What changed in this filing

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Item 1. Business

2025-11-25 compared with 2024-11-22 · 224 added, 180 removed, 892 unchanged (31% of the section changed)

24 unchanged sentences

Government, including policies of the U.S.

Treasury, the Federal Reserve System, Fannie Mae, the OCC, FDIC, and others;

● the continuing governmental efforts to restructure the U.S.

financial and regulatory system;

Treasury, the Federal Reserve System, Fannie Mae, the OCC, FDIC, and others, and the effects of tariffs and retaliatory actions;

● the ability of the U.S.

Government to remain open, function properly and manage federal debt limits;

● the continuing governmental efforts to restructure the U.S.

financial and regulatory system;

● changes in policy and/or assessment rates of taxing authorities that adversely affect us or our customers;

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● changes in our organization and changes in expense trends, including but not limited to trends affecting non-performing assets, charge-offs and provisions for credit losses;

● changes in the value of our goodwill or other intangible assets;

● the inability of third-party providers to perform their obligations to us;

● changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio;

● the effects of global or national war, conflict or acts of terrorism;

● our ability to retain key employees;

37 unchanged sentences

In 1997, the Association reorganized into its current two-tier mutual holding company structure.

The Association’s principal business consists of originating and servicing residential real estate mortgage loans and attracting retail savings deposits.

The Association’s principal business consists of originating and servicing residential mortgage loans and attracting retail savings deposits.

The Association’s primary business strategy is to originate mortgage loans with interest rates that are competitive with those of similar products offered by other financial institutions in its markets.

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Longer-term brokered CDs and advances from the FHLB of Cincinnati as well as shorter-term brokered CDs and advances from the FHLB of Cincinnati, hedged to longer effective durations by interest rate exchange contracts, are also used as cost-effective funding alternatives.

In addition to residential real estate mortgage loans, the Association originates residential construction loans to individuals for the construction of their personal residences by a qualified builder.

In addition to residential mortgage loans, the Association originates residential construction loans to individuals for the construction of their personal residences by a qualified builder.

The Association also offers home equity loans and lines of credit subject to certain property and credit performance conditions.

The Association retains in its portfolio a large portion of the loans that it originates.

The Association also purchases residential real estate mortgage loans through a correspondent lending partnership.

Loans that the Association sells consist primarily of long-term, fixed-rate residential real estate mortgage loans.

The Association currently retains the servicing rights on all loans that it sells.

The Association’s revenues are derived primarily from interest on loans and, to a lesser

extent, interest on interest-earning deposits in other financial institutions, deposits maintained at the FRS, federal funds sold, investment securities, including mortgage-backed securities and dividends from FHLB of Cincinnati stock.

The Association retains in its portfolio the majority of the loans that it originates.

The Association also acquires residential mortgage loans through a correspondent lending partnership.

Loans that the Association sells consist primarily of long-term, fixed-rate residential mortgage loans.

The Association currently retains the servicing rights on the

majority of loans that it sells.

The Association’s revenues are derived primarily from interest on loans and, to a lesser extent, interest on interest-earning deposits in other financial institutions, deposits maintained at the FRS, federal funds sold, investment securities, including mortgage-backed securities and dividends from FHLB of Cincinnati stock.

The Association also generates revenues from fees, gains on loan sales and service charges.

7 unchanged sentences

The Association also provides savings and loan products in states outside of its core markets of Ohio, Florida, Kentucky and Indiana using its customer service call center and its internet site.

The Association also purchases first mortgage loans from its correspondent lending partner, in Ohio, Indiana, North Carolina, South Carolina, Pennsylvania and Michigan.

The Association also acquires first mortgage loans from its correspondent lending partner, in Ohio, Indiana, North Carolina, South Carolina, Pennsylvania and Michigan.

Savings products are available in all 50 states, while first mortgage loans, home equity lines of credit, home equity loans and bridge loans are offered in up to 28 states and the District of Columbia.

2 unchanged sentences

Some of its competitors offer products and services that the Association currently does not offer, such as commercial business loans, trust services and private banking.

From October 2024 through August 2025 (the latest date for which information is publicly available) per data furnished by MarketTrac ® , the Association had the second largest market share of conventional purchase mortgage loans originated in Cuyahoga County, Ohio.

For the same period, it also had the third largest market share of conventional purchase mortgage loans originated in the seven northeast Ohio counties which comprise the Cleveland and Akron metropolitan statistical areas.

In addition, based on the same statistics, the Association has consistently been one of the 25 largest lenders in both Franklin County (Columbus, Ohio) and Hamilton County (Cincinnati, Ohio) since it entered those markets in 1999.

The majority of the Association’s deposits are held in its offices located in Cuyahoga County, Ohio.

As of June 30, 2025 (the latest date for which information is publicly available), the Association had $5.70 billion of deposits in Cuyahoga County, and ranked fifth among all financial institutions with offices in the county in terms of deposits, with a market share of 5.44%.

As of that date, the Association had $7.35 billion of deposits in the State of Ohio, and ranked tenth among all financial institutions in the state in terms of deposits, with a market share of 1.37%.

As of June 30, 2024 (the latest date for which information is publicly available), the Association had $2.83 billion of deposits in the State of Florida, and ranked 34th among all financial institutions in terms of deposits, with a market share of 0.34%.

As of that date, the Association had $7.58 billion of deposits in the State of Ohio, and ranked eleventh among all financial institutions in the state in terms of deposits, with a market share of 1.34%.

As of June 30, 2025 (the latest date for which FDIC data is publicly available), the Association had $2.92 billion of deposits in the State of Florida, and ranked 34th among all financial institutions in terms of deposits, with a market share of 0.34%.

This market share data excludes deposits held by credit unions, whose deposits are not insured by the FDIC.

Many financial institutions, including institutions that compete in our markets, have targeted retail deposit gathering as a more attractive funding source than borrowings, and have become more active and more competitive in their deposit product pricing.

The combination of reduced demand for borrowed funds and more competition with respect to rates paid to depositors has created an increasingly difficult marketplace for attracting deposits, which could adversely affect future operating results.

From October 2023 through August 2024 (the latest date for which information is publicly available), per data furnished by MarketTrac ® , the Association had the second largest market share of conventional purchase mortgage loans originated in Cuyahoga County, Ohio.

In addition, based on the same statistics, the Association has consistently been one of the twenty-five largest lenders in both Franklin County (Columbus, Ohio) and Hamilton County (Cincinnati, Ohio) since it entered those markets in 1999.

The combination of our competitors' reducing their reliance on borrowed funds and instead being more competitive with respect to rates paid to depositors has created an increasingly difficult marketplace for attracting deposits, which could adversely affect future operating results.

The Association’s primary strategy for increasing and retaining its customer base is to offer competitive deposit and loan rates and other product features, delivered with exceptional customer service, in each of the markets it serves.

We rely on the reputation that has been built during the Association’s 86-year history of serving its customers and the communities in which it operates, the Association’s high capital levels, and the Association's extensive liquidity alternatives which, in combination, serve to maintain and nurture customer and marketplace confidence.

We rely on the reputation that has been built during the Association’s 87-year history of serving its customers and the communities in which it operates, the Association’s high capital levels, and the Association's liquidity alternatives which, in combination, serve to maintain and nurture customer and marketplace confidence.

At September 30, 2025, our ratio of shareholders’ equity to total assets was 10.85%.

For the fiscal year ended September 30, 2024, the Association's liquidity ratio averaged 5.95% (which we compute as the sum of cash and cash equivalents plus unpledged investment securities for which

ready markets exist, divided by total average assets).

For the fiscal year ended September 30, 2025, the Association's liquidity ratio

averaged 5.47% (which we compute as the sum of cash and cash equivalents plus unencumbered investment securities for which ready markets exist, divided by total average interest-earning assets).

Management’s Discussion and Analysis of Financial Condition and Results of Operation - Liquidity and Capital Resources .

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We also continue to emphasize our traditional tagline—“STRONG * STABLE * SAFE”—in our advertisements, website, online presence and branch displays.

Finally, for customers who adhere to the old adage of trust but verify, we refer them to the safety/security rankings of a nationally recognized, independent rating organization that specializes in the evaluation of financial institutions, which has awarded the Association its highest rating for more than one hundred consecutive quarters.

Lending Activities

The Company’s principal lending activity is the origination of up to 30-year fixed-rate and adjustable-rate, first mortgage loans to purchase or refinance residential real estate.

The Company’s principal lending activity is the origination and acquisition of up to 30-year fixed-rate and adjustable-rate, first mortgage loans used to purchase or refinance residential real estate.

Also, the Company offers home equity loans and lines of credit and originates residential construction loans to individuals (for the construction of their personal residences by a qualified builder).

The Company lends in 27 states and the District of Columbia and, through a correspondent lending partnership, we purchase first mortgages in six of those states.

At September 30, 2024, fixed-rate and adjustable-rate, first mortgage residential real estate loans totaled $11.43 billion, or 74.5% of our loan portfolio, home equity lines of credit totaled $3.32 billion, or 21.7% of our loan portfolio, home equity loans and bridge loans totaled $560.9 million, or 3.7% of our loan portfolio, and residential construction loans totaled $21.7 million, or 0.2% of our loan portfolio.

At September 30, 2024, adjustable-rate, residential real estate, first mortgage loans totaled $4.38 billion and comprised 28.5% of our loan portfolio.

The Company lends in 28 states and the District of Columbia and, through a correspondent lending partnership, we acquire first mortgages in six of those states.

At September 30, 2025, fixed-rate and adjustable-rate, first mortgage residential loans totaled $10.84 billion, or 69.1% of our loan portfolio, home equity lines of credit totaled $4.06 billion, or 25.9% of our loan portfolio, home equity loans and bridge loans totaled $749.5 million, or 4.8% of our loan portfolio, and residential construction loans totaled $12.3 million, or 0.2% of our loan portfolio.

At September 30, 2025, adjustable-rate, first mortgage residential loans totaled $3.94 billion and comprised of 25.2% of our loan portfolio.

Refer to Item 7.

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Loan Portfolio Composition.

The following table sets forth the composition of the portfolio of loans held for investment, by type of loan segregated by geographic location, at the indicated periods, excluding loans held for sale.

The following table sets forth the composition of the portfolio of loans held for investment, by principal balance and by type of loan segregated by geographic location, at the indicated periods, excluding loans held for sale.

The majority of our Home Today loan portfolio is secured by properties located in Ohio and the balances of other loans are immaterial.

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Other 2,687,788 2,803,098

Total 11,385,142 74.2% 12,078,158 79.4%

Residential Home Today Total (1) 40,936 0.3 46,508 0.3

Home equity loans and lines of credit

Total Residential Core

10,803,813 68.9% 11,385,142 74.2%

Total Residential Home Today (1)

35,933 0.2 40,936 0.3

Home equity lines of credit

Ohio 902,048 768,030

2 unchanged sentences

Other 1,606,996 1,275,014

Total 3,885,307 25.3 3,030,526 19.9

Total home equity lines of credit

4,062,798 25.9 3,323,381 21.7

Home equity loans

Ohio 174,984 148,721

Florida 162,395 139,912

Total 21,701 0.2 48,406 0.4

California 136,930 107,833

Other 275,239 165,460

Total home equity loans

749,548 4.8 561,926 3.6

Construction loans

Ohio 10,711 21,300

Florida 1,400 401

Total construction

12,302 0.2 21,701 0.2

Other loans 8,153 — 5,705 —

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(1) Residential Core and Home Today loans are primarily one- to four-family residential mortgage loans.

See the Residential Real Estate Mortgage Loans section which follows for a further description of Residential Core and Home Today loans.

See the Residential Mortgage Loans section which follows for a further description of Residential Core and Home Today loans.

The following table provides the amortized cost and an analysis of our real estate loans held for investment disaggregated by refreshed FICO score, year of origination and portfolio at September 30, 2025.

The Company treats the FICO score information as demonstrating that underwriting guidelines reduce risk rather than as a credit quality indicator utilized in the evaluation of credit risk.

Revolving loans reported at amortized cost include home equity lines of credit currently in their draw period.

FICO scores are updated quarterly as available.

The Company treats the following FICO score information as demonstrating that underwriting guidelines reduce risk rather than as a credit quality indicator utilized in the evaluation of credit risk.

Revolving loans reported at amortized cost include home equity lines of credit currently in their draw period, therefore not by year of origination.

Revolving loans converted to term are home equity lines of credit that are in repayment.

Home equity loans and bridge loans are segregated by origination year.

Revolving Loans Revolving Loans

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Total Residential Home Today — — — — — 35,471 — — 35,471

Home equity loans and lines of credit

Home equity lines of credit

— — — — — — 236,419 11,974 248,393

2 unchanged sentences

— — — — — — 33,280 4,454 37,734

Total Home equity loans and lines of credit 305,981 164,778 57,506 18,602 5,190 14,816 3,300,466 59,677 3,927,016

Total Home equity lines of credit

— — — — — — 4,043,334 57,331 4,100,665

Home equity loans

7,440 13,618 10,020 1,934 616 1,199 — — 34,827

72,696 45,410 25,163 6,350 1,642 1,731 — — 152,992

237,652 177,311 91,940 35,141 11,514 11,027 — — 564,585

197 733 871 538 165 582 — — 3,086

Total Home equity loans

317,985 237,072 127,994 43,963 13,937 14,539 — — 755,490

701 — — — — — — — 701

4,297 2,274 — — — — — — 6,571

Total Construction 4,998 2,274 — — — — — — 7,272

21 unchanged sentences

Total Residential Home Today — — — — — 35,471 — — 35,471

Home equity loans and lines of credit

Home equity lines of credit

<80% — — — — — — 3,824,832 44,792 3,869,624

3 unchanged sentences

— — — — — — 303 708 1,011

Total Home equity loans and lines of credit 305,981 164,778 57,506 18,602 5,190 14,816 3,300,466 59,677 3,927,016

Total Home equity lines of credit

— — — — — — 4,043,334 57,331 4,100,665

Home equity loans

<80% 306,644 232,016 124,400 42,494 13,620 11,995 — — 731,169

80-89.9% 11,341 5,056 3,594 1,445 317 866 — — 22,619

90-100% — — — — — 570 — — 570

>100% — — — 24 — 1,108 — — 1,132

Total Home equity loans

317,985 237,072 127,994 43,963 13,937 14,539 — — 755,490

<80% 2,660 908 — — — — — — 3,568

80-89.9% 2,338 1,366 — — — — — — 3,704

Total Construction 4,998 2,274 — — — — — — 7,272

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Ending September 30,

Residential Real Estate Home Equity

Credit Construction

(In thousands)

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Residential Home Today 35,931 — 35,931

Home Equity Loans and Lines of Credit 551,416 3,323,323 3,874,739

Home Equity Lines of Credit — 4,062,319 4,062,319

Home Equity Loans 738,861 — 738,861

Construction 12,302 — 12,302

1 unchanged sentence

Total loans receivable $ 7,638,405 $ 8,006,411 $ 15,644,816

Residential Real Estate Mortgage Loans.

The Company’s primary lending activity is the origination of residential real estate mortgage loans.

Residential Mortgage Loans.

The Company’s primary lending activity is the origination of residential mortgage loans.

A comparison of 2025 data to the corresponding 2024 data can be found in Item 7.

1 unchanged sentence

The Company currently offers fixed-rate conventional mortgage loans with terms of 30 years or less that are fully amortizing with monthly loan payments, and adjustable-rate mortgage loans that amortize over a period of up to 30 years, provide an initial fixed interest rate for three or five years and then adjust annually, subject to rate reset options as discussed later in this section.

At September 30, 2024, there were no “interest only” residential real estate mortgage loans held in the Company's portfolio.

The Company generally originates or purchases both fixed- and adjustable-rate mortgage loans in amounts up to 2 million dollars, for owner occupied, one- to four-family homes in most of our lending markets.

The loans originated or purchased for dollar amounts on the higher end of the range are commonly referred to as “jumbo loans.” The Company generally underwrites jumbo loans in a manner similar to conforming loans.

At September 30, 2025, there were no “interest only” residential mortgage loans held in the Company's portfolio.

The Company generally originates or acquires both fixed- and adjustable-rate mortgage loans in amounts up to 2 million dollars, for owner occupied, one- to four-family homes in most of our lending markets.

The loans originated or acquired for dollar amounts on the higher end of the range are commonly referred to as “jumbo loans.” The Company generally underwrites jumbo loans in a manner similar to conforming loans, with the exception of stricter credit criteria.

Jumbo loans are not uncommon in the Company’s market areas.

The Company offers “Smart Rate” adjustable-rate mortgage loan products secured by residential properties with interest rates that are fixed for an initial period of three or five years, after which the interest rate generally resets every year based upon a contractual spread or margin linked to the Prime Rate as published in the Wall Street Journal.

As part of a loan retention program, these adjustable-rate loans provide the borrower with an attractive rate reset option, which allows the borrower to re-lock the rate an unlimited number of times at the Company’s then current lending rates, for another three or five years (which must be the same as the original lock period), generally for a fee.

As part of a loan retention program, these adjustable-rate loans provide the borrower with an attractive rate reset alternative, which allows the borrower to re-lock the rate an unlimited number of times at the Company’s then current lending rates, for another three or five years (which must be the same as the original lock period), generally for a fee.

Re-lock eligibility is subject to a satisfactory payment performance history by the borrower (current at the time of re-lock, and no foreclosures or bankruptcies since the Smart Rate application was taken).

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Many of the borrowers who select adjustable-rate mortgage loans have shorter-term credit needs than those who select long-term, fixed-rate mortgage loans.

Adjustable-rate mortgage loans generally present different credit risks than fixed-rate mortgage loans primarily because the underlying debt service payments of the borrowers increase as interest rates increase, thereby increasing the potential for default.

All of the Company’s adjustable-rate mortgage loans are subject to periodic and lifetime limitations on interest rate changes.

All adjustable-rate mortgage loans have initial and periodic caps of two percentage points on interest rate changes, with a cap of six percentage points for the life of the loan.

Adjustable-rate

mortgage loans generally present different credit risks than fixed-rate mortgage loans primarily because the underlying debt service payments of the borrowers increase as interest rates increase, thereby increasing the potential for default.

Most of the Company’s adjustable-rate mortgage loans are subject to periodic and lifetime limitations on interest rate changes.

Most adjustable-rate mortgage loans have initial and periodic caps of two percentage points on interest rate changes, with a cap of six percentage points for the life of the loan.

The Company has never offered “Option ARM” loans, where borrowers can pay less than the interest owed on their loan, resulting in an increased principal balance during the life of the loan.

The Company has always considered the promotion of home ownership a primary goal.

The Company has always considered the promotion of successful home ownership a primary goal.

In that regard, it has historically offered affordable housing programs in all of its market areas.

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Previously, the Company’s primary affordable housing program was referred to as "Home Today".

The vast majority of loans originated under the Home Today program had higher risk characteristics than our Core residential real estate mortgage loan, but the Company attempted to mitigate that higher risk through the use of private mortgage insurance and continued pre- and post-purchase counseling.

The vast majority of loans originated under the Home Today program had higher risk characteristics than our Core residential mortgage loan, but the Company attempted to mitigate that higher risk through the use of private mortgage insurance and continued pre- and post-purchase counseling.

As of September 30, 2025, the Company had $35.9 million of loans outstanding that were originated through its Home Today program, most of which were originated prior to 2009.

At September 30, 2025, of the loans that were originated under the Home Today program, 4.45% were delinquent 30 days or more compared to 0.18% for the portfolio of Core loans as of that date.

At September 30, 2024, $0.7 million, or 1.7%, of loans originated under the Home Today program were delinquent 90 days and over and $3.7 million of

Home Today loans were non-accruing loans, representing 10.93% of total non-accruing loans as of that date.

At September 30, 2025, $0.6 million, or 1.58%, of loans originated under the Home Today program were delinquent 90 days or more and $3.0 million of Home Today loans were non-accruing loans, representing 7.83% of total non-accruing loans as of that date.

See Delinquent Loans and Non-performing Assets and Modified Loans for discussions of the asset quality of this portion of the Company’s loan portfolio.

The Company currently retains the servicing rights on all loans sold in order to generate fee income and reinforce its commitment to customer service.

One- to four-family residential mortgage real estate loans that have been sold were underwritten generally to Fannie Mae guidelines.

The Company currently retains the servicing rights on all conforming loans sold in order to generate fee income and reinforce its commitment to customer service.

One- to four-family residential mortgage loans that have been sold were underwritten generally to Fannie Mae guidelines.

At the time of the closing of these loans, the Company owns the loans and subsequently sells them to Fannie Mae and others providing normal and customary representations and warranties, including representations and warranties related to compliance, generally with Fannie Mae underwriting standards.

At the time of sale, the loans are free from encumbrances except for the mortgages filed by the Company which, with other underwriting documents, are subsequently assigned and delivered to Fannie Mae and others.

During the fiscal years ended September 30, 2024 and 2023, the Company recognized servicing fees, net of amortization, related to these servicing rights of $4.3 million and $4.5 million, respectively.

During the fiscal years ended September 30, 2025 and 2024, the Company recognized servicing fees, net of amortization, related to these servicing rights of $4.3 million for both periods.

As of September 30, 2025 and 2024, the principal balance of loans serviced for others totaled $2.13 billion and $1.97 billion, respectively.

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However, at September 30, 2025, a reserve of $0.4 million has been maintained to cover potential losses on repurchases or reimbursements that may arise in connection with representations and warranties made at time of sale.

The Company requires title insurance on all of its residential real estate mortgage loans.

The Company requires title insurance on all of its residential mortgage loans.

The Company also requires that borrowers maintain fire and extended coverage casualty insurance (and, if appropriate, flood insurance up to $250 thousand) in an amount at least equal to the lesser of the loan balance or the replacement cost of the improvements.

A majority of its residential real estate mortgage loans have a mortgage escrow account from which disbursements are made for real estate taxes and to a lesser extent for hazard insurance and flood insurance.

The Company does not conduct environmental testing on residential real estate mortgage loans unless specific concerns for hazards are identified by the appraiser used in connection with the origination of the loan.

A majority of its residential mortgage loans have a mortgage escrow account from which disbursements are made for real estate taxes and to a lesser extent for hazard insurance and flood insurance.

The Company does not conduct environmental testing on residential mortgage loans unless specific concerns for hazards are identified by the appraiser used in connection with the origination of the loan.

For home purchase loans with LTV ratios at origination in excess of 85% but equal to or less than 90%, the Company generally requires private mortgage insurance.

LTV ratios in excess of 85% are not available for refinance transactions except for Home Ready loans.

The Home Ready product requires private mortgage insurance on purchase transactions between 80.01% and 97% LTV and refinance transactions between 80.01% and 95% LTV.

The Home Ready product requires private mortgage insurance on purchase transactions between 80.01% and up to and including 97% LTV and refinance transactions between 80.01% and up to and including 95% LTV.

Beginning in fiscal year 2020, the Company offered a loan product allowing up to 95% LTV with no mortgage insurance for superior credit borrowers.

This program involved loans originated with higher interest rates than the Company's other residential real estate loans, and to qualify for this program the loan applicant must satisfy more stringent underwriting criteria (credit score, income qualification, and other criteria).

During fiscal year 2024, this program was suspended and as of September 30, 2024, the Company had $369.0 million of loans outstanding that were originated through this high LTV program.

This program involved loans originated with higher interest rates than the Company's other residential mortgage loans, and to qualify for this program the loan applicant must satisfy more stringent underwriting criteria (credit score, income qualification, and other criteria).

Home Equity Loans and Home Equity Lines of Credit .

The Company offers home equity loans and home equity lines of credit, which are primarily secured by a second mortgage on residences.

The Company offers home equity loans and home equity lines of credit, which are primarily secured by a second mortgage on primary residences.

The home equity product is offered in 28 states and the District of Columbia.

1 unchanged sentence

These offers were, and are, subject to certain property and credit performance conditions which, among other items, related to CLTV, geography, borrower income verification, minimum credit scores and draw period duration.

At September 30, 2024 and 2023, home equity loans totaled $560.9 million, or 3.7%, and $331.0 million, or 2.2%, respectively, of total loans receivable (which included $12.6 million and $9.5 million of bridge loans), and home equity lines of credit totaled $3.32 billion, or 21.7%, and $2.70 billion, or 17.8%, respectively, of total loans receivable (which included $59.5 million and $68.8 million, respectively, of home equity lines of credit which were in the amortization period and no longer eligible to be drawn upon).

At September 30, 2025 and 2024, home equity loans totaled $749.5 million, or 4.8%, and $560.9 million, or 3.7%, respectively, of total loans receivable (which included $18.1 million and $12.6 million of bridge loans), and home equity lines of credit totaled

$4.06 billion, or 25.9%, and $3.32 billion, or 21.7%, respectively, of total loans receivable (which included $57.0 million and $59.5 million, respectively, of home equity lines of credit which were in the amortization period and no longer eligible to be drawn upon).

Additionally, at September 30, 2025 and 2024, the undrawn amounts of home equity lines of credit totaled $5.55 billion and $5.22 billion, respectively.

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Home equity loans are offered with variable and fixed interest rates, are fully amortizing and have terms of up to 30 years.

The Company’s home equity lines of credit are offered with adjustable rates of interest indexed to the Prime Rate, as reported in The Wall Street Journal .

The following table sets forth credit exposure, principal balance, percent delinquent 90 days or more, the mean CLTV percent at the time of origination and the current mean CLTV percent of our home equity loans, home equity lines of credit and bridge loan portfolio as of September 30, 2024.

The Company’s home equity lines of credit are offered with adjustable rates of interest indexed to the Prime Rate, as reported in The Wall Street Journal and require the customer to pay an annual fee.

The following table sets forth credit exposure, principal balance, percent delinquent 90 days or more, the mean CLTV percent at the time of origination and the current mean CLTV percent of our home equity loan, home equity lines of credit and bridge loan portfolios as of September 30, 2025.

Home equity lines of credit in the draw period are reported according to geographical distribution.

11 unchanged sentences

9,557,552 4,005,764 0.11 % 60 % 47 %

Home equity lines in repayment, home equity loans and bridge loans

Home equity lines in repayment

57,035 57,035 1.37 % 59 % 29 %

Home equity loans and bridge loans

749,547 749,547 0.08 % 57 % 50 %

Total $ 10,364,134 $ 4,812,346 0.13 % 59 % 48 %

20 unchanged sentences

Construction financing generally involves greater credit risk than long-term financing on improved, owner-occupied real estate.

Loan Originations, Purchases, Sales, Participations and Servicing.

Loan Originations, Acquisitions, Sales, Participations and Servicing.

Lending activities are primarily conducted by the Company’s loan personnel (all of whom are non-commissioned associates) operating at our main and branch office locations and at our loan production offices.

1 unchanged sentence

The majority of long-term, fixed-rate loans are originated using Fannie Mae processing and underwriting guidelines.

Loans originated with the intent to hold for investment, all adjustable-rate loans and some fixed-rate loans are originated using guidelines that are similar, but not identical to Fannie Mae processing and underwriting guidelines.

Certain loans originated with the intent to hold for investment, all adjustable-rate loans and some fixed-rate loans, are originated using guidelines that are similar, but not identical to Fannie Mae processing and underwriting guidelines.

The Company originates both adjustable-rate and fixed-rate loans and advertises extensively throughout its market area.

1 unchanged sentence

The Company’s loan origination and sales activity may be adversely affected by a rising interest rate environment or economic recession, which typically results in decreased loan demand.

The Company’s residential real estate mortgage loan originations are generated by its in-house loan representatives, by direct mail solicitations, by referrals

from existing or past customers, by referrals from local builders and real estate brokers, from calls to its telephone call center and from the internet.

The Company also purchases first mortgage loans through a correspondent lending partnership.

The Company’s residential mortgage loan originations are generated by its in-house loan representatives, by direct mail solicitations, by referrals from existing or past customers, by referrals from local builders and real estate brokers, from calls to its telephone call center and from the internet.

The Company also acquires first mortgage loans through a correspondent lending partnership.

The Company determines whether to sell or securitize the loans that it originates, after evaluating current and projected market interest rates, its interest rate risk objectives, its liquidity needs and other factors.

During the fiscal year ended September 30, 2024, the Company sold, or committed to sell, to Fannie Mae, in either whole loan or security form, $247.4 million of long-term, fixed-rate residential real estate mortgage loans, all on a servicing retained basis.

During the fiscal year ended September 30, 2025, the Company sold, or committed to sell, in either whole loan or security form, $411.3 million of long-term, fixed-rate residential mortgage loans, with the majority sold to Fannie Mae on a servicing retained basis.

The Company has also previously sold to private parties, non-agency eligible, adjustable-rate loans on a servicing retained basis.

3 unchanged sentences

The balance of loans held for sale was $57.7 million at September 30, 2025.

In fiscal year 2022, the Company began purchasing first mortgage loans originated through a correspondent lending partnership.

In fiscal year 2022, the Company began acquiring first mortgage loans originated through a correspondent lending partnership.

These loans are underwritten by the correspondent lender with generally the same standards as our originated portfolio using Fannie Mae processing and underwriting guidelines.

During the fiscal year ended September 30, 2024, we purchased approximately $132.1 million of residential mortgage loans originated by our correspondent lending partner in Ohio, Indiana, Michigan, North Carolina, Pennsylvania and South Carolina.

During the fiscal year ended September 30, 2025, we acquired approximately $367.2 million of residential mortgage loans originated by our correspondent lending partner in Ohio, Indiana, Michigan, North Carolina, Pennsylvania and South Carolina.

The Company also has a program to originate loans with the intent to sell using risk-based pricing and loan level price adjustments.

The program is marketed under the name Mortgage Passport and is considered a division of the Association.

Both purchase and refinance products are offered through Mortgage Passport in 20 states and the District of Columbia, excluding Ohio and Florida.

The program is marketed under the name Mortgage Passport.

Refinance products are offered through Mortgage Passport in 21 states and the District of Columbia, excluding Ohio and Florida.

The impact to the Company from the program to date is considered immaterial and therefore no breakout is provided.

Historically, the Company has retained the servicing rights on all residential real estate mortgage loans that it has sold.

Historically, the Company has generally retained the servicing rights on all residential mortgage loans that it has sold.

At September 30, 2025, the Company serviced loans owned by others with a principal balance of $2.13 billion.

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The Company’s Board of Directors has delegated authority to its Executive Committee (consisting of the Company’s CEO and two directors) to review and assign lending authorities to certain individuals of the Company to consider and approve loans within their designated authority.

Residential real estate mortgage loans and construction loans require the approval of one individual with designated underwriting authority.

The Company requires independent third-party valuations of real property.

Residential mortgage loans and construction loans require the approval of one individual with designated underwriting authority.

The Company requires that all real property securing residential loans be valued by an independent third-party.

This applies to all residential loan transactions except for those specifically exempted by regulatory authority.

Appraisals are performed by independent licensed/certified appraisers.

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The following tables set forth the amortized cost in loan delinquencies by type, segregated by geographic location and duration of delinquency as of the dates indicated.

The majority of our Home Today loan portfolio is secured by properties located in Ohio and there are no other loans with delinquent balances.

There were no delinquencies in the construction loan portfolio for the fiscal years presented.

The majority of our Home Today loan portfolio is secured by properties located in Ohio, and therefore not segregated by state.

There were no delinquencies in the construction loan or other loans portfolios for the fiscal years presented.

Loans Delinquent For

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Residential Home Today 1,018 560 1,578

Home equity loans and lines of credit

Home equity lines of credit

Ohio 1,263 916 2,179

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Other 1,637 1,737 3,374

Total Home equity loans and lines of credit 5,255 4,360 9,615

Total Home equity lines of credit

6,173 5,296 11,469

Home equity loans

Ohio 218 271 489

Florida 266 363 629

California — 106 106

Other 366 195 561

Total Home equity loans

850 935 1,785

Total $ 17,390 $ 17,261 $ 34,651

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Residential Home Today 1,121 693 1,814

Home equity loans and lines of credit

Home equity lines of credit

Ohio 1,039 891 1,930

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Other 1,689 1,961 3,650

Total Home equity loans and lines of credit 3,961 3,876 7,837

Total Home equity lines of credit

4,570 4,078 8,648

Home equity loans

Ohio 82 102 184

Florida 105 151 256

California 204 29 233

Other 294 — 294

Total Home equity loans

Total $ 17,954 $ 13,934 $ 31,888

Total loans seriously delinquent (i.e.

delinquent 90 days or more) were 0.09% of total net loans at both September 30, 2024 and September 30, 2023.

delinquent 90 days or more) were 0.11% of total net loans at September 30, 2025 and 0.09% at September 30, 2024.

The percentage of loans seriously delinquent to total net loans increased in the residential Core portfolio from 0.06% to 0.07% year to year.

Such loans in the residential Home Today portfolio remained at 0.01%.

Home equity loans and lines of credit portfolio remained at 0.03%.

Although delinquencies remain at or near historic lows, recent economic trends and higher interest rates have led to increased delinquencies.

Interest rates on home equity lines of credit are tied to the prime rate of interest which remains elevated, resulting in higher and less affordable monthly payments for some borrowers.

Serious delinquencies to total net loans in the home equity lines of credit portfolio remained at 0.03% for both periods.

Serious delinquencies in the Home Today and home equity loans portfolios at September 30, 2025 and September 30, 2024, respectively, were not material as compared to the total net loans.

Although delinquencies in most portfolios remain at or near historic lows, recent economic trends and elevated interest rates on home equity lines of credit led to an upward trend in delinquencies in that portfolio.

Interest rates on home equity lines of credit are tied to the prime rate of interest which decreased 75 basis points during fiscal 2025, but remains elevated, resulting in higher and less affordable monthly payments for some borrowers.

Non-performing Assets and Modified Loans .

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When a loan is more than 30 days past due, the Company attempts to contact the borrower and develop a plan of repayment.

By the 90 th day of

delinquency, the Company may recommend foreclosure.

The loan will be evaluated based on collateral prior to the 180th day of delinquency.

By the 90 th day of delinquency, the Company may recommend foreclosure.

The loan will be evaluated for estimated loss based on the value of the collateral prior to the 180th day of delinquency.

For further discussion on evaluating collateral-dependent loans, refer to Note 5.

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Residential Home Today 3,032 3,672

Home equity loans and lines of credit 8,880 7,877

Home equity lines of credit

Home equity loans

Total non-accrual loans

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Total non-performing assets to total assets 0.23 % 0.20 %

Of the $7.7 million of modified loans during the fiscal year, $3.1 million are less than 90 days past due but included with non-accrual loans for a minimum period of six months from the modification date due to their non-accrual status or forbearance plan prior to modification, because of a prior partial charge-off or because all borrowers have filed Chapter 7 bankruptcy and have not reaffirmed or dismissed.

Of the $6.1 million of loans modified during the fiscal year 2025, $2.2 million are less than 90 days past due but included with non-accrual loans for a minimum period of six months from the modification date due to their non-accrual status or forbearance plan prior to modification, because of a prior partial charge-off or because all borrowers have filed Chapter 7 bankruptcy and have not reaffirmed or dismissed.

As of September 30, 2025, $1.1 million are included in non-accrual loans that are 90 days or more past due.

We continue to modify loans to work with borrowers who are experiencing financial difficulty to keep their homes and to preserve neighborhoods.

Loan modifications may include interest rate reductions, term extensions (generally including capitalization of delinquent amounts), significant payment delays (including forbearance plans, partial payments and repayment of delinquent amounts), other, or a combination thereof.

We continue to modify loans to work with borrowers who are experiencing financial difficulty to help them keep their homes and to preserve neighborhoods.

Loan modifications may include interest rate reductions, term extensions (generally including capitalization of delinquent amounts), significant payment delays, other concessions, or a combination thereof.

For additional information, refer to Note 5.

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When property is acquired, it is recorded at the estimated fair market value at the date of foreclosure, less estimated costs to sell, establishing a new cost basis.

Estimated fair value generally represents the sale price a buyer would be willing to pay on the basis of current market conditions.

Estimated fair value generally represents the sale price a buyer would

be willing to pay on the basis of current market conditions.

Subsequent to acquisition, real estate owned is carried at the lower of the cost basis or estimated fair market value, less estimated costs to sell.

Increases in the fair market value are recognized through income not exceeding the valuation allowance.

A valuation allowance is established for any excess of cost basis over estimated fair market value and subsequent increases in the fair market value are recognized through income, not exceeding the valuation allowance.

Holding costs and declines in estimated fair market value result in charges to expense after acquisition.

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When we classify a problem asset as loss, we charge-off that portion of the asset that is uncollectible.

Our determinations as to the classification of our assets and the amount of our credit loss allowances are subject to review by the Company's primary federal regulator, the OCC, which can require that we establish additional credit loss allowances.

Our determinations as to the classification of our assets and the amount of our credit loss allowances are subject to review by the Association's primary federal regulator, the OCC, which can require that we establish additional credit loss allowances.

We regularly review our asset portfolio to determine whether any assets require classification in accordance with applicable regulations.

On the basis of our review of assets at September 30, 2025, the amortized cost of classified assets consists of substandard assets of $53.0 million, including $1.9 million of real estate owned, and $5.7 million of assets designated special mention.

As of September 30, 2024, there were no individual assets with balances exceeding $1.0 million that were classified as substandard.

As of September 30, 2025, there were no individual assets with an amortized cost exceeding $1.0 million that were classified as substandard.

Substandard assets at September 30, 2025 include $17.2 million of loans 90 or more days past due and $33.8 million of loans less than 90 days past due displaying a weakness sufficient to warrant an adverse classification.

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We regularly review the loan portfolio and off-balance sheet exposures and make provisions (or releases) for losses in order to maintain the allowance for credit losses in accordance with U.S.

Our allowance for credit losses is a GVA on our portfolio made up of:

Our allowance for credit losses is a general valuation allowance (GVA) on our portfolio made up of:

(1) quantitative GVAs for loans, which are general allowances for credit losses for each loan type based on historical loan loss experience;

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• management's view of changes in national, regional, and local economic and business conditions and trends including treasury yields, housing market factors and trends, such as the status of loans in foreclosure, real estate in judgment and real estate owned, and unemployment statistics and trends and how it aligns with economic modeling forecasts;

• changes in the nature and volume of the portfolios including home equity lines of credit nearing the end of the draw period and adjustable-rate mortgage loans nearing a rate reset;

• changes in the nature and volume of the portfolios including home equity lines of credit utilization and adjustable-rate mortgage loans nearing a rate reset;

• changes in the experience, ability or depth of lending management;

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A borrower with more equity in the property has a vested interest in keeping the loan current when compared to a borrower with little or no equity in the property.

In light of the past weakness in the housing market and uncertainty with respect to future employment levels and economic prospects, we conduct an expanded loan level evaluation of our home equity loans and lines of credit, including bridge loans used to aid borrowers in buying a new home before selling their old one, which are delinquent 90 days or more.

Given the higher risk inherent in home equity loans and lines of credit and our experience during periods of weak housing markets and potential uncertainty with respect to future employment levels and economic prospects, we conduct an expanded loan level evaluation of our home equity loans and lines of credit, including bridge loans used to aid borrowers in buying a new home before selling their old one, which are delinquent 90 days or more.

This expanded evaluation is in addition to our traditional evaluation procedures.

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Our home equity loans and lines of credit portfolio continues to comprise a significant portion of our gross charge-offs.

At September 30, 2024, we had an amortized cost of $3.93 billion in home equity loans and home equity lines of credit outstanding, of which $4.4 million, or 0.1%, were delinquent 90 days or more.

At September 30, 2025, we had an amortized cost of $4.10 billion in home equity lines of credit outstanding and $755.5 million in home equity loans outstanding, of which $6.2 million, or 0.13% of the combined total, were delinquent 90 days or more.

The allowance for credit losses is evaluated based upon the combined total of the quantitative and qualitative GVAs.

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The following table sets forth activity for credit losses segregated by geographic location for the periods indicated.

The majority of our Residential Core and Home Today loan portfolios is secured by properties located in Ohio, and therefore was not segregated by state.

The majority of our Residential Core and Home Today loan portfolios is secured by properties located in Ohio, and therefore were not segregated by state.

At or For the Years Ended September 30,

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Charge-offs on real estate loans:

Residential Core

Ohio 221 257 234

Florida 5 — —

Total Residential Core 18 226 257

Total Residential Home Today 15 112 320

Home equity loans and lines of credit

Home equity lines of credit

Ohio 577 371 277

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Other 182 250 280

Total Home equity loans and lines of credit 875 665 954

Total Home equity lines of credit

1,064 842 649

Home equity loans

Ohio 17 17 16

Florida — 16 —

California — — —

Total Home equity loans

Total charge-offs 1,114 1,213 1,242

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Residential Home Today 1,804 2,105 2,451

Home equity loans and lines of credit 2,584 4,079 5,352

Home equity loans

2,143 2,503 3,973

Home equity lines of credit

Construction — 20 —

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Net recoveries 4,047 4,745 6,414

Release of allowance for credit losses on loans

Provision (release) of allowance for credit losses on loans

195 (1,796) (1,994)

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0.47 % 0.45 % 0.51 %

The following table sets forth additional information with respect to net recoveries (charge-offs) by category for the periods indicated.

The following table sets forth additional information with respect to net recoveries by category for the periods indicated rounded to the nearest hundredth of a percent.

For the Years Ended September 30,

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Residential Home Today 0.01 % 0.01 % 0.01 %

Home Equity loans and lines of credit 0.01 % 0.02 % 0.03 %

Home Equity lines of credit

0.01 % 0.01 % 0.02 %

Home Equity loans

Total net recoveries to average loans outstanding

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We continue to evaluate loans becoming delinquent for potential losses and record provisions for the estimate of those losses.

We reported net recoveries in each quarter for the past five years, primarily due to improvements in the values of properties used to secure loans that were fully or partially charged off after the 2008 collapse of the housing market.

We reported net recoveries in each quarter for the past six years, primarily due to improvements in the values of properties used to secure loans that were fully or partially charged off after the 2008 collapse of the housing market.

Charge-offs are recognized on loans identified as collateral-dependent and subject to individual review when the collateral value does not sufficiently support full repayment of the obligation.

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During the fiscal year ended September 30, 2025, recoveries exceeded loan charge-offs by $4.0 million.

Subject to changes in the economic environment, a moderate level of charge-offs are expected as delinquent loans are resolved in the future and uncollected balances are charged against the allowance.

Allocation of Allowance for Credit Losses.

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Residential Home Today (2,438) (3.3) 0.2 (2,672) (3.8) 0.3

Home equity loans and lines of credit 28,232 40.3 25.3 23,047 29.8 19.9

Home equity lines of credit

22,069 29.8 25.9 16,590 23.7 21.7

Home equity loans

14,645 19.7 4.8 11,642 16.6 3.6

Construction 29 — 0.1 40 0.1 0.1

Allowance for credit losses on loans $ 74,244 100.0 % 100.0 % $ 70,002 100.0 % 100.0 %

During the fiscal year ended September 30, 2024, the total allowance for credit losses decreased to $97.8 million, from $104.8 million at September 30, 2023.

During the fiscal year ended September 30, 2025, the total allowance for credit losses increased to $104.4 million, from $97.8 million at September 30, 2024.

The total allowance for credit losses is comprised of the asset portion, which is applied to the loan portfolio and the liability portion, which is applied to off-balance sheet exposures, primarily related to undrawn equity exposures.

During the fiscal year ended September 30, 2024 the asset and liability portions of the total allowance decreased to $70.0 million from $77.3 million and increased to $27.8 million from $27.5 million, respectively.

We recorded a $1.5 million net release for credit losses for the year, consisting of a $1.8 million release from credit losses on loans and a $0.3 million reclassification to credit losses on off-balance sheet exposures.

During the fiscal year ended September 30, 2025 the asset and liability portions of the total allowance increased to $74.2 million from $70.0 million and increased to $30.1 million from $27.8 million, respectively.

We recorded a $2.5 million net provision for credit losses for the year, consisting of a $0.2 million provision on loans and a $2.3 million provision for credit losses on off-balance sheet exposures.

Because many variables are considered in determining the appropriate level of general valuation allowances, directional changes in individual considerations do not always align with the directional change in the balance of a particular component of the general valuation allowance.

Changes in the allowance for credit losses on loan balances during the fiscal year ended September 30, 2024, were primarily related to the adoption of ASU 2022-02 at October 1, 2023, which eliminated the Individual Valuation Allowance (IVA) that was established for TDRs dependent on cash flows, and decreases in the Core

portfolio balances primarily due to aging.

This was offset by the net impact of increases in the equity portfolios primarily due to new growth and a decrease in total net recovery qualitative factors.

Changes in the allowance for credit losses on loan balances during the fiscal year ended September 30, 2025, were primarily related to the net impact of increases in the equity portfolio due to new growth and a lower net recovery forecast for total qualitative factors.

The amortized cost of the residential Core portfolio decreased 5.1%, or $578.3 million, and its total allowance decreased 10.1%, or $4.5 million, as of September 30, 2025, compared to September 30, 2024.

The amortized cost of the home equity loans and lines of credit portfolio increased 28.0%, or $859.7 million, and its total allowance increased 22.5% to $28.2 million from $23.0 million at September 30, 2023.

The amortized cost of the home equity

lines of credit portfolio increased 22.0%, or $739.5 million, and its total allowance increased 33.0% to $22.1 million from $16.6 million at September 30, 2024.

The amortized cost of the home equity loans increased 33.5%, or $189.7 million, and its total allowance increased 25.8% to $14.6 million from $11.6 million at September 30, 2024.

As we are no longer originating loans under our Home Today program, there is an expected net recovery position for this portfolio which was $2.4 million at September 30, 2025, and $2.7 million at September 30, 2024.

Under the CECL methodology, the life of loan concept allows for qualitative adjustments for the expected future recoveries of previously charged-off loans, which is driving the allowance balance for the Home Today loans negative.

Refer to the " Activity in the Allowances for Credit Losses" and "Analysis of the Allowance for Credit Losses" tables in Note 5.

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Our analysis for evaluating the adequacy of and the appropriateness of our allowance for credit losses is continually refined as relevant information, relating to past events, current conditions and supportable forecasts become available.

During the years ended September 30, 2024 and 2023, no material changes were made to the allowance for credit losses other than the adoption of ASU 2022-02.

During the years ended September 30, 2025 and 2024, no material changes were made to the allowance for credit losses methodology other than the adoption of ASU 2022-02 during fiscal 2024.

The Association’s Board of Directors is responsible for establishing and overseeing the Association’s investment policy.

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Government Obligations.

Government securities generally provide lower yields than other investment options authorized in the Association's and Company's investment policies, we maintain these investments, to the extent appropriate, for liquidity purposes, as collateral for borrowings and interest rate exchange contracts (swaps) and as an interest rate risk hedge in the event of significant mortgage loan prepayments.

Government securities generally provide lower yields than other investment options authorized in the Association's and Company's investment policies, we maintain these investments, to the extent

appropriate, for liquidity purposes, as collateral for borrowings and interest rate exchange contracts (swaps) and as an interest rate risk hedge in the event of significant mortgage loan prepayments.

Mortgage-Backed Securities.

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Additional sources of funds are borrowings from the FRB-Cleveland Discount Window, scheduled loan payments, maturing investments, loan prepayments, collateralized wholesale borrowings, Fed Fund purchases, income on other earning assets, the proceeds from loan sales, and brokered deposits.

As a result of favorable market conditions, proceeds from loan sales increased during fiscal year 2024 which contributed to the retirement of some FHLB of Cincinnati borrowings.

As a result of favorable market conditions, proceeds from loan sales increased during fiscal year 2025 which contributed to the Association's lending and investment activities.

The Association obtains deposits primarily from the areas in which its branch offices are located, as well as from its customer service call center, its internet website, and from brokered deposits.

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Checking accounts totaled $785.8 million (including $746.4 million of interest-bearing checking accounts) and savings accounts totaled $1.17 billion (including $1.34 billion of higher yield savings accounts and MMKs).

At September 30, 2024, the Association had a total of $8.02 billion in CDs (including $1.22

billion of brokered CDs), of which $4.95 billion had remaining maturities of one year or less.

At September 30, 2025, the Association had a total of $8.47 billion in CDs (including $902.1 million of brokered CDs), of which $5.64 billion had remaining maturities of one year or less.

Based on historical experience and its current pricing strategy, management believes the Association will retain a large portion of these balances upon maturity.

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As of September 30, 2025, the aggregate amount of the Association’s outstanding certificates of deposit in amounts greater than $250 thousand was approximately $313.4 million.

The following table sets forth the maturity of those CDs as of September 30, 2024.

The following table sets forth the maturity of those uninsured CDs as of September 30, 2025.

September 30, 2025

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BORROWED FUNDS of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

The following tables set forth information relating to a category of short-term borrowings.

The following tables set forth information relating to categories of short-term borrowings.

There are no borrowings with original terms between 30 and 90 days.

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Ohio equity capital is taxed at a three-tiered rate of 0.8% on the first

$200 million, 0.4% on amounts greater than $200 million and less than or equal to $1.3 billion, and 0.25% on amounts greater than $1.3 billion.

$200 million, 0.4% on amounts greater than $200 million and less than $1.30 billion, and 0.25% on amounts greater than or equal to $1.30 billion.

SUPERVISION AND REGULATION

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The Association is a federal savings association that is currently examined and supervised by the OCC and the CFPB, and is subject to examination by the FDIC under certain circumstances.

This regulation and supervision establishes a comprehensive framework of activities in which an institution may engage and is intended primarily for the protection of the FDIC’s deposit insurance fund and depositors.

This regulation and supervision establishes a comprehensive framework of activities in which an institution may engage and is intended primarily for the protection of the FDIC’s DIF and depositors.

Under this system of federal regulation, financial institutions are periodically examined to ensure that they satisfy applicable standards with respect to their capital adequacy, assets, management, earnings, liquidity and sensitivity to market risk.

Following completion of its examination, the federal agency critiques the institution’s operations and assigns its rating (known as an institution’s CAMELS rating).

Following completion of its examination, the OCC critiques the institution’s operations and assigns its rating (known as an institution’s CAMELS rating).

Under federal law, an institution may not disclose its CAMELS rating to the public.

The Association also is a member of and owns stock in the FHLB of Cincinnati, which is one of the eleven regional banks in the FHLB System.

The OCC will examine the Association and prepare reports for the consideration of the Association’s Board of Directors on any operating deficiencies.

The CFPB has examination and enforcement authority over the Association with respect to consumer protection laws and regulations.

Any change in these laws or regulations, whether by the FDIC, OCC, FRS, CFPB or Congress, could have a material impact on the Company, the Association, and their operations.

The Association’s relationship with its depositors and borrowers also is regulated to a great extent by federal law and, to a much lesser extent, state law, especially in matters concerning the ownership of deposit accounts and the form and content of the Association’s mortgage documents.The Association also is a member of and owns stock in the FHLB of Cincinnati, which is one of the eleven regional banks in the FHLB System.

Any change in these laws or regulations, whether by the FDIC, OCC, FRS, CFPB, FHLB or Congress, could have a material impact on the Company, the Association, and their operations.

Certain statutes and regulations that are applicable to the Association and the Company are described below.

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a common equity Tier 1 capital to risk-based assets ratio, a Tier 1 capital to risk-based assets ratio, a total capital to risk-based assets ratio, and a Tier 1 capital to total assets leverage ratio.

The capital standards require the maintenance of common equity Tier 1 capital, Tier 1 capital and total capital to risk-weighted assets of at least 4.5%, 6% and 8%, respectively, and a leverage ratio of at least 4% Tier 1 capital.

Common equity Tier 1 capital is generally defined as common stockholders’ equity and retained earnings.

Tier 1 capital is generally defined as common equity Tier 1 and additional Tier 1 capital.

Additional Tier 1 capital includes certain noncumulative perpetual

preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries.

Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital.

Additional Tier 1 capital includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries.

Total capital includes Tier 1 capital

(common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital.

Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt.

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As a federal savings association, the Association must satisfy the qualified thrift lender test.

Under the QTL test, the Association must maintain at least 65% of its “portfolio assets” in “qualified thrift investments” (primarily residential mortgages and related investments, including mortgage-backed securities) in at least nine months of the most recent 12-month period.

Under the HOLA QTL test, the Association must maintain at least 65% of its “portfolio assets” in “qualified thrift investments” (primarily residential mortgages and related investments, including mortgage-backed securities) in at least nine months of the most recent 12-month period.

“Portfolio assets” generally means total assets of a federal savings association, less the sum of specified liquid assets up to 20% of total assets, goodwill and other intangible assets, and the value of property used in the conduct of the federal savings association’s business.

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Under the DFA, non-compliance with the QTL test may subject the Association to agency enforcement action for a violation of law.

At September 30, 2024, the Association satisfied the QTL test.

At September 30, 2025, the Association satisfied the HOLA QTL test.

Capital Distributions.

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In addition, the Federal Deposit Insurance Act provides that an insured depository institution may not make any capital distribution if the institution would be undercapitalized after the distribution.

The Association, in compliance with the preceding requirements, did not pay a cash dividend to the Company during the fiscal year ended September 30, 2024, paid a $40 million cash dividend to the Company during the fiscal year ended September 30, 2023, and a $56 million cash dividend to the Company during the fiscal year ended September 30, 2022.

The Association, in compliance with the preceding requirements, paid a $40 million cash dividend to the Company during the fiscal year ended September 30, 2025, did not pay a cash dividend to the Company during the fiscal year ended September 30, 2024, and paid a $40 million cash dividend to the Company during the fiscal year ended September 30, 2023.

There were no dividends paid to the Company by Third Capital, the Company's other wholly owned subsidiary, during the fiscal years ended September 30, 2025, 2024 or 2023.

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As of September 30, 2025, 4,944,086 shares remain to be purchased under the program.

Under current FRS regulations, Third Federal Savings, MHC is required to obtain the approval of its members (depositors and certain loan customers of the Association) every 12 months to enable Third Federal Savings, MHC to waive its right to receive dividends on the Company’s common stock that Third Federal Savings, MHC owns.

Under FRS regulations, Third Federal Savings, MHC is required to obtain the approval of its members (depositors and certain loan customers of the Association) every 12 months to enable Third Federal Savings, MHC to waive its right to receive dividends on the Company’s common stock that Third Federal Savings, MHC owns.

Starting in 2014, Third Federal Savings, MHC has received this approval of its members at every meeting held.

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In connection with its examination of a federal savings association, the OCC is required to assess the association’s record of compliance with the CRA.

A federal savings association’s failure to comply with the provisions of the CRA could, at a minimum, result in denial of certain corporate applications such as branches, mergers, minority stock offerings or second-step conversion, or in restrictions on its activities.

In July 2024, the Association received a rating of "Satisfactory" from the OCC for the exam during for the period of January 1, 2020 through December 31, 2022.

On October 24, 2023, the FDIC, the FRS and the OCC released a final rule revising the framework used to evaluate banks' records of community reinvestment under the CRA.

Under the revised framework, banks with assets of at least $2 billion, such as the Association, are considered large banks and will have their retail lending, retail services and products, community development financing, and community development services subject to periodic evaluation.

Depending on a large bank's geographic concentrations of lending, the evaluation of retail lending may include assessment areas in which the bank extends loans but does not operate any deposit-taking facilities, in addition to assessment areas in which the bank has deposit-taking facilities.

Under the rule as written, provisions of the final rule would apply beginning January 1, 2026, and the remaining provisions would apply beginning January 1, 2027, but in March 2024, a federal district court issued a preliminary injunction of the regulations.

The Association is evaluating the impact of the final rule.

A federal savings association’s failure to comply with the provisions of the CRA could, at a minimum, result in denial of certain corporate applications such as branch openings/closings, mergers, minority stock offerings or second-step conversion, or in restrictions on its activities.

In July 2024, the Association received a rating of "Satisfactory" from the OCC for the exam concluded in November 2023 covering the period of January 1, 2020 through December 31, 2022.

In addition, the ECOA and FHA prohibit lenders from discriminating in their lending practices on the basis of characteristics specified in those statutes.

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Transactions with Affiliates.

A federal savings association’s authority to engage in transactions with its affiliates is limited by Sections 23A and 23B of the Federal Reserve Act and its implementing Regulation W.

A federal savings association’s authority to engage in transactions with its affiliates is limited by Sections 23A and 23B of the Federal Reserve Act and its implementing regulation, Regulation W.

An affiliate includes a company that controls, is controlled by, or is under common control with an insured depository institution such as the Association.

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In this regard, covered transactions between an insured depository institution and its affiliates are limited to 10% of the institution’s unimpaired capital and unimpaired surplus for transactions with any one affiliate, and 20% of unimpaired capital and unimpaired surplus for transactions in the aggregate with all affiliates.

Collateral in specified amounts ranging from 100% to 130% of the amount of the transaction must be provided by affiliates in order to receive loans from the insured depository institution.

Collateral in specified amounts ranging from 100% to 130% of the amount of the transaction must be provided by affiliates in order to receive loans from the insured

depository institution.

In addition, federal regulations prohibit a federal savings association from lending to any of its affiliates that are engaged in activities that are not permissible for bank holding companies and from purchasing the securities of any affiliate, other than a subsidiary.

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Extensions of Credit to Insiders.

The Association’s authority to extend credit to its directors, executive officers and 10% shareholders, as well as to entities controlled by such persons, is governed by the requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the FRS.

The Association’s authority to extend credit to its, and its affiliates' directors, executive officers and 10% shareholders, as well as to entities controlled by such persons, is governed by the requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the FRS.

Among other things, these provisions require that extensions of credit to insiders:

(i) subject to certain exceptions for loan programs made available to all employees, be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features;

(ii) do not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of the Association’s capital.

In addition, extensions of credit in excess of certain limits must be approved by the Association’s Board of Directors.

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These standards relate to, among other things, internal controls, information systems, audit systems, loan documentation, credit underwriting, interest rate risk exposure, asset growth, compensation, and other operational and managerial standards as the agency deems appropriate.

The federal banking agencies adopted Interagency Guidelines Prescribing Standards for Safety and Soundness to implement the safety and soundness standards required under federal law.

The federal banking agencies adopted Interagency Guidelines Establishing Standards for Safety and Soundness to implement the safety and soundness standards required under federal law.

The guidelines set forth the safety and soundness standards that the federal banking agencies use to identify and address problems at insured depository institutions before capital becomes impaired.

If the appropriate federal banking agency determines that an institution fails to meet any standard prescribed by the guidelines, the agency may require the institution to submit to the agency an acceptable plan to achieve compliance with the standard.

If an institution fails to meet these standards, the appropriate federal banking agency may require the institution to submit a compliance plan.

Failure to implement such a plan can result in further enforcement action, including the issuance of a cease and desist order and/or the imposition of civil money penalties.

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The assessment range for Large Institutions (inclusive of adjustments specified by the FDIC) is 2.5 to 42 basis points.

On November 16, 2023, the FDIC approved a final rule to implement a special assessment on certain banking organizations with financial institution subsidiaries with more than $5 billion in assets, in order to recover the costs associated

with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank in March 2023.

The special assessment will be collected beginning with the first quarterly assessment period of 2024 at an annual rate of approximately 13.4 basis points for an anticipated total of eight quarterly periods and is subject to periodic adjustments.

The assessment base is equal to uninsured deposits reported as of December 31, 2022, adjusted to exclude the first $5 billion.

Because the Association's uninsured deposits at the measurement date were below $5 billion, the Association was not subject to this special assessment.

Insurance of deposits may be terminated by the FDIC upon a finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, order or condition imposed by the FDIC.

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Under the limited exception, qualified banks are eligible for exemption from treatment as "brokered" deposits up to $5 billion, or 20% of the institution's total liabilities in reciprocal deposits.

Cyber Security.

The federal banking agencies recently adopted rules providing for new notification requirements for banking organizations and their service providers for significant cybersecurity incidents.

Specifically, the new rules require a banking organization to notify its primary federal regulator as soon as possible, and not later than 36 hours after it is determined that a "computer-security incident" rising to the level of a "notification incident" has occurred.

Cybersecurity.

The federal banking agencies have adopted rules providing for notification requirements for banking organizations and their service providers for significant cybersecurity incidents.

Specifically, the rules require a banking organization to notify its primary federal regulator as soon as possible, and not later than 36 hours after it is determined that a

"computer-security incident" rising to the level of a "notification incident" has occurred.

Notification is required for incidents that have materially affected, or are reasonably likely to materially affect, the viability of a banking organization's operations, its ability to deliver banking products and services, or the stability of the financial sector.

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• Fair Credit Reporting Act, governing the use and provision of information to credit reporting agencies;

• Fair Debt Collection Act, governing the manner in which consumer debts may be collected by collection agencies;

• Fair Debt Collection Practices Act, governing the manner in which consumer debts may be collected by collection agencies;

• Implementing regulations of the relevant federal agencies charged with the responsibility of implementing such federal laws that have supervisory authority over the Association.

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• The Bank Secrecy Act and Title III of The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (referred to as the “USA PATRIOT Act”), which require the Association to implement a compliance program to detect and prevent money laundering, terrorist financing, and illicit crime.

Together, the BSA and USA PATRIOT Act require the Association to implement internal controls, conduct customer due diligence, maintain records, and file reports;

Together, the BSA and USA PATRIOT Act require the Association to implement internal controls, conduct customer due diligence, maintain records, and file reports, among other things;

• Regulations of the Office of Foreign Assets Control that enforce economic and trade sanctions against targeted foreign countries, regimes, and other designated individuals and organizations;

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The DFA extended the “source of strength” doctrine, which had traditionally been applicable to bank holding companies, to savings and loan holding companies.

FRS regulations require that all savings and loan holding companies serve as a source of strength to their subsidiary depository institutions by providing capital, liquidity and other support in times of financial stress.

FRS regulations require that all savings and loan holding companies serve as a source of financial and managerial strength to their subsidiary depository institutions by providing capital, liquidity and other support in times of financial stress.

Waivers of Dividends by Third Federal Savings, MHC .

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In addition, a majority of the mutual holding company’s members eligible to vote must approve a dividend waiver by a mutual holding company within 12 months prior to the declaration of the dividend being waived.

Third Federal Savings, MHC received the approval of its members (depositors and certain loan customers of the Association) with respect to the waiver of dividends, and subsequently received the non-objection of the FRB-Cleveland, to waive dividends aggregating up to $1.13 per share on the common stock of the

Company for the 12 months following the special meeting of members held on July 9, 2024.

Third Federal Savings, MHC has received the approval of its members every calendar year beginning in 2014.

Additional details on the waiver of dividends can be found above under the Capital Distributions section of Supervision and Regulation .

Conversion of Third Federal Savings, MHC to Stock Form .

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Our workplace culture is grounded in a set of core values – love (a genuine concern for others), trust, respect, a commitment to excellence and a little bit of fun – which is lived out daily in our work.

We seek to hire well-qualified associates who are also a good fit for our value system.

We seek to hire well-qualified associates

who are also a good fit for our value system.

Our selection and promotion processes are without bias and include the active recruitment of minorities and women.

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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-K

Item 1. Business