AI Analysis | Feedback

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

1. Think of it as a **JPMorgan Chase** or **Bank of America**, but as a community bank specifically serving the Milwaukee metropolitan area.
2. It's similar to a localized, independent version of a regional bank like **PNC Bank** or **U.S. Bank**, tailored for the Milwaukee community.

AI Analysis | Feedback

• Deposit Accounts: Marathon Bancorp offers a range of checking, savings, money market, and certificate of deposit accounts for individuals and businesses to manage their funds.
• Residential Mortgage Loans: The bank provides financing for the purchase, construction, or refinancing of residential properties, primarily one-to-four family homes.
• Commercial and Business Loans: Marathon Bancorp extends loans and lines of credit to businesses for purposes including real estate acquisition, working capital, and equipment financing.
• Consumer Loans: The company offers various personal lending products to individuals, such as auto loans, personal loans, and home equity lines of credit.

AI Analysis | Feedback

Marathon Bancorp (symbol: MBBC) is a bank holding company for Marathon Savings Bank, a community-oriented financial institution. As a banking institution, it primarily sells financial products and services to individuals and businesses rather than to other companies as direct customers for its products.

Therefore, its major customers fall into the following categories:

• Individuals (Retail Customers): This category includes consumers seeking a range of personal financial products such as checking accounts, savings accounts, money market accounts, certificates of deposit, and various loan products. Key loan offerings for individuals include residential mortgage loans (fixed-rate, adjustable-rate, and home equity loans), and other consumer loans.
• Businesses (Commercial Customers): This category primarily serves small to medium-sized businesses within its market area. Services offered to businesses include commercial real estate loans, multi-family residential real estate loans, commercial and industrial loans, business checking and savings accounts, and other treasury management services.

AI Analysis | Feedback

AI Analysis | Feedback

Nicholas W. Zillges, President & CEO

Nicholas W. Zillges has served as President and Chief Executive Officer and as a Director since joining Marathon Bank in February 2014. He has more than 25 years of industry experience and has held several chief executive and executive management positions throughout his career. Mr. Zillges' background includes successfully leading multiple troubled and underperforming bank recoveries and growing community banks. He specializes in enterprise risk management, strategic planning, revenue growth strategies, commercial and retail business development, and technology and operations.

Joy Selting, SVP & Chief Financial Officer

Joy Selting is a Senior Vice President and Chief Financial Officer. She joined Marathon Bank in 1999 and has over 24 years of industry experience. Ms. Selting held several finance and accounting positions over her career and served 11 years at Cloverbelt Credit Union before joining Marathon Bank. She completed the Graduate School of Banking Financial Management.

Nora Spatz, EVP & Chief Administrative Officer

Nora Spatz joined Marathon Bank in 1986 and currently serves as Executive Vice President and 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.

Michelle Knopf, EVP & Chief Operating Officer

Michelle Knopf is the Executive Vice President and Chief Operating Officer for Marathon Bank, a position she was promoted to in June 2024. She joined Marathon Bank in 2018 and brings over 30 years of experience in the banking industry. Ms. Knopf's expertise includes the mortgage business, commercial lending, operations, and regulatory compliance. Prior to joining Marathon Bank, she served as a Vice President at Intercity Bank, where she managed commercial banking business development, the mortgage department, and customer relationships.

Terry Cornish, SVP & Chief Credit Officer

Terry Cornish joined Marathon Bank in 2015 and currently serves as Senior Vice President and Chief Credit Officer. He has over 25 years of industry experience in areas of credit management, commercial lending, mortgage lending, and consumer lending. Mr. Cornish began his career at River Valley Bank in Wausau and held several positions in credit administration, most recently as Senior Credit Officer for Marathon Bank.

AI Analysis | Feedback

1. Risks related to the real estate and economic environment: Marathon Bancorp's financial performance can be significantly impacted by the real estate and economic conditions in its operating markets.
2. Changes in government regulations affecting financial institutions: The company faces risks from changes in government regulations, which can lead to increased regulatory compliance costs and altered capital requirements.
3. Fluctuations in the adequacy of the allowance for credit losses: The bank's financial results are sensitive to fluctuations in the sufficiency of its allowance for credit losses, which is crucial for covering potential loan defaults.

AI Analysis | Feedback

The emergence of digital-first challenger banks and specialized fintech platforms poses a significant threat to traditional community banks like Marathon Bancorp. These digital competitors leverage advanced technology to offer more convenient, often lower-cost banking services, including seamless mobile experiences, competitive interest rates, and streamlined loan application processes. This trend can erode MBBC's deposit base, particularly among younger demographics, intensify competition for loan origination, and reduce the need for traditional branch-based services, thereby challenging MBBC's established relationship-based business model.

AI Analysis | Feedback

Marathon Bancorp (MBBC) operates as a bank holding company for Marathon Bank, a community-oriented bank headquartered in Wausau, Wisconsin, offering a variety of financial products and services primarily within the United States, specifically in Marathon and Ozaukee Counties, Wisconsin, with a broader lending market in Southeastern Wisconsin.

The main products and services offered by Marathon Bancorp include traditional banking services, commercial banking, and mortgage banking services. These encompass deposit accounts (checking, savings, money market, certificates of deposit, and individual retirement accounts) and a range of lending products, such as residential real estate, commercial real estate, construction, commercial and industrial, multifamily real estate, and consumer loans.

The addressable markets for Marathon Bancorp's main products and services in the U.S. region are as follows:

• Community Banking Market (U.S.): The market size for community banking in the U.S. is projected to expand from approximately $17.79 billion in 2024 to $19.39 billion in 2025, with a compound annual growth rate (CAGR) of 9.0%. Another estimate places the U.S. community banking market valuation at USD 6.35 billion in 2024, growing at a CAGR of 3.8%. Furthermore, the Community Banking industry is projected to grow from $17.7 billion in 2025 to $30.46 billion by 2035, exhibiting a CAGR of 5.58%.

• Residential Real Estate Lending (U.S.): The U.S. home loan market, representing origination volume, reached approximately $2.29 trillion in 2025 and is forecasted to grow to $3.02 trillion by 2030. The total residential mortgage debt outstanding in the U.S. was $11.92 trillion as of the fourth quarter of 2022.

• Commercial Real Estate Lending (U.S.): Total commercial and multifamily loan originations in the U.S. are expected to increase by 16% to $583 billion in 2025, with multifamily lending specifically projected to reach $361 billion. In 2024, total commercial real estate (CRE) mortgage borrowing and lending was estimated at $498 billion. The total commercial real estate debt in the U.S. was $5.62 trillion in 2022.

AI Analysis | Feedback

Here are three to five expected drivers of future revenue growth for Marathon Bancorp (MBBC) over the next two to three years:

1. Expansion of Commercial Banking Services and Commercial Loan Portfolio: Marathon Bancorp, through its subsidiary Marathon Bank, specializes in commercial banking. The leadership team, including the President & CEO and EVP & Chief Operating Officer, explicitly focuses on commercial banking business development and customer relationship management. Continued growth in these areas, including commercial loans, is a key revenue driver.
2. Growth in Mortgage and Residential Lending: The company also specializes in mortgage banking services, offering a range of products such as residential, commercial, and construction loans, as well as mortgages and home equity loans. Expanding the volume and scope of these lending activities is anticipated to contribute to revenue growth.
3. Increase in Overall Customer Base and Deposit Gathering: As a community bank, attracting new customers and deepening relationships with existing ones across all its service offerings, including traditional deposit services like checking, savings, money market, and certificates of deposit, will naturally drive revenue growth. The EVP & COO's role in customer relationship management supports this driver.
4. Strategic Initiatives and Potential Acquisitions: Marathon Bancorp, as a bank holding company, is authorized to pursue other business activities, which may include the acquisition of banking and financial services companies. While not explicitly stated as an immediate, ongoing driver for the next 2-3 years, strategic inorganic growth through acquisitions could be a significant accelerator of revenue. The President & CEO's background includes successfully leading community bank growth, which can involve such strategies.

AI Analysis | Feedback

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 program is the company's second since its mutual holding company reorganization and stock offering in April 2021.
• Repurchases under this program were expected to begin after the company released its financial results for the period ending December 31, 2023.

Share Issuance

• On April 21, 2025, Marathon Bancorp completed its conversion from a mutual holding company to a stock holding company structure and a related stock offering.
• Through this offering, the company sold 1,693,411 shares of its common stock at $10.00 per share, generating gross proceeds of $16,934,110.
• Approximately 2,942,064 shares of company common stock became outstanding following the conversion and exchange of minority shares.

Inbound Investments

• Orders for $16.9 million of the company's common stock were accepted in the subscription and community offerings related to its conversion completed in April 2025.

Outbound Investments

• Marathon Bank may utilize net proceeds from its stock offering to fund new loans and expand its retail banking franchise, including opening or acquiring branches.
• The company opened a new full-service branch in Brookfield, Wisconsin, in February 2025, which is its fifth location overall and second in Southeastern Wisconsin.

Capital Expenditures

• In the last 12 months, Marathon Bancorp reported capital expenditures of $179,043.