Form 4: Marathon Bancorp CEO Boosts Stake via 401(k)

Marathon Bancorp's President and CEO, Nicholas W. Zillges, increased his indirect beneficial ownership of common stock through 401(k) plan purchases.

Summary

• Nicholas W. Zillges, President and CEO of Marathon Bancorp, Inc. (MBBC), acquired additional shares of common stock through his 401(k) plan.
• On December 1, 2025, Zillges acquired 1,646 shares at a price of $11.2668 per share.
• On December 2, 2025, he acquired an additional 634 shares at $11.11 per share and 24 shares at $11.3 per share.
• Following these transactions, Zillges' indirect beneficial ownership in his 401(k) plan increased to 50,084 shares.
• His total beneficial ownership also includes 34,803 direct shares (comprising restricted stock vesting at 20% per year commencing June 28, 2023), 604 shares held indirectly via an IRA, and 2,723 shares held indirectly via an ESOP.
• Zillges also holds 29,994 stock options with an exercise price of $8.1294 and 7,498 stock options with an exercise price of $6.4831, both vesting at a rate of 20% per year.
• The reported transactions were made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 7

Explanation: The filing indicates insider buying, which is generally a positive signal of confidence from management. The transactions were pre-planned under Rule 10b5-1, suggesting a systematic approach to increasing ownership rather than opportunistic buying based on immediate news.

Positives

• Insider buying, even through a 401(k) plan, can signal management's confidence in the company's future prospects and valuation.
• The transactions were executed under a Rule 10b5-1 plan, indicating pre-scheduled purchases rather than opportunistic buying based on immediate market conditions.

Future Outlook

The filing does not contain any forward-looking statements or guidance beyond the vesting schedules of restricted stock and stock options.

Industry Context

This Form 4 filing reflects routine insider transactions for a financial institution. Insider purchases, even through retirement plans, can be viewed as a positive signal of management's belief in the company's value, which is common across various industries, including banking.

Comparison to Industry Standards

• This filing details standard insider transactions and stock option grants for a public company executive.
• The vesting schedules for restricted stock and stock options (20% per year) are typical for executive compensation packages in the financial services industry, aligning with common practices for long-term incentive alignment.
• No specific comparable companies or projects are mentioned in this filing to allow for a direct comparison of results.

Stakeholder Impact

• Shareholders may view the insider purchases as a positive sign of management confidence, potentially influencing investor sentiment.
• The ESOP holdings indicate employee ownership, aligning interests between employees and the company's performance.

Next Steps

• Continued vesting of restricted stock and stock options according to their respective schedules.

Key Dates

Recommendation

While insider buying by the CEO is generally a positive indicator of confidence, these transactions are relatively small in the context of the CEO's total holdings and were executed under a Rule 10b5-1 plan, suggesting a systematic approach rather than a reaction to new, immediate positive developments. The filing itself does not provide enough fundamental information to warrant a 'buy' or 'sell' recommendation, but the insider's increased stake supports a 'hold' position for existing investors, pending further financial disclosures.

Keywords

Marathon Bancorp, MBBC, Nicholas W. Zillges, Insider Trading, Form 4, Stock Purchase, 401(k), CEO, Director, Beneficial Ownership, Stock Options, Rule 10b5-1