2024 Q4 - Annual Report

UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549 FORM10-K oANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedMarch31,2024 OR ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934FORTHETRANSITIONPERIODFROMTO CommissionFileNumber:001-41844 CentralPlainsBancshares,Inc. (ExactNameofRegistrantasSpecifiedinitsCharter) Maryland93-2239246 (Stateorotherjurisdictionofincorporationororganization) 221SouthLocustStreet (I.R.S.EmployerIdentificationNo.) GrandIsland,NE68801 (Addressofprincipalexecutiveoffices)(ZipCode) Registrant’stelephonenumber,includingareacode:(308)382-4000 Titleofeachclass SecuritiesregisteredpursuanttoSection12(b)oftheAct: Trading Symbol(s)Nameofeachexchangeonwhichregistered CommonStock,parvalue$0.01shareCPBINASDAQCapitalMarket SecuritiesregisteredpursuanttoSection12(g)oftheAct:None IndicatebycheckmarkiftheRegistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.YES☐NO☒ IndicatebycheckmarkiftheRegistrantisnotrequiredtofilereportspursuanttoSection13or15(d)oftheAct.YES☐NO☒ IndicatebycheckmarkwhethertheRegistrant:(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheRegistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.YES☒NO☐ IndicatebycheckmarkwhethertheRegistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheRegistrantwasrequiredtosubmitsuchfiles).YES☒NO☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,smallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. Largeacceleratedfiler ☐ Acceleratedfiler ☐ Non-acceleratedfiler ☒ Smallerreportingcompany ☒ Emerginggrowthcompany ☒ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct☐ Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.☐ IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements.☐ Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-basedcompensationreceivedbyanyoftheregistrant’sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.10D-1(b).☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct)☐Yes☒No Statetheaggregatemarketvalueofthevotingandnon-votingcommonequityheldbynon-affiliatescomputedbyreferencetothepriceatwhichthecommonequitywaslastsold,ortheaveragebidandaskedpriceofsuchcommonequityasofthelastbusinessdayoftheregistrant’smostrecentlycompletedsecondfiscalquarter:AtSeptember30,2023,therewerenopubliclyissuedsharesofcommonstock,assuch,therewasnomarketvalue. AsofJune21,2024,therewere4,130,815sharesoutstandingoftheregistrant’scommonstock. DOCUMENTSINCORPORATEDBYREFERENCE PortionsoftheProxyStatementforthe2024AnnualMeetingofStockholdersareincorporatedbyreferenceinPartIIIofthisForm10-K. AuditorName:Plante&Moran,PLLCAuditorLocation:Chicago,IllinoisAuditorFirmID:166 TableofContents Page PARTI Item1. Business 1 Item1A. RiskFactors 23 Item1B. UnresolvedStaffComments 36 Item1C. Cybersecurity 36 Item2. Properties 37 Item3. LegalProceedings 38 Item4. MineSafetyDisclosures 38 PARTII Item5. MarketforRegistrant’sCommonEquity,RelatedStockholderMattersandIssuerPurchasesofEquitySecurities 39 Item6. [Reserved] 39 Item7. Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations 40 Item7A. QuantitativeandQualitativeDisclosuresAboutMarketRisk 50 Item8. FinancialStatementsandSupplementaryData 51 Item9. ChangesinandDisagreementsWithAccountantsonAccountingandFinancialDisclosure 51 Item9A. ControlsandProcedures 51 Item9B. OtherInformation 51 Item9C. DisclosureRegardingForeignJurisdictionsthatPreventInspections 51 PARTIII Item10. Directors,ExecutiveOfficersandCorporateGovernance 52 Item11. ExecutiveCompensation 52 Item12. SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters 52 Item13. CertainRelationshipsandRelatedTransactions,andDirectorIndependence 52 Item14. PrincipalAccountingFeesandServices 52 PARTIV Item15. Exhibits,FinancialStatementSchedules 53 Item16. Form10-KSummary 53 IndextoConsolidatedFinancialStatements 54 I