Introduction to Our Firm Callahan Financial Planning is the trade name and separately identifiable division for the SEC-registered investment advisory firm of TS Bank. All references to Callahan Financial Planning that follow shall refer to the advisory division and not TS Bank or its affiliates, unless stated otherwise. Callahan Financial Planning provides financial planning and investment advisory services to individuals, families and institutions and seeks to maintain objectivity and independence when making recommendations to clients. In April, 2021, Callahan Financial Planning Company finalized an agreement to merge its operations with TS Bank, which involved an asset purchase agreement whereby TS Bank assumed the majority of Callahan Financial Planning Company's assets and liabilities. As of April 1, 2021, all investment advisory services are being provided by Callahan Financial Planning as a separately identifiable division of TS Bank. As the successor to the business, the separately identifiable division of TS Bank temporarily relied on the existing registration of Callahan Financial Planning Company until its registration was approved by the SEC. The SEC declared TS Bank’s registration as an investment adviser effective as of April 1, 2021 and client agreements were subsequently assigned from Callahan Financial Planning Company to TS Bank under the assignment and amendment provisions provided for in our client service agreements. TS Bank, incorporated in Iowa, was founded in 1923 and is regulated by the Iowa Division of Banking and the FDIC. This transaction resulted in a change of control in the ownership of the investment advisory business and a change in the Board of Directors and management team. Throughout the remainder of this document, “the firm”, “our”, “we”, or “us” may also be used to refer to Callahan Financial Planning and “you”, “your”, “client”, or “clients” refers to clients or prospective clients of Callahan Financial Planning. Investments with Callahan Financial Planning are not bank deposits, are not FDIC-insured, are not guaranteed by Callahan Financial Planning nor any affiliated entities or individuals and may go down in value. Callahan Financial Planning Company was originally formed in 2010. The tradename “Callahan Financial Planning” was purchased by TS Bank and will continue to represent the investment advisory business. At the closing, the Callahan Financial Planning team became employees of TS Bank and will continue to provide financial planning and investment advisory services. Some Callahan Financial Planning staff are now shared with the trust division of TS Bank, which is hereafter referred to as “TS Prosperity Group”. TS Prosperity Group is a trade name for the trust division and provides trustee, conservatorship, estate, investment management and tax services to individuals, families and institutions. As of December 31, 2023, Callahan Financial Planning was responsible for managing $248,266,156 in assets, of which $245,727,940 are managed in a discretionary capacity and $2,538,216 in a non-discretionary capacity. TS Bank is owned by Treynor Bancshares, Inc. (our “bank holding company”). The bank holding company is owned, in part, by TS Bank staff and family of staff (including the new Callahan Financial Planning employees), with the majority of shares held by the Heidi Guttau-Fox & Joshua Guttau Irrevocable Living Trust dated December 28, 2007, eponymously named for its underlying beneficial owners, Joshua Guttau and Heidi Guttau. The Board of Directors of the Bank are Michael Guttau, Judith Guttau, Joshua Guttau, Heidi Guttau, J.D., Kim Gibson, Eugene Young, Neil Stanley, Chris A. Clausen Cannon, Rick Gibson and Kevin Forristall. Some Callahan Financial Planning staff are shared with the TS Prosperity Group, including certain investment management and tax staff. More information about our financial planners and investment advisory staff is available in our Brochure Supplement (also known as Form ADV Part 2B), found at the end of this document. Our Independence and Objectivity We may assist you in the selection of financial institutions when working with Callahan Financial Planning. Throughout the remainder of this document, we use the terms “custodian” or “financial institution” to describe the entity that holds your investments, insurance policies, deposits, or financial relationships other than advisory services. These may include a broker-dealer firm, bank or trust company, insurance company, or an entity that otherwise provides these services. Neither Callahan Financial Planning, nor its related entities, are affiliated with a broker-dealer or insurance company and Callahan Financial Planning does not receive or participate in sales or commission otherwise of any financial product, including stocks, bonds, mutual funds, exchange traded funds, annuities, or other instruments. Additional important information about how Callahan Financial Planning manages potential conflicts of interest is available in both Item 5 – Fees and Compensation and Item 14 – Client Referrals and Other Compensation. If you are considering our services, we recommend you contact us to describe what you are seeking. An associate of Callahan Financial Planning can help you identify if our services are expected to meet your needs and, if so, provide you with a recommendation as to which of these services is most likely to fit your needs. After this occurs, a financial planner will help you define the scope of a potential financial planning and/or investment advisory engagement. Our Comprehensive Planning Service for Individuals and Families Callahan Financial Planning’s Comprehensive Planning service provides ongoing personal financial planning and investment management to individuals and families. This may include the following: General ▪ Defining your goals and priorities ▪ Establishing clear milestones and financial planning objectives ▪ Organizing your financial resources ▪ Analyzing your situational risk factors to support better decision-making ▪ Providing research and information that is evidence-based and relevant to your situation ▪ Assisting in all major financial decision-making ▪ Serving as an advocate for you when choosing and researching financial institutions ▪ Offering access to a dedicated CERTIFIED FINANCIAL PLANNER™ professional and team for calls/emails Retirement ▪ Providing clear parameters for a safe retirement and defining when retirement is possible ▪ Electing when Social Security and other retirement benefits, such as pensions, should be collected ▪ Budgeting properly for medical and other significant costs in retirement ▪ Identifying what income and spending to expect in retirement ▪ Instituting and monitoring, a safe withdrawal policy Investments ▪ Establishing clear capital market risk and return expectations ▪ Identifying ideal asset location ▪ Researching investment opportunities ▪ Constructing a custom portfolio considering the totality of your situation ▪ Providing regular research and performance attribution reports to measure progress Estate and Legacy ▪ Reviewing your current estate plan (if applicable) ▪ Planning around any desired giving (intra-family or charitable) ▪ Ensuring estate, inheritance and gift taxes are minimized ▪ Establishing a clear estate plan and assisting with implementation Risk Management and Insurance ▪ Examining your need(s) for insurance as desired, including: o Life insurance needs o Health insurance and Medicare needs o Liability, disability and long-term care needs ▪ Managing cash reserve levels and optimal account placement Income Taxes ▪ Developing a detailed analysis of your current income tax situation ▪ Identifying present opportunities for improvement ▪ Preparing long-term year-by-year income projections to identify tax minimization strategies, including: o Roth conversions o Deferred compensation payouts o Stock and stock option sales o The location of investment assets Questions (Related to These Topics) We Often Address ▪ Will I reach my goal(s)? ▪ What may I have missed when planning? ▪ When can I retire? ▪ Are my investments appropriate for my situation? ▪ What can I do better? ▪ What should I be avoiding? Our Comprehensive Plus Planning Service for Individuals and Families Callahan Financial Planning’s Comprehensive Plus Planning service also provides ongoing personal financial planning and investment management to individuals and families and has a lower minimum level of investment assets required. This service may include the topic areas and tasks detailed above, in addition to income tax preparation, all included with the service at no additional cost. Targeted Planning Service for Individuals and Families Callahan Financial Planning also offers financial planning services available for specified periods of time. Over the defined service term, we can generally provide the types of services listed within the Comprehensive Planning service detail above. The scope of a Targeted Planning service engagement may be more limited than that under the Comprehensive Planning service. Typical Targeted Planning service engagements are intended for people who are either seeking a defined engagement period (e.g., 12, 24, 36 months) or would like a more narrowly defined scope of service. This service may be used for those who are seeking assistance during times of transition, for example. The minimum service agreement period for this service is 12 months. After the termination of such a defined period, Callahan Financial Planning’s advisory responsibility will cease. Each 12-month service period within the agreement will generally permit a specific number of total hours of professional advice, which might include input, analysis and 2 comprehensive meetings with a CERTIFIED FINANCIAL PLANNER™ professional, as well as emails, calls and/or meeting(s) with associates in our firm, subject to the limitation of the number of hours permitted by the agreement, if applicable. This service is billed at a fixed fee and will be quoted in advance of the engagement. Limited Scope Services Offered for Individuals and Families Callahan Financial Planning also provides, for limited scope engagements only, additional financial planning services that do not include investment management. These additional services may not be available at any given time, as they are most sensitive to our project load already committed to other clients. When available, they include: Option 1: Basic Planning Service (excludes investment management) Basic Planning involves a limited scope, one-time engagement, where, over one or more meetings, we can provide retirement and related financial advice. This generally includes some of the services described under “General” and “Retirement” above but will vary client-by-client. Other services listed above are generally only available as part of the Comprehensive Planning, Comprehensive Plus Planning, or Targeted Planning services and with regular professional supervision. This service is only appropriate for someone that is not seeking an ongoing relationship with a financial planner and is not seeking any form of investment management. The service is billed by the hour and an estimate of the total number of hours expected to be required for your engagement is provided in advance of the engagement after the scope has been defined. Option 2: Single Financial Planning Meeting Service (excludes analysis, follow-up planning and investment management) This service is intended for the most basic financial planning inquiries in scope and complexity. Single meetings are provided for people requesting financial planning services, but whose situation or need is not considered to be complex in nature. This is intended to provide access to a CERTIFIED FINANCIAL PLANNER™ professional without requiring a full engagement or ongoing relationship. This service is only appropriate for individuals and families seeking advice on matters that can be addressed inside a single meeting and is not intended for anyone seeking specific situational analysis or further review beyond the meeting. Income Tax Preparation Services Callahan Financial Planning offers income tax preparation services and may engage outside contractors or employ staff to complete the preparation of returns. Tax, accounting and bookkeeping services are provided by both Callahan Financial Planning and TS Prosperity Group staff (this accounting unit also operates under the tradename Collins Consulting). Additionally, certain shared back-office services, including technology, finance, accounting, human resources, marketing and other functions may be provided by the bank holding company to Callahan Financial Planning and TS Prosperity Group and other units of TS Bank (hereafter also described as “Shared Services”). Institutional Portfolios (Online Model) We have begun offering, on a limited basis, an automated investment program (the “Program”) through which clients are invested in a range of investment strategies we have constructed and manage, each consisting of a portfolio of exchange- traded funds and mutual funds (“Funds”) and a cash allocation. This service is currently only available on an invitation basis only, as we seek to gather feedback from users that helps us enhance the experience. When utilized, the client may instruct us to exclude up to three Funds from their portfolio. The client’s portfolio is held in a brokerage account opened by the client at Charles Schwab & Co., Inc. (“Charles Schwab & Company”). We use the Institutional Intelligent Portfolios® platform (“Platform”), offered by Schwab Performance Technologies (“SPT”), a software provider to independent investment advisors and an affiliate of Schwab, to operate the Program. Callahan Financial Planning is independent of and not owned by, affiliated with, or sponsored or supervised by SPT, Schwab, or their affiliates (together, “Schwab”). We and not Schwab, are the client’s investment advisor and primary point of contact with respect to the Program. Schwab is not responsible for determining the appropriateness of the Program for the client, choosing a suitable investment strategy and portfolio for the client’s investment needs and goals, and managing that portfolio on an ongoing basis. We have contracted with SPT to provide us with the Platform, which consists of technology and related trading and account management services for the Program. The Platform enables us to make the Program available to clients online and includes a system that automates certain key parts of our investment process (the “System”). The System includes an online questionnaire that can help

us determine the client’s investment objectives and risk tolerance and select an appropriate investment strategy and portfolio. Clients should note that, if we use the online questionnaire, we will recommend a portfolio via the System in response to the client’s answers to the online questionnaire. The client may have the option to indicate an interest in a portfolio that is one level less or more conservative or aggressive than the recommended portfolio, but we then make the final decision and select a portfolio based on all the information we have about the client. The System also includes an automated investment engine through which we manage the client’s portfolio on an ongoing basis through automatic rebalancing and tax-loss harvesting (if the client is eligible and elects). We charge clients a fee for our services as described below under Item 5 - Fees and Compensation. Our fees are not set or supervised by Schwab. The rates for this service are currently the same as the Standard Rates for our Comprehensive Planning Service and may be revised in the future as we monitor the amount of adjacent financial planning services requested by clients, the market rate for such services, the costs of providing the service and other factors. Clients do not pay brokerage commissions or any other fees to Schwab as part of the Program. Schwab does receive other revenues, including (i) the profit earned by Charles Schwab Bank, SSB, a Schwab affiliate, on the allocation to the Schwab Intelligent Portfolios Sweep Program described in the Schwab Intelligent Portfolios Sweep Program Disclosure Statement; (ii) investment advisory and/or administrative service fees (or unitary fees) received by Charles Schwab Investment Management, Inc., a Schwab affiliate, from Schwab ETFs™ Schwab Funds® and Laudus Funds® that we select to buy and hold in the client’s brokerage account; (iii) fees received by Schwab from mutual funds in the Schwab Mutual Fund Marketplace® (including certain Schwab Funds and Laudus Funds) in the client’s brokerage account for services Schwab provides; and (iv) remuneration Schwab receives from the market centers where it routes ETF trade orders for execution. Retirement Plan Rollover Recommendations When we provide investment advice about your employer sponsored retirement plan account or individual retirement account (“IRA”) including whether to maintain investments and/or proceeds in the account, roll over such investments/proceeds from the account to a IRA, or make a distribution from the account, we acknowledge that Advisor is a “fiduciary” within the meaning of Title I of the Employee Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code (“IRC”) as applicable, which are laws governing retirement accounts. In the majority of instances, when we are already provding investment advice on this account our compensation does not change whether or not Client may roll over the investments/proceeds. However, in some instances, when do not already provide advice on your accounts a conflict of interest may be present due to the way we may charge for our services to manage these investments/proceeds. When these instances apply, we operate as fiduciaries which means we are required to act in your best interest and not put our interest ahead of you. Under this ERISA/IRC fiduciary rule provision, we must act according to the following standards:
• Meet a professional standard of care when making investment recommendations (e.g., give prudent advice);
• Never put the financial interests of Advisor ahead of you when making recommendations (e.g., give loyal advice);
• Avoid misleading statements about conflicts of interest, fees and investments;
• Follow policies and procedures designed to ensure that Advisor gives advice that is in your best interest; • Charge no more than is reasonable for the services of Advisor; and • Give Client basic information about conflicts of interest. To the extent we recommend you roll over your account from an employer sponsored retirement plan or IRA that is not managed by us under our advisory service to an account managed by us, please know that the firm and our investment adviser representatives have a conflict of interest. We earn investment advisory fees by recommending that you roll over your non- managed account(s) with the employer sponsored retirement plan to an account(s) managed by us. We will earn fewer investment advisory fees if you do not roll over the investments/funds in the employer sponsored retirement plan not managed by us to an account managed by our firm. Thus, our investment adviser representatives have an economic incentive to recommend a rollover of funds from an employer sponsored retirement plan not managed by our firm to an account managed by us. Based on our economic incentive there is a conflict of interest when recommending you choose to engage our investment advisory services for accounts not previously under our management. We have taken steps to manage this conflict of interest. We have adopted an impartial conduct standard whereby our investment adviser representatives will (i) provide investment advice to a retirement plan participant regarding a rollover of funds from the retirement plan in accordance with the fiduciary status described above, (ii) not recommend investments which result in Advisor receiving unreasonable compensation related to the rollover of funds from the retirement plan to an IRA and (iii) fully disclose compensation received by Advisor and our supervised persons and any material conflicts of interest related to recommending the rollover of funds from the retirement plan to an IRA and refrain from making any materially misleading statements regarding such rollover. When providing advice to your regarding a retirement plan account or IRA, our investment advisor representatives will act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, based on the investment objectives, risk, tolerance, financial circumstances and a client’s needs, without regard to the financial or other interests of Advisor or our affiliated personnel. Investment Advice for Individuals and Families 1) When We are Asked to Assist with Investment Decisions (included with our Comprehensive Planning, Comprehensive Plus Planning; and sometimes in our Targeted Planning service) ▪ We will research investments being considered for portfolio inclusion ▪ We will provide periodic reports on the investment portfolio ▪ We will recommend individual securities appropriate for your unique situation ▪ We will answer questions and provide research, regarding individual investments we recommend ▪ We will develop asset allocation targets and provide ongoing monitoring of these targets and your investments ▪ We will help you open investment accounts, transfer assets, perform trades, establish beneficiaries and perform any other desired account maintenance 2) When We are Not Asked to Assist with Investment Decisions and a Client Elects to Manage Investments Themselves (applies to basic/limited scope services) ▪ We will provide advice on topics other than your investments ▪ We may provide an expected return value based on independent research, generally for calculating spending ability in retirement, or making other long-term planning determinations ▪ We will not provide advice on asset allocation, or the appropriateness of current or future potential securities, as you will be responsible for choosing them instead ▪ We will not provide periodic reports on the investment portfolio ▪ We will not open accounts, make transfers, trade, or perform other account maintenance Our Services for Institutions Our investment management and financial planning services may also be available to certain institutions, including those listed below. Financial Planning and Investment Advice is Available for ▪ Foundations ▪ Endowments ▪ Charitable Organizations ▪ Public and Governmental Organizations ▪ Corporations or Partnerships ▪ Defined Benefit Plans (e.g. pensions) ▪ Defined Contribution Plans (e.g. 401(k)s, 403(b)s, Profit Sharing Plans) ▪ Deferred Compensation Plans Financial Planning and Investment Advice for Institutions May Include ▪ Education to retirement plan participants, as sought by an employer or other related organization (the “plan sponsor”) ▪ Investment policy drafting and management, including identifying asset classes for consideration, appropriate securities and research methodologies and assets to be restricted from consideration ▪ Implementation of investment activities, including acquisition or disposition of securities portfolios, management of custodial relationships and subsequent reporting of accounting and performance ▪ Presentation and reporting to a board of directors ▪ Risk management and other planning services, including projected cash flows, duration, credit and interest rate risk, asset/liability management studies, probabilistic simulations and related activities ▪ Comparative benchmarking and analysis to provide metrics on the performance of your organization’s attributes to those of similar organizations ▪ Expert witness testimony on topics described herein that are considered within the core competencies, experience and education of a professional employed by Callahan Financial Planning who is generally expected to be able to meet the requirements of the Daubert Standard Implementation Options Our limited scope financial planning services do not involve implementing any transaction on your behalf or any ongoing monitoring or management of your investments or accounts, or other financial needs. You have the sole responsibility for determining whether to implement our financial planning recommendations. To the extent that you would like us to implement any of our investment recommendations, you must execute a written agreement with Callahan Financial Planning for our financial planning and investment advisory services. You are under no obligation to act upon our financial planning or investment advisory recommendations. Callahan Financial Planning offers investment management services to certain eligible individuals and families, which involve us providing you with continuous and ongoing supervision over your specified accounts. You must appoint our firm as your investment adviser of record on specified accounts (collectively, the “Investment Accounts”). Financial Institutions Utilized by Our Firm If an Investment Account is included within the management scope of a Comprehensive Planning, Comprehensive Plus Planning, or Targeted Planning agreement, such assets will be maintained with a custodian under your name. The custodian maintains physical custody of all funds and securities of your Investment Accounts and you retain all rights of ownership (e.g., right to withdraw securities or cash, exercise or delegate proxy voting and receive transaction confirmations) to the Investment Accounts. Callahan Financial Planning does not hold ownership or withdrawal rights to your Investment Accounts. A “qualified custodian” is any of the following: a) a bank as defined in Section 202(a)(2) of the Advisers Act, or a savings association as defined in Section 3(b)(1) of the Federal Deposit Insurance Act that has deposits insured by the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act; b) a broker-dealer registered under Section 15(b)(1) of the Securities Exchange Act of 1934 holding assets in customer accounts; c) a futures commission merchant registered under Section 4f(a) of the Commodity Exchange Act holding client assets in customer accounts, but only with respect to clients’ funds and security futures or other securities incidental to transactions in contracts for the purchase or sale of a commodity for future delivery and options thereon; d) a foreign financial institution that customarily holds financial assets for its customers, provided that the foreign financial institution keeps the advisory clients’ assets in customer accounts segregated from its proprietary assets; or e) in certain cases, a mutual fund transfer agent, insurance company, or certain privately offered and non-traded securities with restrictions on transferability, subject to meeting additional qualifying requirements. Updates and Restrictions We will need to obtain certain information from you to determine your financial situation and investment objectives. You will be responsible for notifying us of any updates regarding your financial situation, risk tolerance, or investment objectives and whether you wish to impose or modify existing investment restrictions; however, we will contact you periodically to discuss any changes or updates regarding your financial situation, risk tolerance, or investment objectives. We are always reasonably available to consult with you relative to the status of your Investment Accounts. You can impose reasonable restrictions on the management of your Investment Accounts, including restricting us from the purchase of certain securities on your behalf. Any such restrictions must be placed in writing in your investment policy, as written within your financial planning documents or otherwise and accepted in writing by Callahan Financial Planning to be considered in effect. Other Reminders It is important that you understand that we manage investments for other clients and may give them advice or take actions for them or for our personal accounts that are different from the advice we provide to you or the actions taken for you. We are not obligated to buy, sell, or recommend to you any security or other investment that we may buy, sell, or recommend for any other clients or for our own accounts. Conflicts may arise in the allocation of investment opportunities among accounts that we manage. We strive to allocate investment opportunities believed to be appropriate for your Investment Accounts and other accounts advised by our firm equitably and consistent with the best interests of all accounts involved. However, there can be no assurance that an investment opportunity that comes to our attention will be allocated in any particular manner. If we obtain material, non-public information about a security or its issuer that we may not lawfully use or disclose, we cannot disclose the information to any client or use it for any client’s benefit. Callahan Financial Planning occasionally prepares general, educational and informational periodicals, such as a newsletters or market updates. These periodicals are always offered on an impersonal basis and do not focus on the needs of a specific individual, family, or Investment Account(s). When engaged to complete tax planning and filing on your behalf, Callahan Financial Planning and/or its contractors, will be responsible for normal tax preparation activities. When not engaged to complete tax planning and filing, Callahan Financial Planning will work directly with your tax preparer to coordinate financial planning and tax decisions, at your request and when authorized by you to do so. Clients who do not prepare their income taxes with Callahan Financial Planning are solely responsible for the accuracy of such income tax returns and the sharing of draft and final income tax returns with us. Certain estate planning and document preparation can only be performed by legal counsel authorized to practice in your state of residence. Callahan Financial Planning is not authorized to practice law. We will, however, work directly with your legal counsel to coordinate financial planning with estate planning implementation, at your request and when authorized by you to do so.