{"url_path":"/sec/mfbi/10-k/2026/item-7a","section_key":"item-7a","section_title":"Item 7A Quantitative and Qualitative Disclosures About Market Risk","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-25","source_url":"https://www.sec.gov/Archives/edgar/data/2024899/0001104659-26-077799-index.html","accession_number":"0001104659-26-077799","cik":"0002024899","ticker":"MFBI","issuer_name":"Monroe Federal Bancorp, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2024899/0001104659-26-077799-index.html","primary_entity_key":"0002024899","primary_entity_name":"Monroe Federal Bancorp, Inc."},"word_count":21156,"has_tables":true,"body_markdown":"Item 7A. Quantitative and Qualitative Disclosures About Market Risk\n\nThe information regarding this item is contained in Item 7 under the heading “Management of Market Risk.”\n\n​\n\n44\n\n[Table of Contents](#TOC)\n\n**Item ****8. Financial Statements and Supplementary Data**\n\n**INDEX TO FINANCIAL STATEMENTS**\n\n​\n\n​\n\n​\n\n​\n\n**Page**\n\n(PCAOB ID No. 344)\n\n​\n\n[Consolidated Balance Sheets](#CondensedConsolidatedBalanceSheets_68048)\n\n​\n\n47\n\n[Consolidated Statements of Operations](#CondensedConsolidatedStatementsofOperati)\n\n​\n\n48\n\n[Consolidated Statements of Comprehensive Income (Loss)](#CondensedConsolidatedStatementsofCompreh)\n\n​\n\n49\n\n[Consolidated Statements of Changes in Stockholders’ Equity](#CondensedConsolidatedStatementsofShareho)\n\n​\n\n50\n\n[Consolidated Statements of Cash Flows](#CondensedConsolidatedStatementsofCashFlo)\n\n​\n\n51\n\n[Notes to Consolidated Financial Statements](#Notes_to_Financials)\n\n​\n\n52\n\n​\n\n​\n\n45\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n4890 Owen Ayres Ct.\n\nSuite 200\n\nEau Claire, WI 54701\n\n715 832 3407\n\nwipfli.com\n\n​\n\n**REPORT OF INDEPE****NDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\nTo the Board of Directors and Stockholders\n\nMonroe Federal Bancorp, Inc. and Subsidiary\n\nTipp City, Ohio\n\n**Opinion on the Consolidated Financial Statements**\n\nWe have audited the accompanying consolidated balance sheets of Monroe Federal Bancorp, Inc. and Subsidiary (the “Company”) as of March 31, 2026 and 2025, and the related consolidated statements of operations, comprehensive income (loss), changes in stockholders’ equity and cash flows for each of the years then ended and the related notes to the consolidated financial statements (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and 2025, and the results of its operations and its cash flows for each of the years then ended in conformity with accounting principles generally accepted in the United States of America.\n\n**Basis for Opinion**\n\nThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\nOur audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\nWe have served as the Company’s auditor since 2024.\n\nWipfli LLP\n\nEau Claire, Wisconsin\n\nJune 25, 2026\n\n\"Wipfli\" is the brand name under which Wipfli LLP and Wipfli Advisory LLC and its respective subsidiary entities provide professional services. Wipfli LLP and Wipfli Advisory LLC (and its respective subsidiary entities) practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. Wipfli LLP is a licensed independent CPA firm that provides attest services to its clients, and Wipfli Advisory LLC provides tax and business consulting services to its clients. Wipfli Advisory LLC and its subsidiary entities are not licensed CPA firms.\n\n​\n\n​\n\n46\n\n[Table of Contents](#TOC)\n\n**MONROE FEDERAL BANCORP, INC.**\n\n**Consolidated Balance Sheets**\n\n**March 31, 2026 and 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n**March 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n**Assets**\n\n​\n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nCash and due from banks\n\n​\n\n$\n\n1,315,276\n\n​\n\n$\n\n1,671,620\n\nInterest-bearing deposits in other financial institutions\n\n​\n\n \n\n99,114\n\n​\n\n \n\n406,147\n\nFederal funds sold\n\n​\n\n \n\n41,000\n\n​\n\n \n\n—\n\nCash and cash equivalents\n\n​\n\n \n\n1,455,390\n\n​\n\n \n\n2,077,767\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAvailable-for-sale securities\n\n​\n\n \n\n18,446,427\n\n​\n\n \n\n23,143,192\n\nLoans receivable\n\n​\n\n \n\n111,327,938\n\n​\n\n \n\n107,849,120\n\nAllowance for credit losses\n\n​\n\n \n\n(799,318)\n\n​\n\n \n\n(853,032)\n\nNet loans\n\n​\n\n \n\n110,528,620\n\n​\n\n \n\n106,996,088\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPremises and equipment\n\n​\n\n \n\n5,030,817\n\n​\n\n \n\n5,125,014\n\nRestricted stock\n\n​\n\n \n\n728,200\n\n​\n\n \n\n836,600\n\nBank owned life insurance\n\n​\n\n \n\n3,733,511\n\n​\n\n \n\n3,605,191\n\nAccrued interest receivable\n\n​\n\n \n\n476,985\n\n​\n\n \n\n469,009\n\nNet deferred federal income taxes\n\n​\n\n \n\n1,378,041\n\n​\n\n \n\n1,359,641\n\nOther assets\n\n​\n\n \n\n650,759\n\n​\n\n \n\n716,169\n\nTotal assets\n\n​\n\n$\n\n142,428,750\n\n​\n\n$\n\n144,328,671\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Liabilities and Stockholders' Equity**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n**Liabilities**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nDeposits\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nDemand\n\n​\n\n$\n\n31,656,469\n\n​\n\n$\n\n38,026,826\n\nSavings and money market\n\n​\n\n \n\n51,549,035\n\n​\n\n \n\n48,864,461\n\nTime\n\n​\n\n \n\n41,344,277\n\n​\n\n \n\n33,772,903\n\nTotal deposits\n\n​\n\n \n\n124,549,781\n\n​\n\n \n\n120,664,190\n\nAdvances from the Federal Home Loan Bank\n\n​\n\n \n\n3,834,000\n\n​\n\n \n\n9,972,000\n\nAdvances by borrowers for taxes and insurance\n\n​\n\n \n\n402,350\n\n​\n\n \n\n327,842\n\nDirectors plan liability\n\n​\n\n \n\n618,445\n\n​\n\n \n\n608,217\n\nAccrued interest payable and other liabilities\n\n​\n\n \n\n622,770\n\n​\n\n \n\n687,889\n\nTotal liabilities\n\n​\n\n \n\n130,027,346\n\n​\n\n \n\n132,260,138\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Stockholders' Equity**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPreferred stock - $.01 par value, 1,000,000 shares authorized\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\nCommon stock - $.01 par value, 14,000,000 shares authorized, 541,434 shares issued at March 31, 2026 and 2025\n\n​\n\n \n\n5,264\n\n​\n\n \n\n5,264\n\nAdditional paid in capital\n\n​\n\n​\n\n3,882,997\n\n​\n\n​\n\n3,859,854\n\nUnallocated common stock of ESOP\n\n​\n\n​\n\n(327,052)\n\n​\n\n​\n\n(345,478)\n\nRetained earnings\n\n​\n\n \n\n12,076,464\n\n​\n\n \n\n12,591,062\n\nTreasury stock - 21,000 shares\n\n​\n\n \n\n(210,000)\n\n​\n\n \n\n(210,000)\n\nDeferred compensation plan - Rabbi Trust - 21,000 shares\n\n​\n\n​\n\n210,000\n\n​\n\n​\n\n210,000\n\nAccumulated other comprehensive loss\n\n​\n\n​\n\n(3,236,269)\n\n​\n\n​\n\n(4,042,169)\n\nTotal stockholders' equity\n\n​\n\n​\n\n12,401,404\n\n​\n\n​\n\n12,068,533\n\nTotal liabilities and stockholders' equity\n\n​\n\n$\n\n142,428,750\n\n​\n\n$\n\n144,328,671\n\n*See Notes to Consolidated Financial Statements*\n\n​\n\n47\n\n[Table of Contents](#TOC)\n\nMONROE FEDERAL BANCORP, INC.\n\n**Consolidated Statements o****f Operations**\n\n**Years Ended March 31, 2026 and 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Year Ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n**Interest income**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nLoans\n\n​\n\n$\n\n5,617,519\n\n​\n\n$\n\n5,215,777\n\nInvestment securities\n\n​\n\n \n\n470,501\n\n​\n\n \n\n491,905\n\nInterest-bearing deposits and other\n\n​\n\n \n\n97,817\n\n​\n\n \n\n171,425\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal interest income\n\n​\n\n \n\n6,185,837\n\n​\n\n \n\n5,879,107\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Interest expense**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nDeposits\n\n​\n\n \n\n2,071,046\n\n​\n\n \n\n1,857,674\n\nBorrowings\n\n​\n\n \n\n371,569\n\n​\n\n \n\n371,113\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal interest expense\n\n​\n\n \n\n2,442,615\n\n​\n\n \n\n2,228,787\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Net interest income**\n\n​\n\n \n\n3,743,222\n\n​\n\n \n\n3,650,320\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**(Recovery of) provision for credit losses**\n\n​\n\n \n\n(56,944)\n\n​\n\n \n\n15,288\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Net interest income after (recovery of) provision for credit losses**\n\n​\n\n \n\n3,800,166\n\n​\n\n \n\n3,635,032\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Noninterest income**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nService fees on deposits\n\n​\n\n \n\n169,632\n\n​\n\n \n\n173,108\n\nLate charges and fees on loans\n\n​\n\n \n\n36,319\n\n​\n\n \n\n36,009\n\nLoan servicing fees\n\n​\n\n \n\n12,619\n\n​\n\n \n\n16,201\n\nIncrease in cash surrender value of bank owned life insurance\n\n​\n\n \n\n128,320\n\n​\n\n \n\n114,176\n\nOther income\n\n​\n\n \n\n92,408\n\n​\n\n \n\n36,850\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal noninterest income\n\n​\n\n \n\n439,298\n\n​\n\n \n\n376,344\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Noninterest expense**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nSalaries and employee benefits\n\n​\n\n \n\n2,214,651\n\n​\n\n \n\n2,169,611\n\nDirectors fees\n\n​\n\n \n\n114,900\n\n​\n\n \n\n121,800\n\nOccupancy and equipment\n\n​\n\n \n\n558,333\n\n​\n\n \n\n562,267\n\nData processing fees\n\n​\n\n \n\n609,791\n\n​\n\n \n\n541,578\n\nFranchise taxes\n\n​\n\n \n\n96,482\n\n​\n\n \n\n75,832\n\nFDIC insurance premiums\n\n​\n\n \n\n73,580\n\n​\n\n \n\n84,080\n\nProfessional services\n\n​\n\n \n\n421,394\n\n​\n\n \n\n390,200\n\nAdvertising\n\n​\n\n \n\n77,726\n\n​\n\n \n\n84,754\n\nLoss on sale of available-for-sale investments\n\n​\n\n​\n\n261,282\n\n​\n\n​\n\n—\n\nOther\n\n​\n\n \n\n510,209\n\n​\n\n \n\n440,909\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal noninterest expense\n\n​\n\n \n\n4,938,348\n\n​\n\n \n\n4,471,031\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Loss before income taxes**\n\n​\n\n \n\n(698,884)\n\n​\n\n \n\n(459,655)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Benefit for income taxes**\n\n​\n\n \n\n(184,286)\n\n​\n\n \n\n(133,015)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Net loss**\n\n​\n\n$\n\n(514,598)\n\n​\n\n$\n\n(326,640)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLoss per share - basic and diluted\n\n​\n\n$\n\n(1.04)\n\n​\n\n$\n\n(0.67)\n\n​\n\n*See Notes to Consolidated Financial Statements*\n\n​\n\n48\n\n[Table of Contents](#TOC)\n\nMONROE FEDERAL BANCORP, INC.\n\n**Consolidated Statements of Comprehensive Income (Loss)**\n\n**Years Ended March 31, 2026 and 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Year Ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\nNet loss\n\n​\n\n$\n\n(514,598)\n\n​\n\n$\n\n(326,640)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther comprehensive income:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nNet unrealized gains on available-for-sale securities\n\n​\n\n \n\n1,020,127\n\n​\n\n \n\n393,454\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTax benefit\n\n​\n\n \n\n(214,227)\n\n​\n\n \n\n(82,626)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther comprehensive income\n\n​\n\n \n\n805,900\n\n​\n\n \n\n310,828\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nComprehensive income (loss)\n\n​\n\n$\n\n291,302\n\n​\n\n$\n\n(15,812)\n\n​\n\n*See Notes to Consolidated Financial Statements*\n\n​\n\n49\n\n[Table of Contents](#TOC)\n\nMONROE FEDERAL BANCORP, INC.\n\n**Consolidated Statements of Changes in Stockholders’ Equity**\n\n**Years Ended March 31, 2026 and 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Accumulated**\n\n​\n\n****​\n\n​\n\n​\n\n​\n\n** **\n\n​\n\n****​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Unallocated**\n\n​\n\n​\n\n​\n\n​\n\n**Other**\n\n​\n\n****​\n\n​\n\n**Deferred**\n\n​\n\n** **\n\n​\n\n****​\n\n​\n\n**Common**\n\n​\n\n**Additional**\n\n​\n\n**Common Stock**\n\n​\n\n**Retained**\n\n​\n\n**Comprehensive**\n\n​\n\n**Treasury**\n\n​\n\n​\n\n**Compensation Plan**\n\n​\n\n​\n\n​\n\n****​\n\n**  ​ ​ ​**\n\n**Stock**\n\n**  ​ ​ ​**\n\n**Paid-in-Capital**\n\n**  ​ ​ ​**\n\n**of ESOP**\n\n**  ​ ​ ​**\n\n**Earnings**\n\n**  ​ ​ ​**\n\n**Income (Loss)**\n\n**  ​ ​ ​**\n\n**Stock**\n\n**  ​ ​ ​**\n\n**Rabbi Trust**\n\n**  ​ ​ ​**\n\n**Total**\n\nBalance at April 1, 2024\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n12,917,702\n\n​\n\n$\n\n(4,352,997)\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n8,564,705\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProceeds from issuance of shares of common stock, net of stock offering costs\n\n​\n\n​\n\n5,264\n\n​\n\n​\n\n3,852,820\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n3,858,084\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPurchase of ESOP shares\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(368,510)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(368,510)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRelease of ESOP shares\n\n​\n\n​\n\n—\n\n​\n\n​\n\n7,034\n\n​\n\n​\n\n23,032\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n30,066\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nShares purchased by trust (deferred compensation plans)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(210,000)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(210,000)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTreasury stock held (deferred compensation plans)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n210,000\n\n​\n\n​\n\n210,000\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet loss\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(326,640)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(326,640)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther comprehensive income\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n \n\n310,828\n\n​\n\n \n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n310,828\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance at March 31, 2025\n\n​\n\n$\n\n5,264\n\n​\n\n$\n\n3,859,854\n\n​\n\n$\n\n(345,478)\n\n​\n\n$\n\n12,591,062\n\n​\n\n$\n\n(4,042,169)\n\n​\n\n$\n\n(210,000)\n\n​\n\n$\n\n210,000\n\n​\n\n$\n\n12,068,533\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet loss\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(514,598)\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(514,598)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRelease of ESOP shares\n\n​\n\n​\n\n—\n\n​\n\n​\n\n6,615\n\n​\n\n​\n\n18,426\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n25,041\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nStock-based compensation expense\n\n​\n\n​\n\n—\n\n​\n\n​\n\n16,528\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n16,528\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther comprehensive income\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n \n\n805,900\n\n​\n\n \n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n805,900\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance at March 31, 2026\n\n​\n\n$\n\n5,264\n\n​\n\n$\n\n3,882,997\n\n​\n\n$\n\n(327,052)\n\n​\n\n$\n\n12,076,464\n\n​\n\n$\n\n(3,236,269)\n\n​\n\n$\n\n(210,000)\n\n​\n\n$\n\n210,000\n\n​\n\n$\n\n12,401,404\n\n​\n\n*See Notes to Consolidated Financial Statements*\n\n​\n\n50\n\n[Table of Contents](#TOC)\n\nMONROE FEDERAL BANCORP, INC.\n\n**Consolidated Statements of Cash Flows**\n\n**Years Ended March 31, 2026 and 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n**Year Ended**\n\n​\n\n \n\n**March 31, **\n\n​\n\n** **\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n**Operating Activities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet loss\n\n​\n\n$\n\n(514,598)\n\n​\n\n$\n\n(326,640)\n\nItems not requiring (providing) cash:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nDepreciation and amortization\n\n​\n\n \n\n246,336\n\n​\n\n \n\n262,384\n\nAmortization of premiums and discounts\n\n​\n\n \n\n131,520\n\n​\n\n \n\n151,871\n\nAccretion of deferred loan fees\n\n​\n\n \n\n(73,099)\n\n​\n\n \n\n(53,422)\n\nBenefit for deferred income taxes\n\n​\n\n \n\n(232,627)\n\n​\n\n \n\n(113,744)\n\n(Recovery of) provision for credit losses\n\n​\n\n \n\n(56,944)\n\n​\n\n \n\n15,288\n\nIncrease in cash surrender value of bank owned life insurance\n\n​\n\n \n\n(128,320)\n\n​\n\n \n\n(114,176)\n\nStock awards and options compensation expense\n\n​\n\n​\n\n16,528\n\n​\n\n​\n\n—\n\nRelease of ESOP shares\n\n​\n\n​\n\n25,041\n\n​\n\n​\n\n30,066\n\nLoss on sale of available-for-sale securities\n\n​\n\n​\n\n261,282\n\n​\n\n​\n\n—\n\nChanges in:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nAccrued interest receivable\n\n​\n\n \n\n(7,976)\n\n​\n\n \n\n14,018\n\nOther assets\n\n​\n\n \n\n65,410\n\n​\n\n \n\n(204,701)\n\nAccrued interest payable and other liabilities\n\n​\n\n \n\n(50,420)\n\n​\n\n \n\n135,237\n\nNet cash used in operating activities\n\n​\n\n \n\n(317,867)\n\n​\n\n \n\n(203,819)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Investing Activities**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nProceeds from calls, maturities and paydowns of available-for-sale securities\n\n​\n\n \n\n1,345,339\n\n​\n\n \n\n2,279,752\n\nProceeds from sale of available-for-sale securities\n\n​\n\n​\n\n3,978,751\n\n​\n\n​\n\n—\n\nNet change in loans\n\n​\n\n \n\n(3,406,960)\n\n​\n\n \n\n931,572\n\nPurchase of premises and equipment\n\n​\n\n \n\n(152,139)\n\n​\n\n \n\n(47,400)\n\nPurchase of restricted stock\n\n​\n\n​\n\n(38,400)\n\n​\n\n​\n\n(639,200)\n\nProceeds from redemption of restricted stock\n\n​\n\n​\n\n146,800\n\n​\n\n​\n\n317,600\n\nNet cash provided by investing activities\n\n​\n\n \n\n1,873,391\n\n​\n\n \n\n2,842,324\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Financing Activities**\n\n​\n\n \n\n`\n\n​\n\n \n\n  ​\n\nNet increase (decrease) in deposit accounts\n\n​\n\n \n\n3,885,591\n\n​\n\n \n\n(21,428,122)\n\nProceeds from Federal Home Loan Bank advances\n\n​\n\n \n\n40,742,000\n\n​\n\n \n\n56,831,000\n\nRepayment of Federal Home Loan Bank advances\n\n​\n\n \n\n(46,880,000)\n\n​\n\n \n\n(49,859,000)\n\nIncrease (decrease) in advances from borrowers for taxes and insurance\n\n​\n\n \n\n74,508\n\n​\n\n \n\n(1,888)\n\nGross proceeds from stock offering\n\n​\n\n​\n\n—\n\n​\n\n​\n\n5,269,644\n\nStock offering costs\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(1,411,560)\n\nPurchase of ESOP shares\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(368,510)\n\nPurchase of treasury stock (deferred compensation plans)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(210,000)\n\nNet cash used in financing activities\n\n​\n\n \n\n(2,177,901)\n\n​\n\n \n\n(11,178,436)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Decrease in Cash and Cash Equivalents**\n\n​\n\n \n\n(622,377)\n\n​\n\n \n\n(8,539,931)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cash and Cash Equivalents, Beginning of Period**\n\n​\n\n \n\n2,077,767\n\n​\n\n \n\n10,617,698\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cash and Cash Equivalents, End of Period**\n\n​\n\n$\n\n1,455,390\n\n​\n\n$\n\n2,077,767\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Supplemental Disclosure of Cash Flow Information**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nCash paid (refunded) during the period for:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nInterest on deposits and borrowings\n\n​\n\n$\n\n2,452,380\n\n​\n\n$\n\n2,218,406\n\nIncome taxes refunded\n\n​\n\n \n\n—\n\n​\n\n \n\n(24,880)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n*See Notes to Consolidated Financial Statements*\n\n​\n\n51\n\n[Table of Contents](#TOC)\n\n**Note 1:**Nature of Operations and Summary of Significant Accounting Policies\n\nNature of Operations and Basis of Presentation\n\nMonroe Federal Bancorp, Inc. (“Monroe Federal Bancorp” or the “Company”) is a Maryland corporation incorporated on May 21, 2024 to serve as the savings and loan holding company for Monroe Federal Savings and Loan Association (the “Bank”) in connection with the Bank’s conversion from the mutual form of organization to the stock form of organization (the “Conversion”). The Conversion was completed on October 23, 2024. In connection with the Conversion, Monroe Federal Bancorp acquired 100% ownership of the Bank and the Company sold 526,438 shares of its common stock at $10.00 per share, for gross offering proceeds of $5,264,380. The cost of the conversion and issuance of common stock was approximately $1.4 million, which was deducted from the gross offering proceeds. The Company’s employee stock ownership plan purchased 36,851 shares of the common stock sold by the Company, which was equal to 7% of the shares of common stock issued by the Company. The ESOP purchased the shares using a loan from the Company. The Company contributed $2.0 million of the net proceeds from the offering to the Bank, loaned $368,510 of the net proceeds to the ESOP and retained approximately $1.9 million of the net proceeds.\n\nMonroe Federal Savings and Loan Association, a wholly owned subsidiary, is engaged primarily in the business of providing a variety of deposit and lending services to individual customers in western Ohio. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential and commercial mortgages, commercial, home equity lines of credit and installment loans. Its operations are conducted through its four office locations in Tipp City, Vandalia and Dayton, Ohio. The Company faces competition from other financial institutions and is subject to the regulation of certain federal agencies and undergoes periodic examinations by those regulatory authorities.\n\nPrinciples of Consolidation\n\nThe consolidated financial statements include the accounts of the Company and the Bank. All intercompany transactions and balances have been eliminated in consolidation.\n\nJumpstart Our Business Startups Act\n\nThe Jumpstart Our Business Act (the JOBS Act), which was signed into law on April 5, 2012, has made numerous changes to the federal securities laws to facilitate access to the capital markets. Under the JOBS Act, a company with total annual gross revenues of less than $1.0 billion during the most recently completed fiscal year qualifies as an “emerging growth company”. The Company qualifies as an “emerging growth company” and believes that it will continue to qualify as an “emerging growth company” until the end of its fiscal year following the fifth anniversary of the completion of the stock offering.\n\nAs an “emerging growth company”, the Company has elected to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the Company’s consolidated financial statements may not be comparable to the financial statements of companies that comply with such new or revised accounting standards.\n\n​\n\nUse of Estimates\n\nThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.\n\nMaterial estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of deferred tax assets and fair values of financial instruments.\n\n52\n\n[Table of Contents](#TOC)\n\nCash Equivalents\n\n​\n\nThe Company considers all liquid investments with original maturities of three months or less to be\n\ncash equivalents. At March 31, 2026, the Company had one cash account that exceeded FDIC insurance limits by $16,738. At March 31, 2025, the Company had one cash account that exceeded FDIC insurance limits by $458,803.\n\n​\n\nIn March 2020, the Federal Reserve's board of directors approved reducing the required reserve requirement ratios to zero percent, effectively eliminating the requirement to maintain reserve balances in cash or on deposit with the Federal Reserve Bank. This reduction in the required reserves does not have a defined timeframe and may be revised by the Federal Reserve Board in the future.\n\n​\n\nInvestment Securities\n\n​\n\nInvestment securities are classified upon acquisition into one of three categories: held-to-maturity, available-for-sale or trading. Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in other income. Securities not classified as held to maturity or trading are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss).\n\n​\n\nPurchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities, identified as the call date as to premiums and maturity date as to discounts. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.\n\n​\n\nLoans\n\nLoans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances, adjusted for unearned income, charge-offs, the allowance for credit losses and any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans.\n\n​\n\nFor loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. For all loan portfolio segments except residential and consumer loans, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For collateral dependent loans, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral.\n\n​\n\nThe Company records a charge-off of loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company adheres to delinquency thresholds established by applicable regulatory guidance to determine the charge-off timeframe for these loans. Loans at these delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off.\n\n​\n\nLoans are placed on nonaccrual status when past due 90 days, or earlier when management considers collection of principal and interest is unlikely. For all classes, all interest accrued but not collected for loans that are placed on nonaccrual status or charged off is reversed against interest income. The interest on these loans is accounted for on a cash basis or cost recovery method, until qualifying for return to accrual.\n\n​\n\nLoans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely\n\n53\n\n[Table of Contents](#TOC)\n\ncollection of interest or principal. The Company requires a period of satisfactory performance of not less than six consecutive months before returning a nonaccrual loan to accrual status.\n\n​\n\nWhen cash payments are received on collateral dependent loans, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Loans modified due to financial difficulties of the borrower recognize interest income on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms, no principal reduction has been granted and the loan has demonstrated the ability to perform in accordance with the renegotiated terms for a period of at least six months.\n\n​\n\nAllowance for Credit Losses\n\n​\n\nThe allowance for credit losses (ACL) is a valuation allowance for expected credit losses. The allowance for credit losses is established through a provision for credit losses charged to income. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.\n\n​\n\nThe company uses a “current expected credit loss” (CECL) methodology that reflects expected credit losses over the lives of the credit instruments and requires consideration of a broader range of information to estimate credit losses. ASC 326 “CECL” requires an estimate of all expected credit losses for financial assets measured at amortized cost, including loans and held-to-maturity debt securities, based on historical experience, current conditions, and reasonable and supportable forecasts.\n\n​\n\nAvailable-for-sale securities\n\nFor available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. Accrued interest receivable on securities totaled $101,454 and $127,570 at March 31, 2026 and 2025, respectively. The Company made the policy election to exclude accrued interest receivable on securities from the estimate of credit losses.\n\n​\n\nFor securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income (loss), net of tax. The Company elected to use zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies and have a long history of no credit losses.\n\n​\n\nLoans\n\nThe ACL is a valuation allowance that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Management’s determination of the adequacy of the ACL is based on the assessment of the expected credit losses on loans over the expected life of the loan. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged off and expected to be charged off. Accrued interest receivable on loans totaled $375,531 and $341,439 at March 31, 2026 and 2025, respectively. The Company made the policy election to exclude accrued interest receivable on loans from the estimate of credit losses.\n\n​\n\nManagement estimates the ACL balance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience of the Company is paired with economic forecasts to provide the basis for the quantitatively modeled estimates of expected\n\n54\n\n[Table of Contents](#TOC)\n\ncredit losses. The Company adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the qualitative factors.\n\n​\n\nThe ACL is measured on a collective (pool) basis when similar risk characteristics exist. The Company uses publicly available data, based on regulatory filings of larger banks, to derive initial proxy expected lifetime loss rates. Reasonable and supportable forecasts are incorporated into the development of these proxy loss rates, which generally revert back to historical and qualitative loss considerations after 12-24 months. The loss rates are adjusted, if necessary, based on management’s assessment of certain criteria, including economic and business conditions, that may affect the Company’s loan portfolio, to arrive at factors that best represent the estimated credit risk in the loan portfolio.\n\n​\n\nLoans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.\n\n​\n\nExpected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a loan modification will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.\n\n​\n\nA loan for which the terms have been modified, resulting in a concession and for which the borrower is experiencing financial difficulties, is considered within the determination of the ACL using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the ACL is determined by discounting the expected future cash flows at the original interest rate of the loan.\n\nUnfunded Commitments\n\nThe Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The ACL on unfunded commitments is adjusted through the provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the related ACL methodology. The ACL on unfunded commitments totaled $71,974 and $76,445 at March 31, 2026 and 2025, respectively, and is included in accrued interest payable and other liabilities on the balance sheet.\n\nPremises and Equipment\n\n​\n\nDepreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of depreciable assets are as follows: building and improvements are 3-39 years; furniture and fixtures are 3-20 years; information technology-related equipment is 3-7 years.\n\n​\n\nRestricted Stock\n\n​\n\nRestricted stock includes stock investments in the Federal Home Loan Bank (“FHLB”), United Bankers Bank (“UBB”) and Connecticut On-Line Computer Center, Inc. (“COCC”). FHLB stock is a required investment for institutions that are members of the FHLB system and the transfer of the stock is substantially restricted. The required investment in the common stock is based on a predetermined formula. FHLB stock is carried at cost. The UBB stock is a required investment for banks doing business with UBB and is carried at cost. COCC is the Company’s external data processing provider. The COCC stock is a required investment for clients of COCC and is carried at cost. The Company’s restricted stock investments are evaluated for impairment on an annual basis. The Company’s investments in restricted stock were not impaired at March 31, 2026 and 2025.\n\n​\n\n​\n\n55\n\n[Table of Contents](#TOC)\n\nBank Owned Life Insurance\n\n​\n\nThe Company has purchased life insurance on certain management personnel. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.\n\n​\n\nLeases\n\nThe Company determines if a contract is a lease or contains a lease at its inception. A liability to make lease payments (\"the lease liability\") and a right-of-use asset representing the right to use the underlying asset for the lease term, initially measured at the present value of the lease payments, are recorded in the consolidated balance sheets. The lease right-of-use asset is included with other assets and the lease liability is included in accrued interest payable and other liabilities. The discount rate is the Company's incremental borrowing rate for periods similar to the respective lease terms. The Company's management is not reasonably certain that it will exercise the renewal options contained within the contract for its leased office and this additional term has not been included in the calculation of the right-of-use asset and the lease liability\n\n \n\nA lease is classified as a finance lease if it meets any of five designated criteria. If the lease does not meet any of the five criteria, the lease is classified as an operating lease. All leases entered into by the Company through March 31, 2026 are classified as operating leases. Lease expense is recognized on a straight-line basis over the lease term for operating leases. The Company has adopted an accounting policy election to not recognize lease assets and lease liabilities for leases with a term of twelve months or less. Lease expense for such leases is generally recognized on a straight-line basis over the lease term.\n\n​\n\nForeclosed Assets Held for Sale\n\n​\n\nAssets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value, less estimated cost to sell, at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets.\n\n​\n\nAt March 31, 2026 and 2025, the Company had no foreclosed residential real estate properties.\n\n​\n\nAt March 31, 2026, the Company had two loans for one customer for which formal foreclosure proceedings are in process. The 1-4 family residential loan and home equity line-of-credit are both secured by residential property located in Tipp City, Ohio. The total outstanding balance of the two loans was approximately $154,000 at March 31, 2026. Our internal valuation has set the net realizable value of the property at approximately $197,000 at March 31, 2026.\n\n​\n\nAt March 31, 2025, the Company had no loans for which formal foreclosure proceedings are in process.\n\n​\n\nIncome Taxes\n\n​\n\nThe Company accounts for income taxes in accordance with income tax accounting guidance (Accounting Standards Codification (“ASC”) 740, *Income Taxes*). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur.\n\n​\n\nDeferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized.\n\n56\n\n[Table of Contents](#TOC)\n\n​\n\nTax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more likely- than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment.\n\n​\n\nIf necessary, the Company recognizes interest and penalties on income taxes as a component of income tax expense.\n\n​\n\nWith a few exceptions, the Company is no longer subject to examination by tax authorities for fiscal years before 2023. As of March 31, 2026 and 2025, the Company had no material uncertain income tax positions.\n\n​\n\nAdvertising\n\n​\n\nAdvertising costs are expensed as incurred\n\nComprehensive Income (Loss)\n\n​\n\nComprehensive income (loss) consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) includes unrealized appreciation (depreciation) on available-for-sale securities.\n\n​\n\nAccumulated other comprehensive income (loss) consists solely of the cumulative unrealized gains and losses on available-for-sale securities, net of tax.\n\n​\n\nRevenue Recognition\n\n​\n\nThe Company accounts for certain revenues in accordance with Accounting Standards Update (“ASU”) 2014-09 *Revenue from Contracts with Customers*(ASC 606) and all subsequent ASUs that modified ASC 606. ASC 606 provides that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Interest income, net securities gains (losses) and income from bank owned life insurance are not included within the scope of ASC 606. For the revenue streams in the scope of ASC 606, service charges on deposits and electronic banking fees, there are no significant judgments related to the amount and timing of revenue recognition. All of the Company’s in-scope revenue from contracts with customers is recognized within other noninterest income.\n\n​\n\n*Deposit Services.*The Company generates revenues through fees charged to depositors related to deposit account maintenance fees, overdrafts, ATM fees, wire transfers and additional miscellaneous services provided at the request of the depositor.\n\n​\n\nFor deposit-related services, revenue is recognized when performance obligations are satisfied, which is, generally, at a point in time.\n\n​\n\nEarnings per Common Share\n\n​\n\nBasic earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of outstanding common stock awards unless the impact is anti-dilutive, by application of the treasury stock\n\n​\n\n57\n\n[Table of Contents](#TOC)\n\nStock-based Compensation\n\n​\n\nStock-based payments to employees, including grants of restricted stock or stock options, are valued at fair value of the award on the date of grant and expensed on a straight-line basis as compensation expense over the applicable vesting period. A Black-Scholes model is utilized to estimate the fair value of stock options and the quoted market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards.\n\n​\n\nFuture Accounting Pronouncements\n\n​\n\nIn December 2023, the FASB issued ASU 2023-09 *\"Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.\" *The amendments in this update require that on an annual basis, public business entities disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate. Furthermore, amendments require disclosure of income taxes paid, net of refunds received, disaggregated by federal and state jurisdictions. For public business entities, these amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. For the Company, this update will become effective with our filing for March 31, 2027\n\n​\n\nPrior-period Reclassifications\n\n​\n\nCertain prior-period amounts have been reclassified to conform to the current-period presentation. During the period, the Company reclassified the following items:\n\n​\n\n●$36,000 from other noninterest expense to salaries and employee benefits to better align with the current presentation of personnel-related costs.\n\n​\n\n●$22,308 from loans interest income to late charges and fees on loans to reflect late charges received in noninterest expense rather than interest income.\n\n​\n\n●$3,334 from professional services to other expense to show ESOP servicing expense as another expense rather than a professional service.\n\nThese changes are immaterial to the financial statements as a whole.\n\n​\n\n​\n\n58\n\n[Table of Contents](#TOC)\n\n**Note 2:**Investment Securities\n\nThe amortized cost and fair values, together with gross unrealized gains and losses on securities are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Gross**\n\n​\n\n**Gross**\n\n​\n\n****​\n\n​\n\n​\n\n**Amortized**\n\n​\n\n**Unrealized**\n\n​\n\n**Unrealized**\n\n​\n\n**Fair**\n\n​\n\n**  ​ ​ ​**\n\n**Cost**\n\n**  ​ ​ ​**\n\n**Gains**\n\n**  ​ ​ ​**\n\n**Losses**\n\n**  ​ ​ ​**\n\n**Value**\n\n**Available-for-sale Securities:**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n**March 31, 2026**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nU.S. Government agencies\n\n​\n\n$\n\n2,700,793\n\n \n\n$\n\n—\n\n \n\n$\n\n(384,570)\n\n \n\n$\n\n2,316,223\n\nMortgage-backed Government Sponsored Enterprises (GSEs)\n\n​\n\n \n\n8,558,140\n\n \n\n​\n\n—\n\n \n\n​\n\n(1,491,325)\n\n \n\n​\n\n7,066,815\n\nState and political subdivisions\n\n​\n\n \n\n10,786,860\n\n \n\n​\n\n—\n\n \n\n​\n\n(2,194,009)\n\n \n\n​\n\n8,592,851\n\nTime deposits\n\n​\n\n \n\n497,177\n\n \n\n​\n\n—\n\n \n\n​\n\n(26,639)\n\n \n\n​\n\n470,538\n\n​\n\n​\n\n$\n\n22,542,970\n\n​\n\n$\n\n—\n\n​\n\n$\n\n(4,096,543)\n\n​\n\n$\n\n18,446,427\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**Gross**\n\n**  ​ ​ ​**\n\n**Gross**\n\n**  ​ ​ ​**\n\n****​\n\n​\n\n​\n\n**Amortized**\n\n​\n\n**Unrealized**\n\n​\n\n**Unrealized**\n\n​\n\n**Fair**\n\n​\n\n​\n\n**Cost**\n\n​\n\n**Gains**\n\n​\n\n**Losses**\n\n​\n\n**Value**\n\n**Available-for-sale Securities:**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n**March 31, 2025**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nU.S. Government agencies\n\n \n\n$\n\n3,250,812\n\n \n\n$\n\n—\n\n \n\n$\n\n(496,900)\n\n \n\n$\n\n2,753,912\n\nMortgage-backed Government Sponsored Enterprises (GSEs)\n\n \n\n​\n\n11,383,323\n\n \n\n​\n\n—\n\n \n\n​\n\n(1,871,587)\n\n \n\n​\n\n9,511,736\n\nState and political subdivisions\n\n \n\n​\n\n12,878,759\n\n \n\n​\n\n—\n\n \n\n​\n\n(2,679,230)\n\n \n\n​\n\n10,199,529\n\nTime deposits\n\n \n\n​\n\n746,968\n\n \n\n​\n\n—\n\n \n\n​\n\n(68,953)\n\n \n\n​\n\n678,015\n\n​\n\n​\n\n$\n\n28,259,862\n\n​\n\n$\n\n—\n\n​\n\n$\n\n(5,116,670)\n\n​\n\n$\n\n23,143,192\n\n​\n\nThe amortized cost and fair value of available-for-sale securities at March 31, 2026, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Amortized**\n\n​\n\n**Fair**\n\n​\n\n**  ​ ​ ​**\n\n**Cost**\n\n**  ​ ​ ​**\n\n**Value**\n\n**March 31, 2026**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nWithin one year\n\n​\n\n$\n\n248,000\n\n​\n\n$\n\n246,056\n\nOne to five years\n\n​\n\n \n\n1,459,177\n\n​\n\n \n\n1,288,713\n\nFive to ten years\n\n​\n\n \n\n3,095,481\n\n​\n\n \n\n2,619,630\n\nAfter ten years\n\n​\n\n \n\n9,182,172\n\n​\n\n \n\n7,225,213\n\n​\n\n​\n\n \n\n13,984,830\n\n​\n\n \n\n11,379,612\n\nMortgage-backed GSEs\n\n​\n\n \n\n8,558,140\n\n​\n\n \n\n7,066,815\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotals\n\n​\n\n$\n\n22,542,970\n\n​\n\n$\n\n18,446,427\n\n​\n\nThe carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was approximately $3,476,000 and $6,697,000 at March 31, 2026 and 2025, respectively.\n\nCertain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Based on evaluation of available evidence, including recent changes in market interest rates and information obtained from regulatory filings, management believes the declines in fair value for these securities are not credit related.\n\nShould the fair value decline of any of these securities be attributed to credit-related reasons, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period identified.\n\n59\n\n[Table of Contents](#TOC)\n\nThe following table shows the number of securities and aggregate fair value depreciation at March 31, 2026.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n**Number of**\n\n**  ​ ​ ​**\n\n**Aggregate**\n\n** **\n\n**  ​ ​ ​**\n\n**Description of Securities**\n\n​\n\n**securities**\n\n​\n\n**Depreciation**\n\n** **\n\n​\n\n**Available for sale**\n\n \n\n  ​\n\n \n\n  ​\n\n​\n\n \n\nU.S. Government agencies\n\n \n\n7\n\n \n\n(14.2)\n\n%\n\n \n\nMortgage-backed Government Sponsored Enterprises (GSEs)\n\n \n\n24\n\n \n\n(17.4)\n\n%\n\n \n\nState and political subdivisions\n\n \n\n28\n\n \n\n(20.3)\n\n%\n\n \n\nTime deposits\n\n \n\n2\n\n \n\n(5.4)\n\n%\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal portfolio\n\n \n\n61\n\n \n\n(18.2)\n\n%\n\n \n\n​\n\nThe following tables show the Company’s investments’ gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 and 2025.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**March 31, 2026**\n\n​\n\n​\n\n**Less than 12 Months**\n\n​\n\n**12 Months or More**\n\n​\n\n**Total**\n\n​\n\n**  ​ ​ ​**\n\n**Fair**\n\n**  ​ ​ ​**\n\n**Unrealized**\n\n**  ​ ​ ​**\n\n**Fair**\n\n**  ​ ​ ​**\n\n**Unrealized**\n\n**  ​ ​ ​**\n\n**Fair**\n\n**  ​ ​ ​**\n\n**Unrealized**\n\n**Description of Securities**\n\n​\n\n**Value**\n\n​\n\n**Losses**\n\n​\n\n**Value**\n\n​\n\n**Losses**\n\n​\n\n**Value**\n\n​\n\n**Losses**\n\n**Available for sale**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nU.S. Government agencies\n\n​\n\n$\n\n301,371\n\n​\n\n$\n\n(1,838)\n\n​\n\n$\n\n2,014,852\n\n​\n\n$\n\n(382,732)\n\n​\n\n$\n\n2,316,223\n\n​\n\n$\n\n(384,570)\n\nMortgage-backed Government Sponsored Enterprises (GSEs)\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n7,066,815\n\n​\n\n \n\n(1,491,325)\n\n​\n\n \n\n7,066,815\n\n​\n\n \n\n(1,491,325)\n\nState and political subdivisions\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n8,592,851\n\n​\n\n \n\n(2,194,009)\n\n​\n\n \n\n8,592,851\n\n​\n\n \n\n(2,194,009)\n\nTime deposits\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n470,538\n\n​\n\n \n\n(26,639)\n\n​\n\n \n\n470,538\n\n​\n\n \n\n(26,639)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal portfolio\n\n​\n\n$\n\n301,371\n\n​\n\n$\n\n(1,838)\n\n​\n\n$\n\n18,145,056\n\n​\n\n$\n\n(4,094,705)\n\n​\n\n$\n\n18,446,427\n\n​\n\n$\n\n(4,096,543)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**March 31, 2025**\n\n​\n\n​\n\n**Less than 12 Months**\n\n​\n\n**12 Months or More**\n\n​\n\n**Total**\n\n​\n\n**  ​ ​ ​**\n\n**Fair**\n\n**  ​ ​ ​**\n\n**Unrealized**\n\n**  ​ ​ ​**\n\n**Fair**\n\n**  ​ ​ ​**\n\n**Unrealized**\n\n**  ​ ​ ​**\n\n**Fair**\n\n**  ​ ​ ​**\n\n**Unrealized**\n\n**Description of Securities**\n\n​\n\n**Value**\n\n​\n\n**Losses**\n\n​\n\n**Value**\n\n​\n\n**Losses**\n\n​\n\n**Value**\n\n​\n\n**Losses**\n\n**Available for sale**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nU.S. Government agencies\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n2,753,912\n\n​\n\n$\n\n(496,900)\n\n​\n\n$\n\n2,753,912\n\n​\n\n$\n\n(496,900)\n\nMortgage-backed Government Sponsored Enterprises (GSEs)\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n9,511,736\n\n​\n\n \n\n(1,871,587)\n\n​\n\n \n\n9,511,736\n\n​\n\n \n\n(1,871,587)\n\nState and political subdivisions\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n10,199,529\n\n​\n\n \n\n(2,679,230)\n\n​\n\n \n\n10,199,529\n\n​\n\n \n\n(2,679,230)\n\nTime deposits\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n678,015\n\n​\n\n \n\n(68,953)\n\n​\n\n \n\n678,015\n\n​\n\n \n\n(68,953)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal portfolio\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n23,143,192\n\n​\n\n$\n\n(5,116,670)\n\n​\n\n$\n\n23,143,192\n\n​\n\n$\n\n(5,116,670)\n\n​\n\nU.S. Government Agencies and State and Political Subdivisions\n\nUnrealized losses on these securities have not been recognized because the issuers’ bonds are of high credit quality, values have only been impacted by changes in interest rates since the securities were purchased, and the Company has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date. Because the decline in market value was attributable to changes in interest rates, and not credit quality, and because the Company typically does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company determined that no credit loss provisions were required.\n\n60\n\n[Table of Contents](#TOC)\n\nMortgage-backed GSEs\n\nThe unrealized losses on the Company’s investment in residential mortgage-backed government sponsored enterprises were caused primarily by changes in interest rates. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value is attributable to changes in interest rates, and not credit quality, and because the Company typically does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company determined that no credit loss provisions were required.\n\nTime Deposits\n\nThe unrealized losses on the Company’s investment in time deposits were caused primarily by changes in interest rates. The Company expects to recover the amortized cost basis over the term of the deposits. Because the decline in market value is attributable to changes in interest rates, and not credit quality, and because the Company typically does not intend to sell the deposits and it is not more likely than not the Company will be required to sell the deposits before recovery of their amortized cost basis, which may be maturity, the Company determined that no credit loss provisions were required.\n\nThe Company sold investment securities at a loss during the fiscal year ended March 31, 2026. There were no investment sales during the fiscal year ended March 31, 2025. The table below shows the realized loss and proceeds from the sale.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year Ended March 31,**\n\n​\n\n​\n\n​\n\n**2026**\n\n​\n\n​\n\n**2025**\n\nGross realized gains on sales of available for sale investment securities\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\nGross realized losses on sales of available for sale investment securities\n\n​\n\n​\n\n(261,282)\n\n​\n\n​\n\n—\n\nProceeds from sales of available for sale investment securities\n\n​\n\n$\n\n3,978,751\n\n​\n\n$\n\n—\n\n​\n\n​\n\n**Note 3:**Loans and Allowance for Credit Losses\n\nCategories of loans were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**March 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\nReal estate loans:\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nResidential\n\n​\n\n$\n\n67,988,201\n\n​\n\n$\n\n69,901,872\n\nMulti-family\n\n​\n\n \n\n1,830,264\n\n​\n\n \n\n1,598,921\n\nCommercial\n\n​\n\n \n\n27,308,068\n\n​\n\n \n\n24,188,224\n\nConstruction and land\n\n​\n\n \n\n2,099,773\n\n​\n\n \n\n2,510,104\n\nHome equity line of credit (HELOC)\n\n​\n\n \n\n4,941,865\n\n​\n\n \n\n4,405,008\n\nCommercial and industrial\n\n​\n\n \n\n6,304,585\n\n​\n\n \n\n4,255,640\n\nConsumer\n\n​\n\n \n\n1,108,319\n\n​\n\n \n\n1,289,863\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal loans\n\n​\n\n \n\n111,581,075\n\n​\n\n \n\n108,149,632\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLess:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nNet deferred loan fees\n\n​\n\n \n\n253,137\n\n​\n\n \n\n300,512\n\nAllowance for credit losses\n\n​\n\n \n\n799,318\n\n​\n\n \n\n853,032\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet loans\n\n​\n\n$\n\n110,528,620\n\n​\n\n$\n\n106,996,088\n\n​\n\n61\n\n[Table of Contents](#TOC)\n\nLoan participations where the Company serves as lead lender and services the participation interests for other participating lenders are not included in the accompanying balance sheets. The unpaid principal balances of these loans were approximately $4,900,000 and $5,961,000 at March 31, 2026 and 2025, respectively.\n\nRisk characteristics of each loan portfolio segment are described as follows:\n\nResidential Real Estate\n\nThese loans include first liens and junior liens on 1-4 family residential real estate and are generally owner-owner occupied. The Company generally establishes a maximum loan-to-value and requires private mortgage insurance if that ratio is exceeded. The main risks for these loans are changes in the value of the collateral and stability of the local economic environment and its impact on the borrowers’ employment. Management specifically considers unemployment and changes in real estate values in the Company’s market area.\n\nMulti-family Real Estate\n\nThese loans include loans on residential real estate secured by property with five or more units. The main risks are changes in the value of the collateral, ability of borrowers to collect rents, vacancy and changes in the tenants’ employment status. Management specifically considers unemployment and changes in real estate values in the Company’s market area.\n\nCommercial Real Estate\n\nThese loans are secured by both owner-occupied and non-owner-occupied commercial real estate with diverse characteristics and geographic location almost entirely in the Company’s market area. The main risks are changes in the value of the collateral and ability of borrowers to successfully conduct their business operations. Management generally avoids financing single purpose projects unless other underwriting factors are present to mitigate risks. Management specifically considers unemployment and changes in real estate values in the Company’s market area.\n\nConstruction and Land Real Estate\n\nThese loans include construction loans for 1-4 family residential and commercial properties (both owner and non-owner occupied) and first liens on land. The main risks for construction loans include uncertainties in estimating costs of construction and in estimating the market value of the completed project. The main risks for land loans are changes in the value of the collateral and stability of the local economic environment. Management specifically considers unemployment and changes in real estate values in the Company’s market area.\n\nHELOC\n\nThese loans are generally secured by subordinate interests in owner-occupied 1-4 family residences. The main risks for these loans are changes in the value of the collateral and stability of the local economic environment and its impact on the borrowers’ employment. Management specifically considers unemployment and changes in real estate values in the Company’s market area.\n\nCommercial and Industrial\n\nThe commercial and industrial portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of the borrower and the economic conditions that impact the cash flow stability from business operations.\n\n62\n\n[Table of Contents](#TOC)\n\nConsumer Loans\n\nThese loans include vehicle loans, share loans and unsecured loans. The main risks for these loans are the depreciation of the collateral values (vehicles) and the financial condition of the borrowers. Major employment changes are specifically considered by management.\n\n​\n\nThe following tables present the activity in the allowance for credit losses based on portfolio segment for the fiscal year ended March 31, 2026 and 2025:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year Ended March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n**Provision**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**for**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Balance**\n\n​\n\n**(recovery of)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Balance**\n\n​\n\n**  ​ ​ ​**\n\n**March 31, 2025**\n\n**  ​ ​ ​**\n\n**credit losses**\n\n**  ​ ​ ​**\n\n**Charge-offs**\n\n**  ​ ​ ​**\n\n**Recoveries**\n\n**  ​ ​ ​**\n\n**March 31, 2026**\n\nLoans:\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nReal estate loans:\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nResidential\n\n​\n\n$\n\n377,680\n\n​\n\n$\n\n(45,710)\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n331,970\n\nMulti-family\n\n​\n\n \n\n7,254\n\n​\n\n \n\n1,293\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n8,547\n\nCommercial\n\n​\n\n \n\n337,338\n\n​\n\n \n\n(12,003)\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n325,335\n\nConstruction and land\n\n​\n\n \n\n38,483\n\n​\n\n \n\n(7,211)\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n31,272\n\nHome equity line of credit (HELOC)\n\n​\n\n \n\n23,949\n\n​\n\n \n\n690\n\n​\n\n \n\n—\n\n​\n\n \n\n125\n\n​\n\n \n\n24,764\n\nCommercial and industrial\n\n​\n\n \n\n39,307\n\n​\n\n \n\n13,794\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n53,101\n\nConsumer\n\n​\n\n \n\n29,021\n\n​\n\n \n\n(3,326)\n\n​\n\n \n\n(1,366)\n\n​\n\n \n\n—\n\n​\n\n \n\n24,329\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal loans\n\n​\n\n \n\n853,032\n\n​\n\n \n\n(52,473)\n\n​\n\n \n\n(1,366)\n\n​\n\n \n\n125\n\n​\n\n \n\n799,318\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOff-balance sheet commitments\n\n​\n\n \n\n76,445\n\n​\n\n \n\n(4,471)\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n71,974\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal allowance for credit losses\n\n​\n\n$\n\n929,477\n\n​\n\n$\n\n(56,944)\n\n​\n\n$\n\n(1,366)\n\n​\n\n$\n\n125\n\n​\n\n$\n\n871,292\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year Ended March 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n**Provision**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**for**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**(recovery**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Balance**\n\n​\n\n**of)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Balance**\n\n​\n\n**  ​ ​ ​**\n\n**March 31, 2024**\n\n**  ​ ​ ​**\n\n**credit losses**\n\n**  ​ ​ ​**\n\n**Charge-offs**\n\n**  ​ ​ ​**\n\n**Recoveries**\n\n**  ​ ​ ​**\n\n**March 31, 2025**\n\nReal estate loans:\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nResidential\n\n​\n\n$\n\n394,445\n\n​\n\n$\n\n(16,765)\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n377,680\n\nMulti-family\n\n​\n\n \n\n—\n\n​\n\n \n\n7,254\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n7,254\n\nCommercial\n\n​\n\n \n\n333,596\n\n​\n\n \n\n3,742\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n337,338\n\nConstruction and land\n\n​\n\n \n\n46,672\n\n​\n\n \n\n(8,189)\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n38,483\n\nHome equity line of credit (HELOC)\n\n​\n\n \n\n—\n\n​\n\n \n\n23,949\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n23,949\n\nCommercial and industrial\n\n​\n\n \n\n41,764\n\n​\n\n \n\n(4,100)\n\n​\n\n \n\n—\n\n​\n\n \n\n1,643\n\n​\n\n \n\n39,307\n\nConsumer\n\n​\n\n \n\n38,978\n\n​\n\n \n\n(10,957)\n\n​\n\n \n\n—\n\n​\n\n \n\n1,000\n\n​\n\n \n\n29,021\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal loans\n\n​\n\n​\n\n855,455\n\n​\n\n \n\n(5,066)\n\n​\n\n \n\n—\n\n​\n\n \n\n2,643\n\n​\n\n \n\n853,032\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOff-balance sheet commitments\n\n​\n\n​\n\n56,091\n\n​\n\n \n\n20,354\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n76,445\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal allowance for credit losses\n\n​\n\n$\n\n911,546\n\n​\n\n$\n\n15,288\n\n​\n\n$\n\n—\n\n​\n\n$\n\n2,643\n\n​\n\n$\n\n929,477\n\n​\n\nNo accrued interest was written off during the years-ended March 31, 2026 and 2025.\n\n​\n\n63\n\n[Table of Contents](#TOC)\n\nThe Company has adopted a standard loan grading system for all loans, as follows:\n\n**Pass.**Loans of sufficient quality, which generally are protected by the current net worth and paying capacity of the obligor or by the value of the asset or underlying collateral.\n\n**Special Mention.**Loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date.\n\n**Substandard.** Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Usually, this classification includes all 90 days or more, non-accrual, and past due loans.\n\n**Doubtful.** Loans which have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.\n\n**Loss** Loans considered uncollectible and of such little value that continuance as an asset without the establishment of a specific reserve is not warranted.\n\n​\n\n64\n\n[Table of Contents](#TOC)\n\nInformation regarding the credit quality indicators most closely monitored for other than residential real estate loans and consumer loans, by class as of March 31, 2026 and 2025, follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Term Loans Amortized Cost Basis by Origination Year**\n\n​\n\n​\n\n**For the Year Ended March 31, 2026**\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2022**\n\n**  ​ ​ ​**\n\n**Prior**\n\n**  ​ ​ ​**\n\n**Total**\n\n**Multi-family**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nRisk rating:\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nPass\n\n​\n\n$\n\n600,000\n\n​\n\n$\n\n483,814\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n746,450\n\n​\n\n$\n\n1,830,264\n\nSpecial Mention\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nSubstandard\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nDoubtful\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nTotal\n\n​\n\n$\n\n600,000\n\n​\n\n$\n\n483,814\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n746,450\n\n​\n\n$\n\n1,830,264\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Commercial real estate**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nRisk rating:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n​\n\n​\n\n \n\n​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPass\n\n​\n\n$\n\n5,895,965\n\n​\n\n$\n\n2,956,234\n\n​\n\n$\n\n3,823,854\n\n​\n\n$\n\n2,582,546\n\n​\n\n$\n\n5,693,228\n\n​\n\n$\n\n5,004,409\n\n​\n\n$\n\n25,956,236\n\nSpecial Mention\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nSubstandard\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n1,351,832\n\n​\n\n \n\n1,351,832\n\nDoubtful\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nTotal\n\n​\n\n$\n\n5,895,965\n\n​\n\n$\n\n2,956,234\n\n​\n\n$\n\n3,823,854\n\n​\n\n$\n\n2,582,546\n\n​\n\n$\n\n5,693,228\n\n​\n\n$\n\n6,356,241\n\n​\n\n$\n\n27,308,068\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Construction and land**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nRisk rating:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPass\n\n​\n\n$\n\n1,917,957\n\n​\n\n​\n\n—\n\n​\n\n​\n\n128,716\n\n​\n\n$\n\n53,100\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n2,099,773\n\nSpecial Mention\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nSubstandard\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nDoubtful\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nTotal\n\n​\n\n$\n\n1,917,957\n\n​\n\n$\n\n—\n\n​\n\n$\n\n128,716\n\n​\n\n$\n\n53,100\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n2,099,773\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Commercial and industrial**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nRisk rating:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPass\n\n​\n\n$\n\n2,456,388\n\n​\n\n$\n\n1,481,377\n\n​\n\n$\n\n392,102\n\n​\n\n$\n\n321,364\n\n​\n\n$\n\n7,130\n\n​\n\n$\n\n1,638,390\n\n​\n\n$\n\n6,296,751\n\nSpecial Mention\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nSubstandard\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n7,834\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n7,834\n\nDoubtful\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nTotal\n\n​\n\n$\n\n2,456,388\n\n​\n\n$\n\n1,481,377\n\n​\n\n$\n\n392,102\n\n​\n\n$\n\n329,198\n\n​\n\n$\n\n7,130\n\n​\n\n$\n\n1,638,390\n\n​\n\n$\n\n6,304,585\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n65\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Term Loans Amortized Cost Basis by Origination Year**\n\n​\n\n​\n\n**For the Year-Ended March 31, 2025**\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2022**\n\n**  ​ ​ ​**\n\n**2021**\n\n**  ​ ​ ​**\n\n**Prior**\n\n**  ​ ​ ​**\n\n**Total**\n\n**Multi-family**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nRisk rating:\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nPass\n\n​\n\n$\n\n496,289\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n245,382\n\n​\n\n$\n\n857,250\n\n​\n\n$\n\n1,598,921\n\nSpecial Mention\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nSubstandard\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nDoubtful\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nTotal\n\n​\n\n$\n\n496,289\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n245,382\n\n​\n\n$\n\n857,250\n\n​\n\n$\n\n1,598,921\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Commercial real estate**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nRisk rating:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n​\n\n​\n\n \n\n​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPass\n\n​\n\n$\n\n1,828,141\n\n​\n\n$\n\n4,459,310\n\n​\n\n$\n\n2,713,003\n\n​\n\n$\n\n6,474,191\n\n​\n\n$\n\n1,208,474\n\n​\n\n$\n\n7,175,915\n\n​\n\n$\n\n23,859,034\n\nSpecial Mention\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n329,190\n\n​\n\n \n\n329,190\n\nSubstandard\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nDoubtful\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nTotal\n\n​\n\n$\n\n1,828,141\n\n​\n\n$\n\n4,459,310\n\n​\n\n$\n\n2,713,003\n\n​\n\n$\n\n6,474,191\n\n​\n\n$\n\n1,208,474\n\n​\n\n$\n\n7,505,105\n\n​\n\n$\n\n24,188,224\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Construction and land**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nRisk rating:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPass\n\n​\n\n$\n\n2,216,911\n\n​\n\n​\n\n230,925\n\n​\n\n$\n\n62,268\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n2,510,104\n\nSpecial Mention\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nSubstandard\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nDoubtful\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nTotal\n\n​\n\n$\n\n2,216,911\n\n​\n\n$\n\n230,925\n\n​\n\n$\n\n62,268\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n2,510,104\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Commercial and industrial**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nRisk rating:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPass\n\n​\n\n$\n\n737,986\n\n​\n\n$\n\n554,813\n\n​\n\n$\n\n232,337\n\n​\n\n$\n\n22,721\n\n​\n\n$\n\n192,147\n\n​\n\n$\n\n2,139,297\n\n​\n\n$\n\n3,879,301\n\nSpecial Mention\n\n​\n\n \n\n48,573\n\n​\n\n \n\n—\n\n​\n\n \n\n263,397\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n64,369\n\n​\n\n \n\n376,339\n\nSubstandard\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nDoubtful\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nTotal\n\n​\n\n$\n\n786,559\n\n​\n\n$\n\n554,813\n\n​\n\n$\n\n495,734\n\n​\n\n$\n\n22,721\n\n​\n\n$\n\n192,147\n\n​\n\n$\n\n2,203,666\n\n​\n\n$\n\n4,255,640\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n66\n\n[Table of Contents](#TOC)\n\nThe Company monitors the credit risk profile by payment activity for residential, home equity and consumer loan classes. Loans past due 90 days or more and loans on nonaccrual status are considered nonperforming. Nonperforming loans are reviewed monthly. The following table presents the amortized cost in residential, home equity and consumer loans based on payment activity:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Term Loans Amortized Cost Basis by Origination Year**\n\n​\n\n​\n\n**For the Year Ended March 31, 2026**\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2022**\n\n**  ​ ​ ​**\n\n**Prior**\n\n**  ​ ​ ​**\n\n**Total**\n\n**Residential real estate**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nPayment performance\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nPerforming\n\n​\n\n$\n\n5,799,061\n\n​\n\n$\n\n5,222,062\n\n​\n\n$\n\n5,223,155\n\n​\n\n$\n\n12,130,828\n\n​\n\n$\n\n21,443,140\n\n​\n\n$\n\n18,040,056\n\n​\n\n$\n\n67,858,302\n\nNonperforming\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n129,899\n\n​\n\n \n\n129,899\n\nTotal\n\n​\n\n$\n\n5,799,061\n\n​\n\n$\n\n5,222,062\n\n​\n\n$\n\n5,223,155\n\n​\n\n$\n\n12,130,828\n\n​\n\n$\n\n21,443,140\n\n​\n\n$\n\n18,169,955\n\n​\n\n$\n\n67,988,201\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Home Equity**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPayment performance\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPerforming\n\n​\n\n$\n\n1,303,500\n\n​\n\n$\n\n913,692\n\n​\n\n$\n\n394,124\n\n​\n\n$\n\n1,475,181\n\n​\n\n$\n\n212,485\n\n​\n\n$\n\n531,105\n\n​\n\n$\n\n4,830,087\n\nNonperforming\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n87,932\n\n​\n\n \n\n23,846\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n111,778\n\nTotal\n\n​\n\n$\n\n1,303,500\n\n​\n\n$\n\n913,692\n\n​\n\n$\n\n482,056\n\n​\n\n$\n\n1,499,027\n\n​\n\n$\n\n212,485\n\n​\n\n$\n\n531,105\n\n​\n\n$\n\n4,941,865\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Consumer**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPayment performance\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPerforming\n\n​\n\n$\n\n367,168\n\n​\n\n$\n\n131,504\n\n​\n\n$\n\n336,504\n\n​\n\n$\n\n194,011\n\n​\n\n$\n\n44,521\n\n​\n\n$\n\n34,611\n\n​\n\n$\n\n1,108,319\n\nNonperforming\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nTotal\n\n​\n\n$\n\n367,168\n\n​\n\n$\n\n131,504\n\n​\n\n$\n\n336,504\n\n​\n\n$\n\n194,011\n\n​\n\n$\n\n44,521\n\n​\n\n$\n\n34,611\n\n​\n\n$\n\n1,108,319\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n1,366\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n1,366\n\n​\n\n67\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Term Loans Amortized Cost Basis by Origination Year**\n\n​\n\n​\n\n**For the Year Ended March 31, 2025**\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2022**\n\n**  ​ ​ ​**\n\n**2021**\n\n**  ​ ​ ​**\n\n**Prior**\n\n**  ​ ​ ​**\n\n**Total**\n\n**Residential real estate**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nPayment performance\n\n \n\n​\n\n  ​\n\n​\n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nPerforming\n\n​\n\n$\n\n5,843,462\n\n​\n\n$\n\n5,880,218\n\n​\n\n$\n\n13,932,210\n\n​\n\n$\n\n22,841,159\n\n​\n\n$\n\n9,558,563\n\n​\n\n$\n\n11,426,475\n\n​\n\n$\n\n69,482,087\n\nNonperforming\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n289,886\n\n​\n\n \n\n—\n\n​\n\n \n\n129,899\n\n​\n\n \n\n—\n\n​\n\n \n\n419,785\n\nTotal\n\n​\n\n$\n\n5,843,462\n\n​\n\n$\n\n5,880,218\n\n​\n\n$\n\n14,222,096\n\n​\n\n$\n\n22,841,159\n\n​\n\n$\n\n9,688,462\n\n​\n\n$\n\n11,426,475\n\n​\n\n$\n\n69,901,872\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Home Equity**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPayment performance\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPerforming\n\n​\n\n$\n\n817,049\n\n​\n\n$\n\n763,590\n\n​\n\n$\n\n1,738,174\n\n​\n\n$\n\n222,077\n\n​\n\n$\n\n236,949\n\n​\n\n$\n\n513,280\n\n​\n\n$\n\n4,291,119\n\nNonperforming\n\n​\n\n \n\n—\n\n​\n\n \n\n91,783\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n22,106\n\n​\n\n \n\n—\n\n​\n\n \n\n113,889\n\nTotal\n\n​\n\n$\n\n817,049\n\n​\n\n$\n\n855,373\n\n​\n\n$\n\n1,738,174\n\n​\n\n$\n\n222,077\n\n​\n\n$\n\n259,055\n\n​\n\n$\n\n513,280\n\n​\n\n$\n\n4,405,008\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Consumer**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPayment performance\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nPerforming\n\n​\n\n$\n\n268,821\n\n​\n\n$\n\n394,604\n\n​\n\n$\n\n376,961\n\n​\n\n$\n\n115,317\n\n​\n\n$\n\n1,338\n\n​\n\n$\n\n50,897\n\n​\n\n$\n\n1,207,938\n\nNonperforming\n\n​\n\n \n\n—\n\n​\n\n \n\n81,925\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n81,925\n\nTotal\n\n​\n\n$\n\n268,821\n\n​\n\n$\n\n476,529\n\n​\n\n$\n\n376,961\n\n​\n\n$\n\n115,317\n\n​\n\n$\n\n1,338\n\n​\n\n$\n\n50,897\n\n​\n\n$\n\n1,289,863\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent period gross charge-offs\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\nThe Company evaluates the loan risk grading system definitions on an ongoing basis. No significant changes were made during the fiscal year ended March 31, 2026 and 2025.\n\n​\n\n68\n\n[Table of Contents](#TOC)\n\nThe following tables present the Company’s loan portfolio aging analysis of the recorded investment in loans as of March 31, 2026 and 2025:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**90 Days**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total Loans >**\n\n​\n\n​\n\n**30-59 Days**\n\n​\n\n**60-89 Days**\n\n​\n\n**or Greater**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n**Total Loans**\n\n​\n\n**90 Days &**\n\n​\n\n  ​ ​ ​\n\n**Past Due**\n\n  ​ ​ ​\n\n**Past Due**\n\n  ​ ​ ​\n\n**Past Due**\n\n  ​ ​ ​\n\n**Past Due**\n\n  ​ ​ ​\n\n**Current**\n\n  ​ ​ ​\n\n**Receivable**\n\n  ​ ​ ​\n\n**Accruing**\n\nReal estate loans:\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nResidential\n\n​\n\n$\n\n188,678\n\n​\n\n$\n\n—\n\n​\n\n$\n\n129,899\n\n​\n\n$\n\n318,577\n\n​\n\n$\n\n67,669,624\n\n​\n\n$\n\n67,988,201\n\n​\n\n$\n\n—\n\nMulti-family\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n1,830,264\n\n​\n\n \n\n1,830,264\n\n​\n\n \n\n—\n\nCommercial\n\n​\n\n \n\n258,744\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n258,744\n\n​\n\n \n\n27,049,324\n\n​\n\n \n\n27,308,068\n\n​\n\n \n\n—\n\nConstruction and land\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n2,099,773\n\n​\n\n \n\n2,099,773\n\n​\n\n \n\n—\n\nHome equity line of credit (HELOC)\n\n​\n\n \n\n—\n\n​\n\n​\n\n—\n\n​\n\n \n\n23,846\n\n​\n\n \n\n23,846\n\n​\n\n \n\n4,918,019\n\n​\n\n \n\n4,941,865\n\n​\n\n \n\n—\n\nCommercial and industrial\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n6,304,585\n\n​\n\n \n\n6,304,585\n\n​\n\n \n\n—\n\nConsumer\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n1,108,319\n\n​\n\n \n\n1,108,319\n\n​\n\n \n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n$\n\n447,422\n\n​\n\n$\n\n—\n\n​\n\n$\n\n153,745\n\n​\n\n$\n\n601,167\n\n​\n\n$\n\n110,979,908\n\n​\n\n$\n\n111,581,075\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**March 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n  ​\n\n​\n\n**90 Days**\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n**Total Loans >**\n\n​\n\n​\n\n**30-59 Days**\n\n​\n\n**60-89 Days**\n\n​\n\n**or Greater**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n**Total Loans**\n\n​\n\n**90 Days &**\n\n​\n\n  ​ ​ ​\n\n**Past Due**\n\n  ​ ​ ​\n\n**Past Due**\n\n  ​ ​ ​\n\n**Past Due**\n\n  ​ ​ ​\n\n**Past Due**\n\n  ​ ​ ​\n\n**Current**\n\n  ​ ​ ​\n\n**Receivable**\n\n  ​ ​ ​\n\n**Accruing**\n\nReal estate loans:\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nResidential\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n69,901,872\n\n​\n\n$\n\n69,901,872\n\n​\n\n$\n\n—\n\nMulti-family\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n1,598,921\n\n​\n\n \n\n1,598,921\n\n​\n\n \n\n—\n\nCommercial\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n24,188,224\n\n​\n\n \n\n24,188,224\n\n​\n\n \n\n—\n\nConstruction and land\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n2,510,104\n\n​\n\n \n\n2,510,104\n\n​\n\n \n\n—\n\nHome equity line of credit (HELOC)\n\n​\n\n \n\n—\n\n​\n\n​\n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n4,405,008\n\n​\n\n \n\n4,405,008\n\n​\n\n \n\n—\n\nCommercial and industrial\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n4,255,640\n\n​\n\n \n\n4,255,640\n\n​\n\n \n\n—\n\nConsumer\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n1,289,863\n\n​\n\n \n\n1,289,863\n\n​\n\n \n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n108,149,632\n\n​\n\n$\n\n108,149,632\n\n​\n\n$\n\n—\n\n​\n\n​\n\n69\n\n[Table of Contents](#TOC)\n\nThe following table presents the amortized cost basis and collateral type of collateral dependent loans by class as of March 31, 2026 and 2025:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Real**\n\n​\n\n**Business**\n\n​\n\n  ​\n\n​\n\n**March 31, 2026**\n\n**  ​ ​ ​**\n\n**estate**\n\n**  ​ ​ ​**\n\n**assets**\n\n**  ​ ​ ​**\n\n**Total**\n\nReal estate loans:\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nResidential\n\n​\n\n$\n\n445,832\n\n​\n\n$\n\n—\n\n​\n\n$\n\n445,832\n\nMulti-family\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nCommercial\n\n​\n\n \n\n1,351,832\n\n​\n\n \n\n—\n\n​\n\n \n\n1,351,832\n\nConstruction and land\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nHome equity line of credit (HELOC)\n\n​\n\n \n\n111,778\n\n​\n\n \n\n—\n\n​\n\n \n\n111,778\n\nCommercial and industrial\n\n​\n\n \n\n—\n\n​\n\n \n\n296,926\n\n​\n\n \n\n296,926\n\nConsumer\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n$\n\n1,909,442\n\n​\n\n$\n\n296,926\n\n​\n\n$\n\n2,206,368\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Real**\n\n​\n\n**Business**\n\n​\n\n  ​\n\n​\n\n**March 31, 2025**\n\n**  ​ ​ ​**\n\n**estate**\n\n**  ​ ​ ​**\n\n**assets**\n\n**  ​ ​ ​**\n\n**Total**\n\nReal estate loans:\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nResidential\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\nMulti-family\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nCommercial\n\n​\n\n \n\n329,190\n\n​\n\n \n\n—\n\n​\n\n \n\n329,190\n\nConstruction and land\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nHome equity line of credit (HELOC)\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nCommercial and industrial\n\n​\n\n \n\n—\n\n​\n\n \n\n362,943\n\n​\n\n \n\n362,943\n\nConsumer\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n$\n\n329,190\n\n​\n\n$\n\n362,943\n\n​\n\n$\n\n692,133\n\n​\n\nNonaccrual loans were as follows at March 31, 2026:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Nonaccrual Loans**\n\n​\n\n**Nonaccrual Loans**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Without an**\n\n​\n\n**With an**\n\n​\n\n**Total**\n\n​\n\n**  ​ ​ ​**\n\n**Allowance**\n\n**  ​ ​ ​**\n\n**Allowance**\n\n**  ​ ​ ​**\n\n**Nonaccrual Loans**\n\nReal estate loans\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nResidential\n\n​\n\n$\n\n129,899\n\n​\n\n—\n\n​\n\n$\n\n129,899\n\nHome equity line of credit (HELOC)\n\n​\n\n \n\n23,846\n\n​\n\n87,932\n\n​\n\n​\n\n111,778\n\nCommercial and industrial\n\n​\n\n​\n\n7,834\n\n​\n\n—\n\n​\n\n​\n\n7,834\n\nConsumer\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n—\n\nTotal nonaccrual loans\n\n​\n\n$\n\n161,579\n\n​\n\n87,932\n\n​\n\n$\n\n249,511\n\n​\n\nNonaccrual loans were as follows at March 31, 2025:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Nonaccrual Loans**\n\n****​\n\n**Nonaccrual Loans**\n\n​\n\n****​\n\n****​\n\n​\n\n​\n\n**Without an**\n\n****​\n\n**With an**\n\n​\n\n**Total**\n\n​\n\n​\n\n**Allowance**\n\n****​\n\n**Allowance**\n\n​\n\n**Nonaccrual Loans**\n\nReal estate loans\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nResidential\n\n​\n\n$\n\n419,785\n\n​\n\n​\n\n—\n\n​\n\n$\n\n419,785\n\nHome equity line of credit (HELOC)\n\n​\n\n \n\n113,889\n\n​\n\n​\n\n—\n\n​\n\n​\n\n113,889\n\nCommercial and industrial\n\n​\n\n​\n\n13,397\n\n​\n\n​\n\n—\n\n​\n\n​\n\n13,397\n\nConsumer\n\n​\n\n​\n\n81,925\n\n​\n\n​\n\n—\n\n​\n\n​\n\n81,925\n\nTotal nonaccrual loans\n\n​\n\n$\n\n628,996\n\n​\n\n​\n\n—\n\n​\n\n$\n\n628,996\n\n​\n\n​\n\n70\n\n[Table of Contents](#TOC)\n\nThere were no loan modifications during the fiscal year ended March 31, 2026. There was one commercial and industrial loan in the amount of approximately $49,000, or 1.2%, of total commercial and industrial loans, modified for a borrower experiencing financial difficulties during the fiscal year ended March 31, 2025. This modification increased the loan balance from approximately $30,000 to approximately $52,000 and extended the loan term by 3 years. The loan is performing at March 31, 2026.\n\n​\n\n**Note 4: Premises and Equipment**\n\nMajor classifications of premises and equipment, stated at cost, at March 31, 2026 and March 31, 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**March 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\nLand\n\n​\n\n$\n\n937,075\n\n​\n\n$\n\n937,075\n\nBuildings and improvements\n\n​\n\n \n\n5,199,747\n\n​\n\n \n\n5,137,652\n\nFurniture and equipment\n\n​\n\n \n\n2,334,430\n\n​\n\n \n\n2,244,327\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal\n\n​\n\n \n\n8,471,252\n\n​\n\n \n\n8,319,054\n\nLess accumulated depreciation\n\n​\n\n \n\n(3,440,435)\n\n​\n\n \n\n(3,194,040)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet premises and equipment\n\n​\n\n$\n\n5,030,817\n\n​\n\n$\n\n5,125,014\n\n​\n\nDepreciation expense was $246,336 and $262,384 for the years ended March 31, 2026 and 2025, respectively.\n\n​\n\nNote 5: Leases\n\nDuring the year ended March 31, 2026, the Company leased facilities for a branch office. The agreement requires monthly rentals totaling approximately $35,000 in fiscal year 2027. The lease has an original lease period of five years and an extension option for one year lease terms thereafter. The Company is responsible for all license fees, maintenance, repairs, insurance, and telephone expenses.\n\n​\n\nThe Company accounts for leases in accordance with ASC 842 *Leases* and carries on the consolidated balance sheets a right-of-use asset (“ROU”) included in other assets and lease liability included in accrued interest payable and other liabilities. The Company did not include optional lease term extensions in the ROU assets and lease liabilities, as it is not reasonably certain that the term extensions will be exercised. To calculate the present value of lease payments not yet paid, the Company used the FHLB of Cincinnati five-year fixed rate advance rate for the term of the lease that was in place as of the adoption date or lease inception date, whichever was later.\n\n​\n\nAt March 31, 2026 and March 31, 2025, the Company’s consolidated balance sheet included a $109,021 and $138,728, respectively, right-of-use asset and lease liability. At March 31, 2026, the lease liability is amortizing over a weighted-average remaining term of 3 years. The weighted-average discount rate used to calculate the present value of future minimum lease payments was 4.65% at March 31, 2026.\n\n​\n\nTotal lease expense incurred under terms of this lease amounted to $33,935 for the year ended March 31, 2026, compared to $28,524 for the year ended March 31, 2025.\n\n​\n\n71\n\n[Table of Contents](#TOC)\n\nThe minimum basic undiscounted rental commitment under the previously described lease arrangement in years after March 31, 2026 and March 31, 2025 is presented below.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year Ending March 31,**\n\n****​\n\n​\n\n​\n\n**2026**\n\n**2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2026\n\n​\n\n$\n\n—\n\n34,096\n\n2027\n\n  ​ ​ ​\n\n​\n\n34,899\n\n35,119\n\n2028\n\n​\n\n​\n\n35,946\n\n36,173\n\n2029\n\n​\n\n​\n\n37,025\n\n37,258\n\n2030\n\n​\n\n​\n\n9,324\n\n9,383\n\nTotal minimum lease payments\n\n​\n\n​\n\n117,194\n\n152,029\n\nLess amount representing interest\n\n​\n\n​\n\n8,173\n\n13,301\n\nPresent value of net minimum lease payments\n\n​\n\n$\n\n109,021\n\n138,728\n\n​\n\n​\n\n**Note 6:**Time Deposits\n\nTime deposits in denominations of $250,000 or more were approximately $7,643,000 and $6,745,000 at March 31, 2026 and 2025, respectively.\n\nAt March 31, 2026, the scheduled maturities of time deposits were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**March 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\nWithin one year\n\n​\n\n$\n\n29,699,799\n\nOne year to two years\n\n​\n\n \n\n6,294,369\n\nTwo years to three years\n\n​\n\n \n\n770,883\n\nThree years to four years\n\n​\n\n \n\n4,072,474\n\nFour years to five years\n\n​\n\n \n\n269,929\n\nThereafter\n\n​\n\n \n\n236,823\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n$\n\n41,344,277\n\n​\n\nAt March 31, 2026 and 2025, the Company had one significant customer deposit account with a total deposit balance of approximately $5,617,000 and $11,139,000, respectively.\n\n**Note 7:**Borrowings\n\nFederal Home Loan Bank (FHLB) advances consisted of the following as of March 31, 2026 and March 31, 2025:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**March 31, 2026**\n\n​\n\n**March 31, 2025**\n\n​\n\n​\n\n**Interest**\n\n​\n\n​\n\n​\n\n**Interest**\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Rate**\n\n**  ​ ​ ​**\n\n**Amount**\n\n**  ​ ​ ​**\n\n**Rate**\n\n**  ​ ​ ​**\n\n**Amount**\n\nScheduled to mature year ending March 31,\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2026\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n4.90\n\n%\n\n$\n\n1,000,000\n\n2026\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n4.51\n\n​\n\n​\n\n8,972,000\n\n2027\n\n​\n\n3.82\n\n%\n\n$\n\n3,834,000\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n$\n\n3,834,000\n\n​\n\n​\n\n​\n\n$\n\n9,972,000\n\n​\n\n72\n\n[Table of Contents](#TOC)\n\nThe Company has made a collateral pledge to the FHLB consisting of all shares of FHLB stock owned by the Company and a blanket pledge of approximately $69,030,000 and $68,884,000 of its qualifying mortgage assets as of March 31, 2026 and 2025, respectively. Based on this collateral, the Company was eligible to borrow up to a total of approximately $39,099,000 and $35,379,000 as of March 31, 2026 and 2025, respectively.\n\nMaturities of FHLB advances were as follows at March 31, 2026:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\nWithin one year\n\n​\n\n$\n\n3,834,000\n\n​\n\nThe Company had an available line of credit with the Federal Reserve Bank totaling $5,692,000 and $6,706,000 at March 31, 2026 and 2025, respectively. The line of credit was collateralized by a pledge of certain commercial loans totaling $11,244,000 and $13,290,000 as of March 31, 2026 and 2025, respectively. The Company had no outstanding borrowings on this line at March 31, 2026 and 2025.\n\nThe Company also has an available line of credit with United Bankers Bank totaling $5,000,000 and $4,976,000 at March 31, 2026 and 2025, respectively. The Company had no outstanding borrowings on this line at March 31, 2026 and 2025.\n\n**Note 8:****Income Taxes**\n\nThe provision for income taxes (benefit) for the years ended March 31, 2026 and 2025, includes these components:\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**For the Year Ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\nTaxes currently payable\n\n​\n\n$\n\n48,341\n\n​\n\n$\n\n(19,271)\n\nDeferred income taxes\n\n​\n\n \n\n(232,627)\n\n​\n\n \n\n(113,744)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIncome tax expense (benefit)\n\n​\n\n$\n\n(184,286)\n\n​\n\n$\n\n(133,015)\n\n​\n\nA reconciliation of the federal income tax expense (benefit) expense at the statutory rate to the Company’s actual income tax expense (benefit) is shown below:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**For the Year Ended March 31, **\n\n \n\n​\n\n​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n \n\nComputed at statutory rate (21%)\n\n​\n\n$\n\n(146,766)\n\n  ​ ​ ​\n\n(21.00)\n\n%  \n\n$\n\n(96,528)\n\n  ​ ​ ​\n\n(21.00)\n\n%\n\nIncrease (decrease) resulting from:\n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n​\n\nBank owned life insurance\n\n​\n\n \n\n(26,947)\n\n \n\n(3.86)\n\n%  \n\n \n\n(23,977)\n\n \n\n(5.22)\n\n%\n\nNontaxable interest income on municipal securities\n\n​\n\n \n\n(12,262)\n\n \n\n(1.78)\n\n%  \n\n \n\n(12,611)\n\n \n\n(2.74)\n\n%\n\nOther\n\n​\n\n \n\n1,689\n\n \n\n0.27\n\n%  \n\n \n\n101\n\n \n\n0.02\n\n%\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nActual income tax expense (benefit)\n\n​\n\n$\n\n(184,286)\n\n \n\n(26.37)\n\n%  \n\n$\n\n(133,015)\n\n \n\n(28.94)\n\n%\n\n​\n\n​\n\n73\n\n[Table of Contents](#TOC)\n\nThe composition of the Company’s net deferred tax asset at March 31, 2026 and 2025, is as follows:\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\nDeferred tax assets\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nAllowance for credit losses\n\n​\n\n$\n\n162,107\n\n​\n\n$\n\n174,065\n\nDeferred loan origination fees\n\n​\n\n \n\n53,159\n\n​\n\n \n\n63,107\n\nDeferred compensation\n\n​\n\n \n\n129,873\n\n​\n\n \n\n127,726\n\nStock compensation\n\n​\n\n​\n\n3,471\n\n​\n\n​\n\n—\n\nNet operating loss carryforward\n\n​\n\n \n\n500,361\n\n​\n\n \n\n254,490\n\nCharitable contribution carryforward\n\n​\n\n \n\n8,404\n\n​\n\n \n\n3,814\n\nUnrealized losses on available-for-sale securities\n\n​\n\n \n\n860,274\n\n​\n\n \n\n1,074,501\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDeferred tax assets\n\n​\n\n \n\n1,717,649\n\n​\n\n \n\n1,697,703\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDeferred tax liabilities\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nDepreciation\n\n​\n\n \n\n(207,292)\n\n​\n\n \n\n(225,871)\n\nOther\n\n​\n\n \n\n(20,380)\n\n​\n\n \n\n—\n\nAccrual to cash adjustments\n\n​\n\n \n\n(111,936)\n\n​\n\n \n\n(112,191)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDeferred tax liabilities\n\n​\n\n \n\n(339,608)\n\n​\n\n \n\n(338,062)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet deferred tax asset\n\n​\n\n$\n\n1,378,041\n\n​\n\n$\n\n1,359,641\n\n​\n\n​\n\nRetained earnings at March 31, 2026 and 2025, includes approximately $1.0 million for which no deferred federal income tax liability has been recognized. This amount represents an allocation of income to bad debt deductions for tax purposes only. Reduction of amounts allocated for purposes other than tax bad debt losses would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. The deferred income tax liability on the preceding amount that would have been recorded if it was expected to reverse into taxable income in the foreseeable future was approximately $210,000 at both March 31, 2026 and 2025.\n\n \n\nAt March 31, 2026 and 2025, the Company had available unused federal net operating loss carryforwards totaling approximately $2.4 million and $1.2 million that may be applied against future federal taxable income. The net operating loss carryforwards do not expire, but their use is limited to 80% of taxable income in any one carryforward year.\n\n​\n\n**Note 9:**Regulatory Matters\n\nThe Bank is subject to various regulatory capital requirements administered by the 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 Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under U.S. GAAP reporting requirements and regulatory capital standards. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements.\n\nQuantitative measures established by regulatory reporting standards to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined) to risk-weighted assets (as defined), common equity Tier I capital (as defined) to total risk-weighted assets (as defined) and of Tier I capital (as defined) to average assets (as defined).\n\n74\n\n[Table of Contents](#TOC)\n\nFederal regulators finalized and adopted a regulatory capital rule in 2019 establishing a new community bank leverage ratio (CBLR), which became effective on January 1, 2020. The intent of the CBLR is to provide a simple alternative measure of capital adequacy for electing qualifying depository institutions and depository institution holding companies, as directed under the Economic Growth, Regulatory Relief, and Consumer Protection Act.\n\n​\n\nIf a qualifying depository institution, or depository institution holding company, elects to use such measure, such institution or holding company will be considered well capitalized if its ratio of Tier 1 capital to average total consolidated assets (i.e., leverage ratio) exceeds 9.0%, subject to a limited two quarter grace period, during which the leverage ratio cannot go 100 basis points below the then applicable threshold, and will not be required to calculate and report risk-based capital ratios.\n\n​\n\nThe Bank elected to begin using the CBLR during the year ended March 31, 2025. The Bank’s CBLR was 9.6% and 10.0%, respectively, as of March 31, 2026 and 2025.\n\n​\n\nManagement believes, as of March 31, 2026 and 2025, that the Bank met all capital adequacy requirements to which it is subject.\n\n​\n\nAs of March 31, 2026, the most recent notification from the regulators categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category.\n\n​\n\nNote 10: Related Party Transactions\n\nThe Company had loans outstanding to certain of its executive officers, directors, and their related interests. Activity in these loans for the years ended March 31, 2026 and 2025 is presented in the following table.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**For the Year Ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\nBalance at beginning of year\n\n​\n\n$\n\n1,597,074\n\n​\n\n$\n\n1,792,267\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNew borrowings\n\n​\n\n \n\n126,925\n\n​\n\n \n\n16,919\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRepayments\n\n​\n\n \n\n(526,331)\n\n​\n\n \n\n(161,413)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nChange in related party\n\n​\n\n​\n\n(88,962)\n\n​\n\n​\n\n(50,699)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance at end of year\n\n​\n\n$\n\n1,108,706\n\n​\n\n$\n\n1,597,074\n\n​\n\nIn management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinions, these loans did not involve more than normal risk of collectability or present other unfavorable features.\n\n​\n\nDeposits from related parties of the Company at March 31, 2026 and 2025 totaled approximately $386,000 and $251,000, respectively.\n\n​\n\n​\n\n​\n\n75\n\n[Table of Contents](#TOC)\n\n**Note 11: Benefit Plans**\n\n​\n\nProfit Sharing Plan\n\nThe Company has a contributory profit-sharing plan covering substantially all employees. Employees may contribute up to 25% of their compensation. Employer contributions to the plan are made annually at the discretion of the Board of Directors. The Company’s expense for this plan totaled $113,948 and $105,213 for the years ended March 31, 2026 and 2025, respectively.\n\n​\n\nDirectors Retirement Plan\n\nThe Company maintains an unfunded nonqualified director’s retirement plan. The plan provides for payment of benefits to each director upon termination of service with the Company. Participants vest 50%, 75%, and 100% after six, nine, and twelve years of service, respectively. Expense is recognized based upon the present value of benefits due each participant on the full-eligibility date using a 4.00% discount factor. The liability recognized for the plan totaled $336,063 and $348,257 at March 31, 2026 and 2025, respectively. The Company made payments under this plan totaling $28,650 and $26,400 for the years ended March 31, 2026 and 2025, respectively. Estimated future payments are as follow:\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFor the years ended March 31, \n\n  ​ ​ ​\n\n​\n\n  ​\n\n2027\n\n​\n\n$\n\n40,650\n\n2028\n\n​\n\n \n\n44,400\n\n2029\n\n​\n\n \n\n36,700\n\n2030\n\n​\n\n \n\n36,000\n\n2031\n\n​\n\n \n\n27,750\n\nThereafter\n\n​\n\n​\n\n272,250\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n$\n\n457,750\n\n​\n\nThe Company also maintains a deferred compensation plan for directors. The related accrued liability as of March 31, 2026 and 2025 was $282,382 and $259,960, respectively. The expense recognized for both the director’s retirement plan and the deferred compensation plan totaled $27,642 and $59,601 for the years ended March 31, 2026 and 2025, respectively.\n\n​\n\nThe Company purchased life insurance policies to use as an informal funding vehicle for the expected future payments under the director’s retirement plan. The cash surrender value of these policies is reflected on the Company’s balance sheet.\n\n​\n\n76\n\n[Table of Contents](#TOC)\n\n**Note 12:** Employee Stock Ownership Plan (ESOP)\n\nIn connection with the Conversion, the Company established an Employee Stock Ownership Plan (“ESOP”) for the exclusive benefit of eligible employees. It is expected that the Bank will make annual contributions to the ESOP in amounts as defined by the ESOP loan documents. The contributions will be used to repay the ESOP loan. Certain ESOP shares are pledged as collateral for the ESOP loan. As the ESOP loan is repaid, shares are released from collateral and allocated to eligible participants, based on the proportion of loan repayments paid in the year. Shares allocated to eligible participants will become 100% vested upon completion of three years of service with the Bank, including years of service prior to the formation of the ESOP.\n\n​\n\nIn connection with the Company’s Conversion, the ESOP borrowed $368,510 from the Company for the purpose of purchasing shares of the Company’s common stock. A total of 36,851 shares were purchased with the loan proceeds. Company common stock purchased by the ESOP is shown as a reduction of stockholders’ equity. The ESOP loan is expected to be repaid over a period of 20 years.\n\n​\n\nThe annual contribution to the ESOP was made during the year ended March 31, 2026, as loan payments are made annually on December 31 of each year. Compensation expense is recognized over the service period based on the average fair value of the shares and totaled $25,041 and $30,066 for the years ended March 31, 2026 and 2025,\n\nAt March 31, 2026, there were 3,685 shares allocated to participants, 461 shares committed to be released and 32,705 unallocated shares. The fair value of unallocated ESOP shares totaled $377,746 at March 31, 2026.\n\n​\n\n**Note 13: Stock-Based Compensation**\n\nUnder its equity incentive plan, the Company may grant stock options and restricted stock awards to certain officers, employees, and directors. This plan is administered by a committee of the Board of Directors. At March 31, 2026, approximately 68,436 shares were available for grant under the plan. A Black-Scholes model is utilized to estimate the fair value of stock option grants, while the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. The weighted average assumptions used in the Black-Scholes model for valuing stock option grants for year ended March 31, 2026 were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDividend Yield\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n0.00\n\n%\n\nExpected Volatility\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n29.60\n\n%\n\nRisk-free interest rate\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n3.92\n\n%\n\nExpected average life (in years)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n6.5\n\n​\n\nWeighted average per share fair value of options\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n$\n\n4.44\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThe Company’s restricted stock activity as of March 31, 2026 is summarized below:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Weighted Average Grant**\n\n​\n\n**Restricted Shares**\n\n**Restricted Stock**\n\n​\n\n**Date Fair Value**\n\n​\n\n**Outstanding**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOutstanding March 31, 2025\n\n​\n\n$\n\n—\n\n​\n\n​\n\n—\n\nGranted\n\n​\n\n​\n\n11.46\n\n​\n\n​\n\n14,996\n\nForfeited\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\nOutstanding March 31, 2026\n\n​\n\n$\n\n11.46\n\n​\n\n​\n\n14,996\n\n​\n\n77\n\n[Table of Contents](#TOC)\n\nThe Company amortizes the expense related to restricted stock awards as compensation expense over the vesting period. The Company recognized $7,209 in restricted stock expense during the fiscal year ended March 31, 2026. At March 31, 2026, the Company had $164,670 in estimated unrecognized compensation costs related to restricted stock shares that is expected to be recognized over a weighted average period of 4.8 years.\n\nThe Company’s stock option activity as of March 31, 2026 is summarized below:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Option**\n\n​\n\n​\n\n​\n\n​\n\n**Weighted Average**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Shares**\n\n​\n\n**Weighted-Average**\n\n​\n\n**Remaining**\n\n​\n\n**Aggregate**\n\n**Stock Options**\n\n​\n\n**Outstanding**\n\n​\n\n**Exercise Price**\n\n​\n\n**Life (Years)**\n\n​\n\n**Intrinsic Value**\n\nOutstanding - March 31, 2025\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nGranted\n\n​\n\n​\n\n50,008\n\n​\n\n​\n\n11.46\n\n​\n\n​\n\n9.8\n\n​\n\n$\n\n12,634\n\nExercised\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\nForfeited\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\nVested\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\nOutstanding - March 31, 2026\n\n​\n\n​\n\n50,008\n\n​\n\n$\n\n11.46\n\n​\n\n​\n\n9.8\n\n​\n\n$\n\n12,634\n\nExercisable - March 31, 2026\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\nThe Company amortizes the expense related to stock options as compensation expense over the vesting period. The Company recognized $9,319 in stock option expense during the fiscal year ended March 31, 2026. At March 31, 2026, the Company had $212,717 in estimated unrecognized compensation costs related to outstanding stock options that is expected to be recognized over a weighted average period of 4.8 years.\n\n**Note 14: Disclosures about Fair Value of Assets and Liabilities**\n\nFair value is the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:\n\n**Level 1**\n\nQuoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.\n\n**Level 2**\n\nSignificant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.\n\n**Level 3**\n\nSignificant unobservable inputs that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.\n\n78\n\n[Table of Contents](#TOC)\n\nRecurring Measurements\n\nThe following table presents the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2026 and 2025:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**Fair Value Measurements Using**\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**Quoted Prices in**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Significant**\n\n​\n\n​\n\n​\n\n​\n\n**Active Markets for**\n\n​\n\n**Significant Other**\n\n​\n\n**Unobservable**\n\n​\n\n​\n\n**Fair**\n\n​\n\n**Identical Assets**\n\n​\n\n**Observable Inputs**\n\n​\n\n**Inputs**\n\n​\n\n​\n\n**Value**\n\n​\n\n**(Level 1)**\n\n​\n\n**(Level 2)**\n\n​\n\n**(Level 3)**\n\n**March 31, 2026**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nU.S. Government agencies\n\n​\n\n$\n\n2,316,223\n\n​\n\n$\n\n—\n\n​\n\n$\n\n2,316,223\n\n​\n\n$\n\n—\n\nMortgage-backed Government Sponsored Enterprises (GSEs)\n\n​\n\n \n\n7,066,815\n\n​\n\n \n\n—\n\n​\n\n \n\n7,066,815\n\n​\n\n \n\n—\n\nState and political subdivisions\n\n​\n\n \n\n8,592,851\n\n​\n\n \n\n—\n\n​\n\n \n\n8,592,851\n\n​\n\n \n\n—\n\nTime deposits\n\n​\n\n \n\n470,538\n\n​\n\n \n\n—\n\n​\n\n \n\n470,538\n\n​\n\n \n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**March 31, 2025**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nU.S. Government agencies\n\n​\n\n$\n\n2,753,912\n\n​\n\n$\n\n—\n\n​\n\n$\n\n2,753,912\n\n​\n\n$\n\n—\n\nMortgage-backed Government Sponsored Enterprises (GSEs)\n\n​\n\n \n\n9,511,736\n\n​\n\n \n\n—\n\n​\n\n \n\n9,511,736\n\n​\n\n \n\n—\n\nState and political subdivisions\n\n​\n\n \n\n10,199,529\n\n​\n\n \n\n—\n\n​\n\n \n\n10,199,529\n\n​\n\n \n\n—\n\nTime deposits\n\n​\n\n \n\n678,015\n\n​\n\n \n\n—\n\n​\n\n \n\n678,015\n\n​\n\n \n\n—\n\n​\n\nFollowing is a description of the valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There are no liabilities measured at fair value on a recurring basis. There have been no significant changes in the valuation techniques during the fiscal year ended March 31, 2026 and 2025.\n\nAvailable-for-sale Securities\n\nWhere quoted market prices are available in an active market, securities are 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 are not available, securities are classified within Level 3 of the hierarchy. The Company had no Level 3 securities.\n\nNonrecurring Measurements\n\nThe following table presents the fair value measurements of assets recognized in the accompanying balance sheet 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, 2026 and 2025.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n****​\n\n​\n\n**Fair Value Measurements Using**\n\n​\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**  ​ ​ ​**\n\n**Quoted Prices in Active Markets for Identical Assets (Level 1)**\n\n  ​ ​ ​\n\n**Significant Other Observable Inputs (Level 2)**\n\n  ​ ​ ​\n\n**Significant Unobservable Inputs (Level 3)**\n\n**March 31, 2026**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nCollateral dependent loans\n\n​\n\n$\n\n2,188,154\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n2,188,154\n\n​\n\n79\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Fair Value**\n\n**  ​ ​ ​**\n\n**Valuation Technique**\n\n**  ​ ​ ​**\n\n**Unobservable Inputs**\n\n  ​ ​ ​\n\n**Range (Weighted-average)**\n\n**March 31, 2026**\n\n \n\n​\n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nCollateral dependent loans\n\n​\n\n$\n\n2,188,154\n\n​\n\nEstimated sales price\n\n​\n\nAdjustments for discounts to reflect current market conditions\n\n​\n\n20% - 25% (23%)\n\n​\n\nThe collateral dependent loans had a carrying value of $2,206,368. An allowance balance of $18,214 was recorded to write down the loan to fair value.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n**Fair Value Measurements Using**\n\n​\n\n​\n\n**Fair Value**\n\n​\n\n**Quoted Prices in Active Markets for Identical Assets (Level 1)**\n\n**Significant Other Observable Inputs (Level 2)**\n\n​\n\n**Significant Unobservable Inputs (Level 3)**\n\n**March 31, 2025**\n\n​\n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nCollateral dependent loans\n\n​\n\n$\n\n44,144\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n44,144\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n****​\n\n****​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n****​\n\n**Fair Value**\n\n​\n\n**Valuation Technique**\n\n​\n\n**Unobservable Inputs**\n\n​\n\n**Range (Weighted-average)**\n\n**March 31, 2025**\n\n​\n\n​\n\n​\n\n \n\n  ​\n\n \n\n​\n\n \n\n  ​\n\nCollateral dependent loans\n\n​\n\n$\n\n44,144\n\n \n\nEstimated sales price\n\n \n\nAdjustments for discounts to reflect current market conditions\n\n \n\n20% - 50% (46%)\n\n​\n\nThe collateral dependent loan had a carrying value of $48,573. An allowance balance of $4,429 was recorded to write down the loan to fair value.\n\nThe Company used the following methods and assumptions to estimate fair value of financial instruments not carried at fair value on the balance sheet:\n\n●Cash and cash equivalents – Fair value approximates the carrying value.\n\n●Loans, net – Fair value of variable rate loans that reprice frequently is based on carrying values. Fair value of other loans is estimated by discounting future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings. Fair value of individual analyzed and other non-performing loans is estimated using discounted expected cash flows or fair value of the underlying collateral, if applicable.\n\n●Restricted Stock – Fair value is the redeemable (carrying) value based on the redemption provisions of the Federal Home Loan Bank.\n\n●Accrued interest receivable and payable – Fair value approximates carrying value.\n\n●Bank-owned life insurance – Fair value is based on reported values of the assets.\n\n●Deposits- Fair value of deposits with no stated maturity, such as demand deposits, savings, and money market accounts, by definition, is the amount payable on demand on the reporting date. Fair value of fixed rate time deposits is estimated using discounted cash flows applying interest rates currently being offered on similar time deposits.\n\n●FHLB Advances – Fair value is based on the present value of cash flows given the current yield curve.\n\n​\n\n80\n\n[Table of Contents](#TOC)\n\nThe estimated fair values of the Company’s financial instruments not carried at fair value on the balance sheets as of March 31, 2026 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Carrying**\n\n​\n\n**Fair**\n\n​\n\n**Fair Value Measurements Using**\n\n​\n\n​\n\n**Value**\n\n**  ​ ​ ​**\n\n**Value**\n\n**  ​ ​ ​**\n\n**Level 1**\n\n  ​ ​ ​\n\n**Level 2**\n\n  ​ ​ ​\n\n**Level 3**\n\n**March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Financial assets:**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nCash and cash equivalents\n\n​\n\n$\n\n1,455,390\n\n​\n\n$\n\n1,455,390\n\n​\n\n​\n\n1,455,390\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\nLoans, net\n\n​\n\n \n\n110,528,620\n\n​\n\n \n\n106,053,425\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n106,053,425\n\nRestricted stock\n\n​\n\n \n\n728,200\n\n​\n\n \n\n728,200\n\n​\n\n \n\n—\n\n​\n\n \n\n728,200\n\n​\n\n \n\n—\n\nBank owned life insurance\n\n​\n\n \n\n3,733,511\n\n​\n\n \n\n3,733,511\n\n​\n\n \n\n3,733,511\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nAccrued interest receivable\n\n​\n\n \n\n476,985\n\n​\n\n \n\n476,985\n\n​\n\n \n\n476,985\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Financial liabilities:**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nDeposits\n\n​\n\n \n\n124,549,781\n\n​\n\n \n\n124,268,640\n\n​\n\n \n\n83,205,504\n\n​\n\n \n\n—\n\n​\n\n \n\n41,063,136\n\nFHLB advances\n\n​\n\n \n\n3,834,000\n\n​\n\n \n\n3,840,000\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n3,840,000\n\nAccrued interest payable\n\n​\n\n \n\n25,640\n\n​\n\n \n\n25,640\n\n​\n\n \n\n25,640\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Carrying**\n\n​\n\n**Fair**\n\n​\n\n**Fair Value Measurements Using**\n\n​\n\n​\n\n**Value**\n\n**  ​ ​ ​**\n\n**Value**\n\n**  ​ ​ ​**\n\n**Level 1**\n\n  ​ ​ ​\n\n**Level 2**\n\n  ​ ​ ​\n\n**Level 3**\n\n**March 31, 2025**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n**Financial assets:**\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\n \n\n​\n\n  ​\n\nCash and cash equivalents\n\n​\n\n$\n\n2,077,767\n\n​\n\n$\n\n2,077,767\n\n​\n\n​\n\n2,077,767\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\nLoans, net\n\n​\n\n \n\n106,996,088\n\n​\n\n \n\n100,574,741\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n100,574,741\n\nRestricted stock\n\n​\n\n \n\n836,600\n\n​\n\n \n\n836,600\n\n​\n\n \n\n—\n\n​\n\n \n\n836,600\n\n​\n\n \n\n—\n\nBank owned life insurance\n\n​\n\n \n\n3,605,191\n\n​\n\n \n\n3,605,191\n\n​\n\n \n\n3,605,191\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nAccrued interest receivable\n\n​\n\n \n\n469,009\n\n​\n\n \n\n469,009\n\n​\n\n \n\n469,009\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Financial liabilities:**\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\nDeposits\n\n​\n\n \n\n120,664,190\n\n​\n\n \n\n108,815,000\n\n​\n\n \n\n75,356,185\n\n​\n\n \n\n—\n\n​\n\n \n\n33,458,815\n\nFHLB advances\n\n​\n\n \n\n9,972,000\n\n​\n\n \n\n9,987,000\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n9,987,000\n\nAccrued interest payable\n\n​\n\n \n\n35,627\n\n​\n\n \n\n35,627\n\n​\n\n \n\n35,627\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n​\n\n*Limitations:* Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Fair value estimates may not be realizable in an immediate settlement of the instrument. In some instances, there are no quoted market prices for the Company’s various financial instruments, in which case fair values may be based on estimates using present value or other valuation techniques, or based on judgments regarding future expected loss experience, current economic conditions, risk characteristic of the financial instruments, or other factors.\n\nThose techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Subsequent changes in assumptions could significantly affect the estimates.\n\n​\n\n**Note 15: Commitments and Credit Risks**\n\n​\n\nCommitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate.\n\n​\n\n81\n\n[Table of Contents](#TOC)\n\nLines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, plant and equipment, commercial real estate and residential real estate.\n\n​\n\nManagement uses the same credit policies in granting lines of credit as it does for on-balance sheet instruments.\n\n​\n\nCommitments outstanding at March 31, 2026 and 2025 were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\nCommitments to originate loans\n\n​\n\n$\n\n3,900,500\n\n​\n\n$\n\n1,571,000\n\nUndisbursed balance of loans closed\n\n​\n\n \n\n15,411,883\n\n​\n\n \n\n14,688,000\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal\n\n​\n\n$\n\n19,312,383\n\n​\n\n$\n\n16,259,000\n\n​\n\n​\n\n**Note 16: Accumulated Other Comprehensive Loss**\n\n​\n\nThe components of other accumulated comprehensive loss, included in stockholders’ equity, are as follows at March 31, 2026 and 2025:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n****​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**Unrealized Gains**\n\n**  ​ ​ ​**\n\n****​\n\n​\n\n  ​ ​ ​\n\n​\n\n**Unrealized Gains**\n\n​\n\n​\n\n​\n\n**and Losses on**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n**and Losses on**\n\n​\n\n​\n\n​\n\n**Available-for-Sale**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n**Available-for-Sale**\n\n​\n\n​\n\n​\n\n**Securities**\n\n** **\n\n​\n\n**Tax**\n\n​\n\n​\n\n**Securities**\n\n​\n\n​\n\n**(Gross)**\n\n** **\n\n**Effect**\n\n​\n\n**(Net)**\n\nAccumulated other comprehensive loss at April 1, 2024\n\n​\n\n$\n\n(5,510,124)\n\n​\n\n$\n\n(1,157,127)\n\n​\n\n$\n\n(4,352,997)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther comprehensive income\n\n​\n\n \n\n393,454\n\n​\n\n \n\n82,626\n\n​\n\n \n\n310,828\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAccumulated other comprehensive loss at March 31, 2025\n\n​\n\n$\n\n(5,116,670)\n\n​\n\n$\n\n(1,074,501)\n\n​\n\n$\n\n(4,042,169)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAccumulated other comprehensive loss at March 31, 2025\n\n​\n\n$\n\n(5,116,670)\n\n​\n\n$\n\n(1,074,501)\n\n​\n\n$\n\n(4,042,169)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther comprehensive income\n\n​\n\n \n\n1,020,127\n\n​\n\n \n\n214,227\n\n​\n\n \n\n805,900\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAccumulated other comprehensive loss at March 31, 2026\n\n​\n\n$\n\n(4,096,543)\n\n​\n\n$\n\n(860,274)\n\n​\n\n$\n\n(3,236,269)\n\n​\n\n​\n\n**Note 17:** Earnings (Loss) Per Share\n\nBasic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Unallocated common shares held by the ESOP are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted earnings per share calculations until they are committed to be released. Dilutive earnings (loss) per share are calculated by dividing net income (loss) by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock), using the treasury stock method. Stock options and stock awards were evaluated and were excluded from diluted EPS calculations for the fiscal year ended March 31, 2026 as they were anti-dilutive. The Company had no dilutive or potentially dilutive securities during the fiscal year ended March 31, 2025. Presented below are the calculations for basic and diluted earnings per common share.\n\n​\n\n82\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**For the year ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet Loss\n\n​\n\n$\n\n(514,598)\n\n​\n\n$\n\n(326,640)\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\nWeighted-average shares issued\n\n​\n\n​\n\n526,438\n\n​\n\n \n\n526,438\n\nLess weighted-average unearned ESOP shares\n\n​\n\n$\n\n33,618\n\n​\n\n$\n\n35,275\n\nWeighted-average shares outstanding\n\n​\n\n​\n\n492,820\n\n​\n\n​\n\n491,163\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLoss per share - basic and diluted\n\n​\n\n$\n\n(1.04)\n\n​\n\n$\n\n(0.67)\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNote 18: Condensed Parent Company Only Financial Information\n\nParent Only Condensed Balance Sheet\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**March 31, **\n\n​\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n​\n\n**(Unaudited)**\n\n​\n\n​\n\n**(Unaudited)**\n\n**Assets**\n\n \n\n​\n\n  ​\n\n​\n\n​\n\n​\n\nCash in bank subsidiary\n\n​\n\n$\n\n1,496,070\n\n​\n\n$\n\n1,496,070\n\nInvestment in subsidiary, at underlying equity\n\n​\n\n \n\n10,858,039\n\n​\n\n​\n\n10,276,899\n\nLoan receivable - ESOP\n\n​\n\n \n\n330,629\n\n​\n\n​\n\n338,804\n\nOther assets\n\n​\n\n \n\n178,092\n\n​\n\n​\n\n61,446\n\nTotal assets\n\n​\n\n \n\n12,862,830\n\n​\n\n​\n\n12,173,219\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Liabilities and Stockholders' Equity**\n\n​\n\n \n\n  ​\n\n​\n\n​\n\n  ​\n\n**Liabilities**\n\n​\n\n \n\n  ​\n\n​\n\n​\n\n  ​\n\nOther liabilities\n\n​\n\n \n\n461,426\n\n​\n\n​\n\n104,686\n\nTotal liabilities\n\n​\n\n$\n\n461,426\n\n​\n\n$\n\n104,686\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n**Stockholders' Equity**\n\n​\n\n \n\n  ​\n\n​\n\n​\n\n  ​\n\nCommon stock - $.01 par value, 14,000,000 shares authorized, 541,434 shares issued at March 31, 2026 and 2025\n\n​\n\n​\n\n5,264\n\n​\n\n​\n\n5,264\n\nAdditional paid in capital\n\n​\n\n​\n\n3,882,997\n\n​\n\n​\n\n3,859,854\n\nUnallocated common stock of ESOP\n\n​\n\n​\n\n(327,052)\n\n​\n\n​\n\n(345,478)\n\nRetained earnings\n\n​\n\n \n\n12,076,464\n\n​\n\n​\n\n12,591,062\n\nTreasury stock - 21,000 shares\n\n​\n\n​\n\n(210,000)\n\n​\n\n​\n\n(210,000)\n\nDeferred compensation plan - Rabbi Trust - 21,000 shares\n\n​\n\n​\n\n210,000\n\n​\n\n​\n\n210,000\n\nAccumulated other comprehensive loss\n\n​\n\n​\n\n(3,236,269)\n\n​\n\n​\n\n(4,042,169)\n\nTotal stockholders' equity\n\n​\n\n​\n\n12,401,404\n\n​\n\n​\n\n12,068,533\n\nTotal liabilities and stockholders' equity\n\n​\n\n$\n\n12,862,830\n\n​\n\n$\n\n12,173,219\n\n​\n\n83\n\n[Table of Contents](#TOC)\n\n**Parent Only Condensed Statement of Operations**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n****​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Year Ended**\n\n​\n\n**Year Ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n**Interest income**\n\n \n\n​\n\n  ​\n\n​\n\n​\n\n  ​\n\nIncome on ESOP loan\n\n​\n\n$\n\n26,941\n\n​\n\n$\n\n12,349\n\nTotal interest income\n\n​\n\n \n\n26,941\n\n​\n\n​\n\n12,349\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Noninterest expense**\n\n​\n\n \n\n  ​\n\n​\n\n​\n\n  ​\n\nOther noninterest expense\n\n​\n\n \n\n341,206\n\n​\n\n​\n\n104,685\n\nTotal noninterest expense\n\n​\n\n \n\n341,206\n\n​\n\n​\n\n104,685\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Loss before income taxes and equity in net loss of Bank**\n\n​\n\n \n\n(314,265)\n\n​\n\n​\n\n(92,336)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Benefit for income taxes**\n\n​\n\n \n\n(65,996)\n\n​\n\n​\n\n(19,391)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Net loss before equity in net loss of Bank**\n\n​\n\n​\n\n(248,269)\n\n​\n\n​\n\n(72,945)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEquity in net loss of Bank\n\n​\n\n​\n\n(266,329)\n\n​\n\n​\n\n(253,695)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Net loss**\n\n​\n\n$\n\n(514,598)\n\n​\n\n$\n\n(326,640)\n\n​\n\n​\n\n**Parent Only Statement of Cash Flows**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n**Year Ended**\n\n​\n\n**Year Ended**\n\n​\n\n \n\n**March 31, **\n\n​\n\n**March 31, **\n\n​\n\n \n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n**Operating Activities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet loss\n\n​\n\n$\n\n(514,598)\n\n​\n\n$\n\n(326,640)\n\nItems not requiring (providing) cash:\n\n​\n\n \n\n  ​\n\n​\n\n​\n\n  ​\n\nUndistributed loss of bank\n\n​\n\n \n\n266,329\n\n​\n\n​\n\n253,695\n\nNet change in other assets\n\n​\n\n​\n\n(116,646)\n\n​\n\n​\n\n(61,446)\n\nNet change in other liabilities\n\n​\n\n​\n\n356,740\n\n​\n\n​\n\n104,685\n\nNet cash used in operating activities\n\n​\n\n​\n\n(8,175)\n\n​\n\n​\n\n(29,706)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Investing Activities**\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\nCapital contribution in the Bank\n\n​\n\n \n\n0\n\n​\n\n​\n\n(1,993,504)\n\nPayment received on ESOP note\n\n​\n\n​\n\n8,175\n\n​\n\n​\n\n29,706\n\nNet cash used in investing activities\n\n​\n\n \n\n8,175\n\n​\n\n​\n\n(1,963,798)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Financing Activities**\n\n​\n\n \n\n  ​\n\n​\n\n​\n\n  ​\n\nGross proceeds from stock offering\n\n​\n\n \n\n0\n\n​\n\n​\n\n5,264,380\n\nStock offering costs, net\n\n​\n\n \n\n0\n\n​\n\n​\n\n(1,406,296)\n\nPurchase of ESOP shares\n\n​\n\n \n\n0\n\n​\n\n​\n\n(368,510)\n\nNet cash provided by financing activities\n\n​\n\n \n\n0\n\n​\n\n​\n\n3,489,574\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Increase in Cash and Cash Equivalents**\n\n​\n\n \n\n0\n\n​\n\n​\n\n1,496,070\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cash and Cash Equivalents, Beginning of Period**\n\n​\n\n \n\n1,496,070\n\n​\n\n​\n\n0\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cash and Cash Equivalents, End of Period**\n\n​\n\n$\n\n1,496,070\n\n​\n\n$\n\n1,496,070\n\n​\n\n84\n\n[Table of Contents](#TOC)\n\n​"}