Marathon Bancorp (MBBC) boosts profit on loan growth and strong capital in Q3 2026

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

Marathon Bancorp, Inc. reported sharply higher profitability for the quarter ended March 31, 2026. Quarterly net income rose to $487,863, up from $148,403 a year earlier, with basic and diluted earnings per share of $0.18 versus $0.05. For the nine months, net income increased to $1.43 million compared with $374,437 in the prior-year period, or $0.53 per share versus $0.13. Loan growth to $213.5 million and higher loan yields helped lift net interest income to $2.06 million for the quarter and $6.07 million year-to-date. Asset quality remained manageable, with nonaccrual one‑to‑four‑family residential loans of $190,013 and an allowance for credit losses on loans of $1.71 million. Total assets reached $249.0 million, deposits were $174.2 million, and Federal Home Loan Bank advances increased to $24.0 million. The bank’s tier 1 capital to average assets ratio was a strong 15.35%, and it remained categorized as well capitalized under regulatory standards.

Positive

Profitability improved significantly, with net income rising to $487,863 for the quarter and $1.43 million for nine months, compared with $148,403 and $374,437 in the prior-year periods.
Net interest income expanded strongly to $2.06 million for the quarter and $6.07 million year-to-date, supported by loan growth to $213.5 million.
Regulatory capital is very strong, as shown by a 15.35% tier 1 capital to average assets ratio, keeping the bank well above well-capitalized thresholds.

Negative

None.

Insights

Marathon delivered much stronger earnings on loan growth and solid capital.

Marathon Bancorp posted much higher profitability, with net income of $487,863 for the quarter and $1.43 million for the nine months, driven mainly by loan growth to $213.5 million and net interest income of $6.07 million year-to-date.

Funding remains deposit-centric at $174.2 million, but Federal Home Loan Bank advances rose to $24.0 million, adding wholesale funding dependence alongside loan expansion. Asset quality shows limited stress: nonaccrual one‑to‑four‑family residential loans were $190,013 and foreclosed assets stayed at $2.31 million.

Capital ratios are robust, with a tier 1 capital to average assets ratio of 15.35%, well above the community bank leverage threshold. Subsequent filings may provide more detail on margin trends as callable FHLB advances reprice and on progress disposing of the $2.3 million foreclosed property.

Key Figures

Quarterly net income: $487,863 Nine-month net income: $1,433,552 Quarterly net interest income: $2,056,894 +5 more

8 metrics

Quarterly net income $487,863 Three months ended March 31, 2026

Nine-month net income $1,433,552 Nine months ended March 31, 2026

Quarterly net interest income $2,056,894 Three months ended March 31, 2026

Total loans $213,522,000 Amortized cost at March 31, 2026

Total deposits $174,151,938 As of March 31, 2026

FHLB advances $24,000,000 Borrowings from Federal Home Loan Bank at March 31, 2026

Tier 1 leverage ratio 15.35% Tier 1 capital to average assets at March 31, 2026

Total assets $249,023,168 As of March 31, 2026

Key Terms

Net interest income, Allowance for credit losses, Nonaccrual loans, Community bank leverage ratio, +2 more

6 terms

Net interest income financial

"Net Interest Income | 2,056,894 | 1,462,656 | 6,067,724 | 4,288,847"

Net interest income is the difference between the interest a financial institution earns on loans and investments and the interest it pays on deposits and borrowings. It matters to investors because it is a primary source of profit for banks and similar firms — like the gross margin on a store’s trade — and changes with loan growth, deposit costs and interest rates, so it signals core earning power and sensitivity to rate moves.

Allowance for credit losses financial

"Loans, net of allowance of $ 1,708,584 and $ 1,708,269 , respectively"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

Nonaccrual loans financial

"The following tables present the amortized cost basis of loans on nonaccrual status"

Nonaccrual loans are loans a lender has stopped counting toward interest income because the borrower is overdue or unlikely to pay; the lender only records cash payments received and may set aside extra funds to cover potential losses. For investors, a rising number or amount of nonaccrual loans signals weaker credit quality, lower future interest revenue and larger potential write-downs — similar to pausing expected subscription income when many customers stop paying.

Community bank leverage ratio regulatory

"The Bank opted into the CBLR framework as of March 31, 2026 and June 30, 2025."

Community bank leverage ratio is a regulatory measure that compares a bank’s core capital (its safety cushion) to the size of its balance sheet, showing what share of assets is backed by tangible equity rather than borrowed money. Investors use it like a health check: a higher ratio means the bank has more buffer to absorb losses, support lending and dividends, and face fewer regulatory limits, while a lower ratio signals greater risk.

Employee Stock Ownership Plan financial

"the Company established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees."

An employee stock ownership plan (ESOP) is a company-run program that gives workers ownership stakes by allocating or letting them buy company shares, often through a retirement-style account. For investors, ESOPs matter because they align employees’ incentives with company performance—like turning staff into shareholders—which can boost productivity and long-term value but may also concentrate employee retirement savings in company stock, affecting financial risk and share demand.

Callable putable advances financial

"three separate $5.0 million 5-year term callable putable advances with maturity dates in September 2028, October 2028 and February 2030"

10-Q Quarterly Reports: What Changes Quarter to Quarter →

05/13/2026 - 07:30 AM

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended March 31, 2026


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

For the transition period from ________ to ________

Commission File Number: 001-42608

MARATHON BANCORP, INC.

(Exact name of registrant as specified in its charter)


Maryland		86-2191258
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)



500 Scott Street, Wausau, Wisconsin		54403
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (715) 845-7331

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, $.01 par value

MBBC

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such 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 definitions of “large accelerated filer,” “accelerated filer,” “small 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 7(a)(2)(B) of the Exchange Act. ☐

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date:

As of May 12, 2026, there were 2,950,746 shares of the registrant’s common stock issued and outstanding.

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MARATHON BANCORP, INC.

INDEX


		PAGE NO.
PART I - FINANCIAL INFORMATION		2

Item 1.	Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and June 30, 2025	2
	Consolidated Statements of Income for the Three and Nine months ended March 31, 2026 and 2025 (Unaudited)	3
	Consolidated Statements of Comprehensive Income for the Three and Nine months ended March 31, 2026 and 2025 (Unaudited)	4-5
	Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine months ended March 31, 2026 and 2025 (Unaudited)	6
	Consolidated Statements of Cash Flows for the Nine months ended March 31, 2026 and 2025 (Unaudited)	7
	Notes to Consolidated Financial Statements (Unaudited)	8

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

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59

Item 4.	Controls and Procedures	59

PART II - OTHER INFORMATION		60

Item 1.	Legal Proceedings	60
Item 1A.	Risk Factors	60
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 3.	Defaults upon Senior Securities	60
Item 4.	Mine Safety Disclosures	60
Item 5.	Other information	60
Item 6.	Exhibits	61

SIGNATURES		62

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PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

MARATHON BANCORP, INC.

CONSOLIDATED BALANCE SHEETS


		Unaudited			June 30,
		March 31, 2026			2025
Assets
Cash and due from banks		$	2,098,792		$	2,242,736
Federal funds sold			11,528,000			12,143,000
Cash and cash equivalents			13,626,792			14,385,736
Interest earning deposits held in other financial institutions			1,316,185			237,247
Debt securities available for sale, at fair value			3,992,447			5,201,279
Debt securities held to maturity, at amortized cost (fair value $366,282 and $373,568)			459,765			483,787
Loans, net of allowance of $1,708,584 and $1,708,269, respectively			211,707,097			200,795,706
Accrued interest receivable			712,790			667,686
Foreclosed assets, net			996,373			996,373
Investment in restricted stock, at cost			1,475,296			1,329,413
Cash surrender value life insurance			9,454,826			9,242,673
Premises and equipment, net			3,622,404			3,883,537
Other assets			1,659,193			1,611,363
Total assets		$	249,023,168		$	238,834,800
Liabilities and Stockholders' Equity
Liabilities
Deposits
Non-interest bearing		$	21,458,087		$	22,466,092
Interest bearing			152,693,851			152,774,734
Total deposits			174,151,938			175,240,826
Federal Home Loan Bank (FHLB) advances			24,000,000			15,000,000
Other liabilities			3,336,064			2,884,753
Total liabilities			201,488,002			193,125,579
Commitments and Contingent Liabilities (see note 13)			—			—
Stockholders' Equity
Preferred stock, $.01 par value, 5,000,000 shares authorized, none issued			—			—
Common stock, $.01 par value, 20,000,000 shares authorized, 2,950,136 and 2,938,698 shares issued and outstanding at March 31, 2026 and June 30, 2025, respectively			29,077			28,962
Additional paid-in capital			22,894,038			22,647,140
Retained earnings			26,999,678			25,566,126
Unearned ESOP shares, at cost			(1,984,408)			(2,047,077)
Accumulated other comprehensive loss			(403,219)			(485,930)
Total stockholders' equity			47,535,166			45,709,221
Total liabilities and stockholders' equity		$	249,023,168		$	238,834,800

See accompanying notes to the consolidated financial statements.

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MARATHON BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

Unaudited



		Three Months			Three Months (1)			Nine Months			Nine Months (1)
		Ended March 31,			Ended March 31,			Ended March 31,			Ended March 31,
		2026			2025			2026			2025
Interest Income
Loans, including fees		$	2,801,826		$	2,139,015		$	8,179,726		$	6,252,835
Debt securities			31,960			39,549			120,095			130,880
Other			135,181			155,352			495,254			529,623
Total interest income			2,968,967			2,333,916			8,795,075			6,913,338
Interest Expense
Deposits			704,992			759,573			2,239,108			2,294,434
Borrowings and other			207,081			111,687			488,243			330,057
Total interest expense			912,073			871,260			2,727,351			2,624,491
Net Interest Income			2,056,894			1,462,656			6,067,724			4,288,847
Provision for (Recovery of) Credit Losses			5,000			(41,833)			(2,000)			(188,833)
Net Interest Income After Provision for (Recovery of) Credit Losses			2,051,894			1,504,489			6,069,724			4,477,680
Non-Interest Income
Service charges on deposit accounts			24,430			24,733			91,709			85,292
Mortgage banking income			67,685			59,498			215,067			224,166
Increase in cash value of life insurance			70,709			67,864			212,152			202,053
Other income			82,734			54,511			106,255			68,630
Total non-interest income			245,558			206,606			625,183			580,141
Non-Interest Expenses
Salaries and employee benefits			950,752			796,413			2,752,543			2,466,054
Occupancy and equipment expenses			233,138			233,124			659,159			683,854
Data processing and office			88,695			117,286			214,881			331,680
Professional fees			175,797			177,909			625,554			519,538
Marketing expenses			13,810			9,116			57,076			37,761
Foreclosed assets, net			14,754			13,432			44,484			36,232
Other expenses			211,615			170,032			596,397			520,767
Total non-interest expenses			1,688,561			1,517,312			4,950,094			4,595,886
Income Before Provision for Income Taxes			608,891			193,783			1,744,813			461,935
Provision for Income Taxes			121,028			45,380			311,261			87,498
Net Income		$	487,863		$	148,403		$	1,433,552		$	374,437

Net income per common share-basic			$0.18			$0.05			$0.53			$0.13
Net income per common share-diluted			$0.18			$0.05			$0.53			$0.13
Weighted average number of common shares outstanding-basic			2,686,732			2,795,278			2,685,612			2,793,915
Weighted average number of common shares outstanding-diluted			2,744,385			2,825,720			2,726,944			2,797,893

(1)	Share amounts related to periods prior to the April 21, 2025 closing of the conversion offering have been restated to give retroactive recognition to the 1.3728 exchange ratio applied in the conversion offering (See Note 1).

See accompanying notes to the consolidated financial statements.

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MARATHON BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited


		Three Months Ended
		March 31,
		2026		2025
Net Income		$	487,863	$	148,403
Other comprehensive income
Unrealized gains on available for sale debt securities
Unrealized holding gains arising during the period			1,705		74,827
Tax effect			(358)		(15,713)
Net amount			1,347		59,114
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)			(1,966)		(2,576)
Amortization of unrealized losses on debt securities transferred from available for sale to held to maturity (a)			1,150		1,361
Other comprehensive income			531		57,899
Comprehensive Income		$	488,394	$	206,302

(a)	The reclassification adjustment is reflected in the Consolidated Statements of Income as Interest Income-Debt Securities.

(b)	The reclassification is included in the Consolidated Statements of Income as Other Expenses.

See accompanying notes to the consolidated financial statements.

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MARATHON BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited


		Nine Months Ended
		March 31,
		2026		2025
Net Income		$	1,433,552	$	374,437
Other comprehensive income
Unrealized gains on available for sale debt securities
Unrealized holding gains arising during the period			107,829		228,463
Tax effect			(22,643)		(47,977)
Net amount			85,186		180,486

Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)			(6,287)		(8,431)
Amortization of unrealized losses on debt securities transferred from available for sale to held to maturity (a)			3,812		3,964
Other comprehensive income			82,711		176,019
Comprehensive Income		$	1,516,263	$	550,456

(a) The reclassification adjustment is reflected in the Consolidated Statements of Income as Interest Income-Debt Securities.

(b) The reclassification is included in the Consolidated Statements of Income as Other Expenses.

See accompanying notes to the consolidated financial statements.

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MARATHON BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Unaudited


																	Accumulated
		Common						Additional						Unearned			Other
		Stock			Common			Paid-in			Retained			ESOP			Comprehensive
		Shares			Stock			Capital			Earnings			Shares			Loss			Total
Balance, July 1, 2025			2,938,698		$	28,962		$	22,647,140		$	25,566,126		$	(2,047,077)		$	(485,930)		$	45,709,221
Net income			—			—			—			444,293			—			—			444,293
Other comprehensive income			—			—			—			—			—			52,962			52,962
ESOP shares committed to be released (2,363 shares)			—			—			14,555			—			20,883			—			35,438
Stock based compensation			402			—			38,868			—			—			—			38,868
Balance, September 30, 2025			2,939,100			28,962			22,700,563			26,010,419			(2,026,194)			(432,968)			46,280,782
Net income			—			—			—			501,396			—			—			501,396
Other comprehensive income			—			—			—			—			—			29,218			29,218
ESOP shares committed to be released (2,363 shares)			—			—			14,541			—			20,898			—			35,439
Stock based compensation			(480)			—			38,600			—			—			—			38,600
Balance, December 31, 2025			2,938,620			28,962			22,753,704			26,511,815			(2,005,296)			(403,750)			46,885,435
Net income			—			—			—			487,863			—			—			487,863
Other comprehensive income			—			—			—			—			—			531			531
ESOP shares committed to be released (2,363 shares)			—			—			14,549			—			20,888			—			35,437
Exercise of stock options (11,516 shares)			11,516			115			84,405			—			—			—			84,520
Stock based compensation			—			—			41,380			—			—			—			41,380
Balance, March 31, 2026			2,950,136		$	29,077		$	22,894,038		$	26,999,678		$	(1,984,408)		$	(403,219)		$	47,535,166

																		Accumulated
		Common							Additional						Unearned			Other
			Stock			Common			Paid-in			Retained			ESOP			Comprehensive
			Shares (1)			Stock			Capital			Earnings			Shares			Loss			Total
Balance, July 1, 2024			2,938,362		$	20,970		$	7,254,534		$	25,523,681		$	(751,613)		$	(752,788)		$	31,294,784
Net income			—			—			—			174,907			—			—			174,907
Other comprehensive income			—			—			—			—			—			111,793			111,793
ESOP shares committed to be released (874 shares)			—			—			1,747			—			8,740			—			10,487
Stock based compensation			—			—			39,776			—			—			—			39,776
Purchase and retirement of common stock shares			(6,864)			(50)			(44,450)			—			—			—			(44,500)
Balance, September 30, 2024			2,931,498			20,920			7,251,607			25,698,588			(742,873)			(640,995)			31,587,247
Net income			—			—			—			51,127			—			—			51,127
Other comprehensive income			—			—			—			—			—			6,327			6,327
ESOP shares committed to be released (874 shares)			—			—			(7,691)			—			8,739			—			1,048
Stock based compensation			—			—			39,170			—			—			—			39,170
Balance, December 31, 2024			2,931,498		$	20,920		$	7,283,086		$	25,749,715		$	(734,134)		$	(634,668)		$	31,684,919
Net income			—			—			—			148,403			—			—			148,403
Other comprehensive income			—			—			—			—			—			57,899			57,899
ESOP shares committed to be released (874 shares)			—			—			1,748			—			8,740			—			10,488
Stock based compensation			—			—			38,868			—			—			—			38,868
Exercise of stock options (1,274 shares)			—			13			13,301			—			—			—			13,314
Balance, March 31, 2025			2,931,498		$	20,933		$	7,337,003		$	25,898,118		$	(725,394)		$	(576,769)		$	31,953,891

(1)	Share amounts related to periods prior to the April 21, 2025 closing of the conversion offering have been restated to give retroactive recognition to the 1.3728 exchange ratio applied in the conversion offering (see Note 1).

See accompanying notes to the consolidated financial statements.

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MARATHON BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited


		Nine Months Ended
		March 31,
		2026			2025
Operating Activities
Net income		$	1,433,552		$	374,437
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			212,441			213,368
Recovery of credit losses			(2,000)			(188,833)
Stock based compensation expense			118,848			117,814
ESOP expense			106,314			22,023
Net amortization of discounts and premiums on debt securities			2,676			37,202
Amortization of deferred loan fees, net			(71,746)			(46,221)
Net gain on sale of loans			(111,589)			(113,145)
Deferred tax expense (benefit)			(28,930)			129,114
Earnings on cash value of life insurance			(212,152)			(202,053)
(Increase) decrease in accrued interest receivable			(45,104)			15,224
Originations of loans held for sale			(3,921,734)			(4,500,904)
Proceeds from loans held for sale			4,033,323			4,614,049
Net change in operating leases			172			1,052
Net change in other assets			(47,830)			(539,761)
Net change in other liabilities			536,787			1,974,489
Net Cash Provided by Operating Activities			2,003,028			1,907,855
Investing Activities
Net change in interest-bearing deposits in other financial institutions			(1,078,938)			(125,851)
Proceeds from maturities, calls and repayments of debt securities available for sale			1,313,226			1,607,528
Proceeds from maturities and calls of debt securities held to maturity			28,593			24,469
Purchase of restricted stock			(145,883)			—
Net increase in loans			(10,837,645)			(5,104,903)
Purchases of property and equipment			(36,957)			(108,137)
Net Cash Used in Investing Activities			(10,757,604)			(3,706,894)
Financing Activities
Net change in deposits			(1,088,888)			13,028,973
Borrowings from FHLB advances, net			9,000,000			2,000,000
Exercise of stock options			84,520			13,314
Purchase and retirement of common stock			—			(44,500)
Net Cash Provided by Financing Activities			7,995,632			14,997,787
Net Change in Cash and Cash Equivalents			(758,944)			13,198,748
Cash and Cash Equivalents, Beginning of Period			14,385,736			10,472,438
Cash and Cash Equivalents, End of Period		$	13,626,792		$	23,671,186
Supplemental Disclosure of Cash Flow Information
Cash payments for
Interest		$	2,789,397		$	2,525,624
Taxes			180,000			—

See accompanying notes to the consolidated financial statements.

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MARATHON BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Unaudited

Note 1- Basis of Presentation

Marathon Bancorp, Inc. (the “Company” or “Marathon Bancorp”), a Maryland corporation, was formed in December 2020 to serve as the mid-tier holding company for Marathon Bank (the “Bank”) upon the completion of the Bank’s mutual holding company reorganization and offering.

On April 14, 2021, the Bank completed its reorganization into the mutual holding company structure and the related stock offering of the Company, the Bank’s new holding company. As a result of the reorganization, the Bank became a wholly-owned subsidiary of the Company, the Company issued and sold 45.0% of its outstanding shares of common stock in its stock offering to the public, and the Company issued 55.0% of its outstanding shares of common stock to Marathon MHC (“Mutual Holding Company”), which was the Company’s mutual holding company.

On April 21, 2025, the Company completed its conversion from the mutual holding company form of organization to the stock holding company form of organization (the “Conversion”). In connection with the Conversion, the Mutual Holding Company ceased to exist. Also, as part of the Conversion, the Company sold 1,693,411 shares of its common stock, which included 135,472 shares issued to the Employee Stock Ownership Plan (“ESOP”) at a price of $10.00 per share to the public. Each outstanding share of Company common stock owned by the public stockholders of the Company (stockholders other than the Mutual Holding Company) were converted into new shares of Company common stock based on an exchange ratio of 1.3728-to-1. Following the completion of the Conversion, the Company’s shares of common stock began trading on the Nasdaq Capital Market under the trading symbol “MBBC.”

The Company generated gross proceeds of $16.9 million from the Conversion. Offering expenses in connection with the Conversion were $1.7 million which were netted against the gross proceeds.

In connection with the Conversion, the Company provided a term loan to the ESOP to finance the ESOP’s purchase of the 135,472 shares noted above. The Company combined its existing outstanding ESOP loan in the amount of $777,212 with this new loan resulting in a new term loan to the ESOP of $2.1 million which will be repaid in annual installments over 25 years.

Finally, as a result of the Conversion, all existing stock options and restricted stock awards outstanding on April 21, 2025 were adjusted based on the exchange ratio of 1.3728-to-1. All historical share and per share information prior to the completion of the Conversion also has been restated to reflect the 1.3728-to-1 exchange ratio.

The Bank is a Wisconsin stock savings bank, which conducts its business through five facilities. The Bank operates as a full-service financial institution with a primary market area including, but not limited to, Marathon County, Ozaukee County and Waukesha County, Wisconsin. Its primary deposit products are demand deposits, savings, and certificates of deposits; and its primary lending products are commercial real estate, commercial and industrial, construction, one-to-four-family residential, multi-family real estate and consumer loans. In addition, the Bank has two nonbank subsidiaries for the purpose of temporarily holding a foreclosed property pending the liquidation of this property and to hold the real estate of its recently opened branch in Brookfield, Wisconsin.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the consolidated financial statements. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for

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credit losses, valuation of foreclosed assets, valuation of deferred tax assets, and fair value of financial assets and liabilities.

In the opinion of management, all adjustments considered necessary for fair presentation have been included. Operating results for the three and nine month periods ended March 31, 2026 are not necessarily indicative of the results for the fiscal year ending June 30, 2026 or any other period. For further information, refer to the audited consolidated financial statements and notes thereto for the fiscal years ended June 30, 2025 and 2024 contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on September 26, 2025.

Recent Accounting Pronouncements

This section provides a summary description of recent Accounting Standards Updates (ASU) issued by the Financial Accounting Standards Board (FASB) to the Accounting Standards Codification (ASC) that had or that management expects may have an impact on the consolidated financial statements issued upon adoption. The Company is classified as an emerging growth company and has elected 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. Effective dates reflect this election.

Recently Issued, But Not Yet Effective Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. In January 2025, the FASB issued ASU No. 2025-01 clarifying the effective date for public business entities for fiscal years beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating ASU 2024-03 and its impact on its disclosures.

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

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Note 2- Earnings Per Share

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released. Diluted earnings per share is adjusted for the dilutive effects of stock based compensation and is calculated using the treasury stock method. Set forth below is the calculation of earnings per share.


	Unaudited					Unaudited
	For the Three Months					For the Nine Months
	Ended March 31,					Ended March 31,
	2026			2025 (1)		2026		2025 (1)


Net income applicable to common stock	$	487,863		$	148,403	$	1,433,552	$	374,437

Average number of shares outstanding		2,914,716			2,895,460		2,914,777		2,895,296
Less: Average unallocated ESOP shares		227,984			100,182		229,165		101,381

Average number of common shares outstanding used to calculate basic earnings per share		2,686,732			2,795,278		2,685,612		2,793,915
Effect of dilutive restricted stock awards and stock options		57,653			30,442		41,332		3,978
Average number of common shares outstanding used to calculate diluted earnings per share		2,744,385			2,825,720		2,726,944		2,797,893

Earnings per common share:
Basic	$	0.18		$	0.05	$	0.53	$	0.13
Diluted		0.18			0.05		0.53		0.13

(1)	Share amounts related to periods prior to the April 21, 2025 closing of the conversion offering have been restated to give retroactive recognition to the 1.3728 exchange ratio applied in the conversion offering (see Note 1).

Note 3- Debt Securities

The amortized cost and fair value of debt securities, with gross unrealized gains and losses, are as follows as of March 31, 2026 and June 30, 2025:


					Gross			Gross
		Amortized			Unrealized			Unrealized
		Cost			Gains			Losses			Fair Value
March 31, 2026
Available for sale debt securities
States and municipalities		$	379,899		$	248		$	(113)		$	380,034
Mortgage-backed			629,008			22,115			(27,775)			623,348
Corporate bonds			3,500,000			—			(510,935)			2,989,065
		$	4,508,907		$	22,363		$	(538,823)		$	3,992,447
Held to maturity debt securities
Mortgage-backed		$	459,765		$	—		$	(93,483)		$	366,282

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					Gross			Gross
		Amortized			Unrealized			Unrealized
		Cost			Gains			Losses			Fair Value
June 30, 2025
Available for sale debt securities
States and municipalities		$	449,792		$	296		$	(772)		$	449,316
Mortgage-backed			875,776			22,607			(39,621)			858,762
Corporate bonds			4,500,000			5,900			(612,699)			3,893,201
		$	5,825,568		$	28,803		$	(653,092)		$	5,201,279
Held to maturity debt securities
Mortgage-backed		$	483,787		$	—		$	(110,219)		$	373,568

There is no allowance for credit losses on available for sale and held to maturity debt securities at March 31, 2026 and June 30, 2025. Securities with a carrying value of approximately $19,000 and $79,000 as of March 31, 2026 and June 30, 2025, respectively, were pledged to secure public deposits and debt. Accrued interest receivable totaled $25,068 and $64,377 as of March 31, 2026 and June 30, 2025, respectively and is excluded from the measurement of credit losses.

The amortized cost and fair value of debt securities by contractual maturity at March 31, 2026, are as follows:


	Available for Sale Debt Securities				Held to Maturity Debt Securities
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
March 31, 2026
Due in one year or less	$	299,899	$	299,978	$	—	$	—
Due from more than one to five years		80,000		80,056		—		—
Due from more than five to ten years		3,500,000		2,989,065		—		—
		3,879,899		3,369,099		—		—
Mortgage-backed securities (with no specific maturity)		629,008		623,348		459,765		366,282
	$	4,508,907	$	3,992,447	$	459,765	$	366,282

There were no sales of available for sale debt securities during the three and nine month periods ended March 31, 2026 and 2025. There were also no transfers of debt securities between categories during the three and nine month periods ended March 31, 2026 and 2025. The following table shows the gross unrealized losses and fair value of the Company’s securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 and June 30, 2025:


	Less than 12 Months				12 Months or More				Total
	Gross				Gross				Gross
	Unrealized				Unrealized				Unrealized
	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
March 31, 2026
Available for sale debt securities
States and municipalities	$	—	$	—	$	(113)	$	114,887	$	(113)	$	114,887
Mortgage-backed		(559)		85,785		(27,216)		405,700		(27,775)		491,485
Corporate bonds		—		—		(510,935)		2,989,065		(510,935)		2,989,065
	$	(559)	$	85,785	$	(538,264)	$	3,509,652	$	(538,823)	$	3,595,437

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	Less than 12 Months				12 Months or More				Total
	Gross				Gross				Gross
	Unrealized				Unrealized				Unrealized
	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
June 30, 2025
Available for sale debt securities
States and municipalities	$	—	$	—	$	(772)	$	114,228	$	(772)	$	114,228
Mortgage-backed		(97)		30,835		(39,524)		691,927		(39,621)		722,762
Corporate bonds		—		—		(612,699)		2,887,301		(612,699)		2,887,301
	$	(97)	$	30,835	$	(652,995)	$	3,693,456	$	(653,092)	$	3,724,291

There were seven securities in an unrealized loss position in the less than 12 months category and 30 securities in the 12 months or more category at March 31, 2026. There were four securities in an unrealized loss position in the less than 12 months category and 40 securities in the 12 months or more category at June 30, 2025. Unrealized losses have not been recognized into income because the decline in fair value is largely due to changes in interest rates and other market conditions and does not indicate a permanent credit impairment of fair value. The contractual terms of the securities do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investment. The Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be maturity. Mortgage-backed securities held to maturity are backed by pools of mortgages that are insured or guaranteed by the Federal Home Mortgage Corporation. It is expected that the securities will not be settled at prices less than the amortized cost bases of the securities. Accordingly, no allowance for credit losses has been recorded.

Note 4- Loans

The Company’s loans are stated at their face amount, net of deferred fees and costs and discounts, and consist of the classes of loans included in the table below. The Company has elected to exclude accrued interest receivable, totaling $687,722 at March 31, 2026 and $603,309 as of June 30, 2025, from the amortized cost basis of loans and measurement of credit loss.

A summary of loans by major category follows:


	Unaudited
	March 31, 2026		June 30, 2025

	(Dollars in thousands)
Commercial real estate	$	92,579	$	91,867
Commercial and industrial		3,372		3,876
Construction		—		733
One-to-four-family residential		64,430		56,330
Multi-family real estate		50,434		47,808
Consumer		2,707		1,957
Total loans		213,522		202,571
Deferred loan fees		(106)		(67)
Allowance for credit losses		(1,709)		(1,708)
Loans, net	$	211,707	$	200,796

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The following tables summarize the activity in the allowance for credit losses - loans by loan class for the three and nine months ended March 31, 2026 and 2025:


		Allowance for Credit Losses-Loans-Three Months Ended March 31, 2026
		(Dollars in thousands)

												Provision for
												(Recovery of)
												Credit
			Beginning									Losses-			Ending
			Balance			Charge-offs			Recoveries			Loans			Balance
			January 1, 2026												March 31, 2026
Commercial real estate		$	367		$	—		$	—		$	(28)		$	339
Commercial and industrial			10			—			—			—			10
Construction			1			—			—			(1)			—
One-to-four-family residential			1,100			—			—			24			1,124
Multi-family real estate			207			—			—			7			214
Consumer			18			—			1			3			22
Total loans		$	1,703		$	—		$	1		$	5		$	1,709


		Allowance for Credit Losses-Loans-Three Months Ended March 31, 2025
		(Dollars in thousands)

												Provision for
												(Recovery of)
												Credit
			Beginning									Losses-			Ending
			Balance			Charge-offs			Recoveries			Loans			Balance
			January 1, 2025												March 31, 2025
Commercial real estate		$	262		$	—		$	—		$	43		$	305
Commercial and industrial			14			—			—			(2)			12
Construction			—			—			—			22			22
One-to-four-family residential			1,209			—			3			(96)			1,116
Multi-family real estate			157			—			—			(9)			148
Consumer			9			—			—			—			9
Total loans		$	1,651		$	—		$	3		$	(42)		$	1,612

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		Allowance for Credit Losses-Loans-Nine Months Ended March 31, 2026
		(Dollars in thousands)

												Provision for
												(Recovery of)
												Credit
			Beginning									Losses-			Ending
			Balance			Charge-offs			Recoveries			Loans			Balance
			July 1, 2025												March 31, 2026
Commercial real estate		$	390		$	—		$	—		$	(51)		$	339
Commercial and industrial			11			—			—			(1)			10
Construction			4			—			—			(4)			—
One-to-four-family residential			1,123			—			—			1			1,124
Multi-family real estate			171			—			—			43			214
Consumer			9			—			3			10			22
Total loans		$	1,708		$	—		$	3		$	(2)		$	1,709


		Allowance for Credit Losses-Loans-Nine Months Ended March 31, 2025
		(Dollars in thousands)

												Provision for
												(Recovery of)
												Credit
			Beginning									Losses-			Ending
			Balance			Charge-offs			Recoveries			Loans			Balance
			July 1, 2024												March 31, 2025
Commercial real estate		$	259		$	—		$	—		$	46		$	305
Commercial and industrial			16			—			—			(4)			12
Construction			28			—			—			(6)			22
One-to-four-family residential			1,314			—			3			(201)			1,116
Multi-family real estate			175			—			—			(27)			148
Consumer			5			—			1			3			9
Total loans		$	1,797		$	—		$	4		$	(189)		$	1,612

The following table presents a breakdown of the provision for (recovery of) credit losses for the periods indicated:


	Three Months				Nine Months
	Ended				Ended
	March 31,				March 31,
	2026		2025		2026			2025
Provision for (recovery of) credit losses:
Provision for (recovery of) loans	$	5,000	$	(41,833)	$	(2,000)	$	(188,833)
Provision for unfunded commitments		—		—		—		—
Total provision for (recovery of) credit losses	$	5,000	$	(41,833)	$	(2,000)	$	(188,833)

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, collateral adequacy, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis typically includes larger, non-homogeneous loans such as commercial and industrial, commercial real estate loans and multi-family real estate loans. This analysis is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings for loans other than residential and consumer:

Pass – Loans classified as pass represent loans that are evaluated and are performing under the stated terms. Pass rated assets are analyzed by the paying capacity, the current net worth, and the value of the loan collateral of the obligor.

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Watch - A watch grade is assigned to any credit that is adequately secured and performing but monitored for a number of indicators. These characteristics may include, but are not limited to: any unexpected short-term adverse financial performance from budgeted projections or prior period results (i.e., declining profits, sales, margins, cash flow, or increased reliance on leverage, including adverse balance sheet ratios, trade debt issues, etc.), any managerial or personal problems of company management, a decline in the entire industry or local economic conditions, failure to provide financial information or other documentation as requested, issues regarding delinquency, overdrafts, or renewals, and any other issues that cause concern for the Company.

Special Mention – The characteristics of a special mention asset have potential weaknesses that deserve the Company’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are considered criticized assets. Characteristics of special mention loans may include: continued adverse financial trends relating to declining sales, profits, margins, balance sheet ratios, increasing debt to worth, and trade debt issues; cash flows declining in coverage, a repeated lack of compliance with Bank requests for information, correction of a violation of loan covenants, lack of current or adequate financial information or documentation, or more serious managerial or declining industry conditions. Weakness identified in a special mention credit should be short-term in nature.

Substandard – Loans classified as substandard are inadequately protected by the current net worth, paying capacity of the obligor, or by the collateral pledged. Substandard loans must have a well-defined weakness or weaknesses that jeopardize the repayment of the debt as originally contracted. They are characterized by the distinct possibility that the Company will sustain a loss if the deficiencies are not corrected.

Doubtful – Loans classified as doubtful have the weaknesses of those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans in this category are individually evaluated for impairment or charged-off if deemed uncollectible.

Residential and Consumer Grading System-One-to-four-family residential real estate and consumer loans are graded as either non-performing or performing.

Non-performing-Non-performing loans are loans in which the borrower has not made the scheduled payments of principal or interest, and are generally loans over 90 days past due and still accruing interest, and loans on non-accrual status.

Performing-Performing loans are those loans in which the borrower is making timely payments of both principal and interest as upon the agreed loan terms.

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The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of watch, special mention, substandard and doubtful within the Company’s internal risk rating system as of March 31, 2026 based on fiscal year of origination:


																							Revolving
																							Loans
																				Revolving			Converted to
		2026			2025			2024			2023			2022			Prior			Loans			Term Loans			Total

		(Dollars in thousands)
Commercial real estate
Pass		$	12,941		$	27,562		$	2,004		$	3,214		$	21,769		$	24,272		$	167		$	—		$	91,929
Watch			—			—			—			650			—			—			—			—			650
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total commercial real estate		$	12,941		$	27,562		$	2,004		$	3,864		$	21,769		$	24,272		$	167		$	—		$	92,579

Commercial and industrial
Pass		$	595		$	362		$	68		$	345		$	761		$	1,230		$	11		$	—		$	3,372
Watch			—			—			—			—			—			—			—			—			—
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total commercial and industrial		$	595		$	362		$	68		$	345		$	761		$	1,230		$	11		$	—		$	3,372

Construction
Pass		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Watch			—			—			—			—			—			—			—			—			—
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total construction		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Multi-family real estate
Pass		$	16,499		$	3,616		$	1,237		$	2,045		$	15,468		$	11,537		$	32		$	—		$	50,434
Watch			—			—			—			—			—			—			—			—			—
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total multi-family real estate		$	16,499		$	3,616		$	1,237		$	2,045		$	15,468		$	11,537		$	32		$	—		$	50,434

One-to-four-family residential
Performing		$	14,618		$	8,994		$	2,561		$	5,414		$	8,974		$	23,679		$	—		$	—		$	64,240
Non-performing			—			—			—			—			123			67			—			—			190
Total one-to-four-family		$	14,618		$	8,994		$	2,561		$	5,414		$	9,097		$	23,746		$	—		$	—		$	64,430

Consumer
Performing		$	84		$	145		$	29		$	22		$	43		$	—		$	2,384		$	—		$	2,707
Non-performing			—			—			—			—			—			—			—			—			—
Total consumer		$	84		$	145		$	29		$	22		$	43		$	—		$	2,384		$	—		$	2,707

Total loans		$	44,737		$	40,679		$	5,899		$	11,690		$	47,138		$	60,785		$	2,594		$	—		$	213,522

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																							Revolving
																							Loans
																				Revolving			Converted to
		2025			2024			2023			2022			2021			Prior			Loans			Term Loans			Total

		(Dollars in thousands)
Commercial real estate
Pass		$	27,952		$	4,203		$	4,041		$	25,549		$	18,297		$	11,029		$	139		$	—		$	91,210
Watch			—			—			657			—			—			—			—			—			657
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total commercial real estate		$	27,952		$	4,203		$	4,698		$	25,549		$	18,297		$	11,029		$	139		$	—		$	91,867

Commercial and industrial
Pass		$	415		$	64		$	513		$	1,125		$	1,483		$	264		$	12		$	—		$	3,876
Watch			—			—			—			—			—			—			—			—			—
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total commercial and industrial		$	415		$	64		$	513		$	1,125		$	1,483		$	264		$	12		$	—		$	3,876

Construction
Pass		$	733		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	733
Watch			—			—			—			—			—			—			—			—			—
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total construction		$	733		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	733

Multi-family real estate
Pass		$	5,444		$	1,617		$	7,696		$	16,275		$	13,043		$	3,193		$	46		$	—		$	47,314
Watch			—			—			494			—			—			—			—			—			494
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total multi-family real estate		$	5,444		$	1,617		$	8,190		$	16,275		$	13,043		$	3,193		$	46		$	—		$	47,808

One-to-four-family residential
Performing		$	9,565		$	3,196		$	6,667		$	10,699		$	9,886		$	16,250		$	—		$	—		$	56,263
Non-performing			—			—			—			—			—			67			—			—			67
Total one-to-four-family		$	9,565		$	3,196		$	6,667		$	10,699		$	9,886		$	16,317		$	—		$	—		$	56,330

Consumer
Performing		$	179		$	38		$	31		$	85		$	—		$	—		$	1,624		$	—		$	1,957
Non-performing			—			—			—			—			—			—			—			—			—
Total consumer		$	179		$	38		$	31		$	85		$	—		$	—		$	1,624		$	—		$	1,957

Total loans		$	44,288		$	9,118		$	20,099		$	53,733		$	42,709		$	30,803		$	1,821		$	—		$	202,571

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The following tables summarize the aging of the past due and nonaccrual loans by loan class within the portfolio segments as of March 31, 2026 and June 30, 2025:


	Still Accruing
	30-59 Days		60-89 Days		Over 90 Days		Nonaccrual
	Past Due		Past Due		Past Due		Balance
March 31, 2026
Commercial real estate	$	132,948	$	—	$	—	$	—
Commercial and industrial		—		—		—		—
Construction		—		—		—		—
One-to-four-family residential		37,071		—		—		190,013
Multi-family real estate		—		—		—		—
Consumer		—		—		—		—
Total	$	170,019	$	—	$	—	$	190,013


	Still Accruing
	30-59 Days		60-89 Days		Over 90 Days		Nonaccrual
	Past Due		Past Due		Past Due		Balance
June 30, 2025
Commercial real estate	$	—	$	—	$	—	$	—
Commercial and industrial		—		—		—		—
Construction		—		—		—		—
One-to-four-family residential		252,723		—		—		66,645
Multi-family real estate		—		—		—		—
Consumer		—		—		—		—
Total	$	252,723	$	—	$	—	$	66,645

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Individually Evaluated Loans

Loans that do not share common risk characteristics with other loans are evaluated individually and are not included in the collective analysis in accordance with ASC 326. Information for loans evaluated individually is set forth below.

The following tables present the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses as of March 31, 2026 and June 30, 2025 and interest income recorded on nonaccrual loans in each of the three and nine month periods then ended.


	March 31, 2026
		Nonaccrual loans	Loans Past Due
	Without an Allowance		Over 90 Days			Interest Income
	For Credit Loss		Still Accruing			Three Months Ended		Nine Months Ended
Commercial real estate	$	—	$	—		$	—	$	—
Commercial and industrial		—		—			—		—
Construction		—		—			—		—
One-to-four-family residential		190,013		—			—		—
Multi-family real estate		—		—			—		—
Consumer		—		—			—		—
Total loans	$	190,013	$	—		$	—	$	—


	June 30, 2025
		Nonaccrual loans	Loans Past Due
	Without an Allowance		Over 90 Days		Interest Income
	For Credit Loss		Still Accruing			Year Ended
Commercial real estate	$	—	$	—		$	—
Commercial and industrial		—		—			—
Construction		—		—			—
One-to-four-family residential		66,645		—			2,492
Multi-family real estate		—		—			—
Consumer		—		—			—
Total loans	$	66,645	$	—		$	2,492

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The following tables present the amortized cost basis of collateral-dependent loans by loan class as of March 31, 2026 and June 30, 2025.


	March 31, 2026
	Real Estate			Non-Real Estate		Total Collateral		Allowance for
	Secured			Secured		Dependent		Credit Losses-
	Loans			Loans		Loans		Loans
Commercial real estate	$	—	$	—	$	—	$	—
Commercial and industrial		—		—		—		—
Construction		—		—		—		—
One-to-four-family residential		190,013		—		190,013		—
Multi-family real estate		—		—		—		—
Consumer		—		—		—		—
Total	$	190,013	$	—	$	190,013	$	—


	June 30, 2025

	Real Estate			Non-Real Estate		Total Collateral		Allowance for
	Secured			Secured		Dependent		Credit Losses-
	Loans			Loans		Loans		Loans
Commercial real estate	$	—	$	—	$	—	$	—
Commercial and industrial		—		—		—		—
Construction		—		—		—		—
One-to-four-family residential		66,645		—		66,645		—
Multi-family real estate		—		—		—		—
Consumer		—		—		—		—
Total	$	66,645	$	—	$	66,645	$	—

There were no loans during the three and nine months ended March 31, 2026 and 2025 that were modified to borrowers experiencing financial difficulty.

The Company maintains a collateral pledge agreement with the FHLB covering secured advances whereby the Company has agreed to retain, free of all other pledges, liens, and encumbrances, commercial and industrial, commercial real estate, and one-to-four family residential real estate loans. The pledged loans are discounted at a factor of 24% to 38% when aggregating the amount of loans required by the pledge agreement. The amount of eligible collateral was $99,642,757 and $70,573,734 as of March 31, 2026 and June 30, 2025, respectively. There was also FHLB stock of $1,475,296 and $1,329,413 as of March 31, 2026 and June 30, 2025, respectively. The Company also has a collateral pledge agreement with the FRB securing multi-family real estate loans. These pledged loans have discounted margins applied ranging from 45% - 95% as required by the pledging agreement. The amount of eligible collateral was $19,792,612 and $17,487,584 as of March 31, 2026 and June 30, 2025, respectively.

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Note 5 - Leases

Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable prepaid rent, initial direct costs and any incentives received from the lessor.

For all underlying classes of assets, the Company has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less at lease commencement and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.

The Company’s long-term lease agreements are classified as operating leases based on the nature of the leasing arrangements. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations.

On June 25, 2025, the Company executed a ten-year lease agreement to sublet the top floor of its Brookfield branch which includes monthly lease payments ranging from $2,700 to $3,300 over the term of the lease. These lease payments are included in other income in the accompanying Consolidated Statements of Income.

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The following tables present information about the Company’s leases as of and for the three and nine months ended March 31, 2026 and 2025 and as of June 30, 2025:


							As of			As of
							March 31,			June 30,
							2026			2025
Right-of-use assets (included in premises and equipment on consolidated balance sheets)							$	357,462		$	443,111
Lease liabilities (included in other liabilities on consolidated balance sheets)								354,451			439,928
Weighted average remaining lease term								4.37 years			4.73 years
Weighted average discount rate								2.90%			2.99%

	Three Months			Three Months			Nine Months			Nine Months
	Ended			Ended			Ended			Ended
	March 31,			March 31,			March 31,			March 31,
	2026			2025			2026			2025
Operating lease costs	$	32,004		$	32,004		$	96,010		$	93,292
Short-term lease costs		10,020			9,870			30,010			29,510
Total lease costs	$	42,024		$	41,874		$	126,020		$	122,802

Cash paid for amounts included in measurement of lease liabilities	$	31,946		$	31,281		$	95,838		$	92,211

As of March 31, 2026, future maturities of the lease liabilities described above are as follows for each of the respective future fiscal years:





Year ending June 30, 2026										$	32,142
Year ending June 30, 2027											118,710
Year ending June 30, 2028											48,620
Year ending June 30, 2029											43,200
Year ending June 30, 2030											43,200
Thereafter											100,800
Total											386,672
Less: Present value discount											32,221
Lease liabilities										$	354,451

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Note 6 - Foreclosed Assets

Real estate owned activity was as follows:


	Nine Months		Nine Months
	Ended		Ended
	March 31, 2026		March 31, 2025
Balance July 1,	$	2,312,240	$	2,312,240
Loans transferred to real estate owned		—		—
Capitalized expenditures		—		—
Direct write-downs		—		—
Sales of real estate owned		—		—
Balance September 30,		2,312,240		2,312,240
Loans transferred to real estate owned		—		—
Capitalized expenditures		—		—
Direct write-downs		—		—
Sales of real estate owned		—		—
Balance December 31,		2,312,240		2,312,240
Loans transferred to real estate owned		—		—
Capitalized expenditures		—		—
Direct write-downs		—		—
Sales of real estate owned		—		—
Balance March 31,	$	2,312,240	$	2,312,240

Activity in the valuation allowance is as follows:


	Nine Months		Nine Months
	Ended		Ended
	March 31, 2026		March 31, 2025
Balance July 1,	$	1,315,867	$	937,100
Provisions/(recoveries) charged (credited) to expense		—		—
Reductions from sales of real estate owned		—		—
Direct write-downs		—		—
Sales of real estate owned		—		—
Balance September 30,		1,315,867		937,100
Provisions/(recoveries) charged (credited) to expense		—		—
Reductions from sales of real estate owned		—		—
Direct write-downs		—		—
Sales of real estate owned		—		—
Balance December 31,		1,315,867		937,100
Provisions/(recoveries) charged (credited) to expense		—		—
Reductions from sales of real estate owned		—		—
Direct write-downs		—		—
Sales of real estate owned		—		—
Balance March 31,	$	1,315,867	$	937,100

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Expenses related to foreclosed assets include:


	Nine Months		Nine Months
	Ended		Ended
	March 31, 2026		March 31, 2025
Balance July 1,	$	—	$	—
Net loss (gain) on sales		—		—
Provisions for unrealized losses		—		—
Operating expenses, net of rental income		16,235		17,572
Sales of real estate owned		—		—
Balance September 30,		16,235		17,572
Net loss (gain) on sales		—		—
Provisions for unrealized losses		—		—
Operating expenses, net of rental income		13,495		5,228
Sales of real estate owned		—		—
Balance December 31,		29,730		22,800
Net loss (gain) on sales		—		—
Provisions for unrealized losses		—		—
Operating expenses, net of rental income		14,754		13,432
Sales of real estate owned		—		—
Balance March 31,	$	44,484	$	36,232

During the fiscal year ended June 30, 2023, the Company foreclosed on collateral supporting a construction loan which was valued at $2.3 million and was included in foreclosed assets (OREO), net. The valuation was based on independent appraisals subject to certain discounts less estimated costs to sell. A subsequent independent appraisal was obtained in April 2024 subject to certain discounts less estimated costs to sell. After adjusting for estimated costs to sell, the revised valuation was $1.4 million resulting in a provision for valuation allowance of $937,100 being recorded during the year ended June 30, 2024. An offer to sell the property for $1.1 million was accepted by the Company in August 2025 resulting in a provision for valuation allowance of $378,767 being recorded during the year ended June 30, 2025. The sale contract was terminated during the three months ended December 31, 2025 and the Company has relisted the property for $1.5 million. The recorded investment in one-to-four-family owner occupied properties that were in the process of foreclosure was $190,013 and $66,645 at March 31, 2026 and June 30, 2025, respectively.

Note 7 - Deposits

Major classifications of deposits are as follows as of March 31, 2026 and June 30, 2025. Brokered deposits totaled $12.0 million at March 31, 2026 and June 30, 2025.


		Unaudited
		At March 31, 2026					At June 30, 2025
		Amount			Percent		Amount			Percent
Non-interest-bearing demand accounts		$	21,458,087		12.32	%	$	22,466,092		12.82	%
Demand, NOW, money market accounts			48,086,489		27.61	%		48,103,922		27.45	%
Savings accounts			38,222,205		21.95	%		37,646,244		21.48	%
Certificates of deposit			66,385,157		38.12	%		67,024,568		38.25	%
Total		$	174,151,938		100.00	%	$	175,240,826		100.00	%

Note 8- Borrowings

There was $24.0 million in borrowings from the Federal Home Loan Bank of Chicago (FHLB) as of March 31, 2026. The borrowings at March 31, 2026 consisted of three separate $5.0 million 5-year term callable putable advances with maturity dates in September 2028, October 2028 and February 2030 which have call dates beginning in June 2026, April 2026 and May 2026, respectively. These advances have interest rates of 3.91%, 3.73%, and 3.33%, respectively. The Company also has a $4.0 million six-month fixed rate advance maturing June 30, 2026 and a $5.0 million six-month fixed rate advance maturing July 27, 2026. These advances have interest rates of 3.68% and 3.73%, respectively. The

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putable advances can be called quarterly until maturity at the option of the FHLB. If any advance is terminated requiring repayment prior to stated maturity, the FHLB will offer replacement funding at the then-prevailing rate of interest for an advance product then offered by the FHLB, subject to normal FHLB credit and collateral requirements.

There was $15.0 million in borrowings from the FHLB as of June 30, 2025. The borrowings at June 30, 2025 consisted of three separate $5.0 million 5-year term callable putable advances with maturity dates in September 2028, October 2028 and February 2030 which have call dates beginning in September, 2025, October, 2025 and August 2025, respectively. These putable advances can be called quarterly until maturity at the option of the FHLB. If any advance is terminated requiring repayment prior to stated maturity, the FHLB will offer replacement funding at the then-prevailing rate of interest for an advance product then offered by the FHLB, subject to normal FHLB credit and collateral requirements.

The Company maintains a collateral pledge agreement with the FHLB covering secured advances whereby the Company has agreed to retain, free of all other pledges, liens, and encumbrances, commercial, commercial real estate, and residential loans. The advances reprice daily at market rates. The pledged loans are discounted at a factor of 24% to 38% when aggregating the amount of loans required by the pledge agreement. The amount of eligible collateral was $99,642,757 and $70,573,734 as of March 31, 2026 and June 30, 2025, respectively. Based on eligible collateral, net of outstanding borrowings, the Company had available $75.1 million to borrow from the FHLB as of March 31, 2026. There was FHLB stock of $1,475,296 and $1,329,413 pledged as of March 31, 2026 and June 30, 2025, respectively. The Company also has $19,792,612 available to borrow from the Federal Reserve Bank which is pledged by multi-family loans and an unsecured Federal Funds purchasing limit of $5.0 million with the Bank’s correspondent bank as of March 31, 2026. There were no borrowings under these arrangements at March 31, 2026 and June 30, 2025.

Note 9- Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss by component for the nine months ended March 31, 2026 and 2025, are as follows:



	Unrealized		Unrealized
	Losses on		Losses on Transfers of
	Available		Available for Sale Debt
	for Sale Debt		Securities to Held
	Securities		To Maturity		Total
March 31, 2026
Balance, beginning of period	$	(451,309)	$	(34,621)	$	(485,930)
Other comprehensive income before reclassifications (net of tax)		53,865		—		53,865
Amortization of amounts transferred from debt securities available for sale to held to maturity (a)		—		1,399		1,399
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)		(2,302)		—		(2,302)
Balance, September 30, 2025		(399,746)		(33,222)		(432,968)
Other comprehensive income before reclassifications (net of tax)		29,974		—		29,974
Amortization of amounts transferred from debt securities available for sale to held to maturity (a)		—		1,263		1,263
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)		(2,019)		—		(2,019)
Balance, December 31, 2025		(371,791)		(31,959)		(403,750)
Other comprehensive income before reclassifications (net of tax)		1,347		—		1,347
Amortization of amounts transferred from debt securities available for sale to held to maturity (a)		—		1,150		1,150
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)		(1,966)		—		(1,966)
Balance, end of period	$	(372,410)	$	(30,809)	$	(403,219)

(a)	The reclassification adjustment is reflected in the Consolidated Statements of Income as Interest Income-Debt Securities.

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(b)	The reclassification adjustment is included in the Consolidated Statements of Income as Other Expenses.



	Unrealized		Unrealized
	Losses on		Losses on Transfers of
	Available		Available for Sale Debt
	for Sale Debt		Securities to Held
	Securities		To Maturity		Total
March 31, 2025
Balance, beginning of period	$	(712,843)	$	(39,945)	$	(752,788)
Other comprehensive income before reclassifications (net of tax)		113,624		—		113,624
Amortization of amounts transferred from debt securities available for sale to held to maturity (a)		—		1,257		1,257
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)		(3,088)		—		(3,088)
Balance, September 30, 2024		(602,307)		(38,688)		(640,995)
Other comprehensive income before reclassifications (net of tax)		7,748		—		7,748
Amortization of amounts transferred from debt securities available for sale to held to maturity (a)		—		1,346		1,346
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)		(2,767)		—		(2,767)
Balance, December 31, 2024		(597,326)		(37,342)		(634,668)
Other comprehensive income before reclassifications (net of tax)		59,114		—		59,114
Amortization of amounts transferred from debt securities available for sale to held to maturity (a)		—		1,361		1,361
Reclassification adjustment for amortization of stranded tax effect from change in tax legislation (b)		(2,576)		—		(2,576)
Balance, end of period	$	(540,788)	$	(35,981)	$	(576,769)

(a) The reclassification adjustment is reflected in the Consolidated Statements of Income as Interest Income-Debt Securities.

(b) The reclassification adjustment is included in the Consolidated Statements of Income as Other Expenses.

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Note 10- Minimum Regulatory Capital Requirements

Bank regulatory authorities in the United States issue risk-based capital standards. These capital standards relate a banking company’s capital to the risk profile of its assets and provide the basis by which all banking companies and banks are evaluated in terms of capital adequacy.

The risk-based capital standards require financial institutions to maintain: (a) a minimum ratio of common equity tier 1 (“CET1”) to risk weighted assets of at least 4.5%, (b) a minimum ratio of tier 1 capital to risk-weighted assets of at least 6.0%; (c) a minimum ratio of total (that is, tier 1 plus tier 2) capital to risk-weighted assets of at least 8.0%; and (d) a minimum leverage ratio of 3.0%, calculated as the ratio of tier 1 capital balance sheet exposures plus certain off-balance sheet exposures (computed as the average for each quarter of the month-end ratios for the quarter). In addition, the rules also limit a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer” of 2.5% above the minimum standards stated in (a) - (c) above.

In September 2019, the FDIC finalized a rule to simplify the capital calculation for qualifying community banking organizations (i.e., the community bank leverage ratio (“CBLR”)), as required by the Economic Growth, Regulatory Relief and Consumer Protection Act. The CBLR framework is designed to reduce burden by removing the requirements for calculating and reporting risk-based capital ratios for qualifying community banking organizations that opt into the framework. A qualifying community bank may elect to utilize the CBLR in lieu of the general capital requirements and will be considered well capitalized if it exceeds the minimum CBLR of 9.0%. The CBLR framework also provides a two-quarter grace period for qualifying banks whose leverage ratio falls no more than 1.00% below the required ratio for that reporting quarter. The Bank opted into the CBLR framework as of March 31, 2026 and June 30, 2025. In April 2025, the federal banking agencies issued a final rule to lower the CBLR to 8% and extend the grace period to four quarters. The new rule will be effective as of July 1, 2026.

As of March 31, 2026 and June 30, 2025, management believes the Bank has met all capital adequacy requirements to which it is subject. As of March 31, 2026 and June 30, 2025, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since the notification that management believes have changed the Bank’s category.

The Bank’s actual capital amounts and ratios are presented in the following table (dollars in thousands):


										Minimum To Be Well
										Capitalized Under
					Minimum Capital					Prompt Corrective
	Actual				Requirements					Action Provisions
	Amount		Ratio		Amount			Ratio		Amount			Ratio

March 31, 2026	(Dollars in thousands)
Tier I Capital to Average Assets	$	38,150	15.35	%	$	19,883	>	8.0	%	$	22,368	>	9.0	%


										Minimum To Be Well
										Capitalized Under
					Minimum Capital					Prompt Corrective
	Actual				Requirements					Action Provisions
	Amount		Ratio		Amount			Ratio		Amount			Ratio

June 30, 2025	(Dollars in thousands)
Tier I Capital to Average Assets	$	36,299	15.21	%	$	19,092	>	8.0	%	$	21,479	>	9.0	%

A Wisconsin state-chartered savings bank is required by state law to maintain minimum net worth, as defined, in an amount equal to at least 6.0% of its total assets. At March 31, 2026, the Bank’s net worth was $38,075,558 and general credit loss reserve was $1,708,584 totaling 15.99% of total assets, which meets the state of Wisconsin’s minimum net worth requirements. At June 30, 2025, the Bank’s net worth was $36,141,469 and general credit loss reserve was $1,708,269, totaling 15.86% of total assets, which meets the state of Wisconsin’s minimum net worth requirements.

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Note 11 - Employee Benefit Plans

The Company provides a 401(k) salary deferral plan to substantially all employees. Employees are allowed to make voluntary contributions to the plan up to 15% of their compensation. In addition, the Company provides discretionary matching and profit-sharing contributions as well as a safe harbor contribution.

Effective upon the completion of the Company’s initial public stock offering in April 2021, the Company established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees. The ESOP used $873,970 in proceeds from a term loan obtained from the Company to purchase 87,397 shares of common stock in the initial public offering at a price of $10.00 per share. Also, as part of the Conversion, the Company sold 135,472 shares of its common stock to the ESOP at a price of $10.00 per share. The outstanding balance of the April 2021 ESOP loan ($777,212 and the new ESOP loan $1,354,720) were combined as of the date of the Conversion. The new ESOP loan will be repaid principally from the Company’s contribution to the ESOP in annual payments through 2049 at a variable interest rate at the Bank’s prime rate. Shares are released to participants on a straight-line basis over the loan term and allocated based on participant compensation. The Company recognizes compensation benefit expense as shares are committed for release at their current market price. The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in capital. Dividends on allocated shares, if applicable, are recorded as a reduction of retained earnings and dividends on unallocated shares are recorded as a reduction of debt. The Company recognized $106,314 (upon the release of 7,089 shares) and $22,023 (upon the release of 2,622 shares) of compensation expense for the nine months ended March 31, 2026 and 2025, respectively. At March 31, 2026, there were 224,439 shares not yet released having an aggregate market value of approximately $3,036,660. Participants will become fully vested upon completion of three years of credited service. Eligible employees who were employed with the Company shall receive credit for vesting purposes for each year of continuous employment prior to adoption of the ESOP.

Note 12 - Stock Based Compensation

On May 24, 2022, the stockholders of Marathon Bancorp, Inc. approved the Company’s 2022 Equity Incentive Plan (the “Plan”), which provides for the grant of stock-based awards to officers, employees and directors of the Company and Marathon Bank. Under provisions of the Plan, while active, awards may consist of grants of incentive stock options, nonqualified stock options, restricted stock and restricted stock units. Incentive stock options totaling 149,972 (as converted) and restricted stock awards totaling 59,989 (as converted) were authorized for award under the Plan. As a result of the Conversion, all existing stock options and restricted stock awards outstanding on April 21, 2025 were adjusted based on the exchange ratio of 1.3728-to-1 including those described below. The grant date exercise prices for stock options and fair values of restricted stock at grant date were adjusted downward based on the exchange ratio.

Stock Options

On June 28, 2022, a total of 100,481 (as converted) stock option awards were granted to the Bank’s directors, executive officers, senior officers and other officers (25,496 and 74,985 options were awarded to directors and employees, respectively). Director awards are considered non-qualified stock options while employee awards are considered incentive stock options. Options totaling 3,996 were forfeited by an employee during the year ended June 30, 2025. The awards vest ratably over five years (20% per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or June 2032. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 3.27%; volatility factors of the expected market price of the Company's common stock of 20.76%; weighted average expected lives of the options of 6.5 years; cash dividend yield of 0%. The expected term of the options is derived by using the simplified method as the Company has no relevant exercise experience from other stock-based compensation plans. Based upon these assumptions, the weighted average fair value of options granted was $3.33.

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On May 16, 2023, a total of 53,992 (as converted) stock option awards were granted to the Bank’s directors, executive officers, senior officers and other officers (5,996 and 47,996 options were awarded to directors and employees, respectively). The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 3.53%; volatility factors of the expected market price of the Company's common stock of 20.71%; weighted average expected lives of the options of 6.5 years; cash dividend yield of 0%. The expected term of the options is derived by using the simplified method as the Company has no relevant exercise experience from other stock-based compensation plans. Based upon these assumptions, the weighted average fair value of options granted was $2.72.

Stock option expense amortized to expense for the nine months ended March 31, 2026 and 2025 was $49,862 and $48,061, respectively. At March 31, 2026, total unrecognized compensation expense related to stock options was $101,612, and will be amortized to expense over a remaining period of 2.0 years. On June 28, 2025, there were 5,996 stock option awards granted to two employees. As of March 31, 2026, no future stock option awards remain under the Plan.

The aggregate intrinsic value of a stock option represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options prior to the expiration date. The intrinsic value can change based on fluctuations in the market value of the Company’s stock.

A summary of stock option activity and related information for the nine months ended March 31, 2026 is as follows.


				Weighted-Average
				Remaining	Aggregate
		Weighted-Average		Contractual Life	Intrinsic
	Options	Exercise Price		(in years)	Value
Outstanding, July 1, 2025	144,226	$	7.52	7.34	$	337,414
Granted	—		—	—		—
Exercised	—		—	—		—
Forfeited	—		—	—		—
Outstanding, September 30, 2025	144,226		7.52	7.20		405,305
Granted	—		—	—		—
Exercised	—		—	—		—
Forfeited	—		—	—		—
Outstanding, December 31, 2025	144,226	$	7.52	6.95	$	654,816
Granted	12,836		13	10.00		—
Exercised	(11,516)		7.34	-		—
Forfeited	(8,842)		8.44	7.44		—
Outstanding, March 31, 2026	136,704		7.64	6.70		781,114



Exercisable, March 31, 2026	84,350	$	7.64	6.54	$	496,969

Restricted Stock

On June 28, 2022, a total of 55,191 restricted stock awards were granted to the Bank’s directors, executive officers, senior officers and other officers under the Plan (13,198 and 41,993 shares were granted to directors and employees, respectively). On May 16, 2023, a total of 8,595 restricted stock awards were granted to the Bank’s directors, executive officers, senior officers and other officers under the Plan (1,800 and 6,795 shares were granted to directors and employees, respectively). A total of 1,296 of restricted stock awards were forfeited by an employee during the year ended June 30, 2025 and, an additional 481 of restricted stock awards were forfeited by an employee during the nine months ended March 31, 2026. The restricted stock awards vest ratably over five years (20% per year for each year of the participant’s service with the Company). Restricted stock expense was $69,986 and $69,753 for the nine months

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ended March 31, 2026 and 2025, respectively. At March 31, 2026, future compensation expense related to non-vested restricted stock outstanding was $130,055 which will be amortized over a remaining period of 2.0 years. On June 28, 2025, there were 402 shares of restricted stock granted to two employees. As of March 31, 2026, no restricted stock awards remain under the Plan.

A summary of restricted stock activity and related information for the nine months ended March 31, 2026, is as follows:


		Weighted-Average
	Number of	Grant Date
	Shares	Fair Value
Non-vested, July 1, 2025	25,079	$	7.81
Granted	—		—
Exercised	—		—
Forfeited	—		—
Outstanding, September 30, 2025	25,079		7.81
Granted	—		—
Exercised	—		—
Forfeited	(480)		8.13
Outstanding, December 31, 2025	24,599	$	7.80
Granted	—		—
Exercised	—		—
Forfeited	—		—
Outstanding, March 31, 2026	24,599	$	7.80

Note 13- Commitments and Contingencies

The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet loans.

Commitments to grant loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer.

Mortgage Partnership Finance (MPF) credit enhancements allow the Company to share the credit risk associated with home mortgage finance with Federal Home Loan Bank (FHLB). MPF provides the Company the ability to originate, sell, and service fixed-rate, residential mortgage loans, and receive a Credit Enhancement Fee based on the performance of the loans. FHLB manages the liquidity, interest rate, and prepayment risks of the loans while the Company manages the credit risk of the loans. The Company will incur an obligation on a foreclosure loss only after a foreclosure loss exceeds the borrower’s equity, any private mortgage insurance, and the funded first loss account. Based on the delinquency results for states where properties are located and the Company’s historical loss experience, the estimated foreclosure losses are immaterial.

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As of March 31, 2026 and June 30, 2025, the following financial instruments were outstanding where contract amounts represent credit risk:


	March 31, 2026		June 30, 2025
Commitments to grant loans	$	2,037,382	$	4,790,000
Unused commitments under lines of credit		5,338,622		6,346,008
MPF credit enhancements		785,835		735,448

The Company, from time to time, may be a defendant in legal proceedings relating to the conduct of its banking business. Most of such legal proceedings are a normal part of the banking business and, in management’s opinion as of March 31, 2026 and June 30, 2025, the financial condition and results of operations of the Company would not be materially affected by the outcome of such legal proceedings.

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Note 14- Fair Value of Assets and Liabilities

The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. The fair value of a financial instrument is 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. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. These techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.

Fair value accounting guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions.

In accordance with this guidance, the Company groups its financial assets and liabilities generally measured at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value.

Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 – Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities may include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following table sets forth assets and liabilities measured at fair value on a recurring basis at March 31, 2026 and June 30, 2025:


			Quoted Prices in		Other Observable		Unobservable
			Active Markets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
March 31, 2026
Available for sale debt securities
States and municipalities	$	380,034	$	—	$	380,034	$	—
Mortgage-backed		623,348		—		623,348		—
Corporate bonds		2,989,065		—		1,304,065		1,685,000
Total assets	$	3,992,447	$	—	$	2,307,447	$	1,685,000

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			Quoted Prices in		Other Observable		Unobservable
			Active Markets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
June 30, 2025
Available for sale debt securities
States and municipalities	$	449,316	$	—	$	449,316	$	—
Mortgage-backed		858,762		—		858,762		—
Corporate bonds		3,893,201		—		2,283,201		1,610,000
Total assets	$	5,201,279	$	—	$	3,591,279	$	1,610,000

For those available for sale debt securities where quoted prices are unavailable, fair values are calculated based on market prices of similar securities and, therefore, are classified as Level 2 within the valuation hierarchy.

The following table represents changes in the Company’s available for sale debt securities measured at fair value on a recurring basis using unobservable inputs (Level 3). The Company had one investment security measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at March 31, 2026 and June 30, 2025. The investment is valued on a quarterly basis by a third-party valuation specialist. The Level 3 valuation is based on the 5/30 swap curve, floated at 1%, which is considered a significant unobservable input.



	Nine Months Ended		Nine Months Ended
	March 31,		March 31,
	2026		2025
Balance at July 1,	$	1,610,000	$	1,460,000
Unrealized gains included in other comprehensive income		50,000		40,000
Balance at September 30,		1,660,000		1,500,000
Unrealized gains included in other comprehensive income		25,000		—
Balance at December 31,		1,685,000		1,500,000
Unrealized gains included in other comprehensive income		—		—
Balance at March 31,	$	1,685,000	$	1,500,000

Under certain circumstances the Company may make adjustments to fair value for assets and liabilities although they are not measured at fair value on an ongoing basis. The Company had Level 3 financial assets measured at fair value on a nonrecurring basis, which are summarized below:

Unaudited

 

March 31,

 

June 30,

 

Valuation

 

Unobservable

 

Range

2026

2025

Technique

Input

(Weighted Avg.)

Foreclosed assets (OREO)

996,373

Collateral valuation

Discount from market value

2026: 10%-75%

2025: 10%-75%

Collateral dependent financial assets

190,013

66,645

Appraisal

Discount from market value

During the year ended June 30, 2023, the Company foreclosed on collateral supporting a construction loan which was valued at $2.3 million and was included in foreclosed assets (OREO), net. The valuation was based on independent appraisals subject to certain discounts less estimated costs to sell. A subsequent independent appraisal was obtained in April 2024 subject to certain discounts less estimated costs to sell. After adjusting for estimated costs to sell, the revised valuation was $1.4 million resulting in a provision for valuation allowance of $937,100 being recorded during the year ended June 30, 2024. An offer to sell the property for $1.1 million was accepted by the Company in August 2025 resulting in a provision for valuation allowance of $378,767 being recorded during the year ended June 30,

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2025. The sale contract was terminated during the three months ended December 31, 2025 and the Company has relisted the property for $1.5 million.

Financial Disclosures about Fair Value of Financial Instruments

Accounting guidance requires disclosures of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate their fair values. Certain financial instruments and all non-financial instruments are excluded from the scope of the guidance.

The estimated fair values of financial instruments are as follows:


		March 31, 2026						June 30, 2025
		Carrying Value			Fair Value			Carrying Value			Fair Value
Financial Assets
Cash and due from banks		$	2,098,792		$	2,098,792		$	2,242,736		$	2,242,736
Federal funds sold			11,528,000			11,528,000			12,143,000			12,143,000
Interest bearing deposits in other financial institutions			1,316,185			1,316,185			237,247			237,247
Available for sale debt securities			3,992,447			3,992,447			5,201,279			5,201,279
Held to maturity debt securities			459,765			366,282			483,787			373,568
Loans, net			211,707,097			210,009,000			200,795,706			195,176,000
Investment in restricted stock			1,475,296			1,475,296			1,329,413			1,329,413
Accrued interest receivable			712,790			712,790			667,686			667,686
Financial Liabilities
Deposits		$	174,151,938		$	173,982,000		$	175,240,826		$	174,732,000
Federal Home Loan Bank (FHLB) advances			24,000,000			24,000,000			15,000,000			15,000,000
Accrued interest payable			208,647			208,647			270,693			270,693

The methods and assumptions that were used to estimate the fair value of financial assets and financial liabilities that are measured at fair value on a recurring and non-recurring basis have been previously disclosed. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below:

Cash and due from banks – Due to their short -term nature, the carrying amount of cash and due from banks approximates fair value and is categorized in level 1 of the fair value hierarchy.

Federal funds sold – Due to their short-term nature, the carrying amount of federal funds sold approximates the fair value and is categorized in level 1 of the fair value hierarchy.

Interest bearing deposits in other financial institutions- Due to their short -term nature, the carrying amount of interest- bearing deposits in other financial institutions approximates fair value and is categorized in level 1 of the fair value hierarchy.

Available for sale securities – For those available for sale debt securities where quoted prices are unavailable, fair values are calculated based on market prices of similar securities and, therefore, are classified as level 2 within the valuation hierarchy. For those available for sale debt securities where market prices of similar securities are not available because of the lack of observable market data, they are valued on a quarterly basis by a third-party valuation specialist and, therefore, are classified as level 3 within the valuation hierarchy.

Held to maturity debt securities-The fair value is estimated using quoted market prices or by pricing models and is categorized as level 2 of the fair value hierarchy.

Loans– The fair value of variable rate loans that reprice frequently are based on carrying values. The fair value of other loans is estimated by discounting future cash flows using current rates at which similar loans would be made to

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borrowers with similar credit ratings and is categorized in level 3 of the fair value hierarchy. Loans held for sale are included with loans, net above, with fair value based on commitments on hand from investors or prevailing market prices and is categorized in level 3 of the fair value hierarchy.

Investments in restricted stock – No secondary market exists for FHLB stock. The stock is bought and sold at par by the FHLB and management believes the carrying amount approximates fair value and is categorized in level 2 of the fair value hierarchy.

Interest receivable – Due to their short-term nature, the carrying amount approximates fair value and is categorized in level 1 of the fair value hierarchy.

Deposits – Fair value of deposits with no stated maturity, such as demand deposits, savings, and money market accounts, by definition, is the amount payable on demand on the reporting date. Fair value of fixed rate time deposits is estimated using discounted cash flows applying interest rates currently offered on similar time deposits. Deposits are categorized in level 2 of the fair value hierarchy.

Federal Home Loan Bank (FHLB) advances – The carrying amount approximates fair value and is categorized in level 2 of the fair value hierarchy.

Accrued interest payable – Due to their short-term nature, the carrying amount approximates fair value and is categorized in level 1 of the fair value hierarchy.

The estimated fair value of fee income on letters of credit at March 31, 2026 and June 30, 2025 is insignificant. Loan commitments on which the committed interest rate is less than the current market rate are also insignificant at March 31, 2026 and June 30, 2025.

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Note 15- Revenue Recognition

In accordance with FASB Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (Topic 606) and all subsequent amendments, the Company’s services that fall within the scope of Topic 606 are presented within non-interest income and are recognized as revenue as the Company satisfies its obligation to the customer. All of the Company’s revenue from contracts with customers in the scope of Topic 606 is recognized within non-interest income which includes service charges on deposit accounts and the sale of foreclosed assets.

A description of the Company’s revenue streams accounted for under Topic 606 follows:

Service Charges on Deposit Accounts: Service charges on deposit accounts relate to fees generated from a variety of deposit products and services rendered to customers. Charges include, but are not limited to, overdraft fees, non-sufficient fund fees, dormant fees, and monthly service charges. Such fees are recognized concurrent with the event on a daily basis or on a monthly basis depending upon the customer’s cycle date.

Gains (Losses) on Sales of Foreclosed Assets: The Company records a gain or loss from a sale of foreclosed assets when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. If the Company finances the sale of foreclosed asset to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the foreclosed asset is derecognized, and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present.

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

This discussion and analysis reflects our consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the accompanying consolidated financial statements. You should read the information in this section in conjunction with the business and financial information regarding Marathon Bancorp, Inc. provided in this Quarterly Report on Form 10-Q and the Company’s Annual Report on Form 10-K for the year ended June 30, 2025 as filed with the Securities and Exchange Commission on September 26, 2025.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains certain forward-looking statements, which are included pursuant to the “safeharbor” provisions of the Private Securities Litigation Reform Act of 1995, and reflect management’s beliefs and expectations based on information currently available. These forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “potential,” “target” and words of similar meaning, 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 our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this Quarterly Report on Form 10-Q.

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:

●

inflation, tariffs and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues, 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 make;

●

general economic conditions, either nationally or in our market areas, that are worse than expected;

●

events involving the failure of financial institutions may adversely affect our business, and the market price of our common stock;

●

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

●

our ability to access cost-effective funding;

●

fluctuations in real estate values and both residential and commercial real estate market conditions;

●

demand for loans and deposits in our market area;

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●

our ability to implement and change our business strategies;

●

competition among depository and other financial institutions;

●

adverse changes in the securities or secondary mortgage markets, including our ability to sell loans in the secondary market;

●

changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;

●

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

●

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

●

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

●

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

●

our ability to manage market risk, credit risk and operational risk in the current economic environment;

●

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;

●

our ability to retain key employees;

●

any future FDIC insurance premium increases or special assessments may adversely affect our earnings;

●

our ability to prevent or mitigate fraudulent activity;

●

our ability to evaluate the amount and timing of recognition of future tax assets and liabilities;

●

political instability or civil unrest;

●

acts of war or terrorism or pandemics such as the COVID-19 pandemic;

●

our ability to control operating costs and expenses, including compensation expense associated with equity allocated or awarded to our employees;

●

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

●

our inability to sell our foreclosed assets, net at an amount equal to or greater than the carrying amount.

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Overview

Net Interest Income. Our primary source of income is net interest income. Net interest income is the difference between interest income, which is the income we earn on our loans and investments, and interest expense, which is the interest we pay on our deposits and borrowings.

Provision for (Recovery of) Credit Losses. We charge (credit) provisions for (recovery of) credit losses to operations in order to maintain our allowance for credit losses on loans and reserve for unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and expected losses on commitments to grant loans that are expected to be advanced at the consolidated balance sheet date. In determining the level of the allowance for credit losses, we consider our past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions, and the levels of non-performing and other classified loans. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates as more information becomes available or conditions change. We assess the allowance for (recovery of) credit losses on a quarterly basis and make provisions for credit losses in order to maintain the allowance.

Non-interest Income. Our primary sources of non-interest income are mortgage banking income, service charges on deposit accounts and net gains in the cash surrender value of bank owned life insurance. Other sources of non-interest income sometimes include net gain or losses on sales and calls of securities, net gain or loss on disposal of foreclosed assets and other income.

Non-Interest Expenses. Our non-interest expenses consist of salaries and employee benefits, net occupancy and equipment, data processing and office, professional fees, marketing expenses, foreclosed assets and other general and administrative expenses, including premium payments we make to the FDIC for insurance of our deposits.

Provision for Income Taxes. Our income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between the carrying amounts and the tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amounts expected to be realized.

Summary of Significant Accounting Policies and Estimates

The discussion and analysis of the financial condition and results of operations are based on our consolidated financial statements, which are prepared in conformity with U.S. GAAP. The preparation of these financial statements requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. We consider the accounting policies discussed below to be significant accounting policies. The estimates and assumptions that we use are based on historical experience 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.

In 2012, the JOBS Act was signed into law. The 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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The following represent our significant accounting policies and estimates:

Allowance for Credit Losses. We establish the allowance for credit losses through charges (credits) to earnings in the form of a provision for (recovery of) credit losses. Loan losses are charged against the allowance for credit losses for the difference between the carrying value of the loan and the estimated net realizable value or fair value of the collateral, if collateral dependent, when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance.

The allowance for credit losses (“ACL”) at March 31, 2026 represents the Company’s current estimate of the lifetime credit losses expected from its loan portfolio. Management estimates the ACL by projecting a lifetime loss rate conditional on a forecast of economic parameters and other qualitative adjustments, for the loans’ expected remaining term.

Management’s judgment in determining the level of the allowance is based on evaluations of historical loan losses, current conditions and reasonable and supportable forecasts relevant to the collectability of loans. In addition, management’s estimate of expected credit losses is based on the weighted-average remaining maturity of loans held for investment, and changes in expected prepayment behavior may result in changes in the remaining life of loans and expected credit losses.

The allowance may be affected materially by a variety of qualitative factors that the Company considers to reflect its current judgement of various events and risks that are not measured in our statistical procedures. These qualitative risk factors include: (1) lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices; (2) changes in the value of underlying collateral for collateral dependent loans; (3) nature and volume of the portfolio and terms of loans; (4) volume and severity of past due, classified and nonaccrual loans as well as loan modifications; (5) existence and effect of any concentrations of credit and changes in the level of such concentrations; (6) experience, ability, and depth of lending department management and other relevant staff; (7) quality of loan review and board of directors oversight; (8) the effect of other external factors such as competition, legal and regulatory requirements; and (9) changes in national and local economic conditions related to unemployment, house price index, and gross domestic product. This evaluation is inherently subjective because it requires estimates that are susceptible to significant revision as more information becomes available. In evaluating the level of the allowance, we consider a range of possible assumptions and outcomes related to the various factors identified above. The level of the allowance is particularly sensitive to changes in the actual and forecasted probability of default of benchmarked banks and changes in current conditions or reasonably expected future conditions affecting the collectability of loans.

Changes in the Wisconsin unemployment rate, the Wisconsin annual housing price index and the Wisconsin annual gross domestic product could have a material impact on the model’s estimation of the allowance for credit losses. Marathon Bank’s methodology for maintaining its allowance for credit losses includes various levels within each of the aforementioned criteria. Set forth below is a hypothetical change to the next level within Marathon Bank’s allowance calculation. Changing these levels as of March 31, 2026, from those actually used on March 31, 2026 to the next highest or lowest level resulted in an increase in Marathon Bank’s allowance for credit losses of $148,000, or 8.7%.



As of March 31, 2026

Historical Actual	Hypothetical Change

Wisconsin Unemployment (3.0%-3.6%)		3.6%-5.6%
Wisconsin Annual Housing Price Index (4.7%-6.7%)		2.8%-4.7%
Wisconsin Annual Gross Domestic Product (4.0%-5.3%)		2.5%-4.0%

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Although we believe that we use the best information available to establish the allowance for credit losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluation. In addition, the FDIC and the WDFI, as an integral part of their examination process, periodically review our allowance for credit losses, and as a result of such reviews, we may have to adjust our allowance for credit losses. However, regulatory agencies are not directly involved in establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management. A large loss could deplete the allowance and require increased provisions to replenish the allowance, which would adversely affect earnings.

Provision for Income Taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

We recognize the tax effects from an uncertain tax position in the financial statements only if the position is more likely than not to be sustained on audit, based on the technical merits of the position. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized, upon ultimate settlement with the relevant tax authority. We recognize interest and penalties accrued or released related to uncertain tax positions in current income tax expense or benefit.

Allowance for Credit Losses-Available for Sale Debt Securities. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through a provision for credit losses. For debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income.

Allowance for Credit Losses-Held-to-Maturity Debt Securities. Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security group and any other risk characteristics used to segment the portfolio. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

Foreclosed Assets. Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from foreclosed assets.

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Comparison of Financial Condition at March 31, 2026 and June 30, 2025

Total Assets. Total assets increased $10.2 million, or 4.3%, to $249.0 million at March 31, 2026, from $238.8 million at June 30, 2025. The increase was primarily due to an increase in loans, net of $10.9 million, or 5.4% and an increase in interest earning deposits held in other financial institutions of $1.1 million or 454.8%. These increases were offset by decreases in debt securities available for sale and cash and cash equivalents of $1.2 million and $759,000, respectively. The remaining asset categories showed no significant changes when comparing March 31, 2026 with June 30, 2025.

Cash and Cash Equivalents. Total cash and cash equivalents decreased $759,000, or 5.3%, to $13.6 million at March 31, 2026, from $14.4 million at June 30, 2025, primarily due to an increase in loans, net of $10.9 million, or 5.4% and a decrease in deposits of $1.1 million, or 0.6%. These changes were offset by new borrowings of $9.0 million, or 60.0%, and a decrease in debt securities available for sale of $1.2 million, or 23.2%.

Debt Securities Available for Sale. Total debt securities available for sale decreased by $1.2 million, or 23.2%, to $4.0 million at March 31, 2026 due to $1.1 million of debt securities available for sale maturing or being called during the nine months ended March 31, 2026.

Loans. Gross loans increased $10.9 million, or 5.4%, to $213.5 million at March 31, 2026, from $202.6 million at June 30, 2025. The increase was primarily due to an increase in one-to-four-family residential loans of $8.1 million, or 14.4%, and an increase in multi-family real estate loans of $2.6 million, or 5.5%. The increase in multi-family real estate loans and one-to-four-family residential loans was due to a strategic decision to grow both of these portfolios. The remaining categories of loans showed no substantial changes.

The following table presents the commercial real estate portfolio by industry sector at March 31, 2026 and June 30, 2025.


	Loans by Industry Sector					Loans by Industry Sector
	At March 31,			Percentage of		At June 30,			Percentage of
	2026			Total		2025			Total

	(Dollars in thousands)					(Dollars in thousands)
Commercial real estate loans:
Owner occupied real estate:
Office	$	1,412		%	1.53	$	1,212		%	1.32
Warehouse		1,565			1.69		990			1.08
Retail		1,116			1.21		1,576			1.72
Accommodation and food service		1,520			1.64		145			0.16
Mixed use		1,818			1.96		1,881			2.05
Other real estate		596			0.64		286			0.31
Total owner occupied real estate		8,027			8.67		6,090			6.63

Non-owner occupied real estate:
Office		6,618			7.15		6,934			7.55
Warehouse		583			0.63		1,539			1.68
Industrial		23,917			25.83		25,022			27.24
Retail		42,126			45.50		41,201			44.85
Accommodation and food service		7,548			8.15		7,657			8.33
Mixed use		1,591			1.72		1,612			1.75
Land		1,653			1.79		1,725			1.88
Other real estate		516			0.56		87			0.09
Total non-owner occupied real estate		84,552			91.33		85,777			93.37

Total commercial real estate loans	$	92,579		%	100.00	$	91,867		%	100.00

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Foreclosed Assets. Foreclosed assets, net remained unchanged at $996,000 when comparing March 31, 2026 with June 30, 2025.

Deposits. Total deposits decreased by $1.0 million, or 0.6%, to $174.2 million at March 31, 2026, from $175.2 million at June 30, 2025 primarily due to a decrease in demand, NOW and money market deposits of $1.0 million, or 1.5%, and a decrease in certificates of deposit balances of $639,000, or 1.0%. These decreases were offset by an increase in savings deposits of $576,000, or 1.5%. These changes were attributable to the normal movement of deposits between accounts by the Bank’s customers.

Federal Home Loan Bank (FHLB) Advances. FHLB advances increased by $9.0 million to $24.0 million at March 31, 2026 due to two new borrowings during the nine months ended March 31, 2026.

Stockholders’ Equity. Total stockholders’ equity increased by $1.8 million to $47.5 million when comparing March 31, 2026 with June 30, 2025 primarily due to net income of $1.4 million.

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Average Balance Sheets

The following tables set forth average balances, 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. Non-accrual loans, if applicable, are included in the computation of 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, as applicable. Loan balances include loans held for sale.


		For the Three Months Ended March 31,
		2026								2025
		Average						Average		Average						Average
		Outstanding						Yield/Rate		Outstanding						Yield/Rate
		Balance			Interest			(1)		Balance			Interest			(1)

		(Dollars in thousands)
Interest-earning assets:
Loans		$	210,811		$	2,802		5.50	%	$	182,225		$	2,139		4.85	%
Debt securities			4,492			32		2.92	%		5,941			39		2.69	%
Cash and cash equivalents			12,136			108		3.66	%		12,363			131		4.37	%
Other			1,427			27		7.90	%		1,329			25		7.85	%
Total interest-earning assets			228,866			2,969		5.37	%		201,858			2,334		4.77	%
Noninterest-earning assets			18,824								19,524
Total assets		$	247,690							$	221,382
Interest-bearing liabilities:
Demand, NOW and money market deposits		$	50,443			194		1.57	%	$	50,358			196		1.59	%
Savings deposits			38,060			14		0.15	%		38,043			14		0.15	%
Certificates of deposit			65,018			497		3.14	%		67,437			549		3.35	%
Total interest-bearing deposits			153,521			705		1.88	%		155,838			759		1.99	%
FHLB advances and other borrowings			22,602			207		3.77	%		11,905			112		3.87	%
Total interest-bearing liabilities			176,123			912		2.12	%		167,743			871		2.13	%
Non-interest bearing demand deposits			28,832								21,416
Other non-interest bearing liabilities			3,265								2,311
Total liabilities			208,220								191,470
Total stockholders' equity			39,470								29,912
Total liabilities and stockholders' equity		$	247,690							$	221,382
Net interest income					$	2,057							$	1,463
Net interest rate spread (2)								3.25	%							2.64	%
Net interest-earning assets (3)		$	52,743							$	34,115
Net interest margin (4)								3.61	%							2.97	%
Average interest-earning assets to interest-bearing liabilities			129.95	%							120.34	%

(1)	Annualized.

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

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

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

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		For the Nine Months Ended March 31,
		2026								2025
		Average						Average		Average						Average
		Outstanding						Yield/Rate		Outstanding						Yield/Rate
		Balance			Interest			(1)		Balance			Interest			(1)

		(Dollars in thousands)
Interest-earning assets:
Loans		$	206,629		$	8,180		5.31	%	$	179,196		$	6,253		4.68	%
Debt securities			4,925			120		3.26	%		6,643			131		2.64	%
Cash and cash equivalents			13,625			414		4.07	%		12,657			452		4.79	%
Other			1,362			81		8.00	%		1,329			77		7.79	%
Total interest-earning assets			226,541			8,795		5.20	%		199,825			6,913		4.64	%
Noninterest-earning assets			18,813								19,479
Total assets		$	245,354							$	219,304
Interest-bearing liabilities:
Demand, NOW and money market deposits		$	52,975			643		1.62	%	$	46,539			537		1.54	%
Savings deposits			38,568			42		0.14	%		38,363			41		0.14	%
Certificates of deposit			65,559			1,554		3.17	%		68,105			1,716		3.37	%
Total interest-bearing deposits			157,102			2,239		1.90	%		153,007			2,294		2.00	%
FHLB advances and other borrowings			17,563			488		3.72	%		11,183			330		3.95	%
Total interest-bearing liabilities			174,665			2,727		2.08	%		164,190			2,624		2.13	%
Non-interest-bearing demand deposits			29,202								23,243
Other non-interest-bearing liabilities			2,823								2,179
Total liabilities			206,690								189,612
Total stockholders' equity			38,664								29,692
Total liabilities and stockholders' equity		$	245,354							$	219,304
Net interest income					$	6,068							$	4,289
Net interest rate spread (2)								3.12	%							2.51	%
Net interest-earning assets (3)		$	51,876							$	35,635
Net interest margin (4)								3.58	%							2.87	%
Average interest-earning assets to interest-bearing liabilities			129.70	%							121.70	%

(1)	Annualized.

(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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The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume.


		Three Months Ended March 31,									Nine Months Ended March 31,
		2026 vs. 2025									2026 vs. 2025
		Increase (Decrease) Due to						Total			Increase (Decrease) Due to						Total
								Increase									Increase
		Volume			Rate			(Decrease)			Volume			Rate			(Decrease)

			(In thousands)									(In thousands)
Interest-earning assets:
Loans		$	346		$	317		$	663		$	641		$	1,286		$	1,927
Debt securities			(10)			3			(7)			(23)			12			(11)
Cash and cash equivalents			(2)			(21)			(23)			23			(61)			(38)
Other			2			—			2			1			3			4
Total interest-earning assets			336			299			635			642			1,240			1,882
Interest-bearing liabilities:
Demand, NOW and money market deposits			—			(2)			(2)			50			56			106
Savings deposits			—			—			—			—			1			1
Certificates of deposit			(20)			(32)			(52)			(43)			(119)			(162)
Total interest-bearing deposits			(20)			(34)			(54)			7			(62)			(55)
FHLB advances and other borrowings			104			(9)			95			126			32			158
Total interest-bearing liabilities			84			(43)			41			133			(30)			103
Change in net interest income		$	252		$	342		$	594		$	509		$	1,270		$	1,779

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

General. Net income was $488,000 for the three months ended March 31, 2026, an increase of $339,000, or 228.7%, from net income of $148,000 for the three months ended March 31, 2025. The increase in net income was primarily attributable to an increase in net interest income of $594,000 and an increase in non-interest income of $39,000. This increase was offset by an increase in non-interest expenses of $171,000 and an increase in the provision for income taxes of $76,000. The provision for (recovery of) credit losses also increased from a recovery of credit losses for the three months ended March 31, 2025 of $41,833 to a provision for credit losses of $5,000 for the three months ended March 31, 2026.

Interest Income. Interest income increased by $635,000, or 27.2%, to $3.0 million for the three months ended March 31, 2026 as compared to $2.3 million for the three months ended March 31, 2025 primarily due to an increase in loan interest income of $663,000.

Loan interest income increased by $663,000, or 31.0%, to $2.8 million for the three months ended March 31, 2026 as compared to $2.1 million for the three months ended March 31, 2025, due to an increase in the average yield on loans and an increase in the average balance of loans. The average yield on the loan portfolio increased by 65 basis points from 4.85% for the three months ended March 31, 2025 to 5.50% for the three months ended March 31, 2026. The average balance of the loan portfolio increased by $28.6 million, or 15.7%, to $210.8 million for the three months ended March 31, 2026 from $182.2 million for the three months ended March 31, 2025. The increase in the average yield on the loan portfolio was the result of higher interest rates on new loan originations. The increase in the average balance of the loan portfolio was primarily related to new loan growth (multi-family real estate loans and one-to-four-family residential loans).

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Debt securities interest income decreased by $8,000, or 19.2%, to $32,000 for the three months ended March 31, 2026 from $40,000 for the three months ended March 31, 2025 due to a decrease in the average balance of debt securities of $1.4 million, which was offset by an increase in the average yield on the debt securities portfolio of 33 basis points to 2.92% for the three months ended March 31, 2026 from 2.69% for the three months ended March 31, 2025. The decrease in the average balance of debt securities continues to be related to securities calls and paydowns. The increase in the average yield on the debt securities portfolio was primarily due to the change in the mix of the securities portfolio as a result of securities calls and paydowns.

Interest Expense. Interest expense increased $41,000, or 4.7%, to $912,000 for the three months ended March 31, 2026 from $871,000 for the three months ended March 31, 2025, due to an increase of $95,000 in interest paid on FHLB borrowings which was offset by a decrease of $55,000 in interest paid on deposits.

Interest expense on deposits decreased by $55,000, or 7.2%, to $705,000 for the three months ended March 31, 2026 from $760,000 for the three months ended March 31, 2025 due to a decrease in the average rate paid on deposits and a slight decrease in the average balance of deposits. The average rate paid on deposits decreased by 11 basis points to 1.88% for the three months ended March 31, 2026 from 1.99% for the three months ended March 31, 2025 due to declining interest rates and a shift in customer funds from fixed-rate certificates of deposit into more liquid deposit products with variable rates. The decrease in the average balance of deposits was not significant.

Interest paid on FHLB borrowings increased $95,000, from $112,000 for the three months ended March 31, 2025 to $207,000 for the three months ended March 31, 2026. The increase in interest paid on borrowings was due to the average balance of FHLB advances increasing by $10.7 million to $22.6 million for the three months ended March 31, 2026 from $11.9 million for the three months ended March 31, 2025. The average rate paid on borrowings decreased from 3.87% for the three months ended March 31, 2025 to 3.77% for the three months ended March 31, 2026 due to a decrease in the federal funds rate.

Net Interest Income. Net interest income increased by $594,000, or 40.6%, to $2.1 million for the three months ended March 31, 2026 from $1.5 million for the three months ended March 31, 2025. Net interest rate spread increased by 61 basis points to 3.25% for the three months ended March 31, 2026 from 2.64% for the three months ended March 31, 2025, reflecting a 60 basis points increase in the average yield on interest-earning assets and a one basis point decrease in the average interest rate paid on interest-bearing liabilities. The net interest margin increased to 3.61% for the three months ended March 31, 2026 from 2.97% for the three months ended March 31, 2025. The increase in the average yield on interest earning assets for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to an increase in the average yield of all interest-earning asset categories (with the exception of cash and cash equivalents which decreased by 71 basis points due to a drop in the federal funds rate) associated with an increase in the percentage of commercial and multi-family real estate loans comprising the total loan portfolio which generally carry higher interest rates than the other categories of loans. Also, the Company has been retaining higher rate mortgages in its one-to-four-family residential loan portfolio. Net interest-earning assets increased by $18.6 million, or 54.6%, to $52.7 million for the three months ended March 31, 2026 from $34.1 million for the three months ended March 31, 2025.

Provision for (Recovery of) Credit Losses. We charge (credit) provisions for (recovery of) credit losses to operations in order to maintain our allowance for credit losses on loans and reserve for unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and expected losses on commitments to grant loans that are expected to be advanced at the consolidated balance sheet date. In determining the level of the allowance for credit losses, we consider our past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current and future economic conditions, and the levels of non-performing and other classified loans. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates as more information becomes available or conditions change. We assess the allowance for credit losses on a quarterly basis and make provisions for (recovery of) credit losses in order to maintain the allowance.

Based on our evaluation of the above factors, we recorded a provision for credit losses of $5,000 for the three months ended March 31, 2026 compared to a recovery of credit losses of $42,000 for the three months ended March 31,

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2025. The increase in provision when comparing the two periods was primarily related to an increase in the loan portfolio for the three months ended March 31, 2026.

The allowance for credit losses was $1.7 million, or 0.80%, of loans outstanding at March 31, 2026 and $1.6 million, or 0.85%, of loans outstanding at March 31, 2025.

To the best of our knowledge, we have recorded our best estimate of expected losses in the loan portfolio and for unfunded commitments at March 31, 2026. In addition, the WDFI and the FDIC, as an integral part of their 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. However, regulatory agencies are not directly involved in establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.

Non-interest Income. Non-interest income information is as follows.


		Three Months Ended
		March 31,						Change
		2026			2025			Amount			Percent

		(Dollars in thousands)
Service charges on deposit accounts		$	24		$	25		$	(1)		(4.0)	%
Mortgage banking			68			59			9		15.3	%
Increase in cash surrender value of BOLI			71			68			3		4.4	%
Other			83			55			28		50.9	%
Total non-interest income		$	246		$	207		$	39		18.8	%

Non-interest income increased by $39,000 to $246,000 for the three months ended March 31, 2026 from $207,000 for the three months ended March 31, 2025. Other income increased by $28,000 as a result of the Company leasing the top floor of its Brookfield branch to new tenants and an insurance reimbursement on the Company’s foreclosed assets.

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Non-interest Expenses. Non-interest expenses information is as follows.


		Three Months Ended
		March 31,						Change
		2026			2025			Amount			Percent

		(Dollars in thousands)
Salaries and employee benefits		$	951		$	796		$	155		19.5	%
Occupancy and equipment			233			233			—		—	%
Data processing and office			88			117			(29)		(24.8)	%
Professional fees			176			178			(2)		(1.1)	%
Marketing expenses			14			9			5		55.6	%
Foreclosed assets, net			15			13			2		15.4	%
Other			212			171			41		24.0	%
Total non-interest expenses		$	1,689		$	1,517		$	172		11.3	%

Non-interest expenses were $1.7 million for the three months ended March 31, 2026 and $1.5 million for the three months ended March 31, 2025. The increase was primarily related to an increase in salaries and employee benefits and other non-interest expenses which was offset by a decrease in data processing and office expenses. The salaries and employee benefits increase was associated with increased compensation expense related to the expansion of the Company’s ESOP and the hiring of additional personnel. The increase in other non-interest expenses was due to the payment of the annual NASDAQ listing fee. The decrease in data processing and office expenses was related to a new contract with the Company’s core software provider which started in September 2025. This new contract is expected to save the Company approximately $185,000 annually.

Provision for Income Taxes. Income tax expense was $121,000 for the three months ended March 31, 2026, an increase of $76,000, as compared to income tax expense of $45,000 for the three months ended March 31, 2025. The increase in income tax expense was primarily the result of an increase in income before provision for income taxes for the three months ended March 31, 2026.

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

General. Net income was $1.4 million for the nine months ended March 31, 2026, an increase of $1.1 million, or 282.9%, from net income of $374,000 for the nine months ended March 31, 2025. The increase in net income was primarily attributable to an increase in net interest income of $1.8 million and an increase in non-interest income of $45,000. These increases were offset by a decrease in the recovery of credit losses of $187,000, from a recovery of credit losses of $189,000 for the nine months ended March 31, 2025 to a recovery of credit losses of $2,000 for the nine months ended March 31, 2026, and an increase in non-interest expenses of $354,000. The provision for income taxes also increased by $224,000.

Interest Income. Interest income increased by $1.9 million, or 27.2%, to $8.8 million for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025 primarily due to an increase in loan interest income.

Loan interest income increased by $1.9 million, or 30.8%, to $8.2 million for the nine months ended March 31, 2026, as compared to $6.3 million for the nine months ended March 31, 2025, due to an increase in the average yield on loans and an increase in the average balance of loans. The average yield on the loan portfolio increased by 63 basis points from 4.68% for the nine months ended March 31, 2025 to 5.31% for the nine months ended March 31, 2026. The average balance of the loan portfolio increased by $27.4 million, or 15.3%, to $206.6 million for the nine months ended March 31, 2026 from $179.2 million for the nine months ended March 31, 2025. The increase in the average yield on the loan portfolio was the result of higher interest rates on new loan originations. The increase in the average balance of the loan portfolio was primarily related to new loan growth (multi-family real estate loans and one-to-four-family residential loans).

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Debt securities interest income decreased by $11,000, or 8.2%, to $120,000 for the nine months ended March 31, 2026 from $131,000 for the nine months ended March 31, 2025 due to a decrease of $1.7 million in the average balance of debt securities to $4.9 million for the nine months ended March 31, 2026 from $6.6 million for the nine months ended March 31, 2025. This decrease was offset by an increase in the average yield on the debt securities portfolio of 62 basis points to 3.26% for the nine months ended March 31, 2026 as compared to 2.64% for the nine months ended March 31, 2025. The average balance of debt securities continued to decrease as a result of securities calls and paydowns. The increase in the average yield on the debt securities portfolio was due to a $1.0 million floating rate corporate bond that was called in October 2025 that had a coupon rate of 10.17% for the last three months prior to being called. It was purchased in May 2021.

Interest Expense. Interest expense increased $103,000, or 3.9%, to $2.7 million for the nine months ended March 31, 2026 from $2.6 million for the nine months ended March 31, 2025, due to an increase in interest paid on FHLB borrowings. Interest expense on deposits decreased slightly when comparing the nine months ended March 31, 2026 to the nine months ended March 31, 2025.

The decrease in interest expense on deposits was due to a decrease in the average rate paid on deposits offset by an increase in the average balance of deposits. The average rate paid on deposits decreased by ten basis points to 1.90% for the nine months ended March 31, 2026 from 2.0% for the nine months ended March 31, 2025 due to declining interest rates and a shift in customer funds from fixed-rate certificates of deposit into more liquid deposit products with variable rates. The increase in the average balance of deposits was the result of the initiation of new loan relationships which increased the average balances of demand, NOW, money market and savings deposit accounts while the decrease in the average balance of certificates of deposit accounts was related to runoff due to rate competition by our competitors.

Interest paid on FHLB borrowings increased $158,000, from $330,000 for the nine months ended March 31, 2025 to $488,000 for the nine months ended March 31, 2026. The increase in interest paid on borrowings was due to the average balance of FHLB advances increasing by $6.4 million to $17.6 million for the nine months ended March 31, 2026 from $11.1 million for the nine months ended March 31, 2025. The average rate paid on borrowings decreased from 3.95% for the nine months ended March 31, 2025 to 3.72% for the nine months ended March 31, 2026 due to a decrease in the federal funds rate.

Net Interest Income. Net interest income increased by $1.8 million, or 41.5%, to $6.1 million for the nine months ended March 31, 2026 from $4.3 million for the nine months ended March 31, 2025. Net interest rate spread increased by 61 basis points to 3.12% for the nine months ended March 31, 2026 from 2.51% for the nine months ended March 31, 2025, reflecting a 56 basis points increase in the average yield on interest-earning assets and a five basis points decrease in the average interest rate paid on interest-bearing liabilities. The net interest margin increased to 3.58% for the nine months ended March 31, 2026 from 2.87% for the nine months ended March 31, 2025. The increase in the average yield on interest earning assets for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025 was primarily due to an increase in the average yield of all interest-earning asset categories (with the exception of cash and cash equivalents which decreased by 72 basis points due to a drop in the federal funds rate) was associated with an increase in the percentage of commercial and multi-family real estate loans comprising the total loan portfolio which generally carry higher interest rates than the other categories of loans. Also, the Company has been retaining higher rate mortgages in its one-to-four-family residential loan portfolio. Net interest-earning assets increased by $16.2 million, or 45.6%, to $51.9 million for the nine months ended March 31, 2026 from $35.6 million for the nine months ended March 31, 2025.

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Provision for (Recovery of) Credit Losses. We charge (credit) provisions for (recovery of) credit losses to operations in order to maintain our allowance for credit losses on loans and reserve for unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and expected losses on commitments to grant loans that are expected to be advanced at the consolidated balance sheet date. In determining the level of the allowance for credit losses, we consider our past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current and future economic conditions, and the levels of non-performing and other classified loans. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates as more information becomes available or conditions change. We assess the allowance for credit losses on a quarterly basis and make provisions for (recovery of) credit losses in order to maintain the allowance.

Based on our evaluation of the above factors, we recorded a recovery of credit losses of $2,000 for the nine months ended March 31, 2026 compared to a recovery of credit losses of $189,000 for the nine months ended March 31, 2025. The decrease in recovery when comparing the two periods was primarily related to an increase in the loan portfolio for the nine months ended March 31, 2026. The recovery continues to be related to the projected future economic conditions in our market area stabilizing over the next two years, an increase in prepayments in both consumer and commercial loans, which was impactful to the weighted average life of the loan portfolio and the continuous recoveries of two legacy charge-offs.

The allowance for credit losses was $1.7 million, or 0.80%, of loans outstanding at March 31, 2026 and $1.6 million, or 0.85%, of loans outstanding at March 31, 2025.

To the best of our knowledge, we have recorded our best estimate of expected credit losses in the loan portfolio and for unfunded commitments at March 31, 2026. However, future changes in the factors described above, including, but not limited to, actual loss experience with respect to our loan portfolio, could result in material changes to our estimate. In addition, the WDFI and the FDIC, as an integral part of their 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. However, regulatory agencies are not directly involved in establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.

Non-interest Income. Non-interest income information is as follows.


		Nine Months Ended
		March 31,						Change
		2026			2025			Amount			Percent

		(Dollars in thousands)
Service charges on deposit accounts		$	92		$	85		$	7		8.24	%
Mortgage banking			215			224			(9)		(4.0)	%
Increase in cash surrender value of BOLI			212			202			10		5.0	%
Other			106			69			37		53.62	%
Total non-interest income		$	625		$	580		$	45		7.76	%

Non-interest income increased by $45,000 to $625,000 for the nine months ended March 31, 2026 from $580,000 for the nine months ended March 31, 2025. Other income increased by $37,000 as a result of the Company leasing the top floor of its Brookfield branch to new tenants and an insurance reimbursement on the Company’s foreclosed assets.

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Non-interest Expenses. Non-interest expenses information is as follows.


		Nine Months Ended
		March 31,						Change
		2026			2025			Amount			Percent

		(Dollars in thousands)
Salaries and employee benefits		$	2,753		$	2,466		$	287		11.6	%
Occupancy and equipment			659			684			(25)		(3.7)	%
Data processing and office			215			332			(117)		(35.2)	%
Professional fees			626			520			106		20.4	%
Marketing expenses			57			38			19		50.0	%
Foreclosed assets, net			44			36			8		(37.8)	%
Other			596			520			76		14.6	%
Total non-interest expenses		$	4,950		$	4,596		$	354		7.7	%

Non-interest expenses were $5.0 million for the nine months ended March 31, 2026 compared to $4.6 million for the nine months ended March 31, 2025. The increase was primarily related to an increase in salaries and employee benefits, professional fees and other non-interest expenses which was offset by a decrease in data processing and office expenses. The salaries and employee benefits increase was associated with increased compensation expense related to expansion of the Company’s ESOP and the hiring of additional personnel. The increase in professional fees was related to timing of various legal expenses while the increase in other non-interest expenses was due to the payment of the annual NASDAQ listing fee. The decrease in data processing and office expenses was related to a new contract with the Company’s core software provider which started in September 2025. This new contract is expected to save the Company approximately $185,000 annually.

Provision for Income Taxes. Income tax expense was $311,000 for the nine months ended March 31, 2026, an increase of $224,000, as compared to income tax expense of $87,000 for the nine months ended March 31, 2025. The increase in income tax expense was primarily the result of an increase in income before provision for income taxes during the nine months ended March 31, 2026. The effective tax rate for the nine months ended March 31, 2026 and 2025 was 17.8% and 18.9%, respectively.

Asset Quality

Loans Past Due and Non-Performing Assets. Loans are reviewed on a regular basis. Non-accrual loans are loans for which collectability is questionable and, therefore, interest on such loans will no longer be recognized on an accrual basis. All loans that become 90 days or more delinquent are placed on non-accrual status unless the loan is well secured and in the process of collection. When loans are placed on non-accrual status, unpaid accrued interest is fully reversed, and further income is recognized only to the extent received on a cash basis or cost recovery method.

When we acquire real estate as a result of foreclosure, the real estate is classified as real estate owned. Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from foreclosed assets. Costs relating to the development and improvement of the property, however, are capitalized to the extent of estimated fair value less estimated costs to sell.

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Delinquent Loans. The following table sets forth our loan delinquencies, including non-accrual loans, by type and amount at the dates indicated.


		At March 31, 2026								At June 30, 2025
		30-59			60-89			90 Days					30-59			60-89			90 Days
		Days			Days			or More		Nonaccrual			Days			Days			or More			Nonaccrual
		Past Due			Past Due			Past Due		Balance			Past Due			Past Due			Past Due			Balance

		(In thousands)
Real estate loans:
One- to- four-family residential		$	37		$	—		$	—	$	190		$	253		$	—		$	—		$	67
Multifamily			—			—			—		—			—			—			—			—
Commercial			133			—			—		—			—			—			—			—
Construction			—			—			—		—			—			—			—			—
Commercial and industrial			—			—			—		—			—			—			—			—
Consumer			—			—			—		—			—			—			—			—
Total		$	170		$	—		$	—	$	190		$	253		$	—		$	—		$	67

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


		At March 31,			At June 30,
		2026			2025

		(Dollars in thousands)
Non-accrual loans:
Real estate loans:
One- to four-family residential		$	190		$	67
Multifamily			—			—
Commercial			—			—
Construction			—			—
Commercial and industrial			—			—
Consumer			—			—
Total non-accrual loans			190			67
Accruing loans past due 90 days or more			—			—
Real estate owned:
One- to four-family residential			—			—
Multifamily			—			—
Commercial			—			—
Construction			996			996
Commercial and industrial			—			—
Consumer			—			—
Total real estate owned			996			996
Total non-performing assets		$	1,186		$	1,063
Total non-performing loans to total loans			0.09	%		0.03	%
Total non-performing loans to total assets			0.08	%		0.03	%
Total non-performing assets to total assets			0.48	%		0.45	%

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Non-performing assets include other real estate owned of $996,000 at March 31, 2026 and June 30, 2025. During the year ended June 30, 2023, the Company foreclosed on collateral supporting a construction loan which was valued at $2.3 million and was included in foreclosed assets (OREO), net. The valuation was based on independent appraisals subject to certain discounts less estimated costs to sell. A subsequent independent appraisal was obtained in April 2024 subject to certain discounts less estimated costs to sell. After adjusting for estimated costs to sell, the revised valuation was $1.4 million resulting in a provision for valuation allowance of $937,100 being recorded during the year ended June 30, 2024. An offer to sell the property for $1.1 million was accepted by the Company in August 2025 resulting in a provision for valuation allowance of $378,767 being recorded during the year ended June 30, 2025. The sale contract was terminated during the three months ended December 31, 2025 and the Company has relisted the property for $1.5 million. Non-performing loans at March 31, 2026 consisted of two one-to four-family residential loans that were fully secured compared to one one-to four-family residential loan that was fully secured at June 30, 2025.

Classified Assets. Federal regulations provide for the classification of loans and other assets, such as debt and equity securities considered to be of lesser quality, as “substandard,” “doubtful” or “loss.” An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard,” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of an allowance for credit loss is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are designated as “special mention” or “watch” by our management.

Set forth below is a schedule of classified loans as of March 31, 2026 and June 30, 2025.


		March 31,		June 30,
		2026		2025

	(In thousands)
Classification of Loans:
Substandard	$	—	$	—
Doubtful		—		—
Loss		—		—
Total Classified Assets	$	—	$	—
Special Mention/Watch	$	650	$	1,151

Allowance for Credit Losses

Allowance for Credit Losses. We establish the allowance for credit losses through charges (credits) to earnings in the form of a provision for (recovery of) credit losses. Credit losses are charged against the allowance for credit losses for the difference between the carrying value of the loan and the estimated net realizable value or fair value of the collateral, if collateral dependent, when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance.

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


	For the Three Months Ended						For the Nine Months Ended
	March 31,						March 31,
	2026			2025			2026			2025

	(Dollars in thousands)						(Dollars in thousands)
Allowance at beginning of period	$	1,703		$	1,651		$	1,708		$	1,797
Provision for (recovery of) credit losses		5			(42)			(2)			(189)
Charge offs:
Real estate loans:
One- to four-family residential		—			—			—			—
Multifamily		—			—			—			—
Commercial		—			—			—			—
Construction		—			—			—			—
Commercial loans and industrial		—			—			—			—
Consumer		—			—			—			—
Total charge-offs		—			—			—			—
Recoveries:
Real estate loans:
One- to four-family residential		—			3			—			3
Multifamily		—			—			—			—
Commercial		—			—			—			—
Construction		—			—			—			—
Commercial and industrial		—			—			—			—
Consumer		1			—			3			1
Total recoveries		1			3			3			4
Net (charge-offs) recoveries		1			3			3			4
Allowance at end of period	$	1,709		$	1,612		$	1,709		$	1,612
Allowance to non-performing loans		899.47	%		—	%		899.47	%		—	%
Allowance to total loans outstanding at the end of the period		0.80	%		0.85	%		0.80	%		0.85	%
Net (charge-offs) recoveries to average loans outstanding during the period		0.00	%		0.00	%		0.00	%		0.00	%

Net (charge-offs) recoveries to average loans outstanding during the period

Real estate loans:
One- to four-family residential		—	%		—	%		—	%		—	%
Multifamily		—	%		—	%		—	%		—	%
Commercial		—	%		—	%		—	%		—	%
Construction		—	%		—	%		—	%		—	%
Commercial and industrial		—	%		—	%		—	%		—	%
Consumer		—	%		—	%		—	%		—	%
Net (charge-offs) recoveries to average loans outstanding during the period		0.00	%		0.00	%		0.00	%		0.00	%

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


		At March 31, 2026							At June 30, 2025

					Percent of		Percent of Loans					Percent of		Percent of Loans
					Allowance to		In Category to Total					Allowance to		In Category to Total
		Amount			Total Allowance		Loans		Amount			Total Allowance		Loans

		(Dollars in thousands)
Commercial real estate		$	339		19.8	%	42.5	%	$	390		22.8	%	45.4	%
Commercial and industrial			10		0.6	%	1.7	%		11		0.6	%	1.9	%
Construction			—		—	%	0.4	%		4		0.3	%	0.4	%
One-to-four-family residential			1,124		65.8	%	29.9	%		1,123		65.7	%	27.8	%
Multi-family real estate			214		12.5	%	24.2	%		171		10.0	%	23.6	%
Consumer			22		1.3	%	1.3	%		9		0.6	%	0.9	%
Total		$	1,709		100	%	100	%	$	1,708		100.0	%	100.0	%

Liquidity and Capital Resources

Liquidity describes our ability to meet the 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, proceeds from the sale of loans, and proceeds from maturities of securities. We also have the ability to borrow from the Federal Home Loan Bank of Chicago. At March 31, 2026, we had a $86.7 million line of credit with the Federal Home Loan Bank of Chicago, which had $24.0 million in borrowings outstanding as of that date. The Bank also has $19.8 million available to borrow from the Federal Reserve Bank which is pledged by multi-family loans and an unsecured Federal Funds purchasing limit of $5.0 million with the Bank’s correspondent bank. There were no borrowings under these arrangements at March 31, 2026.

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

Our cash flows are comprised of three primary classifications: cash flows from operating activities, investing activities, and financing activities. Net cash provided by operating activities was $2.0 million and $1.9 million of cash provided by operating activities for the nine months ended March 31, 2026 and 2025, respectively. Net cash used in investing activities, which consists primarily of disbursements for loan origination, the purchase of securities, and the purchase of premises and equipment offset by principal collections on loans, proceeds from the sale of securities and proceeds from maturing securities and pay downs on securities, was $10.8 million used in investing activities compared to $3.7 million used in investing activities for the nine months ended March 31, 2026 and 2025, respectively. Net cash provided by financing activities, consisting of activity in deposit accounts and borrowings, was $8.0 million provided by financing activities compared to $15.0 million being provided by financing activities for the nine months ended March 31, 2026 and 2025, respectively.

We are committed to maintaining a strong liquidity position. We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. Based on our deposit retention experience, current pricing strategy and regulatory restrictions, we anticipate that a substantial portion of maturing time deposits will be retained, and that we can supplement our funding with borrowings in the event that we allow these deposits to run off at maturity.

At March 31, 2026, Marathon Bank was classified as “well capitalized” for regulatory capital purposes. See Note 10-Minimum Regulatory Capital Requirements in the accompanying consolidated financial statements for additional information.

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Off-Balance Sheet Arrangements and Aggregate Contractual Obligations

Commitments. As a financial services provider, we routinely are a party to various financial instruments with off-balance-sheet risks, such as commitments to extend credit and unused lines of credit. While these contractual obligations represent our future cash requirements, a significant portion of commitments to extend credit may expire without being drawn upon. Such commitments are subject to the same credit policies and approval process accorded to loans we make. At March 31, 2026, we had outstanding commitments to originate loans of $7.4 million, and $672,700 outstanding commitments to sell loans. We anticipate that we will have sufficient funds available to meet our current lending commitments. Time deposits that are scheduled to mature in one year or less from March 31, 2026 totaled $52.3 million, which include $10.8 million in brokered certificates of deposit. Management expects that a substantial portion of the maturing time deposits will be renewed. However, if a substantial portion of these deposits is not retained, we may utilize additional Federal Home Loan Bank advances or other borrowings, which may result in higher levels of interest expense.

Contractual Obligations. In the ordinary course of our operations, we enter into certain contractual obligations. Such obligations include data processing services, operating leases for premises and equipment, agreements with respect to borrowed funds and deposit liabilities.

Recent Accounting Pronouncements

Please refer to Note 1 to the consolidated financial statements for a description of recent accounting pronouncements that may affect our financial condition and results of operations.

Impact of Inflation and Changing Price

The financial statements and related data presented herein have been prepared in accordance with U.S. GAAP, which requires 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 of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates, generally, have a more significant impact on a financial institution’s performance than does inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

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Item 3. Quantitative and Qualitative Disclosure about Market Risk

A smaller reporting company is not required to provide the information related to this item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are the controls and other procedures that are designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must necessarily reflect the fact that there are resource constraints and that management is required to apply its judgement in evaluating the benefits of possible controls and procedures relative to their costs.

Under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer , the Company has evaluated the effectiveness of the Company’s disclosure controls and procedures as defined in Rules 13a-15 and 15d-15(e) under the Exchange Act as of March 31, 2026. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2026, the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the third quarter of the fiscal year ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

As of March 31, 2026, the Company is not currently a named party in a legal proceeding, the outcome of which would have a material effect on the financial condition or results of operations of the Company.

Item 1A. Risk Factors

A smaller reporting company is not required to provide the information related to this item.

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

None.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the third fiscal quarter of 2026, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as that term is used in SEC regulations.

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Item 6. Exhibits


Exhibit No.		Description

31.1		Rule 13a-14(a) / 15d-14(a) Certification of the Chief Executive Officer
31.2		Rule 13a-14(a) / 15d-14(a) Certification of the Chief Financial Officer
32.1		Section 1350 Certification of the Chief Executive Officer
32.2		Section 1350-Certification of the Chief Financial Officer
101		The following materials from Marathon Bancorp, Inc. Form 10-Q for the three and nine months ended March 31, 2026 and 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Statements of Income, (ii) the Consolidated Balance Sheets, (iii) Consolidated Statements of Cash Flows, and (iv) related notes
104		Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

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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.


	Marathon Bancorp, Inc.

Date: May 13, 2026	By:	/s/ Nicholas W. Zillges
		Nicholas W. Zillges
		President and Chief Executive
		Officer (Principal Executive Officer)

Date: May 13, 2026	By:	/s/ Joy Selting-Buchberger
		Joy Selting-Buchberger
		Senior Vice President and Chief
		Financial Officer (Principal
		Financial and Accounting Officer)

Source: View Original Filing on SEC EDGAR

FAQ

How did Marathon Bancorp (MBBC) perform in the quarter ended March 31, 2026?

Marathon Bancorp reported much higher quarterly earnings, with net income of $487,863. This compares to $148,403 a year earlier, reflecting stronger net interest income from loan growth and relatively stable expenses. Earnings per share were $0.18 basic and diluted, versus $0.05 previously.

What were Marathon Bancorp’s nine-month results through March 31, 2026?

For the nine months, Marathon Bancorp earned net income of $1,433,552. This was up from $374,437 in the prior-year period. Basic and diluted earnings per share were $0.53, compared to $0.13, driven mainly by higher net interest income and modest credit loss provisions.

How did Marathon Bancorp’s loan portfolio change by March 31, 2026?

Total loans increased to $213.5 million as of March 31, 2026. This was up from $202.6 million at June 30, 2025, with notable balances in commercial real estate, one‑to‑four‑family residential, and multi‑family real estate lending, supporting higher interest income during the period.

What is the asset quality profile for Marathon Bancorp (MBBC)?

Asset quality indicators remained manageable, with limited nonaccrual exposure. Nonaccrual one‑to‑four‑family residential loans were $190,013, and the allowance for credit losses on loans totaled about $1.71 million. Foreclosed assets stayed at $2.31 million, with no new transfers or write‑downs in the period.

How is Marathon Bancorp funded and what are its deposit levels?

Marathon Bancorp is primarily funded by deposits totaling $174.2 million. The mix includes non‑interest‑bearing demand, savings, money market, and certificates of deposit. Brokered deposits were $12.0 million, and the company also supplements funding with $24.0 million of Federal Home Loan Bank advances.

What are Marathon Bancorp’s regulatory capital ratios as of March 31, 2026?

The bank reported a tier 1 capital to average assets ratio of 15.35%. This significantly exceeds the 9.0% community bank leverage ratio standard for being considered well capitalized. Regulators categorized the bank as well capitalized, and management believes all capital requirements are met.

How did net interest income change for Marathon Bancorp year-to-date?

Net interest income improved to $6,067,724 for the nine months ended March 31, 2026. This compares with $4,288,847 in the prior-year period. The increase reflected higher interest income on a larger loan portfolio, partially offset by interest expense on deposits and Federal Home Loan Bank advances.

Marathon Bancorp (MBBC) boosts profit on loan growth and strong capital in Q3 2026

Rhea-AI Filing Summary

Positive

Negative

Insights

Regional bank equity analyst positive

Key Figures

Key Terms

FAQ

How did Marathon Bancorp (MBBC) perform in the quarter ended March 31, 2026?

What were Marathon Bancorp’s nine-month results through March 31, 2026?

How did Marathon Bancorp’s loan portfolio change by March 31, 2026?

What is the asset quality profile for Marathon Bancorp (MBBC)?

How is Marathon Bancorp funded and what are its deposit levels?

What are Marathon Bancorp’s regulatory capital ratios as of March 31, 2026?

How did net interest income change for Marathon Bancorp year-to-date?