What changed in Central Plains Bancshares, Inc.'s 10-K — 2024 vs 2025
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Paragraph-level year-over-year comparison of Central Plains Bancshares, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.
+270 added−245 removedSource: 10-K (2025-06-26) vs 10-K (2024-06-21)
Top changes in Central Plains Bancshares, Inc.'s 2025 10-K
270 paragraphs added · 245 removed · 177 edited across 2 sections
- Item 6. [Reserved]+258 / −237 · 171 edited
- Item 1C. Cybersecurity+12 / −8 · 6 edited
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
6 edited+6 added−2 removed24 unchanged
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
6 edited+6 added−2 removed24 unchanged
2024 filing
2025 filing
Biggest changeWe own seven of our properties and lease the remaining two properties. Our properties range in size from 1,150 square feet to 12,197 square feet.
Biggest changeWe own seven of our properties and lease the remaining property. Our properties range in size from 1,150 square feet to 12,197 square feet. We believe that our current facilities are adequate to meet our present and foreseeable needs.
Response to Security Vulnerabilities In response to identified risks, management may take certain steps to correct and respond to security vulnerabilities, which may include: • Eliminating unwarranted risks by applying vendor-provided software fixes, commonly called patches. • Ensuring that changes to security configurations are documented, approved, and tested when possible. • Ensuring that exploitable files and services are assessed and removed or disabled based upon known vulnerabilities and business needs. • Updating vulnerability scanning and intrusion detection tools to identify known vulnerabilities and related unauthorized activities. • Conducting subsequent penetration testing and vulnerability assessments, as warranted. 36 Table of Contents • Reviewing performance with service providers to ensure security maintenance and reporting responsibilities are operating according to contract provisions and that service providers provide notification of system security breaches that may affect the company.
Response to Security Vulnerabilities In response to identified risks, management may take certain steps to correct and respond to security vulnerabilities, which may include: • Eliminating unwarranted risks by applying vendor-provided software fixes, commonly called patches. • Ensuring that changes to security configurations are documented, approved, and tested when possible. • Ensuring that exploitable files and services are assessed and removed or disabled based upon known vulnerabilities and business needs. • Updating vulnerability scanning and intrusion detection tools to identify known vulnerabilities and related unauthorized activities. • Conducting subsequent penetration testing and vulnerability assessments, as warranted. 34 Table of Contents • Reviewing performance with service providers to ensure security maintenance and reporting responsibilities are operating according to contract provisions and that service providers provide notification of system security breaches that may affect the Company.
The COO is a member of the Technology Committee and the Disaster Recovery Commit and information from committee meetings and testing is reported to the Board. The company has implemented an Incident Response Plan to provide a structured incident response process for information security incidents that affect any of the information technology systems, network, or data of the company.
The COO is a member of the Technology Committee and the Disaster Recovery Committee and information from committee meetings and testing is reported to the Board. The Company has implemented an Incident Response Plan to provide a structured incident response process for information security incidents that affect any of the information technology systems, network, or data of the Company.
At March 31, 2024, we were not involved in any legal proceedings, the outcome of which we believe would be material to our financial condition or results of operations. It em 4. Mine Safety Disclosures. Not applicable. 38 Table of Contents PART II It em 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
At March 31, 2025, we were not involved in any legal proceedings, the outcome of which we believe would be material to our financial condition or results of operations. It em 4. Mine Safety Disclosures. Not Applicable. 36 Table of Contents PART II It em 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market, Holder and Dividend Information. Our common stock is traded on the NASDAQ Global Select Market under the symbol “CPBI.” The approximate number of holders of record of Central Plains Bancshares, Inc.’s common stock as of June 17, 2024 was 262.
Market, Holder and Dividend Information. Our common stock is traded on the NASDAQ Global Select Market under the symbol “CPBI.” The approximate number of holders of record of Central Plains Bancshares, Inc.’s common stock as of June 16, 2025 was 253.
Properties. We operate from our main office in Grand Island, Nebraska, six branch offices located in Grand Island, Hastings, Holdrege, Lexington and Superior, Nebraska, a drive-up facility in Grand Island, Nebraska and a loan production office in Lincoln, Nebraska. At March 31, 2024, the net book value of our properties (including furniture, fixtures and equipment) was $5.9 million.
Properties. We operate from our main office in Grand Island, Nebraska, eight branch offices located in Grand Island, Hastings, Holdrege, Lexington, Lincoln and Superior, Nebraska, and a drive-up facility in Grand Island, Nebraska. At March 31, 2025, the net book value of our properties (including furniture, fixtures and equipment) was $12.9 million.
Removed
Although we believe that our current facilities are adequate to meet our present and foreseeable needs, we intend to establish a branch office in Lincoln, Nebraska, as a replacement for our loan production office currently located in Lincoln. We currently anticipate opening this office in the second quarter of 2025. 37 Table of Contents Ite m 3. Legal Proceedings.
Added
As of March 31, 2025 our new branch office in Lincoln, Nebraska was 98% completed, and occupancy permits were issued in Mid March 2025. Our new Hastings, Nebraska location opened in May 2025.
Removed
Use of Proceeds. Not applicable. Securities Authorized for Issuance Under Equity Compensation Plans. Not applicable. Stock Repurchases. There were no repurchases of our shares of common stock during the year ended March 31, 2024.
Added
While Lincoln was new land and structure, in Hastings, the old building was torn down and a new building was being constructed on existing land. 35 Table of Contents Ite m 3. Legal Proceedings.
Added
Issuer Purchases of Equity Securities. Effective October 22, 2024, the Company's Board of Directors authorized a new share repurchase program that authorizes the Company to repurchase up to an aggregate of 200,000 shares, or 5%, of its then outstanding common stock.
Added
The repurchase program does not have a scheduled expiration date and the Board of Directors may suspend or discontinue the program at any time. As of March 31, 2025, 28,139 shares have been repurchased pursuant to the program at a cost of $415,000, which includes $2,000 in commission expenses.
Added
The following table sets forth information about the Company's purchases of its common stock during the three months ended March 31, 2025.
Added
Period Total Number of Shares Purchased (1) Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs January 1 - January 31, 2025 6,335 $ 14.70 6,335 184,279 February 1 - February 28, 2025 4,131 14.70 4,131 180,148 March 1 - March 31. 2025 8,287 14.82 8,287 171,861 Total 18,753 $ 14.74 18,753
Item 6. [Reserved]
Selected Financial Data — reserved (removed by SEC in 2021)
171 edited+87 added−66 removed160 unchanged
Item 6. [Reserved]
Selected Financial Data — reserved (removed by SEC in 2021)
171 edited+87 added−66 removed160 unchanged
2024 filing
2025 filing
Biggest changeBased on the most recent analysis performed, the risk category of loans by class and year of origination is as follows: Term Loans by Origination Year (Fiscal Year) Revolving 2024 2023 2022 Prior Loans Total (Dollars in thousands) At March 31, 2024 Real Estate - Construction Pass $ 10,822 $ 3,231 $ — $ — $ 1,958 $ 16,011 Special Mention — — — — — — Substandard — — — — — — Doubtful — — — — — — Total Real Estate - Construction $ 10,822 $ 3,231 $ — $ — $ 1,958 $ 16,011 Current year-to-date gross write-offs — — — — — — Real Estate - Commercial Pass 16,878 30,294 27,294 46,259 244 $ 120,969 Special Mention — — — — — — Substandard 399 — — 1,945 — 2,344 Doubtful — — — — — — Total Real Estate - Commercial $ 17,277 $ 30,294 $ 27,294 $ 48,204 $ 244 $ 123,313 Current year-to-date gross write-offs — — — — — — Real Estate - Residential Pass 16,391 25,357 49,959 50,621 7,326 $ 149,654 Special Mention — — — — — — Substandard — — — 119 — 119 Doubtful — 81 — — — 81 Total Real Estate - Residential $ 16,391 $ 25,438 $ 49,959 $ 50,740 $ 7,326 $ 149,854 Current year-to-date gross write-offs — — — — — — Commercial - Non-Real Estate Pass 8,111 5,140 4,228 11,298 5,712 $ 34,489 Special Mention — — — — — — Substandard — 133 — 329 80 542 Doubtful — — — 16 — 16 Total Commercial - Non-Real Estate $ 8,111 $ 5,273 $ 4,228 $ 11,643 $ 5,792 $ 35,047 Current year-to-date gross write-offs — — — — — — Agricultural Pass 3,391 3,283 2,537 4,353 6,130 $ 19,694 Special Mention — — — — — — Substandard — — — — — — Doubtful — — — — — — Total - Agricultural $ 3,391 $ 3,283 $ 2,537 $ 4,353 $ 6,130 $ 19,694 Current year-to-date gross write-offs — — — — — — Other Consumer Pass 8,020 8,436 966 2,520 — $ 19,942 Special Mention — — — — — — Substandard 10 5 14 14 — 43 Doubtful — — — — — — Total Other Consumer $ 8,030 $ 8,441 $ 980 $ 2,534 $ — $ 19,985 Current year-to-date gross write-offs 6 — — — — 6 Land Development and Sanitary & Improvement Districts (SIDs) Pass 613 6,776 7,305 1,447 200 $ 16,341 Special Mention — — — — — — Substandard — — — — — — Doubtful — — — — — — Total Land Development and Sanitary & Improvement Districts (SIDs) $ 613 $ 6,776 $ 7,305 $ 1,447 $ 200 $ 16,341 Current year-to-date gross write-offs — — — — — — Total loans $ 64,635 $ 82,736 $ 92,303 $ 118,921 $ 21,650 $ 380,245 72 Table of Contents The Association’s loan classifications as of March 31, 2023, are as follows: Special Total Pass Mention Substandard Doubtful Loans (Dollars in thousands) 1–4 Family Residential $ 118,839 $ — $ 771 $ — $ 119,610 Multi-Family Residential 34,296 — — — 34,296 Commercial Real Estate 99,367 — 3,079 — 102,446 Agriculture Real Estate 9,245 — — — 9,245 Commercial Non-Real Estate 29,390 — 711 — 30,101 Agriculture Non-Real Estate 8,921 — — — 8,921 Sanitary & Improvement Districts (SIDs) 5,468 — — — 5,468 Consumer Auto 5,591 — 31 — 5,622 Consumer Other 14,334 — — — 14,334 Non 1–4 Family Construction & Land Development 23,644 — — — 23,644 Total $ 349,095 $ — $ 4,592 $ — $ 353,687 Nonperforming and Past-Due Loans —All loans in the Association’s portfolio are considered past due if the required principal and interest payments have not been received as of the date such payments were due.
Biggest changeIf a loan is classified as Doubtful, a determination based upon objective evidence must be made as to any specific or general valuation allowance within the guidelines of generally accepted accounting principles. 67 Table of Contents Based on the most recent analysis performed, the risk category of loans by class and year of origination is as follows: Term Loans by Origination Year (Fiscal Year) Revolving 2025 2024 2023 2022 2021 Prior Loans Total (Dollars in thousands) At March 31, 2025 Real Estate - Construction Pass $ 9,809 $ 2,908 $ 367 $ — $ — $ — $ 1,985 $ 15,069 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Real Estate - Construction $ 9,809 $ 2,908 $ 367 $ — $ — $ — $ 1,985 $ 15,069 Current year-to-date gross write-offs — — — — — — — — Real Estate - Commercial Pass 17,451 14,153 26,916 25,840 3,089 30,409 140 $ 117,998 Special Mention — — — — — — — — Substandard — 391 — — 306 1,489 — 2,186 Doubtful — — — — — — — — Total Real Estate - Commercial $ 17,451 $ 14,544 $ 26,916 $ 25,840 $ 3,395 $ 31,898 $ 140 $ 120,184 Current year-to-date gross write-offs — — — — — — — — Real Estate - Residential Pass 18,914 19,970 22,674 46,132 31,265 12,861 9,078 $ 160,894 Special Mention — — — — — — — — Substandard — — 135 — — 115 — 250 Doubtful — — — — — — — — Total Real Estate - Residential $ 18,914 $ 19,970 $ 22,809 $ 46,132 $ 31,265 $ 12,976 $ 9,078 $ 161,144 Current year-to-date gross write-offs — — — — — — — — Commercial - Non-Real Estate Pass 6,549 5,670 3,613 2,790 1,775 6,563 4,551 $ 31,511 Special Mention — — — — — — — — Substandard — — 122 — — 374 — 496 Doubtful — — — — — — — — Total Commercial - Non-Real Estate $ 6,549 $ 5,670 $ 3,735 $ 2,790 $ 1,775 $ 6,937 $ 4,551 $ 32,007 Current year-to-date gross write-offs 13 — — — — — — 13 Agricultural Pass 16,635 1,763 2,927 2,069 857 2,635 15,078 $ 41,964 Special Mention — — — — — — — — Substandard 405 — 165 — — — 301 871 Doubtful — — — — — — — — Total - Agricultural $ 17,040 $ 1,763 $ 3,092 $ 2,069 $ 857 $ 2,635 $ 15,379 $ 42,835 Current year-to-date gross write-offs — — — — — — — — Other Consumer Pass 2,779 5,021 5,252 359 224 996 — $ 14,631 Special Mention — — — — — — — — Substandard — — — — 5 8 — 13 Doubtful 5 — — — — — — 5 Total Other Consumer $ 2,784 $ 5,021 $ 5,252 $ 359 $ 229 $ 1,004 $ — $ 14,649 Current year-to-date gross write-offs 4 — — — — — — 4 Land Development and SIDs Pass 841 1,124 6,313 5,956 552 734 — $ 15,520 Special Mention — — — — — — — — Substandard — — 807 — — — — 807 Doubtful — — — — — — — — Total Land Development and SIDs $ 841 $ 1,124 $ 7,120 $ 5,956 $ 552 $ 734 $ — $ 16,327 Current year-to-date gross write-offs 605 — — — — — — 605 Total loans $ 73,388 $ 51,000 $ 69,291 $ 83,146 $ 38,073 $ 56,184 $ 31,133 $ 402,215 68 Table of Contents Term Loans by Origination Year (Fiscal Year) Revolving 2024 2023 2022 2021 2020 Prior Loans Total (Dollars in thousands) At March 31, 2024 Real Estate - Construction Pass $ 10,822 $ 3,231 $ — $ — $ — $ — $ 1,958 $ 16,011 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Real Estate - Construction $ 10,822 $ 3,231 $ — $ — $ — $ — $ 1,958 $ 16,011 Current year-to-date gross write-offs — — — — — — — — Real Estate - Commercial Pass 16,878 30,294 27,294 5,646 15,873 24,740 244 $ 120,969 Special Mention — — — — — — — — Substandard 399 — — 342 — 1,603 — 2,344 Doubtful — — — — — — — — Total Real Estate - Commercial $ 17,277 $ 30,294 $ 27,294 $ 5,988 $ 15,873 $ 26,343 $ 244 $ 123,313 Current year-to-date gross write-offs — — — — — — — — Real Estate - Residential Pass 16,391 25,357 49,959 33,193 4,688 12,740 7,326 $ 149,654 Special Mention — — — — — — — — Substandard — — — — — 119 — 119 Doubtful — 81 — — — — — 81 Total Real Estate - Residential $ 16,391 $ 25,438 $ 49,959 $ 33,193 $ 4,688 $ 12,859 $ 7,326 $ 149,854 Current year-to-date gross write-offs — — — — — — — — Commercial - Non-Real Estate Pass 8,111 5,140 4,228 2,841 1,101 7,356 5,712 $ 34,489 Special Mention — — — — — — — — Substandard — 133 — — — 329 80 542 Doubtful — — — — — 16 — 16 Total Commercial - Non-Real Estate $ 8,111 $ 5,273 $ 4,228 $ 2,841 $ 1,101 $ 7,701 $ 5,792 $ 35,047 Current year-to-date gross write-offs — — — — — — — — Agricultural Pass 3,391 3,283 2,537 1,037 587 2,729 6,130 $ 19,694 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total - Agricultural $ 3,391 $ 3,283 $ 2,537 $ 1,037 $ 587 $ 2,729 $ 6,130 $ 19,694 Current year-to-date gross write-offs — — — — — — — — Other Consumer Pass 8,020 8,436 966 304 2,006 210 — $ 19,942 Special Mention — — — — — — — — Substandard 10 5 14 14 — — — 43 Doubtful — — — — — — — — Total Other Consumer $ 8,030 $ 8,441 $ 980 $ 318 $ 2,006 $ 210 $ — $ 19,985 Current year-to-date gross write-offs 6 — — — — — — 6 Land Development and SIDs Pass 613 6,776 7,305 714 — 733 200 $ 16,341 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Land Development and SIDs $ 613 $ 6,776 $ 7,305 $ 714 $ — $ 733 $ 200 $ 16,341 Current year-to-date gross write-offs — — — — — — — — Total loans $ 64,635 $ 82,736 $ 92,303 $ 44,091 $ 24,255 $ 50,575 $ 21,650 $ 380,245 69 Table of Contents Nonperforming and Past-Due Loans —All loans in the Association’s portfolio are considered past due if the required principal and interest payments have not been received as of the date such payments were due.
Securities not classified as held to maturity are classified as available for sale and recorded at fair value, with unrealized gains and losses on a net-of-tax basis excluded from earnings and reported in other comprehensive income. The fair value of a security is determined based on quoted market prices.
Securities not classified as held to maturity are classified as available for sale and recorded at fair value, with unrealized gains and losses on a net-of-tax basis excluded from earnings and reported in other comprehensive income. The fair value of a security is determined based on quoted market prices.
These internal and external qualitative and credit market factors used include the following: • The nature and volume of the Company’s financial assets; • The existence, growth, and effect of any concentration of credit; • The volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and severity of adversely classified or graded assets; • The value of the underlying collateral for loans that are non-collateral-dependent; • The Company’s lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries; • The quality of the Company’s credit review function; • The experience, ability, and depth of the Company’s lending, investment, collection, and other relevant management and staff; • The effect of other external factors such as the regulatory, legal and technological environments; competition; and events such as natural disasters; and • Actual and expected changes in international, national, regional, and local economic and business conditions and developments in which the Company operates that affect the collectability of financial assets.
These internal and external qualitative and credit market factors used include the following: • The nature and volume of the Company’s financial assets; • The existence, growth, and effect of any concentration of credit; • The volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and severity of adversely classified or graded assets; • The value of the underlying collateral for loans that are non-collateral-dependent; • The Company’s lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries; 60 Table of Contents • The quality of the Company’s credit review function; • The experience, ability, and depth of the Company’s lending, investment, collection, and other relevant management and staff; • The effect of other external factors such as the regulatory, legal and technological environments; competition; and events such as natural disasters; and • Actual and expected changes in international, national, regional, and local economic and business conditions and developments in which the Company operates that affect the collectability of financial assets.
Management does not believe there were any material subsequent events during this period that would have required further recognition or disclosure in the audited consolidated financial statements included in this report. 87 Table of Contents SIG NATURES In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Management does not believe there were any material subsequent events during this period that would have required further recognition or disclosure in the audited consolidated financial statements included in this report. 86 Table of Contents SIG NATURES In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The information in Central Plains Bancshares, Inc.’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders under the captions “Proposal 1—Election of Directors,” “—Delinquent Section 16(a) Reports,” “—Code of Ethics for Senior Officers,” “Nominating and Corporate Governance Committee Procedures—Recommendations by Stockholders,” and “Meetings and Committees of the Board of Directors—Audit Committee” is incorporated herein by reference. It em 11.
The information in Central Plains Bancshares, Inc.’s definitive Proxy Statement for the 2025 Annual Meeting of Stockholders under the captions “Proposal 1—Election of Directors,” “—Delinquent Section 16(a) Reports,” “—Code of Ethics for Senior Officers,” “Nominating and Corporate Governance Committee Procedures—Recommendations by Stockholders,” and “Meetings and Committees of the Board of Directors—Audit Committee” is incorporated herein by reference. It em 11.
Based on that evaluation, the Company’s management, including the Chairman of the Board, President and Chief Executive Officer and the First Vice President and Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective.
Based on that evaluation, the Company’s management, including the Chairman of the Board, President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective.
Retained earnings at March 31, 2024 and 2023 include approximately $ 4.5 million, representing such bad debt deductions for which no deferred income taxes have been provided. The Association does not have material uncertain tax positions. Note 8 - REGULATORY CAPITAL REQUIREMENTS The Association is subject to various regulatory capital requirements administered by federal banking agencies.
Retained earnings at March 31, 2025 and 2024 include approximately $ 4.5 million, representing such bad debt deductions for which no deferred income taxes have been provided. The Association does not have material uncertain tax positions. Note 8 - REGULATORY CAPITAL REQUIREMENTS The Association is subject to various regulatory capital requirements administered by federal banking agencies.
If quoted market prices are not available, fair value is determined based on quoted market prices of similar instruments or discounted cash flow models that incorporate market inputs and assumptions including discount rates, prepayment speeds, and loss rates. The Company did no t have any securities classified as trading at March 31, 2024 or 2023.
If quoted market prices are not available, fair value is determined based on quoted market prices of similar instruments or discounted cash flow models that incorporate market inputs and assumptions including discount rates, prepayment speeds, and loss rates. The Company did no t have any securities classified as trading at March 31, 2025 or 2024.
Benefits are based on the employee's compensation during the last 10 years of employment. Contributions are intended to provide not only for benefits attributed to service to date but also for those expected to earned in the future. The plan assets are invested in pooled separate accounts through an account at Principal Financial as of March 31, 2024.
Benefits are based on the employee's compensation during the last 10 years of employment. Contributions are intended to provide not only for benefits attributed to service to date but also for those expected to earned in the future. The plan assets are invested in pooled separate accounts through an account at Principal Financial as of March 31, 2025.
This model replaced the previous existing impairment models, which generally required that a loss be incurred before it is recognized. 40 Table of Contents Because our estimates of the allowance for credit losses involve judgment and are influenced by factors outside our control, there is uncertainty inherent in these estimates.
This model replaced the previous existing impairment models, which generally required that a loss be incurred before it is recognized. 38 Table of Contents Because our estimates of the allowance for credit losses involve judgment and are influenced by factors outside our control, there is uncertainty inherent in these estimates.
If quoted market prices are not available, fair value is determined based on quoted market prices of similar instruments or discounted cash flow models that incorporate market inputs and assumptions including discount rates, prepayment speeds, and loss rates. We did not have any securities classified as trading at March 31, 2024 or 2023.
If quoted market prices are not available, fair value is determined based on quoted market prices of similar instruments or discounted cash flow models that incorporate market inputs and assumptions including discount rates, prepayment speeds, and loss rates. We did not have any securities classified as trading at March 31, 2025 or 2024.
Opinion on the Financial Statements We have audited the accompanying statements of financial condition of Central Plains Bancshares, Inc. and its Subsidiary (the “Company”) as of March 31, 2024 and 2023, the related statements of income, comprehensive income, stockholders' equity, and cash flows for each of the years in the two-year period ended March 31, 2024, and the related notes (collectively referred to as the “financial statements”).
Opinion on the Financial Statements We have audited the accompanying statements of financial condition of Central Plains Bancshares, Inc. and its Subsidiary (the “Company”) as of March 31, 2025 and 2024, the related statements of income, comprehensive income, stockholders' equity, and cash flows for each of the years in the two-year period ended March 31, 2025, and the related notes (collectively referred to as the “financial statements”).
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended March 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Government-sponsored enterprises, such as the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association, have an implied guarantee by the U.S. government. At March 31, 2024, all of the mortgage-backed securities held by the Association were issued by U.S. government-sponsored entities and agencies. The issuers continue to make timely principal and interest payments on the mortgage-backed securities.
Government-sponsored enterprises, such as the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association, have an implied guarantee by the U.S. government. At March 31, 2025, all of the mortgage-backed securities held by the Association were issued by U.S. government-sponsored entities and agencies. The issuers continue to make timely principal and interest payments on the mortgage-backed securities.
The consolidated Financial Statements, including supplemental data, of Central Plains Bancshares, Inc. and its consolidated subsidiaries begins on page 40 of this Annual Report on Form 10-K. It em 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. None. I tem 9A. Controls and Procedures.
The consolidated Financial Statements, including supplemental data, of Central Plains Bancshares, Inc. and its consolidated subsidiaries begins on page 52 of this Annual Report on Form 10-K. It em 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. None. I tem 9A. Controls and Procedures.
To be categorized as well-capitalized, the Association must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table. There are no conditions or events since March 31, 2024, that management believes have changed the Association’s category.
To be categorized as well-capitalized, the Association must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table. There are no conditions or events since March 31, 2025, that management believes have changed the Association’s category.
If a loan is classified as Substandard, a 71 Table of Contents determination based upon objective evidence must be made as to any specific or general valuation allowance within the guidelines of generally accepted accounting principles. • Doubtful Loans: Loans in this category have all the weaknesses inherent in Substandard loans with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
If a loan is classified as Substandard, a determination based upon objective evidence must be made as to any specific or general valuation allowance within the guidelines of generally accepted accounting principles. • Doubtful Loans: Loans in this category have all the weaknesses inherent in Substandard loans with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
Participants receive the shares at the end of employment. Each December, the Association makes discretionary contributions to the ESOP, which are equal to principal and interest payments required on the term loan. In December 2023, the Association made a discretionary contribution of $ 303,000 to the Company for payment on the loan.
Participants receive the shares at the end of employment. Each December, the Association makes discretionary contributions to the ESOP, which are equal to principal and interest payments required on the term loan. In December 2024, the Association made a discretionary contribution of $ 303,000 to the Company for payment on the loan.
The following table sets forth, at March 31, 2024, the calculation of the estimated changes in our NII that would result from the designated changes in the United States Treasury yield curve over a one-year period.
The following table sets forth, at March 31, 2025, the calculation of the estimated changes in our NII that would result from the designated changes in the United States Treasury yield curve over a one-year period.
Costs incurred for maintenance and repairs are expensed as incurred. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable. Leases —Lease expense for operating and short-term leases is recognized on a straight-line basis over the lease term.
Costs incurred for maintenance and repairs are expensed as incurred. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable. 61 Table of Contents Leases —Lease expense for operating and short-term leases is recognized on a straight-line basis over the lease term.
For March 2024 and 2023, management determined the fair market value of the pension assets to be a Level 2 valuation as established by GAAP (see Note 11 for definitions of Level 1, Level 2, and Level 3).
For March 2025 and 2024, management determined the fair market value of the pension assets to be a Level 2 valuation as established by GAAP (see Note 11 for definitions of Level 1, Level 2, and Level 3).
Evaluation of Disclosure Controls & Procedures An evaluation was performed under the supervision and with the participation of the Company’s management, including the Chairman of the Board, President and Chief Executive Officer and the First Vice President and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of March 31, 2024.
Evaluation of Disclosure Controls & Procedures An evaluation was performed under the supervision and with the participation of the Company’s management, including the Chairman of the Board, President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of March 31, 2025.
Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to operating loss and tax credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using the currently enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled.
Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to operating 62 Table of Contents loss and tax credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using the currently enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled.
These discussions take into consideration our business strategy, operating environment, capital, liquidity and performance objectives consistent with the policy and guidelines approved by them. 46 Table of Contents Our asset/liability management strategy attempts to manage the impact of changes in interest rates on net interest income, our primary source of earnings.
These discussions take into consideration our business strategy, operating environment, capital, liquidity and performance objectives consistent with the policy and guidelines approved by them. Our asset/liability management strategy attempts to manage the impact of changes in interest rates on net interest income, our primary source of earnings.
If we intend to sell the security or will more likely than not be required to sell the security before recovery of the entire amortized cost basis, then an other-than-temporary impairment has occurred.
If we intend to sell the security or will more likely than not be required to sell the security before recovery of the entire amortized cost basis, then an impairment has occurred.
The following table sets forth, at March 31, 2024, the calculation of the estimated changes in our MVE that would result from the designated immediate changes in the United States Treasury yield curve.
The following table sets forth, at March 31, 2025, the calculation of the estimated changes in our MVE that would result from the designated immediate changes in the United States Treasury yield curve.
If either of the aforementioned criteria exists, the Company will record an ACL related to securities available-for-sale with an offsetting entry to the provision for credit losses on securities on the income statement.
If either of the aforementioned criteria exists, the Company will record an ACL related to securities available-for-sale with an offsetting entry to the provision for credit losses on securities on the statement of operations.
The information in Central Plains Bancshares, Inc.’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders under the captions “Proposal 2—Ratification of Appointment of Independent Registered Public Accounting Firm” is incorporated herein by reference. 52 Table of Contents PART IV It em 15. Exhibits, Financial Statement Schedules. Exhibit Number Description 3.1 Articles of Incorporation of Central Plains Bancshares, Inc.
The information in Central Plains Bancshares, Inc.’s definitive Proxy Statement for the 2025 Annual Meeting of Stockholders under the captions “Proposal 2—Ratification of Appointment of Independent Registered Public Accounting Firm” is incorporated herein by reference. 49 Table of Contents PART IV It em 15. Exhibits, Financial Statement Schedules. Exhibit Number Description 3.1 Articles of Incorporation of Central Plains Bancshares, Inc.
The Association does no t have any other assets or liabilities measured at fair value on a recurring basis as of March 31, 2024 or March 31, 2023.
The Association does no t have any other assets or liabilities measured at fair value on a recurring basis as of March 31, 2025 or March 31, 2024.
Purchased premiums and discounts are amortized and accreted to the earlier of call or maturity of the related security using the interest method. Realized gains and losses on the sale of securities are recognized on the specific identification method in the statements of income. Management monitors securities for other-than-temporary impairment.
Purchased premiums and discounts are amortized and accreted to the earlier of call or maturity of the related security using the interest method. Realized gains and losses on the sale of securities are recognized on the specific identification method in the statements of income. Management monitors securities for impairment.
The discount rate is determined by matching the anticipated defined pension plan cash flows to the spot rates of a high-quality corporate bond index/yield curve and solving for the single equivalent discount rate which would produce the same present value. This methodology is applied consistently from year to year. The discount rate utilized in 2024 was 5.20%.
The discount rate is determined by matching the anticipated defined pension plan cash flows to the spot rates of a high-quality corporate bond index/yield curve and solving for the single equivalent discount rate which would produce the same present value. This methodology is applied consistently from year to year. The discount rate utilized in 2025 was 5.55%.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. None. 51 Table of Contents PART III It em 10. Directors, Executive Officers and Corporate Governance.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. None. 48 Table of Contents PART III It em 10. Directors, Executive Officers and Corporate Governance.
These derivatives are not designated in a hedging relationship. In addition, the Association has entered into commitments to originate loans, which when funded, are classified as held for sale. Such commitments meet the definition of a derivative and are not designated in a hedging relationship.
These derivatives are not designated in a hedging relationship. In addition, the Association has entered into commitments to originate loans, which when funded, 74 Table of Contents are classified as held for sale. Such commitments meet the definition of a derivative and are not designated in a hedging relationship.
The Association had remaining availability for FHLB borrowings of approximately $40.1 million at March 31, 2024. The FHLB has sole discretion to deny additional advances. Additionally, the Association had the capacity to borrow $5.0 million from a private bankers’ bank at March 31, 2024.
The Association had remaining availability for FHLB borrowings of approximately $40.5 million at March 31, 2025. The FHLB has sole discretion to deny additional advances. Additionally, the Association had the capacity to borrow $5.0 million from a private bankers’ bank at March 31, 2025.
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at March 31, 2024 and 2023, as follows: Year Ended March 31, 2024 2023 Discount rate - benefit obligation 5.20 % 4.95 % Discount rate - benefit cost 4.95 % 3.70 % Expected return on plan assets 5.00 % 4.00 % Rate of compensation increase 3.50 % 3.50 % The Association expects to contribute $ 600,000 to its pension plan in the fiscal year 2025.
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at March 31, 2025 and 2024, as follows: Year Ended March 31, 2025 2024 Discount rate - benefit obligation 5.55 % 5.20 % Discount rate - benefit cost 5.20 % 4.95 % Expected return on plan assets 5.40 % 5.00 % Rate of compensation increase 4.00 % 3.50 % The Association expects to contribute $ 600,000 to its pension plan in the fiscal year 2026.
Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related mortgage loan sold, which is reduced by the cost allocated to the servicing right.
Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related mortgage 59 Table of Contents loan sold, which is reduced by the cost allocated to the servicing right.
The weighted average expected long-term rate of return on plan assets is determined based on the current and anticipated future mix of assets in the plan. The assets currently consist of equity securities, U.S. Government and Government-agency debt securities, and real estate investments. The weighted average expected long-term rate of return on plan assets utilized for 2023 was 5.00%.
The weighted average expected long-term rate of return on plan assets is determined based on the current and anticipated future mix of assets in the plan. The assets currently consist of equity securities, U.S. Government and Government-agency debt securities, and real estate investments. The weighted average expected long-term rate of return on plan assets utilized for 2024 was 5.40%.
Certain Relationships and Related Transactions, and Director Independence. The information in Central Plains Bancshares, Inc.’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders under the captions “Proposal 1—Election of Directors—Transactions with Certain Related Persons” and “—Board Independence” is incorporated herein by reference. Ite m 14. Principal Accounting Fees and Services.
The information in Central Plains Bancshares, Inc.’s definitive Proxy Statement for the 2025 Annual Meeting of Stockholders under the captions “Proposal 1—Election of Directors—Transactions with Certain Related Persons” and “—Board Independence” is incorporated herein by reference. Ite m 14. Principal Accounting Fees and Services.
The Association uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. At March 31, 2024 and March 31, 2023, the Association had approved outstanding loan origination commitments of $ 2.1 million and $ 4.7 million, respectively.
The Association uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. At March 31, 2025 and March 31, 2024, the Association had approved outstanding loan origination commitments of $ 1.1 million and $ 2.1 million, respectively.
The Association does not have any financial instruments measured at fair value on a recurring basis classified as Level 3. 79 Table of Contents Nonrecurring Measurements The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2024 and March 31, 2023: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2024 Financial Assets Individually evaluated loans $ 436 $ — $ — $ 436 Total $ 436 $ — $ — $ 436 March 31, 2023 Financial Assets Impaired loans $ 629 $ — $ — $ 629 Total $ 629 $ — $ — $ 629 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheet, as well as the general classification of such assets pursuant to the valuation hierarchy.
The Association does not have any financial instruments measured at fair value on a recurring basis classified as Level 3. 76 Table of Contents Nonrecurring Measurements The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2025 and March 31, 2024: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2025 Financial Assets Individually evaluated loans $ 772 $ — $ — $ 772 Total $ 772 $ — $ — $ 772 March 31, 2024 Financial Assets Individually evaluated loans $ — $ — $ — $ — Total $ — $ — $ — $ — Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheet, as well as the general classification of such assets pursuant to the valuation hierarchy.
There were no securities or other contracts that had a dilutive effect during the year ended March 31, 2024, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same.
There were no securities or other contracts that had a dilutive effect during the twelve months ended March 31, 2025 and 2024, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same.
Executive Compensation. The information in Central Plains Bancshares, Inc.’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders under the caption “Proposal 1—Election of Directors—Executive Compensation” is incorporated herein by reference. It em 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Executive Compensation. The information in Central Plains Bancshares, Inc.’s definitive Proxy Statement for the 2025 Annual Meeting of Stockholders under the captions “Proposal 1—Election of Directors—Executive Compensation and Directors' Compensation” is incorporated herein by reference. It em 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
During the quarter ended March 31, 2024, there have been no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Management’s annual report on internal control over financial reporting.
During the year ended March 31, 2025, there have been no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Management’s annual report on internal control over financial reporting.
Additionally, the Association had loans totaling $ 578,000 and $ 679,000 as of March 31, 2024 and March 31, 2023, respectively, to related parties that were originated by the Association, sold to Federal Home Loan Mortgage Company and are serviced by the Association.
Additionally, the Association had loans totaling $ 940,000 and $ 578,000 as of March 31, 2025 and March 31, 2024, respectively, to related parties that were originated by the Association, sold to Federal Home Loan Mortgage Company and are serviced by the Association.
In connection with these loans serviced for others, the Association held borrowers’ escrow balances of $ 3.3 million and $ 3.2 million at March 31, 2024 and 2023, respectively, which are included in interest bearing deposits.
In connection with these loans serviced for others, the Association held borrowers’ escrow balances of $ 3.1 million and $ 3.3 million at March 31, 2025 and 2024, respectively, which are included in interest bearing deposits.
Form 10-K Summary None. 53 Table of Contents INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF CENTRAL PLAINS BANCSHARES, INC. 2024 and 2023 Consolidated Annual Financial Statements Report of Independent Registered Public Accounting Firm 55 Consolidated Statements of Financial Condition at March 31, 2024 and 2023 56 Consolidated Statements of Income for the years ended March 31, 2024 and 2023 57 Consolidated Statements of Comprehensive Income for the years ended March 31, 2024 and 2023 58 Consolidated Statements of Stockholders' Equity for the years ended March 31, 2024 and 2023 59 Consolidated Statements of Cash Flows for the years ended March 31, 2024 and 2023 60 Notes to Consolidated Financial Statements 61 54 Table of Contents Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors of Central Plains Bancshares, Inc.
Form 10-K Summary None. 50 Table of Contents INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF CENTRAL PLAINS BANCSHARES, INC. 2025 and 2024 Consolidated Annual Financial Statements Report of Independent Registered Public Accounting Firm Consolidated Statements of Financial Condition at March 31, 2025 and 2024 53 Consolidated Statements of Income for the years ended March 31, 2025 and 2024 54 Consolidated Statements of Comprehensive Income for the years ended March 31, 2025 and 2024 55 Consolidated Statements of Stockholders' Equity for the years ended March 31, 2025 and 2024 56 Consolidated Statements of Cash Flows for the years ended March 31, 2025 and 2024 57 Notes to Consolidated Financial Statements 58 51 Table of Contents Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors of Central Plains Bancshares, Inc.
For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Impaired Loans (March 31, 2023) / Individually Evaluated Loans (March 31, 2024) Impaired/Individually evaluated loans are recorded at fair value on a nonrecurring basis. The fair value of loans is generally based on recent real estate appraisals.
For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Individually Evaluated Loans Individually evaluated loans are recorded at fair value on a nonrecurring basis. The fair value of loans is generally based on recent real estate appraisals.
A liability of approximately $ 524,000 and $ 513,000 was recorded in accounts payable, accrued expenses and other liabilities on the consolidated statements of financial condition as of March 31, 2024 and 2023, respectively.
A liability of approximately $ 536,000 and $ 524,000 was recorded in accounts payable, accrued expenses and other liabilities on the consolidated statements of financial condition as of March 31, 2025 and 2024, respectively.
Available-for-sale securities are classified within Level 2 because they are valued based on market prices for similar assets. The fair value of the Association’s available-for-sale securities as of March 31, 2024 and March 31, 2023 was $ 60.4 million and $ 57.8 million, respectively.
Available-for-sale securities are classified within Level 2 because they are valued based on market prices for similar assets. The fair value of the Association’s available-for-sale securities as of March 31, 2025 and March 31, 2024 was $ 59.4 million and $ 60.4 million, respectively.
At March 31, 2024 and March 31, 2023, the Association was servicing loans for others amounting to $ 160.9 million and $ 149.5 million, respectively. These loans are not reflected in the Association’s financial statements. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and foreclosure processing.
At March 31, 2025 and March 31, 2024, the Association was servicing loans for others amounting to $ 168.4 million and $ 160.9 million, respectively. These loans are not reflected in the Association’s financial statements. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and foreclosure processing.
Also, at March 31, 2024 and March 31, 2023, the Association has committed unused lines of credit, equity lines, loans in process and letters of credit to consumers totaling $ 41.7 million and $ 48.9 million, respectively. The Association evaluates each customer’s credit worthiness on a separate basis and requires collateral based on this evaluation.
Also, at March 31, 2025 and March 31, 2024, the Association has committed unused lines of credit, equity lines, loans in process and letters of credit to consumers totaling $ 45.0 million and $ 41.7 million, respectively. The Association evaluates each customer’s credit worthiness on a separate basis and requires collateral based on this evaluation.
The following table presents by level, within the fair value hierarchy, the pension plan's investments at fair value as of March 31, 2024 and 2023: Estimated Fair Value At March 31, 2024 Total Level 1 Level 2 Level 3 Pooled separate accounts: (Dollars in thousands) Fixed income $ 4,229 $ — $ 4,229 $ — Equity 1,256 — 1,256 — Real estate 589 — 589 — Total plan assets $ 6,074 $ — $ 6,074 $ — At March 31, 2023 Pooled separate accounts: Fixed income $ 3,758 $ — $ 3,758 $ — Equity 1,098 — 1,098 — Real estate 656 — 656 — Total plan assets $ 5,512 $ — $ 5,512 $ — GAAP requires the recognition of the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in the consolidated statements of financial condition and recognition of changes in that funded status in the year in which the changes occur through comprehensive income.
The following table presents by level, within the fair value hierarchy, the pension plan's investments at fair value as of March 31, 2025 and 2024: Estimated Fair Value At March 31, 2025 Total Level 1 Level 2 Level 3 Pooled separate accounts: (Dollars in thousands) Fixed income $ 4,642 $ — $ 4,642 $ — Equity 1,231 — 1,231 — Real estate 586 — 586 — Total plan assets $ 6,459 $ — $ 6,459 $ — At March 31, 2024 Pooled separate accounts: Fixed income $ 4,229 $ — $ 4,229 $ — Equity 1,256 — 1,256 — Real estate 589 — 589 — Total plan assets $ 6,074 $ — $ 6,074 $ — GAAP requires the recognition of the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in the consolidated statements of financial condition and recognition of changes in that funded status in the year in which the changes occur through comprehensive income.
Rent expense, which is included in occupancy expenses on the consolidated statements of income, was $ 75,000 and $ 78,000 for the years ended March 31, 2024 and 2023, respectively.
Rent expense, which is included in occupancy expenses on the consolidated statements of income, was $ 79,000 and $ 75,000 for the years ended March 31, 2025 and 2024, respectively.
Detailed information on the pension plan, the actuarially determined disclosures, and the assumptions used are provided in Note 14 of the Notes to the Consolidated Financial Statements. Selected Financial Data The following tables set forth selected historical financial and other data at the dates and for the fiscal years presented.
Detailed information on the pension plan, the actuarially determined disclosures, and the assumptions used are provided in Note 14 of the Notes to the Consolidated Financial Statements. Comparison of Financial Condition at March 31, 2025 and March 31, 2024 The following tables set forth selected historical financial and other data at the dates and for the fiscal years presented.
This obligation is funded by certain insurance policies, recorded in other assets on the consolidated statements of financial condition, which have a cash surrender value of approximately $ 981,000 and $ 923,000 at March 31, 2024 and 2023, respectively.
This obligation is funded by certain insurance policies, recorded in other assets on the consolidated statements of financial condition, which have a cash surrender value of approximately $ 1.0 million and $ 981,000 at March 31, 2025 and 2024, respectively.
Interest expense increased $3.8 million, or 136.8%, to $6.5 million for the year ended March 31, 2024 compared to $2.7 million for the year ended March 31, 2023, due primarily to increases in the average balance and higher costs of interest-bearing liabilities.
Interest Expense. Interest expense increased $1.7 million, or 26.6%, to $8.2 million for the year ended March 31, 2025 compared to $6.5 million for the year ended March 31, 2024, due primarily to increases in the average balance and higher costs of interest-bearing liabilities.
Note 7 - INCOME TAXES The following is a summary of the components of income tax expense: Year Ended March 31, 2024 2023 (Dollars in thousands) Current tax expense $ 831 $ 239 Deferred tax expense 46 78 Income tax expense $ 877 $ 317 The Association’s provision for income taxes for the years ended March 31, 2024 and 2023, differs from the amounts determined by applying the statutory federal income tax rate to income before income taxes as a result of the following: Year Ended March 31, 2024 2023 (Dollars in thousands) Expected income tax expense at statutory rates ( 21 %) $ 974 $ 412 Tax exempt interest ( 21 ) ( 25 ) Investment partnership tax benefits, net of amortization 12 ( 16 ) Other ( 88 ) ( 54 ) Income tax expense $ 877 $ 317 Deferred income taxes result from temporary differences in the recognition of income and expense for tax and financial statement purposes.
Note 7 - INCOME TAXES The following is a summary of the components of income tax expense: Year Ended March 31, 2025 2024 (Dollars in thousands) Current tax expense $ 614 $ 831 Deferred tax expense 255 46 Income tax expense $ 869 $ 877 The Association’s provision for income taxes for the years ended March 31, 2025 and 2024, differs from the amounts determined by applying the statutory federal income tax rate to income before income taxes as a result of the following: Year Ended March 31, 2025 2024 (Dollars in thousands) Expected income tax expense at statutory rates ( 21 %) $ 950 $ 974 Tax exempt interest ( 21 ) ( 21 ) Investment partnership tax benefits, net of amortization 1 12 Other ( 61 ) ( 88 ) Income tax expense $ 869 $ 877 Deferred income taxes result from temporary differences in the recognition of income and expense for tax and financial statement purposes.
ESOP shares that have not been legally released, but that relate to employee services rendered during an accounting period (interim or annual) ending before the related debt service payment is made, are considered committed to be released.
ESOP shares committed to be released are considered to be outstanding for purposes of the earnings per share computation. ESOP shares that have not been legally released, but that relate to employee services rendered during an accounting period (interim or annual) ending before the related debt service payment is made, are considered committed to be released.
CONDENSED STATEMENTS OF OPERATIONS For the Year Ended March 31, 2024 (Dollars in thousands) Income: Interest income $ 121 Total income 121 Expense: Non-interest expense $ 207 Total expense 207 Losses before income tax benefit and equity in undistributed earnings of subsidiary $ ( 86 ) Income tax benefit ( 43 ) Losses before equity in undistributed earnings of subsidiary $ ( 43 ) Equity in undistributed earnings of subsidiary 3,802 Net income $ 3,759 86 Table of Contents CENTRAL PLAINS BANCHSARES, INC.
CONDENSED STATEMENTS OF OPERATIONS For the year ended March 31, For the Year Ended March 31, 2025 2024 (Dollars in thousands) Income: Interest income $ 259 $ 121 Total income 259 121 Expense: Non-interest expense $ 909 $ 207 Total expense 909 207 Losses before income tax benefit and equity in undistributed earnings of subsidiary $ ( 650 ) $ ( 86 ) Income tax benefit ( 128 ) ( 43 ) Losses before equity in undistributed earnings of subsidiary $ ( 522 ) $ ( 43 ) Equity in undistributed earnings of subsidiary 4,176 3,802 Net income $ 3,654 $ 3,759 85 Table of Contents CENTRAL PLAINS BANCHSARES, INC.
(Incorporated by reference to Exhibit 4 of the Registration Statement on Form S-1 (file no. 333-155388), initially filed by Central Plains Bancshares, Inc. with the Securities and Exchange Commission on November 14, 2008) 4.2* Description of Registrant's Securities 10.1 Employment Agreement with Steven D.
(Incorporated by reference to Exhibit 4 of the Registration Statement on Form S-1 (file no. 333-155388), initially filed by Central Plains Bancshares, Inc. with the Securities and Exchange Commission on November 14, 2008) 4.2 Description of Registrant's Securities (incorporated by reference to Exhibit 4.2 to the Annual Report of Form 10-K of the company (filed no. 001-41844), filed with the SEC on June 21, 2024). 10.1 Employment Agreement with Steven D.
Net periodic cost included the following components: Year Ended March 31, 2024 2023 (Dollars in thousands) Service cost $ 345 $ 430 Interest cost 374 339 Expected return on plan assets ( 276 ) ( 220 ) Amortization of prior losses — 81 Net period benefit costs $ 443 $ 630 The components of net periodic benefit cost other than the service cost component are included in other general and administrative expenses in the consolidated statement of income.
Net periodic cost included the following components: Year Ended March 31, 2025 2024 (Dollars in thousands) Service cost $ 335 $ 345 Interest cost 422 374 Expected return on plan assets ( 331 ) ( 276 ) Amortization of prior losses — — Net period benefit costs $ 426 $ 443 The components of net periodic benefit cost other than the service cost component are included in other general and administrative expenses in the consolidated statement of income.
Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2024 Securities Available-for-sale Mortgage Backed Securities $ 53,176 $ — $ 53,176 $ — Municipal Bonds 7,180 — 7,180 — Total $ 60,356 $ — $ 60,356 $ — March 31, 2023 Securities Available-for-sale Mortgage Backed Securities $ 50,136 $ — $ 50,136 $ — Municipal Bonds 7,706 — 7,706 — Total $ 57,842 $ — $ 57,842 $ — There were no transfers of financial instruments between Levels 1, 2, and 3 during the year ended March 31, 2024.
Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2025 Securities Available-for-sale Mortgage Backed Securities $ 52,123 $ — $ 52,123 $ — Municipal Bonds 7,246 — 7,246 — Total $ 59,369 $ — $ 59,369 $ — March 31, 2024 Securities Available-for-sale Mortgage Backed Securities $ 53,176 $ — $ 53,176 $ — Municipal Bonds 7,180 — 7,180 — Total $ 60,356 $ — $ 60,356 $ — There were no transfers of financial instruments between Levels 1, 2, and 3 during the year ended March 31, 2025.
CONDENSED STATEMENTS OF CASH FLOWS Year Ended March 31, 2024 (Dollars in thousands) Cash flows from operating activities: Net income $ 3,759 Adjustments to reconcile net income to net cash provided by operating activities: Net change in other assets ( 201 ) Net change in receivable from subsidiary ( 86 ) Net change in deferred tax liability 43 Equity in undistributed losses (earnings) of subsidiary ( 3,802 ) Net cash used in operating activities ( 287 ) Cash flows from investing activities: Principal payments on loan to ESOP 258 Net cash provided by investing activities 258 Cash flows from financing activities: Net proceeds from the issuance of common shares 39,364 Loan to ESOP ( 3,305 ) Proceeds from conversion transferred to subsidiary ( 19,682 ) Net cash provided by financing activities 16,377 Net increase in cash and cash equivalents 16,348 Cash and cash equivalents—beginning of period — Cash and cash equivalents—end of period $ 16,348 Note 19 - SUBSEQUENT EVENTS Management evaluated subsequent events through June 21, 2024, the date the financial statements were issued.
CONDENSED STATEMENTS OF CASH FLOWS Year Ended March 31, Year Ended March 31, 2025 2024 (Dollars in thousands) Cash flows from operating activities: Net income $ 3,654 $ 3,759 Adjustments to reconcile net income to net cash provided by operating activities: Net change in other assets 3 ( 201 ) Net change in receivable from subsidiary ( 9 ) ( 86 ) Net change in deferred tax liability ( 33 ) 43 Stock-based compensation expense 193 — Equity in undistributed earnings of subsidiary ( 4,176 ) ( 3,802 ) Net cash used in operating activities ( 368 ) ( 287 ) Cash flows from investing activities: Principal payments on loan to ESOP 43 258 Net cash provided by investing activities 43 258 Cash flows from financing activities: Net proceeds from the issuance of common shares — 39,364 Repurchase of common stock ( 413 ) — Loan to ESOP — ( 3,305 ) Proceeds from conversion transferred to subsidiary — ( 19,682 ) Net cash (used in) provided by financing activities ( 413 ) 16,377 Net (decrease) increase in cash and cash equivalents ( 738 ) 16,348 Cash and cash equivalents—beginning of period 16,348 — Cash and cash equivalents—end of period $ 15,610 $ 16,348 Note 19 - SUBSEQUENT EVENTS Management evaluated subsequent events through June 26, 2025, the date the financial statements were issued.
Generally, the debt service coverage ratio on these loans is at least 1.20x. The significant majority of our commercial real estate loans are appraised by outside independent appraisers approved by the board of directors. Personal guarantees are generally obtained from the principals of commercial real estate borrowers. Ite m 7A. Quantitative and Qualitative Disclosures About Market Risk.
Generally, the debt service coverage ratio on these loans is at least 1.20x. The 47 Table of Contents significant majority of our commercial real estate loans are appraised by outside independent appraisers approved by the board of directors. Personal guarantees are generally obtained from the principals of commercial real estate borrowers. Ite m 7A.
Note 12 -accumulated other comprehensive loss The components of accumulated other comprehensive loss for the years ended March 31, 2024 and 2023 are as follows: Unrealized Gains and Losses on Available-for- Sale Debt Securities Defined Benefit Pension Plans Total (Dollars in thousands) Year Ended March 31, 2024 Balance at beginning of period $ ( 4,718 ) $ ( 389 ) $ ( 5,107 ) Other comprehensive income (loss) 113 ( 79 ) 34 Balance at end of period, net of tax $ ( 4,605 ) $ ( 468 ) $ ( 5,073 ) Year Ended March 31, 2023 Balance at beginning of period $ ( 2,033 ) $ ( 1,692 ) $ ( 3,725 ) Other comprehensive (loss) income ( 2,685 ) 1,303 ( 1,382 ) Balance at end of period, net of tax $ ( 4,718 ) $ ( 389 ) $ ( 5,107 ) 80 Table of Contents The following table summarizes the significant amounts reclassified out of each component of AOCI for the years ended March 31, 2024 and 2023: Year Ended March 31, 2024 2023 Amount Reclassified from AOCI (Dollars in thousands) Details about AOCI Components Unrealized gains and losses on available-for-sale securities $ 144 $ ( 3,398 ) Debt Securities gains (losses), net ( 31 ) 713 Income tax (expense) benefit $ 113 $ ( 2,685 ) Net income (loss) Amortization of defined benefit pension items Actuarial gains (losses) $ ( 101 ) $ 1,649 Salaries and employee benefits 22 ( 346 ) Income tax benefit (expense) $ ( 79 ) $ 1,303 Net (loss) income Total reclassification for the period $ 34 $ ( 1,382 ) Net income (loss) Note 13 -LEASES The Association leases office space under operating leases that expire at various dates through October 2030.
Note 12 -accumulated other comprehensive loss The components of accumulated other comprehensive loss for the years ended March 31, 2025 and 2024 are as follows: Unrealized Gains and Losses on Available-for- Sale Debt Securities Defined Benefit Pension Plans Total (Dollars in thousands) Year Ended March 31, 2025 Balance at beginning of period $ ( 4,605 ) $ ( 468 ) $ ( 5,073 ) Other comprehensive income 963 491 1,454 Balance at end of period, net of tax $ ( 3,642 ) $ 23 $ ( 3,619 ) Year Ended March 31, 2024 Balance at beginning of period $ ( 4,718 ) $ ( 389 ) $ ( 5,107 ) Other comprehensive income (loss) 113 ( 79 ) 34 Balance at end of period, net of tax $ ( 4,605 ) $ ( 468 ) $ ( 5,073 ) 77 Table of Contents The following table summarizes the significant amounts reclassified out of each component of AOCI for the years ended March 31, 2025 and 2024: Year Ended March 31, 2025 2024 Amount Reclassified from AOCI (Dollars in thousands) Details about AOCI Components Unrealized gains and losses on available-for-sale securities $ 1,218 $ 144 Debt Securities gains, net ( 255 ) ( 31 ) Income tax expense $ 963 $ 113 Net income Amortization of defined benefit pension items Actuarial gains (losses) $ 622 $ ( 101 ) Salaries and employee benefits ( 131 ) 22 Income tax (expense) benefit $ 491 $ ( 79 ) Net income Total reclassification for the period $ 1,454 $ 34 Net income Note 13 -LEASES The Association leases office space under operating leases that expire at various dates through October 2030.
The following table shows the future undiscounted lease payments required under the leases described above as of March 31, 2024: 12 Months Ending March 31, Operating Leases (Dollars in thousands) 2025 $ 66 2026 54 2027 42 2028 37 2029 37 Thereafter 93 Total undiscounted lease payments $ 329 Less: Imputed interest ( 26 ) Net lease liability $ 303 81 Table of Contents Note 14 - Pension plan The Association has a defined benefit pension plan covering pre-merger employees.
The following table shows the future undiscounted lease payments required under the leases described above as of March 31, 2025: 12 Months Ending March 31, Operating Leases (Dollars in thousands) 2026 $ 54 2027 42 2028 37 2029 37 2030 38 Thereafter 56 Total undiscounted lease payments $ 264 Less: Imputed interest ( 20 ) Net lease liability $ 244 78 Table of Contents Note 14 - Pension plan The Association has a defined benefit pension plan covering pre-merger employees.
The increase was due primarily to an increase in interest income on loans, which is our primary source of interest income, due to increases in market interest rates. Interest income on loans increased $4.3 million, or 29.3%, to $19.0 million for the year ended March 31, 2024 from $14.7 million for the year ended March 31, 2023.
The increase was due primarily to an increase in interest income on loans, which is our primary source of interest income, due to increases in market interest rates. Interest income on loans increased $3.2 million, or 17.3%, to $22.2 million for the year ended March 31, 2025 from $19.0 million for the year ended March 31, 2024.
These instruments include cash and cash equivalents, non-interest-bearing deposit accounts, FHLB advances, FHLB stock, escrow deposits and accrued interest receivable and payable. 78 Table of Contents The carrying amounts and estimated fair values by fair value hierarchy of certain financial instruments are as follows: Measurements at Reporting Date Using Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value (Dollars in thousands) March 31, 2024 Financial assets: Loans, net $ 374,389 $ — $ — $ 346,801 $ 346,801 Financial liabilities: Interest-bearing deposits $ 308,254 $ — $ 257,604 $ — $ 257,604 March 31, 2023 Financial assets: Loans, net $ 348,337 $ — $ — $ 316,169 $ 316,169 Financial liabilities: Interest-bearing deposits $ 317,704 $ — $ 272,270 $ — $ 272,270 Available-for-Sale Securities (Recurring) Where quoted market prices are available in an active market, securities such as U.S.
These instruments include cash and cash equivalents, non-interest-bearing deposit accounts, FHLB advances, FHLB stock, escrow deposits and accrued interest receivable and payable. 75 Table of Contents The carrying amounts and estimated fair values by fair value hierarchy of certain financial instruments are as follows: Measurements at Reporting Date Using Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value (Dollars in thousands) March 31, 2025 Financial assets: Loans, net $ 396,756 $ — $ — $ 380,967 $ 380,967 Financial liabilities: Interest-bearing deposits $ 351,704 $ — $ 308,114 $ — $ 308,114 March 31, 2024 Financial assets: Loans, net $ 374,389 $ — $ — $ 346,801 $ 346,801 Financial liabilities: Interest-bearing deposits $ 308,254 $ — $ 257,604 $ — $ 257,604 Assets Measured at Fair Value on a Recurring Basis Available-for-Sale Securities Where quoted market prices are available in an active market, securities such as U.S.
Accrued 63 Table of Contents interest receivable on loans is excluded from the amortized cost basis of financing receivables for the purpose of determining the allowance for credit losses. Accrued interest receivable on loans was $ 2.2 million at March 31, 2024 and $ 1.7 million at March 31, 2023.
Accrued interest receivable on loans is excluded from the amortized cost basis of financing receivables for the purpose of determining the allowance for credit losses. Accrued interest receivable on loans and investments was $ 3.1 million at March 31, 2025 and $ 2.2 million at March 31, 2024.
Our yield on loans increased 94 basis points to 5.24% for the year ended March 31, 2024 from 4.30% for the year ended March 31, 2023. The increase in yield was due to increases in market interest rates.
Our yield on loans increased 44 basis points to 5.68% for the year ended March 31, 2025 from 5.24% for the year ended March 31, 2024. The increase in yield was due to increases in market interest rates.
CONDENSED BALANCE SHEETS As of March 31, 2024 (Dollars in thousands) Assets: Cash $ 16,348 Investment in subsidiary 58,638 Loan to ESOP 3,047 Receivable from subsidiary 86 Other assets 201 Total assets $ 78,320 Liabilities: Deferred tax liability 43 Total liabilities 43 Stockholders' equity: Common Stock 41 Additional paid-in capital 39,318 Retained earnings 47,130 Unallocated common shares held by ESOP ( 3,139 ) Accumulated other comprehensive loss, net ( 5,073 ) Total stockholders' equity 78,277 Total liabilities and stockholders' equity $ 78,320 85 Table of Contents CENTRAL PLAINS BANCHSARES, INC.
CONDENSED BALANCE SHEETS As of March 31, 2025 As of March 31, 2024 (Dollars in thousands) Assets: Cash $ 15,610 $ 16,348 Investment in subsidiary 64,435 58,638 Loan to ESOP 3,004 3,047 Receivable from subsidiary 95 86 Other assets 198 201 Total assets $ 83,342 $ 78,320 Liabilities: Deferred tax liability 10 43 Total liabilities 10 43 Stockholders' equity: Common Stock 41 41 Additional paid-in capital 39,265 39,318 Retained earnings 50,652 47,130 Unallocated common shares held by ESOP ( 3,007 ) ( 3,139 ) Accumulated other comprehensive loss, net ( 3,619 ) ( 5,073 ) Total stockholders' equity 83,332 78,277 Total liabilities and stockholders' equity $ 83,342 $ 78,320 84 Table of Contents CENTRAL PLAINS BANCHSARES, INC.
We anticipate using a weighted average expected long-term rate of return on plan assets of 5.40% in 2024. The assumed rate of annual compensation increases of 3.50% in 2024 reflected expected trends in salaries and the employee base.
We anticipate using a weighted average expected long-term rate of return on plan assets of 5.25% in 2025. The assumed rate of annual compensation increases of 4.00% in 2025 reflected expected trends in salaries and the employee base.
Using a measurement date of March 31, the following tables provide a reconciliation of the benefit obligations, plan assets, and funded status of the pension plan: 2024 2023 Change in benefit obligations: (Dollars in thousands) Benefit obligation - April 1 $ 7,822 $ 9,157 Service cost 345 430 Interest cost 374 339 Actuarial (gain) or loss ( 1 ) ( 2,095 ) Benefits paid ( 211 ) ( 9 ) Benefit obligation - March 31 $ 8,329 $ 7,822 Change in plan assets: Fair value of plan assets - April 1 $ 5,512 $ 5,227 Return on plan assets 173 ( 306 ) Contributed by employer 600 600 Benefits paid ( 211 ) ( 9 ) Fair value of plan assets - March 31 $ 6,074 $ 5,512 Funded status - March 31 $ ( 2,255 ) $ ( 2,310 ) 82 Table of Contents The funded status is included in the consolidated statements of financial condition as a separate line item.
Using a measurement date of March 31, the following tables provide a reconciliation of the benefit obligations, plan assets, and funded status of the pension plan: 2025 2024 Change in benefit obligations: (Dollars in thousands) Benefit obligation - April 1 $ 8,329 $ 7,822 Service cost 335 345 Interest cost 422 374 Actuarial gain ( 709 ) ( 1 ) Benefits paid ( 459 ) ( 211 ) Benefit obligation - March 31 $ 7,918 $ 8,329 Change in plan assets: Fair value of plan assets - April 1 $ 6,074 $ 5,512 Return on plan assets 244 173 Contributed by employer 600 600 Benefits paid ( 459 ) ( 211 ) Fair value of plan assets - March 31 $ 6,459 $ 6,074 Funded status - March 31 $ ( 1,459 ) $ ( 2,255 ) 79 Table of Contents The funded status is included in the consolidated statements of financial condition as a separate line item.
For the year ended March 31, 2024, cash flows from operating, investing, and financing activities resulted in a net decrease in cash and cash equivalents of $5.1 million. Net cash provided by operating activities amounted to $5.7 million, primarily due to net income of $3.8 million.
Net cash provided by financing activities amounted to $40.7 million, consisting primarily of the activity in deposit accounts. For the year ended March 31, 2024, cash flows from operating, investing, and financing activities resulted in a net decrease in cash and cash equivalents of $5.1 million.
The primary sources of these temporary differences relate to the timing of the recognition of allowances for credit losses, net operating losses, mortgage-backed securities premium amortization, employee benefits, mortgage servicing rights and the market adjustment of available-for-sale securities. 75 Table of Contents The deferred tax assets and the deferred tax liabilities measured at the federal tax rate of 21 % at March 31, 2024 and 2023 are as follows: Year Ended March 31, 2024 2023 (Dollars in thousands) Deferred tax assets: Allowance for credit losses $ 1,262 $ 1,137 Employee benefits 609 605 Net operating loss acquired due to merger 372 407 Pre-1997 intangible asset 207 207 Fair value market adjustment for AFS securities 1,223 1,241 Other 133 147 Total deferred tax assets 3,806 3,744 Deferred tax liabilities: Premises and equipment depreciation 258 286 FHLB stock dividends 43 37 Mortgage servicing rights 85 91 Prepaid expenses 76 36 Core deposit intangible — 2 Total deferred tax liabilities 462 452 Net deferred tax assets $ 3,344 $ 3,292 The Association does not expect the total amount of unrecognized tax benefits to change significantly in the next twelve months.
The primary sources of these temporary differences relate to the timing of the recognition of allowances for credit losses, net operating losses, mortgage-backed securities premium amortization, employee benefits, mortgage servicing rights and the market adjustment of available-for-sale securities. 72 Table of Contents The deferred tax assets and the deferred tax liabilities measured at the federal tax rate of 21 % at March 31, 2025 and 2024 are as follows: Year Ended March 31, 2025 2024 (Dollars in thousands) Deferred tax assets: Allowance for credit losses $ 1,188 $ 1,262 Employee benefits 456 609 Net operating loss acquired due to merger 337 372 Pre-1997 intangible asset 207 207 Fair value market adjustment for AFS securities 972 1,223 Other 127 133 Total deferred tax assets 3,287 3,806 Deferred tax liabilities: Premises and equipment depreciation 405 258 FHLB stock dividends 49 43 Mortgage servicing rights 80 85 Prepaid expenses 50 76 Total deferred tax liabilities 584 462 Net deferred tax assets $ 2,703 $ 3,344 The Association does not expect the total amount of unrecognized tax benefits to change significantly in the next twelve months.
Chicago, Illinois June 21, 2024 55 Table of Contents PART I—FIN ANCIAL INFORMATION Ite m 17. Financial Statements. CENTRAL PLAINS BANCHSARES, INC.
Chicago, Illinois June 26, 2025 52 Table of Contents PART I—FIN ANCIAL INFORMATION Ite m 17. Financial Statements. CENTRAL PLAINS BANCHSARES, INC.
Earnings per share for the year ended March 31, 2024 was calculated using 1,717,941 weighted average shares outstanding which represents zero shares outstanding prior to the conversion on October 19, 2023. EPS data is not applicable for year ended March 31, 2023 as the Company had no shares outstanding.
Earnings per share for the year ended March 31, 2024 was calculated using 1,717,941 weighted average shares outstanding which represents zero shares outstanding prior to the conversion on October 19, 2023.
The increase was due to a 143 basis point increase in the average cost of deposits to 2.24% for the year ended March 31, 2024 from 0.81% for the year ended March 31, 2023.
The increase was due to a 32 basis point increase in the average cost of deposits to 2.56% for the year ended March 31, 2025 from 2.24% for the year ended March 31, 2024.
Retirement Plans —Pension expense is the net of service and interest cost, return on plan assets, and amortization of gains and losses not immediately recognized.
Retirement Plans —Pension expense is the net of service and interest cost, return on plan assets, and amortization of gains and losses not immediately recognized. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service.
When the rate implicit in the lease is unknown, the present value of the lease payments is determined using our incremental borrowing rate based on the FHLB amortizing advance rate, adjusted for the lease term and other factors.
When the rate implicit in the lease is unknown, the present value of the lease payments is determined using our incremental borrowing rate based on the FHLB amortizing advance rate, adjusted for the lease term and other factors. Revenue Recognition —Most of the Association’s revenue is not subject to ASC 606.
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