Marathon Bancorp, Inc.

What they do

Marathon Bank is a Wisconsin-chartered savings bank headquartered in Wausau, Wisconsin, operating from its main office and four branches in Marathon, Ozaukee and Waukesha Counties. It is a community-oriented bank offering financial products and services to customers; deposit-gathering is focused on communities surrounding its branch locations, while lending extends more broadly into select businesses and customers in Southeastern Wisconsin. The Company has no separate operations or employees, relying on Marathon Bank's premises and staff, and its cash flow depends on investment earnings and any dividends from the Bank.

Revenue drivers

• Net interest income — The company states net interest income is its primary source of income, generated from interest on loans and investments less funding costs.
• Community banking products and services — A variety of financial products and services are offered to customers across the main office and four branch locations in Wisconsin.
• Investment of conversion proceeds — Marathon Bancorp's cash flow depends on earnings from investing the net proceeds retained from the April 2025 conversion, which generated $16.9 million gross.
• Lending market expansion — The primary lending market is described as broader than the deposit area, including select businesses and customers in Southeastern Wisconsin.

Recent performance

Net income swung from $1.7 million in 2023 to a loss of $186,994 in 2024, before recovering to $42,445 in 2025, with diluted EPS of $0.02 in fiscal 2025. Operating cash flow was $1.4 million in 2025, up from $416,553 in 2024. As of March 31, 2026, the most recent balance sheet provided, total assets were $249.0 million, total liabilities $201.5 million, and shareholder equity $47.5 million. Cash and equivalents stood at $13.6 million at that date. The company completed a mutual holding company conversion on April 21, 2025, selling 1,693,411 shares at $10.00 per share and generating $16.9 million in gross proceeds.

Strategy

The company completed its conversion from mutual holding company form to stock holding company form on April 21, 2025, with shares now trading on Nasdaq under the symbol MBBC. As part of the conversion, it sold 1,693,411 shares at $10.00 per share, including 135,472 shares issued to the Employee Stock Ownership Plan, and provided a combined $2.1 million ESOP term loan to be repaid over 25 years. All outstanding stock options and restricted stock awards were adjusted at the exchange ratio of 1.3728-to-1. Marathon Bancorp is authorized to pursue other business activities permitted for bank holding companies, including the acquisition of banking and financial services companies. It remains subject to comprehensive regulation by the Federal Reserve Board and the Wisconsin Department of Financial Institutions.

Risks

• Interest rate and margin pressure — Changes in the interest rate environment may reduce margins and yields, mortgage banking revenues, fair values of financial instruments and loan origination levels, or increase defaults and prepayments.
• Credit quality — Changes in loan delinquencies and write-offs, and estimates of the allowance for credit losses, could adversely affect results.
• Local economic and real estate conditions — General economic conditions in Marathon, Ozaukee and Waukesha Counties and fluctuations in residential and commercial real estate values could affect demand and collateral values.
• Regulatory burden — The company and bank are subject to comprehensive regulation and examination by the Federal Reserve Board and the Wisconsin Department of Financial Institutions, and changes in laws, regulations, regulatory fees or capital requirements could affect operations.

Outlook

The provided filings do not include specific forward guidance on expected results. Management identifies net interest income as the primary source of income and notes that company cash flow depends on investment earnings and dividends from Marathon Bank. The filings state the company is under no duty to update forward-looking statements, and no management outlook figures are given in the excerpts.