What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-08 compared with 2026-02-06 · 280 added, 142 removed, 794 unchanged (35% of the section changed)

4 unchanged sentences

(Dollars in thousands, except per share amounts)

December 31, September 30,

March 31, September 30,

Cash and cash equivalents (includes interest-earning deposits of $ 314,655 and $ 229,566 )

13 unchanged sentences

Advances by borrowers 57,528 65,416

Income taxes payable, net 237 —

Deferred state income tax liabilities, net 2,591 2,056

5 unchanged sentences

Common stock, $ 0.01 par value;

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

1,400,000,000 shares authorized, 127,688,691 and 132,204,305 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively

Additional paid-in capital 1,110,648 1,142,711

9 unchanged sentences

(Dollars in thousands, except per share amounts)

For the Three Months Ended

For the Three Months Ended For the Six Months Ended

March 31, March 31,

2026 2025 2026 2025

INTEREST AND DIVIDEND INCOME:

15 unchanged sentences

Deposit service fees 2,690 2,596 5,562 5,303

Income from bank-owned life insurance ("BOLI") 1,151 747 2,116 1,295

Insurance commissions 512 927 1,301 1,703

5 unchanged sentences

Occupancy, net 3,265 3,502 6,715 6,835

Regulatory and outside services 1,789 1,113

Professional and other services 1,579 1,469 3,368 2,582

Federal insurance premium 1,110 1,095 2,221 2,133

16 unchanged sentences

(Dollars in thousands)

For the Three Months Ended

For the Three Months Ended For the Six Months Ended

March 31, March 31,

2026 2025 2026 2025

Net income $ 20,148 $ 15,399 $ 40,452 $ 30,830

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

Unrealized (losses) gains on AFS securities arising during the

period, net of taxes of $ 1,619 , $( 2,151 ), $ 1,435 and $ 1,590

( 5,079 ) 6,750 ( 4,505 ) ( 4,992 )

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

Unrealized gains (losses) on cash flow hedges arising during

the period, net of taxes of $( 182 ), $ 225 , $( 208 ) and $( 531 )

569 ( 706 ) 652 1,669

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

Reclassification adjustment for cash flow hedge amounts included

in net income, net of taxes of $ 44 , $ 177 , $ 109 and $ 399

( 136 ) ( 554 ) ( 342 ) ( 1,252 )

Total other comprehensive (loss) income, net of tax ( 4,646 ) 5,490 ( 4,195 ) ( 4,575 )

Comprehensive income $ 15,502 $ 20,889 $ 36,257 $ 26,255

4 unchanged sentences

(Dollars in thousands, except per share amounts)

For the Three Months Ended December 31, 2025

For the Six Months Ended March 31, 2026

Additional Unearned Total

6 unchanged sentences

Stock-based compensation 99 99

Repurchase of common stock and

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

Repurchase of common stock and excise taxes ( 24 ) ( 16,438 ) ( 16,462 )

Cash dividends to stockholders ($ 0.085 per share)

1 unchanged sentence

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

Net income $ 20,148 20,148

Other comprehensive loss, net of tax ( 4,646 ) ( 4,646 )

ESOP activity ( 118 ) 413 295

Stock-based compensation 94 94

Repurchase of common stock and excise taxes ( 21 ) ( 15,555 ) ( 15,576 )

Cash dividends to stockholders ($ 0.125 per share)

( 15,909 ) ( 15,909 )

Balance at March 31, 2026 $ 1,277 $ 1,110,648 $ ( 23,954 ) $ ( 73,805 ) $ 11,560 $ 1,025,726

For the Six Months Ended March 31, 2025

Additional Unearned Total

10 unchanged sentences

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 5,490 5,490

ESOP activity ( 172 ) 413 241

Stock-based compensation 103 103

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

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(Dollars in thousands)

For the Three Months Ended

For the Six Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

3 unchanged sentences

Provision for credit losses 3,478 677

Originations of loans receivable held-for-sale ("LHFS") — ( 407 )

Proceeds from sales of LHFS — 334

Amortization and accretion of premiums and discounts on securities ( 1,699 ) ( 1,662 )

16 unchanged sentences

Net change in loans receivable ( 3,297 ) 30,507

Purchase of BOLI ( 45,000 ) —

Proceeds from BOLI death benefit — 667

Purchase of premises and equipment ( 2,910 ) ( 1,908 )

Proceeds from sale of premises and equipment — 43

Proceeds from sale of other real estate owned ("OREO") 278 110

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

Net cash provided by (used in) investing activities 17,612 ( 74,174 )

CAPITOL FEDERAL FINANCIAL, INC.

2 unchanged sentences

(Dollars in thousands)

For the Three Months Ended

For the Six Months Ended

CASH FLOWS FROM FINANCING ACTIVITIES:

Cash dividends paid ( 11,017 ) ( 11,061 )

Net change in deposits 333,043 242,563

1 unchanged sentence

Repayments on borrowings ( 667,477 ) ( 387,456 )

Change in advances by borrowers ( 36,893 ) ( 35,713 )

Payment of FHLB prepayment penalties ( 2,147 ) —

Cash dividends paid ( 26,926 ) ( 22,123 )

Repurchase of common stock and excise tax payments ( 31,724 ) —

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

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

Change in advances by borrowers ( 7,888 ) ( 6,941 )

Net cash provided by financing activities 21,981 176,143

NET INCREASE IN CASH AND CASH EQUIVALENTS 78,482 123,082

CASH AND CASH EQUIVALENTS:

1 unchanged sentence

End of period $ 330,925 $ 340,389

See accompanying notes to consolidated financial statements.

Notes to Consolidated Financial Statements (Unaudited)

45 unchanged sentences

Clarifying the Effective Date.

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

The FASB clarified the interim reporting date 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

22 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 Three Months Ended For the Six Months Ended

March 31, March 31,

2026 2025 2026 2025

(Dollars in thousands, except per share amounts)

7 unchanged sentences

Diluted $ 0.16 $ 0.12 $ 0.32 $ 0.24

Antidilutive stock options, excluded from the diluted average

common shares outstanding calculation 220,491 312,841

Antidilutive stock options, excluded from the diluted

average common shares outstanding calculation 182,810 267,439 201,857 290,390

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

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

December 31, 2025

The Company did not hold any tax-exempt securities during the six months ended March 31, 2026 or 2025.

March 31, 2026

Gross Gross Estimated

13 unchanged sentences

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

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

At March 31, 2026, AFS securities included $ 734.8 million of residential MBS and $ 70.9 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.

December 31, 2025

March 31, 2026

Less Than 12 Months Equal to or Greater Than 12 Months

13 unchanged sentences

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

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

The unrealized losses at March 31, 2026 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 December 31, 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 March 31, 2026 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 December 31, 2025, by contractual maturity, are shown below.

The amortized cost and estimated fair value of AFS debt securities as of March 31, 2026, by contractual maturity, are shown below.

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

8 unchanged sentences

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

December 31, 2025 September 30, 2025

March 31, 2026 September 30, 2025

(Dollars in thousands)

Public unit deposits $ 157,703 $ 150,916

Federal Reserve Bank of Kansas City ("FRB of Kansas City") borrowings $ 103,752 $ 91,130

Public unit deposits 99,018 150,916

$ 202,770 $ 242,046

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

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

December 31, 2025 September 30, 2025

Loans receivable, net at March 31, 2026 and September 30, 2025 are summarized as follows:

March 31, 2026 September 30, 2025

(Dollars in thousands)

27 unchanged sentences

Commercial loans - The Bank's commercial loan portfolio includes loans originated by the Bank or in participation with a lead bank.

For commercial participation loans, the Bank performs the same underwriting procedures as if the loan was originated by the Bank.

For commercial participation loans, the Bank performs the same underwriting procedures as if the loan were originated by the Bank.

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.

2 unchanged sentences

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.

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, based upon projected cash flows and the contractual loan payments when the project stabilizes.

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.

32 unchanged sentences

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

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 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

At March 31, 2026 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 that were modified during the current fiscal year.

During the current quarter, an updated appraisal was received related to the collateral securing this lending relationship and as a result, a specific valuation allowance was recorded as of March 31, 2026.

The loans associated with this lending relationship were on nonaccrual at both March 31, 2026 and September 30, 2025.

The loans are recourse loans and have personal guarantees.

March 31, 2026

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.

December 31, 2025

March 31, 2026

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 Three Months Ended December 31, 2025

For the Six Months Ended March 31, 2026

Current Fiscal Fiscal Fiscal Fiscal Revolving of Credit

14 unchanged sentences

Total $ 16 $ 6 $ 89 $ 15 $ 7 $ 28 $ 3 $ — $ 164

For the Three Months Ended December 31, 2024

For the Six Months Ended March 31, 2025

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

December 31, 2025

At March 31, 2026 and September 30, 2025, all loans 90 or more days delinquent were on nonaccrual status.

March 31, 2026

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 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.

The amortized cost of mortgage loans secured by residential real estate for which formal foreclosure proceedings were in process as of March 31, 2026 and September 30, 2025 was $ 1.3 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 $ 135 thousand at March 31, 2026 and $ 197 thousand at September 30, 2025.

The following table presents the amortized cost at March 31, 2026 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 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.

The majority of the balance of commercial real estate nonaccrual loans at March 31, 2026 and September 30, 2025 related to two loans from the same borrowing relationship.

During the current quarter, an updated appraisal was received related to the collateral securing the borrowing relationship and a specific valuation allowance was recorded as of March 31, 2026.

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

December 31, 2025 September 30, 2025

March 31, 2026 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 months ended December 31, 2025 and 2024, there were no charge-offs related to loans modified during the respective periods.

During the six months ended March 31, 2026, the only charge-offs associated with modified loans during the period were $ 12 thousand for one- to four-family originated loans.

During the six months ended March 31, 2025 there were no charge-offs related to loans modified during the period.

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

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

The commercial real estate payment delay modification during the six months ended March 31, 2026 was due primarily to the two loans discussed above, under the "Credit Quality Indicators - Loan Classification" section.

These two commercial loans were classified as substandard and nonaccrual at March 31, 2026.

For the Three Months Ended March 31, 2026

Extension Total

14 unchanged sentences

Total $ 2,552 $ 2,315 $ 830 $ 5,697 0.1

For the Three Months Ended December 31, 2024

For the Six Months Ended March 31, 2026

Extension Total

13 unchanged sentences

Other — — — — —

Total $ 42,601 $ 4,904 $ 1,446 $ 48,951 0.6

For the Three Months Ended March 31, 2025

Extension Total

Payment Term Payment Financing

Delay Extension Delay Total Receivable

(Dollars in thousands)

One- to four-family:

Originated $ 236 $ 1,344 $ 651 $ 2,231 0.1 %

Correspondent purchased — 513 187 700 —

Bulk purchased — — — — —

236 1,857 838 2,931 —

Commercial real estate 8,189 — — 8,189 0.5

Commercial and industrial — 838 — 838 0.6

8,189 838 — 9,027 0.5

Consumer loans:

Home equity — 35 — 35 —

Other — — — — —

Total $ 8,425 $ 2,730 $ 838 $ 11,993 0.2

For the Six Months Ended March 31, 2025

Extension Total

Payment Term Payment Financing

Delay Extension Delay Total Receivable

(Dollars in thousands)

One- to four-family:

Originated $ 353 $ 2,255 $ 816 $ 3,424 0.1 %

Correspondent purchased — 513 187 700 —

Bulk purchased — — — — —

353 2,768 1,003 4,124 0.1

Commercial real estate 8,189 — — 8,189 0.5

Commercial and industrial — 838 — 838 0.6

8,189 838 — 9,027 0.5

Consumer loans:

Home equity 20 34 — 54 0.1

Other — — — — —

20 34 — 54 0.1

Total $ 8,562 $ 3,640 $ 1,003 $ 13,205 0.2

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

For the Three Months Ended March 31, 2026 For the Six Months Ended March 31, 2026

Payment Term Payment Term

2 unchanged sentences

Originated 9 months 24 months 8 months 40 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

Correspondent purchased 8 months 18 months 8 months 19 months

Bulk purchased 13 months N/A 13 months N/A

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

Commercial and industrial 60 months 60 months 60 months 60 months

Consumer home equity 8 months N/A 8 months N/A

For the Three Months Ended March 31, 2025 For the Six Months Ended March 31, 2025

Payment Term Payment Term

Delay Extension Delay Extension

One- to four-family:

Originated 8 months 20 months 8 months 18 months

Correspondent purchased 9 months 34 months 9 months 34 months

Commercial real estate 9 months N/A 9 months N/A

Commercial and industrial N/A 3 months N/A 3 months

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

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 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

The following table presents the performance of such loans, based on amortized cost, by class of financing receivable as of March 31, 2026 and March 31, 2025, on loans modified during the preceding 12-months for borrowers experiencing financial difficulty that were delinquent as of March 31, 2026 and March 31, 2025, respectively.

All other loans modified to borrowers experiencing financial difficulty during the periods noted were current as of March 31, 2026 and March 31, 2025.

As of March 31, 2026 As of March 31, 2025

30 to 89 Days

16 unchanged sentences

Total $ 1,245 $ 503 $ 1,748 $ 567 $ 516 $ 1,083

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 following tables present the amortized cost basis of loans that had a payment default during the three and six months ended March 31, 2026 or March 31, 2025 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

December 31, 2025 December 31,

Extension Extension

Term Payment Payment

Extension Delay Total Delay

For the Three Months Ended March 31, 2026

Payment Term Payment

Delay Extension Delay Total

(Dollars in thousands)

9 unchanged sentences

Total $ 148 $ 169 $ 470 $ 787

For the Six Months Ended March 31, 2026

Payment Term Payment

Delay Extension Delay Total

(Dollars in thousands)

One- to four-family:

Originated $ — $ 462 $ 624 $ 1,086

Correspondent purchased — — — —

Bulk purchased — — — —

Commercial real estate 148 — — 148

Commercial and industrial — — — —

Consumer loans:

Home equity — — — —

Other — — — —

Total $ 148 $ 462 $ 624 $ 1,234

For the Three Months Ended March 31, 2025

Payment Term Payment

Delay Extension Delay Total

(Dollars in thousands)

One- to four-family:

Originated $ 84 $ 193 $ 151 $ 428

Correspondent purchased — — 187 187

Bulk purchased — — — —

Commercial real estate — — 192 192

Commercial and industrial — — 227 227

Consumer loans:

Home equity 88 — — 88

Other — — — —

Total $ 172 $ 193 $ 757 $ 1,122

For the Six Months Ended March 31, 2025

Payment Term Payment

Delay Extension Delay Total

(Dollars in thousands)

One- to four-family:

Originated $ 84 $ 193 $ 151 $ 428

Correspondent purchased — — 428 428

Bulk purchased — — — —

Commercial real estate — — 192 192

Commercial and industrial — — 227 227

Consumer loans:

Home equity 88 — — 88

Other — — — —

Total $ 172 $ 193 $ 998 $ 1,363

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

For the Three Months Ended March 31, 2026

One- to four- Commercial Commercial

6 unchanged sentences

Ending balance $ 2,663 $ 21,689 $ 2,046 $ 23,735 $ 201 $ 26,599

For the Three Months Ended December 31, 2024

For the Six Months Ended March 31, 2026

One- to four- Commercial Commercial

6 unchanged sentences

Ending balance $ 2,663 $ 21,689 $ 2,046 $ 23,735 $ 201 $ 26,599

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.

• 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 December 31, 2025.

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.

For the Three Months Ended March 31, 2025

One- to four- Commercial Commercial

Family Real Estate and Industrial Total Consumer Total

(Dollars in thousands)

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

Charge-offs ( 113 ) — — — ( 10 ) ( 123 )

Recoveries 2 — 2 2 5 9

Provision for credit losses ( 84 ) ( 785 ) ( 40 ) ( 825 ) ( 4 ) ( 913 )

Ending balance $ 3,562 $ 19,005 $ 1,171 $ 20,176 $ 232 $ 23,970

For the Six Months Ended March 31, 2025

One- to four- Commercial Commercial

Family Real Estate and Industrial Total Consumer Total

(Dollars in thousands)

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

Charge-offs ( 113 ) — — — ( 27 ) ( 140 )

Recoveries 5 20 2 22 6 33

Provision for credit losses ( 3 ) 1,017 ( 17 ) 1,000 45 1,042

Ending balance $ 3,562 $ 19,005 $ 1,171 $ 20,176 $ 232 $ 23,970

The key assumptions in the Company's ACL model at March 31, 2026 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 March 31, 2026.

The key assumptions utilized in estimating the Company's ACL at March 31, 2026 are discussed below.

The forecasted economic indices applied to the model at March 31, 2026 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 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 economic index most impactful to all loan pools within the model at March 31, 2026 was the national unemployment

The forecasted national unemployment rate in the economic scenario selected by management at March 31, 2026 had the national unemployment rate gradually increasing to 4.7 % by March 31, 2027, 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 March 31, 2026.

• Prepayment and curtailment assumptions - The assumptions used at March 31, 2026 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 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.

• Qualitative factors - Management applied qualitative factors at March 31, 2026 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.

1 unchanged sentence

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.

The large dollar commercial real estate loan concentration qualitative factor addresses the risk associated with a large dollar relationship deteriorating due to a loss event.

The large dollar commercial real estate loan concentration qualitative factor addresses the risk associated with large dollar relationships.

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, 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.

To determine the appropriate amount of the one- to four-family loan qualitative factor as of March 31, 2026, 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 March 31, 2026 and September 30, 2025, the Bank's off-balance sheet credit exposures totaled $ 896.5 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 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

The increase in the reserve for off-balance sheet credit exposures as of March 31, 2026 compared to March 31, 2025 was due primarily to an increase in commercial off-balance sheet credit exposures between periods.

For the Three Months Ended For the Six Months Ended

March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025

(Dollars in thousands)

3 unchanged sentences

BORROWED FUNDS

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.

At March 31, 2026 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 March 31, 2026 and September 30, 2025, the interest rate swap agreement had an average remaining term to maturity of 2.2 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.

At March 31, 2026 and September 30, 2025, the interest rate swap was in a gain position with a fair value of $ 1.3 million and $ 926 thousand, respectively, which was reported in other assets on the consolidated balance sheet.

During the six months ended March 31, 2026 and 2025, $ 342 thousand and $ 1.3 million, respectively, was reclassified from AOCI as a decrease to interest expense.

At March 31, 2026, the Company estimated that $ 693 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 $ 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 Bank held cash collateral of $ 1.6 million at March 31, 2026 and $ 920 thousand at September 30, 2025.

During the six months ended March 31, 2026, the Bank prepaid $ 425.0 million of fixed-rate advances with a weighted average effective rate of 4.32 % and a weighted average life ("WAL") of 0.8 years and replaced them with $ 425.0 million of fixed-rate advances with a weighted average effective rate of 3.79 % and a WAL of 2.3 years.

This transaction resulted in prepayment fees of $ 2.1 million which will be recognized in interest expense over the life of the new FHLB advances.

At March 31, 2026, the Company had a federal and state net operating loss deferred income tax asset of $ 6.4 million.

The gross federal net operating loss amount at March 31, 2026 was $ 25.3 million and the gross state net operating loss amount at March 31, 2026 was $ 34.6 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.

In addition, the Company had a $ 26.9 million and $ 22.3 million deferred tax asset as of March 31, 2026 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 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.

On July 4, 2025, the H.R.

1 - One Big Beautiful Bill Act ("OBBBA") was enacted into law.

The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and the restoration of favorable tax treatment for certain business provisions.

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

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

18 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 three months ended December 31, 2025 or during fiscal year 2025.

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 six months ended March 31, 2026 or during fiscal year 2025.

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

2 unchanged sentences

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

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

• Corporate 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 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.

net of taxes, reported as AOCI in stockholders' equity.

Borrowed Funds" for additional information.

1 unchanged sentence

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.

No adjustments were made to the estimated fair value obtained from the counterparty during the six months ended March 31, 2026 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.

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

All of the Company's financial instruments measured at fair value on a recurring basis were assets at March 31, 2026 and September 30, 2025.

The Company did not have any Level 3 financial instruments measured at fair value on a recurring basis at March 31, 2026 or September 30, 2025.

March 31, 2026

Quoted Prices Significant Significant

25 unchanged sentences

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

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.

Loans Receivable – The fair value of collateral dependent loans individually evaluated for loss on a non-recurring basis during the six months ended March 31, 2026 and 2025 that were still held in the portfolio was $ 50.2 million as of March 31, 2026 and 2025.

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.

2 unchanged sentences

Management does not adjust or apply a discount to the appraised value of one- to four-family loans, except for the estimated sales cost noted above, and the primary unobservable input for these loans was the appraisal.

For commercial loans, 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.

conditions, recent transactions, and estimated selling costs, if applicable.

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 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 primary significant unobservable inputs for commercial loans individually evaluated during the six months ended March 31, 2026 or 2025 were downward adjustments to the collateral value for estimated costs to sell/dispose of the assets and management’s evaluation of market participant expectations if the Bank were to sell the collateral.

During the six months ended March 31, 2026, the adjustments ranged from 8 % to 100 %, with a weighted average of 19 %.

During the six months ended March 31, 2025, the adjustments ranged from 10 % to 99 %, with a weighted average of 22 %.

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 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

There was no one- to four-family OREO measured on a non-recurring basis during the six months ended March 31, 2026 and March 31, 2025.

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.

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

The primary significant unobservable input for commercial OREO is downward adjustments to book value of the collateral for lack of marketability.

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 three months ended December 31, 2025 and 2024.

There was no commercial OREO measured on a non-recurring basis during the six months ended March 31, 2026 and 2025.

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:

December 31, 2025

March 31, 2026

Carrying Estimated Fair Value

21 unchanged sentences

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

For the Three Months Ended March 31, 2026

Unrealized Unrealized

4 unchanged sentences

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

Other comprehensive income (loss), before reclassifications 574 83 657

Other comprehensive (loss) income, before reclassifications ( 5,079 ) 569 ( 4,510 )

Amount reclassified from AOCI, net of taxes of $ 44

— ( 136 ) ( 136 )

Other comprehensive income (loss) ( 5,079 ) 433 ( 4,646 )

Ending balance $ 10,547 $ 1,013 $ 11,560

For the Six Months Ended March 31, 2026

Unrealized Unrealized

Gains (Losses) Gains (Losses)

on AFS on Cash Flow Total

Securities Hedges AOCI

(Dollars in thousands)

Beginning balance $ 15,052 $ 703 $ 15,755

Other comprehensive (loss) income, before reclassifications ( 4,505 ) 652 ( 3,853 )

Amount reclassified from AOCI, net of taxes of $ 109

— ( 342 ) ( 342 )

Other comprehensive (loss) ( 4,505 ) 310 ( 4,195 )

Ending balance $ 10,547 $ 1,013 $ 11,560

For the Three Months Ended December 31, 2024

For the Three Months Ended March 31, 2025

Unrealized Unrealized

9 unchanged sentences

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

For the Six Months Ended March 31, 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 ( 4,992 ) 1,669 ( 3,323 )

Amount reclassified from AOCI, net of taxes of $ 399

— ( 1,252 ) ( 1,252 )

Other comprehensive income (loss) ( 4,992 ) 417 ( 4,575 )

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

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