What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-02-06 compared with 2025-08-08 · 190 added, 353 removed, 746 unchanged (42% of the section changed)

4 unchanged sentences

(Dollars in thousands, except per share amounts)

June 30, September 30,

December 31, September 30,

Cash and cash equivalents (includes interest-earning deposits of $ 210,223 and $ 229,566 )

$ 232,634 $ 252,443

Available-for-sale ("AFS") securities, at estimated fair value (amortized cost of $ 933,360 and $ 829,852 )

Available-for-sale ("AFS"), at estimated fair value (amortized cost of $ 809,099 and $ 847,369 )

829,704 867,216

4 unchanged sentences

Income taxes receivable, net — 220

Deferred income tax assets, net 21,399 21,978

Deferred federal income tax assets, net 22,744 23,826

Other assets 342,769 343,059

3 unchanged sentences

Advances by borrowers 28,523 65,416

Income taxes payable, net 237 —

Deferred state income tax liabilities, net 2,228 2,056

Other liabilities 117,546 121,334

4 unchanged sentences

Common stock, $ 0.01 par value;

1,400,000,000 shares authorized, 132,800,865 and 132,735,565 shares issued and outstanding as of June 30, 2025 and September 30, 2024, respectively

1,400,000,000 shares authorized, 129,836,672 and 132,204,305

shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively

Additional paid-in capital 1,126,227 1,142,711

9 unchanged sentences

(Dollars in thousands, except per share amounts)

For the Three Months Ended For the Nine Months Ended

June 30, June 30,

2025 2024 2025 2024

For the Three Months Ended

INTEREST AND DIVIDEND INCOME:

1 unchanged sentence

Mortgage-backed securities ("MBS") 11,341 11,024

FHLB stock 2,197 2,477 6,834 7,591

Cash and cash equivalents 2,773 1,871

FHLB stock 2,032 2,352

Investment securities 51 981

11 unchanged sentences

Insurance commissions 789 776

Net loss from securities transactions — — — ( 13,345 )

Other non-interest income 1,818 1,210

23 unchanged sentences

(Dollars in thousands)

For the Three Months Ended For the Nine Months Ended

June 30, June 30,

2025 2024 2025 2024

For the Three Months Ended

Net income $ 20,304 $ 15,431

Other comprehensive income, net of tax:

Unrealized (losses) gains on AFS securities arising during the

period, net of taxes of $( 734 ), $ 804 , $ 856 , and $( 2,780 )

2,303 ( 2,412 ) ( 2,689 ) 8,698

Reclassification adjustment for gross gains on AFS securities

included in net income, net of taxes of $ 0 , $ 0 , $ 0 , and $ 383

— — — ( 1,188 )

Unrealized gains (losses) on cash flow hedges arising during

the period, net of taxes of $ 110 , $( 244 ), $( 421 ), and $( 91 )

Other comprehensive income (loss), net of tax:

Unrealized gains (losses) on AFS securities arising during the period,

net of taxes of $( 184 ) and $ 3,741

574 ( 11,742 )

Reclassification adjustment for cash flow hedge amounts included

in net income, net of taxes of $ 177 , $ 502 , $ 576 , and $ 1,670

Unrealized gains on cash flow hedges arising during the period,

net of taxes of $( 26 ) and $( 756 )

Reclassification adjustment for cash flow hedge amounts included in net income,

net of taxes of $ 65 and $ 222

( 206 ) ( 698 )

Total other comprehensive income (loss), net of tax 451 ( 10,065 )

Comprehensive income $ 20,755 $ 5,366

4 unchanged sentences

(Dollars in thousands, except per share amounts)

For the Nine Months Ended June 30, 2025

For the Three Months Ended December 31, 2025

Additional Unearned Total

3 unchanged sentences

Net income 20,304 20,304

Other comprehensive loss, net of tax ( 10,065 ) ( 10,065 )

ESOP activity ( 149 ) 412 263

Restricted stock activity, net 1 ( 1 ) —

Stock-based compensation 101 101

Cash dividends to stockholders ($ 0.085 per share)

( 11,061 ) ( 11,061 )

Balance at December 31, 2024 $ 1,328 $ 1,146,802 $ ( 26,019 ) $ ( 106,734 ) $ 11,562 $ 1,026,939

Net income 15,399 15,399

Other comprehensive income, net of tax 451 451

1 unchanged sentence

Stock-based compensation 99 99

Cash dividends to stockholders ($ 0.085 per share)

( 11,062 ) ( 11,062 )

Balance at March 31, 2025 $ 1,328 $ 1,146,733 $ ( 25,606 ) $ ( 102,397 ) $ 17,052 $ 1,037,110

Net income 18,382 18,382

Other comprehensive income, net of tax 1,401 1,401

ESOP activity ( 179 ) 413 234

Restricted stock activity, net ( 2 ) ( 2 )

Stock-based compensation 96 96

Repurchase of common stock and

excise taxes ( 24 ) ( 16,438 ) ( 16,462 )

Cash dividends to stockholders ($ 0.085 per share)

( 11,017 ) ( 11,017 )

Balance at June 30, 2025 $ 1,328 $ 1,146,648 $ ( 25,193 ) $ ( 95,078 ) $ 18,453 $ 1,046,158

For the Nine Months Ended June 30, 2024

Balance at December 31, 2025 $ 1,298 $ 1,126,227 $ ( 24,367 ) $ ( 78,044 ) $ 16,206 $ 1,041,320

For the Three Months Ended December 31, 2024

Additional Unearned Total

3 unchanged sentences

Net income 15,431 15,431

Cumulative effect of adopting Accounting Standards Update ("ASU") 2022-02, net of tax ( 27 ) ( 27 )

Other comprehensive income, net of tax 10,455 10,455

ESOP activity ( 190 ) 412 222

Restricted stock activity, net ( 6 ) ( 6 )

Stock-based compensation 87 87

Repurchase of common stock ( 20 ) ( 11,879 ) ( 11,899 )

Cash dividends to stockholders ($ 0.085 per share)

( 11,308 ) ( 11,308 )

Balance at December 31, 2023 $ 1,339 $ 1,154,655 $ ( 27,671 ) $ ( 113,357 ) $ 19,155 $ 1,034,121

Net income 13,762 13,762

Other comprehensive loss, net of tax ( 10,065 ) ( 10,065 )

2 unchanged sentences

Stock-based compensation 101 101

Repurchase of common stock ( 13 ) ( 7,537 ) ( 7,550 )

Cash dividends to stockholders ($ 0.085 per share)

( 11,061 ) ( 11,061 )

Balance at March 31, 2024 $ 1,327 $ 1,147,029 $ ( 27,258 ) $ ( 110,722 ) $ 14,527 $ 1,024,903

Net income 9,648 9,648

Other comprehensive loss, net of tax ( 3,144 ) ( 3,144 )

ESOP activity ( 197 ) 414 217

Restricted stock activity, net ( 1 ) ( 1 )

Stock-based compensation 97 97

Cash dividends to stockholders ($ 0.085 per share)

( 11,044 ) ( 11,044 )

Balance at June 30, 2024 $ 1,327 $ 1,146,928 $ ( 26,844 ) $ ( 112,118 ) $ 11,383 $ 1,020,676

Balance at December 31, 2024 $ 1,328 $ 1,146,802 $ ( 26,019 ) $ ( 106,734 ) $ 11,562 $ 1,026,939

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(Dollars in thousands)

For the Nine Months Ended

For the Three Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

3 unchanged sentences

Provision for credit losses 1,106 677

Originations of loans receivable held-for-sale ("LHFS") ( 1,990 ) ( 425 )

Proceeds from sales of LHFS 3,629 431

Amortization and accretion of premiums and discounts on securities ( 838 ) ( 876 )

4 unchanged sentences

Stock-based compensation 99 101

Net loss from securities transactions — 13,345

Amortization of net deferred loan fees and premiums ( 1,117 ) ( 119 )

Unrestricted cash collateral from derivative counterparties, net 40 2,550

7 unchanged sentences

Proceeds from calls, maturities and principal reductions of AFS securities 40,956 51,574

Proceeds from sale of AFS securities — 1,272,512

Proceeds from the redemption of FHLB stock 7,634 3,163

Purchase of FHLB stock ( 1,731 ) —

Net change in loans receivable ( 64,510 ) ( 48,054 )

1 unchanged sentence

Proceeds from sale of other real estate owned ("OREO") — 110

Proceeds from sale of premises and equipment 43 —

Proceeds from sale of assets held-for-sale — 629

Proceeds from bank-owned life insurance ("BOLI") death benefit 667 1,049

Net cash (used in) provided by investing activities ( 211,802 ) 630,335

Net cash (used in) investing activities ( 19,376 ) ( 65,775 )

CAPITOL FEDERAL FINANCIAL, INC.

2 unchanged sentences

(Dollars in thousands)

For the Nine Months Ended

For the Three Months Ended

CASH FLOWS FROM FINANCING ACTIVITIES:

5 unchanged sentences

Payment of FHLB prepayment penalties ( 11 ) —

Repurchase of common stock — ( 19,449 )

Net cash provided by (used in) financing activities 135,943 ( 592,394 )

NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS ( 42,342 ) 72,216

Repurchase of common stock and excise tax payments ( 15,959 ) —

Net cash (used in) provided by financing activities ( 17,876 ) 13,184

NET (DECREASE) IN CASH AND CASH EQUIVALENTS ( 19,809 ) ( 46,983 )

CASH AND CASH EQUIVALENTS:

17 unchanged sentences

Interim results are not necessarily indicative of results for a full year.

Recent Accounting Pronouncements - In October 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative.

Recent Accounting Pronouncements - In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative.

This ASU incorporates a variety of Topics into the FASB Accounting Standards Codification (the "Codification") that are currently included in SEC Regulations S-X and S-K.

5 unchanged sentences

The ASU is not expected to have a material impact on the Company's disclosures as the Company is currently subject to SEC Regulations S-X and S-K.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures .

This ASU requires enhanced disclosures of segment information for all public entities, including those that have a single reportable segment, primarily in the area of significant segment expenses and other items on an annual and interim basis.

Entities that have a single reportable segment, like the Company, will be required to provide all the disclosures required by this ASU and all existing segment disclosures required by Accounting Standards Codification ("ASC") 280, Segment Reporting .

This ASU is effective for fiscal years beginning after December 15, 2023, which is the fiscal year ending September 30, 2025 for the Company, and interim periods within fiscal years beginning after December 15, 2024, which is the quarter ending December 31, 2025 for the Company.

The Company is currently evaluating the effect this ASU will have on the Company's segment disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures .

12 unchanged sentences

This ASU is effective for the Company on October 1, 2025, starting with its Form 10-K for the fiscal year ending September 30, 2026.

The Company is currently evaluating this ASU, but it is not expected to have a significant impact on the Company's consolidated financial condition or results of operation or the Company's disclosures.

This ASU is not expected to have a material impact on the Company's consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures .

1 unchanged sentence

The ASU outlines the specific costs that are required to be disclosed, which include costs such as:

purchases of inventory, employee

compensation, depreciation, intangible asset amortization, selling costs, and depreciation, depletion, and amortization related to oil and gas production.

purchases of inventory, employee compensation, depreciation, intangible asset amortization, selling costs, and depreciation, depletion, and amortization related to oil and gas production.

It also requires qualitative descriptions of the amounts remaining in the relevant expense income statement captions that are not separately disaggregated quantitatively in the notes to the financial statements and the entity's definition of selling expenses.

4 unchanged sentences

The FASB clarified the interim date reporting when an entity adopts ASU 2024-03.

Per ASU 2025-01, ASU 2024-03 is effective for interim periods within fiscal years beginning after December 15, 2027, which is the quarter ending December 31, 2028 for the Company.

Per ASU 2025-01, ASU 2024-03 is effective for interim periods within fiscal years beginning after December 15, 2027, which is the quarter ending December 31, 2028

for the Company.

The Company is currently evaluating the effect this ASU will have on the Company's expense disclosures in the notes to the consolidated financial statements.

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.

This ASU updates Subtopic 350-40 by modernizing the accounting for internal-use software costs, including clarifying when entities should begin capitalizing eligible costs related to developing or obtaining software for internal use, implementing a cloud computing arrangement as a customer, and developing websites.

The ASU is effective for fiscal years beginning after December 15, 2027, which is the fiscal year ending September 30, 2029 for the Company, and interim periods within fiscal years beginning after December 15, 2027, which is the quarter ending December 31, 2028 for the Company.

Early adoption is permitted for any interim or annual period for which financial statements have not yet been issued or made available for issuance as of the beginning of the entity's fiscal year.

The Company is currently evaluating the effect this ASU will have on the Company's consolidated financial statements and disclosures, but it is not expected to have a material impact.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements.

This ASU does not change the overall purpose of interim reporting or alter the scope of existing disclosure requirements;

rather, the ASU is intended to provide more clarity and make interim disclosure requirements under Topic 270 easier to navigate.

The ASU also requires entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity.

The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, which is the quarter ended December 31, 2028 for the Company.

The Company is currently evaluating the impact this ASU will have on the Company's interim consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements .

This ASU is intended to enhance the Codification by refining guidance and simplifying its application through technical corrections, helping to enhance consistency and make the standards easier for preparers and users to interpret.

The ASU is effective for fiscal years beginning after December 15, 2026, which is the fiscal year ending September 30, 2028 for the Company, and the interim periods within fiscal years beginning after December 15, 2026, which is the quarter ended December 31, 2027 for the Company.

The Company is currently evaluating the impact this ASU will have on the Company's consolidated financial statements and disclosures.

EARNINGS PER SHARE

2 unchanged sentences

The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security.

For the Three Months Ended For the Nine Months Ended

June 30, June 30,

2025 2024 2025 2024

For the Three Months Ended

(Dollars in thousands, except per share amounts)

10 unchanged sentences

The following tables reflect the amortized cost, estimated fair value, and gross unrealized gains and losses of AFS securities at the dates presented.

The majority of our AFS securities at both dates were government guaranteed or issued by a Government Sponsored Enterprise ("GSE").

June 30, 2025

The Company did not hold any tax-exempt securities during the three months ended December 31, 2025 or 2024.

December 31, 2025

Gross Gross Estimated

3 unchanged sentences

MBS $ 805,099 $ 21,010 $ 148 $ 825,961

GSE debentures 55,000 4 49 54,955

Corporate bonds 4,000 — 257 3,743

6 unchanged sentences

MBS $ 843,369 $ 20,303 $ 172 $ 863,500

GSE debentures 69,077 228 — 69,305

Corporate bonds 4,000 — 284 3,716

$ 847,369 $ 20,303 $ 456 $ 867,216

At June 30, 2025, AFS securities included $ 827.8 million of residential MBS and $ 69.7 million of commercial MBS.

At December 31, 2025, AFS securities included $ 754.5 million of residential MBS and $ 71.4 million of commercial MBS.

At September 30, 2025 AFS securities included $ 793.8 million of residential MBS and $ 69.7 million of commercial MBS.

The following tables summarize the estimated fair value and gross unrealized losses of those AFS securities on which an unrealized loss at the dates presented was reported and the continuous unrealized loss position for less than 12 months and equal to or greater than 12 months as of the dates presented.

June 30, 2025

December 31, 2025

Less Than 12 Months Equal to or Greater Than 12 Months

3 unchanged sentences

MBS $ 1,839 $ 99 $ 6,257 $ 49

GSE debentures 44,951 49 — —

Corporate bonds — — 3,743 257

8 unchanged sentences

$ 13,946 $ 55 $ 29,860 $ 401

The unrealized losses at June 30, 2025 were a result of an increase in market yields from the time the securities were purchased.

The unrealized losses at December 31, 2025 were a result of an increase in market yields from the time the securities were purchased.

In general, as market yields rise, the fair value of securities will decrease;

as market yields fall, the fair value of securities will increase.

Management did not record an ACL on securities in an unrealized loss position at June 30, 2025, as management did not believe any of the securities were impaired due to credit quality reasons.

Management did not record an ACL on securities in an unrealized loss position at December 31, 2025 as management did not believe any of the securities were impaired due to credit quality reasons.

The issuers of these securities continue to make scheduled and timely principal and interest payments, as applicable, under the contractual term of the securities, so management believes the entire principal balance will be collected as scheduled.

1 unchanged sentence

The fair value is expected to recover as the securities approach their maturity date, if not before, or if market yields decline.

The amortized cost and estimated fair value of AFS debt securities as of June 30, 2025, by contractual maturity, are shown below.

The amortized cost and estimated fair value of AFS debt securities as of December 31, 2025, by contractual maturity, are shown below.

Actual principal repayments may differ from contractual maturities due to prepayment or early call privileges by the issuer.

In the case of MBS, borrowers on the underlying loans generally have the right to prepay their loans without penalty.

For this reason, MBS are not included in the maturity category in the table below.

For this reason, MBS are not included in the maturity categories in the table below.

Amortized Estimated

2 unchanged sentences

Five years through ten years $ 4,000 $ 3,743

59,000 58,654

MBS 805,099 825,961

$ 809,099 $ 829,704

The following table presents the taxable and non-taxable components of interest income on investment securities for the periods presented.

For the Three Months Ended For the Nine Months Ended

June 30, June 30,

2025 2024 2025 2024

(Dollars in thousands)

Taxable $ 784 $ 2,255 $ 2,795 $ 7,113

Non-taxable — — — 2

$ 784 $ 2,255 $ 2,795 $ 7,115

The following table summarizes the carrying value of securities pledged as collateral for the obligations indicated below as of the dates presented.

June 30, 2025 September 30, 2024

December 31, 2025 September 30, 2025

(Dollars in thousands)

2 unchanged sentences

$ 244,436 $ 242,046

The Bank sold $ 1.30 billion of AFS securities during fiscal year 2024.

The Bank received gross proceeds of $ 1.27 billion from the sale and realized gross losses of $ 14.9 million and gross gains of $ 1.6 million, resulting in a net loss of $ 13.3 million on the sale during fiscal year 2024.

All other dispositions of securities during the current and prior year periods were the result of principal repayments, calls, or maturities.

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

Loans receivable, net at the dates presented is summarized as follows:

June 30, 2025 September 30, 2024

Loans receivable, net at December 31, 2025 and September 30, 2025 are summarized as follows:

December 31, 2025 September 30, 2025

(Dollars in thousands)

7 unchanged sentences

Commercial and industrial 219,909 210,119

Construction 165,760 187,676

Commercial construction 184,227 195,886

Total 2,278,642 2,115,995

8 unchanged sentences

Lending Practices and Underwriting Standards - The Bank originates one- to four-family loans, originates and participates in commercial loans, and originates consumer loans primarily secured by one- to four-family residential properties.

The Bank has historically purchased one- to four-family loans from correspondent lenders, but during the prior fiscal year, the Bank suspended its one- to four-family correspondent lending channels for the foreseeable future.

The Bank historically purchased one- to four-family loans from correspondent lenders, but during fiscal year 2024, the Bank suspended its one- to four-family correspondent lending channels for the foreseeable future.

One- to four-family loans - Full documentation to support an applicant's credit and income, and sufficient funds to cover all applicable fees and reserves at closing, are required on all loans.

8 unchanged sentences

When underwriting a commercial real estate or commercial construction loan, several factors are considered, such as the income producing potential of the property, cash equity provided by the borrower, the financial strength of the borrower, managerial expertise of the borrower or tenant, feasibility studies, lending experience with the borrower and the marketability of the property.

At the time of origination, loan-

to-value ("LTV") ratios on commercial real estate loans generally do not exceed 85 % of the appraised value of the property securing the loans and the minimum debt service coverage ratio ("DSCR") is generally 1.15 x.

The Bank generally requires a guaranty on all commercial real estate loans, but for an experienced borrower with a strong DSCR and low LTV ratio, the Bank may allow the guaranty percentage to be reduced or phased out, or the Bank may originate the loan as a non-recourse loan.

For commercial construction loans, LTV ratios generally do not exceed 80 % of the projected appraised value of the property securing the loans and the minimum DSCR is generally 1.15 x, but it applies to the projected cash flows, and the borrower must have successful experience with the construction and operation of properties similar to the subject property.

At the time of origination, the loan-to-value ratio ("LTV") on commercial real estate loans generally does not exceed 85 % of the appraised value of the property securing the loans and the minimum debt service coverage ratio ("DSCR") is generally 1.15 x.

The Bank generally

requires a guaranty on all commercial real estate loans, but for an experienced borrower with a strong DSCR and low LTV, the Bank may allow the guaranty percentage to be reduced or phased out, or the Bank may originate the loan as a non-recourse loan.

For commercial construction loans, LTVs generally do not exceed 80 % of the projected appraised value of the property securing the loans and the minimum DSCR is generally 1.15 x, but it applies to the projected cash flows, and the borrower must have successful experience with the construction and operation of properties similar to the subject property.

Appraisals on properties securing these loans are performed by independent state certified fee appraisers.

For construction loans, guaranties are typically required during the period of construction.

After construction is complete, for select experienced borrowers that have a strong DSCR and low LTV ratio, the guaranty may be reduced or phased out when the property meets certain performance metrics.

After construction is complete, for select experienced borrowers that have a strong DSCR and low LTV, the guaranty may be reduced or phased out when the property meets certain performance metrics.

Additionally, the Bank generally requires the borrower to contribute equity at the start of a project and prior to any Bank funding.

The Bank's commercial and industrial loans are generally made to borrowers and secured by assets located in the Bank's market areas and are underwritten on the basis of the borrower's ability to service the debt from income.

The Bank's commercial and industrial loans are generally made to borrowers located in Kansas and are underwritten on the basis of the borrower's ability to service the debt from income.

Working capital loans are primarily collateralized by short-term assets whereas term loans are primarily collateralized by longer-term assets.

1 unchanged sentence

As a result of these complexities, variables and risks, commercial and industrial loans generally require evaluation of different metrics and factors before origination and require more monitoring and servicing after origination than other types of loans.

Management regularly monitors the level of risk in the entire commercial loan portfolio, including concentrations in factors such as collateral types, geographic locations, tenant brand name, borrowing relationships, and, in the case of participation loans, lending relationships, among other factors.

Commercial loans that have an outstanding balance of $ 1.5 million or more, or borrowing relationships with a total relationship exposure of $ 5.0 million or more, are reviewed no less often than annually to monitor financial performance.

Management regularly monitors the level of risk in the entire commercial loan portfolio, including concentrations in factors such as collateral type, geographic location, tenant brand name, borrowing relationship, and, in the case of participation loans, lending relationship, among other factors.

Commercial borrowers with total loans of $ 2.5 million or more are reviewed at least annually to monitor financial performance.

The annual reviews include evaluating updated financials, as well as performing stress tests to measure the ability of the borrowers to withstand certain stress scenarios such as interest rate increases, revenue decreases and expense increases.

1 unchanged sentence

The underwriting standards for consumer loans include a determination of an applicant's payment history on other debts and an assessment of an applicant's ability to meet existing obligations and payments on the proposed loan.

Although creditworthiness of an applicant is a primary consideration, the underwriting process also includes a comparison of the value of the security in relation to the proposed loan amount.

Although creditworthiness of an applicant is a primary consideration, the underwriting process also includes a comparison of the value of the collateral in relation to the proposed loan amount.

Credit Quality Indicators - Based on the Bank's lending emphasis and underwriting standards, management has segmented the loan portfolio into three segments:

6 unchanged sentences

One- to four-family construction loans are included in the originated class and commercial construction loans are included in the commercial real estate class.

As part of the on-going monitoring of the credit quality of the Company's loan portfolio, management tracks certain credit quality indicators including trends related to loan classification and delinquency status.

As part of the ongoing monitoring of the credit quality of the Company's loan portfolio, management tracks certain credit quality indicators, including trends related to loan classification and delinquency status.

Loan Classification - In accordance with the Bank's asset classification policy, management regularly reviews the problem loans in the Bank's portfolio to determine whether any require classification.

6 unchanged sentences

The following tables set forth, as of the dates indicated, the amortized cost of loans by class of financing receivable, year of origination or most recent credit decision, and loan classification.

Amortized cost is the amount of unpaid principal, net of undisbursed loan funds,

unamortized premiums and discounts, and deferred fees and costs.

Amortized cost is the amount of unpaid principal of the loan, net of undisbursed funds, unamortized premiums and discounts, and deferred fees and costs.

All revolving lines of credit and revolving lines of credit converted to term loans are presented separately, regardless of origination year.

Loans classified as doubtful or loss are individually evaluated for loss.

At June 30, 2025 and September 30, 2024, there were no loans classified as doubtful, and all loans classified as loss were fully charged-off.

At December 31, 2025 and September 30, 2025, there were no loans classified as doubtful, and all loans classified as loss were fully charged-off.

The commercial real estate substandard loan amount presented in the "Current Fiscal Year" column is primarily related to two loans in the same borrowing relationship.

These two loans were also classified as nonaccrual at June 30, 2025.

The commercial real estate substandard loan amount presented in the “Fiscal Year 2023” column is related to one loan that was classified during the current year period.

All three loans noted above are recourse loans with a personal guaranty and have low LTVs.

There have been no charge-offs with these three loans nor has management set aside a specific valuation allowance associated with these loans as of June 30, 2025 due to the low LTVs.

June 30, 2025

These two loans were modified during the prior fiscal year and again in the current fiscal year and were classified as nonaccrual at both December 31, 2025 and September 30, 2025.

The loans are recourse loans, have low LTVs, and have personal guarantees.

There have been no charge-offs related to these two loans nor has management set aside a specific valuation allowance associated with these loans as of December 31, 2025 due to the low LTVs.

December 31, 2025

Current Fiscal Fiscal Fiscal Fiscal Revolving Credit

69 unchanged sentences

All revolving lines of credit and revolving lines of credit converted to term loans are presented separately, regardless of origination year.

June 30, 2025

December 31, 2025

Current Fiscal Fiscal Fiscal Fiscal Revolving Credit

68 unchanged sentences

Gross Charge-Offs - The following tables present gross charge-offs, for the periods indicated, by class of financing receivable for the year of origination or most recent credit decision.

For the Nine Months Ended June 30, 2025

For the Three Months Ended December 31, 2025

Current Fiscal Fiscal Fiscal Fiscal Revolving of Credit

14 unchanged sentences

Total $ 8 $ 6 $ 77 $ — $ 7 $ 25 $ — $ — $ 123

For the Nine Months Ended June 30, 2024

For the Three Months Ended December 31, 2024

Fiscal Fiscal Fiscal Fiscal Fiscal Revolving of Credit

15 unchanged sentences

Delinquent and Nonaccrual Loans - The following tables present the amortized cost, at the dates indicated, by class, of loans 30 to 89 days delinquent, loans 90 or more days delinquent or in foreclosure, total delinquent loans, current loans, and total loans.

At June 30, 2025 and September 30, 2024, all loans 90 or more days delinquent were on nonaccrual status.

June 30, 2025

At December 31, 2025 and September 30, 2025, all loans 90 or more days delinquent were on nonaccrual status.

December 31, 2025

90 or More Days Total Total

25 unchanged sentences

$ 12,363 $ 7,724 $ 20,087 $ 8,115,913 $ 8,136,000

The amortized cost of mortgage loans secured by residential real estate for which formal foreclosure proceedings were in process as of June 30, 2025 and September 30, 2024 was $ 802 thousand and $ 1.6 million, respectively, which are included in loans 90 or more days delinquent or in foreclosure in the tables above.

The carrying value of residential OREO held as a result of obtaining physical possession upon completion of a foreclosure or through completion of a deed in lieu of foreclosure as of June 30, 2025 and September 30, 2024 was $ 92 thousand and $ 55 thousand, respectively.

The following table presents the amortized cost at June 30, 2025 and September 30, 2024, by class, of loans classified as nonaccrual.

The amortized cost of mortgage loans secured by residential real estate for which formal foreclosure proceedings were in process as of December 31, 2025 and September 30, 2025 was $ 1.1 million and $ 1.0 million, respectively, which is included in loans 90 or more days delinquent or in foreclosure in the tables above.

The carrying value of residential OREO held as a result of obtaining physical possession upon completion of a foreclosure or through completion of a deed in lieu of foreclosure was $ 426 thousand at December 31, 2025 and $ 197 thousand at September 30, 2025.

The following table presents the amortized cost at December 31, 2025 and September 30, 2025, by class, of loans classified as nonaccrual.

Nonaccrual loans with no ACL were individually evaluated for loss and any losses have been charged-off.

The increase in nonaccrual commercial real estate loans as of June 30, 2025 was due primarily to two loans that are related to the same borrowing relationship.

The Bank entered into an agreement with the borrower which allows the borrower to not make payments on these two loans until later in calendar year 2025;

therefore, these loans were considered nonaccrual at June 30, 2025.

June 30, 2025 September 30, 2024

The majority of the balance of commercial real estate nonaccrual loans at December 31, 2025 and September 30, 2025 related to two loans from the same borrowing relationship.

The Bank entered into an agreement with the borrower which allows the borrower to not make payments on these two loans in the first quarter of calendar year 2026;

therefore, these loans were considered nonaccrual at the dates indicated.

See additional discussion related to these loans in the "Credit Quality Indicators - Loan Classification" section above.

December 31, 2025 September 30, 2025

Nonaccrual Loans Nonaccrual Loans with No ACL Nonaccrual Loans Nonaccrual Loans with No ACL

11 unchanged sentences

Also presented in the tables is the percentage of the amortized cost basis of loans, at the dates indicated, that were modified to borrowers experiencing financial difficulties as compared to the amortized cost basis of each class of financing receivable during the periods noted.

During the three and nine months ended June 30, 2025, there were no charge-offs related to loans modified during those periods.

During the three and nine months ended June 30, 2024, there was a $ 50 thousand charge-off related to a commercial real estate loan that was modified during the three months ended June 30, 2024.

During the three months ended December 31, 2025 and 2024, there were no charge-offs related to loans modified during the respective periods.

The Company has not committed to lend additional amounts to borrowers included in these tables.

The commercial real estate payment delay modifications during the three and nine-months ended June 30, 2025 were due primarily to two loans where the Bank entered into an agreement with the borrower which allows the borrower to not make payments until later in calendar year 2025.

These two commercial real estate loans were classified as substandard and nonaccrual at June 30, 2025.

For the Three Months Ended June 30, 2025

The commercial real estate payment delay modification during the three months ended December 31, 2025 was due primarily to two loans, discussed above, where the Bank entered into an agreement with the borrower which allows the borrower to not make payments until the first quarter of calendar year 2026.

These two commercial loans were classified as substandard and nonaccrual at December 31, 2025.

For the Three Months Ended December 31, 2025

Extension Total

14 unchanged sentences

Total $ 41,632 $ 3,129 $ 619 $ 45,380 0.6

For the Nine Months Ended June 30, 2025

For the Three Months Ended December 31, 2024

Extension Total

15 unchanged sentences

Total $ 417 $ 971 $ 166 $ 1,554 0.02

For the Three Months Ended June 30, 2024

Extension Total

Term Payment Financing

Extension Delay Total Receivable

(Dollars in thousands)

One- to four-family:

Originated $ 623 $ 59 $ 682 0.02 %

Correspondent purchased — — — —

Bulk purchased — — — —

623 59 682 0.01

Commercial real estate — — — —

Commercial and industrial — 30 30 0.02

Consumer loans:

Home equity — — — —

Other — — — —

Total $ 623 $ 89 $ 712 0.01

For the Nine Months Ended June 30, 2024

Extension Total

Term Payment Financing

Extension Delay Total Receivable

(Dollars in thousands)

One- to four-family:

Originated $ 623 $ 7,114 $ 7,737 0.19 %

Correspondent purchased — 1,731 1,731 0.08

Bulk purchased — — — —

623 8,845 9,468 0.15

Commercial real estate — 192 192 0.01

Commercial and industrial — 486 486 0.37

— 678 678 0.05

Consumer loans:

Home equity — — — —

Other — — — —

Total $ 623 $ 9,523 $ 10,146 0.13

Financial effect of loan modifications - The tables below present the financial effect of loan modifications during the three and nine months ended June 30, 2025 and 2024, including the weighted average payment delay and weighted average term extension.

For the Three Months Ended June 30, 2025 For the Nine Months Ended June 30, 2025

Payment Term Payment Term

Delay Extension Delay Extension

One- to four-family:

Originated 8 months 26 months 8 months 23 months

Correspondent purchased 8 months 27 months 8 months 44 months

Commercial real estate 8 months N/A 8 months N/A

Commercial and industrial N/A 6 months N/A 5 months

Consumer home equity N/A N/A 7 months 14 months

For the Three Months Ended June 30, 2024 For the Nine Months Ended June 30, 2024

Financial effect of loan modifications - The table below presents the financial effect of loan modifications during the periods noted, including the weighted average payment delay and weighted average term extension.

For the Three Months Ended

December 31, 2025 December 31, 2024

Payment Term Payment Term

2 unchanged sentences

Originated 8 months 48 months 8 months 15 months

Correspondent purchased N/A N/A 4 months 17 months

Commercial real estate N/A N/A 24 months 24 months

Commercial and industrial 6 months 9 months 6 months 6 months

Correspondent purchased N/A 21 months N/A N/A

Bulk purchased 10 months N/A N/A N/A

Commercial real estate 11 months N/A 6 months 3 months

Commercial and industrial N/A N/A N/A 6 months

Consumer home equity N/A N/A 7 months N/A

Performance of loan modifications - The Company closely monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

The following table presents the performance of such loans, based on amortized cost, by class of financing receivable as of June 30, 2025, on loans modified during the previous 12-months for borrowers experiencing financial difficulty that were delinquent as of June 30, 2025, or as of June 30, 2024 on loans modified on or after October 1, 2023 (the day the Company adopted ASU 2022-02) through June 30, 2024 for borrowers experiencing financial difficulty, that were delinquent as of June 30, 2024.

All other loans modified to borrowers experiencing financial difficulty during the periods noted were current as of June 30, 2025 and June 30, 2024.

As of June 30, 2025 As of June 30, 2024

The following table presents the performance of such loans, based on amortized cost, by class of financing receivable as of December 31, 2025 and December 31, 2024, on loans modified during the preceding 12-months for borrowers experiencing financial difficulty that were delinquent as of December 31, 2025 and December 31, 2024, respectively.

All other loans modified to borrowers experiencing financial difficulty during the periods noted were current as of December 31, 2025 and December 31, 2024.

As of December 31, 2025 As of December 31, 2024

30 to 89 Days

15 unchanged sentences

Other — — — — — —

$ 2,690 $ 193 $ 2,883 $ 2,079 $ 205 $ 2,284

The following tables present the amortized cost basis of loans that had a payment default during the three and nine months ended June 30, 2025 and were modified to borrowers experiencing financial difficulty in the 12-months prior to the default date, or loans that had a payment default during the three and nine months ended June 30, 2024 and were modified to borrowers experiencing financial difficulty on or after October 1, 2023 (the day the Company adopted ASU 2022-02) prior to the default date, by class of financing receivable and by type of modification.

Total $ 652 $ 727 $ 1,379 $ 2,105 $ 606 $ 2,711

The following table presents the amortized cost basis of loans that had a payment default during the three months ended December 31, 2025 or December 31, 2024 and were modified to borrowers experiencing financial difficulty in the 12-months prior to the default date, by class of financing receivable and by type of modification.

The Company considers "default" to mean 90 days or more past due under the modified terms.

For the Three Months Ended June 30, 2025 For the Nine Months Ended June 30, 2025

Term Payment Term Payment

Extension Delay Extension Delay Total

(Dollars in thousands)

One- to four-family:

Originated $ 193 $ 82 $ 193 $ 148 $ 423

Correspondent purchased — — — 426 426

Bulk purchased — — — — —

Commercial real estate — — — 192 192

Commercial and industrial — — — 227 227

Consumer loans:

Home equity — 85 — — 85

Other — — — — —

$ 193 $ 167 $ 193 $ 993 $ 1,353

For the Three Months Ended June 30, 2024 For the Nine Months Ended June 30, 2024

For the Three Months Ended

December 31, 2025 December 31,

Extension Extension

Payment Payment

Term Payment Payment

Extension Delay Total Delay

(Dollars in thousands)

7 unchanged sentences

Home equity — — — —

Allowance for Credit Losses - The following tables summarize ACL activity, by loan portfolio segment, for the periods presented.

For the Three Months Ended June 30, 2025

One- to four- Commercial Commercial

Family Real Estate and Industrial Consumer Total

(Dollars in thousands)

Beginning balance $ 3,562 $ 19,005 $ 1,171 $ 232 $ 23,970

Charge-offs — — — ( 29 ) ( 29 )

Recoveries 2 — 1 1 4

Provision for credit losses ( 32 ) ( 2,407 ) 1,269 33 ( 1,137 )

Ending balance $ 3,532 $ 16,598 $ 2,441 $ 237 $ 22,808

For the Nine Months Ended June 30, 2025

One- to four- Commercial Commercial

Family Real Estate and Industrial Consumer Total

(Dollars in thousands)

Beginning balance $ 3,673 $ 17,968 $ 1,186 $ 208 $ 23,035

Charge-offs ( 113 ) — — ( 56 ) ( 169 )

Recoveries 7 20 3 7 37

Provision for credit losses ( 35 ) ( 1,390 ) 1,252 78 ( 95 )

Ending balance $ 3,532 $ 16,598 $ 2,441 $ 237 $ 22,808

For the Three Months Ended June 30, 2024

Other — — — —

Total $ 442 $ 285 $ 727 $ 1,054

Allowance for Credit Losses - The following table summarizes ACL activity, by loan portfolio segment, for the periods presented.

For the Three Months Ended December 31, 2025

One- to four- Commercial Commercial

Family Real Estate and Industrial Consumer Total

Family Real Estate and Industrial Total Consumer Total

(Dollars in thousands)

4 unchanged sentences

Ending balance $ 2,842 $ 19,696 $ 1,826 $ 21,522 $ 208 $ 24,572

For the Nine Months Ended June 30, 2024

For the Three Months Ended December 31, 2024

One- to four- Commercial Commercial

Family Real Estate and Industrial Consumer Total

Family Real Estate and Industrial Total Consumer Total

(Dollars in thousands)

Beginning balance $ 3,673 $ 17,968 $ 1,186 $ 19,154 $ 208 $ 23,035

Adoption of ASU 2022-02 18 — 2 — 20

Balance at October 1, 2023 5,346 17,076 1,106 251 23,779

Charge-offs — — — — ( 17 ) ( 17 )

2 unchanged sentences

Ending balance $ 3,757 $ 19,790 $ 1,209 $ 20,999 $ 241 $ 24,997

The key assumptions in the Company's ACL model include the economic forecast, the forecast and reversion to mean time periods, and prepayment and curtailment assumptions.

Management also considered certain qualitative factors when evaluating the adequacy of the ACL at June 30, 2025.

The key assumptions utilized in estimating the Company's ACL at June 30, 2025 are discussed below.

• Economic Forecast - Management considered several economic forecasts provided by a third party and selected an economic forecast that was the most appropriate considering the facts and circumstances at June 30, 2025.

At June 30, 2025, management selected an economic scenario to account for current economic conditions and future economic uncertainty related to recently issued and proposed federal government policies.

The forecasted economic indices applied to the model at June 30, 2025 were the national unemployment rate, changes in commercial real estate price index, changes in home values, changes in the U.S.

The key assumptions in the Company's ACL model at December 31, 2025 include the economic forecast, the forecast and reversion to mean time periods, and prepayment and curtailment assumptions.

Management also considered certain qualitative factors when evaluating the adequacy of the ACL at December 31, 2025.

The key assumptions utilized in estimating the Company's ACL at December 31, 2025 are discussed below.

The forecasted economic indices applied to the model at December 31, 2025 were the national unemployment rate, changes in commercial real estate price index, changes in home values, changes in the U.S.

consumer price index, and changes in the U.S.

gross domestic product.

The economic index most impactful to all loan pools within the model at June 30, 2025 was the national unemployment rate.

The forecasted national unemployment rate in the economic scenario selected by management at June 30, 2025 had the national unemployment rate gradually increasing to 5.7 % by June 30, 2026, which was the end of our four-quarter forecast time period.

• Forecast and reversion to mean time periods - The forecasted time period and the reversion to mean time period were each four quarters for all of the economic indices at June 30, 2025.

• Prepayment and curtailment assumptions - The assumptions used at June 30, 2025 were generally based on actual historical prepayment and curtailment speeds, adjusted by management as deemed necessary.

The economic index most impactful to all loan pools within the model at December 31, 2025 was the national unemployment rate.

The forecasted national unemployment rate in the economic scenario selected by management at December 31, 2025 had the national unemployment rate gradually increasing to 4.8 % by December 31, 2026, which was the end of our four-quarter forecast time period.

• Forecast and reversion to mean time periods - The forecasted time period and the reversion to mean time period were each four quarters for all of the economic indices at December 31, 2025.

• Prepayment and curtailment assumptions - The assumptions used at December 31, 2025 were generally based on actual historical prepayment and curtailment speeds, adjusted by management as deemed necessary.

The prepayment and curtailment assumptions vary for each respective loan pool in the model.

• Qualitative factors - Management applied qualitative factors at June 30, 2025 to account for large dollar commercial real estate loan concentrations and potential risk of loss in market value for newer one- to four-family loans.

• Qualitative factors - Management applied qualitative factors at December 31, 2025 to account for large dollar commercial real estate loan concentrations and potential risk of loss in market value for newer one-to four-family loans.

These qualitative factors were applied to account for credit risks not fully reflected in the discounted cash flow model.

◦ The Company's commercial real estate loans generally have low LTV ratios and strong DSCRs which serve as indicators that losses in the commercial real estate loan portfolio might be unlikely;

◦ The Company's commercial real estate loans generally have low LTVs and strong DSCRs which serve as indicators that losses in the commercial real estate loan portfolio might be unlikely;

however, because there is uncertainty surrounding the nature, timing, and amount of expected losses, management believes that in the event of a realized loss within the large dollar commercial real estate loan pool, the magnitude of such a loss could be significant.

1 unchanged sentence

As part of its analysis, management considered external data including historical commercial real estate price index trending information from a variety of sources to help determine the amount of this qualitative factor.

◦ For one- to four-family loans, management believes there is potential risk of loss in market value in an economic downturn related to, in particular, newer originations where property values have not experienced price appreciation like more seasoned loans in our portfolio and applied a qualitative factor to account for this risk.

To determine the appropriate amount of the one- to four-family loan qualitative factor as of June 30, 2025, management considered external historical home price index trending information, along with historical loan loss experience and portfolio balance trending, the one-to four-family loan portfolio composition with regard to loan size, and management's knowledge of the Bank's loan portfolio and the one- to four-family lending industry.

Reserve for Off-Balance Sheet Credit Exposures - At June 30, 2025 and September 30, 2024, the Bank's off-balance sheet credit exposures totaled $ 875.6 million and $ 826.5 million, respectively.

◦ For one- to four-family loans, management believes there is potential risk of loss in market value in an economic downturn related to, in particular, newer originations where property values have not experienced price appreciation, as compared to more seasoned loans in our portfolio, and applied a qualitative factor to account for this risk.

determine the appropriate amount of the one- to four-family loan qualitative factor as of December 31, 2025, management considered external historical home price index trending information, along with historical loan loss experience, and portfolio balance trending, the one-to four-family loan portfolio composition with regard to loan size, and management's knowledge of the Bank's loan portfolio and the one- to four-family lending industry.

Reserve for Off-Balance Sheet Credit Exposures - At December 31, 2025 and September 30, 2025, the Bank's off-balance sheet credit exposures totaled $ 748.7 million and $ 821.6 million, respectively.

The following table summarizes the change in reserve for off-balance sheet credit exposures during the periods indicated.

The provision for the three months ended June 30, 2025 was due primarily to an increase in the balance of commercial and industrial off-balance sheet credit exposures.

The increase in the reserve for off-balance sheet credit exposures as of June 30, 2025 compared to June 30, 2024 was due primarily to an increase in commercial real estate and commercial and industrial off-balance sheet credit exposures between periods.

For the Three Months Ended For the Nine Months Ended

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

The increase in the reserve for off-balance sheet credit exposures as of December 31, 2025 compared to December 31, 2024 was due primarily to an increase in commercial off-balance sheet credit exposures between periods.

For the Three Months Ended

December 31, 2025 December 31, 2024

(Dollars in thousands)

Beginning balance $ 5,546 $ 6,003

Adoption of ASU 2022-02 — — — 16

Provision for credit losses 454 ( 1,278 )

1 unchanged sentence

BORROWED FUNDS

FHLB Borrowings and Interest Rate Swaps - As of June 30, 2025 and September 30, 2024, the Bank held interest rate swap agreements with a total notional amount of $ 200.0 million in order to hedge the variable cash flows associated with $ 200.0 million of adjustable-rate FHLB advances.

At June 30, 2025 and September 30, 2024, the interest rate swap agreements had an average remaining term to maturity of 1.5 years and 2.3 years, respectively.

The interest rate swaps were designated as cash flow hedges and involved the receipt of variable amounts from a counterparty in exchange for the Bank making fixed-rate payments over the life of the interest rate swap agreements.

At June 30, 2025 and September 30, 2024, the interest rate swaps were in a gain position with a total fair value of $ 1.5 million and $ 2.1 million, respectively, which was reported in other assets on the consolidated balance sheet.

During the three and nine months ended June 30, 2025, $ 557 thousand and $ 1.8 million, respectively, was reclassified from AOCI as a decrease to interest expense.

During the three and nine months ended June 30, 2024, $ 1.6 million and $ 5.2 million, respectively, was reclassified from AOCI as a decrease to interest expense.

At June 30, 2025, the Company estimated that $ 1.1 million of interest expense associated with the interest rate swaps would be reclassified from AOCI as a decrease to interest expense on FHLB borrowings during the next 12 months.

FHLB Borrowings and Interest Rate Swap Agreement - At December 31, 2025 and September 30, 2025, the Bank had an interest rate swap agreement with a notional amount of $ 100.0 million in order to hedge the variable cash flows associated with $ 100.0 million of adjustable-rate FHLB advances.

At December 31, 2025 and September 30, 2025, the interest rate swap agreement had an average remaining term to maturity of 2.4 years and 2.7 years, respectively.

The interest rate swap was designated as a cash flow hedge and involved the receipt of variable amounts from a counterparty in exchange for the Bank making fixed-rate payments over the life of the interest rate swap agreement.

At December 31, 2025 and September 30, 2025, the interest rate swap was in a gain position with a fair value of $ 765 thousand and $ 926 thousand, respectively, which was reported in other assets on the consolidated balance sheet.

During the three months ended December 31, 2025 and 2024, $ 206 thousand and $ 698 thousand, respectively, was reclassified from AOCI as a decrease to interest expense.

At December 31, 2025, the Company estimated that $ 439 thousand of interest expense associated with the interest rate swap would be reclassified from AOCI as a decrease to interest expense on FHLB borrowings during the next 12 months.

The Bank has minimum collateral posting thresholds with its derivative counterparties and posts collateral on a daily basis.

The Bank held cash collateral of $ 1.7 million and $ 2.1 million at June 30, 2025 and September 30, 2024, respectively.

During the three months ended June 30, 2025, the Bank prepaid fixed-rate FHLB advances totaling $ 200.0 million with a weighted average contractual interest rate of 4.70 % and a weighted average remaining term of 0.6 years, and replaced these advances with fixed-rate FHLB advances totaling $ 200.0 million with a weighted average contractual interest rate of 3.83 % and a weighted average term of 2.5 years.

The Bank paid penalties of $ 547 thousand to FHLB as a result of prepaying these advances.

The prepayment penalties are being recognized in interest expense over the life of the new FHLB advances.

The weighted average effective interest rate of the new advances was 3.93 %.

At June 30, 2025 and September 30, 2024, the Company had a net operating loss deferred income tax asset of $ 19.9 million and $ 30.5 million, respectively.

The gross federal and state net operating loss amount at June 30, 2025 was $ 82.0 million, which will carry forward indefinitely .

The net operating loss will be applied to the Company's taxable income, subject to federal and state regulations regarding net operating loss usage limitations, until such time as it is fully utilized.

Additionally, the Company had a $ 19.6 million and $ 12.8 million deferred tax asset related to the Bank's low income housing tax credits as of June 30, 2025 and September 30, 2024, respectively.

These credits are not currently able to be fully utilized due to income tax return income limitations.

The Bank held cash collateral of $ 960 thousand at December 31, 2025 and $ 920 thousand at September 30, 2025.

During the three months ended December 31, 2025, the Bank refinanced a $ 50.0 million fixed-rate advance with a weighted average effective rate of 4.03 % and a weighted average life ("WAL") of 0.5 years, and replaced it with a $ 50.0 million fixed-rate advance with a weighted average effective rate of 3.64 % and a WAL of 2.0 years.

This transaction resulted in prepayment fees of $ 11 thousand, which will be recognized in interest expense over the life of the new FHLB advance.

At December 31, 2025, the Company had a federal and state net operating loss deferred income tax asset of $ 11.5 million.

The gross federal net operating loss amount at December 31, 2025 was $ 46.4 million and the gross state net operating loss amount at December 31, 2025 was $ 57.4 million.

The gross federal and state net operating losses will carry forward indefinitely .

In addition, the Company had a $ 24.8 million and $ 22.3 million deferred tax asset as of December 31, 2025 and September 30, 2025, respectively, related to federal tax credits that will not be utilized on the Company's federal tax return due to income tax return income limitations.

The majority of the federal tax credits relate to low income housing tax credits.

Federal tax credits carry forward for 20 years.

The Company assesses the available positive and negative evidence surrounding the recoverability of its deferred tax assets and applies its judgment in estimating the amount of the valuation allowance necessary under the circumstances.

At June 30, 2025 and September 30, 2024, the Company had a valuation allowance of $ 33 thousand and $ 27 thousand, respectively, related to the net operating losses generated by the Company's consolidated Kansas corporate income tax return as management believes there will not be sufficient taxable income to fully utilize these deferred tax assets before they begin to expire in 2028 and thereafter.

For this reason, a valuation allowance was recorded for the related amounts at June 30, 2025 and September 30, 2024.

At December 31, 2025 and September 30, 2025, the Company had a valuation allowance of $ 52 thousand and $ 42 thousand, respectively, related to the net operating losses generated by the Company's consolidated Kansas corporate income tax return, as management believes there will not be sufficient taxable income to fully utilize these deferred tax assets before they begin to expire in 2028 and thereafter.

For this reason, a valuation allowance was recorded for the related amounts at December 31, 2025 and September 30, 2025.

No additional valuation allowances were recorded for the Company's other deferred tax assets, as management believes it is more likely than not that these amounts will be realized through the reversal of the Company's existing taxable temporary differences and projected future taxable income.

During the three months ended June 30, 2025, the State of Kansas enacted a change in the tax law that is effective October 1, 2027 for the Company and the Bank.

The State of Kansas is changing the way it attributes taxable income to the State, specifically changing from a three-factor apportionment (property, payroll and receipts) to a single, revenue-based method.

Most of the Bank's property and payroll are located in Kansas, but a large amount of its revenue generating activities, predominantly loan interest income, are outside of Kansas.

Therefore, the Bank is expecting a decrease in income apportioned to Kansas starting in fiscal year 2028 due to the tax law change.

As a result, as of June 30, 2025, the Bank remeasured its state deferred tax assets and liabilities expected as of October 1, 2027.

The Bank recorded an $ 857 thousand reduction in net state income tax expense during the current quarter related to this law change.

On July 4, 2025, the H.R.

2 unchanged sentences

The legislation has multiple effective dates, with certain provisions effective in 2025 and others being phased in through 2027.

The Company is currently evaluating the effect the OBBBA will have on the Company's consolidated financial condition and results of operations.

The Company has evaluated the potential impact of the OBBBA on its financial statements and, based on its assessment, the legislation is not expected to have a material impact on its financial statements.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair Value Measurements - The Company uses fair value measurements to record fair value adjustments to certain financial instruments and to determine fair value disclosures in accordance with ASC 820 and ASC 825.

The Company's AFS securities and interest rate swaps are recorded at fair value on a recurring basis.

Fair Value Measurements – The Company uses fair value measurements to record fair value adjustments to certain financial instruments and to determine fair value disclosures in accordance with Accounting Standards Codification ("ASC") 820 and ASC 825.

The Company's AFS securities and interest rate swap are recorded at fair value on a recurring basis.

Additionally, from time to time, the Company may be required to record at fair value other financial instruments on a non-recurring basis, such as OREO and loans individually evaluated for impairment.

15 unchanged sentences

If the price provided by the independent source varies by more than a predetermined percentage from the price received from the third-party pricing service, then the variance is researched by management.

The Company did not have to adjust prices obtained from the third-party pricing service when determining the fair value of its securities during the nine months ended June 30, 2025 or during fiscal year 2024.

The Company did not have to adjust prices obtained from the third-party pricing service when determining the fair value of its securities during the three months ended December 31, 2025 or during fiscal year 2025.

The Company's major security types, based on the nature and risks of the securities, are:

• MBS - The majority of these securities are issued by GSEs.

• MBS - The majority of these securities are issued by Government Sponsored Enterprises ("GSEs").

Estimated fair values are based on a discounted cash flow method.

Cash flows are determined based on prepayment projections of the underlying mortgages and are discounted using current market yields for benchmark securities.

• GSE debentures - Estimated fair values are based on a discounted cash flow method.

Cash flows are determined by taking any embedded options into consideration and are discounted using current market yields for similar securities.

• Corporate Bonds and Municipal Bonds - Estimated fair values are based on a discounted cash flow method.

Cash flows are determined by taking any embedded options into consideration and are discounted using current market yields for securities with similar credit profiles.

Interest Rate Swaps - The Company's interest rate swaps are designated as cash flow hedges and are reported at fair value in other assets on the consolidated balance sheet if in a gain position and in other liabilities if in a loss position, with any unrealized gains and losses, net of taxes, reported as AOCI in stockholders' equity.

Interest Rate Swap - The Company's interest rate swap is designated as a cash flow hedge and is reported at fair value in other assets on the consolidated balance sheet if in a gain position and in other liabilities if in a loss position, with any unrealized gains and losses, net of taxes, reported as AOCI in stockholders' equity.

Borrowed Funds" for additional information.

The estimated fair values of the interest rates swaps are obtained from the counterparty and are determined by a discounted cash flow analysis using observable market-based inputs.

On a quarterly basis, management corroborates the estimated fair values by internally calculating the estimated fair value using a discounted cash flow analysis with independent observable market-based inputs from a third party.

No adjustments were made to the estimated fair values obtained from the counterparty during the nine months ended June 30, 2025 or during fiscal year 2024.

The estimated fair values of the interest rate swap is obtained from the counterparty and is determined by a discounted cash flow analysis using observable market-based inputs.

On a quarterly basis, management corroborates the estimated fair value by internally calculating the estimated fair value using a discounted cash flow analysis with independent observable market-based inputs from a third party.

No adjustments were made to the estimated fair value obtained from the counterparty during the three months ended December 31, 2025 or during fiscal year 2025.

The following tables provide the level of valuation assumption used to determine the carrying value of the Company's financial instruments measured at fair value on a recurring basis at the dates presented.

The Company did no t have any Level 3 financial instruments measured at fair value on a recurring basis at June 30, 2025 or September 30, 2024.

June 30, 2025

All of the Company's financial instruments measured at fair value on a recurring basis were assets at December 31, 2025 and September 30, 2025.

The Company did not have any Level 3 financial instruments measured at fair value on a recurring basis at December 31, 2025 or September 30, 2025.

December 31, 2025

Quoted Prices Significant Significant

5 unchanged sentences

MBS $ 825,961 $ — $ 825,961 $ —

GSE debentures 54,955 — 54,955 —

Corporate bonds 3,743 — 3,743 —

829,704 — 829,704 —

Interest rate swaps 1,463 — 1,463 —

Interest rate swap 765 — 765 —

$ 830,469 $ — $ 830,469 $ —

7 unchanged sentences

MBS $ 863,500 $ — $ 863,500 $ —

GSE debentures 69,305 — 69,305 —

Corporate bonds 3,716 — 3,716 —

867,216 — 867,216 —

Interest rate swaps 2,103 — 2,103 —

Interest rate swap 926 — 926 —

$ 868,142 $ — $ 868,142 $ —

1 unchanged sentence

The significant unobservable inputs used in the determination of the fair value of assets classified as Level 3 have an inherent measurement uncertainty that, if changed, could result in higher or lower fair value measurements of these assets as of the reporting date.

Loans Receivable - Collateral dependent assets are assets evaluated on an individual basis.

Collateral dependent assets are assets evaluated on an individual basis.

Those collateral dependent assets that are evaluated on an individual basis are considered financial assets measured at fair value on a non-recurring basis.

The fair value of collateral dependent loans/loans individually evaluated for loss on a non-recurring basis during the nine months ended June 30, 2025 and 2024 that were still held in the portfolio as of June 30, 2025 and 2024 was $ 89.6 million and $ 1.6 million, respectively.

Fair values of collateral dependent loans/loans individually evaluated for loss cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3.

Loans Receivable – The fair value of collateral dependent loans individually evaluated for loss on a non-recurring basis during the three months ended December 31, 2025 and 2024 that were still held in the portfolio as of December 31, 2025 and 2024 was $ 48.4 million and $ 43.6 million, respectively.

Fair values of collateral dependent loans individually evaluated for loss cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3.

The one- to four-family loans included in this amount were individually evaluated to determine if the carrying value of the loan was in excess of the fair value of the collateral, less estimated selling costs of 10 %.

3 unchanged sentences

Adjustments to appraised or book values are generally based on assumptions not observable in the marketplace.

The primary significant unobservable inputs for commercial loans individually evaluated during the nine months ended June 30, 2025 and June 30, 2024 were downward adjustments to the book value of the collateral for lack of marketability.

During the nine months ended June 30, 2025, the adjustments ranged from 10 % to 99 %, with a weighted average of 22 %.

During the nine months ended June 30, 2024, the adjustments ranged from 5 % to 100 %, with a weighted

average of 33 %.

The primary significant unobservable inputs for commercial loans individually evaluated during the three months ended December 31, 2025 or 2024 were downward adjustments to the book value of the collateral for lack of marketability.

During the three months ended December 31, 2025, the adjustments ranged from 20 % to 100 %, with a

weighted average of 23 %.

During the three months ended December 31, 2024, the adjustments ranged from 10 % to 99 %, with a weighted average of 21 %.

The basis utilized in calculating the weighted averages for these adjustments was the original unadjusted value of each collateral item.

3 unchanged sentences

The primary significant unobservable input for one- to four-family OREO was the appraisal or listing price.

The fair value of one- to four-family OREO measured on a non-recurring basis during the nine months ended June 30, 2025 was $ 92 thousand.

The carrying value of the properties equaled the fair value of the properties at June 30, 2025.

There was no one- to four-family OREO measured on a non-recurring basis during the nine months ended June 30, 2024.

The fair value of one- to four-family OREO measured on a non-recurring basis during the three months ended December 31, 2025 that was still held in the portfolio as of December 31, 2025 was $ 90 thousand.

The carrying value of the properties equaled the fair value of the properties at December 31, 2025.

There was no one- to four-family OREO measured on a non-recurring basis during the three months ended December 31, 2024

For commercial OREO, if the most recent appraisal or book value of the collateral does not reflect current market conditions due to the passage of time and/or other factors, management will adjust the existing appraised or book value based on knowledge of local market conditions, recent transactions, and estimated selling costs, if applicable.

2 unchanged sentences

Fair values of foreclosed property cannot be determined with precision and may not be realized in an actual sale of the property and, as such, are classified as Level 3.

There was no commercial OREO measured on a non-recurring basis during the nine months ended June 30, 2025 and 2024.

There was no commercial OREO measured on a non-recurring basis during the three months ended December 31, 2025 and 2024.

Fair Value Disclosures – The Company estimated fair value amounts using available market information and a variety of valuation methodologies as of the dates presented.

2 unchanged sentences

The carrying amounts and estimated fair values of the Company's financial instruments by fair value hierarchy, at the dates presented, were as follows:

June 30, 2025

December 31, 2025

Carrying Estimated Fair Value

5 unchanged sentences

FHLB stock 85,060 85,060 85,060 — —

Interest rate swaps 1,463 1,463 — 1,463 —

Interest rate swap 765 765 — 765 —

Deposits 6,758,632 6,766,410 3,760,152 3,006,258 —

8 unchanged sentences

FHLB stock 90,662 90,662 90,662 — —

Interest rate swaps 2,103 2,103 — 2,103 —

Interest rate swap 926 926 — 926 —

Deposits 6,591,448 6,597,102 3,578,768 3,018,334 —

1 unchanged sentence

ACCUMULATED OTHER COMPREHENSIVE INCOME

The following tables present the changes in the components of AOCI, net of tax, for the periods indicated.

For the Three Months Ended June 30, 2025

Unrealized Unrealized

Gains (Losses) Gains (Losses)

on AFS on Cash Flow Total

Securities Hedges AOCI

(Dollars in thousands)

Beginning balance $ 15,040 $ 2,012 $ 17,052

Other comprehensive income (loss), before reclassifications 2,303 ( 345 ) 1,958

Amount reclassified from AOCI, net of taxes of $ 177

— ( 557 ) ( 557 )

Other comprehensive income (loss) 2,303 ( 902 ) 1,401

Ending balance $ 17,343 $ 1,110 $ 18,453

For the Nine Months Ended June 30, 2025

Unrealized Unrealized

Gains (Losses) Gains (Losses)

on AFS on Cash Flow Total

Securities Hedges AOCI

(Dollars in thousands)

Beginning balance $ 20,032 $ 1,595 $ 21,627

Other comprehensive income (loss), before reclassifications ( 2,689 ) 1,324 ( 1,365 )

Amount reclassified from AOCI, net of taxes of $ 576

— ( 1,809 ) ( 1,809 )

Other comprehensive income (loss) ( 2,689 ) ( 485 ) ( 3,174 )

Ending balance $ 17,343 $ 1,110 $ 18,453

For the Three Months Ended June 30, 2024

The following tables present the changes in the components of AOCI, net of tax, for the periods presented.

For the Three Months Ended December 31, 2025

Unrealized Unrealized

7 unchanged sentences

— ( 206 ) ( 206 )

Other comprehensive income (loss) ( 2,412 ) ( 732 ) ( 3,144 )

Other comprehensive (loss) 574 ( 123 ) 451

Ending balance $ 15,626 $ 580 $ 16,206

For the Nine Months Ended June 30, 2024

For the Three Months Ended December 31, 2024

Unrealized Unrealized

7 unchanged sentences

— ( 698 ) ( 698 )

Reclassification adjustment for gross gains on AFS securities

included in net income, net of taxes of $ 383

( 1,188 ) — ( 1,188 )

Other comprehensive income (loss) ( 11,742 ) 1,677 ( 10,065 )

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements