Second Quarter 2026 Stockholders Report by High Plains Farm Credit

Second Quarter

Stockholders Report

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited) The following discussion summarizes the financial position and results of operations of High Plains Farm Credit, ACA for the six months ended June 30, 2026, with comparisons to prior periods. The accompanying financial statements were prepared under the oversight of our Audit Committee. You should read these comments along with the accompanying financial statements and footnotes and the 2025 Annual Report to Shareholders. High Plains Farm Credit’s annual and quarterly reports to stockholders are available on the Association’s website, HighPlainsFarmCredit.com or can be obtained free of charge by contacting the Association’s headquarters at (620) 285-6978. Annual reports are available 75 days after year-end and quarterly reports are available 40 days after each calendar quarter-end. The financial condition and results of operations of CoBank, ACB (CoBank), materially affect the risk associated with stockholder investments in High Plains Farm Credit, ACA. Stockholders of High Plains Farm Credit, ACA may obtain copies of CoBank’s financial statements free of charge by visiting CoBank’s website, CoBank.com, or by contacting the Larned headquarters office located at 605 Main, Larned, KS 67550-0067 or by phone at (620) 285-6978. CURRENT MARKET CONDITIONS The U.S. Drought Monitor continued to reflect drought and abnormally dry conditions across portions of the Association’s territory during the second quarter of 2026. While precipitation during parts of the quarter provided localized improvement and short-term relief in some areas, dry conditions remained a primary concern for fall crops, pasture, and water resources heading into the latter part of summer. Grain markets remained volatile during the quarter as producers continued to navigate lower profitability, elevated input costs, global supply and demand uncertainty, and ongoing trade and geopolitical concerns. Wheat and other grain prices showed some improvement late in the quarter compared to prior-year levels, but margins remained constrained by production costs and lower yields. In contrast, the cattle sector continued to support the regional agricultural economy. Tight cattle supplies and strong beef demand supported elevated cattle prices, which benefited livestock producers; however, drought-related pasture conditions, hay availability, feed costs, and emerging livestock health concerns remained important factors to monitor. The agricultural real estate market was relatively subdued during the second quarter, although some producers continued to seek expansion opportunities. Demand remained solid for high-quality dry cropland and pastureland, with limited inventory supporting firm values in select areas. Local producers continued to account for the majority of purchases, with some recreational influence. The U.S. economy showed signs of moderating growth during the second quarter of 2026. Tariffs, a cooling labor market, and geopolitical pressures have contributed to a complicated economic environment. Real GDP is projected to grow at a rate of 2.1% for 2026 supported by continued consumer expenditures, business investments, and modest government spending. The labor market remained relatively steady with unemployment rates at 4.2% and is expected to remain at this level throughout the remainder of the year. The Federal Reserve maintained the federal funds target range at 3.50% - 3.75% in June 2026, and Fed officials no longer anticipate a rate cut this year. In 2026, net farm income is forecasted to decline slightly in comparison to 2025. Direct government relief payments are projected to increase significantly to offset a weak commodity price environment that has carried over from late 2025. Farm production expenses are expected to increase by 1.0% in comparison to 2025. Livestock and poultry purchases, feed, and labor are expected to be the three largest farm production expense categories in 2026. Compared with 2025 expenses, projections show livestock and poultry purchases increasing 9.7% in 2026, labor expenses increasing 2.2%, and feed expenses declining 6.8%. LOAN PORTFOLIO Loans outstanding at June 30, 2026, totaled $2.14 billion, an increase of $20.7 million, or 1.0%, from loans of $2.12 billion at December 31, 2025. The increase was a combination of increased loan demand from existing and new borrowers, as well as loan participation purchase opportunities to diversify our portfolio. Credit quality remains solid but has declined to 97.2% from year-end. Advanced conditional payments totaled $24.3 million at June 30, 2026, a decrease of $11.6 million, or 32.3% from $35.9 million at December 31, 2025. Advanced conditional payment accounts are generally impacted by seasonal conditions. Typically, stockholders apply excess cash to these accounts to be utilized within their operation later in the year. 1

RESULTS OF OPERATIONS High Plains Farm Credit, ACA posted solid financial results for the six-month period ending June 30, 2026. Net income for the six months ended June 30, 2026, was $25.5 million, a decrease of $3.7 million, or 12.6%, from the same period ended one year ago. This was mainly due to increases in provision for credit losses and noninterest expense, partially offset by increases in net interest income and noninterest income. Additional details are provided below. For the six months ended June 30, 2026, net interest income was $32.9 million, an increase of $2.7 million, or 9.1%, compared with the six months ended June 30, 2025. Net interest income increased primarily as a result of loan volume growth. The provision for credit losses for the six months ended June 30, 2026, was $4.6 million, compared to the credit loss reversal of $2.8 million for the same period ended one year ago. The provision for credit losses increased primarily as a result of changes in the overall risk profile of the portfolio and specific loan complexes. Noninterest income increased $1.7 million, or 18.1%, during the first six months of 2026, compared with the first six months of 2025. The increase is primarily due to the collection of prior-year fee income of $892 thousand recognized during the first quarter of 2026, as well as a $732 thousand increase in a refund received from the Farm Credit System Insurance Corporation (FCSIC). These refunds represent our portion of excess funds above the secure base amount in the FCSIC Allocated Insurance Reserve Accounts. Mineral income of $312 thousand was recognized during the first six months of 2026, which is distributed quarterly by CoBank. The increase for the six months ended June 30, 2026, compared with the first six months of 2025, is primarily due to higher natural gas and oil commodity prices paid on new production wells. During the first six months of 2026, noninterest expense increased $666 thousand to $13.9 million, primarily due to increases in purchased services ($454 thousand), salaries and benefits ($274 thousand), and data processing services ($260 thousand), partially offset by decreases in other noninterest expense ($492 thousand). The increase in purchased services and data processing services is primarily due to an increase in charges from our service provider. Salaries and benefits increased primarily as a result of additional employees and merit increases. The decrease in other noninterest expense is primarily due to a loss on the sale of the former Hays branch office recognized in 2025. For the six months ended June 30, 2025, $2.2 million was reclassified from purchased services to data processing services to conform to the current period’s presentation as a result of changes in our service provider’s pricing model. CAPITAL RESOURCES Our shareholders’ equity at June 30, 2026, was $418.4 million, an increase from $391.8 million at December 31, 2025. This increase is due to net income and net stock issuances, partially offset by preferred stock dividends declared. As of June 30, 2026, anticipated Class H Stock (Preferred Stock) retirements on July 10, 2026 totaled $5.2 million. CHANGES IN MANAGEMENT Roger Vanlandingham served as Chief Credit Officer through August 6, 2026.

The undersigned certify they have reviewed this report, this report has been prepared in accordance with all applicable statutory or regulatory requirements, and the information contained herein is true, accurate, and complete to the best of his or her knowledge and belief.

___//signature on file//__________________ Tim Benoit Chairperson of the Board August 7, 2026

___//signature on file//__________________ Jerald Betts Chairperson of the Audit Committee August 7, 2026

___//signature on file//__________________ Kevin D. Swayne President & Chief Executive Officer August 7, 2026

___//signature on file//__________________ John T. Booze Chief Financial Officer August 7, 2026

Consolidated Statements of Condition (Dollars in Thousands)

ASSETS Loans Less allowance for loan losses Net loans Cash Accrued interest receivable Investment in CoBank, ACB Premises and equipment, net Prepaid benefit expense Other assets Total assets LIABILITIES Note payable to CoBank, ACB Advance conditional payments Accrued interest payable Patronage distributions payable Deferred tax liability Reserve for unfunded commitments Other liabilities

June 30 2026

December 31 2025

UNAUDITED

AUDITED

2,140,179 6,733 2,133,446 7,093 32,151 60,057 16,347 4,369 42,459

2,119,455 2,456 2,116,999 37,092 31,768 59,216 16,628 4,438 73,250

2,295,922 -

2,339,391 -

1,807,551 24,313 5,562 1,084 1,628 37,389

1,842,989 35,902 5,847 22,100 1,084 1,485 38,153

Total liabilities

1,877,527 -

1,947,560 -

16,778 1,795 69,380 330,441 1

15,338 1,802 69,380 305,310 1

418,395

391,831

Commitments and Contingencies SHAREHOLDERS' EQUITY Preferred stock Capital stock Additional paid-in capital Unallocated retained earnings Accumulated other comprehensive income Total shareholders' equity Total liabilities and shareholders' equity

2,295,922 $ 2,339,391 The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income (Dollars in Thousands)

UNAUDITED

For the three months ended June 30 2026 2025

For the six months ended June 30 2026 2025

INTEREST INCOME Loans

$ 32,902

$ 31,722

$ 66,110

$ 62,350

Total interest income

32,902

31,722

66,110

62,350

INTEREST EXPENSE Note payable to CoBank, ACB Other

16,497 132

16,330 103

32,909 263

31,952 205

Total interest expense Net interest income Provision for credit losses/(Credit loss reversal) Net interest income after provision for credit losses/ credit loss reversal

16,629 16,273 585

16,433 15,289 (3,239)

33,172 32,938 4,596

32,157 30,193 (2,842)

15,688

18,528

28,342

33,035

NONINTEREST INCOME Financially related services income Loan fees Patronage distribution from Farm Credit institutions Farm Credit Insurance Fund distribution Mineral income Other noninterest income

15 420 3,891 152 110

61 418 3,893 168 184

135 821 7,581 1,098 312 1,133

201 707 7,556 366 292 261

4,588

4,724

11,080

9,383

3,391 568 449 1,267 438 179 854

3,246 (7) 428 1,137 409 165 713

6,717 1,028 901 2,531 882 358 1,518

6,443 574 826 2,271 815 330 2,010

7,146

6,091

13,935

13,269

Total noninterest income NONINTEREST EXPENSE Salaries and employee benefits Purchased services Occupancy and equipment Data processing services Farm Credit Insurance Fund premium Supervisory and examination costs Other noninterest expense Total noninterest expense Net income/Comprehensive income

$ 13,130 $ 25,487 $ 17,161 $ 29,149 The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Shareholders' Equity (Dollars in Thousands)

UNAUDITED Balance at December 31, 2024 Comprehensive income Stock issued Stock retired Preferred stock dividends declared Balance at June 30, 2025

Balance at December 31, 2025 Comprehensive income Stock issued Stock retired Preferred stock dividends declared Balance at June 30, 2026

Additional Paid-In Capital $ 69,380

Preferred Stock $ 18,818

Capital Stock $ 1,817

2,850 (1,456) $ 20,212

58 (57) $ 1,818

69,380

$ 15,338

$ 1,802

69,380

1,610 (170) $ 16,778

56 (63) $

69,380

$ 1,795

Unallocated Retained Earnings $ 272,710 29,149

(518) $ 301,341

$ 305,310 25,487

(356) $ 330,441

Accumulated Other Total Comprehensive Shareholders' Income/(Loss) Equity $ $ 362,725 29,149 2,908 (1,513) (518) $ $ 392,751

1 -

The accompanying notes are an integral part of these consolidated financial statements.

$ 391,831 25,487 1,666 (233) (356) $ 418,395

NOTES TO FINANCIAL STATEMENTS (Unaudited) NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES A description of the organization and operations of High Plains Farm Credit, ACA (the Association), the significant accounting policies followed, and the financial condition and results of operations as of and for the year ended December 31, 2025, are contained in the 2025 Annual Report to Shareholders. These unaudited second quarter 2026 financial statements should be read in conjunction with the 2025 Annual Report to Shareholders. The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under U.S. GAAP and the rules of the Farm Credit Administration (FCA). This report should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2025, as contained in the 2025 Annual Report to Shareholders. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for a fair statement of results for the interim periods, have been made. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2026. Descriptions of the significant accounting policies are included in the 2025 Annual Report to Shareholders. In the opinion of management, these policies and the presentation of the interim financial condition and results of operations conform with GAAP and prevailing practices within the banking industry. Certain amounts in the prior period’s financial statements have been reclassified from purchased services to data processing services to conform to the current period’s financial statement presentation as a result of changes in the service provider’s pricing model. Recently Issued or Adopted Accounting Pronouncements Financial Instruments – Credit Losses (Topic 326): Purchased Loans In November 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-08 Financial Instruments - Credit Losses (Topic 326) - Purchased Loans. The amendment simplifies accounting for purchased loans by expanding the "gross-up" method to "purchased seasoned loans" (PSLs). This eliminates the Day 1 credit loss expense for most acquired loans, improves comparability, and reduces earnings volatility by creating a more consistent accounting approach similar to that used for previously purchased credit-deteriorated (PCD) loans. The standard is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those years. Early adoption is permitted. The Association is currently evaluating the potential impact of adoption on the Association's financial condition, results of operations, and cash flows. Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued ASU 2025-06 Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendment introduces several key changes: (1) eliminates the stage-based rules for capitalization, (2) replaces these rules with a principlesbased framework where capitalization occurs when management has authorized and committed to funding, and it is probable that the project will be completed and the software used as intended, (3) clarifies website developments costs and (4) modifies the disclosure requirements for capitalized software costs. The standard is effective for annual periods starting after December 15, 2027, with early adoption permitted as of the beginning of any annual reporting period. The Association is currently assessing the potential impact of this amendment on its disclosures. Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-05 Financial Instruments – Credit Losses – Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The practical expedient allows all entities when developing reasonable and supportable forecasts as part of estimating expected credit losses to assume that current conditions as of the balance sheet date do not 7

change for the remaining life of the asset. The accounting policy election allows an entity to consider collection activity after the balance sheet date when estimating expected credit losses. The amendments were effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods under a prospective approach. The adoption of this guidance did not have a material impact on the Association’s financial condition, results of operations, or cash flows. NOTE 2 - LOANS AND ALLOWANCE FOR CREDIT LOSSES A summary of loans by type follows: (dollars in thousands)

June 30, 2026

Real Estate Mortgage Production and Intermediate-Term Agribusiness Rural Infrastructure Agricultural Export Finance Rural Residential Real Estate

969,535 639,301 344,352 175,770 11,212 9

948,565 654,905 344,156 160,607 11,211 11

2,140,179

2,119,455

Total loans

December 31, 2025

The Association purchases and sells participation interests with other parties to diversify risk, manage loan volume, and comply with Farm Credit Administration regulations. The following table presents information regarding the balances of participations purchased and sold at June 30, 2026: Other Farm Credit Institutions (dollars in thousands)

Purchased

Real Estate Mortgage $ 282,542 Production and Intermediate-Term 400,531 Agribusiness 861,121 Rural Infrastructure 1,006,080 Agricultural Export Finance 70,984 Total

$ 2,621,258

Sold

Non-Farm Credit Institutions Purchased

Sold

Total Purchased

Sold

$ 306,761 1,029,622 1,202,746 830,310 59,772

16,895 74,134 656,328 -

1,099 -

$ 299,437 474,665 1,517,449 1,006,080 70,984

$ 306,761 1,029,622 1,203,845 830,310 59,772

$ 3,429,211

$ 747,357

1,099

$ 3,368,615

$ 3,430,310

We have participation relationships with associations across the Farm Credit System. High Plains Farm Credit serves as the lead lender or facilitating agent for these participation loans. High Plains Farm Credit is the administrator for the Farm Credit Capital Group (FCCG) which assists other Associations in expanding participation activity. Of the total purchased and sold volume noted in the table above, FCCG accounts for $3.14 billion of total purchased volume and $2.57 billion of total sold volume. Credit Quality Credit risk arises from the potential inability of an obligor to meet its payment obligation and exists in our outstanding loans, letters of credit, and unfunded loan commitments. The Association manages credit risk associated with retail lending activities through an analysis of the credit risk profile of an individual borrower using its own set of underwriting standards and lending policies, approved by its board of directors, which provides direction to its loan officers. The retail credit risk management process begins with an analysis of the borrower’s credit history, repayment capacity, financial position, and collateral, which includes an analysis of credit scores for smaller loans. Repayment capacity focuses on the borrower’s ability to repay the loan based on cash flows from operations or other sources of income, including off-farm income. Real estate mortgage loans must be secured by first liens on the real estate (collateral). As required by Farm Credit Administration regulations, each institution that makes loans on a secured basis must have collateral evaluation policies and procedures. Real estate mortgage loans may be made only in amounts up to 85% of the original appraised value of the property taken as security or up to 97% of the appraised value if guaranteed by a state, federal, or other governmental agency. The actual loan to appraised value when loans are made is generally lower than the statutory maximum percentage. Loans other than real estate mortgage may be made on a secured or unsecured basis.

The Association uses a two-dimensional loan risk rating model based on internally generated combined System risk rating guidance that incorporates a 14-point probability of default rating scale to identify and track the probability of borrower default and a separate scale addressing loss given default over a period of time. Probability of default rating is management's assumption of the probability that a borrower will experience a default within 12 months from the date of the determination of the risk rating. A default is considered to have occurred if the lender believes the borrower will not be able to pay its obligation in full or the borrower is past due more than 90 days. The loss given default is management's assumption of the anticipated principal loss on a specific loan assuming default occurs during the remaining life of the loan. This credit risk rating process incorporates objective and subjective criteria to identify inherent strengths, weaknesses, and risks in a particular relationship. The Association reviews, at least on an annual basis or when a credit action is taken, the probability of default category. Each of the probability of default categories carries a distinct percentage of default probability. The probability of default rate between one and nine of the acceptable categories is very narrow and would reflect almost no default to a minimal default percentage. The probability of default rate grows more rapidly as a loan moves from acceptable to other assets especially mentioned and grows significantly as a loan moves to a substandard (viable) level. A substandard (nonviable) rating indicates that the probability of default is almost certain. These categories are defined as follows:     

Acceptable – assets are expected to be fully collectible and represent the highest quality. Other assets especially mentioned (OAEM) – assets are currently collectible but exhibit some potential weakness. Substandard – assets exhibit some serious weakness in repayment capacity, equity, and/or collateral pledged on the loan. Doubtful – assets exhibit similar weaknesses to substandard assets; however, doubtful assets have additional weaknesses in existing factors, conditions, and values that make collection in full highly questionable. Loss – assets are considered uncollectible.

The following table shows loans under the Farm Credit Administration Uniform Loan Classification System as a percentage of total loans by loan type as of: June 30, 2026 Real Estate Mortgage Acceptable OAEM Substandard

December 31, 2025

94.94% 2.37% 2.69%

95.38% 2.02% 2.60%

100.00%

94.66% 4.81% 0.53%

95.64% 4.05% 0.31%

Total

100.00%

Agribusiness Acceptable OAEM Substandard

88.40% 3.89% 7.71%

89.50% 5.69% 4.81%

Total

100.00%

89.18% 9.10% 1.72%

99.89% 0.11%

100.00%

Total Production and Intermediate-Term Acceptable OAEM Substandard

Rural Infrastructure Acceptable OAEM Substandard Total Agricultural Export Finance Acceptable Total

(Continued)

June 30, 2026

Rural Residential Real Estate Acceptable

December 31, 2025

100.00%

Total

100.00%

Total Loans Acceptable OAEM Substandard

93.35% 3.89% 2.76%

94.87% 3.08% 2.05%

Total

100.00%

Accrued interest receivable of $32.2 million on loans at June 30, 2026, and $31.8 million at December 31, 2025, is excluded from the amortized cost of loans and reported separately in the Consolidated Statements of Condition. The Association wrote off accrued interest of $90 thousand during the first six months of 2026, compared with no accrued interest write-offs during the first six months of 2025. Nonperforming assets consist of nonaccrual loans, accruing loans 90 days or more past due, and other property owned. The following table shows these nonperforming assets and related credit quality statistics as follows: (dollars in thousands)

June 30, 2026

Nonaccrual loans Real Estate Mortgage Production and Intermediate-Term Agribusiness Rural Infrastructure Total nonperforming assets

December 31, 2025

15,260 81 4,063 (16)

10,686 180 4,040 170

19,388

15,076

Nonperforming assets to total loans

0.91%

0.71%

Nonperforming assets to total shareholders' equity

4.63%

3.85%

The Association had no accruing loans 90 days or more past due, or other property owned for the periods presented. The following tables provide the amortized cost for nonaccrual loans with and without a related allowance for loan losses, as well as interest income recognized on nonaccrual loans during the periods presented: June 30, 2026 (dollars in thousands) Real Estate Mortgage Production and Intermediate-Term Agribusiness Rural Infrastructure Total

Amortized Cost with Allowance

Amortized Cost without Allowance

Total

7,761 -

7,499 81 4,063 (16)

15,260 81 4,063 (16)

7,761

11,627

19,388

December 31, 2025 (dollars in thousands) Real Estate Mortgage Production and Intermediate-Term Agribusiness Rural Infrastructure Total

Amortized Cost with Allowance

Amortized Cost without Allowance

Total

170

10,686 180 4,040 -

10,686 180 4,040 170

170

14,906

15,076

Interest Income Recognized

(dollars in thousands) Nonaccrual loans Real Estate Mortgage Production and Intermediate-Term Total

For the Three Months Ended June 30

For the Six Months Ended June 30

2026

2025

95 -

60 55

115

The following tables provide an aging analysis of past due loans at amortized cost. June 30, 2026

(dollars in thousands)

Total

Total Loans

90 Days or More Past Due and Accruing

90 Days or More Past Due

Total Past Due

194 -

12,683 -

12,877 -

$ 956,658 639,301 344,352 175,770 11,212 9

$ 969,535 639,301 344,352 175,770 11,212 9

194

12,683

12,877

$ 2,127,302

$ 2,140,179

Not Past Due or Less Than 30 Days Past Due

Total Loans

90 Days or More Past Due and Accruing

30-89 Days Past Due

Real Estate Mortgage $ Production and Intermediate-Term Agribusiness Rural Infrastructure Agricultural Export Finance Rural Residential Real Estate

Not Past Due or Less Than 30 Days Past Due

December 31, 2025

(dollars in thousands)

30-89 Days Past Due

Real Estate Mortgage $ Production and Intermediate-Term Agribusiness Rural Infrastructure Agricultural Export Finance Rural Residential Real Estate Total

90 Days or More Past Due

Total Past Due

285 419 -

7,785 -

8,070 419 -

$ 940,495 654,486 344,156 160,607 11,211 11

$ 948,565 654,905 344,156 160,607 11,211 11

704

7,785

8,489

$2,110,966

$ 2,119,455

Loan Modifications to Borrowers Experiencing Financial Difficulty The following tables show the amortized cost basis at the end of the respective reporting periods for loan modifications granted to borrowers experiencing financial difficulty, disaggregated by loan type and type of modification granted. These balances exclude loans that were modified during the period but were paid off or sold prior to period end. Term Extension For the Three Months Ended (dollars in thousands) Production and Intermediate-Term Agribusiness Total

June 30, 2026 $

1,647 3,524

5,171

% of Portfolio Segment 0.26% 1.02%

For the Six Months Ended June 30, 2026 $

2,510 3,524

6,034

% of Portfolio Segment 0.39% 1.02%

Combination - Term Extension and Payment Deferral For the Three Months Ended (dollars in thousands) Production and Intermediate-Term Total

June 30, 2026 $

% of Portfolio Segment -

For the Six Months Ended June 30, 2026 $

173

% of Portfolio Segment 0.03%

Accrued interest receivable related to loan modifications granted to borrowers experiencing financial difficulty was $10 thousand as of the three months ended June 30, 2026 and $82 thousand as of the six months ended June 30, 2026.

Term Extension For the Three Months Ended (dollars in thousands) Production and Intermediate-Term Total

June 30, 2025 $

772

% of Portfolio Segment 0.13%

For the Six Months Ended June 30, 2025 $

772

% of Portfolio Segment 0.13%

Payment Deferral For the Three Months Ended (dollars in thousands) Real Estate Mortgage Total

June 30, 2025 $

% of Portfolio Segment -

For the Six Months Ended June 30, 2025 $

4,569

% of Portfolio Segment 0.48%

Accrued interest receivable related to loan modifications granted to borrowers experiencing financial difficulty was $67 thousand as of the three and six months ended June 30, 2025.

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty during the periods presented: Weighted-Average Term Extension (in months) For the Three Months Ended June 30 Production and Intermediate-Term Agribusiness

For the Six Months Ended June 30

2026

2025

2026

2025

13.0 13.0

8.6 -

12.6 13.0

8.6 -

Weighted-Average Payment Deferral (in months) For the Three Months Ended June 30 Real Estate Mortgage

For the Six Months Ended June 30

2026

2025

2026

2025

11.0

Combination – Term Extension and Payment Deferral For the Six Months Ended June 30, 2026 Production and Intermediate-Term

Added a weighted average of 61.1 months to the life of loans and deferred payments by a weighted average of 7.0 months

None of the loans to borrowers experiencing financial difficulty that received a payment modification during the six months ended June 30, 2026 or June 30, 2025 experienced a subsequent default. The following tables set forth an aging analysis of loans to borrowers experiencing financial difficulty that were modified during the periods presented: Payment Status of Modified Loans During the Past Twelve Months Ended June 30, 2026 (dollars in thousands) Production and Intermediate-Term Agribusiness Total

30-89 Days Past Due

Current

90 Days or More Past Due

2,683 11,952

14,635

Payment Status of Modified Loans During the Past Twelve Months Ended June 30, 2025 (dollars in thousands) Real Estate Mortgage Production and Intermediate-Term Agribusiness Total

Current $

4,569 1,771 2,399 8,739

30-89 Days Past Due $

90 Days or More Past Due $

Additional commitments to lend to borrowers experiencing financial difficulty whose loans have been modified during the six months ended June 30, 2026 were $1.2 million and during the year ended December 31, 2025 were $10.4 million. The Association evaluates the commitments extended to borrowers experiencing financial difficulty and can restrict future draws as needed. The Association had no loans held for sale at June 30, 2026 and December 31, 2025. 13

Allowance for Credit Losses The allowance for credit losses (ACL) represents the estimated current expected credit losses over the remaining contractual life of the loans measured at amortized cost and certain off-balance sheet credit exposures. The ACL takes into consideration relevant information about past events, current conditions, and reasonable and supportable macroeconomic forecasts of future conditions. The contractual term excludes expected extensions, renewals, and modifications. The Association uses a single economic scenario over a reasonable and supportable forecast period of 12 months. After the forecast period, the Association explicitly reverts to long run historical loss experience beyond the 12 months to inform the estimate of losses for the remaining contractual life of the loan portfolio. The economic forecasts are updated on a quarterly basis and incorporate macroeconomic variables such as agricultural commodity prices, unemployment rates, Gross Domestic Product (GDP) annual growth rates, real consumer spending, agricultural exports, inflation, and Fed Funds rates. The credit risk rating methodology is a key component of the Association’s allowance for credit losses evaluation and is generally incorporated into the Association’s loan underwriting standards and internal lending limits. In addition, borrower and commodity concentration lending and leasing limits have been established by the Association to manage credit exposure. The regulatory limit to a single borrower or lessee is 15% of the Association’s lending and leasing limit base but the Association’s board of directors has generally established more restrictive lending limits. This limit applies to Associations with long-term and short- and intermediate-term lending authorities. A summary of changes in the allowance for loan losses is as follows:

(dollars in thousands) Real Estate Mortgage Production and Intermediate-Term Agribusiness Rural Infrastructure Total

Balance at March 31, 2026

Charge-offs

2,722 1,089 1,394 962 6,167

235 235

Balance at December 31, 2025

Charge-offs

107 584 883 882 2,456

235 235

Balance at March 31, 2025

Charge-offs

2,464 481 5,044 344 8,333

158 158

Recoveries

Provision for Loan Losses/ (Loan Loss Reversals)

Balance at June 30, 2026

59 59

765 (140) 22 95 742

3,487 1,008 1,416 822 6,733

Recoveries

Provision for Loan Losses

Balance at June 30, 2026

59 59

3,380 365 533 175 4,453

3,487 1,008 1,416 822 6,733

Recoveries

Provision for Loan Losses/ (Loan Loss Reversals)

Balance at June 30, 2025

922 34 (4,211) 39 (3,216)

3,386 515 675 383 4,959

(dollars in thousands) Real Estate Mortgage Production and Intermediate-Term Agribusiness Rural Infrastructure Total

Balance at December 31, 2024

Charge-offs

2,462 475 4,703 342 7,982

158 158

Recoveries

Provision for Loan Losses/ (Loan Loss Reversals)

Balance at June 30, 2025

924 40 (3,870) 41 (2,865)

3,386 515 675 383 4,959

The Association maintains a separate reserve for unfunded commitments, which is included in Liabilities on the Association’s Consolidated Statements of Condition. The related provision for the reserve for unfunded commitments is included as part of the provision for credit losses on the Consolidated Statements of Comprehensive Income, along with the provision for loan losses. A summary of changes in the reserve for unfunded commitments follows:

(dollars in thousands) Balance at beginning of period (Reversal of)/Provision for reserve for unfunded commitments Total

For the Three Months Ended June 30, 2026

For the Six Months Ended June 30, 2026

1,785 (157)

1,485 143

1,628

For the Three Months Ended June 30, 2025

For the Six Months Ended June 30, 2025

628 (23)

582 23

605

NOTE 3 – CAPITAL A summary of select capital ratios based on a three-month average and minimums set by the Farm Credit Administration follows.

Risk Adjusted: Common equity tier 1 ratio Tier 1 capital ratio Total capital ratio Permanent capital ratio Non-risk-adjusted: Tier 1 leverage ratio Unallocated retained earnings and equivalents leverage ratio

As of June 30, 2026

As of December 31, 2025

Regulatory Minimums

Capital Conservation Buffer

Total

13.55% 13.55% 13.88% 14.26%

13.57% 13.57% 13.81% 14.23%

4.5% 6.0% 8.0% 7.0%

2.5% 2.5% 2.5% -

7.0% 8.5% 10.5% 7.0%

15.00%

14.88%

4.0%

1.0%

5.0%

14.92%

14.79%

1.5%

If capital ratios fall below the regulatory minimum plus buffer amounts, capital distributions (equity redemptions, cash dividend payments, and cash patronage payments) and discretionary senior executive bonuses are restricted or prohibited without prior FCA approval. 15

There was no significant activity in accumulated other comprehensive income during the six months ended June 30, 2026 or June 30, 2025. NOTE 4 - FAIR VALUE MEASUREMENTS Accounting guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability. See Note 2 of the 2025 Annual Report to Shareholders for a more complete description. Assets measured at fair value on a recurring basis are summarized below: Fair Value Measurement Using (dollars in thousands)

Level 1

Level 2

Level 3

Total Fair Value

Assets held in nonqualified benefits trusts June 30, 2026 December 31, 2025

$ $

232 193

The Association had no liabilities measured at fair value on a recurring basis at June 30, 2026, or December 31, 2025. Assets measured at fair value on a non-recurring basis for each of the fair value hierarchy values are summarized below: Fair Value Measurement Using (dollars in thousands)

Level 1

Level 2

Level 3

Total Fair Value

Loans June 30, 2026 December 31, 2025

$ $

$ 5,281 $ 7,878

The Association had no liabilities measured at fair value on a non-recurring basis at June 30, 2026, or December 31, 2025. Valuation Techniques As more fully discussed in Note 2 of the 2025 Annual Report to Shareholders, accounting guidance establishes a fair value hierarchy, which requires an Association to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following presents a brief summary of the valuation techniques used by the Association for assets and liabilities, subject to fair value measurement. Assets Held in Non-Qualified Benefits Trusts Assets held in trust funds related to deferred compensation and supplemental retirement plans are classified within Level 1. The trust funds include investments that are actively traded and have quoted net asset values that are observable in the marketplace. Loans Evaluated for Impairment For impaired loans measured on a non-recurring basis, the fair value is based upon the underlying collateral since the loans are collateral dependent loans. The fair value measurement process uses independent appraisals and other market-based information, but in many cases, it also requires significant input based on management’s knowledge of and judgment about current market conditions, specific issues relating to the collateral, and other matters. As a result, these fair value measurements fall within Level 3 of the hierarchy. When the value of the collateral, less estimated costs to sell, is less than the principal balance of the loan, a specific reserve is established. NOTE 5 - SUBSEQUENT EVENTS The Association has evaluated subsequent events through August 7, 2026, which is the date the financial statements were issued, and no material subsequent events were identified.