Form 4: Marathon Bancorp CEO Boosts Stake with Stock Purchase

Marathon Bancorp's President and CEO, Nicholas W. Zillges, increased his direct ownership in the company by purchasing 1,325 shares of common stock.

Summary

• Nicholas W. Zillges, President and CEO, and a Director of Marathon Bancorp, Inc. (MBBC), acquired 1,325 shares of common stock.
• The transaction took place on November 13, 2025, at a price of $10.9999 per share.
• Following this purchase, Zillges directly owns 33,728 shares of common stock, which includes restricted stock vesting at 20% per year commencing June 28, 2023.
• Indirect holdings include 47,780 shares in a 401(k) plan, 604 shares in an IRA, and 2,723 shares in an ESOP.
• Zillges also holds 29,994 stock options with an exercise price of $8.1294, vesting 20% annually from June 28, 2023, and expiring on June 28, 2032.
• Additionally, Zillges holds 7,498 stock options with an exercise price of $6.4831, vesting 20% annually from May 16, 2024, and expiring on May 16, 2033.

Sentiment

Score: 8

Explanation: The direct purchase of common stock by the President and CEO, Nicholas W. Zillges, signals strong insider confidence in Marathon Bancorp's future. This positive sentiment is reinforced by his substantial existing holdings and long-term vesting equity, aligning his interests with shareholders.

Positives

• The President and CEO's direct purchase of company stock indicates strong confidence in the company's future prospects.
• The acquisition at $10.9999 per share suggests management believes the stock is undervalued or has significant upside potential.
• Increased insider ownership aligns management's interests more closely with those of shareholders, which is generally viewed favorably by investors.

Future Outlook

The insider purchase, coupled with existing stock option grants and restricted stock, suggests a long-term commitment by the CEO to the company's performance and future value creation, aligning with a positive outlook for Marathon Bancorp.

Industry Context

Insider purchases, particularly by a CEO, are generally viewed positively in the banking sector as they signal management's belief in the company's stability and growth prospects amidst evolving economic conditions and regulatory landscapes. This action could be interpreted as a vote of confidence in Marathon Bancorp's strategy within the regional banking market.

Comparison to Industry Standards

• While specific comparable company data is not provided in this filing, insider buying by a CEO is a common indicator of confidence across all industries, including banking.
• The purchase price relative to the current market price (not explicitly stated but implied by the transaction) would be a key factor in assessing the perceived value by the insider.
• The vesting schedules for restricted stock and options are typical for executive compensation packages in the financial services industry, designed to promote long-term retention and performance.

Related Party Transactions

• The reported transaction is an open market purchase of common stock by an insider (President and CEO), which is a form of related party transaction.

Stakeholder Impact

• Shareholders: May view the CEO's purchase as a positive signal, potentially increasing investor confidence and demand for the stock.
• Employees: Could interpret the CEO's investment as a sign of stability and belief in the company's long-term success.
• Management: The CEO's increased stake further aligns his financial interests with the company's performance.

Next Steps

• Continued vesting of 33,728 shares of restricted stock at 20% per year commencing June 28, 2023.
• Continued vesting of 29,994 stock options at 20% per year commencing June 28, 2023.
• Continued vesting of 7,498 stock options at 20% per year commencing May 16, 2024.

Key Dates

Recommendation

The direct purchase of common stock by the President and CEO, Nicholas W. Zillges, at $10.9999 per share, is a strong indicator of insider confidence. This action suggests that management believes the company's stock is currently undervalued or poised for future growth. Increased insider ownership aligns leadership's interests with shareholders, typically signaling a positive outlook and making the stock an attractive 'buy' for investors seeking companies with strong internal conviction.

Keywords

Marathon Bancorp, MBBC, Insider Trading, Stock Purchase, CEO, Director, Common Stock, SEC Form 4, Beneficial Ownership, Stock Options