio Segment
Real Estate - Construction	$	—	$	—	$	—
Real Estate - Commercial		—		—		—
Real Estate - Residential		9		—		—
Commercial Non-Real Estate		—		—		—
Agricultural		1,632		—		—
Other Consumer		—		—		—
Land Development and SIDs		—		—		—
Total	$	1,641	$	—	$	—

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

•

Pass Loans: Loans in the pass category are loans that do not raise Association concerns.

•

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

•

Substandard Loans: Loans classified as Substandard are inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt and are characterized by the distinct possibility that the Association will sustain some loss if the deficiencies are not corrected. For loans classified as Substandard, the Association evaluates whether an allowance for credit losses is appropriate based on the requirements of generally accepted accounting principles.

•

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

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The following tables present the credit risk profile of the Association's loan portfolio based on risk rating category and year of origination as of September 30, 2026 and March 31, 2026.


	As of September 30, 2026
	Term Loans by Origination Year (Fiscal Year)												Revolving
	2027		2026		2025		2024		2023		Prior		Loans		Total
	(Dollars in thousands)
Real Estate - Construction
Pass	$	4,282	$	7,675	$	2,954	$	—	$	—	$	—	$	1,448	$	16,359
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total Real Estate - Construction	$	4,282	$	7,675	$	2,954	$	—	$	—	$	—	$	1,448	$	16,359
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Real Estate - Commercial
Pass		3,863		19,675		24,595		14,688		24,778		51,097		27	$	138,723
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		1,881		—		1,881
Doubtful		—		—		—		—		—		—		—		—
Total Real Estate - Commercial	$	3,863	$	19,675	$	24,595	$	14,688	$	24,778	$	52,978	$	27	$	140,604
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Real Estate - Residential
Pass		7,818		17,671		12,430		10,855		17,362		76,682		10,750	$	153,568
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		190		28		98		266		—		582
Doubtful		—		—		—		—		—		—		—		—
Total Real Estate - Residential	$	7,818	$	17,671	$	12,620	$	10,883	$	17,460	$	76,948	$	10,750	$	154,150
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Commercial - Non-Real Estate
Pass		1,045		20,586		3,082		3,098		1,015		5,102		6,404	$	40,332
Special mention		—		—		—		—		—		—		—		—
Substandard		—		127		—		—		102		186		330		745
Doubtful		—		—		—		—		—		—		—		—
Total Commercial - Non-Real Estate	$	1,045	$	20,713	$	3,082	$	3,098	$	1,117	$	5,288	$	6,734	$	41,077
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Agricultural
Pass		19,013		13,546		8,195		1,260		2,627		4,260		22,737	$	71,638
Special mention		—		—		—		—		—		—		—		—
Substandard		—		592		—		—		—		—		459		1,051
Doubtful		—		—		—		—		—		—		—		—
Total - Agricultural	$	19,013	$	14,138	$	8,195	$	1,260	$	2,627	$	4,260	$	23,196	$	72,689
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Other Consumer
Pass		1,221		1,042		877		2,553		2,278		203		—	$	8,174
Special mention		—		—		—		—		—		—		—		—
Substandard		—		12		119		—		6		2		—		139
Doubtful		—		—		—		—		—		—		—		—
Total Other Consumer	$	1,221	$	1,054	$	996	$	2,553	$	2,284	$	205	$	—	$	8,313
Current year-to-date gross write-offs		5		—		—		—		—		—		—		5
Land Development and SIDs
Pass		150		1,495		950		1,136		4,536		5,054		—	$	13,321
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total Land Development and SIDs	$	150	$	1,495	$	950	$	1,136	$	4,536	$	5,054	$	—	$	13,321
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Total loans	$	37,392	$	82,421	$	53,392	$	33,618	$	52,802	$	144,733	$	42,155	$	446,513

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	As of March 31, 2026
	Term Loans by Origination Year (Fiscal Year)												Revolving
	2026		2025		2024		2023		2022		Prior		Loans		Total
	(Dollars in thousands)
Real Estate - Construction
Pass	$	13,177	$	11,698	$	2,242	$	—	$	—	$	—	$	1,516	$	28,633
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total Real Estate - Construction	$	13,177	$	11,698	$	2,242	$	—	$	—	$	—	$	1,516	$	28,633
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Real Estate - Commercial
Pass		18,117		17,226		13,026		25,608		24,682		28,077		30	$	126,766
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		382		—		—		2,087		—		2,469
Doubtful		—		—		—		—		—		—		—		—
Total Real Estate - Commercial	$	18,117	$	17,226	$	13,408	$	25,608	$	24,682	$	30,164	$	30	$	129,235
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Real Estate - Residential
Pass		22,592		15,237		12,185		19,644		42,437		39,282		10,297	$	161,674
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		75		19		273		—		367
Doubtful		—		—		—		—		—		—		—		—
Total Real Estate - Residential	$	22,592	$	15,237	$	12,185	$	19,719	$	42,456	$	39,555	$	10,297	$	162,041
Current year-to-date gross write-offs		1		—		—		—		—		—		—		1
Commercial - Non-Real Estate
Pass		24,366		5,590		3,492		1,469		1,404		5,124		6,151	$	47,596
Special mention		—		—		—		—		—		—		—		—
Substandard		127		—		—		109		—		216		330		782
Doubtful		—		—		—		—		—		—		—		—
Total Commercial - Non-Real Estate	$	24,493	$	5,590	$	3,492	$	1,578	$	1,404	$	5,340	$	6,481	$	48,378
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Agricultural
Pass		16,708		13,705		1,286		2,692		1,747		2,594		13,245	$	51,977
Special mention		—		—		—		—		—		—		—		—
Substandard		868		—		—		—		—		—		1,810		2,678
Doubtful		—		—		—		—		—		—		—		—
Total - Agricultural	$	17,576	$	13,705	$	1,286	$	2,692	$	1,747	$	2,594	$	15,055	$	54,655
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Other Consumer
Pass		1,826		1,416		3,188		3,031		109		478		—	$	10,048
Special mention		—		—		—		—		—		—		—		—
Substandard		14		43		42		7		4		—		—		110
Doubtful		—		—		—		—		—		—		—		—
Total Other Consumer	$	1,840	$	1,459	$	3,230	$	3,038	$	113	$	478	$	—	$	10,158
Current year-to-date gross write-offs		17		—		—		—		—		—		—		17
Land Development and SIDs
Pass		1,981		926		1,137		5,308		5,068		886		—	$	15,306
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total Land Development and SIDs	$	1,981	$	926	$	1,137	$	5,308	$	5,068	$	886	$	—	$	15,306
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Total loans	$	99,776	$	65,841	$	36,980	$	57,943	$	75,470	$	79,017	$	33,379	$	448,406

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

The following table presents certain information with respect to loans on nonaccrual status as of and for the six months ended September 30, 2026 and March 31, 2026:


	Nonaccrual		Nonaccrual with no		Nonaccrual with		Interest Income
	loans at		Allowance for Credit		Allowance for Credit		Recognized During
	September 30, 2026		Loss		Loss		the Period
September 30, 2026
Real Estate - Residential	$	347	$	347	$	—	$	—
Commercial Non-Real Estate		357		127		230		—
Other Consumer		42		42		—		—
Total	$	746	$	516	$	230	$	—


	Nonaccrual loans		Nonaccrual with no		Nonaccrual with		Interest Income
	at March 31,		Allowance for Credit		Allowance for Credit		Recognized During
	2026		Loss		Loss		the Period
March 31, 2026
Real Estate - Residential	$	9	$	9	$	—	$	1
Agricultural		1,632		1,632		—		—
Total	$	1,641	$	1,641	$	—	$	1

The following is an aging analysis of the contractually past due loans as of September 30, 2026 and March 31, 2026:


													Loans Past
					Greater than								Due 90 Days
	30–59 Days		60–89 Days		89 Days		Total						or More Still
	Past Due		Past Due		Past Due		Past Due		Current		Total		Accruing
September 30, 2026	(Dollars in thousands)
Real Estate - Construction	$	—	$	—	$	—	$	—	$	16,359	$	16,359	$	—
Real Estate - Commercial		—		—		—		—		140,604		140,604		—
Real Estate - Residential		76		66		387		529		153,621		154,150		387
Commercial Non-Real Estate		200		29		230		459		40,618		41,077		—
Agricultural		—		—		—		—		72,689		72,689		—
Other Consumer		68		134		187		389		7,924		8,313		145
Land Development and SIDs		—		—		—		—		13,321		13,321		—
Total	$	344	$	229	$	804	$	1,377	$	445,136	$	446,513	$	532


													Loans Past
					Greater than								Due 90 Days
	30–59 Days		60–89 Days		89 Days		Total						or More Still
	Past Due		Past Due		Past Due		Past Due		Current		Total		Accruing
March 31, 2026	(Dollars in thousands)
Real Estate - Construction	$	—	$	—	$	—	$	—	$	28,633	$	28,633	$	—
Real Estate - Commercial		—		—		—		—		129,235		129,235		—
Real Estate - Residential		623		26		96		745		161,296		162,041		96
Commercial Non-Real Estate		235		—		—		235		48,143		48,378		—
Agricultural		1,356		—		—		1,356		53,299		54,655		—
Other Consumer		125		152		138		415		9,743		10,158		138
Land Development and SIDs		—		—		—		—		15,306		15,306		—
Total	$	2,339	$	178	$	234	$	2,751	$	445,655	$	448,406	$	234

The Association may modify loans to borrowers experiencing financial difficulty by providing modifications to repayment terms; more specifically, modifications to loan interest rates. Management performs an analysis at the time of loan modification. Any reserve required is recorded through a provision to the allowance for credit losses on loans. There were no modifications on loans to borrowers experiencing financial difficulty during the six months ended September 30, 2026 and 2025.

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Note 4 - DEPOSITS

As of September 30, 2026 the scheduled maturities of time deposits are as follows:


	Amount
12 Months Ending September 30,	(Dollars in thousands)
2027	$	129,239
2028		27,840
2029		7,943
2030		940
2031 or later		139
Total time deposits	$	166,101

At September 30, 2026 and March 31, 2026, the Association had $27.6 million in brokered deposits.

Note 5 - Borrowings

At September 30, 2026 and March 31, 2026, the Company had no outstanding borrowings.

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


	For the three months ended September 30,					For the six months ended September 30,
	2026		2025			2026		2025
FHLB of Topeka advances and other borrowings:	(Dollars in thousands)					(Dollars in thousands)
Average balance outstanding	$	—	$	3,091		$	—	$	1,621
Maximum amount outstanding with the FHLB of Topeka at any month-end during the period		—		8,500			—		8,500
Maximum amount outstanding with the Federal Reserve Bank at any month-end during the period		—		—			—		—
Maximum amount outstanding with a private banker's bank at any month-end during the period		—		—			—		—
Total maximum amount outstanding at any month-end during the period	$	—	$	8,500		$	—	$	8,500
Average interest rate during the period	N/A			4.53	%	N/A			4.57	%

As of September 30, 2026 and March 31, 2026, the Association had available borrowing capacity with the Federal Home Loan Bank (“FHLB”) of approximately $47.0 million, subject to collateral requirements and FHLB credit policies. The Association had $13.0 million in irrevocable letters of credit outstanding with the FHLB at September 30, 2026 and March 31, 2026 to secure public deposits. The FHLB retains sole discretion to grant or deny additional advances. At September 30, 2026, the Association had pledged investment securities with a carrying value of $17,000 and loans with a carrying value of $75.0 million as collateral for FHLB borrowings.

As of September 30, 2026, the Association had an approved line of credit with the Federal Reserve Bank (“FRB”) Discount Window. The Association had pledged commercial real estate loans with a carrying value of $13.0 million as collateral for potential borrowings and had remaining borrowing capacity of approximately $10.0 million at September 30, 2026 and March 31, 2026.

Additionally, the Association maintained a $5.0 million unsecured federal funds line of credit with a private bankers’ bank at September 30, 2026 and March 31, 2026.

Note 6 - REGULATORY CAPITAL REQUIREMENTS

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

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

As of September 30, 2026 and March 31, 2026, the Association was well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Association must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the tables. There are no conditions or events since September 30, 2026, that management believes have changed the Association’s category.

The Association’s actual capital amounts and ratios as of September 30, 2026 and March 31, 2026, are also presented in the table below:


	Actual					Minimum Required for Capital Adequacy Purposes					Minimum Required To be Well-Capitalized Under Prompt Corrective Action Provisions
As of September 30, 2026	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(Dollars in thousands)
Total Capital (to Risk- Weighted Assets)	$	81,982		17.95	%	$	36,533		8.00	%	$	45,667		10.00	%

Tier 1 Capital (to Risk- Weighted Assets)	$	76,269		16.70	%	$	27,400		6.00	%	$	36,533		8.00	%

Common Equity Tier 1 Capital to Risk-Weighted Assets	$	76,269		16.70	%	$	20,550		4.50	%	$	29,683		6.50	%

Tier 1 Capital (to Average Assets)	$	76,269		13.62	%	$	22,396		4.00	%	$	27,996		5.00	%

As of March 31, 2026	Amount		Ratio			Amount		Ratio			Amount		Ratio
Total Capital (to Risk- Weighted Assets)	$	78,679		17.30	%	$	36,387		8.00	%	$	45,484		10.00	%

Tier 1 Capital (to Risk- Weighted Assets)	$	72,990		16.05	%	$	27,291		6.00	%	$	36,387		8.00	%

Common Equity Tier 1 Capital to Risk-Weighted Assets	$	72,990		16.05	%	$	20,468		4.50	%	$	29,565		6.50	%

Tier 1 Capital (to Average Assets)	$	72,990		13.48	%	$	21,658		4.00	%	$	27,073		5.00	%

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Note 7 - COMMITMENTS AND CONTINGENCIES

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

At September 30, 2026 and March 31, 2026, the Association had approved outstanding loan origination commitments of $3.2 million and $5.6 million, respectively. Loan commitments, which are funded subject to certain limitations, extend over various periods of time and may expire without being drawn upon. Generally, unused commitments are canceled upon expiration of the commitment term as outlined in each individual contract. All outstanding loan origination commitments were subject to forward sales commitments to various entities. Also, at September 30, 2026 and March 31, 2026, the Association has committed unused lines of credit, equity lines, loans in process and letters of credit to consumers totaling $47.5 million and $48.4 million, respectively. The Association evaluates each customer’s creditworthiness on an individual basis and determines collateral requirements based on this evaluation. Collateral securing these commitments varies by product and borrower and may include residential and commercial real estate, agricultural real estate, inventory, equipment, accounts receivable, and other business and personal assets.

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

Note 8 - FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

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

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

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

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

The estimated fair value of held-to-maturity securities is based on observable market data, including quoted market prices for similar securities, market prices for comparable securities and other relevant market inputs, as applicable, and is classified within Level 2 of the fair value hierarchy. For held-to-maturity subordinated debt securities, fair value is estimated using observable market data, including market prices for similar securities and other relevant market inputs.

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


	Measurements at Reporting Date Using
	Carrying Amount		Level 1		Level 2		Level 3		Estimated Fair Value
	(Dollars in thousands)
September 30, 2026
Financial assets:
Loans, net	$	440,542	$	—	$	—	$	431,999	$	431,999
Held-to-maturity securities		3,150		—		3,132		—		3,132
Financial liabilities:
Interest-bearing deposits	$	400,793	$	—	$	341,082	$	—	$	341,082

March 31, 2026
Financial assets:
Loans, net	$	442,537	$	—	$	—	$	435,562	$	435,562
Mortgage servicing rights		415		—		1,212		—		1,212
Financial liabilities:
Interest-bearing deposits	$	395,851	$	—	$	350,037	$	—	$	350,037

Available-for-Sale Securities

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

The Association’s financial assets measured at fair value on a recurring basis are available-for-sale securities. Available-for-sale securities are classified within Level 2 because they are valued based on market prices for similar assets. The Association does not have any other assets or liabilities measured at fair value on a recurring basis as of September 30, 2026 or March 31, 2026.


	Fair Value Measurements at Reporting Date Using
	Estimated Fair Value		Level 1		Level 2		Level 3
	(Dollars in thousands)
September 30, 2026
Securities Available-for-sale
Mortgage-Backed Securities	$	59,271	$	—	$	59,271	$	—
Municipal Bonds		6,163		—		6,163		—
Total	$	65,434	$	—	$	65,434	$	—
March 31, 2026
Securities Available-for-sale
Mortgage-Backed Securities	$	55,014	$	—	$	55,014	$	—
Municipal Bonds		7,520		—		7,520		—
Total	$	62,534	$	—	$	62,534	$	—

There were no transfers of financial instruments between Levels 1, 2, and 3 during the six months ended September 30, 2026. The Association does not have any financial instruments measured at fair value on a recurring basis classified as Level 3.

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Nonrecurring Measurements

The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2026 and March 31, 2026:


	Fair Value Measurements at Reporting Date Using
	Estimated Fair Value		Level 1		Level 2		Level 3
	(Dollars in thousands)
September 30, 2026
Financial Assets
Individually evaluated loans	$	65	$	—	$	—	$	65
Total	$	65	$	—	$	—	$	65
March 31, 2026
Financial Assets
Other real estate owned	$	74	$	—	$	—	$	74
Total	$	74	$	—	$	—	$	74

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

Individually Evaluated Loans

Certain loans that do not share similar risk characteristics with other loans are evaluated individually in accordance with ASC 326. For collateral-dependent loans, expected credit losses are measured based on the fair value of the underlying collateral, less estimated costs to sell when repayment is expected substantially through the operation or sale of the collateral. Such loans may be measured on a nonrecurring basis when the fair value of collateral is utilized in determining the amount of expected credit losses.

Fair value is generally based on recent real estate appraisals, which may incorporate a single valuation approach or a combination of approaches, including the comparable sales method and the income approach. Independent appraisers routinely make adjustments to account for differences between the subject property and comparable sales or income data; such adjustments are often significant and result in a Level 3 classification of inputs used to determine fair value.

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

Collateral-dependent loans are reviewed at least monthly to assess changes in the fair value of the underlying collateral and the adequacy of the related allowance for credit losses. When updated collateral information indicates a change in expected credit losses, the allowance is adjusted accordingly.

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

Other Real Estate Owned (ORE)

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

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

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

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conditions, time-to-sell expectations, and the condition of the property.

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

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

Note 9 - EARNINGS PER SHARE

Basic earnings per share (EPS) represents income available to common stockholders divided by weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that should then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributed to common stockholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents.

Shares held by the Employee Stock Ownership Plan ("ESOP") that have not been allocated to employees in accordance with the terms of the ESOP, referred to as "unallocated ESOP shares", are not deemed outstanding for EPS calculations.


	Three Months Ended September 30,				Six Months Ended September 30,
	2026		2025		2026		2025
	(Income in thousands)				(Income in thousands)
Net income applicable to common shares	$	1,166	$	882	$	2,658	$	1,870

Average number of common shares outstanding		4,063,351		4,081,484		4,071,028		4,086,807
Less: Average unallocated ESOP shares		283,037		296,261		284,687		297,911
Average number of common shares outstanding used to calculate basic earnings per common share		3,780,314		3,785,223		3,786,341		3,788,896
Diluted potential common shares		75,717		23,428		52,098		17,276
Average number of common shares outstanding used to calculate diluted earnings per common share		3,856,031		3,808,651		3,838,439		3,806,172
Earnings per common share - basic	$	0.31	$	0.23	$	0.70	$	0.49
Earnings per common share - diluted	$	0.30	$	0.23	$	0.69	$	0.49

Note 10 - STOCK BASED COMPENSATION

ESOP

Employees participate in "the ESOP". The ESOP borrowed funds from the Company to purchase 330,465 shares of stock at $10 per share. The Association makes discretionary contributions to the ESOP and the ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation. Participants receive the shares at the end of employment.

There were no contributions to the ESOP during the six months ended September 30, 2026 and 2025, as the annual loan payment is made in December. The ESOP compensation expense for six months ended September 30, 2026 and 2025 was $127,000 and $100,000, respectively.

Shares held by the ESOP were as follows:


	As of September 30,
	2026		2025
	(Dollars in thousands)
Shares allocated		49,578		36,354
Unallocated		280,887		294,111
Total ESOP shares		330,465		330,465
Fair value of unearned shares as of September 30, 2026 and 2025, respectively	$	5,623	$	4,794

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Fair value of unearned shares is based on a stock price of $20.02 and $16.30 as of September 30, 2026 and 2025, respectively.

Equity Incentive plan

At the Company's annual meeting of stockholders held on November 26, 2024, stockholders approved the Central Plains Bancshares, Inc. 2024 Equity Incentive Plan (“2024 Equity Plan”), which provides for the granting of up to 578,313 shares (165,232 shares of restricted stock and 413,081 stock options) of the Company’s common stock pursuant to equity awards made under the 2024 Equity Plan.

Stock options granted under the 2024 Equity Plan generally vest in equal annual installments over a service period of five years beginning one year from the date of grant. The vesting of the options accelerates upon death, disability or an involuntary termination at or following a change in control of the Company. Stock options are generally granted at an exercise price equal to the fair value of the Company’s common stock on the grant date based on the closing market price of the Company's common stock on the date of grant, and have an expiration period of ten years. As of September 30, 2026, the Company has 93,157 stock options available for future grants under the 2024 Equity Plan.

The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. Upon exercise of vested options, management expects to first draw on retired stock as the source for shares.

The following is a summary of the Company's stock option activity and related information for the periods presented.


Stock Options - for the three months ended September 30, 2026 and 2025	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
							(Dollars in thousands)
Options, outstanding at June 30, 2026		318,924	$	14.63		8.5
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Options, outstanding at September 30, 2026		318,924	$	14.63		8.3		1,719
Exercisable - End of Period		63,785					$	349

Options, outstanding at June 30, 2025		323,924	$	14.63		9.5
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Options, outstanding at September 30, 2025		323,924	$	14.63		9.5		541
Exercisable - End of Period		—					$	—

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Stock Options - For the six months ended September 30, 2026 and 2025	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
								(Dollars in thousands)
Options, outstanding at March 31, 2026		319,924		$	14.63		8.8
Granted		—			—		—
Exercised		(1,000	)		14.79		—
Forfeited		—			—		—
Options, outstanding at September 30, 2026		318,924		$	14.63		8.3		1,719
Exercisable - End of Period		63,785						$	349

Options, outstanding at March 31, 2025		308,924		$	14.63		9.7
Granted		15,000			14.61		9.9
Exercised		—			—		—
Forfeited		—			—		—
Options, outstanding at September 30, 2025		323,924		$	14.63		9.5		541
Exercisable - End of Period		—						$	—

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, the difference between the Company's closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options.

Expected future expense relating to the non-vested options outstanding as of September 30, 2026, is $1.2 million over a weighted average period of 3.3 years.

Restricted shares granted under the 2024 Equity Plan generally vest in equal annual installments over a service period of five years beginning one year from the date of grant. The vesting of the awards accelerates upon death, disability or an involuntary termination at or following a change in control of the Company. The product of the number of shares granted and the grant date closing market price of the Company’s common stock determines the fair value of restricted shares under the 2024 Equity Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period.

As of September 30, 2026, the Company has 28,367 shares of restricted stock available for future grants under the 2024 Equity Plan.

The following is a summary of the status of the Company's restricted shares as of and for the periods presented.


Restricted Stock - for the three months ended September 30, 2026 and 2025	Shares		Weighted Average Grant Date Fair Value

Nonvested balance as of June 30, 2026		109,254	$	14.64
Granted		—		—
Vested		—		—
Forfeited		—		—
Nonvested balance as of September 30, 2026		109,254	$	14.64

Nonvested balance as of June 30, 2025		138,066	$	14.64
Granted		—		—
Vested		—		—
Forfeited		—		—
Nonvested balance as of September 30, 2025		138,066	$	14.64

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Restricted Stock - For the six months ended September 30, 2026 and 2025	Shares			Weighted Average Grant Date Fair Value

Nonvested balance as of March 31, 2026		111,054		$	14.64
Granted		—			—
Vested		(1,800	)		14.61
Forfeited		—			—
Nonvested balance as of September 30, 2026		109,254		$	14.64

Nonvested balance as of March 31, 2025		129,066		$	14.64
Granted		9,000			14.61
Vested		—			—
Forfeited		—			—
Nonvested balance as of September 30, 2025		138,066		$	14.64

Expected future expense relating to the non-vested restricted shares outstanding as of September 30, 2026, is $1.3 million over a weighted average period of 3.3 years.

The following table presents the stock-based compensation expense for the periods presented.


	For the Three Months Ended September 30,				For the Six Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in thousands)				(Dollars in thousands)
Stock option expense	$	90	$	91	$	180	$	179
Restricted stock expense		101		100		200		197
Total stock-based compensation expense	$	191	$	191	$	380	$	376

Note 11 - SEGMENT INFORMATION

The Company's revenue is primarily derived from the business of banking. The Company's financial performance is monitored on consolidated basis by Mr. Dannel Garness, President and CEO, who is considered to be the Company's Chief Operating Decision Maker ("CODM").

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

Financial performance is reported to the CODM monthly, and the primary measure of performance is consolidated net income. The allocation of resources throughout the Company is determined annually based upon consolidated net income performance. The presentation of financial performance to the CODM is consistent with amounts and financial statement line items shown in the Company's consolidated statements of financial condition and consolidated statements of operations. Additionally, the Company's significant expenses are adequately segmented by category and amount in the consolidated statements of operations to include all significant items when considering both qualitative and quantitative factors. Significant expenses of the Company include salaries and employee benefits, equipment and occupancy expense, data processing, professional services and advertising.

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

General

Management’s discussion and analysis of financial condition and results of operations at September 30, 2026 and March 31, 2026 and for the three and six months ended September 30, 2026 and 2025 is intended to assist in understanding the financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto appearing in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Cautionary Note Regarding Forward-Looking Statements

This report contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” 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 quality of our loan and investment portfolios; and

•

estimates of our risks and future costs and benefits.

These forward-looking statements are based on current beliefs and expectations of our management 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.

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;

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•

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

•

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

•

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

•

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

•

changes in consumer spending, borrowing and savings habits;

•

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.

Critical Accounting Policies

Of the significant accounting policies used in the preparation of our consolidated financial statements, we have identified certain items as critical accounting policies based on the associated estimates, assumptions, judgments and complexity. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” in our Annual Report on Form 10-K for the year ended March 31, 2026.

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 to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards.

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Comparison of Financial Condition at September 30, 2026 and March 31, 2026


	At September 30, 2026		At March 31, 2026
	(Dollars in thousands)
Selected Consolidated Financial Condition Data:
Cash and cash equivalents	$	31,789	$	29,929
Investment securities - available for sale		65,434		62,534
Investment securities - held to maturity		3,150		175
FHLB stock		652		639
Loans, net		440,542		442,537
Total assets		564,912		558,647
Total deposits		468,786		460,356
Total stockholders' equity		89,885		88,990

Total Assets. Total assets increased by $6.3 million, or 1.1%, to $564.9 million at September 30, 2026, compared to $558.6 million at March 31, 2026. The increase primarily reflects a $1.9 million, or 6.2%, increase in total cash and cash equivalents, an increase of $2.9 million, or 4.6%, in investment securities available for sale, and an increase of $3.0 million, or 1700.0%, in investment securities held to maturity.

Cash and Cash Equivalents. Cash and cash equivalents increased $1.9 million, or 6.2%, to $31.8 million at September 30, 2026, from $29.9 million at March 31, 2026. This increase was primarily attributable to increased deposits.

Investment Securities Available for Sale. Securities available-for-sale increased $2.9 million, or 4.6%, to $65.4 million at September 30, 2026, from $62.5 million at March 31, 2026. During the six-month period, we purchased $10.8 million of available-for-sale securities and received $5.8 million in principal payments. During the quarter, the Association also accepted a tender offer for a lower-yielding available-for-sale investment security, recognizing a $226,000 loss upon disposition. The proceeds were redeployed into higher-yielding available-for-sale mortgage-backed securities as part of the Association's investment portfolio management strategy. Additionally, net unrealized losses on the available-for-sale securities portfolio increased by $2.1 million during the six-month period.

Investment Securities Held to Maturity. Securities held to maturity increased $3.0 million, or 1700.0%, to $3.2 million at September 30, 2026, from $175,000 at March 31, 2026. During the six-month period, we purchased $3.0 million in bank subordinated debt securities.

Gross Loans. Loans decreased $1.9 million, or 0.4%, to $446.4 million at September 30, 2026, from $448.3 million at March 31, 2026. We saw growth in two categories, real estate commercial and agriculture, but declines in the remainder. The largest increase occurred in agriculture loans, which rose $18.0 million, or 33.0%, to $72.7 million from $54.7 million. 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. Management continues to look for high-quality loans to add to its portfolio and will continue to emphasize loan originations to the extent that it is profitable, prudent and consistent with our interest rate risk strategies.

Premises and Equipment, Net. Premises and equipment decreased $358,000, or 2.8%, to $12.4 million at September 30, 2026, from $12.8 million at March 31, 2026. The decrease reflects depreciation of premises and equipment.

Total Deposits. Total deposits increased $8.4 million, or 1.8%, to $468.8 million at September 30, 2026, from $460.4 million at March 31, 2026. Management believes this demonstrates customer confidence as well as the strength and loyalty of the Association's core deposit base. Additionally, the Association maintained $27.6 million in brokered time deposits, at September 30, 2026, and March 31, 2026. Management continues to actively monitor deposit balances and interest rates to maintain adequate liquidity.

Noninterest-bearing deposits increased $3.5 million, or 5.4%, to $68.0 million, while time deposits increased $3.1 million, or 1.9%, to $166.1 million, including brokered deposits. Savings, demand, NOW, and money market accounts combined increased $1.9 million, or 0.8%, to $234.7 million at September 30, 2026.

Borrowings. The Company had no outstanding borrowings at September 30, 2026, and March 31, 2026. Borrowings have been limited in recent periods, as the Association has generally utilized deposits to fund operations and loan growth. Management remains prepared to access FHLB and FRB advances if necessary to support additional loan funding.

Stockholders' Equity. Stockholders' equity increased $895,000, or 1.0% to $89.9 million at September 30, 2026, from $89.0 million at March 31, 2026. The increase was primarily driven by net income of $2.7 million, offset by $1.7 million increase in unrealized

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losses on securities valuations, net of tax, and by share repurchases under the Company's stock repurchase program. The increase in the unrealized losses reflects changes in market interest rates during the six-month period ended September 30, 2026.

On October 22, 2024, the Company adopted a program to repurchase up to 200,000 shares, or 5%, of its then outstanding common stock. A total of 99,178 shares were repurchased under this program.

On September 9, 2026, the Company announced that its Board of Directors has approved a new stock repurchase program. Under the repurchase program, the Company may repurchase up to 417,481 shares of its common stock, or approximately 10% of the current outstanding shares. The repurchase program replaces the Company’s current repurchase program.

The program may be suspended, terminated or modified at any time based on market conditions, repurchase costs, alternative investment opportunities, liquidity, and other factors. Repurchases will be made at management’s discretion at prices deemed attractive and in the best interests of the Company and its stockholders, subject to availability, market conditions, trading price, alternative uses of capital, and financial performance. Open market purchases will comply with Rule 10b-18 of the Securities and Exchange Commission and other applicable requirements.

As of September 30, 2026, 414,271 shares remained available for repurchase under the Company’s current stock repurchase program. During the six months ended September 30, 2026, the Company repurchased 31,066 shares at a weighted average price of $19.13 per share, for a total of approximately $596,000. Of the 31,066 shares repurchased during the period, 27,856 shares were repurchased under the Company’s prior stock repurchase program and 3,210 shares were repurchased under the new stock repurchase program.

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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 indicated. 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.


	For the Three Months Ended September 30,
	2026								2025
	Average Outstanding Balance			Interest		Average Yield/Rate			Average Outstanding Balance			Interest		Average Yield/Rate
	(Dollars in thousands)
Interest-earning assets:
Loans	$	438,096		$	6,729		6.14	%	$	409,853		$	6,188		6.04	%
Mortgage-backed securities		59,559			618		4.15	%		53,069			534		4.02	%
Investment securities (1)		9,863			69		2.80	%		7,314			42		2.30	%
Interest-bearing deposits and other		24,835			237		3.82	%		6,632			21		1.27	%
Total interest-earning assets		532,353			7,653		5.75	%		476,868			6,785		5.69	%
Non-interest-earning assets		31,763								24,669
Total assets	$	564,116							$	501,537

Interest-bearing liabilities:
Savings accounts	$	49,631		$	116		0.93	%	$	46,054		$	102		0.89	%
Money market accounts		38,017			234		2.46	%		32,337			197		2.44	%
NOW accounts		142,971			612		1.71	%		127,444			562		1.76	%
Certificates of deposit		146,307			1,394		3.81	%		116,678			1,151		3.95	%
Individual retirement accounts		19,283			167		3.46	%		17,560			153		3.49	%
Total interest-bearing deposits		396,209			2,523		2.55	%		340,073			2,165		2.55	%
Borrowings		—			—		—			3,091			35		4.53	%
Total interest-bearing liabilities		396,209			2,523		2.55	%		343,164			2,200		2.56	%
Other non-interest-bearing liabilities		94,046								90,276
Total liabilities		490,255								433,440
Total equity		73,861								68,097
Total liabilities and total equity	$	564,116							$	501,537
Net interest income				$	5,130							$	4,585
Net interest rate spread (2)							3.20	%							3.13	%
Net interest-earning assets (3)	$	136,144							$	133,704
Net interest margin (4)							3.85	%							3.85	%
Average interest-earning assets to interest-bearing liabilities		134.36	%							138.96	%

(1)

Represents investments in municipal bonds and bank subordinated debt securities

(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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	For the Six Months Ended September 30,
	2026								2025
	Average Outstanding Balance			Interest		Average Yield/Rate			Average Outstanding Balance			Interest		Average Yield/Rate
	(Dollars in thousands)
Interest-earning assets:
Loans	$	440,522		$	13,591		6.17	%	$	406,736		$	12,087		5.94	%
Mortgage-backed securities		60,745			1,175		3.87	%		53,357			1,076		4.03	%
Investment securities (1)		9,157			104		2.27	%		7,239			84		2.32	%
Interest-bearing deposits and other		24,426			469		3.84	%		10,337			119		2.30	%
Total interest-earning assets		534,850			15,339		5.74	%		477,669			13,366		5.60	%
Non-interest-earning assets		31,156								24,109
Total assets	$	566,006							$	501,778

Interest-bearing liabilities:
Savings accounts	$	49,348		$	224		0.91	%	$	46,173		$	193		0.84	%
Money market accounts		37,795			481		2.55	%		30,974			374		2.41	%
NOW accounts		144,134			1,237		1.72	%		133,882			1,176		1.76	%
Certificates of deposit		145,548			2,702		3.71	%		111,938			2,211		3.95	%
Individual retirement accounts		19,214			334		3.48	%		17,322			299		3.45	%
Total interest-bearing deposits		396,039			4,978		2.51	%		340,289			4,253		2.50	%
Borrowings		—			—		—			1,621			37		4.57	%
Total interest-bearing liabilities		396,039			4,978		2.51	%		341,910			4,290		2.51	%
Other non-interest-bearing liabilities		93,501								92,924
Total liabilities		489,540								434,834
Total equity		76,466								66,944
Total liabilities and total equity	$	566,006							$	501,778
Net interest income				$	10,361							$	9,076
Net interest rate spread (2)							3.22	%							3.09	%
Net interest-earning assets (3)	$	138,811							$	135,759
Net interest margin (4)							3.87	%							3.80	%
Average interest-earning assets to interest-bearing liabilities		135.05	%							139.71	%

(1)

Represents investments in municipal bonds and bank subordinated debt securities.

(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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Comparison of Operating Results for the Three and Six Months Ended September 30, 2026 and 2025

General. Net income was $1.2 million for the three months ended September 30, 2026, compared to $882,000 for the same period in 2025. Net income was $2.7 million for the six months ended September 30, 2026, compared to $1.9 million for the same period in 2025.

Interest and Dividend Income. Interest and dividend income increased $868,000, or 12.8%, to $7.7 million for the three months ended September 30, 2026, compared to $6.8 million for the same period in 2025. The increase was primarily driven by higher yields on interest-earning assets and loan growth.

Interest income on loans increased $541,000, or 8.7%, to $6.7 million for the three months ended September 30, 2026 from $6.2 million for the same period in 2025. The average balance of loans rose $28.2 million, or 6.9%, to $438.1 million from $409.9 million. Yield on loans increased 10 basis points to 6.14% from 6.04%, reflecting loan growth and the repricing of existing loans.

Interest income on securities increased $111,000, or 19.3%, to $687,000 for the three months ended September 30, 2026 from $576,000 for the same period in 2025, due to a 14 basis point increase in average yield to 3.96% from 3.82% and additional purchases of securities. The average balance of securities increased to $69.4 million from $60.4 million.

Interest and dividend income increased $2.0 million, or 14.8%, to $15.3 million for the six months ended September 30, 2026 from $13.3 million in 2025.

Interest income on loans increased $1.5 million, or 12.4%, to $13.6 million for the six months ended September 30, 2026 from $12.1 million for the same period in 2025. The average balance of loans rose $33.8 million, or 8.3%, to $440.5 million from $406.7 million. Yield on loans increased 23 basis points to 6.17% from 5.94%. The increase in yield was driven by loan growth and the repricing of existing loans during the period.

Interest income on securities increased $119,000, or 10.3%, to $1.3 million for the six months ended September 30, 2026 from $1.2 million for the same period in 2025, due to additional securities purchased during the six months ended September 30, 2026. Yields decreased by 17 basis points to 3.66% from 3.83%. The average balance of securities increased to $69.9 million from $60.6 million.

Interest Expense. Interest expense increased $323,000, or 14.7%, to $2.5 million for the three months ended September 30, 2026, compared to $2.2 million for the same period in 2025. While average yields on certificates of deposit, IRAs and NOW accounts decreased, rates on savings and money market accounts were higher.

Interest expense on deposits increased $358,000, or 16.5%, to $2.5 million for the three months ended September 30, 2026, compared to $2.2 million for the same period in 2025. The increase was driven by higher average balances across all interest-bearing accounts and increased cost of funds on savings and money market accounts, partially offset by lower cost of funds on certificates of deposit, IRAs and NOW Accounts.

Interest expense increased $688,000, or 16.0%, to $5.0 million for the six months ended September 30, 2026, compared to $4.3 million for the same period in 2025. While average cost of funds on certificates of deposit and NOW accounts decreased, rates on savings, IRAs and money market accounts were higher.

Interest expense on deposits increased $725,000, or 17.0%, to $5.0 million for the six months ended September 30, 2026, compared to $4.3 million for the same period in 2025. The increase was driven by higher average balances across all interest-bearing accounts and increased cost of funds on savings, IRAs and money market accounts, partially offset by lower cost of funds on certificates of deposit and NOW Accounts.

Net Interest Income. Net interest income before provision for credit losses increased $545,000, or 11.9%, to $5.1 million for the three months ended September 30, 2026 compared to $4.6 million for the same period in 2025.

Our interest rate spread increased 7 basis points to 3.20% for the three months ended September 30, 2026, compared to 3.13% for the same period in 2025. Our net interest margin remained flat at 3.85% for the three months ended September 30, 2026 and 2025.

Net interest income before provision for credit losses increased $1.3 million, or 14.2%, to $10.4 million for the six months ended September 30, 2026 compared to $9.1 million for the same period in 2025.

Our interest rate spread increased 13 basis points to 3.22% for the six months ended September 30, 2026, compared to 3.09% for the same period in 2025. Our net interest margin increased 7 basis points to 3.87% for the six months ended September 30, 2026, compared to 3.80% for the same period in 2025.

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Provision for Credit Losses. During the three months ended September 30, 2026, we recorded a reversal of provision for credit losses of $13,000, compared to a provision for credit losses of $89,000 for the same period in 2025.

During the six months ended September 30, 2026 and 2025, we recorded a provision for credit losses of $38,000 and $86,000.

We will continue to evaluate the estimated future credit loss impact of current market conditions, which will depend on credit quality, macroeconomic forecasts, and the composition of our loan and securities portfolios.

Non-Interest Income. The following table shows the components of non-interest income for the periods presented.


	For the three months ended September 30,					For the six months ended September 30,
Non-interest income:	2026			2025		2026			2025
	(Dollars in thousands)					(Dollars in thousands)
Servicing fees on loans	$	34		$	33	$	59		$	64
Service charges on deposit accounts		206			197		383			389
Interchange income		335			327		673			655
Gain on sale of loans		65			98		148			175
Gain (loss) from real estate owned and other repossessed assets, net		(7	)		—		(4	)		1
Loss on disposition of investment securities		(226	)		—		(226	)		—
Other non-interest income		18			24		35			49
Total non-interest income	$	425		$	679	$	1,068		$	1,333

Non-interest income decreased $254,000, or 37.4%, to $425,000 for the three months ended September 30, 2026, compared to $679,000 for the same period in 2025. The decrease was primarily attributable to a $226,000 loss recognized upon the Association's acceptance of a tender offer for an available-for-sale investment security. The tender provided the Association an opportunity to exit a lower-yielding investment, and the proceeds were subsequently reinvested in higher-yielding available-for-sale mortgage-backed securities.

Non-interest income decreased $265,000, or 19.9%, to $1.1 million for the six months ended September 30, 2026, compared to $1.3 million for the same period in 2025. The decrease was primarily attributable to a $226,000 loss recognized upon the Association's acceptance of a tender offer for an available-for-sale investment security. The proceeds were subsequently reinvested in higher-yielding available-for-sale mortgage-backed securities. Gains on sales of loans also decreased $27,000, or 15.4%, to $148,000 from $175,000.

Non-Interest Expense. The following table shows the components of non-interest expense for the periods presented.


	For the three months ended September 30,				For the six months ended September 30,
Non-interest expense:	2026		2025		2026		2025
	(Dollars in thousands)				(Dollars in thousands)
Salaries and employee benefits	$	2,247	$	2,194	$	4,491	$	4,297
Occupancy and equipment		390		429		757		747
Data processing		380		514		715		1,014
Federal deposit insurance premiums		59		52		118		103
Debit card processing		78		70		145		134
Advertising		100		102		187		193
Other general and administrative expenses		819		699		1,634		1,491
Total non-interest expense	$	4,073	$	4,060	$	8,047	$	7,979

Non-interest expense increased $13,000, or 0.3% to $4.1 million for the three months ended September 30, 2026, compared to $4.1 million for the same period in 2025. The largest increase in non-interest expense during the three months ended September 30, 2026 was in other general and administrative expenses, which rose $120,000, or 17.2%, to $819,000, compared to $699,000 for the same period in 2025. These increases were primarily due to higher legal fees and expenses related to our 2026 annual meeting.

Non-interest expense increased $68,000, or 0.9% to $8.0 million for the six months ended September 30, 2026, compared to $8.0 million for the same period in 2025. The largest increase in non-interest expense during the six months ended September 30, 2026 was salaries and employee benefits, which rose $194,000, or 4.5%, to $4.5 million, compared to $4.3 million for the same period in 2025. These increases were primarily due to higher staffing levels. Other general and administrative expenses increased $143,000, or 9.6%, to $1.6 million for the six months ended September 30, 2026, compared to $1.5 million for the same period in 2025, due to higher legal fees and expenses related to our 2026 annual meeting.

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Income Tax Expense. Income tax expense was $329,000 for the three months ended September 30, 2026, compared to $233,000 for the same period in 2025, resulting in effective tax rates of 22.0% and 20.9%, respectively.

Income tax expense was $686,000 for the six months ended September 30, 2026, compared to $474,000 for the same period in 2025, resulting in effective tax rates of 20.5% and 20.2%, respectively.

Management of Market Risk

General. Our most significant form of market risk is interest rate risk because, as a financial institution, the majority of our assets and liabilities are sensitive to changes in interest rates. Therefore, a principal part of our operations is to manage interest rate risk and limit the exposure of our financial condition and results of operations to changes in market interest rates. All directors participate in discussions during the regular board meetings evaluating the interest rate risk inherent in our assets and liabilities, and the level of risk that is appropriate. These discussions take into consideration our business strategy, operating environment, capital, liquidity and performance objectives consistent with the policy and guidelines approved by them.

Our asset/liability management strategy attempts to manage the impact of changes in interest rates on net interest income, our primary source of earnings. Among the techniques we are using to manage interest rate risk are:

•

maintaining capital levels that exceed the thresholds for well-capitalized status under federal regulations;

•

maintaining adequate levels of liquidity;

•

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

•

continuing to diversify our loan portfolio by adding more commercial-related loans, which typically have shorter maturities and/or adjustable rates.

By following these strategies, we believe that we are better positioned to react to increases and decreases in market interest rates.

We have not engaged in hedging activities, such as engaging in futures or options. We do not anticipate entering into similar transactions in the future.

Net Interest Income Analysis. We analyze our sensitivity to changes in interest rates through a third-party net interest income ("NII") model. NII is the difference between the interest income we earn on our interest-earning assets, such as loans and securities, and the interest we pay on our interest-bearing liabilities, such as deposits and borrowings. We estimate what our NII would be for a one-year period and then calculate what the NII would be for the same period under the assumptions that the United States Treasury yield curve increases or decreases gradually by up to 400 basis points. A basis point equals one-hundredth of one percent, and 100 basis points equals one percent. An increase in the interest rates from 3% to 4% would mean, for example, a 100 basis point increase in the "Change in Interest Rates" column below.

The following table sets forth, at September 30, 2026, the calculation of the estimated changes in our NII that would result from the designated changes in the United States Treasury yield curve over a one-year period.


Changes in Interest Rates (basis points)(1)	NII Year 1 Forecast (Dollars in thousands)		Change in Net Interest Income Year One (% change from year one base)
400	$	22,264		0.44	%
300		22,265		0.45
200		22,251		0.38
100		22,217		0.23
Base		22,166		—
(100)		22,125		(0.18	)
(200)		22,076		(0.41	)
(300)		22,029		(0.62	)
(400)		21,952		(0.97	)

(1)

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

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The table above indicates that at September 30, 2026, we would have experienced a 0.38% increase in NII in the event of a gradual, one-year 200 basis point increase in market interest rates, and a 0.41% decrease in NII in the event of a gradual, one-year 200 basis point decrease in market interest rates.

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

The following table sets forth, at September 30, 2026, the calculation of the estimated changes in our MVE that would result from the designated immediate changes in the United States Treasury yield curve.


			Estimated Increase (Decrease) in MVE						MVE as a Percentage of Present Value of Assets(3)
	(Dollars in thousands)
Changes in Interest Rates (basis points)(1)	Estimated MVE(2)		Dollar Change			Percent Change			MVE Ratio(4)			Increase (Decrease) (basis points)
400	$	145,049	$	(2,619	)		(1.77	)%		28.83	%		198
300		146,543		(1,125	)		(0.76	)		28.53			168
200		148,108		440			0.30			28.19			134
100		148,446		778			0.53			27.62			77
Base		147,668		—			—			26.85			—
(100)		144,044		(3,624	)		(2.45	)		25.66			(119	)
(200)		137,310		(10,358	)		(7.01	)		24.00			(285	)
(300)		127,577		(20,091	)		(13.61	)		21.92			(493	)
(400)		115,039		(32,629	)		(22.10	)		19.44			(741	)

(1)

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

(2)

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

(3)

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

(4)

MVE Ratio represents MVE divided by the present value of assets.

The table above indicates that at September 30, 2026, we would have experienced a 0.30% increase in MVE in the event of an instantaneous parallel 200 basis point increase in the market interest rates and a 7.01% decrease in MVE in the event of an instantaneous 200 basis point decrease in market interest rates.

Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurement. Modeling changes in NII and MVE require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. For instance, the NII and MVE tables presented above assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. However, the shape of the yield curve changes constantly and the value and pricing of our assets and liabilities, including our deposits, may not closely correlate with changes in market interest rates. Accordingly, although the NII and MVE tables may provide an indication of our interest rate risk exposure at a particular point in time and in the context of a particular yield curve, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on NII and MVE and will differ from actual results.

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

Liquidity and Capital Resources

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

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

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

Cash Flows

Our cash flows are comprised of three primary classifications: cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities.

For the six months ended September 30, 2026, cash flows from operating, investing, and financing activities resulted in a net increase in cash and cash equivalents of $1.9 million, reflecting cash provided by financing activities of $7.1 million and cash provided by operating activities of $850,000, offset by cash used in investing activities of $6.1 million.

Net cash provided by operating activities amounted to $850,000, primarily due to net income of $2.7 million, depreciation of $453,000, stock-based compensation of $380,000, partially offset by changes in accrued interest receivable of $576,000 and accounts payable, accrued expenses and other liabilities of $2.5 million.

Net cash used in investing activities amounted to $6.1 million, primarily due to the purchase of available-for-sale investment securities of $10.8 million and the purchase of held to maturity investment securities of $3.0 million, partially offset by proceeds from paydowns of available-for-sale investment securities of $5.8 million and net change in loans of $2.0 million.

Net cash provided by financing activities amounted to $7.1 million, primarily due to an increase in deposits of $8.4 million.

For the six months ended September 30, 2025, cash flows from operating, investing, and financing activities resulted in a net decrease in cash and cash equivalents of $19.8 million, reflecting cash provided by operating activities of $1.0 million, offset by cash used in investing activities of $20.2 million and cash used in financing activities of $584,000.

Net cash provided by operating activities amounted to $1.0 million, primarily due to net income of $1.9 million, depreciation of $478,000, stock based compensation of $376,000 and changes of other assets of $170,000, partially offset by changes in accrued expenses and other liabilities of $1.6 million and accrued interest receivable of $708,000.

Net cash used in investing activities amounted to $20.2 million, primarily due to a net increase in loans of $20.1 million and the purchase of available-for-sale investment securities of $3.4 million, partially offset by proceeds from paydowns of available-for-sale investment securities of $4.2 million.

Net cash used in financing activities amounted to $584,000, primarily due to a decrease in deposits of $8.0 million, partially offset by proceeds from short term FHLB advances of $8.5 million.

We are committed to maintaining a strong liquidity position. We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. Based on our deposit retention experience and current pricing strategy, we anticipate that a significant portion of maturing time deposits will be retained.

At September 30, 2026, Home Federal Savings was categorized as well-capitalized for bank regulatory purposes. Management is not aware of any conditions or events since the most recent notification that would change our category.

For further information, see the statements of cash flows contained in the consolidated financial statements in Part 1, Item 1 of this Quarterly Report.

Impact of Inflation and Changing Prices

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

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Concentration - Commercial Real Estate

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

We consider a number of factors in originating commercial real estate loans. We evaluate the qualifications and financial condition of the borrower, including credit history, profitability and expertise, as well as the value and condition of the property securing the loan. When evaluating the qualifications of the borrower, we consider the financial resources of the borrower, the borrower’s experience in owning or managing similar property and the borrower’s payment history with us and other financial institutions. In evaluating the property securing the loan, the factors we consider include the net operating income of the mortgaged property before debt service and depreciation, the ratio of the loan amount to the appraised value of the mortgaged property, and the debt service coverage ratio (the ratio of net operating income to debt service). Generally, the debt service coverage ratio on these loans is at least 1.20x. A 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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Information with respect to qualitative disclosures about market risk can be found in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Management of Market Risk."

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Item 4. Controls and Procedures.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by the quarterly report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that we file or submit under the Securities and Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

There has been no change in our internal control over financial reporting during the most recent fiscal quarter that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

At September 30, 2026, we were not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business, the outcome of which would not be material to our financial condition or results of operations.

Item 1A. Risk Factors.

Not required for smaller reporting companies.

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

Issuer Purchases of Equity Securities

The following table reports information regarding repurchases of our common stock during the quarter ended September 30, 2026, and the stock repurchase plan approved by our Board of Directors.


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

July 1 - July 31, 2026		7,072	$	19.67		7,072		121,606
August 1 - August 31, 2026		4,145		20.89		4,145		117,461
September 1 - September 8, 2026		291		21.30		291		117,170
September 9 - September 30, 2026		3,210		20.90		3,210		414,271
Total		14,718	$	20.41		14,718

On October 22, 2024, the Company adopted a program to repurchase up to 200,000 shares, or 5%, of its then outstanding common stock. A total of 99,178 shares were repurchased under this program.

414,271 shares remain available to be repurchased under the program as of September 30, 2026.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

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Item 6. Exhibits.

Furnish the exhibits required by Item 601 of Regulation S-K (§ 229.601 of this chapter).


Exhibit Number		Description
31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Central Plains Bancshares, Inc.

Date: November 13, 2026	By:	/s/ Dannel R. Garness
		Dannel R. Garness
		President and Chief Executive Officer

Date: November 13, 2026	By:	/s/ Bradley M. Kool
		Bradley M. Kool Executive Vice President and Chief Financial Officer