[10-Q] Central Plains Bancshares, Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

Central Plains Bancshares (CPBI) reported quarterly net income of $988,000 for the three months ended June 30, 2025, up from $903,000 a year earlier, producing diluted earnings per share of $0.26 versus $0.24 in the prior year period. Net interest income rose to $4.49 million as loan yields and average loan balances increased, lifting net interest margin to 3.75%. Loans grew by $11.0 million to $413.3 million.

Liquidity tightened as cash and cash equivalents fell by $20.8 million to $7.9 million and deposits declined $15.6 million to $400.6 million, prompting $8.5 million of borrowings at period end. Available-for-sale securities have $4.59 million of unrealized losses, though management expects recovery at maturity. Capital ratios remain strong with total capital to risk-weighted assets at 17.89%, well above regulatory thresholds.

Positive

• Net income increased to $988,000 from $903,000 year-over-year, reflecting improved profitability
• Net interest margin expanded to 3.75%, driven by higher loan yields and loan growth
• Loans rose $11.0 million to $413.3 million, with notable growth in agricultural lending
• Capital ratios strong: total capital to risk-weighted assets at 17.89% and CET1 at 16.64%, well above regulatory minima
• Decrease in unrealized securities losses contributed positively to comprehensive income

Negative

• Cash and cash equivalents fell sharply by $20.8 million to $7.9 million, reducing immediate liquidity
• Total deposits declined $15.6 million to $400.6 million, increasing funding pressure
• Borrowings increased to $8.47 million from zero at the prior quarter-end, indicating reliance on short-term funding
• Available-for-sale securities have $4.59 million of unrealized losses (mortgage-backed and municipal securities)
• Non-interest expense rose 12.8% year-over-year, including $185,000 of stock-based compensation expense

Insights

Financial Analyst

TL;DR

CPBI shows modest earnings growth and improving margins driven by loan growth and higher yields, but liquidity and deposit outflows warrant monitoring.

Net interest income increased meaningfully year-over-year, lifting net interest margin to 3.75% which supports profitability. Loan portfolio expansion of $11.0 million with notable agricultural growth indicates continued origination momentum. Capital metrics are robust and the bank remains well-capitalized, providing financial flexibility. However, the sharp decline in cash and cash equivalents and a $15.6 million deposit reduction required the use of $8.5 million in short-term borrowings. Investors should note the mix of stronger core earnings against near-term liquidity shifts; overall this is a neutral-to-moderately positive operational result.

Risk Analyst

TL;DR

Asset quality and capital are stable; liquidity deterioration and unrealized AFS losses increase short-term risk exposure.

Allowance for credit losses is essentially stable and nonaccrual loans declined from $1.33 million to $0.40 million, suggesting limited near-term credit stress. The securities portfolio holds $4.59 million of unrealized losses concentrated in mortgage-backed and municipal securities, which management states are expected to recover. The main risk is the material drop in cash and cash equivalents (down 72%), coupled with deposit outflows, which led to renewed FHLB and private bank borrowings. From a risk perspective the report is mixed: strong capital and asset quality but elevated funding and market-risk considerations in the short term.

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ployeeStockOwnershipPlanMember2024-06-300001979332cpbi:ResidentialLoanMembercpbi:RealEstatePortfolioSegmentMember2025-04-012025-06-300001979332cpbi:LandDevelopmentAndSanitaryAndImprovementDistrictsPortfolioSegmentMemberus-gaap:SubstandardMembercpbi:LandDevelopmentAndSanitaryAndImprovementDistrictsMember2025-06-300001979332us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialRealEstateMember2025-06-300001979332cpbi:OtherPortfolioSegmentMembercpbi:OtherConsumerMember2025-03-310001979332us-gaap:ConsumerPortfolioSegmentMembercpbi:OtherConsumerMemberus-gaap:FinancialAssetPastDueMember2025-03-310001979332cpbi:FederalHomeLoanBankOfTopekaAndPrivateBankersBankMember2025-04-012025-06-300001979332us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2025-04-012025-06-300001979332cpbi:CommercialNonRealEstatePortfolioSegmentMembercpbi:FinancingReceivablesCurrentDueMembercpbi:CommercialNonRealEstateMember2025-03-310001979332us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-03-310001979332cpbi:ConstructionRealEstateMembercpbi:RealEstatePortfolioSegmentMember2025-03-310001979332cpbi:FinancingReceivablesCurrentDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-06-300001979332cpbi:ResidentialLoanMembercpbi:RealEstatePortfolioSegmentMember2024-04-012024-06-3000019793322025-03-310001979332us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001979332cpbi:ResidentialLoanMembercpbi:RealEstatePortfolioSegmentMember2025-06-300001979332cpbi:EmployeeStockOwnershipPlanMember2025-04-012025-06-300001979332cpbi:FederalHomeLoanBankOfTopekaAndPrivateBankersBankMember2025-03-310001979332us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-03-310001979332cpbi:EmployeeStockOwnershipPlanMember2024-04-012024-06-300001979332us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001979332us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001979332us-gaap:MunicipalBondsMember2025-06-300001979332us-gaap:FairValueMeasurementsRecurringMember2025-03-310001979332cpbi:StockOfferingMember2023-10-192023-10-190001979332cpbi:OtherConsumerPortfolioSegmentMember2024-06-300001979332us-gaap:RetainedEarningsMember2024-04-012024-06-300001979332cpbi:ResidentialLoanMembercpbi:RealEstatePortfolioSegmentMember2024-06-300001979332us-gaap:RestrictedStockMember2025-06-300001979332cpbi:May272025Member2025-04-012025-06-300001979332cpbi:NonRealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310001979332us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001979332cpbi:ConstructionRealEstateMembercpbi:RealEstatePortfolioSegmentMember2025-06-300001979332us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001979332cpbi:LandDevelopmentAndSanitaryAndImprovementDistrictsMember2024-03-310001979332us-gaap:CommonStockMember2024-06-300001979332us-gaap:SubstandardMemberus-gaap:CommercialRealEstateMembercpbi:RealEstatePortfolioSegmentMember2025-03-310001979332us-gaap:FairValueInputsLevel3Member2025-03-310001979332cpbi:StockOfferingMember2023-10-190001979332cpbi:LoansPledgedMember2025-06-300001979332us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-03-310001979332us-gaap:CommercialLoanMembercpbi:RealEstatePortfolioSegmentMember2024-06-300001979332cpbi:FederalHomeLoanMortgageCorpMember2025-03-310001979332us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-30xbrli:purexbrli:sharescpbi:Segmentiso4217:USDiso4217:USDxbrli:shares

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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 June 30, 2025

OR

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

For the transition period from to

Commission File Number: 001-41844

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 August 12, 2025, the registrant had 4,219,323 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents

Table of Contents

		Page
PART I.	Financial Information	1
Item 1.	Consolidated Financial Statements (Unaudited)	1
	Consolidated Balance Sheets	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	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	32
PART II.	OTHER INFORMATION	33
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	34
Signatures

i

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

CENTRAL PLAINS BANCHSARES, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

		June 30, 2025 (unaudited)				March 31, 2025
		(Dollars in thousands)
Assets:
Cash and due from banks		$	7,910			$	7,611
Interest-bearing deposits in other banks			10				21,071
Total cash and cash equivalents			7,920				28,682
Investment securities - available for sale			61,097				59,369
Investment securities - held to maturity			210				222
Loans, net of unearned income			413,222				402,197
Allowance for credit losses on loans			(5,439	)			(5,441	)
Loans, net			407,783				396,756
Accrued interest receivable			3,097				3,101
Federal Home Loan Bank (FHLB) stock - at cost			619				612
Premises and equipment, net			13,413				12,938
Deferred income taxes			2,609				2,703
Mortgage servicing rights			381				380
Other assets			3,748				3,939
Total assets		$	500,877			$	508,702
Liabilities:
Deposits:
Non-interest-bearing deposits		$	63,986			$	64,497
Interest-bearing
Demand and NOW checking			131,156				152,782
Money market			32,908				30,718
Savings			46,359				45,476
Time deposits over $250,000			33,229				28,590
Other time deposits			92,998				94,138
Total deposits			400,636				416,201
Borrowings			8,466				—
Pension liability			1,419				1,459
Advances from borrowers for taxes and insurance			1,502				1,834
Accrued interest payable			1,383				1,716
Accounts payable, accrued expenses and other liabilities			2,825				4,160
Total liabilities			416,231				425,370
Stockholders' equity:
Common Stock ($0.01 par value, 10,000,000 shares authorized, 4,223,278 shares issued and outstanding at June 30, 2025 and 4,231,742 shares issued and outstanding at March 31, 2025)			41				41
Additional paid-in capital			39,292				39,265
Retained earnings			51,554				50,652
Unallocated common shares held by Employee Stock Ownership Plan (ESOP)			(2,974	)			(3,007	)
Accumulated other comprehensive loss, net			(3,267	)			(3,619	)
Total stockholders' equity			84,646				83,332
Total liabilities and stockholders' equity		$	500,877			$	508,702

See accompanying notes to unaudited consolidated financial statements.

1

Table of Contents

CENTRAL PLAINS BANCHSARES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

		For the Three Months Ended June 30,
		2025				2024
		(Dollars in thousands)
Interest and dividend income:
Loans—including fees		$	5,899			$	5,308
Investment securities			584				533
FHLB stock			7				7
Federal funds sold			91				63
Total interest and dividend income			6,581				5,911
Interest expense:
Deposits			2,088				1,920
Borrowings under FHLB advances			2				25
Total interest expense			2,090				1,945
Net interest income before provision for (reversal of) credit losses			4,491				3,966
Provision for (reversal of) credit losses			(3	)			(5	)
Net interest income after provision for (reversal of) credit losses			4,494				3,971
Non-interest income:
Servicing fees on loans			31				32
Service charges on deposit accounts			192				192
Interchange income			328				322
Gain on sale of loans			77				48
Gain from real estate owned and other repossessed assets, net			1				—
Other non-interest income			25				18
Total non-interest income			654				612
Non-interest expense:
Salaries and employee benefits			2,103				1,843
Occupancy and equipment			318				252
Data processing			500				462
Federal deposit insurance premiums			51				44
Debit card processing			64				64
Advertising			91				75
Other general and administrative expenses			792				733
Total non-interest expense			3,919				3,473
Income before income tax expense			1,229				1,110
Income tax expense			241				207
Net income		$	988			$	903
Earnings per share - basic		$	0.26			$	0.24
Earnings per share - diluted		$	0.26			$	0.24
Weighted average shares outstanding - basic			3,792,609				3,818,012
Weighted average shares outstanding - diluted			3,803,733				3,818,012

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCHSARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

		For the Three Months Ended June 30,
		2025				2024
		(Dollars in thousands)
Net income		$	988			$	903
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period on available-for-sale securities			444				(18	)
Other comprehensive income (loss), before tax			444				(18	)
Income tax (expense) benefit for other comprehensive income			(92	)			4
Total other comprehensive income (loss), net of tax			352				(14	)
Comprehensive income		$	1,340			$	889

See accompanying notes to unaudited consolidated financial statements.

3

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CENTRAL PLAINS BANCHSARES, 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 June 30, 2024
Balance at March 31, 2024			4,130,815			$	41			$	39,318			$	47,130			$	(5,073	)		$	(3,139	)		$	78,277
Net income			—				—				—				903				—				—				903
ESOP shares committed to be released			—				—				—				—				—				33				33
Other comprehensive loss - net of tax			—				—				—				—				(14	)			—				(14	)
Balance at June 30, 2024			4,130,815			$	41			$	39,318			$	48,033			$	(5,087	)		$	(3,106	)		$	79,199
		For the three months ended June 30, 2025
Balance at March 31, 2025			4,231,742			$	41			$	39,265			$	50,652			$	(3,619	)		$	(3,007	)		$	83,332
Net income			—				—				—				988				—				—				988
ESOP shares committed to be released			—				—				16				—				—				33				49
Stock purchased and retired			(17,464	)			—				(174	)			(86	)			—				—				(260	)
Stock based compensation			—				—				185				—				—				—				185
Issuance of common shares for the restricted stock plan			9,000				—				—				—				—				—				—
Other comprehensive income - net of tax			—				—				—				—				352				—				352
Balance at June 30, 2025			4,223,278			$	41			$	39,292			$	51,554			$	(3,267	)		$	(2,974	)		$	84,646

See accompanying notes to unaudited consolidated financial statements.

4

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CENTRAL PLAINS BANCHSARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

		For the Three Months Ended June 30,
		2025				2024
		(Dollars in thousands)
Cash flows from operating activities
Net income		$	988			$	903
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation			195				128
Gain on sale of loans			(77	)			(48	)
Amortization of premium and accretion of discount on securities, net			2				25
Deferred income tax expense			—				1
Provision (reversal) for credit losses			(3	)			(5	)
Origination of loans held for sale			(5,141	)			(3,198	)
Proceeds from sales of loans held for sale			5,218				3,246
ESOP expense			49				33
Contributions to pension plan			150				150
Stock based compensation			185				—
Change in assets and liabilities:
Accrued interest receivable			4				(215	)
Mortgage servicing rights			(1	)			11
Other assets			193				413
Accrued interest payable			(333	)			42
Accounts payable, accrued expenses and other liabilities			(1,525	)			(981	)
Net cash (used in) provided by operating activities			(96	)			505
Cash flows from investing activities
Net change in loans			(11,024	)			(9,308	)
Purchase of investment securities available for sale			(3,399	)			(1,948	)
Principal paydowns from investment securities available for sale			2,113				2,121
Principal paydowns from investment securities held to maturity			12				10
Purchase of FHLB stock			(7	)			(7	)
Purchase of premises and equipment			(670	)			(470	)
Net cash used in investing activities			(12,975	)			(9,602	)
Cash flows from financing activities
Net change in deposits			(15,565	)			1,572
Net change in advances from borrowers for taxes and insurance			(332	)			(417	)
Repurchase of common stock			(260	)			—
Proceeds from short-term private banker's bank advances			466				—
Proceeds from short-term FHLB advances			8,000				2,000
Net cash (used in) provided by financing activities			(7,691	)			3,155
Net decrease in cash and cash equivalents			(20,762	)			(5,942	)
Cash and cash equivalents—beginning of period			28,682				11,454
Cash and cash equivalents—end of period		$	7,920			$	5,512
Supplemental disclosures of cash flow information:
Cash paid for interest		$	2,423			$	1,903

See accompanying notes to unaudited consolidated financial statements.

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CENTRAL PLAINS BANCHSARES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and conform to practices within the banking industry. 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 statements. The interim consolidated financial statements reflect all normal and recurring adjustments that are necessary, in the opinion of management, for fair statement of results for the interim periods presented. Results for the three-month period ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending March 31, 2026, or any other period.

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

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

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

Basis of Presentation—The accompanying unaudited Consolidated Financial Statements were prepared in accordance with GAAP and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with Central Plains Bancshares, Inc.’s Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025. The unaudited Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Significant estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for credit losses, as well as the fair value measurements of investment securities. As with any estimate, actual results could differ from those estimates.

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 Chief Operating Decision Maker ("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 balance sheets and consolidated statements of operations. Additionally, the Company's significant expenses are adequately segmented by category and amount in the consolidated statements of operations to include all significant items when considering both qualitative and quantitative factors. Significant expenses of the Company include salaries and employee benefits, equipment and occupancy expense, data processing, professional services and advertising.

In March 2024, the FASB issued ASU No. 2024-01, “Compensation—Stock Compensation (Topic 718): Scope Applications of Profits Interests and Similar Awards” (ASU 2024-01). ASU 2024-01 adds an example to Topic 718 which illustrates how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as share-based payment arrangements under Topic 718 or under other U.S. GAAP. ASU 2024-01 is effective for annual periods beginning after December 15,

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2025, although early adoption is permitted. Upon adoption, ASU 2024-01 is not expected to have an impact on the Company’s consolidated balance sheets or consolidated statements of operations.

On December 14, 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: (1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, and (2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: (1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company will adopt this ASU, and does not expect the amendments to have a material impact to the annual financial statements of the Company.

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 June 30, 2025 and March 31, 2025:

		June 30, 2025
						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
Securities available-for-sale		(Dollars in thousands)
FHLMC bonds		$	24,443			$	131			$	(1,583	)		$	22,991
GNMA bonds			4,899				41				—				4,940
FNMA bonds			27,300				250				(1,706	)			25,844
Municipal bonds			8,621				—				(1,299	)			7,322
Total securities available-for-sale		$	65,263			$	422			$	(4,588	)		$	61,097
Securities held-to-maturity
FHLMC bonds		$	60			$	1			$	—			$	61
GNMA bonds			42				—				—				42
FNMA bonds			108				2				—				110
Total securities held-to-maturity		$	210			$	3			$	—			$	213

(dollars in thousands)		March 31, 2025
						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
Securities available-for-sale		(Dollars in thousands)
FHLMC bonds		$	23,085			$	107			$	(1,726	)		$	21,466
GNMA bonds			5,035				34				(2	)			5,067
FNMA bonds			27,237				224				(1,871	)			25,590
Municipal bonds			8,622				—				(1,376	)			7,246
Total securities available-for-sale		$	63,979			$	365			$	(4,975	)		$	59,369
Securities held-to-maturity
FHLMC bonds		$	64			$	2			$	—			$	66
GNMA bonds			46				—				—				46
FNMA bonds			112				2				—				114
Total securities held-to-maturity		$	222			$	4			$	—			$	226

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The fair value and gross unrealized losses on the Association’s available-for-sale investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2025 and March 31, 2025, are as follows:

		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
June 30, 2025		Value				Losses				Value				Losses				Value				Losses
Securities available-for-sale		(Dollars in thousands)
FHLMC bonds		$	2,850			$	(32	)		$	12,614			$	(1,551	)		$	15,464			$	(1,583	)
FNMA bonds			1,982				(21	)			12,053				(1,685	)			14,035				(1,706	)
Municipal bonds			—				—				7,322				(1,299	)			7,322				(1,299	)
Total securities available-for-sale		$	4,832			$	(53	)		$	31,989			$	(4,535	)		$	36,821			$	(4,588	)
		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
March 31, 2025		Value				Losses				Value				Losses				Value				Losses
Securities available-for-sale		(Dollars in thousands)
FHLMC bonds		$	2,919			$	(39	)		$	12,978			$	(1,687	)		$	15,897			$	(1,726	)
GNMA bonds			105				(1	)			1,154				(1	)			1,259				(2	)
FNMA bonds			3,004				(24	)			12,315				(1,847	)			15,319				(1,871	)
Municipal bonds			—				—				7,246				(1,376	)			7,246				(1,376	)
Total securities available-for-sale		$	6,028			$	(64	)		$	33,693			$	(4,911	)		$	39,721			$	(4,975	)

The unrealized losses at June 30, 2025 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 June 30, 2025, 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 credit losses were determined to be present as of June 30, 2025, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the three months ended June 30, 2025.

At June 30, 2025 and March 31, 2025, investment securities with amortized cost of $43.1 million, and $44.2 million, respectively, and estimated fair value of $40.0 million and $41.0 million, respectively, were pledged to secure public, consumer, and commercial deposits.

The amortized cost and fair values of available for sale investment securities as of June 30, 2025 by contractual maturity, are shown below:

		Available for Sale
		Amortized Cost				Fair Value
Maturity		(Dollars in thousands)
Due less than one year		$	—			$	—
Due after one year through five years			3,012				2,891
Due after five years through ten years			1,950				1,618
Due after ten years			3,659				2,813
Mortgage-backed securities and collateralized mortgage obligations			56,642				53,775
Total		$	65,263			$	61,097

The Association had no sales of available for sale investment securities for the three months ended June 30, 2025 or 2024.

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Note 3 - LOANS AND ALLOWANCE FOR Credit LOSSES

A summary of loans by major category as of June 30, 2025 and March 31, 2025 is as follows:

		June 30, 2025				March 31, 2025
		(Dollars in thousands)
Real Estate - Construction		$	17,433			$	15,069
Real Estate - Commercial			124,761				120,184
Real Estate - Residential			161,933				161,144
Commercial Non-Real Estate			32,348				32,007
Agriculture			47,658				42,835
Other Consumer			13,706				14,649
Land Development and Sanitary & Improvement Districts (SIDs)			15,414				16,327
Total loans			413,253				402,215
Allowance for credit losses			(5,439	)			(5,441	)
Net deferred origination costs & fees			(31	)			(18	)
Total loans, net		$	407,783			$	396,756

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 June 30, 2025 and March 31, 2025 were $1.8 million. Additionally, the Association had loans totaling $920,000 and $940,000 as of June 30, 2025 and March 31, 2025 to related parties that were originated by the Association, sold to Federal Home Loan Mortgage Company and are serviced by the Association.

The following tables present the activity in the allowance for credit losses for the three months ended June 30, 2025 and 2024:

		Three Months Ended June 30, 2025
		Beginning				Provision for												Ending
		Allowance				(Recovery of)				Loans								Allowance
		Balance				Credit Losses				Charged off				Recoveries				Balance
		(Dollars in thousands)
Real Estate - Construction		$	246			$	—			$	—			$	—			$	246
Real Estate - Commercial			1,572				—				—				—				1,572
Real Estate - Residential			1,926				(1	)			—				—				1,925
Commercial Non-Real Estate			667				—				—				—				667
Agricultural			476				—				—				—				476
Other Consumer			262				(2	)			—				1				261
Land Development and SIDs			292				—				—				—				292
Total		$	5,441			$	(3	)		$	—			$	1			$	5,439

		Three Months Ended June 30, 2024
		Beginning				Provision for												Ending
		Allowance				(Recovery of)				Loans								Allowance
		Balance				Credit Losses				Charged off				Recoveries				Balance
		(Dollars in thousands)
Real Estate - Construction		$	246			$	22			$	—			$	—			$	268
Real Estate - Commercial			2,245				(201	)			—				—				2,044
Real Estate - Residential			1,829				78				—				—				1,907
Commercial Non-Real Estate			759				(48	)			—				—				711
Agricultural			228				56				—				—				284
Other Consumer			327				68				(4	)			1				392
Land Development and SIDs			226				20				—				—				246
Total		$	5,860			$	(5	)		$	(4	)		$	1			$	5,852

The ACL on loans excludes $215,000 as of June 30, 2025 and March 31, 2025 of allowance for off-balance sheet exposures and is recorded within accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets.

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Collateral dependent loans individually evaluated for purposes of the ACL by collateral type were as follows at June 30, 2025 and March 31, 2025:

		June 30, 2025
		Real Estate				Other				ACL Allocation
		(Dollars in thousands)
Portfolio Segment
Real Estate - Construction		$	—			$	—			$	—
Real Estate - Commercial			341				—				—
Real Estate - Residential			13				—				—
Commercial Non-Real Estate			—				—				—
Agricultural			—				—				—
Other Consumer			—				7				7
Land Development and SIDs			40				—				39
Total		$	394			$	7			$	46

		March 31, 2025
		Real Estate				Other				ACL Allocation
		(Dollars in thousands)
Portfolio Segment
Real Estate - Construction		$	—			$	—			$	—
Real Estate - Commercial			359				—				—
Real Estate - Residential			150				—				68
Commercial Non-Real Estate			—				—				—
Agricultural			—				—				—
Other Consumer			—				13				9
Land Development and SIDs			807				—				39
Total		$	1,316			$	13			$	116

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 sound worth of any pledged collateral or guarantees. In estimating the allowance for credit losses management also uses a quarterly Loan Concentration Report to monitor any concentrations that may develop in any specific category of the loan portfolio. It identifies four varying degrees of credit worthiness:

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

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

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

•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 June 30, 2025 and March 31, 2025.

		As of June 30, 2025
		Term Loans by Origination Year (Fiscal Year)																								Revolving
		2026				2025				2024				2023				2022				Prior				Loans				Total
		(Dollars in thousands)
Real Estate - Construction
Pass		$	2,894			$	9,952			$	2,659			$	—			$	—			$	—			$	1,928			$	17,433
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—
Total Real Estate - Construction		$	2,894			$	9,952			$	2,659			$	—			$	—			$	—			$	1,928			$	17,433
Current year-to-date gross write-offs			—				—				—				—				—				—				—				—
Real Estate - Commercial
Pass			6,467				17,316				13,958				26,429				25,561				32,805				75			$	122,611
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				391				—				—				1,759				—				2,150
Doubtful			—				—				—				—				—				—				—				—
Total Real Estate - Commercial		$	6,467			$	17,316			$	14,349			$	26,429			$	25,561			$	34,564			$	75			$	124,761
Current year-to-date gross write-offs			—				—				—				—				—				—				—				—
Real Estate - Residential
Pass			4,960				17,160				19,779				21,804				45,156				42,811				10,110			$	161,780
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				24				—				17				112				—				153
Doubtful			—				—				—				—				—				—				—				—
Total Real Estate - Residential		$	4,960			$	17,160			$	19,803			$	21,804			$	45,173			$	42,923			$	10,110			$	161,933
Current year-to-date gross write-offs			—				—				—				—				—				—				—				—
Commercial - Non-Real Estate
Pass			2,316				6,285				4,990				2,908				2,280				7,594				5,497			$	31,870
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				118				—				360				—				478
Doubtful			—				—				—				—				—				—				—				—
Total Commercial - Non-Real Estate		$	2,316			$	6,285			$	4,990			$	3,026			$	2,280			$	7,954			$	5,497			$	32,348
Current year-to-date gross write-offs			—				—				—				—				—				—				—				—
Agricultural
Pass			3,423				16,088				1,682				3,047				2,030				3,465				17,560			$	47,295
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				363				363
Doubtful			—				—				—				—				—				—				—				—
Total - Agricultural		$	3,423			$	16,088			$	1,682			$	3,047			$	2,030			$	3,465			$	17,923			$	47,658
Current year-to-date gross write-offs			—				—				—				—				—				—				—				—
Other Consumer
Pass			1,065				2,248				4,458				4,625				288				967				—			$	13,651
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				47				—				—				3				—				50
Doubtful			—				5				—				—				—				—				—				5
Total Other Consumer		$	1,065			$	2,253			$	4,505			$	4,625			$	288			$	970			$	—			$	13,706
Current year-to-date gross write-offs			—				—				—				—				—				—				—				—
Land Development and SIDs
Pass			445				1,674				1,142				5,610				5,303				1,200				—			$	15,374
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				40				—				—				40
Doubtful			—				—				—				—				—				—				—				—
Total Land Development and SIDs		$	445			$	1,674			$	1,142			$	5,610			$	5,343			$	1,200			$	—			$	15,414
Current year-to-date gross write-offs			—				—				—				—				—				—				—				—
Total loans		$	21,570			$	70,728			$	49,130			$	64,541			$	80,675			$	91,076			$	35,533			$	413,253

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		As of March 31, 2025
		Term Loans by Origination Year (Fiscal Year)																								Revolving
		2025				2024				2023				2022				2021				Prior				Loans				Total
		(Dollars in thousands)
Real Estate - Construction
Pass		$	9,809			$	2,908			$	367			$	—			$	—			$	—			$	1,985			$	15,069
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—
Total Real Estate - Construction		$	9,809			$	2,908			$	367			$	—			$	—			$	—			$	1,985			$	15,069
Current year-to-date gross write-offs			—				—				—				—				—				—				—				—
Real Estate - Commercial
Pass			17,451				14,153				26,916				25,840				3,089				30,409				140			$	117,998
Special mention			—				—				—				—				—				—				—				—
Substandard			—				391				—				—				306				1,489				—				2,186
Doubtful			—				—				—				—				—				—				—				—
Total Real Estate - Commercial		$	17,451			$	14,544			$	26,916			$	25,840			$	3,395			$	31,898			$	140			$	120,184
Current year-to-date gross write-offs			—				—				—				—				—				—				—				—
Real Estate - Residential
Pass			18,914				19,970				22,674				46,132				31,265				12,861				9,078			$	160,894
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				135				—				—				115				—				250
Doubtful			—				—				—				—				—				—				—				—
Total Real Estate - Residential		$	18,914			$	19,970			$	22,809			$	46,132			$	31,265			$	12,976			$	9,078			$	161,144
Current year-to-date gross write-offs			—				—				—				—				—				—				—				—
Commercial - Non-Real Estate
Pass			6,549				5,670				3,613				2,790				1,775				6,563				4,551			$	31,511
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				122				—				—				374				—				496
Doubtful			—				—				—				—				—				—				—				—
Total Commercial - Non-Real Estate		$	6,549			$	5,670			$	3,735			$	2,790			$	1,775			$	6,937			$	4,551			$	32,007
Current year-to-date gross write-offs			13				—				—				—				—				—				—				13
Agricultural
Pass			16,635				1,763				2,927				2,069				857				2,635				15,078			$	41,964
Special mention			—				—				—				—				—				—				—				—
Substandard			405				—				165				—				—				—				301				871
Doubtful			—				—				—				—				—				—				—				—
Total - Agricultural		$	17,040			$	1,763			$	3,092			$	2,069			$	857			$	2,635			$	15,379			$	42,835
Current year-to-date gross write-offs			—				—				—				—				—				—				—				—
Other Consumer
Pass			2,779				5,021				5,252				359				224				996				—			$	14,631
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				5				8				—				13
Doubtful			5				—				—				—				—				—				—				5
Total Other Consumer		$	2,784			$	5,021			$	5,252			$	359			$	229			$	1,004			$	—			$	14,649
Current year-to-date gross write-offs			4				—				—				—				—				—				—				4
Land Development and SIDs
Pass			841				1,124				6,313				5,956				552				734				—			$	15,520
Special mention			—				—				—				—				—				—				—				—
Substandard			—				—				807				—				—				—				—				807
Doubtful			—				—				—				—				—				—				—				—
Total Land Development and SIDs		$	841			$	1,124			$	7,120			$	5,956			$	552			$	734			$	—			$	16,327
Current year-to-date gross write-offs			605				—				—				—				—				—				—				605
Total loans		$	73,388			$	51,000			$	69,291			$	83,146			$	38,073			$	56,184			$	31,133			$	402,215

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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 three months ended June 30, 2025 and March 31, 2025:

		Nonaccrual				Nonaccrual with no				Nonaccrual with				Interest Income
		loans at				Allowance for Credit				Allowance for Credit				Recognized During
		June 30, 2025				Loss				Loss				the Period
June 30, 2025
Real Estate - Commercial		$	341			$	341			$	—			$	8
Real Estate - Residential			13				13				—				1
Other Consumer			7				—				7				—
Land Development and SIDs			40				1				39				—
Total		$	401			$	355			$	46			$	9

		Nonaccrual loans				Nonaccrual with no				Nonaccrual with				Interest Income
		at March 31,				Allowance for Credit				Allowance for Credit				Recognized During
		2025				Loss				Loss				the Period
March 31, 2025
Real Estate - Commercial		$	359			$	359			$	—			$	29
Real Estate - Residential			150				81				69				10
Commercial Non-Real Estate			13				5				8				—
Other Consumer			807				768				39				27
Total		$	1,329			$	1,213			$	116			$	66

The following is an aging analysis of the contractually past due loans as of June 30, 2025 and March 31, 2025:

																										Loans Past
										Greater than																Due 90 Days
		30–59 Days				60–89 Days				89 Days				Total												or More Still
		Past Due				Past Due				Past Due				Past Due				Current				Total				Accruing
June 30, 2025		(Dollars in thousands)
Real Estate - Construction		$	—			$	—			$	—			$	—			$	17,433			$	17,433			$	—
Real Estate - Commercial			54				—				—				54				124,707				124,761				—
Real Estate - Residential			57				220				125				402				161,531				161,933				125
Commercial Non-Real Estate			110				—				—				110				32,238				32,348				—
Agricultural			—				—				—				—				47,658				47,658				—
Other Consumer			81				332				115				528				13,178				13,706				110
Land Development and SIDs			—				—				—				—				15,414				15,414				—
Total		$	302			$	552			$	240			$	1,094			$	412,159			$	413,253			$	235

																										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, 2025		(Dollars in thousands)
Real Estate - Construction		$	—			$	—			$	—			$	—			$	15,069			$	15,069			$	—
Real Estate - Commercial			—				—				—				—				120,184				120,184				—
Real Estate - Residential			486				—				87				573				160,571				161,144				3
Commercial Non-Real Estate			—				9				—				9				31,998				32,007				—
Agricultural			79				—				—				79				42,756				42,835				—
Other Consumer			112				345				112				569				14,080				14,649				99
Land Development and SIDs			—				—				—				—				16,327				16,327				—
Total		$	677			$	354			$	199			$	1,230			$	400,985			$	402,215			$	102

The Association may modify loans to borrowers experiencing financial difficulty by providing modifications to repayment terms; more specifically, modifications to loan interest rates. Management performs an analysis at the time of loan modification. Any reserve required is recorded through a provision to the allowance for credit losses on loans. There were no modifications on loans to borrowers experiencing financial difficulty during the three months ended June 30, 2025 and 2024.

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Note 4 - DEPOSITS

As of June 30, 2025 the scheduled maturities of time deposits are as follows:

		Amount
12 Months Ending June 30,		(Dollars in thousands)
2026		$	93,192
2027			25,826
2028			6,294
2029			759
2030 or later			156
Total time deposits		$	126,227

At June 30, 2025 and March 31, 2025, the Association had $7.3 million in brokered deposits.

Note 5 - Borrowings

The Company had $8.0 million in overnight borrowings outstanding from the Federal Home Loan Bank ("FHLB") of Topeka and $466,000 in overnight borrowings outstanding from a private banker's bank as of June 30, 2025. The Company had no outstanding borrowings as of March 31, 2025.

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

		For the three months ended June 30,
		2025				2024
FHLB of Topeka advances and other borrowings:		(Dollars in thousands)
Average balance outstanding		$	151			$	1,719
Outstanding advances with the FHLB of Topeka at any month-end during the period			8,000				5,700
Outstanding advances with a private banker's bank at any month-end during the period			466				—
Total maximum amount outstanding at any month-end during the period		$	8,466			$	5,700
Average interest rate during the period			5.30	%			5.82	%

		June 30, 2025				March 31, 2025
		(Dollars in thousands)
Outstanding advances with the FHLB of Topeka		$	8,000			$	—
Outstanding advances with a private banker's bank			466				—
Additional borrowing capacity			37,065				45,534
Total borrowing capacity		$	45,531			$	45,534

The Association had remaining availability for FHLB borrowings of approximately $32.5 million at June 30, 2025 and $40.5 million at March 31, 2025. The FHLB has sole discretion to deny additional advances. $34,000 of investment securities and $54.0 million of loans were pledged as collateral for FHLB advances at June 30, 2025.

Additionally, the Association had the capacity to borrow $4.5 million at June 30, 2025 and $5.0 million at March 31, 2025, from a private bankers’ bank.

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.

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.

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As of June 30, 2025 and March 31, 2025, the Association was well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Association must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the tables. There are no conditions or events since June 30, 2025, that management believes have changed the Association’s category.

The Association’s actual capital amounts and ratios as of June 30, 2025 and March 31, 2025, 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 June 30, 2025		Amount				Ratio				Amount				Ratio				Amount				Ratio
		(Dollars in thousands)
Total Capital (to Risk- Weighted Assets)		$	74,223				17.89	%		$	33,198				8.00	%		$	41,497				10.00	%
Tier 1 Capital (to Risk- Weighted Assets)		$	69,031				16.64	%		$	24,898				6.00	%		$	33,198				8.00	%
Common Equity Tier 1 Capital to Risk-Weighted Assets		$	69,031				16.64	%		$	18,674				4.50	%		$	26,973				6.50	%
Tier 1 Capital (to Average Assets)		$	69,031				13.76	%		$	20,061				4.00	%		$	25,076				5.00	%
As of March 31, 2025		Amount				Ratio				Amount				Ratio				Amount				Ratio
Total Capital (to Risk- Weighted Assets)		$	72,977				17.83	%		$	32,734				8.00	%		$	40,918				10.00	%
Tier 1 Capital (to Risk- Weighted Assets)		$	67,856				16.58	%		$	24,551				6.00	%		$	32,734				8.00	%
Common Equity Tier 1 Capital to Risk-Weighted Assets		$	67,856				16.58	%		$	18,413				4.50	%		$	26,597				6.50	%
Tier 1 Capital (to Average Assets)		$	67,856				13.78	%		$	19,701				4.00	%		$	24,626				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 June 30, 2025 and March 31, 2025, the Association had approved outstanding loan origination commitments of $1.7 million and $1.1 million, respectively. Loan commitments, which are funded subject to certain limitations, extend over various periods of time and may expire without being drawn upon. Generally, unused commitments are canceled upon expiration of the commitment term as outlined in each individual contract. All outstanding loan origination commitments were subject to forward sales commitments to various entities. Also, at June 30, 2025 and March 31, 2025, the Association has committed unused lines of credit, equity lines, loans in process and letters of credit to consumers totaling $43.2 million and $45.0 million, respectively. The Association evaluates each customer’s credit worthiness on a separate basis and requires collateral based on this evaluation. Collateral consists mainly of residential family units and personal property.

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 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 advances, FHLB stock, escrow deposits and accrued interest receivable and payable.

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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)
June 30, 2025
Financial assets:
Loans, net		$	407,783			$	—			$	—			$	393,523			$	393,523
Financial liabilities:
Interest-bearing deposits		$	336,650			$	—			$	294,110			$	—			$	294,110
March 31, 2025
Financial assets:
Loans, net		$	396,756			$	—			$	—			$	380,967			$	380,967
Financial liabilities:
Interest-bearing deposits		$	351,704			$	—			$	308,114			$	—			$	308,114

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 fair value of the Association’s available-for-sale securities as of June 30, 2025 and March 31, 2025 was $61.1 million and $59.4 million, respectively. The Association does not have any other assets or liabilities measured at fair value on a recurring basis as of June 30, 2025 or March 31, 2025.

		Fair Value Measurements at Reporting Date Using
		Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in thousands)
June 30, 2025
Securities Available-for-sale
Mortgage-Backed Securities		$	53,775			$	—			$	53,775			$	—
Municipal Bonds			7,322				—				7,322				—
Total		$	61,097			$	—			$	61,097			$	—
March 31, 2025
Securities Available-for-sale
Mortgage-Backed Securities		$	52,123			$	—			$	52,123			$	—
Municipal Bonds			7,246				—				7,246				—
Total		$	59,369			$	—			$	59,369			$	—

There were no transfers of financial instruments between Levels 1, 2, and 3 during the three months ended June 30, 2025. 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 June 30, 2025 and March 31, 2025:

		Fair Value Measurements at Reporting Date Using
		Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in thousands)
June 30, 2025
Financial Assets
Individually evaluated loans		$	1			$	—			$	—			$	1
Total		$	1			$	—			$	—			$	1
March 31, 2025
Financial Assets
Individually evaluated loans		$	772			$	—			$	—			$	772
Total		$	772			$	—			$	—			$	772

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

Individually Evaluated Loans

Individually evaluated loans are recorded at fair value on a nonrecurring basis. The fair value of loans is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Individually evaluated loans are evaluated on a monthly basis for additional impairment and adjusted accordingly.

The numerical range of unobservable inputs for these valuation assumptions is not meaningful to this presentation.

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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 June 30,
		2025				2024
		(Income in thousands)
Net income applicable to common shares		$	988			$	903
Average number of common shares outstanding			4,092,188				4,130,815
Less: Average unallocated ESOP shares			299,579				312,803
Average number of common shares outstanding used to calculate basic earnings per common share			3,792,609				3,818,012
Diluted potential common shares			11,124				—
Average number of common shares outstanding used to calculate diluted earnings per common share			3,803,733				3,818,012
Earnings per common share - basic		$	0.26			$	0.24
Earnings per common share - diluted		$	0.26			$	0.24

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 three months ending June 30, 2025 and 2024, as the annual loan payment is made in December. The ESOP compensation expense for three months ending June 30, 2025 and 2024 was $49,000 and $33,000, respectively.

Shares held by the ESOP were as follows:

		As of June 30,
		2025				2024
		(Dollars in thousands)
Shares allocated			33,048				19,830
Unallocated			297,417				310,635
Total ESOP shares			330,465				330,465
Fair value of unearned shares as of June 30, 2025 and 2024, respectively		$	4,497			$	3,141

Fair value of unearned shares is based on a stock price of $15.12 and $10.11 as of June 30, 2025 and 2024, respectively.

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Equity Incentive plan

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

Stock options granted under the 2024 Equity Plan generally vest in equal annual installments over a service period of five years beginning one year from the date of grant. The vesting of the options accelerates upon death, disability or an involuntary termination at or following a change in control of the Company. Stock options are generally granted at an exercise price equal to the fair value of the Company’s common stock on the grant date based on the closing market price of the Company's common stock on the date of grant, and have an expiration period of ten years. As of June 30, 2025, the Company has 89,157 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. There was no stock option activity for the three months ended June 30, 2024.

Stock Option		Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value
														(Dollars in thousands)
Options, outstanding at March 31, 2025			308,924			$	14.63				9.7			$	88
Granted, May 27, 2025			15,000				14.61				9.9				8
Vested			—				—				—				—
Forfeited			—				—				—				—
Options, outstanding at June 30, 2025			323,924			$	14.63				9.5				159
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 June 30, 2025, is $1.6 million over a weighted average period of 4.5 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 June 30, 2025, the Company has 27,166 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 period presented.

Restricted Stock		Shares				Weighted Average Exercise Price
Nonvested balance as of March 31, 2025			129,066			$	14.64
Granted, May 27, 2025			9,000				14.61
Vested			—				—
Forfeited			—				—
Nonvested balance as of June 30, 2025			138,066			$	14.64

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Expected future expense relating to the non-vested restricted shares outstanding as of June 30, 2025, is $1.8 million over a weighted average period of 4.5 years.

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

		Three Months Ended June 30,
		2025				2024
		(Dollars in thousands)
Stock option expense		$	88			$	—
Restricted stock expense			97				—
Total stock based compensation expense		$	185			$	—

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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 June 30, 2025 and March 31, 2025 and for the three months ended June 30, 2025 and 2024 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, 2025.

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 June 30, 2025 and March 31, 2025

		At June 30, 2025				At March 31, 2025
		(Dollars in thousands)
Selected Consolidated Financial Condition Data:
Cash and cash equivalents		$	7,920			$	28,682
Investment securities - available for sale			61,097				59,369
Investment securities - held to maturity			210				222
FHLB stock			619				612
Loans, net			407,783				396,756
Total assets			500,877				508,702
Total deposits			400,636				416,201
Total stockholders' equity			84,646				83,332

Total Assets. Total assets decreased $7.8 million, or 1.5%, to $500.9 million at June 30, 2025 from $508.7 million at March 31, 2025. The decrease was primarily due to a $20.8 million, or 72.4%, decrease in total cash and cash equivalents, partially offset by a $11.0 million, or 2.7% increase in gross loans.

Cash and cash equivalents. Cash and cash equivalents decreased $20.8 million, or 72.4%, to $7.9 million at June 30, 2025 from $28.7 million at March 31, 2025. This decrease was primarily due to an increase in loan funding and a decrease in total deposits. We continue to monitor our liquidity position based on alternative uses of available funds and prevailing market conditions.

Investment Securities Available for Sale. Securities available-for-sale increased $1.7 million, or 2.9%, to $61.1 million at June 30, 2025 from $59.4 million at March 31, 2025. During the three-month period, we purchased $3.4 million in securities and received $2.1 million in principal payments. Additionally, net unrealized losses on the securities portfolio decreased by $400,000.

Gross Loans. Loans increased $11.0 million, or 2.7%, to $413.2 million at June 30, 2025 from $402.2 million at March 31, 2025. This growth was driven by increases across all loan categories, except for land development and SIDs and other consumer loans. The largest increase occurred in agriculture loans, which increased $4.9 million, or 11.3%, to $47.7 million at June 30, 2025, from $42.8 million at March 31, 2025, which was primarily due to additional agriculture business sought by the Association.

Premises and Equipment, Net. Premises and equipment increased $500,000, or 3.7%, to $13.4 million at June 30, 2025 from $12.9 million at March 31, 2025. The increase is primarily due to the final construction billing of two new branch offices in Lincoln and Hastings, Nebraska. These new branches are expected to enhance our service coverage in these areas and support growth in customer engagement. As of June 30, 2025, both full service locations were open to the public.

Total Deposits. Total deposits decreased $15.6 million, or 3.7%, to $400.6 million at June 30, 2025 from $416.2 million at March 31, 2025. This decrease was primarily driven by funds leaving the Association that were held in a 1031 exchange. Management continues to actively monitor deposit balances and interest rates to maintain adequate liquidity.

Noninterest-bearing deposits decreased $500,000, or 0.8%, to $64.0 million at June 30, 2025 from $64.5 million at March 31, 2025. Time certificates of deposit increased $3.5 million, or 2.9%, to $126.2 million from $122.7 million, as long-term customers sought higher-yield deposit options in response to prior increases in market interest rates. Additionally, the Association held $7.3 million in brokered time deposits at June 30, 2025 and March 31, 2025.

Borrowings. Outstanding borrowings increased to $8.5 million at June, 30 2025. We had no outstanding borrowings at March 31, 2025. While borrowings have been limited in recent periods, the Association has generally utilized the increase in deposits to fund operations. However, management remains prepared to access FHLB advances if necessary to support additional loan funding.

Stockholders' Equity. Stockholders' equity increased $1.3 million, or 1.6% to $84.6 million at June 30, 2025 from $83.3 million at March 31, 2025. This increase was primarily driven by net income of $988,000, a decrease in the unrealized loss position on securities valuations offset by the repurchase of outstanding shares of the Company's common stock repurchase program. The decrease in the unrealized loss position of $352,000, net of the related tax effect, is due to changes in market interest rates during the three-month period ended June 30, 2025.

On October 22, 2024, the Company adopted a program to repurchase up to 200,000 shares, or 5%, of its then outstanding common stock. The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares. Repurchases will be made at management’s discretion at prices management

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considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. 154,397 shares remain available to be repurchased under the program as of June 30, 2025. During the three months ended June 30, 2025, the Company repurchased 17,464 shares with a weighted average price of $14.74, for a total value of $260,000.

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 June 30,
		2025												2024
		Average Outstanding Balance				Interest				Average Yield/Rate				Average Outstanding Balance				Interest				Average Yield/Rate
		(Dollars in thousands)
Interest-earning assets:
Loans		$	403,619			$	5,899				5.85	%		$	378,393			$	5,308				5.61	%
Mortgage-backed securities			53,645				542				4.04	%			53,894				491				3.64	%
Investment securities (1)			7,164				42				2.35	%			7,079				42				2.37	%
Interest-bearing deposits and other			14,041				98				2.79	%			9,490				70				2.95	%
Total interest-earning assets			478,469				6,581				5.50	%			448,856				5,911				5.27	%
Non-interest-earning assets			23,615												15,132
Total assets		$	502,084											$	463,988
Interest-bearing liabilities:
Savings accounts		$	46,291			$	91				0.79	%		$	42,689			$	39				0.37	%
Money market accounts			29,611				177				2.39	%			25,110				129				2.05	%
NOW accounts			140,320				614				1.75	%			125,934				518				1.65	%
Certificates of deposit			107,018				1,060				3.96	%			98,132				1,080				4.40	%
Individual retirement accounts			17,084				146				3.42	%			17,143				154				3.59	%
Total interest-bearing deposits			340,324				2,088				2.45	%			309,008				1,920				2.49	%
Borrowings			151				2				5.30	%			1,719				25				5.82	%
Total interest-bearing liabilities			340,475				2,090				2.46	%			310,727				1,945				2.50	%
Other non-interest-bearing liabilities			95,715												95,018
Total liabilities			436,190												405,745
Total equity			65,894												58,243
Total liabilities and total equity		$	502,084											$	463,988
Net interest income						$	4,491											$	3,966
Net interest rate spread (2)											3.05	%											2.77	%
Net interest-earning assets (3)		$	137,994											$	138,129
Net interest margin (4)											3.75	%											3.53	%
Average interest-earning assets to   interest-bearing liabilities			140.53	%											144.45	%

(1)Represents investments in municipal bonds.

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

(3)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

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

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Comparison of Operating Results for the Three Months Ended June 30, 2025 and 2024

General. For the three months ended June 30, 2025, we had net income of $988,000, compared to net income of $903,000 for the three months ended June 30, 2024.

Interest and Dividend Income. Interest and dividend income increased $670,000, or 11.3%, to $6.6 million for the three months ended June 30, 2025 from $5.9 million for the three months ended June 30, 2024. The increase was due primarily to an increase in interest income on loans, which is our primary source of interest income, due to increases in market interest rates and loan growth.

Interest income on loans increased $591,000, or 11.1%, to $5.9 million for the three months ended June 30, 2025 from $5.3 million for the three months ended June 30, 2024. The average balance of loans increased $25.2 million, or 6.7%, to $403.6 million for the three months ended June 30, 2025 from $378.4 million for the three months ended June 30, 2024. The increase was primarily due to our continued focus on growing our loan portfolio consistent with maintaining asset quality. Our yield on loans increased 24 basis points to 5.85% for the three months ended June 30, 2025 from 5.61% for the three months ended June 30, 2024. The increase in yield was due to increases in market interest rates over the period.

Interest income on securities increased $51,000, or 9.6%, to $584,000 for the three months ended June 30, 2025 from $533,000 for the three months ended June 30, 2024, due to a 34 basis point increase in the average yield from 3.50% for the three months ended June 30, 2024 to 3.84% for the three months ended June 30, 2025. The average balance of securities decreased $164,000, or 0.3%, to $60.8 million for the three months ended June 30, 2025 from $61.0 million for the three months ended June 30, 2024.

Interest Expense. Interest expense increased $145,000, or 7.5%, to $2.1 million for the three months ended June 30, 2025 compared to $1.9 million for the three months ended June 30, 2024, due to an increase in total interest bearing deposits.

Interest expense on deposits increased $168,000, or 8.8%, to $2.1 million for the three months ended June 30, 2025 compared to $1.9 million for the three months ended June 30, 2024. The increase was due an increase in the average balances of savings accounts, money market accounts, NOW accounts and certificates of deposit accounts.

Net Interest Income. Net interest income before provision for credit losses increased $523,000, or 13.2%, to $4.5 million for the three months ended June 30, 2025 compared to $4.0 million for the three months ended June 30, 2024.

Our interest rate spread increased 28 basis points to 3.05% for the three months ended June 30, 2025, compared to 2.77% for the three months ended June 30, 2024, and our net interest margin increased 22 basis points to 3.75% for the three months ended June 30, 2025 compared to 3.53% for the three months ended June 30, 2024.

Provision for Credit Losses. During the three months ended June 30, 2025, we recorded a reversal of provision for credit losses of $3,000 and $5,000 for the three months ended June 30, 2024.

We will continue to assess and evaluate the estimated future credit loss impact of current market conditions in subsequent reporting periods, which will be highly dependent on credit quality, macroeconomic forecasts and conditions, as well as the composition of our loan and available-for-sale securities portfolios. In addition, the OCC, as an integral part of its examination process, will periodically review our allowance for credit losses, and as a result of such reviews, we may have to adjust our allowance for credit losses.

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

		For the three months ended June 30,
Non-interest income:		2025				2024
		(Dollars in thousands)
Servicing fees on loans		$	31			$	32
Service charges on deposit accounts			192				192
Interchange income			328				322
Gain on sale of loans			77				48
Gain from real estate owned and other repossessed assets, net			1				—
Other non-interest income			25				18
Total non-interest income		$	654			$	612

Noninterest income increased $42,000, or 6.9%, to $654,000 for the three months ended June 30, 2025 from $612,000 for the three months ended June 30, 2024. Gain on sale of loans increased $29,000, or 60.4%, to $77,000 for the three months ended June 30, 2025 compared to $48,000 for the three months ended June 30, 2024.

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

		For the three months ended June 30,
Non-interest expense:		2025				2024
		(Dollars in thousands)
Salaries and employee benefits		$	2,103			$	1,843
Occupancy and equipment			318				252
Data processing			500				462
Federal deposit insurance premiums			51				44
Debit card processing			64				64
Advertising			91				75
Other general and administrative expenses			792				733
Total non-interest expense		$	3,919			$	3,473

Noninterest expense increased $446,000, or 12.8% to $3.9 million for the three months ended June 30, 2025 from $3.5 million for the three months ended June 30, 2024. Other general and administrative expenses increased $59,000, or 8.0%, to $792,000 for the three months ended June 30, 2025 from $733,000 for the three months ended June 30, 2024, due to a combination of increases in insurance, auditing and consulting fees. These additional fees relate to public filing requirements and further regulatory compliance consulting.

Additionally, the Company implemented the 2024 Equity Incentive Plan on November 26, 2024, and began recognizing expense associated with this plan. Due to the implementation of the equity incentive plan, salaries and employee benefits expenses increased $185,000 during the three months ended June 30, 2025, compared to the same period in 2024.

Income Tax Expense. We recognized income tax expense of $241,000 for the three months ended June 30, 2025 and income tax expense of $207,000 for the three months ended June 30, 2024, respectively, resulting in effective rates of 19.6% for the three months ended June 30, 2025 and 18.7% for the three months ended June 30, 2024.

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

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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 June 30, 2025, 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		$	18,788				(1.21	)%
300			18,864				(0.81	)
200			18,924				(0.50	)
100			18,977				(0.22	)
Base			19,019				—
(100)			19,090				0.37
(200)			19,151				0.69
(300)			19,226				1.09
(400)			19,273				1.34

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

The table above indicates that at June 30, 2025, we would have experienced a 0.50% decrease in NII in the event of a gradual, one-year 200 basis point increase in market interest rates, and a 0.69% increase 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 June 30, 2025, 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		$	111,620			$	(987	)			(0.88	)%			25.77	%			239
300			112,448				(159	)			(0.14	)			25.30				192
200			112,246				(361	)			(0.32	)			24.61				123
100			111,070				(1,537	)			(1.36	)			23.71				33
Base			112,607				—				—				23.38				—
(100)			103,983				(8,624	)			(7.66	)			21.07				(231	)
(200)			94,801				(17,806	)			(15.81	)			18.82				(456	)
(300)			82,246				(30,361	)			(26.96	)			16.03				(735	)
(400)			71,440				(41,167	)			(36.56	)			13.69				(969	)

(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 June 30, 2025, we would have experienced a 0.32% decrease in MVE in the event of an instantaneous parallel 200 basis point increase in the market interest rates and a 15.81% 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

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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 describes our ability to meet financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on loans and securities, and proceeds from maturities of securities. We also have the ability to borrow from the FHLB. The Association had remaining availability for FHLB borrowings of approximately $32.5 million at June 30, 2025. The FHLB has sole discretion to deny additional advances. We could significantly increase our borrowing capacity from the FHLB Topeka if we pledged additional assets as security. We also have the ability to participate in the Federal Reserve Board's Bank Term Funding Program if needed. Additionally, the Association had the capacity to borrow $4.5 million from a private bankers’ bank at June 30, 2025.

While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by market interest rates, economic conditions, and competition. Our most liquid assets are cash and short-term investments. The levels of these assets are dependent on our operating, financing, lending and investing activities during any period.

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

For the three months ended June 30, 2025, cash flows from operating, investing, and financing activities resulted in a net decrease in cash and cash equivalents of $20.8 million. Net cash used in operating activities amounted to $96,000, primarily due to a change of $1.5 million in accounts payable, accrued expenses and other liabilities and a change of $333,000 in accrued interest payable, partially offset by net income of $1.0 million, depreciation of $195,000, stock based compensation of $185,000 and changes of other assets of $157,000. Net cash used in investing activities amounted to $13.0 million, primarily due to a net increase in loans of $11.0 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 $2.1 million. Net cash used in financing activities amounted to $7.7 million, primarily due to a decrease in deposits of $15.6 million, partially offset by proceeds from short term FHLB advances of $8.0 million.

For the three months ended June 30, 2024, cash flows from operating, investing, and financing activities resulted in a net decrease in cash and cash equivalents of $5.9 million. Net cash provided by operating activities amounted to $505,000, primarily due to net income of $903,000 and changes of other assets of $413,000, partially offset by changes in accrued expenses and other liabilities of $981,000. Net cash used in investing activities amounted to $9.6 million, primarily due to a net increase in loans of $9.3 million and the purchase of available-for-sale investment securities of $1.9 million, partially offset by proceeds from paydowns of available-for-sale investment securities of $2.1 million. Net cash provided by financing activities amounted to $3.2 million, primarily due to an increase in short-term FHLB advances and an increase in deposits. 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.

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

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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 Operation - 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 June 30, 2025, 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 June 30, 2025, 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
April 1 - April 30, 2025			11,448			$	14.50				11,448				160,413
May 1 - May 31, 2025			1,746				14.86				1,746				158,667
June 1 - June 30, 2025			4,270				14.84				4,270				154,397
Total			17,464			$	14.74				17,464

On October 22, 2024, the Company adopted a program to repurchase up to 200,000 shares, or 5%, of its then outstanding common stock. 154,397 shares remain available to be repurchased under the program as of June 30, 2025.

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: August 12, 2025		By:	/s/ Dannel R. Garness
			Dannel R. Garness
			President and Chief Executive Officer
Date: August 12, 2025		By:	/s/ Bradley M. Kool
			Bradley M. Kool Executive Vice President and Chief Financial Officer

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FAQ

What were CPBI's net income and EPS for the quarter ended June 30, 2025?

CPBI reported net income of $988,000 and diluted EPS of $0.26 for the three months ended June 30, 2025.

How did CPBI's loan portfolio change in Q1 (ended June 30, 2025)?

Total loans increased by $11.0 million to $413.3 million, with the largest growth in agriculture loans which rose to $47.7 million.

What happened to CPBI's liquidity and deposits in the quarter?

Cash and cash equivalents decreased by $20.8 million to $7.9 million and total deposits decreased by $15.6 million to $400.6 million.

Does CPBI have unrealized losses in its securities portfolio?

Yes. Available-for-sale securities had aggregate unrealized losses of $4.59 million at June 30, 2025, primarily in mortgage-backed and municipal bonds.

Is CPBI well-capitalized?

Yes. As of June 30, 2025 CPBI reported total capital to risk-weighted assets of 17.89% and CET1 of 16.64%, both above well-capitalized thresholds.

Did CPBI repurchase stock during the quarter?

Yes. During the quarter the company repurchased 17,464 shares for $260,000 and has 154,397 shares remaining under the repurchase program.