Central Plains Bancshares, Inc.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 11, 2026
CPBI$20.80+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001193125-25-280272
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-11.
0001193125-26-046679
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 128 previous paragraphs and 129 current paragraphs.
84 unchanged; 39 reworded; 6 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Total Deposits. Total deposits increased $23.8 million, or 5.7%, to $440.0 million at December 31, 2025, from $416.2 million at March 31, 2025. Management believes this demonstrates customer confidence as well as the strength and loyalty of the Association's core deposit base. Additionally, the Association acquired $10.2 million in brokered time deposits, with a balance of $27.6 million at December 31, 2025, and $7.3 million at March 31, 2025. Management continues to actively monitor deposit balances and interest rates to maintain adequate liquidity.
Current report
Noninterest-bearing deposits decreased $2.5 million, or 3.9%, to $62.0 million, while certificates of deposit increased $25.8 million, or 21.1%, to $148.6 million, including brokered deposits. Savings, demand, NOW, and money market accounts combined increased $404,000, or 0.2%, to $229.4 million at December 31, 2025.
Current report
Interest and dividend income increased $2.2 million, or 12.2%, to $20.5 million for the nine months ended December 31, 2025 from $18.3 million in 2024. These increases were partially offset by lower income on interest‑earning cash balances, including Federal funds sold, due to both lower average balances and lower short‑term market rates.
Current report
Interest expense increased $455,000, or 7.4%, to $6.6 million for the nine months ended December 31, 2025, compared to $6.2 million for the same period in 2024. The increase was driven entirely by higher deposit costs. Interest expense on deposits increased $495,000, or 8.2%, to $6.5 million, reflecting higher average balances and increased rates on savings, money market, and NOW accounts, partially offset by lower yields on certificates of deposit and IRAs.
Current report
Total interest expense grew by less than the increase in deposit interest expense, indicating that interest expense on borrowings declined during the period. This decrease in borrowing costs partially offset the rise in deposit costs and contributed to keeping the overall increase in total interest expense below the growth in deposit-related expense.
Current report
Income tax expense was $774,000 for the nine months ended December 31, 2025, compared to $652,000 for the same period in 2024, resulting in effective tax rates of 20.3% and 18.9%, respectively. The increase in the effective tax rate for the nine months ended December 31, 2025 reflects a higher proportion of net income being subject to taxation compared to the same period last year.
Removed paragraphs (5)
Previous report
Total Deposits. Total deposits decreased $8.0 million, or 1.9%, to $408.2 million at September 30, 2025, from $416.2 million at March 31, 2025. The decrease was primarily driven by funds leaving the Association that were held in a 1031 exchange. Management continues to actively monitor deposit balances and interest rates to maintain adequate liquidity.
Previous report
Noninterest-bearing deposits decreased $517,000, or 0.8%, to $64.0 million at September 30, 2025, from $64.5 million at March 31, 2025. Time certificates of deposit increased $17.4 million, or 14.2%, to $140.1 million from $122.7 million, as long-term customers sought higher-yield deposit options. Additionally, the Association acquired $10.1 million in brokered time deposits, with a balance of $17.4 million at September 30, 2025, and $7.3 million at March 31, 2025.
Previous report
Interest and dividend income increased $1.3 million, or 10.8%, to $13.4 million for the six months ended September 30, 2025 from $12.1 million in 2024.
Previous report
Interest expense increased $254,000, or 6.3%, to $4.3 million for the six months ended September 30, 2025, compared to $4.0 million for the same period in 2024. While average yields on certificates of deposit and IRAs decreased, rates on savings, money market and NOW accounts were higher.
Previous report
Income tax expense was $474,000 for the six months ended September 30, 2025, compared to $412,000 for the same period in 2024, resulting in effective tax rates of 20.2% and 18.2%, respectively.
Reworded paragraphs (39)
Previous wording
Management’s discussion and analysis of financial condition and results of operations at September 30, 2025 and March 31, 2025 and for the three and six months ended September 30, 2025 and 2024 is intended to assist in understanding the financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto appearing in Part I, Item 1, of this Quarterly Report on Form 10-Q.
Current wording
Management’s discussion and analysis of financial condition and results of operations at December 31, 2025 and March 31, 2025 and for the three and nine months ended December 31, 2025 and 2024 is intended to assist in understanding the financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto appearing in Part I, Item 1, of this Quarterly Report on Form 10-Q.
Previous wording
Total Assets. Total assets increased by $1.3 million, or 0.3%, to $510.0 million at September 30, 2025, compared to $508.7 million at March 31, 2025. The increase primarily reflects a $708,000, or 22.8%, increase in accrued interest receivable and a $434,000, or 3.4%, increase in premises and equipment, net. Gross loans grew by $20.1 million, or 5.0%, partially offset by a $19.8 million, or 69.0% decrease in total cash and cash equivalents.
Current wording
Total Assets. Total assets increased by $27.0 million, or 5.3%, to $535.7 million at December 31, 2025, compared to $508.7 million at March 31, 2025. The increase primarily reflects a $28.0 million, or 7.0%, increase in gross loans.
Previous wording
Cash and cash equivalents. Cash and cash equivalents decreased $19.8 million, or 69.0%, to $8.9 million at September 30, 2025, from $28.7 million at March 31, 2025. This decrease was primarily attributable to increased loan funding and a reduction in total deposits. Management continues to monitor liquidity based on alternative uses of funds and prevailing market conditions.
Current wording
Cash and cash equivalents. Cash and cash equivalents decreased $574,000, or 2.0%, to $28.1 million at December 31, 2025, from $28.7 million at March 31, 2025. This decrease was primarily attributable to increased loan funding. Management continues to monitor liquidity based on alternative uses of funds and prevailing market conditions.
Previous wording
Investment Securities Available for Sale. Securities available-for-sale increased $301,000, or 0.5%, to $59.7 million at September 30, 2025, from $59.4 million at March 31, 2025. During the six-month period, we purchased $3.4 million in securities and received $4.2 million in principal payments. Additionally, net unrealized losses on the securities portfolio decreased by $1.1 million.
Current wording
Investment Securities Available for Sale. Securities available-for-sale decreased $480,000, or 0.8%, to $58.9 million at December 31, 2025, from $59.4 million at March 31, 2025. During the nine-month period, we purchased $4.4 million in securities and received $6.4 million in principal payments. Additionally, net unrealized losses on the securities portfolio decreased by $1.5 million.
Previous wording
Gross Loans. Loans increased $20.1 million, or 5.0%, to $422.3 million at September 30, 2025, from $402.2 million at March 31, 2025. Growth was driven by increases across all loan categories except land development and SIDs, residential real estate and other consumer loans. The largest increase occurred in agricultural loans, which rose $8.3 million, or 19.4%, to $51.1 million from $42.8 million, primarily due to additional agricultural business sought by the Association.
Current wording
Gross Loans. Loans increased $28.0 million, or 7.0%, to $430.2 million at December 31, 2025, from $402.2 million at March 31, 2025. Growth was driven by increases across all loan categories except land development and SIDs, and other consumer loans. The largest increase occurred in commercial non-real estate loans, which rose $12.8 million, or 40.1%, to $44.8 million from $32.0 million, primarily due to additional commercial business sought by the Association. Management continues to look for high-quality loans to add to its portfolio and will continue to emphasize loan originations to the extent that it is profitable, prudent and consistent with our interest rate risk strategies.
Previous wording
Premises and Equipment, Net. Premises and equipment increased $434,000, or 3.4%, to $13.3 million at September 30, 2025, from $12.9 million at March 31, 2025. The increase reflects final construction billings for two new branch offices in Lincoln and Hastings, Nebraska. Both full-service branches were open to the public as of September 30, 2025, and are expected to enhance service coverage and support customer engagement.
Current wording
Premises and Equipment, Net. Premises and equipment increased $235,000, or 1.8%, to $13.2 million at December 31, 2025, from $12.9 million at March 31, 2025. The increase reflects additional upgrades for technology across the Association.
Previous wording
Borrowings. Outstanding borrowings increased to $8.5 million at September, 30 2025, compared to no borrowings at March 31, 2025. While borrowings have been limited in recent periods, the Association has generally utilized deposit growth to fund operations. Management remains prepared to access FHLB advances if necessary to support additional loan funding.
Current wording
Borrowings. The Company had no outstanding borrowings at December 31, 2025, and March 31, 2025. While borrowings have been limited in recent periods, the Association has generally utilized deposit growth to fund operations. Management remains prepared to access FHLB and FRB advances if necessary to support additional loan funding.
Previous wording
Stockholders' Equity. Stockholders' equity increased $2.9 million, or 3.4% to $86.2 million at September 30, 2025, from $83.3 million at March 31, 2025. The increase was primarily driven by net income of $1.9 million and a $1.1 million decrease in unrealized losses on securities valuations, net of tax, partially offset by share repurchases under the Company's stock repurchase program. The decrease in the unrealized losses reflects changes in market interest rates during the six-month period ended September 30, 2025.
Current wording
Stockholders' Equity. Stockholders' equity increased $4.4 million, or 5.3% to $87.7 million at December 31, 2025, from $83.3 million at March 31, 2025. The increase was primarily driven by net income of $3.0 million and a $1.2 million decrease in unrealized losses on securities valuations, net of tax, partially offset by share repurchases under the Company's stock repurchase program. The decrease in the unrealized losses reflects changes in market interest rates during the nine-month period ended December 31, 2025.
Previous wording
On October 22, 2024, the Company adopted a program to repurchase up to 200,000 shares, or 5%, of its then outstanding common stock. The program may be suspended, terminated or modified at any time based on market conditions, repurchase costs, alternative investment opportunities, liquidity, and other factors. Repurchases will be made at management’s discretion at prices deemed attractive and in the best interests of the Company and its stockholders, subject to availability, market conditions, trading price, alternative uses of capital, and financial performance. Open market purchases will comply with Rule 10b-18 of the Securities and
Current wording
On October 22, 2024, the Company adopted a program to repurchase up to 200,000 shares, or 5%, of its then outstanding common stock. The program may be suspended, terminated or modified at any time based on market conditions, repurchase costs, alternative investment opportunities, liquidity, and other factors. Repurchases will be made at management’s discretion at prices deemed attractive and in the best interests of the Company and its stockholders, subject to availability, market conditions, trading price, alternative uses of capital, and financial performance. Open market purchases will comply with Rule 10b-18 of the Securities and Exchange Commission and other applicable requirements. As of December 31, 2025, 136,374 shares remained available for repurchase.
Previous wording
Exchange Commission and other applicable requirements. As of September 30, 2025, 148,457 shares remained available for repurchase. During the six months ended September 30, 2025, the Company repurchased 23,404 shares at a weighted average price of $14.96, for a total of $345,000.
Current wording
During the nine months ended December 31, 2025, the Company repurchased 35,487 shares at a weighted average price of $15.36, for a total of $544,000.
Previous wording
Comparison of Operating Results for the Three and Six Months Ended September 30, 2025 and 2024
Current wording
Comparison of Operating Results for the Three and Nine Months Ended December 31, 2025 and 2024
Previous wording
General. Net income was $882,000 for the three months ended September 30, 2025, compared to $952,000 for the same period in 2024. For the six months ended September 30, 2025 and 2024, net income remained consistent at $1.9 million..
Current wording
General. Net income was $1.2 million for the three months ended December 31, 2025, compared to $951,000 for the same period in 2024. For the nine months ended December 31, 2025, net income was $3.0 million, compared to net income of $2.8 million for the nine months ended December 31, 2024.
Previous wording
Interest and Dividend Income. Interest and dividend income increased $636,000, or 10.3%, to $6.8 million for the three months ended September 30, 2025, compared to $6.1 million for the same period in 2024. The increase was primarily driven by higher yields on interest-earning assets and loan growth.
Current wording
Interest and Dividend Income. Interest and dividend income increased $924,000, or 14.8%, to $7.2 million for the three months ended December 31, 2025, compared to $6.2 million for the same period in 2024. The increase was primarily driven by higher yields on interest-earning assets and loan growth. These increases were partially offset by lower income on interest‑earning cash balances, including Federal funds sold, due to both lower average balances and lower short‑term market rates.
Previous wording
Interest income on loans increased $592,000, or 10.6%, to $6.2 million for the three months ended September 30, 2025 from $5.6 million for the same period in 2024. The average balance of loans rose $21.0 million, or 5.4%, to $409.9 million from $388.9 million. Yield on loans increased 28 basis points to 6.04% from 5.76%, reflecting loan growth and the repricing of existing loans.
Current wording
Interest income on loans increased $926,000, or 16.4%, to $6.6 million for the three months ended December 31, 2025 from $5.6 million for the same period in 2024. The average balance of loans rose $26.0 million, or 6.5%, to $422.6 million from $396.6 million. Yield on loans increased 52 basis points to 6.22% from 5.70%, reflecting loan growth and the repricing of existing loans.
Previous wording
Interest income on securities increased $44,000, or 8.3%, to $576,000 for the three months ended September 30, 2025 from $532,000 for the the same period in 2024, due to a 28 basis point increase in average yield to 3.82% from 3.54%. The average balance of securities increased slightly to $60.4 million from $60.2 million.
Current wording
Interest income on securities increased $29,000, or 5.5%, to $558,000 for the three months ended December 31, 2025 from $529,000 for the same period in 2024, due to a 13 basis point increase in average yield to 3.76% from 3.63%. The average balance of securities increased slightly to $59.4 million from $58.3 million.
Previous wording
Interest income on loans increased $1.2 million, or 10.8%, to $12.1 million for the six months ended September 30, 2025 from $10.9 million for the same period in 2024. The average balance of loans rose $23.1 million, or 6.0%, to $406.7 million from $383.6 million. Yield on loans increased 26 basis points to 5.94% from 5.68%. The increase in yield was driven by loan growth and the repricing of existing loans during the period.
Current wording
Interest income on loans increased $2.1 million, or 12.7%, to $18.7 million for the nine months ended December 31, 2025 from $16.6 million for the same period in 2024. The average balance of loans rose $22.0 million, or 5.6%, to $412.1 million from $390.1 million. Yield on loans increased 38 basis points to 6.04% from 5.66%. The increase in yield was driven by loan growth and the repricing of existing loans during the period.
Previous wording
Interest income on securities increased $95,000, or 8.9%, to $1.2 million for the six months ended September 30, 2025 from $1.1 million for the same period in 2024, due to a 31 basis point increase in the average yield to 3.83% from 3.52%. The average balance of securities remained flat at $60.6 million.
Current wording
Interest income on securities increased $124,000, or 7.8%, to $1.7 million for the nine months ended December 31, 2025 from $1.6 million for the same period in 2024, due to a 23 basis point increase in the average yield to 3.80% from 3.57%. The average balance of securities increased slightly to $60.2 million from $59.6 million.
Previous wording
Interest Expense. Interest expense increased $109,000, or 5.2%, to $2.2 million for the three months ended September 30, 2025, compared to $2.1 million for the same period in 2024. While average yields on certificates of deposit and IRAs decreased, rates on savings, money market and NOW accounts were higher.
Current wording
Interest Expense. Interest expense increased $201,000, or 9.5%, to $2.3 million for the three months ended December 31, 2025, compared to $2.1 million for the same period in 2024. While average yields on certificates of deposit, IRAs and money market accounts decreased, rates on savings and NOW accounts were higher.
Previous wording
Interest expense on deposits increased $148,000, or 7.3%, to $2.2 million for the three months ended September 30, 2025, compared to $2.0 million for the same period in 2024. The increase was driven by higher average balances across all interest-bearing accounts and increased yields on savings, money market, and NOW accounts, partially offset by lower yields on certificates of deposit and IRAs.
Current wording
Interest expense on deposits increased $179,000, or 8.5%, to $2.3 million for the three months ended December 31, 2025, compared to $2.1 million for the same period in 2024. The increase was driven by higher average balances across all interest-bearing accounts, except NOW accounts and increased yields on savings and NOW accounts, partially offset by lower yields on certificates of deposit, IRAs and money market accounts.
Previous wording
Interest expense on deposits increased $316,000, or 8.0%, to $4.2 million for the six months ended September 30, 2025, compared to $3.9 million for the same period in 2024. The increase was due to higher average balances and increased yields on savings, money market, and NOW accounts, offset by lower yields on certificates of deposit and IRAs.
Current wording
Interest expense on deposits increased $495,000, or 8.2%, to $6.5 million for the nine months ended December 31, 2025, compared to $6.1 million for the same period in 2024. The increase was due to higher average balances and increased yields on savings, money market, and NOW accounts, offset by lower yields on certificates of deposit and IRAs.
Previous wording
Net Interest Income. Net interest income before provision for credit losses increased $527,000, or 13.0%, to $4.6 million for the three months ended September 30, 2025 compared to $4.1 million for the same period in 2024.
Current wording
Net Interest Income. Net interest income before provision for credit losses increased $723,000, or 17.5%, to $4.9 million for the three months ended December 31, 2025 compared to $4.1 million for the same period in 2024.
Previous wording
Our interest rate spread increased 35 basis points to 3.13% for the three months ended September 30, 2025, compared to 2.78% for the same period in 2024. Our net interest margin increased 28 basis points to 3.85% for the three months ended September 30, 2025 compared to 3.57% for the same period in 2024.
Current wording
Our interest rate spread increased 46 basis points to 3.24% for the three months ended December 31, 2025, compared to 2.78% for the same period in 2024. Our net interest margin increased 43 basis points to 3.98% for the three months ended December 31, 2025 compared to 3.55% for the same period in 2024.
Previous wording
Net interest income before provision for credit losses increased $1.1 million, or 13.1%, to $9.1 million for the six months ended September 30, 2025 compared to $8.0 million for the same period in 2024.
Current wording
Net interest income before provision for credit losses increased $1.7 million, or 14.6%, to $13.9 million for the nine months ended December 31, 2025 compared to $12.2 million for the same period in 2024.
Previous wording
Our interest rate spread increased 32 basis points to 3.09% for the six months ended September 30, 2025, compared to 2.77% for the same period in 2024. Our net interest margin increased 25 basis points to 3.80% for the six months ended September 30, 2025, compared to 3.55% for the same period in 2024.
Current wording
Our interest rate spread increased 45 basis points to 3.16% for the nine months ended December 31, 2025, compared to 2.71% for the same period in 2024. Our net interest margin increased 34 basis points to 3.87% for the nine months ended December 31, 2025, compared to 3.53% for the same period in 2024.
Previous wording
During the six months ended September 30, 2025, we recorded a provision for credit losses of $86,000, compared to a reversal of provision for credit losses of $1,000 for the same period in 2024.
Current wording
Provision for Credit Losses. During the three months ended December 31, 2025, no provision for credit losses was recorded. During the three months ended December 31, 2024, we recorded a provision for credit losses of $57,000.
Previous wording
Provision for Credit Losses. During the three months ended September 30, 2025, we recorded a provision for credit losses of $89,000 and $4,000 for the same period in 2024.
Current wording
During the nine months ended December 31, 2025, we recorded a provision for credit losses of $86,000 and $56,000 for the same period in 2024.
Previous wording
We will continue to evaluate the estimated future credit loss impact of current market conditions, which will depend on credit quality, macroeconomic forecasts, and the composition of our loan and securities portfolios. In addition, the OCC periodically reviews our allowance for credit losses as part of its examination process, which may result in adjustments.
Current wording
We will continue to evaluate the estimated future credit loss impact of current market conditions, which will depend on credit quality, macroeconomic forecasts, and the composition of our loan and securities portfolios.
Previous wording
Noninterest income increased $55,000, or 8.8%, to $679,000 for the three months ended September 30, 2025, compared to $624,000 for the same period in 2024. The increase was primarily due to gains on sale of loans, which rose $55,000, or 127.9%, to $98,000 from $48,000.
Current wording
Noninterest income increased $48,000, or 7.3%, to $704,000 for the three months ended December 31, 2025, compared to $656,000 for the same period in 2024. The increase was primarily due to gains on sale of loans, which rose $33,000, or 52.4%, to $96,000 from $63,000.
Previous wording
Noninterest income increased $97,000, or 7.8%, to $1.3 million for the six months ended September 30, 2025, compared to $1.2 million for the same period in 2024. The increase was primarily due to the gains on sale of loan,s which rose $84,000, or 92.3%, to $175,000 from $91,000.
Current wording
Noninterest income increased $145,000, or 7.7%, to $2.0 million for the nine months ended December 31, 2025, compared to $1.9 million for the same period in 2024. The increase was primarily due to the gains on sale of loans, which rose $117,000, or 76.0%, to $271,000 from $154,000.
Previous wording
Non-interest expense increased $539,000, or 15.3% to $4.1 million for the three months ended September 30, 2025, compared to $3.5 million for the same period in 2024. The largest increase in non-interest expense during the three months ended September 30, 2025 was in salaries and employee benefits, which rose $256,000, or 13.2%, to $2.2 million, compared to $1.9 million for the same period in 2024. These increases were primarily due to higher staffing levels and costs associated with the 2024 Equity Incentive Plan. Occupancy and equipment expense increased $159,000, or 58.9%, to $429,000 for the three months ended September 30, 2025, compared to $270,000 for the same period in 2024. This increase is due to maintenance, utilities, and depreciation related to new branches in Hastings and Lincoln. Other general and administrative expenses increased $98,000, or 16.3%, to $699,000 for the three months ended September 30, 2025, compared to $601,000 for the same period in 2024, due to higher insurance, audit, and consulting fees related to public filing and regulatory compliance.
Current wording
Non-interest expense increased $544,000, or 15.4% to $4.1 million for the three months ended December 31, 2025, compared to $3.5 million for the same period in 2024. The largest increase in non-interest expense during the three months ended December 31, 2025 was in salaries and employee benefits, which rose $295,000, or 15.1%, to $2.2 million, compared to $1.9 million for the same period in 2024. These increases were primarily due to higher staffing levels and costs associated with the 2024 Equity Incentive Plan. Occupancy and equipment expense increased $154,000, or 57.9%, to $420,000 for the three months ended December 31, 2025, compared to $266,000 for the same period in 2024. This increase is due to maintenance, utilities, and depreciation related to new branches in Hastings and Lincoln.
Previous wording
Non-interest expense increased $985,000, or 14.1% to $8.0 million for the six months ended September 30, 2025, compared to $7.0 million for the same period in 2024. The largest increase in non-interest expense during the six months ended September 30, 2025 was salaries and employee benefits, which rose $516,000, or 13.6%, to $4.3 million, compared to $3.8 million for the same period in 2024. These increases were primarily due to higher staffing levels and costs associated with the 2024 Equity Incentive Plan. Occupancy and equipment expense increased $225,000, or 43.1%, to $747,000 for the six months ended September 30, 2025, compared to $522,000 for the same period in 2024. This increase is due to maintenance, utilities, and depreciation related to new branches in Hastings and Lincoln. Other general and administrative expenses increased $157,000, or 11.8%, to $1.5 million for the six months ended September 30, 2025, compared to $1.3 million for the same period in 2024, due to higher insurance, audit, and consulting fees related to public filing and regulatory compliance.
Current wording
Non-interest expense increased $1.5 million, or 14.5% to $12.1 million for the nine months ended December 31, 2025, compared to $10.5 million for the same period in 2024. The largest increase in non-interest expense during the nine months ended December 31, 2025 was salaries and employee benefits, which rose $811,000, or 14.2%, to $6.5 million, compared to $5.7 million for the same period in 2024. These increases were primarily due to higher staffing levels and costs associated with the 2024 Equity Incentive Plan. Occupancy and equipment expense increased $379,000, or 48.1%, to $1.2 million for the nine months ended December 31, 2025, compared to $788,000 for the same period in 2024. This increase is due to maintenance, utilities, and depreciation related to new branches in Hastings and Lincoln. Other general and administrative expenses increased $176,000, or 8.9%, to $2.2 million for the nine months ended December 31, 2025, compared to $2.0 million for the same period in 2024, due to higher insurance, audit, and consulting fees related to public filing and regulatory compliance.
Previous wording
Income Tax Expense. Income tax expense was $233,000 for the three months ended September 30, 2025, compared to $205,000 for the same period in 2024, resulting in effective tax rates of 20.9% and 17.7%, respectively.
Current wording
Income Tax Expense. Income tax expense was $300,000 for the three months ended December 31, 2025, compared to $240,000 for the same period in 2024, resulting in effective tax rates of 20.3% and 20.2%, respectively.
Previous wording
The table above indicates that at September 30, 2025, we would have experienced a 0.17% decrease in NII in the event of a gradual, one-year 200 basis point increase in market interest rates, and a 0.16% decrease in NII in the event of a gradual, one-year 200 basis point decrease in market interest rates.
Current wording
The table above indicates that at December 31, 2025, we would have experienced a 1.11% increase in NII in the event of a gradual, one-year 200 basis point increase in market interest rates, and a 1.37% decrease in NII in the event of a gradual, one-year 200 basis point decrease in market interest rates.
Previous wording
The table above indicates that at September 30, 2025, we would have experienced a 3.23% increase in MVE in the event of an instantaneous parallel 200 basis point increase in the market interest rates and a 10.07% decrease in MVE in the event of an instantaneous 200 basis point decrease in market interest rates.
Current wording
The table above indicates that at December 31, 2025, we would have experienced a 7.38% increase in MVE in the event of an instantaneous parallel 200 basis point increase in the market interest rates and a 12.79% decrease in MVE in the event of an instantaneous 200 basis point decrease in market interest rates.
Previous wording
Liquidity. Liquidity describes our ability to meet financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on loans and securities, and proceeds from maturities of securities. We also have the ability to borrow from the FHLB. The Association had remaining availability for FHLB borrowings of approximately $32.0 million at September 30, 2025. The FHLB has sole discretion to deny additional advances. We could significantly increase our borrowing capacity from the FHLB of Topeka if we pledged additional assets as security. We also have the ability to participate in the Federal Reserve Board's Bank Term Funding Program if needed. Additionally, the Association had the capacity to borrow $5.0 million from a private bankers’ bank at September 30, 2025.
Current wording
Liquidity. Liquidity describes our ability to meet financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on loans and securities, and proceeds from maturities of securities. We also have the ability to borrow from the FHLB or FRB. The Association had remaining availability for FHLB and FRB borrowings of approximately $57.0 million at December 31, 2025. The FHLB has sole discretion to deny additional advances. We could significantly increase our borrowing capacity from the FHLB of Topeka and FRB if we pledged additional assets as security. We also have the ability to participate in the Federal Reserve Board's Bank Term Funding Program if needed. Additionally, the Association had the capacity to borrow $5.0 million from a private bankers’ bank at December 31, 2025.
Previous wording
For the six months ended September 30, 2025, cash flows from operating, investing, and financing activities resulted in a net decrease in cash and cash equivalents of $19.8 million, reflecting cash provided by operating activities of $1.0 million, offset by cash used in investing activities of $20.2 million and cash used in investing activities of $584,000.
Current wording
For the nine months ended December 31, 2025, cash flows from operating, investing, and financing activities resulted in a net decrease in cash and cash equivalents of $574,000, reflecting cash provided by operating activities of $3.3 million and cash provided in financing activities of $23.0 million, offset by cash used in investing activities of $27.0 million.
Previous wording
Net cash provided by operating activities amounted to $1.0 million, primarily due to net income of $1.9 million, depreciation of $478,000, stock based compensation of $376,000 and changes of other assets of $170,000, partially offset by changes in accrued expenses and other liabilities of $1.6 million and accrued interest receivable of $708,000. Net cash used in investing activities amounted to $20.2 million, primarily due to a net increase in loans of $20.1 million and the purchase of available-for-sale investment securities of $3.4 million, partially offset by proceeds from paydowns of available-for-sale investment securities of $4.2 million. Net cash used in financing activities amounted to $584,000, primarily due to a decrease in deposits of $8.0 million, partially offset by proceeds from short term FHLB advances of $8.5 million.
Current wording
Net cash provided by operating activities amounted to $3.3 million, primarily due to net income of $3.0 million, depreciation of $737,000 and stock based compensation of $569,000, partially offset by changes in accrued expenses and other liabilities of $1.4 million and accrued interest receivable of $217,000. Net cash used in investing activities amounted to $27.0 million, primarily due to a net increase in loans of $28.0 million and the purchase of available-for-sale investment securities of $4.4 million, partially offset by proceeds from paydowns of available-for-sale investment securities of $6.4 million. Net cash provided in financing activities amounted to $23.0 million, primarily due to an increase in deposits of $23.8 million.
Previous wording
For the six months ended September 30, 2024, cash flows from operating, investing, and financing activities resulted in a net decrease in cash and cash equivalents of $1.6 million, reflecting cash provided in operating activities of $1.7 million and cash provided in financing activities of $15.8 million, partially offset by cash used in investing activities of $19.0 million.
Current wording
For the nine months ended December 31, 2024, cash flows from operating, investing, and financing activities resulted in a net decrease in cash and cash equivalents of $4.8 million, reflecting cash provided in operating activities of $2.4 million and cash provided in financing activities of $18.8 million, partially offset by cash used in investing activities of $26.0 million.
Previous wording
Net cash provided by operating activities amounted to $1.7 million, primarily due to net income of $1.9 million, depreciation of $259,000, changes in accrued interest payable of $262,000 and changes of other assets of $249,000, partially offset by changes in accrued expenses and other liabilities of $930,000. Net cash used in investing activities amounted to $19.0 million, primarily due to a net increase in loans of $18.8 million and the purchase of available-for-sale investment securities of $1.9 million, partially offset by proceeds from paydowns of available-for-sale investment securities of $4.4 million. Net cash provided by financing activities amounted to $15.8 million, primarily due to an increase in deposits of $16.7 million.
Current wording
Net cash provided by operating activities amounted to $2.4 million, primarily due to net income of $2.8 million, depreciation of $389,000, and changes in other assets of $381,000, partially offset by changes in accrued interest payable of $227,000, changes in accrued interest receivable of $610,000 and changes in accrued expenses and other liabilities of $646,000. Net cash used in investing activities amounted to $26.0 million, primarily due to a net increase in loans of $24.7 million and the purchase of available-for-sale investment securities of $3.0 million, partially offset by proceeds from paydowns of available-for-sale investment securities of $6.5 million. Net cash provided by financing activities amounted to $18.8 million, primarily due to an increase in deposits of $19.2 million.