Central Plains Bancshares, Inc.

Note 1: BASIS OF PRESENTATION AND CHANGES IN SIGNIFICANT ACCOUNTING POLICIES

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

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

Changes in Significant Accounting Policies

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

Recently Issued Accounting Pronouncements

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

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

Note 2 - Investment SECURITIES

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

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

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

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

No credit losses were determined to be present as of June 30, 2026, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the three months ended June 30, 2026.

At June 30, 2026 and March 31, 2026, investment securities with amortized cost of $23.4 million, and $22.5 million, respectively, and estimated fair value of $22.0 million and $21.2 million, respectively, were pledged to secure public, consumer, and commercial deposits.

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

The Association hadno sales of available for sale investment securities for the three months ended June 30, 2026 or 2025.

Note 3 - LOANS AND ALLOWANCE FOR Credit LOSSES

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

Related Party Loans: In the normal course of business, loans are made to directors and officers of the Association. Loans to Association directors and key officers outstanding as of June 30, 2026 and March 31, 2026 were $1.7 million. Additionally, the Association had loans totaling $841,000 and $861,000 as of June 30, 2026 and March 31, 2026 to related parties that were originated by the Association, sold to Federal Home Loan Mortgage Company and are serviced by the Association.

The following tables present the activity in the allowance for credit losses for thethree months ended June 30, 2026 and 2025:

The ACL on loans excludes $215,000 as of June 30, 2026 and March 31, 2026 of allowance for off-balance sheet exposures and is recorded within accounts payable, accrued expenses and other liabilities on the consolidated statements of financial condition.

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

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

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

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

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

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

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

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

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

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

As noted in above table under 60-89 days past due for residential real estate, one loan with an outstanding balance of $1.7 million was 60 days past due at June 30, 2026, however, subsequently paid off in full.

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

Note 4 - DEPOSITS

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

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

Note 5 - Borrowings

At June 30, 2026 and March 31, 2026, the Company hadno outstanding borrowings.

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

As of June 30, 2026 and March 31, 2026, the Association had available borrowing capacity with the Federal Home Loan Bank (“FHLB”) of approximately $47.0 million, subject to collateral requirements and FHLB credit policies. The Association had $13.0 million in irrevocable letters of credit outstanding with the FHLB at June 30, 2026 and March 31, 2026 to secure public deposits. The FHLB retains sole discretion to grant or deny additional advances. At June 30, 2026, the Association had pledged investment securities with a carrying value of $19,000 and loans with a carrying value of $80.0 million as collateral for FHLB borrowings.

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

Additionally, the Association maintained a $5.0 million unsecured federal funds line of credit with a private bankers’ bank at June 30, 2026 and June 30, 2025.

Note 6 - REGULATORY CAPITAL REQUIREMENTS

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

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

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

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

Note 7 - COMMITMENTS AND CONTINGENCIES

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

At June 30, 2026 and March 31, 2026, the Association had approved outstanding loan origination commitments of $3.5 million and $5.6 million, respectively. Loan commitments, which are funded subject to certain limitations, extend over various periods of time and may expire without being drawn upon. Generally, unused commitments are canceled upon expiration of the commitment term as outlined in each individual contract. All outstanding loan origination commitments were subject to forward sales commitments to various entities. Also, at June 30, 2026 and March 31, 2026, the Association has committed unused lines of credit, equity lines, loans in process and letters of credit to consumers totaling $54.0 million and $48.4 million, respectively. The Association evaluates each customer’s creditworthiness on an individual basis and determines collateral requirements based on this evaluation. Collateral securing these commitments varies by product and borrower and may include residential and commercial real estate, agricultural real estate, inventory, equipment, accounts receivable, and other business and personal assets.

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

Note 8 - FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

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

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

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

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

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

Available-for-Sale Securities

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

The Association’s financial assets measured at fair value on a recurring basis are available-for-sale securities. Available-for-sale securities are classified within Level 2 because they are valued based on market prices for similar assets. The Association doesnot have any other assets or liabilities measured at fair value on a recurring basis as of June 30, 2026 or March 31, 2026.

There wereno transfers of financial instruments between Levels 1, 2, and 3 during thethree months ended June 30, 2026. The Association does not have any financial instruments measured at fair value on a recurring basis classified as Level 3.

Nonrecurring Measurements

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

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 statements of financial condition, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

Individually Evaluated Loans

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

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

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

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

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

Other Real Estate Owned (ORE)

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

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

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

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

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

Note 9 - EARNINGS PER SHARE

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

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

Note 10 - STOCK BASED COMPENSATION

ESOP

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

There wereno contributions to the ESOP during thethree months ended June 30, 2026 and 2025, as the annual loan payment is made in December. The ESOP compensation expense for three months ended June 30, 2026 and 2025 was $59,000 and $49,000, respectively.

Shares held by the ESOP were as follows:

Fair value of unearned shares is based on a stock price of $19.03 and $15.12 as of June 30, 2026 and 2025, respectively.

Equity Incentive plan

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

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

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

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

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

Expected future expense relating to the non-vested options outstanding as of June 30, 2026, is $1.3 million over a weighted average period of 3.5 years.

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

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

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

Expected future expense relating to the non-vested restricted shares outstanding as of June 30, 2026, is $1.4 million over a weighted average period of 3.5 years.

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

Note 11 - SEGMENT INFORMATION

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

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

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