Here are 1-3 brief analogies for Marathon Bancorp (MBBC):

• It's like a mini Bank of America, but exclusively focused on Marathon County, Wisconsin.
• Think of it as the U.S. Bancorp of Marathon County, Wisconsin – a community-focused bank serving local needs.

• Deposit Products: Marathon Bank offers various deposit accounts including demand deposits, savings accounts, and certificates of deposit to its customers.
• Lending Products: The bank provides a range of loans such as commercial real estate, commercial and industrial, construction, one-to-four-family residential, multi-family real estate, and consumer loans.

Marathon Bancorp (MBBC), through its subsidiary Marathon Bank, serves a diverse customer base primarily within the Marathon County area of Wisconsin. As a community bank, it does not have a few "major customers" that are themselves large public companies. Instead, its customer base is composed of many individuals and businesses that utilize its deposit and lending products. Its customers fall into the following categories:

1. Individual Consumers: Residents of Marathon County and surrounding areas who utilize deposit products such as demand deposits, savings accounts, and certificates of deposit, as well as lending products like one-to-four-family residential mortgages and various consumer loans.
2. Small to Medium-Sized Businesses: Local companies and enterprises operating within the service area that require commercial banking services. These businesses use deposit products and lending products such as commercial real estate loans, commercial and industrial loans, and construction loans.
3. Real Estate Investors and Developers: Entities, often local businesses or individuals, engaged in the development, acquisition, or ownership of commercial or multi-family properties. They are significant customers for commercial real estate, construction, and multi-family real estate loans.

Nicholas W. Zillges, President & Chief Executive Officer

Nicholas W. Zillges has served as President and Chief Executive Officer, and as a Director, since joining Marathon Bank in February 2014. He has over 25 years of industry experience, including successfully leading multiple troubled and underperforming bank recoveries and growing community banks. Mr. Zillges specializes in enterprise risk management, strategic planning, revenue growth strategies, commercial and retail business development, and technology and operations.

Joy Selting, Senior Vice President & Chief Financial Officer

Joy Selting is the Senior Vice President and Chief Financial Officer. She joined the company in 1999 and brings more than 24 years of industry experience, having held several finance and accounting positions throughout her career.

Michelle Knopf, Executive Vice President & Chief Operating Officer

Michelle Knopf is the Executive Vice President and Chief Operating Officer for Marathon Bank. She has over 30 years of banking industry experience with a strong focus on mortgage banking, loan operations, commercial banking, and private client services. Ms. Knopf joined Marathon Bank in 2018, having previously served as a Vice President at Intercity Bank.

Nora Spatz, Executive Vice President & Chief Administrative Officer

Nora Spatz joined Marathon Bank in 1986 and currently serves as Executive Vice President and the Chief Administrative Officer. She has more than 30 years of financial services industry experience, holding a broad range of senior-level positions in operations and retail banking throughout her career.

Terry Cornish, Senior Vice President & Chief Credit Officer

Terry Cornish joined Marathon Bank in 2015 and currently serves as a Senior Vice President and the Chief Credit Officer.

Here are the key risks to Marathon Bancorp (MBBC):

1. Interest Rate Risk: As a bank holding company, Marathon Bancorp's financial performance is highly sensitive to changes in prevailing interest rates. Fluctuations in interest rates can significantly impact the bank's net interest income, which is the difference between interest earned on assets (like loans) and interest paid on liabilities (like deposits). The bank's performance remains sensitive to interest rate cycles, a factor that has played a key role in past banking upheavals, including the 2023 regional bank crisis. Managing this risk, which also affects asset-liability management, is crucial for the company's profitability and stability.
2. Credit Risk, particularly from Commercial Real Estate and Economic Environment: Marathon Bancorp faces significant credit risk, especially due to its substantial exposure to commercial real estate and multifamily real estate loans. As of September 30, 2024, commercial real estate loans constituted 39.6% of its loan portfolio, and multifamily real estate loans accounted for 24.6%. These types of loans generally carry higher credit risks due to their larger balances and the complexity of the underlying collateral. Adverse conditions in the real estate market or broader economic downturns, particularly within Marathon Bank's operating areas in Wisconsin, could lead to increased loan losses and negatively affect the company's financial condition and results of operations.
3. Competition and Regulatory Changes: Marathon Bank operates in a competitive financial services market within its primary market area of Marathon, Ozaukee, and Waukesha Counties in Wisconsin. It faces competition from a diverse group of financial institutions, including large money center banks, regional banks, community banks, and credit unions, both in attracting deposits and making loans. This intense competition can constrain the bank's growth and profitability. Furthermore, the banking industry is subject to extensive government regulations. Changes in these regulations, including those related to compliance costs and capital requirements, can impose significant burdens on Marathon Bancorp, potentially affecting its business strategy and financial performance.

• The increasing prevalence and adoption of digital-only banks (neobanks) and various financial technology (fintech) companies offering deposit, lending, and payment solutions. These entities often provide more competitive rates, lower fees, and superior digital user experiences, directly threatening Marathon Bank's traditional customer base and market share in Marathon County, Wisconsin.
• The growing entry and expansion of large technology companies into financial services. Leveraging extensive customer bases and advanced technological infrastructure, these companies are beginning to offer banking-like products and services (e.g., payments, lending), which could significantly disrupt traditional banking relationships and customer loyalty that Marathon Bancorp relies upon.

Marathon Bancorp (MBBC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Continued Growth in Loan and Deposit Balances: Marathon Bancorp has demonstrated strong financial health, with increasing loan balances and deposits. For example, as of December 31, 2025, loan balances rose to $211.9 million from $200.8 million, and deposits reached $178.4 million. The company intends to continue investing in its commercial credit department to further grow its loan portfolio.
2. Strategic Market Expansion: The company aims to expand its market share both organically and through opportunistic bank or branch acquisitions or de novo branching. There are identified opportunities to increase market share in historical operating areas and to extend its presence into Southeastern Wisconsin.
3. Leveraging Enhanced Access to Capital: Following its conversion to a fully public company in April 2025, Marathon Bancorp gained greater access to capital markets. This increased access is intended to enhance its ability to fund future growth, both organically and through strategic acquisitions.
4. Improvement in Net Interest Margin: After experiencing margin erosion due to rising deposit costs and loan yield compression, there is an expectation for a recovery or stabilization in gross margins. The company saw a significant improvement in its net income margin, contributing to a substantial increase in net income for the quarter ended December 31, 2025 (Q2 2026).

Share Repurchases

• Marathon Bancorp adopted a stock repurchase program on December 22, 2023, authorizing the repurchase of up to approximately 5% of its outstanding common stock, or 107,875 shares.
• This was the company's second stock repurchase program since its mutual holding company reorganization and related stock offering in April 2021.

Share Issuance

• In April 2021, as part of its reorganization into a mutual holding company, Marathon Bancorp sold 1,003,274 shares of common stock at $10.00 per share, totaling approximately $10,032,740.
• In February 2025, Marathon Bancorp commenced a stock offering in connection with its conversion to a fully stock holding company, offering to sell up to 1,897,500 shares (potentially increasing to 2,182,125 shares) at $10.00 per share.
• By April 16, 2025, the company expected to sell 1,693,411 shares of its common stock at $10.00 per share, including 135,472 shares for the Employee Stock Ownership Plan, totaling approximately $16,934,110.

Capital Expenditures

• Marathon Bancorp invested $21,000 in capital expenditures during the third quarter of 2026 (ended December 31, 2025), focusing on long-term assets and infrastructure.
• In the 12 months prior to February 2026, capital expenditures were reported as -$168,082.