Capitol Federal Financial, Inc. (CFFN)

CIK: 0001490906. SIC: 6035 Savings Institution, Federally Chartered. Latest 10-K as of: 2025-11-26.

SIC breadcrumb: Finance, Insurance, And Real Estate > Depository Institutions > SIC 6035 Savings Institution, Federally Chartered

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1490906. Latest filing source: 0001490906-25-000033.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001490906.json. Derived margins are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Missing metrics are omitted rather than fabricated.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001490906.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001490906-26-000018.

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high. Filing date: 2026-05-08. Report date: 2026-03-31.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The Company and the Bank may from time to time make written or oral "forward-looking statements," including statements contained in documents filed or furnished by the Company with the SEC. These forward-looking statements may be included in this Quarterly Report on Form 10-Q and the exhibits attached to it, in the Company's reports to stockholders, in the Company's press releases, and in other communications by the Company, which are made in good faith pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include statements about our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, which are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond our control. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our future results to differ materially from the beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions expressed in the forward-looking statements:

•our ability to maintain overhead costs at reasonable levels;

•our ability to generate a sufficient volume of loans in order to maintain the loan portfolio balance at a level desired by management;

•our ability to invest funds in wholesale or secondary markets at favorable yields;

•our ability to access cost-effective funding and maintain sufficient liquidity;

•our ability to expand our commercial banking, treasury management, and wealth management products and services across our market areas;

•fluctuations in deposit flows;

•transactions or activities that would result in the recapture of base-year, tax basis bad debt reserves;

•the future earnings and capital levels of the Bank, the impact of potential pre-1988 bad debt recapture and the continued non-objection by our primary federal banking regulators, to the extent required, to distribute capital from the Bank to the Company, which could affect the Company's income tax expense and the Company's ability to pay dividends in accordance with its dividend policy and/or repurchase shares;

•the strength of the U.S. economy in general and in the local economies in which we conduct operations, including areas where we have purchased large amounts of correspondent loans, originated commercial loans, and entered into commercial loan participations;

•changes in real estate values, unemployment levels, general economic trends, and the level and direction of loan delinquencies and charge-offs may require changes in the estimates of the adequacy of the ACL and adversely affect our business;

•increases in classified and/or non-performing assets, which may require the Bank to increase the ACL, charge-off loans and incur elevated collection and carrying costs, or not recognize income for a period of time, related to such non-performing assets;

•results of examinations of the Bank and the Company by their respective primary federal banking regulators, including the possibility that the regulators may, among other things, require us to increase our ACL;

•changes in accounting principles, policies, or guidelines;

•the effects of, and changes in, monetary and interest rate policies of the Board of Governors of the Federal Reserve System ("FRB");

•the effects of, and changes in, trade and fiscal policies and foreign and military policies of the United States government;

•inflation, interest rate, market, monetary, and currency fluctuations and the effects of a potential economic recession or slower economic growth;

•the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor or depositor sentiment;

•the timely development and acceptance of new products and services and the perceived overall value of these products and services by users, including the features, pricing, and quality compared to competitors' products and services;

•the willingness of users to substitute competitors' products and services for our products and services;

•our success in gaining regulatory approval of our products and services and branching locations, when required;

•the impact of interpretations of, and changes in, financial services laws and regulations, including laws concerning taxes, banking, securities, consumer protection, trust and insurance and the impact of other governmental initiatives affecting the financial services industry;

•the ability to attract and retain skilled employees;

•implementing business initiatives may be more difficult or expensive than anticipated;

•significant litigation;

•technological changes and the costs thereof;

•our ability to maintain the security of our financial, accounting, technology, and other operating systems and facilities, including the ability to withstand cyberattacks;

•changes in consumer spending, borrowing, and saving habits; and

•our success at managing the risks involved in our business.

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This list of factors is not all inclusive. For a discussion of risks and uncertainties related to our business that could adversely impact our operations and/or financial results, see "Part I, Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and Part II, Item 1A. Risk Factors within this Quarterly Report on Form 10-Q. We do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company or the Bank.

As used in this Form 10-Q, unless we specify or the context indicates otherwise, "the Company," "we," "us," and "our" refer to Capitol Federal Financial, Inc. a Maryland corporation, and its subsidiaries. "Capitol Federal Savings," and "the Bank," refer to Capitol Federal Savings Bank, a federal savings bank and the wholly-owned subsidiary of Capitol Federal Financial, Inc.

The following discussion and analysis is intended to assist in understanding the financial condition, results of operations, liquidity, and capital resources of the Company. The Bank comprises almost all of the consolidated assets and liabilities of the Company and the Company is dependent primarily upon the performance of the Bank for the results of its operations. Because of this relationship, references to management actions, strategies and results of actions apply to both the Bank and the Company except where the context indicates otherwise. This discussion and analysis should be read in conjunction with Management's Discussion and Analysis included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed with the SEC.

Available Information

Financial and other Company information, including press releases, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports can be obtained free of charge from our investor relations website, https://ir.capfed.com. SEC filings are available on our website immediately after they are electronically filed with or furnished to the SEC, and are also available on the SEC's website at www.sec.gov.

Critical Accounting Estimates

Our most critical accounting estimate is our methodology used to determine the ACL and reserve for off-balance sheet credit exposures. This estimate is important to the presentation of our financial condition and results of operations, involves a high degree of complexity, and requires management to make difficult and subjective judgments that may require assumptions about highly uncertain matters. The use of different judgments, assumptions, and estimates could affect reported results materially. This critical accounting estimate and its application is reviewed at least annually by the audit committee of our Board of Directors. For a full discussion of our critical accounting estimates, see "Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates" in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025.

Executive Summary

The following summary should be read in conjunction with the Management's Discussion and Analysis of Financial Condition and Results of Operations section in its entirety.

The Company recognized net income of $40.5 million, or $0.32 per share, for the current year six-month period compared to net income of $30.8 million, or $0.24 per share, for the prior year six-month period. The increase in net income was due mainly to higher net interest income, partially offset by higher non-interest expense and a higher provision for credit losses. The net interest margin increased 33 basis points, from 1.89% for the prior year six-month period to 2.22% for the current year six-month period. The increase was due mainly to growth in the higher yielding commercial loan portfolio.

The Bank continues its progression from a primarily retail oriented financial institution to a full-service consumer and commercial bank by strategically investing in technology, products and employees, allowing us to offer new products and services and deliver first-in-class service to our customers. For additional discussion, see the "Strategic Banking Initiatives" section below.

The Company's efficiency ratio was 53.05% for the current year six-month period compared to 59.23% for the prior year six-month period. The improvement in the efficiency ratio was due primarily to higher net interest income compared to the prior year period, partially offset by higher non-interest expense. The Company's operating expense ratio (annualized) for the current year six-month period was 1.24% compared to 1.18% for the prior year six-month period. The operating expense ratio was higher in the current year period due mainly to higher non-interest expense, partially offset by higher average assets compared to the prior year period.

The loan portfolio totaled $8.11 billion at March 31, 2026, a $2.2 million increase from September 30, 2025, which was attributable to $201.8 million increase in commercial loans, offset by a $196.8 million decrease in one- to four-family loans, as the Bank continued to redirect cash flows received from the one- to four-family loan portfolio to the commercial loan portfolio. The growth in the

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commercial loan portfolio was primarily in commercial real estate loans. The weighted average DSCR for commercial loan originations and new participations during the six months ended March 31, 2026 was 2.35x and the weighted average LTV for commercial real estate and construction loans originated and new participations was 70%. The weighted average DSCR and LTV for our commercial real estate and construction loan portfolio was 1.76x and 63%, respectively, at March 31, 2026.

The Bank's asset quality remains strong, reflected in the continued low level of loan delinquency and charge-off ratios. At March 31, 2026, loans 30 to 89 days delinquent were 0.15% of total loans receivable, net, and loans 90 or more days delinquent or in foreclosure were 0.17% of total loans receivable, net. See "Management's Discussion and Analysis of Financial Condition and Results of Operation - Asset Quality - Delinquent and nonaccrual loans and OREO" below for additional discussion. During the current year six-month period, the Bank had net charge-offs ("NCOs") of $156 thousand.

Total deposits were $6.92 billion at March 31, 2026, an increase of $333.0 million compared to September 30, 2025. The increase was due mainly to growth in the Bank's non-maturity deposit portfolio. Management continues to focus on grow

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high. Filing date: 2025-11-26. Report date: 2025-09-30.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis is intended to assist in understanding the financial condition, results of operations, liquidity, and capital resources of the Company. The Bank comprises almost all of the consolidated assets and liabilities of the Company and the Company is dependent primarily upon the performance of the Bank for the results of its operations. Because of this relationship, references to management actions, strategies and results of actions apply to both the Bank and the Company except where the context indicates otherwise.

Executive Summary

The following summary should be read in conjunction with the Management's Discussion and Analysis of Financial Condition and Results of Operations section in its entirety.

The Company recognized net income of $68.0 million, or $0.52 per share, for fiscal year 2025 compared to net income of $38.0 million, or $0.29 per share, for the prior fiscal year. The increase in net income was due mainly to higher net interest and non-interest income, partially offset by higher non-interest expense. Non-interest income was lower in the prior fiscal year due mainly to the net losses on the sale of securities associated with the securities strategy. See additional discussion regarding the securities strategy in the "Securities Strategy to Improve Earnings" section below. Excluding the effects of the net loss associated with the securities strategy, earnings per share ("EPS") would have been $0.37 for the prior fiscal year. The increase in EPS, excluding the effects of the net loss associated with the securities strategy, was due primarily to higher net interest income in the current fiscal year.

The net interest margin increased 19 basis points, from 1.77% for the prior fiscal year to 1.96% for the current fiscal year. The increase was due mainly to higher yields on the loan portfolio due to the continued shift of loan balances from the one- to four-family loan portfolio to the higher yielding commercial loan portfolio, which outpaced the increase in the cost of deposits.

The Bank continues to transition from a primarily retail oriented financial institution to one with an expanded focus on commercial customers by strategically growing all aspects of commercial banking through investments in technology, people, products, and services. The Bank is active in commercial lending markets even when the lending opportunity is outside of the Bank's local footprint. For additional discussion, see the "Strategic Banking Initiatives" section below.

The Company's efficiency ratio was 58.33% for the current fiscal year compared to 66.91% for the prior fiscal year. Excluding the net losses from the securities strategy, the efficiency ratio would have been 61.97% for the prior fiscal year. The improvement in the efficiency ratio, excluding the net losses from the securities strategy, was due primarily to higher net interest income compared to the prior fiscal year, partially offset by higher non-interest expense. The Company's operating expense ratio for the current fiscal year was 1.22% compared to 1.17% for the prior fiscal year. The operating expense ratio was higher in the current fiscal year due mainly to higher non-interest expense.

Total assets were $9.78 billion at September 30, 2025, an increase of $251.1 million from September 30, 2024. The increase was due primarily to growth in the loan portfolio, which was largely funded with deposit growth, mainly through the Bank's high yield savings account offering.

Total loans receivable increased $204.6 million from September 30, 2024. The increase was due mainly to the commercial loan portfolio, which increased $607.0 million, or approximately 40%, during the current fiscal year, due primarily to commercial real estate loan growth. The increase was partially offset by a decrease of $400.0 million in one- to four-family loans. It is expected that repayments from our one- to four-family loan portfolio will continue to be directed toward supporting commercial loan growth, aligning with our ongoing commitment to expand commercial banking services. Maintaining strong credit quality remains a top priority as we grow our commercial loan portfolio. The weighted average debt service coverage ratio ("DSCR") for commercial loan originations and purchases during the current fiscal year was 1.76x and the weighted average loan-to-value ("LTV") for commercial real estate and construction loans originated and purchased was 65%. The weighted average DSCR and LTV for our commercial real estate and construction loans was 1.65x and 61%, respectively, at September 30, 2025.

The Bank's asset quality remains strong, reflected in the continued low level of loan delinquency and charge-off ratios. At September 30, 2025, loans 30 to 89 days delinquent were 0.15% of total loans receivable, net, and loans 90 or more days

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delinquent or in foreclosure were 0.09% of total loans receivable, net. See "Management's Discussion and Analysis of Financial Condition and Results of Operation - Asset Quality - Delinquent and nonaccrual loans and other real estate owned ("OREO")" below for additional discussion. During the current fiscal year, net charge-offs ("NCOs") were $198 thousand.

Total liabilities at September 30, 2025 were $8.73 billion, an increase of $235.7 million from September 30, 2024. The increase was due mainly to deposit growth, largely through the Bank's high yield savings account offering, which increased $364.5 million. Management has continued to focus on retaining and growing deposits through the Bank's high yield savings account product, which, as of September 30, 2025, had an annual percentage yield of 4.00% for accounts that meet the $10 thousand minimum balance requirement. The increase in deposits was partially offset by a $228.8 million decrease in borrowings due to principal repayments made on the Bank's amortizing FHLB advances, along with borrowings that matured but were not replaced. Management estimates that the Bank had $2.92 billion in liquidity available at September 30, 2025, based on the Bank's blanket collateral agreement with FHLB and unencumbered securities.

Stockholders' equity totaled $1.05 billion at September 30, 2025, an increase of $15.4 million from September 30, 2024. As of September 30, 2025, the Bank's capital ratios exceeded the well-capitalized requirements. The Bank's community bank leverage ratio ("CBLR") as of September 30, 2025 was 9.6%. During the current fiscal year, the Company paid regular quarterly cash dividends totaling $44.2 million, or $0.34 per share and repurchased 618,260 shares for $3.9 million.

At September 30, 2025, the gap between the Bank's interest-earning assets and interest-bearing liabilities projected to reprice within one year was $(983.6) million, or (10.1)% of total assets, compared to $(1.51) billion, or (15.8)% of total assets, at September 30, 2024. As of September 30, 2025, the Bank exceeded internal policy thresholds for sensitivity to changes in interest rates. See additional discussion in "Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk."

Securities Strategy to Improve Earnings

In October 2023, the Company initiated a securities strategy (the "securities strategy") by selling $1.30 billion of securities, representing 94% of its securities portfolio. Since the Company did not have the intent to hold the $1.30 billion of securities to maturity at September 30, 2023, the Company recognized an impairment loss on those securities of $192.6 million which was reflected in the Company's financial statements for the quarter and fiscal year ended September 30, 2023. The securities strategy allowed the Company to improve its earnings stream going forward, beginning in the quarter ended December 31, 2023, by redeploying most of the proceeds into then-current market rate securities. The Company utilized the remaining proceeds to deleverage the balance sheet. During the quarter ended December 31, 2023, the Company completed the sale of securities and recognized $13.3 million ($10.0 million net of tax), or $0.08 per share, of additional loss. See additional information regarding the impact of the securities strategy on our financial measurements in "Management's Discussion and Analysis of Financial Condition and Results of Operation - Average Balance Sheets" below. The $1.30 billion of securities sold had a weighted average yield of 1.22% and an average duration of 3.6 years. With the proceeds from the sale of the securities, the Company purchased $632.0 million of securities yielding 5.75%, paid down $500.0 million of borrowings with a weighted average cost of 4.70%, and held the remaining cash at the FRB of Kansas City earning interest at the reserve balance rate until such time as it could be used to fund commercial lending activities or for other Bank operations.

Strategic Banking Initiatives

The Company is committed to its progression to a full-service commercial bank and is investing in technology, people, products and services to make that happen. Our investments in technology to date have allowed us to launch new services and products, while the addition of seasoned and well-connected commercial bankers, and trust and wealth advisors gives us access to an exciting new customer group. Expanding our product suite of treasury management services enables us to service this new customer group, and expanded marketing and business development has increased the depth of customer relationships. Having completed the second year since embarking on our digital transformation, we have seen our efforts bear fruit and expect progress to accelerate going forward.

Strategic Actions. The long-term success of this transformation is predicated on management's continued focus on deepening relationships with consumer and commercial customers. Management and the Board have committed resources through the growth of talented, skilled and experienced bankers, investments in technology, expanded marketing and outreach, as well as the development and increased internal monitoring of performance metrics that ensure we are on the path to achieve our performance objectives. Through our experienced relationship managers, we deliver customized solutions

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using advanced digital platforms, and sophisticated cash management tools. Additionally, we are leveraging our centralized organizational structure to respond quickly to customers. We are actively pursuing opportunities to expand our non-interest-bearing deposit base and diversify fee-based revenue streams through strategic growth in treasury management services, trust and wealth management services, insurance, and small business banking.

Commercial Lending. During the current fiscal year, we closed on $901.9 million in commercial loans compared to $350.6 million in the prior fiscal year and commercial loans continue to grow as a percentage of our overall loan portfolio. As of September 30, 2025, commercial loans comprised 26% of our loan portfolio compared to 19% at the prior fiscal year end. To maintain strong credit quality, in addition to disciplined underwriting and ongoing credit administration, we monitor concentration levels by collateral type, geographic location and borrowing relationship. During the current fiscal year, the Bank implemented commercial loan pricing and profitability software that provides insights based on the full customer banking relationship. We also implemented software that provides market insight regarding competitor pricing to assist loan officers when preparing a loan offering. This has increased our ability to profitably compete with other financial institutions in our markets as well as those outside our markets.

Treasury Management. The Bank services commercial customers through a competitive suite of treasury management products and an experienced team of treasury management officers. This team is focused on the deposit and cash management needs of commercial customers and growing this line of business through the acquisition of new customers located both in our immediate market areas, and those who we lend to outside of our local market areas. Additionally, this fiscal year, the Bank deployed a team of business development officers tasked with growing the deposit base within the small business customer segment, focused on serving small businesses in our market areas with a dedicated line of products specifically designed for these customers. The Bank expects to introduce digital onboarding for small business customers using industry-leading risk management and screening tools, which will replace many manual verification tasks. Additionally, as we add more sophisticated commercial clients, we are evaluating new technology in order to capture a larger share of their business with additional products and services. Within calendar year 2026, we expect to implement new technology for lockbox services, integrated accounts receivables, purchase cards and corporate cards. While the majority of our commercial deposit growth in fiscal year 2025 resulted from commercial loan covenants and provisions, our treasury management officers and business development officers often land depository relationships independent of a lending relationship. This will be a focus area for our sales teams as the Bank continues to diversify funding sources and seeks to increase fee revenue tied to depository accounts.

Digital Banking. We are advancing towards a seamless digital banking experience for all customers, enhancing the Bank's ability to attract and retain deposits. This strategy includes a new deposit account onboarding platform that was implemented in November 2024 and digital banking enhancements for debit cardholders which will allow customers to begin using their card immediately online and in digital wallets without waiting for the delivery of a physical card. These enhancements are projected to be implemented in the second quarter of fiscal year 2026. Since changing core and digital providers in August 2023, the Bank has taken advantage of our open-source platforms through the evaluation of add-on technologies that will integrate into our digital banking experience for consumers, small businesses, and commercial customers.

Private Banking, Trust and Wealth Management. We are preparing to implement a comprehensive suite of private banking products and services which is a new line of business for the Bank. During the fourth quarter of fiscal year 2025, the Bank added several seasoned and well-connected wealth management professionals to focus on these products and services. Their expertise in private banking and related areas will support our new private banking efforts and is expected to transform our trust and wealth management business. Private banking relationships are defined as customers with $5 million or more in personal relationships with the Bank by way of loans, deposits, or assets under management. Private banking customers began onboarding during the first quarter of fiscal year 2026. We believe that our private banking line of business will be a gateway to driving off-balance sheet revenue and bridge the gap between high-net-worth depository customers, small business owners or key commercial customers, and corporate trustee opportunities for the Bank.

Stockholder Value. Delivering long-term sustainable stockholder value will continue to be our North Star while also maintaining a strong capital position. As part of our historically robust and disciplined approach to capital management, our approach continues to generate returns to stockholders through dividend payments and share repurchases. Total dividends declared and paid during fiscal year 2025 were $44.3 million. The Company repurchased 618,260 shares for $3.9 million during fiscal year 2025, all of which occurred in the last quarter of the fiscal year. Since completing our second-step conversion in December 2010, we have returned $2.01 billion to stockholders through $1.57 billion in cash dividends and

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$439.9 million of share repurchases. For fiscal year 2026, it is the intention of the Board of Directors to continue the regular quarterly cash dividend of $0.085 per share and to seek further opportunities for value-enhancing share repurchases.

Critical Accounting Estimates

Our most critical accounting estimate is the methodology used to determine the ACL and reserve for off-balance sheet credit exposures. This estimate is important to the presentation of our financial condition and results of operations, involves a high degree of complexity, and requires management to make difficult and subjective judgments that may require assumptions about highly uncertain matters.  The use of different judgments, assumptions, and estimates could affect reported results materially.  This critical accounting estimate and its application is reviewed at least annually by our audit committee. The following is a description of our critical accounting estimate and an explanation of the methods and assumptions underlying its application.

Allowance for Credit Losses and Reserve for Off-Balance Sheet Credit Exposures. The ACL is a valuation amount that is deducted from the amortized cost basis of loans and represents management's estimate of total expected credit losses for the Company's loans over their remaining contractual lives, as of the balance sheet date. The reserve for off-balance sheet credit exposures represents expected credit losses on unfunded portions of existing loans and commitments to originate or purchase loans that are not unconditionally cancellable by the Company, as of the balance sheet date.

Management estimates the ACL utilizing a discounted cash flow model by projecting future loss rates which are dependent upon forecasted economic indices and applying qualitative factors when deemed appropriate by management. The key assumptions used in projecting future loss rates include the economic forecast, the forecast and reversion to mean time periods, and prepayment and curtailment assumptions. The assumptions are used to calculate and aggregate estimated cash flows for the time period that remains in each loan's contractual life. The cash flows are discounted back to the balance sheet date using each loan's effective yield, to arrive at a present value of expected cash flows, which is compared to the amortized cost basis of the loan pool to determine the amount of ACL required by the calculation. Management then considers qualitative factors when assessing the overall level of ACL. See "Allowance for Credit Losses on Loans Receivable" and "Reserve for Off-Balance Sheet Credit Exposures" within "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 1. Summary of Significant Accounting Policies" for additional information.

One of the most significant judgments used in projecting loss rates when estimating the ACL is the macroeconomic forecast provided by a third party. The economic indices sourced from the macroeconomic forecast and used in projecting loss rates are the national unemployment rate, changes in commercial real estate prices, changes in home values, changes in the United States consumer price index, and changes in the United States gross domestic product. The economic index used in the calculation to which the calculation is most sensitive is the national unemployment rate. Each reporting period, several macroeconomic forecast scenarios are considered by management. Management selects the macroeconomic forecast(s) that is/are most reflective of expectations at that point in time. Changes in the macroeconomic forecast could significantly impact the calculated estimated credit losses between reporting periods.

Other key assumptions used in the discounted cash flow model include the forecast and reversion to mean time periods and prepayment and curtailment assumptions. The calculation is less sensitive to these assumptions than the macroeconomic forecasts. The macroeconomic forecast is applied for a reasonable and supportable time period before reverting to long-term historical averages for each economic index. The forecast and reversion to mean time period used for each economic index at September 30, 2025 was four quarters. Prepayment and curtailment assumptions are generally based on the Company's historical experience and are adjusted by management as deemed necessary. The prepayment and curtailment assumptions vary for each respective loan pool in the model.

The reserve for off-balance sheet credit exposures is calculated by applying the ACL to loan ratio for each respective loan pool, as calculated by the discounted cash flow model discussed above, to an adjusted off-balance sheet credit exposures balance. The off-balance sheet credit exposures balance is adjusted to account for the likelihood that funding of the related balance will occur. Management generally determines the likelihood of funding based on historical experience, but it may be adjusted by management as deemed necessary based upon their knowledge of the composition of the underlying off-balance sheet credit exposure balances.

25

The ACL and reserve for off-balance sheet credit exposures may be materially affected by qualitative factors, for items not reflected in the economic forecast and/or discounted cash flow model, but which are deemed appropriate by management's current assessment of the risks related to the loan portfolio and/or external factors. Such qualitative factors may include changes in the Company's loan portfolio composition and credit concentrations, changes in the balances and/or trends in asset quality and/or loan credit performance, changes in lending underwriting standards, the effect of other external factors such as significant unique events or conditions, and actual and/or expected changes in economic conditions, real estate values, and/or other economic developments. Management applied qualitative factors at September 30, 2025 to account for large dollar commercial real estate loan concentrations and potential risk of loss in market value for newer one- to four-family loans. The qualitative factors applied at September 30, 2025, and the importance and levels of the qualitative factors applied, may change in future periods depending on the level of changes to items such as the uncertainty of economic conditions and management's assessment of the level of credit risk within the loan portfolio as a result of such changes, compared to the amount of ACL calculated by the model. The evaluation of qualitative factors is inherently imprecise and requires significant management judgment. See "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 4. Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses" for additional information regarding the qualitative factors applied at September 30, 2025.

The ACL and the reserve for off-balance sheet credit exposures were $24.0 million and $5.5 million, respectively, at September 30, 2025, compared to $23.0 million and $6.0 million, respectively, at September 30, 2024. During the current fiscal year, the Company updated the regression analyses used in the discounted cash flow model which resulted in some changes to the amounts and levels of ACL calculated by the model for commercial loans. The regression analyses were updated in order to assist management in estimating expected credit losses in the commercial loan portfolio due to growth in this portfolio, including growth in market areas outside of the Bank's local market footprint. See "Management's Discussion and Analysis of Financial Condition and Results of Operation - Allowance For Credit Losses" for additional information regarding the regression analysis update that occurred during fiscal year 2025.

While management utilizes its best judgment and information available, the adequacy of the ACL and reserve for off-balance sheet credit exposures is determined by certain factors outside of the Company's control, such as the performance of our loan portfolio, changes in the economic environment including economic uncertainty, changes in interest rates, and the view of the regulatory authorities toward classification of assets and the level of ACL and reserve for off-balance sheet credit exposures. Additionally, the level of ACL and reserve for off-balance sheet credit exposures may fluctuate based on the balance and mix of the loan portfolio and off-balance sheet credit exposures. If actual results differ significantly from our assumptions, our ACL and reserve for off-balance sheet credit exposures may not be sufficient to cover inherent losses in our loan portfolio, resulting in additions to our ACL and an increase in the provision for credit losses.

Recent Accounting Pronouncements

For a discussion of Recent Accounting Pronouncements, see "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Financial Statements – Note 1. Summary of Significant Accounting Policies."

26

Financial Condition

The following table summarizes the Company's financial condition at the dates indicated.

September 30,

Change expressed in:

2025

2024

Dollars

Percent

(Dollars and shares in thousands)

Total assets

$

9,778,701 

$

9,527,608 

$

251,093 

2.6 

%

AFS securities

867,216 

856,266 

10,950 

1.3 

Loans receivable, net

8,111,961 

7,907,338 

204,623 

2.6 

Deposits

6,591,448 

6,129,982 

461,466 

7.5 

Borrowings

1,950,770 

2,179,564 

(228,794)

(10.5)

Stockholders' equity

1,047,677 

1,032,270 

15,407 

1.5 

Equity to total assets at end of period

10.7

%

10.8

%

Average number of basic and diluted

   shares outstanding

129,988 

130,671 

(683)

(0.5)

Loans Receivable. The Bank originates or participates with other lenders in commercial loans, either secured by real estate or for commercial and industrial purposes, and first mortgages on owner-occupied, one- to four-family residences. The Bank also originates consumer loans primarily secured by one- to four-family residential properties. The Bank historically purchased loans secured by one- to four-family residences from correspondent lenders but suspended that line of business during fiscal year 2024. During fiscal year 2025, the loan portfolio mix continued to shift from one- to four-family loans to commercial loans. Total loans, net at September 30, 2025 were $8.11 billion, an increase of $204.6 million from September 30, 2024. The increase in the loan portfolio was due mainly to a $607.0 million increase in commercial loans, partially offset by a $400.0 million decrease in one-to four-family loans.

As a result of continued high interest rates and a lack of housing inventory, which has reduced the volume of housing market transactions, our one- to four-family origination and refinance activity has slowed, directly impacting the Bank's one- to four-family loan portfolio. Management expects the Bank's one- to four-family originated loan portfolio will continue to decrease as the affordability of housing remains challenging, there is a limited supply of homes for sale and we compete with nationwide online mortgage originators. It is expected that cash flows generated from the repayments of our one- to four-family portfolio will continue to be used to fund commercial loan growth.

The Bank originates one- to four-family loans primarily in our market areas of Kansas and Missouri. The balance of originated one- to four-family loans was $3.77 billion as of September 30, 2025 and represented 64% of the Bank's one- to four-family loan portfolio.

The Bank previously purchased one- to four-family loans, on a loan-by-loan basis, from a select group of correspondent lenders ("correspondent purchased"). Loan purchases enabled the Bank to attain geographic diversification in its one- to four-family loan portfolio. We generally paid a premium of 0.50% to 1.00% of the loan balance to purchase these loans, and 1.00% of the loan balance to purchase the servicing of these loans. The premium paid is amortized against the interest earned over the life of the loan, which reduces the loan yield. If a loan pays off before the scheduled maturity date, the remaining premium is recognized as a reduction of interest income. At September 30, 2025 the balance of one- to four-family correspondent purchased loans was $2.00 billion, or 34% of the Bank's one- to four-family loan portfolio, and is included in the one- to four-family purchased amount in the tables below. As noted above, the Bank suspended its one- to four-family correspondent lending channels during fiscal year 2024.

The Bank also previously purchased one- to four-family loans from correspondent and nationwide lenders in bulk loan packages. The majority of the Bank's bulk purchased loans as of September 30, 2025 are guaranteed by one seller. The Bank has not experienced any losses with this group of loans since the loan package was purchased in August 2012. At September 30, 2025 the balance of one- to four-family bulk purchased loans was $114.2 million and is included in the one- to four-family purchased amount in the tables below.

27

The Bank originates owner-occupied construction-to-permanent loans secured by one- to four-family residential real estate. The majority of these loans are secured by properties located in Kansas and Missouri. The Bank's owner-occupied construction-to-permanent loan program combines the construction loan and the permanent loan into one loan, allowing the borrower to secure the same interest rate structure throughout the construction period and the permanent loan term.

The Bank's commercial loan portfolio is composed of commercial real estate loans, commercial construction loans and commercial and industrial loans. Our commercial real estate loans include a variety of property types, including hotels, senior housing facilities, multi-family dwellings, retail buildings, and office buildings located in Kansas, Missouri, Texas, and 19 other states as of September 30, 2025. The Bank's commercial and industrial loan portfolio consists largely of loans secured by accounts receivable, inventory and equipment. These loans are generally made to borrowers located in Kansas and Missouri. The Bank regularly monitors the level of risk in the entire commercial loan portfolio, including concentrations in such factors as geographic location, collateral type, tenant profile, borrowing relationship, and lending relationship in the case of participation loans, among other factors.

Commercial borrowers are generally required to provide financial information annually, including borrower financial statements, subject property rental rates and income, maintenance costs, updated real estate property tax and insurance payments, and personal financial information for the guarantor(s). This allows the Bank to monitor compliance with loan covenants and review the borrower's performance, including cash flows from operations, debt service coverage, and comparison of performance to projections and year-over-year performance trending. Additionally, the Bank monitors and performs site visits, or in the case of participation loans, obtains updates from the lead bank as needed to determine the condition of the collateral securing the loan. Depending on the financial strength of the project and/or the complexity of the borrower's financials, the Bank may also perform a global analysis of cash flows to account for all other properties owned by the borrower or guarantor. If signs of weakness are identified, the Bank may begin performing more frequent financial and/or collateral reviews or initiate contact with the borrower, or the lead bank will contact the borrower if the loan is a participation loan, to ensure cash flows from operations are maintained at a satisfactory level to meet the debt requirements.

The Bank mitigates the risk of commercial real estate construction lending during the construction period by monitoring inspection reports from an independent third-party, project budget, percentage of completion, on-site inspections and percentage of advanced funds. Commercial and industrial loans are monitored through a review of borrower performance as indicated by borrower financial statements, borrowing base reports, accounts receivable aging reports, and inventory aging reports. These reports are required to be provided by the borrowers monthly, quarterly, or annually depending on the nature of the borrowing relationship.

The Bank offers a variety of secured consumer loans, including home equity loans and lines of credit, home improvement loans, vehicle loans, and loans secured by savings deposits. The Bank also originates a very limited amount of unsecured loans. Generally, consumer loans are originated in the Bank's market areas. The majority of our consumer loan portfolio is comprised of home equity lines of credit, which have adjustable interest rates. As of September 30, 2025, the Bank had the first mortgage, or was in the first lien position on the majority of the unpaid principal balance of the Bank's home equity lines of credit.

28

The following table presents information related to the composition of our loan portfolio in terms of dollar amounts, weighted average rates, and percentage of total as of the dates indicated.

September 30, 2025

September 30, 2024

Amount

Rate

Amount

Rate

(Dollars in thousands)

One- to four-family:

Originated

$

3,774,134 

3.78

%

$

3,941,952 

3.60

%

Purchased

2,114,447 

3.49 

2,339,748 

3.44 

Construction

16,054 

6.17 

22,970 

6.05 

Total

5,904,635 

3.68 

6,304,670 

3.55 

Commercial:

Commercial real estate

1,709,990 

5.82 

1,191,624 

5.43 

Commercial and industrial

210,119 

6.92 

129,678 

6.66 

Commercial construction

195,886 

6.42 

187,676 

6.40 

Total

2,115,995 

5.98 

1,508,978 

5.65 

Consumer loans:

Home equity

104,809 

8.15 

99,988 

8.90 

Other

8,436 

5.55 

9,615 

5.72 

Total

113,245 

7.96 

109,603 

8.62 

Total loans receivable

8,133,875 

4.34 

7,923,251 

4.02 

Less:

ACL

24,039 

23,035 

Deferred loan fees/discounts

31,268 

30,336 

Premiums/deferred costs

(33,393)

(37,458)

Total loans receivable, net

$

8,111,961 

$

7,907,338 

29

The following table presents the contractual maturity of our loan portfolio, along with associated weighted average yields, at September 30, 2025. Loans that have adjustable interest rates are shown as maturing in the period during which the contract is due. The table does not reflect the effects of possible prepayments or enforcement of due on sale clauses.

One year or less(1)

Over one year to five years

Over five years to 15 years

Over 15 years

Total

Amount

Yield

Amount

Yield

Amount

Yield

Amount

Yield

Amount

Yield

(Dollars in thousands)

One- to four-family:

Originated

$

1,788 

3.57

%

$

58,749 

3.21

%

$

1,040,213 

3.11

%

$

2,673,384 

4.09

%

$

3,774,134 

3.81

%

Purchased

88 

3.07 

24,086 

2.62 

354,073 

2.60 

1,736,200 

3.57 

2,114,447 

3.39 

Construction(2)

— 

— 

— 

— 

— 

— 

16,054 

6.20 

16,054 

6.20 

Total

1,876 

3.55 

82,835 

3.04 

1,394,286 

2.98 

4,425,638 

3.89 

5,904,635 

3.66 

Commercial:

Commercial real estate

116,147 

5.47 

813,170 

5.86 

545,986 

5.57 

234,687 

5.04 

1,709,990 

5.63 

Commercial and industrial

59,556 

7.20 

84,635 

7.45 

60,929 

6.20 

4,999 

4.58 

210,119 

6.95 

Commercial construction(2)

21,630 

7.24 

112,138 

5.87 

53,668 

7.28 

8,450 

7.72 

195,886 

6.49 

Total

197,333 

6.19 

1,009,943 

6.00 

660,583 

5.77 

248,136 

5.12 

2,115,995 

5.84 

Consumer:

Home equity(3)

2,036 

9.88 

2,098 

7.12 

50,309 

8.10 

50,366 

8.09 

104,809 

8.11 

Other

713 

2.29 

7,279 

5.65 

402 

7.53 

42 

18.00 

8,436 

5.52 

Total

2,749 

7.91 

9,377 

5.98 

50,711 

8.09 

50,408 

8.10 

113,245 

7.92 

Total loans receivable

$

201,958 

6.19 

$

1,102,155 

5.78 

$

2,105,580 

3.98 

$

4,724,182 

4.00 

8,133,875 

4.29 

Less:

ACL

24,039 

Deferred loan fees/discounts

31,268 

Premiums/deferred costs

(33,393)

Total loans receivable, net

$

8,111,961 

(1)Includes demand loans, loans having no stated maturity, and overdraft loans.

(2)Construction loans are presented based upon the contractual maturity date, which includes the permanent financing period for construction-to-permanent loans.

(3)For home equity loans, including those that do not have a stated maturity date, the maturity date calculated assumes the borrower always makes the required minimum payment. The majority of home equity loans assume a maximum term of 240 months.

30

The following table presents, as of September 30, 2025, the amount of loans due after September 30, 2026, and whether these loans have fixed or adjustable interest rates.

Fixed

Adjustable

Total

(Dollars in thousands)

One- to four-family:

Originated

$

3,329,965 

$

442,381 

$

3,772,346 

Purchased

1,668,898 

445,461 

2,114,359 

Construction

7,908 

8,146 

16,054 

Total

5,006,771 

895,988 

5,902,759 

Commercial:

Commercial real estate

443,344 

1,150,499 

1,593,843 

Commercial and industrial

54,580 

95,983 

150,563 

Commercial construction

63,566 

110,690 

174,256 

Total

561,490 

1,357,172 

1,918,662 

Consumer:

Home equity

21,676 

81,097 

102,773 

Other

4,154 

3,569 

7,723 

Total

25,830 

84,666 

110,496 

Total loans receivable

$

5,594,091 

$

2,337,826 

$

7,931,917 

Loan Activity - The following table summarizes activity in the loan portfolio, along with weighted average rates where applicable, for the periods indicated, excluding changes in ACL, deferred loan fees/discounts, and premiums/deferred costs. Loans that were paid off as a result of refinances are included in repayments. Loan endorsements are not included in the activity in the following table because a new loan is not generated at the time of the endorsement. The endorsed balance and rate are included in the ending loan portfolio balance and rate. Commercial loan renewals are not included in the activity presented in the following table unless new funds are disbursed at the time of renewal. The renewal balance and rate are included in the ending loan portfolio balance and rate.

For the Year Ended

September 30, 2025

September 30, 2024

Amount

Rate

Amount

Rate

(Dollars in thousands)

Beginning balance

$

7,923,251 

4.02

%

$

7,984,381 

3.76

%

Originated and refinanced

1,149,469 

6.80 

660,937 

7.21 

Purchased and participations

104,431 

7.10 

47,712 

7.80 

Change in undisbursed loan funds

(14,556)

168,483 

Repayments

(1,026,401)

(917,871)

Principal (charge-offs)/recoveries, net

(198)

(111)

Other

(2,121)

(20,280)

Ending balance

$

8,133,875 

4.34 

$

7,923,251 

4.02 

31

The following table presents loan origination, refinance, and participation activity for the periods indicated, excluding endorsement activity, along with associated weighted average rates and percent of total. Commercial loan renewals are not included in the activity in the following table except to the extent new funds are disbursed at the time of renewal. Loan originations, participations, and refinances are reported together.

For the Year Ended

September 30, 2025

September 30, 2024

Amount

Rate

% of Total

Amount

Rate

% of Total

(Dollars in thousands)

Commercial:

Commercial real estate

Fixed-rate

$

155,315 

6.53

%

12.4

%

$

7,920 

7.63

%

1.1

%

Adjustable-rate

373,526 

6.85

29.8

114,502 

7.56

16.2

528,841 

6.76

42.2

122,422 

7.57

17.3

Commercial and industrial

Fixed-rate

102,489 

7.20

8.2

22,251 

6.96

3.1

Adjustable-rate

75,375 

7.34

6.0

49,593 

7.65

7.0

177,864 

7.26

14.2

71,844 

7.44

10.1

Commercial construction

Fixed-rate

26,235 

6.69

2.1

3,632 

7.07

0.5

Adjustable-rate

168,957 

7.27

13.5

152,739 

7.96

21.6

195,192 

7.19

15.6

156,371 

7.94

22.1

Total commercial

Fixed-rate

284,039 

6.79

22.7

33,803 

7.13

4.8

Adjustable-rate

617,858 

7.02

49.3

316,834 

7.77

44.7

901,897 

6.95

72.0

350,637 

7.71

49.5

One- to four-family and consumer:

One- to four-family

Fixed-rate

181,667 

6.18

14.5

232,335 

6.41

32.8

Adjustable-rate

109,599 

6.17

8.7

70,785 

6.40

10.0

291,266 

6.17

23.2

303,120 

6.40

42.8

Consumer

Fixed-rate

8,034 

8.08

0.6

11,377 

8.54

1.6

Adjustable-rate

52,703 

8.18

4.2

43,515 

9.09

6.1

60,737 

8.17

4.8

54,892 

8.98

7.7

Total one- to four-family and consumer

Fixed-rate

189,701 

6.26

15.1

243,712 

6.50

34.4

Adjustable-rate

162,302 

6.82

12.9

114,300 

7.43

16.1

352,003 

6.52

28.0

358,012 

6.80

50.5

Total commercial, one- to four-family, and consumer

Fixed-rate

473,740 

6.57

37.8

277,515 

6.58

39.2

Adjustable-rate

780,160 

6.98

62.2

431,134 

7.68

60.8

$

1,253,900 

6.83

100.0

%

708,649 

7.25

100.0

%

Commercial participations included above:

Fixed-rate

$

34,500 

6.93

%

$

4,400 

7.08

%

Adjustable-rate

69,931 

7.19

39,815 

8.04

$

104,431 

7.10

$

44,215 

7.95

32

One- to Four-Family Loans - The following table presents, for our portfolio of one- to four-family loans, the amount, percent of total, weighted average rate, weighted average credit score, weighted average LTV, and average balance per loan as of September 30, 2025. Credit scores were updated in September 2025 from a nationally recognized consumer rating agency. The LTVs were based on the current loan balance and either the lesser of the purchase price or original appraisal, or the most recent Bank appraisal, if available. In most cases, the most recent appraisal was obtained at the time of origination.

% of

Credit

Average

Amount

Total

Rate

Score

LTV

Balance

(Dollars in thousands)

Originated

$

3,774,134 

63.9

%

3.78

%

770 

58

%

$

170 

Purchased

2,114,447 

35.8 

3.49 

768 

60 

382 

Construction

16,054 

0.3 

6.17 

775 

45 

334 

$

5,904,635 

100.0

%

3.68 

769 

59 

213 

The following table presents origination and refinance activity for our one- to four-family loan portfolio, excluding endorsement activity, along with the weighted average rate, weighted average LTV and weighted average credit score for the current fiscal year. As of September 30, 2025, the Bank had one- to four-family loan and refinance commitments totaling $42.0 million at a weighted average rate of 6.29%.

Credit

Amount

Rate

LTV

Score

(Dollars in thousands)

$

291,266 

6.17

%

74

%

768 

Commercial Loans - The table below presents commercial loan origination and participation activity for the year ended September 30, 2025, along with weighted average LTV and weighted average DSCR. For commercial real estate and commercial construction loans, the LTV is calculated using the gross loan amount (composed of unpaid principal and undisbursed amounts) and the collateral value at the time of origination. For existing real estate, the "as is" value is used. If the property is to be constructed, the "as completed" value of the collateral is utilized. The DSCR is calculated based on historical borrower performance, or projected borrower performance for newly formed entities with no performance history.

Originated

Participation

Total

Weighted

Weighted

Amount

Rate

Amount

Rate

Amount

Rate

LTV

DSCR

(Dollars in thousands)

Commercial real estate

$

493,115 

6.74

%

$

35,726 

7.02

%

$

528,841 

6.76

%

62

%

1.66x

Commercial and industrial

176,964 

7.26

900 

7.25

177,864 

7.26

N/A

2.32

Commercial construction

127,387 

7.22

67,805 

7.14

195,192 

7.19

75

1.50

$

797,466 

6.93

$

104,431 

7.10

$

901,897 

6.95

65

1.76

The following table presents commercial loan disbursements, excluding lines of credit, during the year ended September 30, 2025.

Amount

Rate

(Dollars in thousands)

Commercial real estate

$

533,719 

6.64

%

Commercial and industrial

107,841 

7.31

Commercial construction

211,824 

6.68

$

853,384 

6.73

33

The following table presents the Bank's commercial real estate and commercial construction loans by type of primary collateral as of the dates indicated. Management anticipates fully funding the majority of the undisbursed amounts, as most are not cancellable by the Bank.

September 30, 2025

September 30, 2024

Unpaid

Undisbursed

Gross Loan

Gross Loan

Count

Principal

Amount

Amount

Amount

(Dollars in thousands)

Hotel

28 

$

545,782 

$

57,342 

$

603,124 

$

323,396 

Senior housing

52 

464,611 

19,348 

483,959 

332,334 

Multi-family

34 

262,414 

102,902 

365,316 

359,707 

Retail building

134 

285,159 

49,506 

334,665 

316,261 

Office building

75 

131,316 

4,742 

136,058 

127,961 

One- to four-family property

316 

66,112 

4,308 

70,420 

63,416 

Warehouse/manufacturing

45 

55,181 

3,672 

58,853 

34,656 

Land

25 

34,829 

776 

35,605 

32,943 

Single use building

26 

33,456 

262 

33,718 

43,438 

Other

34 

27,016 

1,176 

28,192 

29,070 

769 

$

1,905,876 

$

244,034 

$

2,149,910 

$

1,663,182 

Weighted average rate

5.88

%

6.90

%

5.99

%

5.77

%

The following table presents the unpaid principal balance of non-owner occupied and owner occupied loans within the Bank's commercial real estate loan portfolio as of the dates indicated.

September 30, 2025

September 30, 2024

(Dollars in thousands)

Non-owner occupied

$

1,271,905 

$

886,101 

Owner occupied

$

167,925 

$

165,334 

The following table presents management's funding expectations for the Bank's commercial real estate and commercial construction undisbursed amounts and commitments outstanding as of September 30, 2025. Due to the nature of a revolving line of credit, management is unable to project funding expectations for those balances, so those amounts are presented separately.

Projected Disbursements for the Quarters Ending

December 31,

2025

March 31,

2026

June 30,

2026

Thereafter

Revolving Lines of Credit

Total

(Dollars in thousands)

Undisbursed amounts

$

75,856 

$

61,735 

$

50,395 

$

48,684 

$

7,364 

$

244,034 

Commitments

39,606 

9,250 

27,000 

85,038 

— 

160,894 

$

115,462 

$

70,985 

$

77,395 

$

133,722 

$

7,364 

$

404,928 

Weighted average rate

6.71

%

6.97

%

6.94

%

6.89

%

7.32

%

6.87

%

34

The following table summarizes the Bank's commercial real estate and commercial construction loans by the state in which the collateral is located, as of the dates indicated.

September 30, 2025

September 30, 2024

Unpaid

Undisbursed

Gross Loan

Gross Loan

Count

Principal

Amount

Amount

Amount

(Dollars in thousands)

Kansas

562 

$

738,887 

$

60,940 

$

799,827 

$

713,437 

Missouri

125 

305,078 

49,694 

354,772 

313,146 

Texas

21 

289,481 

23,324 

312,805 

348,066 

Arizona

6 

105,934 

16,495 

122,429 

15,452 

New York

2 

109,828 

— 

109,828 

60,000 

California

5 

90,256 

6,592 

96,848 

15,040 

Colorado

13 

58,341 

25,858 

84,199 

50,017 

Tennessee

4 

41,495 

15,286 

56,781 

35,973 

Nebraska

7 

17,068 

27,139 

44,207 

32,422 

Other

24 

149,508 

18,706 

168,214 

79,629 

769 

$

1,905,876 

$

244,034 

$

2,149,910 

$

1,663,182 

The following table presents the Bank's commercial real estate and commercial construction loans by unpaid principal balance, aggregated by type of primary collateral and state, along with weighted average LTV and weighted average DSCR as of September 30, 2025. The LTV is calculated using the gross loan amount (composed of unpaid principal and undisbursed amounts) as of September 30, 2025 and the most current collateral value available, which is most often the value at origination/purchase. The DSCR is calculated at the time of origination and is updated at the time of subsequent loan renewals, financial reviews (for applicable loans and lending relationships), and any other time management is aware of changes that may impact the DSCR. The DSCR presented in the table below is based on the DSCR at the time of origination unless an updated DSCR has been calculated or the loan has reached the end of its stabilization period. In general, commercial borrowers with total loans of $2.5 million or more are reviewed at least annually to monitor financial performance.

Kansas

Missouri

Texas

New York

Arizona

California

Other

Total

(Dollars in thousands)

Hotel

$

41,385

$

18,059

$

141,960

$

109,828

$

102,093

$

85,935

$

46,522

$

545,782

Senior housing

249,912

142,168

—

—

—

—

72,531

464,611

Retail building

91,574

44,050

66,714

—

—

—

82,821

285,159

Multi-family

185,815

48,318

20,000

—

—

—

8,281

262,414

Office building

57,441

7,945

59,907

—

142

—

5,881

131,316

One- to four-family property

44,922

4,592

—

—

3,325

1,620

11,653

66,112

Warehouse/manufacturing

35,269

16,729

—

—

—

—

3,183

55,181

Land

7,039

153

900

—

—

—

26,737

34,829

Single use building

12,126

18,255

—

—

374

2,701

—

33,456

Other

13,404

4,809

—

—

—

—

8,803

27,016

$

738,887

$

305,078

$

289,481

$

109,828

$

105,934

$

90,256

$

266,412

$

1,905,876

Weighted LTV

66%

68%

52%

47%

51%

50%

66%

61%

Weighted DSCR

1.84x

1.54x

1.41x

1.55x

1.44x

1.49x

1.69x

1.65x

35

The following table presents the unpaid principal balance of the Bank's commercial real estate and commercial construction loans aggregated by type of primary collateral, along with weighted average rate, LTV, and DSCR as of September 30, 2025.

Unpaid

Weighted

Weighted

Weighted

Count

Principal

Rate

LTV

DSCR

(Dollars in thousands)

Hotel

28

$

545,782 

6.46

%

52

%

1.32x

Senior housing

52

464,611 

5.11

73

1.52

Retail building

134

285,159 

5.32

60

2.02

Multi-family

34

262,414 

6.09

64

1.27

Office building

75

131,316 

6.44

53

1.94

One- to four-family property

316

66,112 

6.08

57

2.42

Warehouse/manufacturing

45

55,181 

6.28

65

2.40

Land

25

34,829 

6.53

68

3.95

Single use building

26

33,456 

6.17

62

1.94

Other

34

27,016 

5.84

54

2.05

769

$

1,905,876 

5.88

61

1.65

The following table presents the Bank's commercial real estate and construction loans, including unpaid principal and undisbursed amounts, along with outstanding loan commitments as of September 30, 2025, categorized by aggregate gross loan and commitment amount, along with average loan amount, and weighted average rate, LTV, and DSCR. For loans over $50.0 million, there was $266.5 million of such loans related to hotels in Arizona, California, New York, and Texas, $143.1 million related to multi-family properties in Kansas, and $59.5 million related to an office building in Texas. The largest loan included in the table below was $86.0 million, which was fully disbursed as of September 30, 2025, and is collateralized by a hotel in Arizona.

Gross Loan

and Commitment

Average

Weighted

Weighted

Weighted

Count

Amounts

Amount

Rate

LTV

DSCR

(Dollars in thousands)

Greater than $50 million

7 

$

469,057 

$

67,008 

6.31

%

54.4

%

1.37x

$30 to $50 million

11 

415,669 

37,788 

6.10

63.3

1.34

$20 to $30 million

16 

384,413 

24,026 

6.22

65.9

1.30

$15 to $20 million

11 

188,214 

17,110 

6.39

66.4

1.26

$10 to $15 million

15 

183,798 

12,253 

6.24

70.1

1.77

$5 to $10 million

36 

255,724 

7,103 

5.52

69.7

1.76

$1 to $5 million

126 

295,633 

2,346 

5.38

58.9

2.02

Less than $1 million

556 

118,296 

213 

6.29

52.6

3.20

778 

$

2,310,804 

2,970 

6.05

62.3

1.60

36

The following table summarizes the Bank's commercial and industrial loans by loan purpose as of the dates indicated. Of the $301.9 million of commercial and industrial loans at September 30, 2025, 63%, or $190.2 million, had a gross loan balance of $5 million or more. The largest commercial and industrial lending relationship at September 30, 2025 had a gross loan balance of $81.7 million, which represented 27% of the gross commercial and industrial loan balance at September 30, 2025. This lending relationship is part of the $103.2 million loans- to one-borrower group discussed in "Part I. Item 1. Business - Regulation and Supervision." In addition, the Bank had four commercial and industrial loan commitments totaling $15.7 million, with a weighted average rate of 7.03%, at September 30, 2025. No commitments are presented in the table below. The recent growth in this portfolio aligns with the Bank's strategy to grow all aspects of commercial banking. Management anticipates growth will continue in the commercial and industrial loan portfolio, but it will likely fluctuate over time due to the nature of these loans.

September 30, 2025

September 30, 2024

Unpaid

Undisbursed

Gross Loan

Gross Loan

Count

Principal

Amount

Amount

Amount

(Dollars in thousands)

Working capital

193

$

79,264 

$

74,703 

$

153,967 

$

74,097 

Purchase equipment

64

47,043 

7,158 

54,201 

15,457 

Purchase/refinance business assets

47

45,579 

4,226 

49,805 

37,950 

Finance/lease vehicle

190

33,631 

2,775 

36,406 

28,318 

Other

20

4,602 

2,906 

7,508 

7,735 

514

$

210,119 

$

91,768 

$

301,887 

$

163,557 

Weighted average rate

6.92

%

7.10

%

6.97

%

6.89

%

The following table summarizes the Bank's commercial and industrial loans by the state in which the borrower is located, as of September 30, 2025.

Unpaid

Undisbursed

Gross Loan

Principal

Amount

Amount

(Dollars in thousands)

Kansas

$

122,547 

$

82,061 

$

204,608 

Missouri

37,788 

170 

37,958 

Arizona

12,099 

— 

12,099 

Ohio

5,865 

4,135 

10,000 

California

7,882 

2,000 

9,882 

Other

23,938 

3,402 

27,340 

$

210,119 

$

91,768 

$

301,887 

.

37

The following table presents the Bank's commercial and industrial loan portfolio, including unpaid principal and undisbursed amounts, along with outstanding loan commitments as of September 30, 2025, categorized by aggregate gross loan and commitment amounts and average loan amount. For loans over $15.0 million, there was $54.7 million related to working capital loans in Kansas and $29.9 million related to a loan to purchase equipment in Missouri. The largest loan included in the table below was $36.0 million, of which $28.6 million was undisbursed as of September 30, 2025. The loan is for working capital purposes and the borrower is located in Kansas. This loan is part of the $103.2 million loans- to one-borrower group discussed in "Part I. Item 1. Business - Regulation and Supervision."

Gross Loan

and Commitment

Average

Count

Amounts

Amount

DSCR

(Dollars in thousands)

Greater than $15 million

3

$

84,619 

$

28,206 

1.56x

$10 to $15 million

3

36,325 

12,108 

2.37

$5 to $10 million

10

79,288 

7,929 

1.46

$1 to $5 million

24

55,827 

2,326 

9.38

$500 thousand to $1 million

30

21,983 

733 

4.75

Less than $500 thousand

448

39,574 

88 

3.87

518

$

317,616 

613 

3.51

Asset Quality

Delinquent and nonaccrual loans and OREO. The following table presents the Company's 30 to 89 day delinquent loans at the dates indicated. The amounts in the table represent the unpaid principal balance of the loans less related charge-offs, if any. Of the loans 30 to 89 days delinquent at September 30, 2025 and 2024, approximately 49% and 66%, respectively, were 59 days or less delinquent.

September 30,

2025

2024

Count

Amount

Count

Amount

(Dollars in thousands)

One- to four-family:

Originated

68 

$

7,338 

69 

$

8,884 

Purchased

13 

3,221 

14 

3,117 

Commercial:

Commercial real estate

7 

1,236 

11 

2,996 

Commercial and industrial

1 

32 

4 

391 

Consumer

22 

520 

35 

642 

111 

$

12,347 

133 

$

16,030 

Loans 30 to 89 days delinquent

to total loans receivable, net

0.15

%

0.20

%

38

The following table presents the Company's nonaccrual loans and OREO at the dates indicated. The amounts in the table represent the unpaid principal balance of the loans less related charge-offs, if any. Nonaccrual loans are loans that are 90 or more days delinquent or in foreclosure and other loans required to be reported as nonaccrual pursuant to accounting and/or regulatory reporting requirements and/or internal policies, even if the loans are current. At all dates presented, there were no loans 90 or more days delinquent that were still accruing interest. Non-performing assets include nonaccrual loans and OREO. The increase in nonaccrual commercial real estate loans less than 90 days delinquent from September 30, 2024 to September 30, 2025 was due primarily to two participation loans related to the same borrowing relationship that were moved to substandard during the current fiscal year. See the asset classification discussion below for additional information regarding these loans.

September 30,

2025

2024

Count

Amount

Count

Amount

(Dollars in thousands)

Loans 90 or More Days Delinquent or in Foreclosure:

One- to four-family:

Originated

29 

$

2,754 

29 

$

2,274 

Purchased

6 

1,524 

13 

5,559 

Commercial:

Commercial real estate

11 

3,123 

7 

1,163 

Commercial and industrial

2 

210 

2 

82 

Consumer

10 

94 

20 

436 

58 

7,705 

71 

9,514 

Loans 90 or more days delinquent or in foreclosure

 as a percentage of total loans

0.09

%

0.12

%

Nonaccrual loans less than 90 Days Delinquent:(1)

Commercial:

Commercial real estate

3 

$

40,249 

3 

$

326 

Commercial and industrial

2 

109 

2 

252 

5 

40,358 

5 

578 

Total nonaccrual loans

63 

48,063 

76 

10,092 

Nonaccrual loans as a percentage of total loans

0.59

%

0.13

%

OREO:

One- to four-family:

Originated(2)

1 

$

62 

1 

$

55 

Consumer

1 

135 

— 

— 

2 

197 

1 

55 

Total non-performing assets

65 

$

48,260 

77 

$

10,147 

Non-performing assets as a percentage of total assets

0.49

%

0.11

%

(1)Includes loans required to be reported as nonaccrual pursuant to internal policies, even if the loans are current.

(2)Real estate-related consumer loans where we also hold the first mortgage are included in the one- to four-family category as the underlying collateral is one- to four-family property.

39

The following table presents the states where the properties securing ten percent or more of the total amount of the Bank's one- to four-family loans, excluding construction loans, are located and the corresponding balance of loans 30 to 89 days delinquent, 90 or more days delinquent or in foreclosure, and weighted average LTV for loans 90 or more days delinquent or in foreclosure at September 30, 2025. The amounts in the table represent the unpaid principal balance of the loans, less related charge-offs, if any. The LTVs were based on the current loan balance and either the lesser of the purchase price or original appraisal, or the most recent Bank appraisal, if available.

Loans 30 to 89

Loans 90 or More Days Delinquent

One- to Four-Family

Days Delinquent

or in Foreclosure

State

Amount

% of Total

Amount

% of Total

Amount

% of Total

LTV

(Dollars in thousands)

Kansas

$

3,319,387 

56.3

%

$

5,667 

53.7

%

$

2,626 

61.4

%

46

%

Missouri

1,012,083 

17.1 

3,589 

34.0 

236 

5.5 

47 

Other states

1,573,165 

26.6 

1,303 

12.3 

1,416 

33.1 

57 

$

5,904,635 

100.0

%

$

10,559 

100.0

%

$

4,278 

100.0

%

50 

The following table presents the unpaid principal balance of commercial real estate loans, aggregated by state, that were 30 to 89 days delinquent or 90 or more days delinquent or in foreclosure, and the weighted average LTV and weighted average DSCR for loans 90 or more days delinquent or in foreclosure at September 30, 2025. See additional discussion regarding the Bank's commercial real estate loan DSCRs and LTVs in the "Management's Discussion and Analysis of Financial Condition and Results of Operation - Loans Receivable - Commercial Loans" section above.

Loans 30 to 89

Loans 90 or More Days Delinquent

Days Delinquent

or in Foreclosure

State

Amount

% of Total

Amount

% of Total

LTV

DSCR

(Dollars in thousands)

Kansas

$

1,236 

100.0

%

$

2,907 

93.1

%

50

%

2.14x

Other states

— 

—

216 

6.9

19

1.84

$

1,236 

100.0

%

$

3,123 

100.0

%

48

2.12

Classified Loans. In accordance with the Bank's asset classification policy, management regularly reviews the problem assets in the Bank's portfolio to determine whether any assets require classification. See "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 4. Loans Receivable and Allowance for Credit Losses" for asset classification definitions.

The following table presents the amortized cost of loans classified as special mention or substandard at the dates presented. See below for further discussion on the changes in commercial real estate loan classifications across periods.

September 30, 2025

September 30, 2024

Special Mention

Substandard

Special Mention

Substandard

(Dollars in thousands)

One- to four-family

$

13,055 

$

20,616 

$

17,528 

$

22,715 

Commercial:

Commercial real estate

59,993 

45,550 

16,169 

2,302 

Commercial and industrial

399 

473 

413 

335 

Consumer

326 

322 

326 

487 

$

73,773 

$

66,961 

$

34,436 

$

25,839 

Special Mention: The increase in commercial real estate special mention loans at September 30, 2025 compared to September 30, 2024 was due mainly to a $36.3 million hotel participation loan and a $15.3 million CRA loan that were classified as special mention at September 30, 2025.

The $36.3 million hotel participation loan is taking longer than anticipated to stabilize. During fiscal year 2025, the loan was classified as substandard but the borrower took actions during the last quarter of fiscal year 2025 to strengthen the credit and the occupancy and cashflow for the hotel continued to improve, so the classification was changed to special mention as of

40

September 30, 2025. As of September 30, 2025, the loan was not delinquent and the Bank's LTV was 44% based on an appraisal completed approximately two years ago.

The $15.3 million CRA loan was classified as special mention at September 30, 2025 because the underlying property has been slow to stabilize and the borrower was delinquent on payments during the current fiscal year; however, the loan has never been 90 or more days delinquent and was not delinquent at September 30, 2025. Based on the original appraisal completed approximately four years ago, the Bank's LTV was 76% as of September 30, 2025.

Substandard: The increase in substandard commercial real estate loans at September 30, 2025 compared to September 30, 2024 was due mainly to two participation loans related to the same borrowing relationship, totaling $40.2 million as of September 30, 2025 and secured by a hotel. The borrower is working on a recapitalization plan which is anticipated to be completed later in calendar year 2025 or early in calendar year 2026. During the quarter ended June 30, 2025, the Bank entered into an agreement with the borrower which allows the borrower to not make payments on these loans until later in calendar year 2025 to allow time to complete the recapitalization process. As a result, the loans were considered nonaccrual and classified as substandard as of September 30, 2025. The loans were not delinquent at September 30, 2025 due to the terms of the agreement. As of September 30, 2025, the combined Bank LTV on the loans was 45% based on an appraisal completed in the past six months. The Bank has had a participation relationship with the lead bank of these two loans for over ten years, and the Bank holds the same percentage interest in the loans as the lead bank. Both loans are recourse with a personal guaranty and have strong LTVs. The borrower group (developer, owner and guarantors) are seasoned commercial real estate developers with over 40 years of experience. There have been no charge-offs, nor has management set aside a specific valuation allowance associated with these loans as of September 30, 2025, due to the strong LTVs.

Allowance for Credit Losses. The following table presents the distribution of our ACL and the ratio of ACL to loans receivable, by loan type, at the dates indicated. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates", "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 1. Summary of Significant Accounting Policies and Note 4. Loans Receivable and Allowance for Credit Losses" for additional information regarding the Bank's ACL, including management's qualitative factors.

September 30, 2025

September 30, 2024

% of

% of

% of

% of

ACL to

ACL to

Loans to

ACL to

ACL to

Loans to

Amount

Loans

Total

Total

Amount

Loans

Total

Total

of ACL

Ratio

ACL

Loans

of ACL

Ratio

ACL

Loans

(Dollars in thousands)

One- to four-family:

Originated

$

1,730 

0.05

%

7.2

%

46.4

%

$

1,650 

0.04

%

7.2

%

49.8

%

Purchased

1,298 

0.06

5.4

26.0

2,007 

0.09

8.7 

29.5 

Construction

18 

0.11

0.1

0.2

16 

0.07

0.1 

0.3 

Total

3,046 

0.05

12.7

72.6

3,673 

0.06

16.0 

79.6 

Commercial:

Commercial real estate

15,809 

0.92

65.7

21.0

15,719 

1.32

68.2 

15.0 

Commercial and industrial

2,499 

1.19

10.4

2.6

1,186 

0.91

5.1 

1.6 

Commercial construction

2,468 

1.26

10.3

2.4

2,249 

1.20

9.8 

2.4 

Total

20,776 

0.98

86.4

26.0

19,154 

1.27

83.1 

19.0 

Consumer loans:

Home equity

133 

0.13

0.6

1.3

112 

0.11

0.5 

1.3 

Other consumer

84 

1.00

0.3

0.1

96 

1.00

0.4 

0.1 

Total consumer loans

217 

0.19

0.9

1.4

208 

0.19

0.9 

1.4 

$

24,039 

0.30

%

100.0

%

100.0

%

$

23,035 

0.29

%

100.0

%

100.0

%

41

The increase in the ratio of ACL to total loans as of September 30, 2205 compared to September 30, 2024 was due primarily to changes in the loan portfolio mix due to the continued growth in commercial loans which have a higher ACL to total loan ratio than one- to four-family loans. The increase was partially offset by the regression analyses update discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates". Based on management's evaluation of the credit risk within the Bank's commercial real estate loan portfolio, taking into consideration DSCRs and LTVs, management believes the Bank's ACL ratio for commercial real estate loans is appropriate for the related credit risk.

Historically, the Bank has maintained very low delinquency ratios and NCO rates. Over the past two years, the Bank's highest ratio of commercial loans 90 days or more delinquent to total commercial loans at a quarter end was 0.22%. The highest such ratio for one- to four-family originated and correspondent loans, combined, was 0.12%. The amount of total NCOs during the current fiscal year was $198 thousand. The majority of the NCOs during the current fiscal year related to one single-family bulk purchased loan. During the 10-year period ended September 30, 2025, the Bank recognized $999 thousand of total NCOs. As of September 30, 2025, the ACL balance was $24.0 million and the reserve for off-balance sheet credit exposures totaled $5.5 million, which management believes is adequate for the credit risk characteristics in our loan portfolio.

The following table presents ACL activity and related ratios at the dates and for the periods indicated. On October 1, 2023, the Bank adopted Accounting Standards Update ("ASU") 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"), which eliminated the accounting guidance for troubled debt restructurings by creditors. The Company applied a modified retrospective approach when adopting ASU 2022-02, resulting in a cumulative-effect adjustment which is reflected in the table below ("ASU 2022-02 Adoption").

At or For the Year Ended September 30,

2025

2024

2023

(Dollars in thousands)

Balance at beginning of period

$

23,035 

$

23,759 

$

16,371 

ASU 2022-02 Adoption

— 

20 

— 

Charge-offs

(271)

(160)

(115)

Recoveries

73 

49 

9 

Net (charge-offs) recoveries

(198)

(111)

(106)

Provision for credit losses

1,202 

(633)

7,494 

Balance at end of period

$

24,039 

$

23,035 

$

23,759 

Ratio of NCOs during the period

to average non-performing assets

0.68

%

1.12

%

1.09

%

ACL to nonaccrual loans at end of period

50.02

228.25

252.51

ACL to loans receivable, net at end of period

0.30

0.29

0.30

ACL at end of period to NCOs during the period

121x

207x

223x

The ratio of NCOs to average non-performing assets during the current fiscal year was lower than the prior fiscal year due to a higher balance of non-performing assets compared to the prior fiscal year. The ratio of ACL to nonaccrual loans was lower at the end of the current fiscal year compared to the prior fiscal year due to a higher balance of nonaccrual loans. See the "Delinquent and nonaccrual loans and OREO" discussion above for additional discussion regarding the increase in nonaccrual loans from the prior fiscal year. The increase in the ratio of the ACL to total loans as of September 30, 2025 from September 30, 2024 is discussed above. The ratio of ACL at end of period to NCOs during the period was lower in the current fiscal year due to higher NCOs. See "Part II, Item 8. Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements - Note 4. Loans Receivable and Allowance for Credit Losses" for additional information related to ACL activity by specific loan categories.

42

The following table presents NCOs, average loans, and NCOs as a percentage of average loans, by loan type, for the periods indicated.

For the Year Ended September 30,

2025

2024

2023

NCOs

Average Loans

% of Average Loans

NCOs

Average Loans

% of Average Loans

NCOs

Average Loans

% of Average Loans

(Dollars in thousands)

One- to four-family:

Originated

$

(16)

$

3,842,213 

—

%

$

(28)

$

3,951,870 

—

%

$

(6)

$

3,981,468 

—

%

Purchased

113 

2,256,624 

0.01

— 

2,473,301 

—

— 

2,571,362 

—

Construction

— 

17,158 

—

— 

33,101 

—

— 

65,741 

—

Total

97 

6,115,995 

—

(28)

6,458,272 

—

(6)

6,618,571 

—

Commercial:

Commercial real estate

(20)

1,452,288 

—

80 

1,073,219 

0.01

(1)

875,850 

—

Commercial and industrial

36 

151,126 

0.02

(5)

120,354 

—

75 

93,840 

0.08

Commercial construction

— 

176,620 

—

— 

184,848 

—

— 

181,141 

—

Total

16 

1,780,034 

—

75 

1,378,421 

0.01

74 

1,150,831 

0.01

Consumer:

Home equity

81 

102,042 

0.08

46 

97,694 

0.05

21 

94,131 

0.02

Other

4 

9,360 

0.04

18 

9,663 

0.19

17 

8,885 

0.19

Total

85 

111,402 

0.08

64 

107,357 

0.06

38 

103,016 

0.04

$

198 

$

8,007,431 

—

$

111 

$

7,944,050 

—

$

106 

$

7,872,418 

—

While management utilizes its best judgment and information available, the adequacy of the ACL and reserve for off-balance sheet credit exposures is determined by certain factors outside of the Company's control, such as the performance of our loan portfolio, changes in the economic environment including economic uncertainty, changes in interest rates, and the view of regulatory authorities toward classification of assets and the level of ACL and reserve for off-balance sheet credit exposures. Additionally, the level of ACL and reserve for off-balance sheet credit exposures may fluctuate based on the balance and mix of the loan portfolio and off-balance sheet credit exposures. If actual results differ significantly from our assumptions, our ACL and reserve for off-balance sheet credit exposures may not be sufficient to cover inherent losses in our loan portfolio, resulting in additions to our ACL and an increase in the provision for credit losses.

Securities. The following table presents the distribution of our securities portfolio, at amortized cost, at the dates indicated. The majority of our securities are government guaranteed or issued by Government Sponsored Enterprises ("GSEs"). Overall, fixed-rate securities comprised 91% of our securities portfolio at September 30, 2025. The weighted average life ("WAL") is the estimated remaining maturity (in years) after three-month historical prepayment speeds and projected call option assumptions have been applied. Weighted average yields on tax-exempt securities are not calculated on a fully tax-equivalent basis.

September 30, 2025

September 30, 2024

Amount

Yield

WAL

Amount

Yield

WAL

(Dollars in thousands)

MBS

$

843,369 

5.45

%

4.8 

$

756,775 

5.63

%

5.7 

GSE debentures

— 

— 

— 

69,077 

5.63 

0.4 

Corporate bonds

4,000 

5.12 

6.6 

4,000 

5.12 

7.6 

$

847,369 

5.45 

4.8 

$

829,852 

5.63 

5.2 

43

The composition and maturities of the securities portfolio, based on estimated fair value, at September 30, 2025 is indicated in the following table by remaining contractual maturity, without consideration of call features or pre-refunding dates, along with associated weighted average yields. The weighted average yields are current yields and include the amortization of premiums or discounts and are calculated by multiplying each estimated fair value by its current yield and dividing the sum of these results by the total estimated fair value. There were no tax-exempt investments at September 30, 2025.

1 year or less

More than 1 to 5 years

More than 5 to 10 years

Over 10 years

Total Securities

Estimated

Estimated

Estimated

Estimated

Estimated

Fair

Fair

Fair

Fair

Fair

Value

Yield

Value

Yield

Value

Yield

Value

Yield

Value

Yield

(Dollars in thousands)

MBS

$

51 

2.79

%

$

70,303 

5.46

%

$

192,462 

5.83

%

$

600,684 

5.33

%

$

863,500 

5.45

%

Corporate bonds

— 

— 

— 

— 

3,716 

5.12 

— 

— 

3,716 

5.12 

$

51 

2.79 

$

70,303 

5.46 

$

196,178 

5.81 

$

600,684 

5.33 

$

867,216 

5.45 

The following table summarizes the activity in our securities portfolio based on the estimated fair value, which is also the carrying value, for the periods presented. The weighted average yields for the beginning and ending balances are as of the first and last days of the periods presented and are generally derived from recent prepayment activity on the securities in the portfolio. The beginning and ending WALs are the estimated remaining principal repayment terms (in years) after three-month historical prepayment speeds and projected call option assumptions have been applied.

For the Year Ended

September 30, 2025

September 30, 2024

Amount

Yield

WAL

Amount

Yield

WAL

(Dollars in thousands)

Beginning balance - carrying value

$

856,266 

5.63

%

5.2 

$

1,384,482 

1.35

%

3.8 

Maturities and repayments

(233,986)

(455,110)

Proceeds from sale

— 

(1,272,512)

Net amortization of (premiums)/discounts

3,296 

8,182 

Purchases

248,207 

4.97 

7.5 

1,176,645 

5.55 

5.1 

Net loss from securities sales

— 

(13,345)

Change in valuation on AFS securities

(6,567)

27,924 

Ending balance - carrying value

$

867,216 

5.45 

4.8 

$

856,266 

5.63 

5.2 

Liabilities. Total liabilities were $8.73 billion at September 30, 2025, compared to $8.50 billion at September 30, 2024. The $235.7 million increase was due primarily to a $461.5 million increase in deposits, partially offset by a $228.8 million decrease in borrowings.

44

Deposits. The following table presents the amount, weighted average rate and percent of total for the components of our deposit portfolio at the dates presented. The increase in deposits during the current fiscal year was due primarily to the Bank's high yield savings account offering, which increased $364.5 million during the current fiscal year. The decrease in the deposit portfolio rate at September 30, 2025 compared to September 30, 2024 was due mainly to lower rates on retail certificates of deposit.

At September 30,

2025

2024

% of

% of

Amount

Rate

 Total

Amount

Rate

 Total

(Dollars in thousands)

Non-interest-bearing checking

$

601,371 

—

%

9.1

%

$

549,596 

—

%

9.0

%

Interest-bearing checking

859,256 

0.21 

13.0 

847,542 

0.23 

13.8 

High yield savings

460,712 

3.88 

7.0 

96,241 

4.09 

1.6 

Other savings

423,942 

0.07 

6.5 

444,331 

0.11 

7.2 

Money market

1,233,487 

1.29 

18.7 

1,226,962 

1.46 

20.0 

Certificates of deposit

3,012,680 

3.74 

45.7 

2,965,310 

4.25 

48.4 

$

6,591,448 

2.26 

100.0

%

$

6,129,982 

2.45 

100.0

%

The following table presents the amount, weighted average rate, and percent of total for the components of our deposit portfolio, split between retail non-maturity deposits, commercial non-maturity deposits, and certificates of deposit at the dates presented.

At September 30,

2025

2024

% of

% of

Amount

Rate

 Total

Amount

Rate

 Total

(Dollars in thousands)

Retail non-maturity deposits:

   Non-interest-bearing checking

$

409,722 

—

%

6.2

%

$

418,790 

—

%

6.8

%

   Interest-bearing checking

790,783 

0.08

12.0

799,407 

0.10

13.0

   High yield savings

460,712 

3.88

7.0

96,241 

4.09

1.6

   Other savings

420,330 

0.07

6.4

441,265 

0.11

7.2

   Money market

1,050,841 

1.07

15.9

1,149,212 

1.37

18.7

      Total

3,132,388 

0.96

47.5

2,904,915 

0.73

47.4

Commercial non-maturity deposits:

   Non-interest-bearing checking

191,649 

—

2.9

130,806 

—

2.1

   Interest-bearing checking

68,473 

1.72

1.0

48,135 

2.40

0.8

   Savings

3,612 

0.05

0.1

3,066 

0.05

0.1

   Money market

182,646 

2.52

2.8

77,750 

2.72

1.3

      Total

446,380 

1.29

6.8

259,757 

1.26

4.2

Certificates of deposit:

   Retail certificates of deposit

2,828,982 

3.73

43.0

2,830,579 

4.23

46.2

   Commercial certificates of deposit

61,819 

3.64

0.9

58,236 

4.40

1.0

   Public unit certificates of deposit

121,879 

4.06

1.8

76,495 

4.62

1.2

      Total

3,012,680 

3.74

45.7

2,965,310 

4.25

48.4

$

6,591,448 

2.26

100.0

%

$

6,129,982 

2.45

100.0

%

During the current fiscal year, management focused on retaining and growing deposits through the high-yield savings account which was introduced in fiscal year 2024. As of September 30, 2025, the Bank's high yield savings account offering had an annual percentage yield of 4.00% for accounts that meet the $10 thousand minimum balance requirement. The high-yield

45

savings account balance was $460.7 million as of September 30, 2025 compared to $96.2 million as of September 30, 2024. Of the $364.5 million increase, approximately 50% related to existing Bank customers increasing their balances during the year by bringing funds from outside the Bank, approximately 40% was from internal Bank transfers from other deposit products, and the remainder was composed of new deposit relationships. While there is an immediate repricing and increase in cost on internal transfers within the Bank, we believe we have captured rate sensitive money by offering this product, rather than having those funds leave the Bank.

The following table presents the amount, weighted average rate, and percent of total for total retail deposits, commercial deposits, and public unit certificates of deposit at the dates noted.

At September 30,

2025

2024

% of

% of

Amount

Rate

 Total

Amount

Rate

 Total

(Dollars in thousands)

Total retail deposits

$

5,961,370 

2.28

%

90.5

%

$

5,735,494 

2.46

%

93.6

%

Total commercial deposits

508,199 

1.58

7.7

317,993 

1.84

5.2

Public unit certificates of deposit

121,879 

4.06

1.8

76,495 

4.62

1.2

      Total

$

6,591,448 

2.26

%

100.0

%

$

6,129,982 

2.45

%

100.0

%

As of September 30, 2025, approximately $990.2 million (or approximately 15%) of the Bank's Call Report deposit balance was uninsured, of which approximately $567.3 million (or approximately 8% of the Bank's Call Report deposit balance) related to commercial and retail deposit accounts, with the remainder mainly comprised of fully collateralized public unit deposits and intercompany accounts. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank's regulatory reporting requirements.

The following table sets forth the portion of the Bank's certificate of deposit portfolio, by account, that are in excess of the FDIC insurance limit, by remaining time until maturity, as of September 30, 2025 (dollars in thousands).

3 months or less

$

111,663 

Over 3 through 6 months

101,822 

Over 6 through 12 months

215,689 

Over 12 months

154,972 

$

584,146 

Borrowings. Total borrowings at September 30, 2025 were $1.95 billion, which was comprised of $1.85 billion in fixed-rate FHLB advances, $100.0 million in variable-rate FHLB advances tied to interest rate swaps, and $1.1 million in finance leases. Borrowings decreased $228.8 million from September 30, 2024 due to principal repayments made on the Bank's amortizing advances, along with borrowings that matured but were not replaced. Cash flows from the deposit portfolio were used to pay off maturing FHLB borrowings during the current fiscal year.

The following table presents the maturity of term borrowings, which consist of FHLB advances, along with the associated weighted average contractual and effective rates as of September 30, 2025. Amortizing FHLB advances totaling $276.0 million are presented based on their maturity dates versus their quarterly scheduled repayment dates.

Maturity by

Contractual

Effective

Fiscal Year

Amount

Rate

Rate(1)

(Dollars in thousands)

2026

$

425,000 

2.11

%

2.30

%

2027

742,500 

3.49 

3.56 

2028

565,984 

4.32 

4.12 

2029

132,500 

4.45 

4.45 

2030

85,000 

4.20 

4.20 

$

1,950,984 

3.53 

3.54 

(1)The effective rate includes the impact of interest rate swaps and the amortization of deferred prepayment penalties resulting from FHLB advances previously prepaid.

46

The following table presents borrowing activity for the periods shown. The borrowings presented in the table have original contractual terms of one year or longer or are tied to interest rate swaps with original contractual terms of one year or longer. Line of credit borrowings and finance leases are excluded from the table. The effective rate is shown as a weighted average and includes the impact of interest rate swaps and the amortization of deferred prepayment penalties resulting from FHLB advances previously prepaid. The weighted average maturity ("WAM") is the remaining weighted average contractual term in years. The beginning and ending WAMs represent the remaining maturity at each date presented.

For the Year Ended September 30,

2025

2024

Effective

Effective

Amount

Rate

WAM

Amount

Rate

WAM

(Dollars in thousands)

Beginning balance

$

2,180,656 

3.29

%

1.6 

$

2,882,828 

3.34

%

1.8 

Maturities and repayments

(879,672)

3.39 

— 

(527,172)

2.95 

— 

New FHLB borrowings

650,000 

4.13 

2.9 

325,000 

4.54 

4.4 

Bank Term Funding Program ("BTFP"), net

— 

— 

— 

(500,000)

4.70 

— 

Ending balance

$

1,950,984 

3.54 

1.5 

$

2,180,656 

3.29 

1.6 

During the current fiscal year, the Bank prepaid fixed-rate FHLB advances with a weighted average remaining term of 0.6 years totaling $200.0 million with a weighted average contractual interest rate of 4.70% and replaced these advances with $200.0 million of fixed-rate FHLB advances with a weighted average contractual interest rate of 3.83% and a weighted average term of 2.5 years. The weighted average effective interest rate of the new advances was 3.93%, which includes the impact of deferred prepayment penalties being recognized over the life of the new advances. This activity is reflected in the table above.

In October 2025, the Bank refinanced a $50.0 million fixed-rate advance with a weighted average effective rate of 4.03% and a WAL of 0.5 year, and replaced it with a $50.0 million fixed-rate advance with a weighted average effective rate of 3.64% and a WAL of 2.0 years. The weighted average effective rate includes the impact of the deferred prepayment penalty that will be recognized over the life of the new advance.

Management will continue to monitor opportunities for wholesale funding and may pay down FHLB advances in future periods. The Bank may also renew certain fixed-rate advances in the future using adjustable-rate advances in order to better match the repricing characteristics of its increasing commercial loan portfolio.

Leverage Strategy

Periodically, the Bank has utilized a leverage strategy to increase earnings, which entails entering into short-term FHLB borrowings and depositing the proceeds from these FHLB borrowings, net of the purchases of FHLB stock made to meet FHLB stock holding requirements, at the FRB. The leverage strategy is not a core operating business for the Company. It provides the Company with the ability to utilize excess capital to generate earnings. Additionally, it is a strategy that can be exited quickly without additional costs. The profitability of the leverage strategy is attributable to net income derived from the dividends received on the increased FHLB stock holdings, plus the net interest rate spread between the yield on the leverage strategy cash at the FRB and the rate paid on the leverage strategy FHLB borrowings, less applicable FDIC premiums and estimated income tax expense. Leverage strategy borrowings are repaid prior to each quarter end so there is no impact to quarter end capital ratios. The leverage strategy was not in place at any time during the current fiscal year or fiscal year 2024 due to the strategy being unprofitable, but it was in place at points during fiscal year 2023. During fiscal year 2023, the average balance of cash associated with the leverage strategy was $882.8 million and interest earned on that cash was $37.8 million, the average balance of FHLB stock associated with the leverage strategy was $41.6 million and dividends earned on that stock were $3.6 million, and the average balance of FHLB borrowings associated with the leverage strategy was $924.4 million and the related interest expense was $39.7 million. Additionally, the Company recognized $406 thousand of FDIC premiums and $215 thousand of income tax expense during fiscal year 2023 related to the leverage strategy. When the leverage strategy is in place, it reduces the net interest margin due to the amount of earnings from the transaction in comparison to the size of the transaction. Management continues to monitor the net interest rate spread and overall profitability of the leverage strategy.

47

Maturities of Interest-Bearing Liabilities. The following table presents the maturity and weighted average repricing rate, which is also the weighted average effective rate, of certificates of deposit, split between retail/commercial and public unit amounts, and non-amortizing FHLB advances for the next four quarters as of September 30, 2025.

December 31,

March 31,

June 30,

September 30,

2025

2026

2026

2026

Total

(Dollars in thousands)

Retail/Commercial Certificates:

Amount

$

624,804 

$

403,612 

$

593,431 

$

463,792 

$

2,085,639 

Repricing Rate

3.94

%

3.66

%

3.82

%

3.66

%

3.79

%

Public Unit Certificates:

Amount

$

14,476 

$

43,772 

$

9,001 

$

16,380 

$

83,629 

Repricing Rate

3.87

%

4.11

%

4.22

%

3.94

%

4.05

%

Term Borrowings:

Amount

$

100,000 

$

100,000 

$

100,000 

$

125,000 

$

425,000 

Repricing Rate

1.09

%

1.60

%

2.51

%

3.66

%

2.30

%

Total

Amount

$

739,280 

$

547,384 

$

702,432 

$

605,172 

$

2,594,268 

Repricing Rate

3.55

%

3.32

%

3.64

%

3.67

%

3.55

%

The following table sets forth the WAM information for our certificates of deposit, in years, as of September 30, 2025.

Retail certificates of deposit

0.8 

Commercial certificates of deposit

0.7 

Public unit certificates of deposit

0.8 

Total certificates of deposit

0.8 

Stockholders' Equity. Stockholders' equity totaled $1.05 billion at September 30, 2025. Consistent with our goal to operate a sound and profitable financial organization that delivers long-term stockholder value, we actively seek to maintain a well-capitalized status for the Bank in accordance with regulatory standards. As of September 30, 2025, the Bank's capital ratios exceeded the well-capitalized requirements, and the Bank exceeded internal policy thresholds for sensitivity to changes in interest rates. As of September 30, 2025, the Bank's community bank leverage ratio was 9.6%. See "Part II, Item 8. Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements - Note 13. Regulatory Capital Requirements" for additional regulatory capital information.

During the current fiscal year, the Company paid regular quarterly cash dividends totaling $44.3 million, or $0.34 per share. On October 28, 2025, the Company announced a regular cash dividend of $0.085 per share, or approximately $11.0 million, payable on November 21, 2025 to stockholders of record as of the close of business on November 7, 2025.

The Company repurchased 618,260 shares of common stock at an average price of $6.23 per share during the current fiscal year, all in the fourth fiscal quarter. Subsequent to September 30, 2025 and through November 21, 2025, the Company repurchased 400,000 shares at an average price of $6.25 per share. The Company currently has $68.6 million remaining authorized under its existing stock repurchase plan. Shares may be repurchased from time to time based upon market conditions, available liquidity and other factors. Although our existing repurchase plan has no expiration date, we are required to annually seek the FRB's non-objection for the buyback amount. The FRB's current non-objection for the Company to repurchase up to $75 million of stock expires in February 2026.

The Board of Directors continues to evaluate various alternatives for capital allocation to enhance stockholder value, including the repurchase of stock, the payment of additional cash dividends, or retaining earnings to support future growth. Since our second-step conversion in December 2010, we have returned $2.01 billion in capital to stockholders through dividends totaling $1.57 billion and stock repurchases totaling $439.9 million. This is supported by our holistic approach to managing the balance sheet through continuous modeling of the Bank's performance, risk management, our commitment to credit quality and periodic stress testing.

48

For fiscal year 2026, it is the current intention of the Board of Directors to continue to pay a regular quarterly dividend of $0.085 per share. To the extent that earnings in fiscal year 2026 exceed $0.34 per share, the Board of Directors may consider the payment of additional dividends. Dividend payments depend upon a number of factors, including the Company's financial condition and results of operations, regulatory capital requirements, regulatory limitations on the Bank's ability to make capital distributions to the Company, the Bank's current tax earnings and accumulated earnings and profits, and the amount of cash at the holding company level. Through the payment of the True Blue dividend in prior years, the Company was able to provide stockholder value by reducing its excess capital. The last True Blue dividend occurred in fiscal year 2022. Management and the Board of Directors believe that a tier 1 leverage ratio of about 9% is appropriate to manage the risk profile of the Company. At September 30, 2025, the Bank's Tier 1 leverage ratio was 9.6%.

At September 30, 2025, Capitol Federal Financial, Inc., at the holding company level, had $17.6 million in cash on deposit at the Bank. During the fourth quarter of the current fiscal year, the Bank distributed $14.0 million from the Bank to the Company, which was the only distribution from the Bank to the Company during the current fiscal year. Distributions from the Bank to the Company during the current fiscal year were limited due to the tax associated with the pre-1988 bad debt recapture which is related to the Bank's tax accumulated earnings and profits. See additional information regarding the pre-1988 bad debt recapture in "Part II, Item 8. Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements - Note 9. Income Taxes". During the fourth quarter of the current fiscal year, the Bank reached a point where there was sufficient taxable income earned to replenish the Bank's tax accumulated earnings and profits to a positive level, allowing the Bank to make a distribution to the Company and not have that distribution subject to the pre-1988 bad debt recapture tax. Due to the Bank's expected continuing positive tax accumulated earnings and profit balance, it is anticipated that the Bank will be in a position to make earnings distributions to the Company during fiscal year 2026. Earnings distributions from the Bank to the Company will be limited to the extent necessary to prevent the Bank from re-entering a negative accumulated earnings and profit position and have to pay the pre-1988 bad debt recapture tax on earnings moved from the Bank to the Company.

Currently, the Company’s priorities for the use of cash are for cash dividends, share repurchases and operations. The amount of cash available to the Company is dependent upon distributions from the Bank. The Bank’s distributions to the Company are limited based upon the Bank’s balance of tax accumulated earnings and profit as the Bank will incur income tax expense related to the pre-1988 bad debt reserves if the tax accumulated earnings and profit balance is negative. Paying distributions to the Company in excess of Bank earnings may result in the Bank’s balance of tax accumulated earnings and profit becoming negative. The amount of cash available for share repurchases and for dividends in excess of the Board’s and management’s current intention of $0.085 per share per quarter is limited to the earnings distributed from the Bank to the Company less the amount of dividends paid, which was $44.3 million in fiscal year 2025, as well as the need to replenish the cash balance at the Company to be in compliance with Board policies.

The following table presents regular quarterly cash dividends and special cash dividends paid in calendar years 2025, 2024, and 2023.

Calendar Year

2025

2024

2023

Amount

Per Share

Amount

Per Share

Amount

Per Share

(Dollars in thousands, except per share amounts)

Regular quarterly dividends paid

Quarter ended March 31

$

11,062 

$

0.085 

$

11,127 

$

0.085 

$

11,319 

$

0.085 

Quarter ended June 30

11,063 

0.085 

11,044 

0.085 

11,321 

0.085 

Quarter ended September 30

11,066 

0.085 

11,043 

0.085 

11,323 

0.085 

Quarter ended December 31

11,017 

0.085 

11,061 

0.085 

11,308 

0.085 

Calendar year-to-date dividends paid

$

44,208 

$

0.340 

$

44,275 

$

0.340 

$

45,271 

$

0.340 

49

Rate/Volume Analysis. The table below presents the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities, comparing fiscal years 2025 to 2024. For the comparison of fiscal years 2024 to 2023, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024. For each category of interest-earning assets and interest-bearing liabilities, information is provided on changes attributable to (1) changes in volume, which are changes in the average balance multiplied by the previous year's average rate, and (2) changes in rate, which are changes in the average rate multiplied by the average balance from the previous year. The net changes attributable to the combined impact of both rate and volume have been allocated proportionately to the changes due to volume and the changes due to rate.

For the Year Ended September 30,

2025 vs. 2024

Increase (Decrease) Due to

Volume

Rate

Total

(Dollars in thousands)

Interest-earning assets:

Loans receivable

$

11,294 

$

12,517 

$

23,811 

MBS

11,897 

712 

12,609 

Investment securities

(6,139)

767 

(5,372)

FHLB stock

(861)

(151)

(1,012)

Cash and cash equivalents

(4,953)

(2,407)

(7,360)

Total interest-earning assets

11,238 

11,438 

22,676 

Interest-bearing liabilities:

Checking

2 

29 

31 

Savings

1,183 

8,818 

10,001 

Money market

(1,078)

(5,611)

(6,689)

Certificates of deposit

3,054 

316 

3,370 

Borrowings

(7,934)

5,647 

(2,287)

Total interest-bearing liabilities

(4,773)

9,199 

4,426 

Net change in net interest income

$

16,011 

$

2,239 

$

18,250 

Average Balance Sheets. The following table presents the average balances of our assets, liabilities, and stockholders' equity, and the related weighted average yields and rates on our interest-earning assets and interest-bearing liabilities for the periods indicated. For fiscal year 2023 information, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Weighted average yields are derived by dividing annual income by the average balance of the related assets, and weighted average rates are derived by dividing annual expense by the average balance of the related liabilities, for the periods shown. Average outstanding balances are derived from average daily balances. The weighted average yields and rates include amortization of fees, costs, premiums and discounts, which are considered adjustments to yields/rates. Weighted average yields on tax-exempt securities are not calculated on a fully taxable equivalent basis.

50

For the Year Ended September 30,

2025

2024

Average

Interest

Average

Interest

Outstanding

Earned/

Yield/

Outstanding

Earned/

Yield/

Amount

Paid

Rate

Amount

Paid

Rate

Assets:

(Dollars in thousands)

Interest-earning assets:

One- to four-family loans:

Originated

$

3,859,371 

$

145,552 

3.77

%

$

3,984,971 

$

142,011 

3.56

%

Purchased

2,256,624 

73,932 

3.28

2,473,301 

79,492 

3.21

Total one- to four-family loans

6,115,995 

219,484 

3.59

6,458,272 

221,503 

3.43

Commercial loans:

Commercial real estate

1,452,288 

82,426 

5.60

1,074,424 

59,154 

5.42

Commercial and industrial

151,126 

10,396 

6.78

119,156 

7,897 

6.52

Commercial construction

176,620 

11,333 

6.33

184,841 

10,991 

5.85

Total commercial loans

1,780,034 

104,155 

5.77

1,378,421 

78,042 

5.57

Consumer loans

111,402 

8,879 

7.97

107,357 

9,162 

8.53

Total loans receivable(1)

8,007,431 

332,518 

4.13

7,944,050 

308,707 

3.87

MBS(2)

834,345 

46,259 

5.54

619,521 

33,650 

5.43

Investment securities(2)(3)

63,650 

3,377 

5.31

180,640 

8,749 

4.84

FHLB stock

97,054 

8,997 

9.27

106,064 

10,009 

9.44

Cash and cash equivalents

185,052 

8,368 

4.46

286,988 

15,728 

5.39

Total interest-earning assets

9,187,532 

399,519 

4.33

9,137,263 

376,843 

4.11

Other non-interest-earning assets

460,405 

460,278 

Total assets

$

9,647,937 

$

9,597,541 

Liabilities and stockholders' equity:

Interest-bearing liabilities:

Checking

$

874,377 

2,010 

0.23 

$

873,097 

1,978 

0.23 

High yield savings

283,605 

11,492 

4.05 

31,345 

1,297 

4.14 

Other savings

437,766 

335 

0.08 

462,111 

529 

0.11 

Money market

1,237,612 

15,643 

1.26 

1,302,817 

22,333 

1.71 

Retail certificates

2,782,181 

110,813 

3.98 

2,680,003 

106,204 

3.96 

Commercial certificates

58,675 

2,318 

3.95 

54,484 

2,247 

4.12 

Wholesale certificates

86,457 

3,651 

4.22 

109,217 

4,961 

4.54 

Total deposits

5,760,673 

146,262 

2.54 

5,513,074 

139,549 

2.53 

Borrowings

2,108,626 

72,946 

3.46 

2,338,222 

75,233 

3.21 

Total interest-bearing liabilities

7,869,299 

219,208 

2.78 

7,851,296 

214,782 

2.73 

Non-interest-bearing deposits

562,084 

533,821 

Other non-interest-bearing liabilities

177,178 

180,979 

Stockholders' equity

1,039,376 

1,031,445 

Total liabilities and stockholders' equity

$

9,647,937 

$

9,597,541 

Net interest income(4)

$

180,311 

$

162,061 

Net interest-earning assets

$

1,318,233 

$

1,285,967 

Net interest margin(5)

1.96

1.77

Ratio of interest-earning assets to interest-bearing liabilities

1.17x

1.16x

Selected performance ratios:

Return on average assets(6)(10)

0.71

%

0.40

%

Return on average equity(7)(10)

6.54

3.69

Average equity to average assets

10.77

10.75

Operating expense ratio(8)

1.22

1.17

Efficiency ratio(9)(10)

58.33

66.91

51

(1)Balances are adjusted for unearned loan fees and deferred costs. Loans that are 90 or more days delinquent are included in the loans receivable average balance with a yield of zero percent.

(2)AFS security yields are based upon amortized cost which is adjusted for premiums and discounts.

(3)There were no nontaxable securities in the average balance of securities for the year ended September 30, 2025. The average balance of investment securities includes an average balance of nontaxable securities of $51 thousand for the year ended September 30, 2024.

(4)Net interest income represents the difference between interest income earned on interest-earning assets and interest paid on interest-bearing liabilities. Net interest income depends on the average balance of interest-earning assets and interest-bearing liabilities, and the interest rates earned or paid on them.

(5)Net interest margin represents net interest income as a percentage of average interest-earning assets. Management believes that the net interest margin is important to investors as it is a profitability measure for financial institutions.

(6)Return on average assets represents net income as a percentage of total average assets. Management believes that the return on average assets is important to investors as it shows the Company's profitability in relation to the Company's average assets.

(7)Return on average equity represents net income as a percentage of total average equity. Management believes that the return on average equity is important to investors as it shows the Company's profitability in relation to the Company's average equity.

(8)The operating expense ratio represents non-interest expense as a percentage of average assets. Management believes the operating expense ratio is important to investors as it provides insight into how efficiently the Company is managing its expenses in relation to its assets. It is a financial measurement ratio that does not take into consideration changes in interest rates.

(9)The efficiency ratio represents non-interest expense as a percentage of the sum of net interest income (pre-provision for credit losses) and non-interest income. Management believes the efficiency ratio is important to investors as it is a measure of a financial institution's total non-interest expense as a percentage of the sum of net interest income (pre-provision for credit losses) and non-interest income. A lower value generally indicates that it is costing the financial institution less money to generate revenue, related to its net interest margin and non-interest income.

(10)The table below provides a reconciliation between performance measures presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the same performance measures absent the impact of the net loss on the securities transactions associated with the securities strategy, which are not presented in accordance with GAAP. The securities strategy was non-recurring in nature; therefore, management believes it is meaningful to investors to present certain financial measures without the securities strategy to better evaluate the Company's core operations. See information regarding the securities strategy in the "Management's Discussion and Analysis of Financial Condition and Results of Operation - Executive Summary" discussion above.

For the Year Ended September 30, 2024

Without

Securities

Actual

Securities

Strategy

(GAAP)

Strategy

(Non-GAAP)

Return on average assets

0.40

%

(0.10

%)

0.50

%

Return on average equity

3.69

(0.97)

4.66

Efficiency Ratio

66.91

4.94

61.97

EPS (11)

$

0.29 

$

(0.08)

$

0.37 

(11)EPS is calculated as net income divided by average shares outstanding. Management believes EPS is an important measure to investors as it shows the Company's earnings in relation to the Company's outstanding shares.

52

Comparison of Operating Results for the Years Ended September 30, 2025 and 2024

The Company recognized net income of $68.0 million, or $0.52 per share, for the current fiscal year, compared to net income of $38.0 million, or $0.29 per share, for the prior fiscal year. The increase in net income was due mainly to higher net interest and non-interest income, partially offset by higher non-interest expense. Non-interest income was lower in the prior fiscal year due mainly to the net losses on the sale of securities associated with the securities strategy. See additional discussion regarding the securities strategy in the "Management's Discussion and Analysis of Financial Condition and Results of Operation - Executive Summary - Securities Strategy to Improve Earnings" section above. The securities associated with the securities strategy were sold in the prior fiscal year, and in that period the Company incurred $13.3 million ($10.0 million net of tax) of net losses related to that sale. Excluding the effects of the net loss associated with the securities strategy, EPS would have been $0.37 for the prior fiscal year. The increase in EPS excluding the effects of the net loss associated with the securities strategy was due primarily to higher net interest income in the current fiscal year.

The net interest margin increased 19 basis points, from 1.77% for the prior fiscal year to 1.96% for the current fiscal year. The increase was due mainly to higher yields on the loan portfolio due to the continued shift of loan balances from the one- to four-family loan portfolio to the higher yielding commercial loan portfolio, which outpaced the increase in the cost of deposits.

Interest and Dividend Income

The following table presents the components of interest and dividend income for the years presented, along with the change measured in dollars and percent.

For the Year Ended

September 30,

Change Expressed in:

2025

2024

Dollars

Percent

(Dollars in thousands)

INTEREST AND DIVIDEND INCOME:

Loans receivable

$

332,518 

$

308,707 

$

23,811 

7.7

%

MBS

46,259 

33,650 

12,609 

37.5

FHLB stock

8,997 

10,009 

(1,012)

(10.1)

Cash and cash equivalents

8,368 

15,728 

(7,360)

(46.8)

Investment securities

3,377 

8,749 

(5,372)

(61.4)

Total interest and dividend income

$

399,519 

$

376,843 

$

22,676 

6.0

The increase in interest income on loans receivable was due primarily to the continued shift of loan balances from the one- to four-family loan portfolio to higher yielding commercial loans. See additional discussion regarding the composition of the loan portfolio in the "Management's Discussion and Analysis of Financial Condition and Results of Operation - Loans Receivable" section above. The increase in interest income on MBS was due mainly to an increase in the average balance of the portfolio, due mainly to securities purchases between periods. Interest income on cash and cash equivalents decreased due largely to a decrease in the average balance, along with a decrease in the weighted average yield compared to the prior fiscal year due to lower FRB interest rates. The decrease in the average balance was mainly a result of the securities strategy in the prior fiscal year, as not all proceeds from the sale of securities were immediately redeployed. The decrease in interest income on investment securities was due to a decrease in average balance, due primarily to the securities purchased as part of the securities strategy being called or maturing during fiscal year 2024 and not being replaced in their entirety. The cash flows from the investment securities portfolio that were not reinvested were generally invested in the MBS portfolio.

53

Interest Expense

The following table presents the components of interest expense for the years presented, along with the change measured in dollars and percent.

For the Year Ended

September 30,

Change Expressed in:

2025

2024

Dollars

Percent

(Dollars in thousands)

INTEREST EXPENSE:

Deposits

$

146,262 

$

139,549 

$

6,713 

4.8

%

Borrowings

72,946 

75,233 

(2,287)

(3.0)

Total interest expense

$

219,208 

$

214,782 

$

4,426 

2.1

The increase in interest expense on deposits was due primarily to growth in the high yield savings account, and to a lesser extent, an increase in the average balance of retail certificates of deposit. The increases were partially offset by a decrease in the weighted average rate paid on, and in the average balance of, money market accounts. See additional discussion regarding high yield savings in the "Management's Discussion and Analysis of Financial Condition and Results of Operation - Deposits" section above.

The decrease in interest expense on borrowings was due to a decrease in the average balance, which was partially offset by a higher weighted average interest rate. The decrease in the average balance of borrowings was due mainly to FHLB borrowings that matured between periods and were not renewed, along with a decrease in borrowings under the Federal Reserve's BTFP, which were repaid during the prior fiscal year using a portion of the proceeds from the securities strategy. Cash flows from the deposit portfolio were generally used to pay off maturing FHLB borrowings. The increase in the weighted average interest rate was due primarily to higher market interest rates on FHLB borrowings that matured and were renewed between periods.

Provision for Credit Losses

The Company recorded a provision for credit losses of $745 thousand during the current fiscal year compared to a provision for credit losses of $1.3 million for the prior fiscal year. The provision for credit losses in the current fiscal year was comprised of a $1.2 million increase in the ACL for loans, partially offset by a $457 thousand decrease in the reserve for off-balance sheet credit exposures. The increase in ACL for loans was due to commercial loan growth during the current fiscal year, partially offset by an update to the ACL model's regression analyses implemented during the current fiscal year which largely impacted the commercial loan portfolio. See additional details in the "Management's Discussion and Analysis of Financial Condition and Results of Operation - Allowance for Credit Losses" discussion above. The decrease in the reserve for off-balance sheet credit exposures was due mainly to a decrease in the balance of commercial real estate off-balance sheet credit exposures.

54

Non-Interest Income

The following table presents the components of non-interest income for the years presented, along with the change measured in dollars and percent.

For the Year Ended

September 30,

Change Expressed in:

2025

2024

Dollars

Percent

(Dollars in thousands)

NON-INTEREST INCOME:

Deposit service fees

$

11,043 

$

10,562 

$

481 

4.6

%

Insurance commissions

3,605 

3,257 

348 

10.7

Net loss from securities transactions

— 

(13,345)

13,345 

100.0

Other non-interest income

6,077 

4,770 

1,307 

27.4

Total non-interest income

$

20,725 

$

5,244 

$

15,481 

295.2

The increase in deposit service fees was due mainly to growth in treasury management service fees. The increase in insurance commissions was due primarily to the receipt of commissions exceeding accrued amounts. The net loss from securities transactions in the prior fiscal year was related to the securities strategy, with no similar transaction occurring in fiscal year 2025. Other non-interest income was higher in the current fiscal year due mainly to an increase in bank-owned life insurance ("BOLI") income primarily from an increase in the crediting rate as a result of updates made to certain existing policies that were executed during the current fiscal year. Additionally, in the prior fiscal year there was a net loss on a financial derivative related to a commercial lending relationship and no such loss in the current fiscal year due to the related loan being paid off in the prior fiscal year.

Non-Interest Expense

The following table presents the components of non-interest expense for the years presented, along with the change measured in dollars and percent.

For the Year Ended

September 30,

Change Expressed in:

2025

2024

Dollars

Percent

(Dollars in thousands)

NON-INTEREST EXPENSE:

Salaries and employee benefits

$

60,383 

$

52,272 

$

8,111 

15.5

%

Information technology and related expense

19,690 

20,324 

(634)

(3.1)

Occupancy, net

13,397 

13,558 

(161)

(1.2)

Regulatory and outside services

5,433 

5,743 

(310)

(5.4)

Advertising and promotional

4,950 

4,264 

686 

16.1

Federal insurance premium

4,319 

6,052 

(1,733)

(28.6)

Deposit and loan transaction costs

2,843 

2,719 

124 

4.6

Office supplies and related expense

1,696 

1,691 

5 

0.3

Other non-interest expense

4,559 

5,320 

(761)

(14.3)

Total non-interest expense

$

117,270 

$

111,943 

$

5,327 

4.8

The increase in salaries and employee benefits was mainly attributable to an increase in the number of employees between periods, merit increases and salary adjustments to remain market competitive, and a higher accrual of compensation during the current fiscal year than the prior fiscal year related to the Bank's short-term performance plan. The decrease in information technology and related expense was due mainly to a decrease in usage of third-party professional services along with a decrease in depreciation expense during the current fiscal year. The decrease in regulatory and outside services was due to a reduction in usage of certain outside services compared to the prior fiscal year. The increase in advertising and promotional expense was due to timing of campaigns, including campaigns from the prior fiscal year that were delayed until

55

the current fiscal year. The decrease in the federal insurance premium was due primarily to a decrease in the FDIC assessment rate as a result of the way the assessment rate was adjusted in fiscal year 2024 for the occurrence of the Bank's net loss during the quarter ended September 30, 2023. The decrease in other non-interest expense was due mainly to higher customer fraud losses in the prior fiscal year and the maturity of an interest rate swap agreement during the current fiscal year, which reduced the expense associated with the collateral held in relation to the interest rate swap.

The Company's efficiency ratio was 58.33% for the current fiscal year compared to 66.91% for the prior fiscal year. Excluding the net losses from the securities strategy, the efficiency ratio would have been 61.97% for the prior fiscal year. The improvement in the efficiency ratio, excluding the net losses from the securities strategy, was due primarily to higher net interest income compared to the prior fiscal year, partially offset by higher non-interest expense. The Company's operating expense ratio for the current fiscal year was 1.22% compared to 1.17% for the prior fiscal year. The operating expense ratio was higher in the current fiscal year due mainly to higher non-interest expense.

Income Tax Expense

The following table presents pretax income, income tax expense, and net income for the periods presented, along with the change measured in dollars and percent and effective tax rate.

For the Year Ended

September 30,

Change Expressed in:

2025

2024

Dollars

Percent

(Dollars in thousands)

Income before income tax expense

$

83,021 

$

54,103 

$

28,918 

53.4

%

Income tax expense

14,996 

16,093 

(1,097)

(6.8)

Net income

$

68,025 

$

38,010 

$

30,015 

79.0

Effective Tax Rate

18.1

%

29.7

%

Income tax expense was lower in the current fiscal year compared to the prior fiscal year, due mainly to income tax associated with the pre-1988 bad debt recapture in the prior fiscal year, partially offset by higher pretax income in the current fiscal year. Management anticipates the effective tax rate for fiscal year 2026 will be 19% to 20%.

Fiscal Year 2026 Outlook

Salary and employee benefit expense is anticipated to increase approximately 9% from fiscal year 2025 due to the expected hiring of additional professionals, merit increases, continued staff compensation alignment with market compensation levels, and the impact of the first full year of compensation for recently hired sales professionals. Information technology expense in fiscal year 2025 was less than anticipated due primarily to projects being postponed to fiscal year 2026. It is anticipated that information technology expense will increase approximately 11% from fiscal year 2025 due to project postponements to fiscal year 2026, along with several new initiatives that are anticipated to be implemented during fiscal year 2026. Overall, non-interest expense is projected to increase 6% in fiscal year 2026 from the fiscal year 2025 amount. Management anticipates the FRB will continue to reduce rates during our 2026 fiscal year, which could result in a reduction in our deposit interest expense while our loan portfolio yield is expected to remain stable or increase due to the ongoing remixing of our loan portfolio. As a result of the strategic initiatives previously discussed, the Company could grow past $10 billion in total assets in the coming fiscal years.

Comparison of Operating Results for the Years Ended September 30, 2024 and 2023

For this discussion, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Comparison of Operating Results for the Years Ended September 30, 2024 and 2023" in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024.

56

Liquidity and Capital Resources

Liquidity refers to our ability to generate sufficient cash to fund ongoing operations, to repay maturing certificates of deposit and other deposit withdrawals, to repay maturing borrowings, and to fund loan commitments. Liquidity management is both a daily and long-term function of our business management. The Company's most available liquid assets are represented by cash and cash equivalents and AFS securities. The Bank's primary sources of funds are deposits, FHLB borrowings, repayments and maturities of outstanding loans and MBS and other short-term investments, and funds provided by operations. The Bank's long-term borrowings primarily have been used to manage long-term liquidity needs and the Bank's interest rate risk with the intention to improve the earnings of the Bank while maintaining capital ratios that meet or exceed the regulatory standards for well-capitalized financial institutions. In addition, the Bank's focus on managing risk has provided additional liquidity capacity by maintaining a balance of MBS and investment securities available as collateral for borrowings.

We generally intend to manage cash reserves sufficient to meet short-term liquidity needs, which are routinely forecasted for 10, 30, and 365 days. Additionally, on a monthly basis, we perform a liquidity stress test in accordance with the Interagency Policy Statement on Funding and Liquidity Risk Management. The liquidity stress test incorporates both short-term and long-term liquidity scenarios in order to identify and to quantify liquidity risk. Management also monitors key liquidity statistics related to items such as wholesale funding gaps, borrowings capacity, and available unpledged collateral, as well as various liquidity ratios.

In the event short-term liquidity needs exceed available cash, the Bank has access to a line of credit at the FHLB, in addition to the FRB of Kansas City's discount window. Per FHLB's lending guidelines, total FHLB borrowings cannot exceed 40% of Bank Call Report total assets without the pre-approval of FHLB senior management. The Bank's FHLB borrowing limit was 45% of Bank Call Report total assets as of September 30, 2025, as approved by FHLB senior management. At September 30, 2025, the ratio of the par value of the Bank's FHLB borrowings to the Bank's Call Report total assets was 20%. The Bank's borrowing limit approved by FHLB senior management became 44% starting November 1, 2025. The borrowing limit as of November 1, 2025 was calculated based on a FHLB collateral analysis that is part of FHLB's overall borrowing capacity framework. FHLB borrowings are secured by certain qualifying loans pursuant to a blanket collateral agreement with FHLB. The amount that can be borrowed from the FRB of Kansas City's discount window is based upon the fair value of securities pledged as collateral. At September 30, 2025, the amount of securities pledged for the discount window was $91.1 million. At September 30, 2025, there were no borrowings from the FRB of Kansas City's discount window. Management tests the Bank's access to the FRB of Kansas City's discount window at least annually with a nominal overnight borrowing.

If management observes unusual trends in the amount and frequency of line of credit utilization and/or short-term borrowings that are not in conjunction with a planned strategy, the Bank will likely utilize term wholesale borrowing sources such as FHLB advances to provide term funding. The maturities of our borrowings are generally staggered in order to mitigate the risk of a highly negative cash flow position at maturity. The Bank has used fully-amortizing FHLB advances that require periodic payments of principal over the term of the advance. This type of advance allows the Bank the opportunity to start repricing its liability cash flows sooner in a down-rate environment and generally provides for favorable pricing when compared to similar long term bullet advances with comparable average lives as a result of the current term structure of interest rates. The Bank's internal policy limits total borrowings to 55% of total assets. At September 30, 2025, the Bank had total borrowings, at par, of $1.95 billion, or approximately 20% of the Bank's Call Report total assets. The borrowings balance was composed primarily of FHLB advances, of which, $509.7 million is scheduled to be repaid (amortizing advances) or mature in the next 12 months. Management estimated that the Bank had $2.92 billion in liquidity available at September 30, 2025, based on the Bank's blanket collateral agreement with FHLB and unencumbered securities.

The Bank is a member of the American Finance Exchange ("AFX") through which it may borrow funds on an overnight or short-term basis with other member institutions. The availability of funds changes daily. At September 30, 2025, the Bank did not have any such borrowings outstanding through the AFX.

At September 30, 2025, the Bank had no repurchase agreements. The Bank may enter into repurchase agreements as management deems appropriate, not to exceed 15% of total assets, and subject to the total borrowings internal policy limit of 55% as discussed above.

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The Bank has the ability to utilize the repayment and maturity of outstanding loans, MBS, and other investments for liquidity needs rather than reinvesting such funds into the related portfolios. At September 30, 2025, the Bank had $713.6 million of securities that were eligible but unused as collateral for borrowing or other liquidity needs. The Bank also has access to other sources of funds for liquidity purposes, such as brokered and public unit certificates of deposit. As of September 30, 2025, the Bank's policy allowed for combined brokered and public unit certificates of deposit up to 15% of total deposits. At September 30, 2025, the Bank did not have any brokered certificates of deposit, and public unit certificates of deposit were approximately 2% of total deposits. The Bank had pledged securities with an estimated fair value of $150.9 million as collateral for public unit certificates of deposit at September 30, 2025. The securities pledged as collateral for public unit certificates of deposit are held under joint custody with FHLB and generally will be released upon deposit maturity.

At September 30, 2025, $2.17 billion of the Bank's certificate of deposit portfolio was scheduled to mature within the next 12 months, including $83.6 million of public unit certificates of deposit and $53.5 million of commercial certificates of deposit. Based on our deposit retention experience and our current pricing strategy, we anticipate the majority of the maturing retail certificates of deposit will renew or transfer to other deposit products of the Bank at prevailing rates, although no assurance can be given in this regard.  Due to the nature of public unit certificates of deposit and commercial certificates of deposit, retention rates are not as predictable as retail certificates of deposit.

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of customers. These financial instruments consist primarily of commitments to originate, purchase, or participate in loans or fund lines of credit. Additionally, the Company has investments in several low-income housing partnerships and, under the terms of the agreements, the Company has a commitment to fund a specified amount that will be due in installments over the life of the agreements. See "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 6. Low Income Housing Partnerships and Note 12. Commitments and Contingencies" for additional information regarding these commitments.

While scheduled payments from the amortization of loans and MBS and payments on short-term investments are relatively predictable sources of funds, deposit flows, prepayments on loans and MBS, and calls of investment securities are greatly influenced by general interest rates, economic conditions, and competition, and are less predictable sources of funds. To the extent possible, the Bank manages the cash flows of its loan and deposit portfolios by the rates it offers customers. We anticipate we will continue to have sufficient funds, through the repayments and maturities of loans and securities, deposits and borrowings, to meet our current commitments.