What changed in this filing

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Item 1. Financial Statements

2026-02-05 compared with 2025-08-07 · 187 added, 332 removed, 903 unchanged (36% of the section changed)

36 unchanged sentences

332,318,750 shares issued;

280,779,576 and 280,710,854 outstanding at June 30, 2025 and September 30, 2024, respectively

280,624,799 and 280,590,497 outstanding at December 31, 2025 and September 30, 2025, respectively

Paid-in capital 1,756,360 1,757,813

Treasury stock, at cost;

51,539,174 and 51,607,896 shares at June 30, 2025 and September 30, 2024, respectively

51,693,951 and 51,728,253 shares at December 31, 2025 and September 30, 2025, respectively

( 774,311 ) ( 774,340 )

9 unchanged sentences

(In thousands, except share and per share data)

For the Three Months Ended For the Nine Months Ended

June 30, June 30,

2025 2024 2025 2024

For the Three Months Ended

INTEREST AND DIVIDEND INCOME:

14 unchanged sentences

Net gain on the sale of loans

726 723 3,028 1,646

Increase in and death benefits from bank owned life insurance contracts 2,764 2,682

20 unchanged sentences

(In thousands)

For the Three Months Ended For the Nine Months Ended

June 30, June 30,

2025 2024 2025 2024

For the Three Months Ended

Net income $ 22,274 $ 22,426

5 unchanged sentences

Total other comprehensive income (loss)

( 16,797 ) 196 ( 397 ) ( 42,598 )

Total comprehensive income

4 unchanged sentences

(In thousands, except share and per share data)

For the Three Months Ended June 30, 2024

Paid-in capital

Treasury stock

Unallocated common stock held by ESOP

Retained earnings

Accumulated other comprehensive income (loss)

Total shareholders' equity

Balance at March 31, 2024 $ 3,323 $ 1,751,960 $ ( 772,195 ) $ ( 24,917 ) $ 906,908 $ 42,418 $ 1,907,497

— — — — 19,953 — $ 19,953

Other comprehensive income, net of tax

— — — — — 196 $ 196

ESOP shares allocated or committed to be released

— 280 — 1,083 — — $ 1,363

Compensation costs for equity incentive plans

— 840 — — — — $ 840

Treasury stock allocated to equity incentive plans

— ( 6 ) — — — — $ ( 6 )

Dividends declared to common shareholders ($ 0.2825 per common share)

— — — — ( 14,779 ) — $ ( 14,779 )

Balance at June 30, 2024 $ 3,323 $ 1,753,074 $ ( 772,195 ) $ ( 23,834 ) $ 912,082 $ 42,614 $ 1,915,064

For the Three Months Ended June 30, 2025

Common Stock Paid-in capital Treasury stock Unallocated common stock held by ESOP Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity

Balance at March 31, 2025 $ 3,323 $ 1,755,054 $ ( 771,123 ) $ ( 20,584 ) $ 929,195 $ 792 $ 1,896,657

Net Income — — — — 21,513 — 21,513

Other comprehensive income (loss), net of tax

— — — — — ( 16,797 ) ( 16,797 )

ESOP shares allocated or committed to be released — 312 — 1,084 — — 1,396

Compensation costs for equity incentive plans — 947 — — — — 947

Purchase of treasury stock ( 57,500 shares)

— — ( 740 ) — — — ( 740 )

Treasury stock allocated to equity incentive plans — ( 6 ) 2 — — — ( 4 )

Dividends declared to common shareholders ($ 0.2825 per common share)

— — — — ( 14,966 ) — ( 14,966 )

Balance at June 30, 2025 $ 3,323 $ 1,756,307 $ ( 771,861 ) $ ( 19,500 ) $ 935,742 $ ( 16,005 ) $ 1,888,006

For the Nine Months Ended June 30, 2024

For the Three Months Ended December 31, 2024

stock Paid-in

7 unchanged sentences

Balance at September 30, 2024 $ 3,323 $ 1,754,365 $ ( 772,195 ) $ ( 22,750 ) $ 915,489 $ ( 15,608 ) $ 1,862,624

Cumulative effect from changes in accounting principle, net of tax 1

— — — — 7,898 — 7,898

Net income — — — — 22,426 — 22,426

6 unchanged sentences

— — — — ( 14,776 ) — ( 14,776 )

Balance at June 30, 2024 $ 3,323 $ 1,753,074 $ ( 772,195 ) $ ( 23,834 ) $ 912,082 $ 42,614 $ 1,915,064

For the Nine Months Ended June 30, 2025

Balance at December 31, 2024 $ 3,323 $ 1,754,241 $ ( 771,572 ) $ ( 21,667 ) $ 923,139 $ 26,813 $ 1,914,277

For the Three Months Ended December 31, 2025

stock Paid-in

17 unchanged sentences

— — — — ( 14,892 ) — ( 14,892 )

Balance at June 30, 2025 $ 3,323 $ 1,756,307 $ ( 771,861 ) $ ( 19,500 ) $ 935,742 $ ( 16,005 ) $ 1,888,006

1 Related to ASU 2022-02 adopted November 2, 2023, based on September 30, 2023 data.

Balance at December 31, 2025 $ 3,323 $ 1,756,360 $ ( 774,311 ) $ ( 17,334 ) $ 954,158 $ ( 21,231 ) $ 1,900,965

See accompanying notes to unaudited interim consolidated financial statements.

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands)

For the Nine Months Ended June 30,

For the Three Months Ended December 31,

CASH FLOWS FROM OPERATING ACTIVITIES:

6 unchanged sentences

Net gain on the sale of loans ( 2,329 ) ( 1,115 )

Other net (gains) losses ( 19 ) 276

Proceeds from sales of loans held for sale 63,257 67,711

Loans originated and principal repayments on loans for sale ( 57,322 ) ( 88,404 )

Other net losses (gains) 101 ( 19 )

Proceeds from sales of loans originated as held for sale 32,452 34,970

Loan originations, acquisitions and principal repayments on loans held for sale

( 17,212 ) ( 22,716 )

Increase in bank owned life insurance contracts ( 2,603 ) ( 2,548 )

Net decrease in interest receivable and other assets 6,456 10,109

Net increase in accrued expenses and other liabilities 1,178 92,894

Net increase (decrease) in accrued expenses and other liabilities 11,801 ( 1,710 )

Net cash provided by operating activities 58,748 45,545

13 unchanged sentences

Other ( 231 ) 289

Net cash used in investing activities ( 310,366 ) ( 12,839 )

Net cash provided by (used in) investing activities 13,970 ( 2,725 )

CASH FLOWS FROM FINANCING ACTIVITIES:

Net increase in deposits 154,792 564,596

Net increase (decrease) in borrowers' advances for insurance and taxes 4,262 ( 57,660 )

Net increase (decrease) in principal and interest owed on loans serviced 1,484 ( 12,944 )

Net increase (decrease) in short-term borrowed funds 420,000 ( 742,000 )

Net (decrease) increase in deposits ( 76,763 ) 14,431

Net increase in borrowers' advances for insurance and taxes 20,438 26,374

Net increase in principal and interest owed on loans serviced 11,928 10,665

Net (decrease) increase in short-term borrowed funds ( 28,000 ) 41,000

Net increase in Fed Funds purchased

Proceeds from long-term borrowed funds 50,000 —

Repayment of long-term borrowed funds ( 100,560 ) ( 175,673 )

Cash collateral/settlements received from (provided to) derivative counterparties ( 2,131 ) ( 44,851 )

Cash collateral/settlements (provided to) received from derivative counterparties

( 54,391 ) 58,260

Acquisition or net settlement of treasury shares ( 2,988 ) ( 767 )

Dividends paid to common shareholders ( 15,112 ) ( 14,897 )

Net cash provided by (used in) financing activities 205,707 ( 40,752 )

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ( 11,137 ) 93,689

Net cash used in financing activities ( 45,448 ) ( 40,607 )

NET INCREASE IN CASH AND CASH EQUIVALENTS 27,270 2,213

CASH AND CASH EQUIVALENTS—Beginning of period 429,439 463,718

17 unchanged sentences

The principal line of business of the Company is retail consumer banking, including mortgage lending, deposit gathering, and other financial services.

As of June 30, 2025, approximately 80.9 % of the Company’s outstanding shares were owned by the federally chartered mutual holding company, Third Federal Savings, MHC.

As of December 31, 2025, approximately 80.9 % of the Company’s outstanding shares were owned by the federally chartered mutual holding company, Third Federal Savings, MHC.

The thrift subsidiary of TFS Financial Corporation is Third Federal Savings and Loan Association of Cleveland.

5 unchanged sentences

The allowance for credit losses, the valuation of deferred tax assets, and the determination of pension obligations are particularly subject to change.

The unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the consolidated financial condition of the Company at June 30, 2025, and its consolidated results of operations and cash flows for the periods presented.

The unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the consolidated financial condition of the Company at December 31, 2025, and its consolidated results of operations and cash flows for the periods presented.

Such adjustments are the only adjustments reflected in the unaudited interim financial statements.

5 unchanged sentences

Those streams are not material to the Company's consolidated financial statements and therefore quantitative information regarding these streams is not disclosed.

The Company operates as a single reportable segment that derives revenues primarily from providing residential mortgage loans and deposit products to customers in the United States.

The Company's CODM is the CEO, who regularly assesses performance on a consolidated basis and decides how to allocate resources based on net income as reported in the Company's CONSOLIDATED STATEMENTS OF INCOME.

The CODM uses net income to evaluate income generated from segment assets (return on assets), compare performance to peer banks and monitor budget-to-actual results.

The CODM is also regularly provided with, and reviews, expense information at a level consistent with that disclosed in the Company's consolidated financial statements, including its significant expense categories, such as interest expense, provisions for credit losses, salaries, employee benefits and marketing expense.

As the Company consists of one reportable segment, the segment assets are reflected on the CONSOLIDATED STATEMENTS OF CONDITION as "total assets".

EARNINGS PER SHARE

Basic earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period.

Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares.

For purposes of computing earnings per share amounts, outstanding shares include shares held by the public, shares held by the ESOP that have been allocated to participants or committed to be released for allocation to participants, and the 227,119,132 shares held by Third Federal Savings, MHC.

For purposes of computing dilutive earnings per share, stock options and restricted and performance share units with a dilutive impact are added to the outstanding shares used in the basic earnings per share calculation.

Basic EPS represents the earnings available to each share of common stock outstanding during the reporting period.

Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares.

For purposes of computing EPS amounts, outstanding shares include shares held by the public, shares held by the ESOP that have been allocated to participants or committed to be released for allocation to participants, and the 227,119,132 shares held by Third Federal Savings, MHC.

For purposes of computing dilutive EPS, stock options and restricted and performance share units with a dilutive impact are added to the outstanding shares used in the basic EPS calculation.

Unvested shares awarded pursuant to the Company's restricted stock plans are treated as participating securities in the computation of EPS pursuant to the two-class method as they contain nonforfeitable rights to dividends.

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

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

participating security.

Performance share units, determined to be contingently issuable and not participating securities, are excluded from the calculation of basic EPS.

At June 30, 2025 and 2024, the ESOP held 1,950,026 and 2,383,366 shares, respectively, that were neither allocated to participants nor committed to be released to participants.

The following is a summary of the Company's earnings per share calculations.

For the Three Months Ended June 30,

Income Shares Per share

amount Income Shares Per share

(Dollars in thousands, except per share data)

Net income $ 21,513 $ 19,953

income allocated to restricted stock units 363 343

Basic earnings per share:

Income available to common shareholders 21,150 278,832,875 $ 0.08 19,610 278,291,376 $ 0.07

Diluted earnings per share:

Effect of dilutive potential common shares 1,040,399 929,984

Income available to common shareholders $ 21,150 279,873,274 $ 0.08 $ 19,610 279,221,360 $ 0.07

For the Nine Months Ended June 30,

At December 31, 2025 and 2024, the ESOP held 1,733,356 and 2,166,696 shares, respectively, that were neither allocated to participants nor committed to be released to participants.

The following is a summary of the Company's EPS calculations.

For the Three Months Ended December 31,

Income Shares Per share

8 unchanged sentences

Income available to common shareholders $ 21,910 279,908,875 $ 0.08 $ 22,073 279,578,652 $ 0.08

The following is a summary of outstanding stock options and restricted and performance share units that are excluded from the computation of diluted earnings per share because their inclusion would be anti-dilutive.

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

2025 2024 2025 2024

The following is a summary of outstanding stock options and restricted and performance share units that are excluded from the computation of diluted EPS because their inclusion would be anti-dilutive.

For the Three Months Ended December 31,

Options to purchase shares 701,175 1,513,175

2 unchanged sentences

Investments available for sale are summarized in the tables below.

June 30, 2025

December 31, 2025

Unrealized Fair

11 unchanged sentences

Total $ 542,197 $ 2,292 $ ( 23,830 ) $ 520,659

At June 30, 2025 and September 30, 2024, investment securities included $ 50,111 and $ 68,932 , respectively, of U.S.

government obligations pledged as collateral on our open swap positions to meet margin requirements established by the clearing organization.

Accrued interest on investment securities is $ 1,959 and $ 2,399 at June 30, 2025 and September 30, 2024, respectively, and is reported in accrued interest receivable on the CONSOLIDATED STATEMENTS OF CONDITION .

The following is a summary of our securities portfolio by the period remaining until contractual maturity and by weighted average yield at June 30, 2025 and September 30, 2024.

At December 31, 2025 and September 30, 2025, investment securities included $ 0 and $ 50,032 , respectively, of U.S.

government obligations pledged as collateral on the Company's open swap positions to meet margin requirements established by the clearing organization.

Accrued interest on investment securities is $ 1,461 and $ 2,556 at December 31, 2025 and September 30, 2025, respectively, and is reported in accrued interest receivable on the CONSOLIDATED STATEMENTS OF CONDITION .

The following is a summary of the Company's securities portfolio by the period remaining until contractual maturity and by weighted average yield at December 31, 2025 and September 30, 2025.

Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or early redemptions that may occur.

Weighted average yields are not presented on a tax-equivalent basis and are calculated by multiplying each carry value by its yield and dividing the sum of these results by the total carry values.

We did not hold any tax-exempt securities at June 30, 2025 or September 30, 2024.

June 30, 2025 September 30, 2024

The Company did not hold any tax-exempt securities at December 31, 2025 or September 30, 2025.

December 31, 2025 September 30, 2025

Amortized Cost Fair Value Weighted Average Yield Amortized Cost Fair Value Weighted Average Yield

4 unchanged sentences

Total $ 473,754 $ 454,493 3.35 % $ 542,197 $ 520,659 3.54 %

Gross unrealized losses on available for sale securities and the estimated fair value of the related securities, aggregated by the length of time the securities have been in a continuous loss position, at June 30, 2025 and September 30, 2024, were as follows:

June 30, 2025

Gross unrealized losses on available for sale securities and the estimated fair value of the related securities, aggregated by the length of time the securities have been in a continuous loss position, at December 31, 2025 and September 30, 2025, were as follows:

December 31, 2025

Less Than 12 Months 12 Months or More Total

19 unchanged sentences

Total $ 18,513 $ 122 $ 275,096 $ 23,708 $ 293,609 $ 23,830

The unrealized losses on investment securities were attributable to an increase in market interest rates.

The unrealized losses on investment securities are primarily attributable to increases in market interest rates since the dates of acquisition.

The investment portfolio is comprised entirely of securities issued by U.S.

1 unchanged sentence

In addition, the U.S.

Treasury Department has established financing agreements to ensure Fannie Mae and Freddie Mac meet their obligations to holders of mortgage-backed securities that they have issued or guaranteed.

Since the decline in value is primarily attributable to an increase in market interest rates and not credit quality deterioration, and because there is no intent to sell the securities and it is unlikely that the Company will be required to sell the securities prior to recovery of the amortized cost, the Company did not record an allowance for credit losses on investment securities as of June 30, 2025 or September 30, 2024 .

Treasury Department has established

financing agreements to ensure Fannie Mae and Freddie Mac meet their obligations to holders of mortgage-backed securities that they have issued or guaranteed.

Since the decline in value is primarily attributable to an increase in market interest rates since the dates of acquisition and not credit quality deterioration, and because there is no intent to sell the securities and it is unlikely that the Company will be required to sell the securities prior to recovery of the amortized cost, the Company did not record an allowance for credit losses on investment securities as of December 31, 2025 or September 30, 2025 .

LOANS AND ALLOWANCE FOR CREDIT LOSSES

17 unchanged sentences

Loans held for investment, net $ 15,741,688 $ 15,663,312

(1) At and for the nine months ended June 30, 2025, balances of and activity related to home equity lines of credit and home equity loans are reported as separate line items.

Prior periods have been reclassified to conform to the current presentation.

Loans held for investment are carried at amortized cost, which includes outstanding principal balance adjusted for any unamortized premiums or discounts, net of deferred fees and expenses and any applicable loans-in-process.

Accrued interest is $ 58,461 and $ 56,982 as of June 30, 2025 and September 30, 2024, respectively, and is reported in accrued interest receivable on the CONSOLIDATED STATEMENTS OF CONDITION.

Accrued interest is $ 58,816 and $ 59,980 as of December 31, 2025 and September 30, 2025, respectively, and is reported in accrued interest receivable on the CONSOLIDATED STATEMENTS OF CONDITION.

A large concentration of the Company’s lending is in Ohio and Florida.

At June 30, 2025 and September 30, 2024, the percentage of aggregate Residential Core, Residential Home Today and Construction loans secured by properties in Ohio were 59 % and 58 %, respectively, and the percentage of those loans secured by properties in Florida was 17 % at both dates.

June 30, 2025 and September 30, 2024, home equity lines of credit were concentrated in Ohio ( 22 % and 23 %, respectively), Florida ( 22 % at both dates), and California ( 17 % and 16 %, respectively), and home equity loans were concentrated in Ohio ( 24 % and 26 %, respectively), Florida ( 23 % and 25 %, respectively), and California ( 18 % and 19 %, respectively).

At December 31, 2025 and September 30, 2025, the percentage of aggregate Residential Core, Residential Home Today and Construction loans secured by properties in Ohio was 59 % at both dates, and the percentage of those loans secured by properties in Florida was 17 % at both dates.

As of December 31, 2025 and September 30, 2025, home equity lines of credit were concentrated in Ohio ( 22 % at both dates), Florida ( 21 % at both dates), and California ( 17 % at both dates), and home equity loans were concentrated in Ohio ( 23 % at both dates), Florida ( 20 % and 22 %, respectively), and California ( 18 % at both dates).

Residential Core mortgage loans represent the largest portion of the residential real estate portfolio.

4 unchanged sentences

With limited historical loss experience compared to other types of loans in the portfolio, judgment is required by management in assessing the allowance required on adjustable-rate mortgage loans.

The principal amount of adjustable-rate mortgage loans included in the Residential Core portfolio was $ 4,056,491 and $ 4,379,132 at June 30, 2025 and September 30, 2024, respectively.

The principal amount of adjustable-rate mortgage loans included in the Residential Core portfolio was $ 3,830,476 and $ 3,944,540 at December 31, 2025 and September 30, 2025, respectively.

Home Today was an affordable housing program targeted to benefit low- and moderate-income home buyers.

11 unchanged sentences

Additionally, loans originated or acquired for the held for investment portfolio may later be identified for sale and transferred to the held for sale portfolio, which may include loans originated or acquired within the parameters of programs established by Fannie Mae.

During the three and nine months ended June 30, 2025 and June 30, 2024, reclassifications to the held for sale portfolio included loans that were sold during the period, including those in contracts pending settlement at the end of the period, and loans originated for the held for investment portfolio that were later identified for sale.

At June 30, 2025 and September 30, 2024, mortgage loans held for sale totaled $ 30,977 and $ 17,775 , respectively.

During the three and nine months ended June 30, 2025, the principal balance of loans sold, according to trade date, was $ 63,372 and $ 210,562 (including loans in contracts pending settlement) compared to $ 69,420 and $ 190,743 (including loans in contracts pending settlement) during the three and nine months ended June 30, 2024.

During the three and nine months ended June 30, 2025, the amortized cost of loans originated as held for sale that were subsequently transferred to the held for investment portfolio was $ 0 and $ 1,327 , respectively, compared to $ 771 during the three and nine months ended June 30, 2024.

During the three months ended December 31, 2025 and December 31, 2024, reclassifications to the held for sale portfolio included loans that were sold during the period, including those in contracts pending settlement at the end of the period, and loans originated for the held for investment portfolio that were later identified for sale.

At December 31, 2025 and September 30, 2025, mortgage loans held for sale totaled $ 14,440 and $ 57,662 , respectively.

During the three months ended December 31, 2025, the principal balance of loans sold, according to trade date, was $ 109,631 (including loans in contracts pending settlement) compared to $ 72,031 (including loans in contracts pending settlement) during the three months ended December 31, 2024.

During the three months ended December 31, 2025, the amortized cost of loans originated as held for sale that were subsequently transferred to the held for investment portfolio was $ 7,427 , compared to $ 1,327 during the three months ended December 31, 2024.

DELINQUENCY and NON-ACCRUAL

An aging analysis of the amortized cost in loan receivables that are past due at June 30, 2025 and September 30, 2024, is summarized in the following tables.

An aging analysis of the amortized cost in loan receivables that are past due at December 31, 2025 and September 30, 2025, is summarized in the following tables.

When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due, regardless of the number of days in each month.

3 unchanged sentences

Due Current Total

June 30, 2025

December 31, 2025

Real estate loans:

33 unchanged sentences

Non-accrual with no ACL describes non-accrual loans which have no quantitative allowance, primarily because they have already been subject to collateral review and any required charge-offs have been taken, but may be included in consideration of qualitative allowance factors.

There are no loans 90 or more days past due and still accruing at June 30, 2025 or September 30, 2024.

June 30, 2025 September 30, 2024

There are no loans 90 or more days past due and still accruing at December 31, 2025 or September 30, 2025.

December 31, 2025 September 30, 2025

Non-accrual with No ACL

8 unchanged sentences

Total non-accrual loans $ 32,993 $ 38,974 $ 33,070 $ 38,706

At June 30, 2025 and September 30, 2024, the amortized cost in non-accrual loans includes $ 21,468 and $ 19,704 , respectively, which are performing according to the terms of their agreement, of which $ 13,914 and $ 11,532 , respectively, are loans in Chapter 7 bankruptcy status, primarily where all borrowers have filed, and have not reaffirmed or been dismissed.

At June 30, 2025 and September 30, 2024, real estate loans include $ 10,759 and $ 10,527 , respectively, of loans that were in the process of foreclosure.

At December 31, 2025 and September 30, 2025, the amortized cost in non-accrual loans includes $ 21,657 and $ 21,458 , respectively, which are performing according to the terms of their agreement, of which $ 13,872 and $ 13,843 , respectively, are loans in Chapter 7 bankruptcy status, primarily where all borrowers have filed, and have not reaffirmed or been dismissed.

At December 31, 2025 and September 30, 2025, real estate loans include $ 12,453 and $ 9,918 , respectively, of loans that were in the process of foreclosure.

Interest on loans in accrual status is recognized in interest income as it accrues on a daily basis.

2 unchanged sentences

Cash payments on loans in non-accrual status are applied to the oldest scheduled, unpaid payment first.

The amount of interest income recognized on non-accrual loans was $ 278 and $ 757 for the three and nine months ended June 30, 2025, and $ 183 and $ 507 for the three and nine months ended June 30, 2024, respectively.

The amount of interest income recognized on non-accrual loans was $ 285 for the three months ended December 31, 2025, and $ 236 for the three months ended December 31, 2024, respectively.

Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a modification when collection of remaining amounts due is considered probable.

A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due.

However, a loan may remain in non-accrual status when collectability is uncertain, such as a modification that has not met minimum payment requirements, a loan with a partial charge-off, a home equity loan or line of credit with a delinquent first mortgage greater than 90 days past due, or a loan in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed.

However, a loan may remain in non-accrual status when collectability is uncertain, such as a

modification that has not met minimum payment requirements, a loan with a partial charge-off, a home equity loan or line of credit with a delinquent first mortgage greater than 90 days past due, or a loan in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed.

ALLOWANCE FOR CREDIT LOSSES

8 unchanged sentences

The qualitative adjustments resulted in a negative ending balance on the allowance for credit losses for the Home Today portfolio, where recoveries are expected to exceed charge-offs over the remaining life of that portfolio.

The net qualitative adjustment at June 30, 2025, was a reduction to the allowance for credit losses of $ 3,382 , compared to a reduction of $ 5,519 at September 30, 2024.

The net qualitative adjustment at December 31, 2025, was a reduction to the allowance for credit losses of $ 1,195 , compared to a reduction of $ 1,801 at September 30, 2025.

Qualitative adjustments are evaluated quarterly, at a minimum, based on current facts and circumstances.

19 unchanged sentences

LOAN COMMITMENTS AND CONTINGENT LIABILITIES for further details on the allowance for unfunded commitments.

For the Three Months Ended June 30, 2025

Balance Provisions (Releases) Charge-offs Recoveries Ending

Real estate loans:

Residential Core $ 40,665 $ 119 $ — $ 195 $ 40,979

Residential Home Today ( 2,440 ) ( 1,045 ) ( 7 ) 570 ( 2,922 )

Home equity lines of credit 19,462 1,150 ( 213 ) 389 20,788

Home equity loans 12,832 823 — 11 13,666

Construction 27 2 — — 29

Total real estate loans $ 70,546 $ 1,049 $ ( 220 ) $ 1,165 $ 72,540

Total Unfunded Loan Commitments (1)

$ 29,380 $ 451 $ — $ — $ 29,831

Total Allowance for Credit Losses $ 99,926 $ 1,500 $ ( 220 ) $ 1,165 $ 102,371

(1) For all periods presented, the total allowance for unfunded loan commitments is recognized in accrued expenses and other liabilities on the CONSOLIDATED STATEMENTS OF CONDITION and primarily relates to undrawn home equity lines of credit.

For the Three Months Ended June 30, 2024

Balance Provisions (Releases) Charge-offs Recoveries Ending

Real estate loans:

Residential Core $ 47,714 $ ( 2,924 ) $ ( 29 ) $ 453 $ 45,214

Residential Home Today ( 2,624 ) ( 1,076 ) ( 73 ) 669 ( 3,104 )

Home equity lines of credit 14,376 764 ( 143 ) 453 15,450

Home equity loans 8,622 1,281 ( 18 ) 34 9,919

Construction 81 ( 51 ) — 20 50

Total real estate loans $ 68,169 $ ( 2,006 ) $ ( 263 ) $ 1,629 $ 67,529

Total Unfunded Loan Commitments (1)

$ 26,657 $ 1,506 $ — $ — $ 28,163

Total Allowance for Credit Losses $ 94,826 $ ( 500 ) $ ( 263 ) $ 1,629 $ 95,692

For the Nine Months Ended June 30, 2025

For the Three Months Ended December 31, 2025

Balance Provisions (Releases) Charge-offs Recoveries Ending

12 unchanged sentences

For the Nine Months Ended June 30, 2024

Balance Adoption of ASU 2022-02 2

Provisions (Releases) Charge-offs Recoveries Ending

For the Three Months Ended December 31, 2024

Balance Provisions (Releases) Charge-offs Recoveries Ending

Real estate loans:

21 unchanged sentences

2026 2025 2024 2023 2022 Prior Total

June 30, 2025

December 31, 2025

Real estate loans:

64 unchanged sentences

There were no gross charge-offs in the construction loan portfolios for the periods presented.

For the Nine Months Ended June 30, 2025

For the Three Months Ended December 31, 2025

By fiscal year of origination

7 unchanged sentences

Total real estate loans $ — $ 73 $ 49 $ — $ 5 $ 61 $ 202 $ 58 $ 448

For the Nine Months Ended June 30, 2024

For the Three Months Ended December 31, 2024

By fiscal year of origination

7 unchanged sentences

Total real estate loans $ — $ — $ — $ — $ — $ 1 $ 157 $ 159 $ 317

The home equity lines of credit that converted from revolving to term loans during the three and nine months ended June 30, 2025, totaled $ 5,109 and $ 11,333 , respectively, and during the three and nine months ended June 30, 2024, totaled $ 4,392 and $ 6,558 , respectively.

The home equity lines of credit that converted from revolving to term loans during the three months ended December 31, 2025, totaled $ 3,437 , and during the three months ended December 31, 2024, totaled $ 3,347 .

The amount of conversions to term loans is expected to remain relatively low for several years since the length of the draw period on new originations changed from five to 10 years in 2016.

7 unchanged sentences

Other loans are internally assigned a grade of non-performing when they become 90 days or more past due.

At June 30, 2025 and September 30, 2024, no other loans were graded as non-performing.

At December 31, 2025 and September 30, 2025, no other loans were graded as non-performing.

MODIFICATIONS TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY

9 unchanged sentences

The following tables present the amortized cost of modifications by type executed during the periods presented for borrowers experiencing financial difficulty.

For the three and nine months ended June 30, 2025 and June 30, 2024, there were no modifications made on construction loans.

For the Three Months Ended June 30, 2025

Interest Rate Reduction

Term Extension

Significant Payment Delay

Combination-Rate Reduction & Term Extension

% of Total Class

Residential Core $ — $ 427 $ 658 $ 78 $ — $ 1,163 0.01 %

Residential Home Today — — 90 156 — 246 0.66

Home equity lines of credit

— — 106 295 — 401 0.01

Home equity loans

— — 70 — — 70 0.01

Total $ — $ 427 $ 924 $ 529 $ — $ 1,880 0.01 %

For the Three Months Ended June 30, 2024

Interest Rate Reduction

Term Extension

Significant Payment Delay

Combination-Rate Reduction & Term Extension

% of Total Class

Residential Core $ — $ 182 $ 590 $ 16 $ — $ 788 0.01 %

Residential Home Today — 56 69 37 — 162 0.39

Home equity lines of credit

— — 471 98 — 569 0.02

Home equity loans

— — — — — — —

Total $ — $ 238 $ 1,130 $ 151 $ — $ 1,519 0.01 %

For the Nine Months Ended June 30, 2025

Interest Rate Reduction

Term Extension

Significant Payment Delay

Combination-Rate Reduction & Term Extension

% of Total Class

For the three months ended December 31, 2025 and December 31, 2024, there were no modifications made on construction loans.

For the Three Months Ended December 31, 2025

Interest Rate Reduction Term Extension Significant Payment Delay Combination-Rate Reduction & Term Extension Other Total % of Total Class

Residential Core $ — $ 621 $ 293 $ 171 $ — $ 1,085 0.01 %

1 unchanged sentence

Home equity lines of credit — — — 80 — 80 —

— 46 297 467 — 810 0.02

Home equity loans — — 95 — — 95 0.01

— — 70 — — 70 0.01

Total $ — $ 702 $ 416 $ 251 $ 3 $ 1,372 0.01 %

For the Nine Months Ended June 30, 2024

For the Three Months Ended December 31, 2024

Interest Rate Reduction

11 unchanged sentences

The following tables present the financial effects of the loan modifications presented above based on the type of modification.

For the Three Months Ended June 30, 2025 For the Three Months Ended June 30, 2024

Interest Rate Reduction

Term Extension

Interest Rate Reduction

Term Extension

Weighted-Average Contractual

Interest Rate

Weighted-Average Years Added to Life

Weighted-Average Contractual

Interest Rate

Weighted-Average Years Added to Life

Residential Core 5.49 % 3.50 % 6.8 3.39 % 2.00 % 1.6

Residential Home Today 4.90 % 3.89 % 3.4 5.63 % 2.00 % 10.4

Home equity lines of credit

6.57 % 3.84 % 24.2 7.99 % 3.50 % 7.3

Home equity loans

— % — % 0.0 — % — % 0.0

For the Nine Months Ended June 30, 2025 For the Nine Months Ended June 30, 2024

Interest Rate Reduction

Term Extension

Interest Rate Reduction Term Extension

Weighted-Average Contractual

Interest Rate

Weighted-Average Years Added to Life

For the Three Months Ended December 31, 2025 For the Three Months Ended December 31, 2024

Interest Rate Reduction Term Extension Interest Rate Reduction Term Extension

Weighted-Average Contractual

Interest Rate Weighted-Average Years Added to Life Weighted-Average Contractual

Interest Rate Weighted-Average Years Added to Life

From To From To

Residential Core 5.29 % 3.50 % 9.6 5.73 % 3.50 % 13.8

6 unchanged sentences

Modifications made to borrowers experiencing financial difficulty that subsequently become 90 days or more past due under the modified terms are considered subsequently defaulted.

The following table provides information, by type of modification, about loans that were modified within the last 12 months and subsequently defaulted during the three and nine months ended June 30, 2025 and June 30, 2024.

There were no home equity loans that subsequently defaulted for the three and nine months ended June 30, 2025 and June 30, 2024.

For the Three Months Ended June 30, 2025

Interest Rate Reduction Term Extension Significant Payment Delay Combination-Rate Reduction & Term Extension Other Total

Residential Core $ — $ — $ 297 $ — $ 333 $ 630

Residential Home Today — — 43 — 3 46

Home equity lines of credit — — 31 — — 31

Total $ — $ — $ 371 $ — $ 336 $ 707

For the Three Months Ended June 30, 2024

Interest Rate Reduction Term Extension Significant Payment Delay Combination-Rate Reduction & Term Extension Other Total

Residential Core $ — $ — $ 22 $ 14 $ — $ 36

Residential Home Today — — 16 — — 16

Home equity lines of credit — — 101 — — 101

$ — $ — $ 139 $ 14 $ — $ 153

(1) The Company adopted ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326):

Troubled Debt Restructurings and Vintage Disclosures effective October 1, 2023, therefore, the June 30, 2024 presentation only includes loans modified since adoption.

For the Nine Months Ended June 30, 2025

The following table provides information, by type of modification, about loans that were modified within the last 12 months and subsequently defaulted during the three months ended December 31, 2025 and December 31, 2024.

There were no home equity loans that subsequently defaulted for the three months ended December 31, 2025 and December 31, 2024.

For the Three Months Ended December 31, 2025

Interest Rate Reduction Term Extension Significant Payment Delay Combination-Rate Reduction & Term Extension Other Total

3 unchanged sentences

Total $ — $ — $ 441 $ 78 $ — $ 519

For the Nine Months Ended June 30, 2024

For the Three Months Ended December 31, 2024

Interest Rate Reduction Term Extension Significant Payment Delay Combination-Rate Reduction & Term Extension Other Total

3 unchanged sentences

$ — $ — $ 282 $ 14 $ — $ 296

(1) The Company adopted ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326):

Troubled Debt Restructurings and Vintage Disclosures effective October 1, 2023, therefore, the June 30, 2024 presentation only includes loans modified since adoption.

The following tables present performance by loan type as of June 30, 2025 and June 30, 2024, on loans modified during the previous 12 months for borrowers experiencing financial difficulty.

The following tables present performance by loan type as of December 31, 2025 and December 31, 2024, on loans modified during the previous 12 months for borrowers experiencing financial difficulties.

The loans in delinquency status primarily consisted of loans with significant payment delays prior to modification, which continue to be reported delinquent based on their original contractual terms.

June 30, 2025 30-59

December 31, 2025 30-59

Past Due 60-89

1 unchanged sentence

Due Total Past

Due Current Total

Residential Core $ — $ 80 $ 393 $ 473 $ 3,507 $ 3,980

1 unchanged sentence

Home equity lines of credit 64 — 105 169 654 823

129 — 136 265 645 910

Home equity loans — — 64 64 95 159

— — 70 70 86 156

Total $ 64 $ 132 $ 673 $ 869 $ 4,614 $ 5,483

June 30, 2024 30-59

December 31, 2024 30-59

Past Due 60-89

8 unchanged sentences

$ 860 $ 513 $ 1,738 $ 3,111 $ 4,574 $ 7,685

(1) The Company adopted ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326):

Troubled Debt Restructurings and Vintage Disclosures effective October 1, 2023, therefore, the June 30, 2024 presentation only includes loans modified since adoption.

Deposit account balances are summarized as follows:

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Total deposits $ 10,372,075 $ 10,446,968

The aggregate amount of CDs in denominations of more than $250 was $ 1,465,541 and $ 1,283,719 at June 30, 2025 and September 30, 2024, respectively.

The aggregate amount of CDs in denominations of more than $250 was $ 1,534,429 and $ 1,533,487 at December 31, 2025 and September 30, 2025, respectively.

In accordance with the DFA, the maximum amount of federal deposit insurance is $250 per depositor for each account ownership category.

Brokered CDs (exclusive of acquisition costs and subsequent amortization), which are used as a cost effective funding alternative, totaled $ 977,499 and $ 1,217,303 at June 30, 2025 and September 30, 2024, respectively, of which $675,000 and $725,000 were aligned with interest rate swaps as discussed in Note 13.

Brokered CDs (exclusive of acquisition costs and subsequent amortization), which are used as a cost effective funding alternative, totaled $ 879,363 and $ 902,083 at December 31, 2025 and September 30, 2025, respectively, of which $550,000 and $575,000 were aligned with interest rate swaps as discussed in Note 13.

DERIVATIVE INSTRUMENTS .

The FDIC places restrictions on banks with regard to issuing brokered deposits based on the bank's capital classification.

As a well-capitalized institution at June 30, 2025 and September 30, 2024, the Association may accept brokered deposits without FDIC restrictions.

As a well-capitalized institution at December 31, 2025 and September 30, 2025, the Association may accept brokered deposits without FDIC restrictions.

BORROWED FUNDS

At June 30, 2025, the Association had a maximum borrowing capacity of $7,619,351, of which $4,882,993 was outstanding.

At December 31, 2025, the Association had a maximum borrowing capacity of $7,714,194, of which $4,923,978 was outstanding.

Borrowings from the FHLB of Cincinnati are secured by the Association’s investment in the common stock of the FHLB of Cincinnati, as well as by a blanket pledge of its mortgage portfolio not otherwise pledged.

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Additionally, the ability to borrow from the FRB-Cleveland Discount Window is available to the Association and is secured by a pledge of specific loans in the Association’s mortgage portfolio.

Total borrowings at June 30, 2025 are summarized in the table below:

Total borrowings at December 31, 2025 are summarized in the table below:

Borrowing Capacity Borrowings Available Borrowings Outstanding

5 unchanged sentences

Total Borrowings $ 4,939,835

Maturities of borrowings at June 30, 2025 are summarized in the table below:

Maturities of borrowings at December 31, 2025 are summarized in the table below:

Amount Weighted Average Rate

5 unchanged sentences

Over 60 months 1,423 1.41

Total Advances 4,865,018 3.45

Total Borrowings

4,923,978 3.44

Accrued Interest

All borrowings have fixed rates during their term ranging up to 240 months.

The table above reflects the effective maturities and fixed interest rates of the $ 2,925,000 of short-term FHLB advances that are tied to interest rate swaps discussed in Note 13.

The table above reflects the effective maturities and fixed interest rates of $ 2,950,000 of short-term FHLB advances that are tied to interest rate swaps discussed in Note 13.

DERIVATIVE INSTRUMENTS.

Interest is payable monthly for long-term FHLB advances and generally at maturity for FHLB advances with terms of three months or less.

For the three and nine months ended June 30, 2025, and June 30, 2024, net interest expense related to short-term borrowings was $ 24,994 and $ 74,420 , and $ 25,098 and $ 81,137 , respectively.

For the three months ended December 31, 2025, and December 31, 2024, net interest expense related to short-term borrowings, with original maturities of twelve months or less, was $ 28,112 and $ 25,199 , respectively.

OTHER COMPREHENSIVE INCOME (LOSS)

1 unchanged sentence

For the Three Months Ended For the Three Months Ended

June 30, 2025 June 30, 2024

Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total

Balance at beginning of period $ ( 21,291 ) $ 25,518 $ ( 3,435 ) $ 792 $ ( 32,107 ) $ 83,044 $ ( 8,519 ) $ 42,418

Other comprehensive income (loss) before reclassifications 2,918 ( 11,917 ) — ( 8,999 ) 42 16,525 — 16,567

Amounts reclassified — ( 7,798 ) — ( 7,798 ) — ( 16,476 ) 105 ( 16,371 )

Other comprehensive income (loss), net of tax 2,918 ( 19,715 ) — ( 16,797 ) 42 49 105 196

Balance at end of period $ ( 18,373 ) $ 5,803 $ ( 3,435 ) $ ( 16,005 ) $ ( 32,065 ) $ 83,093 $ ( 8,414 ) $ 42,614

Tax expense (benefit) netted in other comprehensive income or loss

$ 867 $ ( 5,854 ) $ — $ ( 4,987 ) $ 12 $ 14 $ 31 $ 57

For the Nine Months Ended For the Nine Months Ended

June 30, 2025 June 30, 2024

December 31, 2025 December 31, 2024

8 unchanged sentences

Amounts Reclassified from Accumulated

Other Comprehensive Income Amounts Reclassified from Accumulated

Other Comprehensive Income

Details about Accumulated Other Comprehensive Income Components For the Three Months Ended June 30, For the Nine Months Ended June 30, Line Item in the Consolidated Statements of Income

2025 2024 2025 2024

Details about Accumulated Other Comprehensive Income Components For the Three Months Ended December 31, Line Item in the Consolidated Statements of Income

Cash flow hedges:

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federal jurisdiction and in various state and city jurisdictions.

The Company’s combined federal and state effective income tax rate was 21.0 % and 20.6 % for the nine months ended June 30, 2025 and June 30, 2024, respectively.

The Company’s combined federal and state effective income tax rate was 21.8 % and 21.0 % for the three months ended December 31, 2025 and December 31, 2024, respectively.

The increase in the effective tax rate is primarily due to higher non-deductible compensation and higher effective income tax rates in certain states that adopted single-sales factor apportionment.

The Company is no longer subject to income tax examinations in its major jurisdictions for tax years ended prior to 2022.

3 unchanged sentences

The Company accounts for its interests in LIHTCs using the proportional amortization method.

The impact of the Company's investments in tax credit entities on the provision for income taxes was not material during the nine months ended June 30, 2025 and June 30, 2024.

The impact of the Company's investments in tax credit entities on the provision for income taxes was not material during the three months ended December 31, 2025 and December 31, 2024.

DEFINED BENEFIT PLAN

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federal and other governmental laws and regulations.

The Company executed an amendment to terminate the Plan effective December 31, 2025.

The Plan's benefit obligation is expected to be settled through lump sum distributions to participants, followed by the purchase of annuity contracts to transfer the Plan's remaining obligation to a third party, within nine to 12 months of plan termination.

Pension settlement charges related to the Plan termination, including the recognition of Plan losses recorded within accumulated other comprehensive loss on the Company's CONSOLIDATED STATEMENTS OF CONDITION , are currently expected to occur in the second half of calendar

Finalization of the Plan termination is subject to certain conditions, including regulatory review, and the Company has the ability to change the effective date of the termination or revoke the decision to terminate the Plan.

The components of net periodic cost recognized in other non-interest expense in the CONSOLIDATED STATEMENTS OF INCOME are as follows:

For the Three Months Ended For the Nine Months Ended

June 30, June 30,

2025 2024 2025 2024

For the Three Months Ended

Interest cost $ 689 $ 740

Expected return on plan assets ( 789 ) ( 1,197 )

Amortization of net loss — 136 — 410

Net periodic (benefit) cost

$ ( 100 ) $ ( 457 )

There were no required minimum employer contributions during the nine months ended June 30, 2025.

There were no required minimum employer contributions during the three months ended December 31, 2025.

There are no required minimum employer contributions expected during the remainder of the fiscal year ending September 30, 2026.

EQUITY INCENTIVE PLAN

During the nine months ended June 30, 2025, 178,700 restricted stock units, 135,300 performance share units, and 12,000 stock options were granted to directors, executive officers and certain managers of the Company.

During the nine months ended June 30, 2025, performance share units granted in December 2022 were reduced by 10,200 units, according to the targeted performance formula.

The awards were made pursuant to the Amended and Restated 2008 Equity Incentive Plan, which was approved at the annual meeting of shareholders held on February 22, 2018.

During the three months ended December 31, 2025, a total of 371,700 restricted stock units and 478,800 performance share units were granted to directors and executive officers.

On December 18, 2025, a special one-time equity award (the "Retention Award") was granted to Marc Stefanski, the Company's Chairman, President and Chief Executive Officer.

The Retention Award consists of 215,200 restricted stock units and 322,800 performance share units, which are included in the total restricted stock units and performance share units above.

The Retention Award was designed to directly incentivize Mr.

Stefanski's leadership for the next five years.

The awards, including the Retention Award, were made pursuant to the Amended and Restated 2008 Equity Incentive Plan, which was approved at the annual meeting of shareholders held on February 22, 2018.

The following table presents share-based compensation expense recognized during the periods presented:

For the Three Months Ended For the Nine Months Ended

June 30, June 30,

2025 2024 2025 2024

For the Three Months Ended

Stock option expense $ 20 $ 27

2 unchanged sentences

Total stock-based compensation expense $ 1,170 $ 905

At June 30, 2025, 1,230,475 shares were subject to options, with a weighted average exercise price of $ 15.81 per share and a weighted average grant date fair value of $ 1.94 per share.

Expected future expense, relating to the 258,600 non-vested options outstanding as of June 30, 2025, is $ 154 over a weighted average period of 1.4 years.

At June 30, 2025, 421,990 restricted stock units and 288,100 performance share units with a weighted average grant date fair value of $ 13.13 and $ 13.01 per unit, respectively, are unvested.

Expected future compensation expense, relating to the 1,187,738 restricted stock units and 288,100 performance share units outstanding as of June 30, 2025, is $ 3,094 over a weighted average period of 1.9 years and $ 1,515 over a weighted average period of 2.0 years, respectively.

At December 31, 2025, 947,775 shares were subject to options, with a weighted average exercise price of $ 14.92 per share and a weighted average grant date fair value of $ 1.50 per share.

Expected future expense, relating to the 240,000 non-vested options outstanding as of December 31, 2025, is $ 87 over a weighted average period of 0.9 years.

At December 31, 2025, 627,520 restricted stock units and 675,100 performance share units with a weighted average grant date fair value of $ 13.78 and $ 13.81 per unit, respectively, are unvested.

Expected future compensation expense, relating to the 1,393,268 restricted stock units and 675,100 performance share units outstanding as of December 31, 2025, is $ 6,961 over a weighted average period of 3.1 years and $ 8,531 over a weighted average period of 3.8 years, respectively.

Each unit is equivalent to one share of common stock.

1 unchanged sentence

In the normal course of business, the Company enters into commitments with off-balance sheet risk to meet the financing needs of its customers.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of

any condition established in the contract.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract.

Commitments to originate or acquire loans generally have fixed expiration dates of 60 to 360 days or other termination clauses and may require payment of a fee.

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Interest rate risk on commitments to extend credit results from the possibility that interest rates may move unfavorably from the position of the Company since the time the commitment was made.

At June 30, 2025, the Company had commitments to originate or acquire loans and related allowances as follows:

At December 31, 2025, the Company had commitments to originate or acquire loans and related allowances as follows:

Commitment Allowance

5 unchanged sentences

Total $ 272,353 $ 3,199

At June 30, 2025, the Company had unfunded commitments outstanding and related allowances as follows:

At December 31, 2025, the Company had unfunded commitments outstanding and related allowances as follows:

Commitment Allowance

2 unchanged sentences

Total $ 5,582,424 $ 25,875

At June 30, 2025, the unfunded commitment on home equity lines of credit, including commitments for accounts suspended as a result of material default or a decline in equity, was $ 5,557,905 .

At June 30, 2025 and September 30, 2024, the Company had $ 73,300 and $ 17,411 , respectively, in commitments to sell mortgage loans.

At June 30, 2025 and September 30, 2024, the Company had $ 115,804 and $ 15,891 , respectively, in commitments to acquire mortgage loans, which are included in mortgage loan commitments above.

At December 31, 2025, the unfunded commitment on home equity lines of credit, including commitments for accounts suspended as a result of material default or a decline in equity, was $ 5,629,816 .

At December 31, 2025 and September 30, 2025, the Company had $ 11,298 and $ 59,340 , respectively, in commitments to sell mortgage loans.

At December 31, 2025 and September 30, 2025, the Company had $ 38,457 and $ 28,460 , respectively, in commitments to acquire mortgage loans, which are included in mortgage loan commitments above.

The above commitments are expected to be funded through normal operations.

The Company is undergoing an escheat audit covering the states of Ohio, Kentucky and Florida.

Any potential loss, or range of potential loss, that may result from this matter is not reasonably estimable at June 30, 2025.

Any potential loss, or range of potential loss, that may result from this matter is not reasonably estimable at December 31, 2025.

The Company and its subsidiaries are subject to various legal actions arising in the normal course of business.

In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Company’s consolidated financial condition, results of operation, or statements of cash flows.

In the opinion of management, the resolution of legal actions is not expected to have a material adverse effect on the Company’s consolidated financial condition, results of operation, or statements of cash flows.

GAAP, fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions.

2 unchanged sentences

Investment Securities Available for Sale— Investment securities available for sale are recorded at fair value on a recurring basis.

At June 30, 2025 and September 30, 2024, this includes $ 525,212 and $ 526,251 , respectively, of investments in U.S.

At December 31, 2025 and September 30, 2025, this includes $ 454,493 and $ 520,659 , respectively, of investments in U.S.

government and agency obligations including U.S.

1 unchanged sentence

The fair values of investment securities represent unadjusted price estimates obtained from independent third-party nationally recognized pricing services using pricing models or quoted prices of securities with similar characteristics and are included in Level 2 of the hierarchy.

Third-party pricing is reviewed on a monthly basis for reasonableness based on the market knowledge and experience of company personnel that interact daily with the markets for these types of securities.

Third-party pricing is reviewed on a monthly basis for

reasonableness based on the market knowledge and experience of company personnel that interact daily with the markets for these types of securities.

Mortgage Loans Held for Sale— The fair value of mortgage loans held for sale is estimated on an aggregate basis using a market approach based on quoted secondary market pricing for loan portfolios with similar characteristics.

2 unchanged sentences

This election is expected to reduce volatility in earnings related to market fluctuations between the contract trade and settlement dates.

At June 30, 2025 and September 30, 2024, there were $ 29,303 and $ 10,713 of loans held for sale subject to pending agency contracts measured at fair value, respectively, with unpaid principal balances of $ 28,734 and $ 10,336 .

For the three and nine months ended June 30, 2025, net gain (loss) on the sale of loans included $ 289 and $ 22 , respectively, compared to $ 94 and $ 162 for the three and nine months ended June 30, 2024, related to gains or losses during the period due to changes in the fair value of loans held for sale subject to pending agency contracts.

At June 30, 2025 and September 30, 2024, there were $ 1,675 and $ 7,061 of loans held for sale carried at cost, respectively.

At December 31, 2025 and September 30, 2025, there were $ 11,365 and $ 22,861 of loans held for sale subject to pending agency contracts measured at fair value, respectively, with unpaid principal balances of $ 11,149 and $ 22,306 .

For the three months ended December 31, 2025 and December 31, 2024, net gain (loss) on the sale of loans included $( 110 ) and $( 57 ), related to gains or losses during the period due to changes in the fair value of loans held for sale subject to pending agency contracts.

At December 31, 2025 and September 30, 2025, there were $ 3,075 and $ 34,801 of loans held for sale carried at cost, respectively.

Loans held for sale are included in Level 2 of the hierarchy.

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Real Estate Owned— Real estate owned includes real estate acquired as a result of foreclosure or by deed in lieu of foreclosure and is carried at the lower of the cost basis or fair value, less estimated costs to dispose.

The carrying amounts of real estate owned at June 30, 2025 and September 30, 2024, were $ 1,240 and $ 174 , respectively.

The carrying amounts of real estate owned at December 31, 2025 and September 30, 2025, were $ 1,975 and $ 1,921 , respectively.

Fair value is estimated under the market approach using independent third party appraisals.

As these properties are actively marketed, estimated fair values may be adjusted by management to reflect current economic and market conditions.

At June 30, 2025 and September 30, 2024, these adjustments were not significant to reported fair values.

At June 30, 2025 and September 30, 2024, $ 1,570 and $ 220 , respectively, of real estate owned is included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis, where the cost basis equals or exceeds the estimated fair values, less estimated costs to dispose, of $ 330 and $ 46 , respectively.

There were no real estate owned carried at their original or adjusted cost basis at June 30, 2025 and September 30, 2024.

At December 31, 2025 and September 30, 2025, these adjustments were not significant to reported fair values.

At December 31, 2025 and September 30, 2025, $ 2,413 and $ 2,355 , respectively, of real estate owned is included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis, where the cost basis equals or exceeds the estimated fair values, less estimated costs to dispose, of $ 438 and $ 434 , respectively.

There were no real estate owned carried at their original or adjusted cost basis at December 31, 2025 and September 30, 2025.

Derivatives— Derivative instruments include interest rate lock commitments on loans being originated or acquired for the held for sale portfolio, forward commitments on contracts to deliver mortgage loans and interest rate swaps designated as cash flow hedges.

6 unchanged sentences

The range and weighted average impact of the closure rate is included in quantitative information about significant unobservable inputs later in this note.

significant change in the closure rate may result in a significant change in the ending fair value measurement of these derivatives relative to their total fair value.

A significant change in the closure rate may result in a significant change in the ending fair value measurement of these derivatives relative to their total fair value.

Because the closure rate is a significantly unobservable assumption, interest rate lock commitments are included in Level 3 of the hierarchy.

Forward commitments on contracts to deliver mortgage loans are included in Level 2 of the hierarchy.

Assets and liabilities carried at fair value on a recurring basis in the CONSOLIDATED STATEMENTS OF CONDITION at June 30, 2025 and September 30, 2024, are summarized below.

Assets and liabilities carried at fair value on a recurring basis in the CONSOLIDATED STATEMENTS OF CONDITION at December 31, 2025 and September 30, 2025, are summarized below.

Recurring Fair Value Measurements at Reporting Date Using

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The table below presents a reconciliation of the beginning and ending balances and the location within the CONSOLIDATED STATEMENTS OF INCOME where gains (losses) due to changes in fair value are recognized on interest rate lock commitments which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

Three Months Ended June 30, Nine Months Ended June 30,

2025 2024 2025 2024

Three Months Ended December 31,

Beginning balance $ 272 $ 395

23 unchanged sentences

Real estate owned (1)

2,355 — — 2,355

Total $ 47,630 $ — $ — $ 47,630

1 unchanged sentence

The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy.

June 30, 2025 Valuation Technique(s) Unobservable Input Range Weighted Average

December 31, 2025 Valuation Technique(s) Unobservable Input Range Weighted Average

Collateral-dependent loans, net of allowance $ 44,582 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience:

• Residential Properties 0 - 28 % 3.5 %

Interest rate lock commitments $ 597 Quoted Secondary Market pricing Closure rate 0 - 100 % 90.0 %

September 30, 2025 Valuation Technique(s) Unobservable Input Range Weighted Average

3 unchanged sentences

The following tables present the estimated fair value of the Company’s financial instruments and their carrying amounts as reported in the CONSOLIDATED STATEMENTS OF CONDITION .

June 30, 2025

December 31, 2025

Carrying Fair Level 1 Level 2 Level 3

10 unchanged sentences

Checking and savings accounts $ 2,374,992 $ 2,374,992 $ — $ 2,374,992 $ —

$ 2,055,056 $ 2,055,056 $ — $ 2,055,056 $ —

Certificates of deposit 7,997,083 8,014,295 — 8,014,295 —

16 unchanged sentences

Checking and savings accounts $ 1,957,745 $ 1,957,745 $ — $ 1,957,745 $ —

$ 2,150,770 $ 2,150,770 $ — $ 2,150,770 $ —

Certificates of deposit 8,489,223 8,511,443 — 8,511,443 —

15 unchanged sentences

Quarterly, a quantitative analysis is performed to monitor the ongoing effectiveness of the hedging instrument.

All derivative positions continue to be highly effective as of June 30, 2025.

All derivative positions continue to be highly effective as of December 31, 2025.

The Company enters into forward commitments for the sale of mortgage loans primarily to protect against the risk of lost revenue from adverse interest rate movements on net income.

6 unchanged sentences

The following tables provide the locations within the CONSOLIDATED STATEMENTS OF CONDITION for fair values of derivative instruments at the reporting dates and their related notional values.

June 30, 2025 September 30, 2024

December 31, 2025 September 30, 2025

Weighted Average Weighted Average

8 unchanged sentences

$ 3,500,000 2.7 3.32 % $ 3,575,000 2.7 3.32 %

June 30, 2025 September 30, 2024

December 31, 2025 September 30, 2025

Notional Value Fair Value Notional Value Fair Value

6 unchanged sentences

The following tables present the net gains and losses recorded within the CONSOLIDATED STATEMENTS OF INCOME and the CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME relating to derivative instruments.

Three Months Ended Nine Months Ended

Location of Gain or (Loss) June 30, June 30,

Three Months Ended

Location of Gain or (Loss) December 31,

Recognized in Income 2025 2024

4 unchanged sentences

Borrowed funds and Deposits

10,114 21,369 36,087 67,152

Derivatives not designated as hedging instruments

1 unchanged sentence

Forward commitments for the sale of mortgage loans Net gain/(loss) on the sale of loans 288 70

The Company estimates that $ 17,562 of the amounts reported in AOCI will be reclassified as a reduction to interest expense during the twelve months ending June 30, 2026.

The Company estimates that $ 1,751 of the amounts reported in AOCI will be reclassified as a reduction to interest expense during the twelve months ending December 31, 2026.

Derivatives contain an element of credit risk which arises from the possibility that the Company will incur a loss because a counterparty fails to meet its contractual obligations.

4 unchanged sentences

This process shifts the risk away from the counterparty, since the clearing organization acts as an intermediary on each cleared transaction.

At June 30, 2025 and September 30, 2024, there was $ 5,977 and $ 7,844 , respectively, of cash collateral included in other assets, and $ 50,111 and $ 68,932 , respectively, included in investment securities related to initial margin requirements that are held by the central clearing organization.

For derivative transactions cleared through certain clearing parties, variation margin payments are recognized as settlements on a

At December 31, 2025 and September 30, 2025, there was $ 58,809 and $ 6,910 , respectively, of cash collateral included in other assets, and $ 0 and $ 50,032 , respectively, included in investment securities related to initial margin requirements that are held by the central clearing organization.

For derivative transactions cleared through certain clearing parties, variation margin payments are recognized as settlements on a daily basis.

The fair value of derivative instruments are presented on a gross basis, even when the derivative instruments are subject to master netting arrangements.

RECENT ACCOUNTING PRONOUNCEMENTS

Adopted during the nine months ended June 30, 2025

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures.” The amendments in this update improve disclosures about a public entity's reportable segments and addresses requests from investors and other allocators of capital for additional information about a reportable segment's expenses.

While the Company only has one reportable segment, the update requires public entities with a single segment to provide all segment disclosures under ASC 280.

The amendments in this update are effective for fiscal years beginning after December 15, 2023, or the Company's Form 10-K for the fiscal year ending September 30, 2025, and interim periods within fiscal years beginning after December 15, 2024, or the Company's fiscal year ending September 30, 2026, beginning with the Form 10-Q for the quarter ending December 31, 2025.

Retrospective application is required for all prior periods presented in the financial statements.

The adoption does not have a material effect on the Company's consolidated financial statements or disclosures.

Issued but not yet adopted as of June 30, 2025

Adopted during the three months ended December 31, 2025

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

The amendments in this ASU aim to improve the transparency and effectiveness of income tax disclosures for investors and stakeholders.

The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation, as well as information on income tax paid.

The update is effective for fiscal years beginning after December 15, 2024, or the Company's fiscal year ending September 30, 2026.

Prospective and retrospective application to prior periods presented in the financials is permitted, as well as early adoption.

The Company is currently assessing the impact of the requirements on its consolidated financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03,“Income Statement (Subtopic 220-40) – Reporting Comprehensive Income – Expense Disaggregation Disclosures”.

The Company will be required to provide updated effective tax rate disclosures in a tabular format.

The Company adopted the amended guidance on October 1, 2025 and will provide required disclosures, applied retrospectively, in the Annual Report on Form 10-K for the fiscal year ending September 30, 2026.

Issued but not yet adopted as of December 31, 2025

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) .

The amendments in this update improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions.

The new guidance is effective for public business entities for annual periods beginning after December 15, 2026, or the Company's fiscal year ending September 30, 2028, and interim periods beginning after December 15, 2027, or the Company's fiscal year ending September 30, 2029.

Early adoption is permitted and is effective on either a prospective or retrospective basis.

The Company is currently assessing the impact of this guidance on its consolidated financial statement disclosures.

The Company has determined that all other recently issued accounting pronouncements will not have a material impact on the Company's consolidated financial statements or do not apply to its operations.

The new guidance is effective for public business entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027.

Early adoption is permitted.

The amendments in this ASU may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU, or retrospectively to all prior periods presented in the financial statements.

Management is currently evaluating the impact of this standard on the Company's consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets .

The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets under ASC 606.

The update is effective for fiscal years beginning after December 15, 2025, and interim periods beginning after December 15, 2026.

Adoption of this ASU can be applied prospectively for reporting periods after its effective date with early adoption permitted.

Management is evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the Company's consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other Internal-Use Software (Subtopic 350-40) .

The amendments in this update are intended to improve the accounting for internal-use software.

The ASU simplifies the capitalization guidance by removing all references to the sequential software development stages throughout ASC 350-40.

The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.

Management is evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the Company's consolidated financial statements.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments – Credit Losses (Topic 326) .

The amendments in this update expand the use of the gross-up approach to certain acquired loans beyond purchased financial assets with credit deterioration.

The new guidance is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted.

The amendments in this update must be adopted prospectively to loans that are acquired on or after the initial application date.

Management is evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the Company's consolidated financial statements.

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