Central Plains Bancshares, Inc.

Central Plains Bancshares, Inc.

Corporate structure

• Public parent company: Central Plains Bancshares, Inc. (Maryland corporation).
• Primary subsidiary: Home Federal Savings, a federally chartered stock savings association headquartered in Grand Island, Nebraska.
• IPO and ownership: Completed initial public offering on October 19, 2023, selling 4,130,815 shares at $10.00 per share for gross proceeds of approximately $41.3 million. Since the IPO, the company’s primary activity has been owning the stock of Home Federal Savings and holding deposits in Home Federal Savings.

Key facts (as of March 31, 2026)

• Executive offices: 221 South Locust Street, Grand Island, Nebraska 68801; telephone (308) 382-4000.
• Consolidated size (group): Assets $558.6 million; Deposits $460.4 million; Stockholders’ equity $89.0 million.
• Branch network: Main office plus eight branch offices in Nebraska (Grand Island, Hastings, Holdrege, Lexington, Lincoln, Superior, and associated facilities). Drive-up facility in Grand Island.
• Employees: 68 full-time and 7 part-time (total 75).

Business model and activities

• Core business: A savings/holding company that owns a savings association (Home Federal Savings). Primary operations involve accepting deposits and investing those deposits and operating funds in loans and securities.

Loan portfolio (as of 3/31/2026)

• Total loans: $448.4 million.
• Composition by loan category (dollars in thousands; percent of total loans):
  • Real Estate — Construction: $28,633 (6.39%)
  • Real Estate — Commercial: $129,235 (28.82%)
  • Real Estate — Residential: $162,041 (36.14%)
  • Commercial Non-Real Estate: $48,378 (10.79%)
  • Agricultural: $54,655 (12.19%)
  • Other Consumer: $10,158 (2.26%)
  • Land Development and SIDs: $15,306 (3.41%)
  • Total: $448,406 (100%)
• Net deferred loan costs: $(60)
• Allowance for credit losses (ACL): $(5,809)
• Total loans, net: $442,537

Loan characteristics and underwriting

• One- to four-family residential and multi-family real estate loans are a major component of the portfolio. Other categories include commercial real estate, agricultural real estate, commercial non-real estate, construction, land development/SIDs, and consumer loans.
• Origination and sale: Historically the company originated and sold loans to Freddie Mac and participates in loan participations with other lenders. As of 3/31/2026, loan participations where the company was not the lead lender totaled $73.8 million (16.68% of the loan portfolio), including $38.8 million in commercial real estate among those participations. The company also sold participation interests in loans totaling $72.2 million.

Mortgage banking and servicing

• Mortgage banking revenue is generated from originations, gain on sale, and servicing rights; revenues can vary with interest-rate changes.

Securities and investments

• Investment portfolio includes U.S. government-sponsored enterprise securities and municipal bonds.
• Available-for-sale securities: fair value $66.1 million; amortized cost $62.7 million (3/31/2026).
• Held-to-maturity securities: amortized cost $0.18 million.
• Holdings include FHLB Topeka stock (carried at cost; $639,000) and securities from GNMA, FNMA, and FHLMC.

Deposits and funding (as of 3/31/2026)

• Deposit mix (dollars in thousands; average rates where shown):
  • Non-interest bearing demand: $64,505 (14.01%)
  • Savings accounts: $49,768 (10.81%; 0.53% average)
  • Money market accounts: $38,985 (8.47%; 2.26% average)
  • NOW accounts: $144,047 (31.29%; 1.69% average)
  • Certificates of deposit: $143,516 (31.18%; 4.26% average)
  • Individual retirement accounts: $19,535 (4.24%; 3.42% average)
  • Total deposits: $460,356 (100%; average rate 2.55%)
• Uninsured deposits: $52.2 million; uninsured CDs: $8.1 million; approximately 179 uninsured depositors (average uninsured balance about $291,000).

Other funding sources

• Federal Home Loan Bank of Topeka (FHLB) available capacity: up to $47.0 million (pledged collateral).
• Federal Reserve Bank of Topeka Discount Window: available with pledged collateral; $10.1 million remaining availability as of 3/31/2026 (no outstanding borrowings at that date).
• Other lines: $5.0 million line of credit with a private bankers’ bank; potential access to the Federal Reserve Bank’s Bank Term Funding Program if needed.

Primary market and customers

• Primary market area: south-central Nebraska, including Adams, Dawson, Hall, Nuckolls, Phelps, and Lancaster counties and surrounding communities.
• Focus: local community banking with emphasis on consumer banking, small-business lending, and agricultural finance, operating primarily within Nebraska.

Regulation and supervision

• Home Federal Savings is regulated by the Office of the Comptroller of the Currency (OCC) and insured by the FDIC.
• Central Plains Bancshares, as the holding company, is regulated by the Federal Reserve Board.
• Home Federal Savings exercised its AOCI opt-out election.
• The company observes capital and regulatory requirements covering capital adequacy, liquidity, Community Reinvestment Act obligations, and other regulatory frameworks applicable to savings associations and holding companies.

Financial and operational notes (as of 3/31/2026)

• The company’s activities have been largely passive since the IPO, centered on owning Home Federal Savings and managing its deposits and loan portfolio.
• Allowance for credit losses (CECL) methodology is used, with seven portfolio segments and a SCALE-based approach.
• Asset quality and reserve indicators:
  • Non-accrual loans: $1.641 million
  • Total non-performing assets: $1.949 million
  • ACL to total loans: 1.30%
  • ACL to non-performing loans: approximately 309.81%
• Mortgage banking is a material activity given historical loan sales and ongoing servicing considerations.
• The company provides detailed policies and procedures covering loan-to-one-borrower limits, impairment considerations, classifications, delinquency actions, and reserves for real estate owned.