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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________________

FORM 10-K

________________________________


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended September 30, ~~2024~~2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For transition period from to

Commission File Number 001-33390

___________________________________________

TFS FINANCIAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

___________________________________________


United States of America		52-2054948
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

7007 Broadway Avenue
Cleveland,	Ohio	44105
(Address of Principal Executive Offices)		(Zip Code)

(216) 441-6000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange in which registered

Common Stock, par value $0.01 per share

TFSL

The NASDAQ Stock Market, LLC

Securities registered pursuant to Section 12(g) of the Act: None

___________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer", "accelerated filer,” "smaller reporting company," and "emerging growth company" Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer o

Non-accelerated filer o

Smaller reporting company

☐

Emerging growth company

☐

If an emerging company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes x No ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No x

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, computed by reference to the last sale price on March 31, ~~2024~~2025, as reported by the NASDAQ Global Select Market, was approximately $~~652~~647.637 million.

At November 1921, ~~2024~~2025, there were 280,~~710~~513,~~854~~055 shares of the Registrant’s common stock, par value $0.01 per share, outstanding, of which 227,119,.132 shares, or 80.9197% of the Registrant’s common stock, were held by Third Federal Savings and Loan Association of Cleveland, MHC, the Registrant’s mutual holding company.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Shareholders are incorporated by reference in Part III hereof to the extent indicated therein.

TFS Financial Corporation

INDEX

Part I
Item 1.	Business	4
Item 1A.	Risk Factors	34
Item 1B.	Unresolved Staff Comments	4445
Item 1C.	Cybersecurity	45
Item 2.	Properties	4446
Item 3.	Legal Proceedings	4546
Item 4.	Mine Safety Disclosures	4546
Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	4547
Item 6.	[Reserved]	4649
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	4749
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	6265
Item 8.	Financial Statements and Supplementary Data	6568
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	6568
Item 9A.	Controls and Procedures	6568
Item 9B.	Other Information	6871
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	6871
Part III
Item 10.	Directors, Executive Officers and Corporate Governance	6871
Item 11.	Executive Compensation	7073
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	7073
Item 13.	Certain Relationships and Related Transactions, and Director Independence	7073
Item 14.	Principal Accounting Fees and Services	7073
Part IV
Item 15.	Exhibits and Financial Statement Schedules	7074
Item 16.	Form 10-K Summary	7174
FORM 10-K EXHIBIT INDEX		~~122~~126
SIGNATURES		~~124~~128

Table of Contents

GLOSSARY OF TERMS

TFS Financial Corporation provides the following list of acronyms and other terms as a tool for the reader. The acronyms and other terms identified below are used throughout the document.

ACL: Allowance for Credit Losses			FDIC: Federal Deposit Insurance Corporation
AOCI: Accumulated Other Comprehensive Income			FDM: Financial Difficulty Modification
ARM: Adjustable-Rate Mortgage			FHA: Fair Housing Act
ASC: Accounting Standards Codification			FHFA: Federal Housing Finance Agency
ASU: Accounting Standards Update			FHLB: Federal Home Loan Bank
Association: Third Federal Savings and Loan			FICO: Fair Isaac Corporation
Association of Cleveland			FRB-Cleveland: Federal Reserve Bank of Cleveland
BOLI: Bank Owned Life Insurance			Freddie Mac: Federal Home Loan Mortgage Corporation
BSA: Bank Secrecy Act			FRS: Board of Governors of the Federal Reserve System
CDs: Certificates of Deposit			GAAP: Generally Accepted Accounting Principles
CAO: Chief Accounting Officer			GAAP: Generally Accepted Accounting Principles
CECL: Current Expected Credit Losses			Ginnie Mae: Government National Mortgage Association
CDs: Certificates of Deposit			Ginnie Mae: Government National Mortgage Association
CEO: Chief Executive Officer			GVA: General Valuation Allowance
CECL: Current Expected Credit Losses			GVA: General Valuation Allowance
CET1: Common Equity Tier 1			HOLA: Home Owners' Loan Act
CEO: Chief Executive Officer			HOLA: Home Owners' Loan Act
CFO: Chief Financial Officer			HPI: Home Price Index
CET1: Common Equity Tier 1			HPI: Home Price Index
CFPB: Consumer Financial Protection Bureau			IRR: Interest Rate Risk
CFO: Chief Financial Officer			IRR: Interest Rate Risk
CIO: Chief Information Officer			ISO: Information Security Officer
CFPB: Consumer Financial Protection Bureau			ISO: Information Security Officer
CLTV: Combined Loan-to-Value			IVA: Individual Valuation Allowance
CIO: Chief Information Officer			IVA: Individual Valuation Allowance
Company: TFS Financial Corporation and its subsidiaries			LDI: Liability Driven Investment
CLTV: Combined Loan-to-Value			LDI: Liability Driven Investment
COSO: Committee of Sponsoring Organizations of the			LIBOR: London Interbank Offer Rate
CODM: Chief Operating Decision Maker			LIHTC: Low Income Housing Tax Credit
Treadway Commission			LIHTC: Low Income Housing Tax Credit
Company: TFS Financial Corporation and its subsidiaries			LIP: Loans-in-Process
CRA: Community Reinvestment Act			LIP: Loans-in-Process
COSO: Committee of Sponsoring Organizations of the			LTV: Loan-to-Value
CRO: Chief Risk Officer			LTV: Loan-to-Value
Treadway Commission			MMK: Money Market Account
CSO: Chief Security Officer			MMK: Money Market Account
CRA: Community Reinvestment Act			NII: Net Interest Income
CXO: Chief Experience Officer			NII: Net Interest Income
CRO: Chief Risk Officer			OCC: Office of the Comptroller of the Currency
DFA: Dodd-Frank Wall Street Reform and Consumer			OCC: Office of the Comptroller of the Currency
CXO: Chief Experience Officer			OCI: Other Comprehensive Income
Protection Act			OCI: Other Comprehensive Income
DFA: Dodd-Frank Wall Street Reform and Consumer			OFAC: Office of Foreign Assets Control
DIF: Deposit Insurance Fund			OFAC: Office of Foreign Assets Control
Protection Act			OTS: Office of Thrift Supervision
EPS: Earnings per Share			OTS: Office of Thrift Supervision
DIF: Deposit Insurance Fund			PCAOB: Public Company Accounting Oversight Board
ESG: Environmental, Social and Governance			PCAOB: Public Company Accounting Oversight Board
EPS: Earnings per Share			QTL: Qualified Thrift Lender
ECOA: Equal Credit Opportunity Act			QTL: Qualified Thrift Lender
ESG: Environmental, Social and Governance			REMICs: Real Estate Mortgage Investment Conduits
ESOP: Third Federal Employee (Associate) Stock			REMICs: Real Estate Mortgage Investment Conduits
ECOA: Equal Credit Opportunity Act			REO: Real Estate Owned
Ownership Plan			REO: Real Estate Owned
ESOP: Third Federal Employee (Associate) Stock			ROU: Right-of-Use
EVE: Economic Value of Equity			SEC: United States Securities and Exchange Commission
Ownership Plan			SEC: United States Securities and Exchange Commission
Fannie Mae: Federal National Mortgage Association			SOFR: Secured Overnight Financing Rate
EVE: Economic Value of Equity			SOFR: Secured Overnight Financing Rate
FASB: Financial Accounting Standards Board			TDR: Troubled Debt Restructuring
Fannie Mae: Federal National Mortgage Association			TDR: Troubled Debt Restructuring
FDIA: Federal Deposit Insurance Act			Third Federal Savings, MHC: Third Federal Savings
FASB: Financial Accounting Standards Board			Third Federal Savings, MHC: Third Federal Savings
			and Loan Association of Cleveland, MHC
FDIA: Federal Deposit Insurance Act			and Loan Association of Cleveland, MHC

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PART I


Item 1.			Business

Forward Looking Statements
This report contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include, among other things:
●			statements of our goals, intentions and expectations;
●			statements regarding our business plans and prospects and growth and operating strategies;
●			statements concerning trends in our provision for credit losses and charge-offs on loans and off-balance sheet exposures;
●			statements regarding the trends in factors affecting our financial condition and results of operations, including credit quality of our loan and investment portfolios; and
●			estimates of our risks and future costs and benefits.
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:
●			significantly increased competition among depository and other financial institutions, including with respect to our ability to charge overdraft fees;
●			inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments, or our ability to originate loans;
●			general economic conditions, either globally, nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected;
●			the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact on the credit quality of our loans and other assets, and changes in estimates of the allowance for credit losses;
●			decreased demand for our products and services and lower revenue and earnings because of a recession or other events;
●			changes in consumer spending, borrowing and savings habits, including repayment speeds on loans;
●			adverse changes and volatility in the securities markets, credit markets or real estate markets;
●			our ability to manage market risk, credit risk, liquidity risk, reputational risk, regulatory risk and compliance risk;
●			our ability to access cost-effective funding;
●			legislative or regulatory changes that adversely affect our business, including changes in regulatory costs and capital requirements and changes related to our ability to pay dividends and the ability of Third Federal Savings, MHC to waive dividends;
●			changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the FASB or the PCAOB;
●			the adoption of implementing regulations by a number of different regulatory bodies, and uncertainty in the exact nature, extent and timing of such regulations and the impact they will have on us;
●			our ability to enter new markets successfully and take advantage of growth opportunities;
●			future adverse developments concerning Fannie Mae or Freddie Mac;
●			changes in monetary and fiscal policy of the U.S. Government, including policies of the U.S. Treasury, the Federal Reserve System, Fannie Mae, the OCC, FDIC, and others, and the effects of tariffs and retaliatory actions;
●			the continuing governmental efforts to restructure the U.S. financial and regulatory system;
●			the ability of the U.S. Government to remain open, function properly and manage federal debt limits;
●			the continuing governmental efforts to restructure the U.S. financial and regulatory system;
●			changes in policy and/or assessment rates of taxing authorities that adversely affect us or our customers;
●			changes in accounting and tax estimates;
●			changes in our organization and changes in expense trends, including but not limited to trends affecting non-performing assets, charge-offs and provisions for credit losses;
●			changes in the value of our goodwill or other intangible assets;
●			the inability of third-party providers to perform their obligations to us;
●			changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio;
●			the effects of global or national war, conflict or acts of terrorism;
●			our ability to retain key employees;
●			civil unrest;
●			cyber-attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems; and
●			the impact of a wide-spread pandemic, and related government action, on our business and the economy.
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by any forward-looking statements. Any forward-looking statement made by us in this report speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. Please see Item 1A. Risk Factors for a discussion of certain risks related to our business.

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TFS FINANCIAL CORPORATION

TFS Financial Corporation (“we,” “us,” or “our”) was organized in 1997 as the mid-tier stock holding company for the Association. We completed our initial public stock offering in 2007 and issued 100,199,618 shares of common stock, or 30.16% of our post-offering outstanding common stock, to subscribers in the offering. Additionally, at the time of the public offering, 5,000,000 shares of our common stock, or 1.50% of our outstanding shares, were issued to the newly formed charitable foundation, Third Federal Foundation. Third Federal Savings, MHC, our mutual holding company parent, held and continues to hold, the remainder of our outstanding common stock (227,119,132 shares). Net proceeds from our initial public stock offering were approximately $886 million and reflected the costs we incurred in completing the offering as well as a $106.5 million loan to the ESOP related to its acquisition of shares in the initial public stock offering.

Our ownership of the Association remains our primary business activity. We also operate Third Capital, Inc. as a wholly-owned subsidiary. See THIRD CAPITAL, INC. below.

As the holding company of the Association, we are authorized to pursue other business activities permitted by applicable laws and regulations for savings and loan holding companies, which include making equity investments and the acquisition of banking and financial services companies.

Our cash flow depends primarily on earnings from the investment in the Association, and any dividends we receive from the Association and Third Capital, Inc. All of our officers are also officers of the Association. In addition, we use the services of the support staff of the Association from time to time. We may hire additional associates, as needed, to the extent we expand our business in the future.

THIRD CAPITAL, INC.

Third Capital, Inc. is a Delaware corporation that was organized in 1998 as our wholly-owned subsidiary. At September 30, ~~2024~~2025, Third Capital, Inc. had consolidated assets of $9.24 million, and for the fiscal year ended September 30, ~~2024~~2025, Third Capital, Inc. had consolidated net income of $0.2 million. Third Capital, Inc. has no separate operations other than as the holding company for its operating subsidiaries, and as a minority investor or partner in other entities. As of September 30, ~~2024~~2025, the only remaining entity in which Third Capital, Inc. has an investment in is Third Cap Associates, Inc., an Ohio corporation that owns 49% and 60% of two title agencies that provide escrow and settlement services in the States of Ohio, Florida and New Jersey, primarily to customers of the Association. For the fiscal year ended September 30, ~~2024~~2025, Third Cap Associates, Inc. recorded net income of $0.2 million.

THIRD FEDERAL SAVINGS AND LOAN ASSOCIATION OF CLEVELAND

General

The Association is a federally chartered savings and loan association headquartered in Cleveland, Ohio, that was organized in 1938. In 1997, the Association reorganized into its current two-tier mutual holding company structure. The Association’s principal business consists of originating and servicing residential ~~real estate~~ mortgage loans and attracting retail savings deposits.

The Association’s primary business strategy is to originate mortgage loans with interest rates that are competitive with those of similar products offered by other financial institutions in its markets. Similarly, the Association offers checking accounts, savings accounts, money market accounts and certificate of deposit accounts, each bearing interest rates that are competitive with similar products offered by other financial institutions in its markets. The Association expects to continue to pursue this business philosophy. While this strategy does not enable the Association to earn the highest rates of interest on loans that it offers or to pay the lowest rates on its deposit accounts, the Association believes that this strategy is the primary reason for its successful growth in the past and will continue to be a successful strategy in the future.

The Association attracts retail deposits from the general public in the areas surrounding its main office and its branch offices. It also utilizes its internet website, direct mail solicitation and its customer service call center to generate loan applications and attract retail deposits. Longer-term brokered CDs and advances from the FHLB of Cincinnati as well as shorter-term brokered CDs and advances from the FHLB of Cincinnati, hedged to longer effective durations by interest rate exchange contracts, are also used as cost-effective funding alternatives. In addition to residential ~~real estate~~ mortgage loans, the Association originates residential construction loans to individuals for the construction of their personal residences by a qualified builder. The Association also offers home equity loans and lines of credit subject to certain property and credit performance conditions. The Association retains in its portfolio athe ~~large~~majority ~~portion~~ of the loans that it originates. The Association also ~~purchases~~acquires residential ~~real estate~~ mortgage loans through a correspondent lending partnership. Loans that the Association sells consist primarily of long-term, fixed-rate residential ~~real estate~~ mortgage loans. The Association currently retains the servicing rights on ~~all~~the ~~loans that it sells. The Association’s revenues are derived primarily from interest on loans and, to a lesser~~

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majority of loans that it sells. The Association’s revenues are derived primarily from interest on loans and, to a lesser extent, interest on interest-earning deposits in other financial institutions, deposits maintained at the FRS, federal funds sold, investment securities, including mortgage-backed securities and dividends from FHLB of Cincinnati stock. The Association also generates revenues from fees, gains on loan sales and service charges. The Association’s primary sources of funds are deposits, borrowings, principal and interest payments on loans and securities and proceeds from loan sales.

The Association’s website address is www.thirdfederal.com. Filings of the Company made with the SEC are available, without charge, on the Association’s website. Information on that website is not and should not be considered a part of this document.

Market Area

The Association conducts its operations from its main office in Cleveland, Ohio, and from 3736 additional, full-service branches and two loan production offices located throughout the states of Ohio and Florida. In Ohio, the Association maintains 21 full-service offices located in the northeast Ohio counties of Cuyahoga, Lake, Lorain, Medina and Summit, one regional loan production office located in the central Ohio (Columbus, Ohio) and one regional loan production office located in the southern Ohio county of Butler (Cincinnati, Ohio). In Florida, the Association maintains 1615 full-service branches located in the counties of Pasco, Pinellas, Hillsborough, Sarasota, Lee, Collier, Palm Beach and Broward.

The Association also provides savings and loan products in states outside of its core markets of Ohio, Florida, Kentucky and Indiana using its customer service call center and its internet site. The Association also ~~purchases~~acquires first mortgage loans from its correspondent lending partner, in Ohio, Indiana, North Carolina, South Carolina, Pennsylvania and Michigan. Savings products are available in all 50 states, while first mortgage loans, home equity lines of credit, home equity loans and bridge loans are offered in up to 2728 states and the District of Columbia.

Competition

The Association faces intense competition in its market areas both in making loans and attracting deposits. Its market areas have a high concentration of financial institutions, including large money centers and regional banks, community banks and credit unions, and it faces additional competition for deposits from money market funds, brokerage firms, mutual funds and insurance companies. Some of its competitors offer products and services that the Association currently does not offer, such as commercial business loans, trust services and private banking.

~~The~~From ~~majority~~October of2024 ~~the~~through ~~Association’s~~August ~~deposits~~2025 ~~are held in its offices located in Cuyahoga County, Ohio. As of June 30, 2024~~ (the latest date for which information is publicly available), ~~the~~per ~~Association~~data ~~had~~furnished ~~$5.72~~by ~~billion of deposits in Cuyahoga County~~MarketTrac®, ~~and~~the ~~ranked~~Association ~~fifth~~had ~~among all financial institutions with offices in~~ the ~~county~~second inlargest ~~terms of deposits, with a~~ market share of ~~5.40%.~~conventional Aspurchase ofmortgage ~~that~~loans ~~date,~~originated ~~the~~in ~~Association~~Cuyahoga ~~had~~County, $7Ohio.35 ~~billion~~For ~~of deposits in~~ the ~~State~~same ~~of Ohio~~period, ~~and~~it ~~ranked~~also ~~tenth~~had ~~among all financial institutions in~~ the ~~state~~third inlargest ~~terms of deposits, with a~~ market share of ~~1.37%.~~conventional Aspurchase ofmortgage ~~June 30,~~loans ~~2024~~originated (in the ~~latest~~seven ~~date~~northeast ~~for~~Ohio counties which ~~information~~comprise isthe ~~publicly~~Cleveland ~~available),~~and ~~the~~Akron ~~Association~~metropolitan ~~had~~statistical $2areas.83 ~~billion~~In ofaddition, ~~deposits~~based inon the ~~State~~same ~~of Florida~~statistics, ~~and~~the ~~ranked~~Association ~~34th~~has ~~among~~consistently ~~all~~been ~~financial~~one ~~institutions in terms~~ of ~~deposits,~~the ~~with~~25 alargest ~~market~~lenders ~~share~~in ofboth ~~0.34%.~~Franklin ~~This~~County ~~market~~(Columbus, ~~share~~Ohio) ~~data~~and ~~excludes~~Hamilton ~~deposits~~County ~~held by credit unions~~(Cincinnati, ~~whose~~Ohio) ~~deposits~~since ~~are~~it ~~not~~entered ~~insured~~those bymarkets ~~the~~in ~~FDIC~~1999.

The ~~Many~~majority ~~financial~~of ~~institutions,~~the ~~including~~Association’s ~~institutions~~deposits ~~that~~are ~~compete~~held in ~~our~~its ~~markets~~offices located in Cuyahoga County, ~~have~~Ohio. ~~targeted~~As ~~retail~~of ~~deposit~~June 30, ~~gathering~~2025 as(the alatest ~~more~~date ~~attractive~~for ~~funding~~which ~~source~~information ~~than~~is ~~borrowings~~publicly available), ~~and~~the ~~have~~Association ~~become~~had ~~more~~$5.70 ~~active~~billion of deposits in Cuyahoga County, and ~~more~~ranked ~~competitive~~fifth among all financial institutions with offices in ~~their~~the ~~deposit~~county ~~product~~in ~~pricing~~terms of deposits, with a market share of 5.44%. ~~The~~As ~~combination~~of that date, the Association had $7.58 billion of ~~reduced~~deposits ~~demand~~in ~~for~~the ~~borrowed~~State ~~funds~~of Ohio, and ~~more~~ranked ~~competition~~eleventh among all financial institutions in the state in terms of deposits, with ~~respect~~a tomarket ~~rates~~share ~~paid~~of to1.34%. ~~depositors~~As ~~has~~of ~~created~~June 30, an2025 ~~increasingly~~(the ~~difficult~~latest ~~marketplace~~date for ~~attracting~~which FDIC data is publicly available), the Association had $2.92 billion of deposits in the State of Florida, ~~which~~and ~~could~~ranked ~~adversely~~34th ~~affect~~among ~~future~~all ~~operating~~financial ~~results~~institutions in terms of deposits, with a market share of 0.34%. This market share data excludes deposits held by credit unions, whose deposits are not insured by the FDIC.

~~From~~ ~~October~~Many ~~2023~~financial ~~through~~institutions, ~~August~~including ~~2024~~institutions ~~(the~~that ~~latest~~compete ~~date~~in ~~for~~our ~~which~~markets, ~~information~~have istargeted ~~publicly~~retail ~~available),~~deposit ~~per~~gathering ~~data~~as ~~furnished~~a bymore ~~MarketTrac®,~~attractive ~~the~~funding ~~Association~~source ~~had~~than ~~the~~borrowings, ~~second~~and ~~largest~~have ~~market~~become ~~share~~more ofactive ~~conventional~~and ~~purchase~~more ~~mortgage~~competitive ~~loans originated~~ in ~~Cuyahoga~~their ~~County,~~deposit ~~Ohio~~product pricing. ~~For~~The ~~the~~combination ~~same period, it also had the third largest market share~~ of ~~conventional~~our ~~purchase~~competitors' ~~mortgage~~reducing ~~loans~~their ~~originated~~reliance inon ~~the~~borrowed ~~seven~~funds ~~northeast Ohio counties which comprise the Cleveland~~ and ~~Akron~~instead ~~metropolitan~~being ~~statistical~~more ~~areas.~~competitive Inwith ~~addition,~~respect ~~based~~to onrates ~~the~~paid ~~same~~to ~~statistics,~~depositors ~~the Association~~ has ~~consistently~~created ~~been~~an ~~one~~increasingly ofdifficult ~~the~~marketplace ~~twenty-five~~for ~~largest~~attracting ~~lenders in both Franklin County (Columbus~~deposits, ~~Ohio)~~which ~~and~~could ~~Hamilton~~adversely ~~County~~affect ~~(Cincinnati,~~future ~~Ohio)~~operating ~~since it entered those markets in 1999~~results.

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

We rely on the reputation that has been built during the Association’s 8687-year history of serving its customers and the communities in which it operates, the Association’s high capital levels, and the Association's ~~extensive~~ liquidity alternatives which, in combination, serve to maintain and nurture customer and marketplace confidence. At September 30, ~~2024~~2025, our ratio of shareholders’ equity to total assets was 10.985%. For the fiscal year ended September 30, ~~2024~~2025, the Association's liquidity ratio ~~averaged 5.95% (which we compute as the sum of cash and cash equivalents plus unpledged investment securities for which~~

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averaged 5.47% (which we compute as the sum of cash and cash equivalents plus unencumbered investment securities for which ready markets exist, divided by total average interest-earning assets). See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation - Liquidity and Capital Resources.

We continue to utilize a multi-faceted approach to support our efforts to instill customer and marketplace confidence. First, we provide thorough and timely information to all of our associates so as to prepare them for their day-to-day interactions with customers and other individuals who are not part of the Company. We believe that it is important that our customers and others sense the comfort level and confidence of our associates throughout their dealings. Second, we encourage our management team to maintain a presence and to be available in our branches and other areas of customer contact, so as to provide more opportunities for informal contact and interaction with our customers and community members. Third, our CEO remains accessible to both local and national media, as a spokesman for our institution as well as an observer and interpreter of financial marketplace situations and events. Fourth, we periodically include advertisements in local newspapers and online which display our strong capital levels and history of service. We also continue to emphasize our traditional tagline—“STRONG * STABLE * SAFE”—in our advertisements, website, online presence and branch displays. Finally, for customers who adhere to the old adage of trust but verify, we refer them to the safety/security rankings of a nationally recognized, independent rating organization that specializes in the evaluation of financial institutions, which has awarded the Association its highest rating for more than ~~one~~100 ~~hundred~~ consecutive quarters.

Lending Activities

The Company’s principal lending activity is the origination and acquisition of up to 30-year fixed-rate and adjustable-rate, first mortgage loans used to purchase or refinance residential real estate. Also, the Company offers home equity loans and lines of credit and originates residential construction loans to individuals (for the construction of their personal residences by a qualified builder). The Company lends in 2728 states and the District of Columbia and, through a correspondent lending partnership, we ~~purchase~~acquire first mortgages in six of those states. At September 30, ~~2024~~2025, fixed-rate and adjustable-rate, first mortgage residential ~~real estate~~ loans totaled $1110.4384 billion, or 7469.51% of our loan portfolio, home equity lines of credit totaled $34.3206 billion, or 2125.79% of our loan portfolio, home equity loans and bridge loans totaled $~~560~~749.95 million, or 34.78% of our loan portfolio, and residential construction loans totaled $2112.73 million, or 0.2% of our loan portfolio. At September 30, ~~2024~~2025, adjustable-rate, ~~residential real estate,~~ first mortgage residential loans totaled $43.3894 billion and comprised 28of 25.52% of our loan portfolio. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation-Monitoring and Limiting Our Credit Risk for additional information regarding home equity loans and lines of credit.

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Loan Portfolio Composition. The following table sets forth the composition of the portfolio of loans held for investment, by principal balance and by type of loan segregated by geographic location, at the indicated periods, excluding loans held for sale. The majority of our Home Today loan portfolio is secured by properties located in Ohio and the balances of other loans are immaterial. Therefore, neither was segregated by geographic location.

	September 30,
	2024			2023
	2025			2024
	Amount		Percent	Amount		Percent
Real estate loans:	(Dollars in thousands)
Residential Core (1)
Ohio	$	6,~~605~~304,~~571~~128		$	6,~~893~~605,~~547~~571
Florida	1,~~976~~811,~~473~~897			21,~~135~~976,~~853~~473
Other	2,~~803~~687,~~098~~788			32,~~048~~803,~~758~~098
Total	11,385,142		74.2%	12,078,158		79.4%
Total Residential Core	10,803,813		68.9%	11,385,142		74.2%
Residential Home Today Total (1)	40,936		0.3	46,508		0.3
Total Residential Home Today (1)	35,933		0.2	40,936		0.3
Home equity loans and lines of credit
Home equity lines of credit
Ohio	~~916~~902,~~751~~048			~~773~~768,~~324~~030
Florida	~~874~~872,~~808~~045			~~666~~734,~~517~~895
California	~~653~~681,~~275~~709			~~513~~545,~~904~~442
Other	1,~~440~~606,~~473~~996			1,~~076~~275,~~781~~014
Total	3,885,307		25.3	3,030,526		19.9
Total home equity lines of credit	4,062,798		25.9	3,323,381		21.7
Construction
Home equity loans
Ohio	21174,~~300~~984			41148,~~153~~721
Florida	~~401~~162,395			7139,~~253~~912
Total	21,701		0.2	48,406		0.4
California	136,930			107,833
Other loans	5,705		—	4,411		—
Other	275,239			165,460
Total loans receivable	15,338,791		100.0%	15,208,009		100.0%
Total home equity loans	749,548		4.8	561,926		3.6
Deferred loan expenses, net	64,956			60,807
Construction loans
Loans in process	(11,686)			(25,754)
Ohio	10,711			21,300
Allowance for credit losses on loans	(70,002)			(77,315)
Florida	1,400			401
Total loans receivable, net	$	15,322,059		$	15,165,747
Other	191			—
Total construction	12,302		0.2	21,701		0.2
Other loans	8,153		—	5,705		—
Total loans receivable	15,672,547		100.0%	15,338,791		100.0%
Deferred loan expenses, net	69,943			64,956
Loans in process	(4,934)			(11,686)
Allowance for credit losses on loans	(74,244)			(70,002)
Total loans receivable, net	$	15,663,312		$	15,322,059

______________________

(1)Residential Core and Home Today loans are primarily one- to four-family residential mortgage loans. See the Residential ~~Real Estate~~ Mortgage Loans section which follows for a further description of Residential Core and Home Today loans.

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The following table provides the amortized cost and an analysis of our real estate loans held for investment disaggregated by refreshed FICO score, year of origination and portfolio at September 30, 2025. FICO scores are updated quarterly as available. The Company treats the following FICO score information as demonstrating that underwriting guidelines reduce risk rather than as a credit quality indicator utilized in the evaluation of credit risk. Revolving loans reported at amortized cost include home equity lines of credit currently in their draw period, therefore not by year of origination. Revolving loans converted to term are home equity lines of credit that are in repayment.

													Revolving Loans		Revolving Loans
	By fiscal year of origination												Amortized		Converted
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		To Term		Total
September 30, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		To Term		Total
Real estate loans:	(In thousands)
Residential Core
<680	$	1416,~~557~~494	$	5018,~~044~~850	$	~~100~~58,~~983~~510	$	68110,~~953~~306	$	4163,~~089~~224	$	~~155~~180,~~121~~892	$	—	$	—	$	~~430~~448,~~747~~276
680-740	87132,~~128~~436		~~192~~49,~~611~~804		~~373~~154,~~923~~552		~~204~~308,~~114~~463		~~125~~177,~~590~~196		~~376~~411,~~883~~556		—		—		1,~~360~~234,~~249~~007
741+	~~470~~604,~~258~~336		1398,~~257,466~~149		21,~~435~~155,~~641~~639		12,~~535~~214,~~338~~517		1,~~018~~352,~~441~~702		23,~~711~~220,~~729~~781		—		—		98,~~428~~946,~~873~~124
Unknown (1)	24,~~170~~114		21,~~436~~701		266,~~837~~342		3531,~~318~~103		2236,~~396~~088		99122,~~828~~750		—		—		~~188~~202,~~985~~098
Total Residential Core	~~574~~757,~~113~~380		1468,~~502,557~~504		21,~~937~~375,~~384~~043		12,~~843~~664,~~723~~389		1,~~207~~629,~~516~~210		3,~~343~~935,~~561~~979		—		—		1110,~~408~~830,~~854~~505
Residential Home Today (2)
<680	—		—		—		—		—		2016,~~331~~797		—		—		2016,~~331~~797
680-740	—		—		—		—		—		76,~~927~~959		—		—		76,~~927~~959
741+	—		—		—		—		—		9,~~962~~228		—		—		9,~~962~~228
Unknown (1)	—		—		—		—		—		2,~~251~~487		—		—		2,~~251~~487
Total Residential Home Today	—		—		—		—		—		4035,471		—		—		4035,471
Home equity loans and lines of credit
Home equity lines of credit
<680	~~5,619~~—		~~8,852~~—		~~2,119~~—		~~1,078~~—		~~147~~—		~~1,053~~—		~~164~~236,~~160~~419		1211,~~646~~974		~~195~~248,~~674~~393
680-740	~~74,831~~—		~~30,730~~—		~~8,711~~—		~~1,913~~—		~~558~~—		~~2,049~~—		~~662~~796,~~220~~826		1211,~~017~~032		~~793~~807,~~029~~858
741+	~~225,384~~—		~~124,802~~—		~~46,247~~—		~~15,430~~—		~~4,378~~—		~~11,211~~—		2,~~446~~976,~~380~~809		3029,~~189~~871		23,~~904~~006,~~021~~680
Unknown (1)	~~147~~—		~~394~~—		~~429~~—		~~181~~—		~~107~~—		~~503~~—		2733,~~706~~280		4,~~825~~454		3437,~~292~~734
Total Home equity loans and lines of credit	305,981		164,778		57,506		18,602		5,190		14,816		3,300,466		59,677		3,927,016
Total Home equity lines of credit	—		—		—		—		—		—		4,043,334		57,331		4,100,665
Home equity loans
<680	7,440		13,618		10,020		1,934		616		1,199		—		—		34,827
680-740	72,696		45,410		25,163		6,350		1,642		1,731		—		—		152,992
741+	237,652		177,311		91,940		35,141		11,514		11,027		—		—		564,585
Unknown (1)	197		733		871		538		165		582		—		—		3,086
Total Home equity loans	317,985		237,072		127,994		43,963		13,937		14,539		—		—		755,490
Construction
<680	428		—		—		—		—		—		—		—		428
680-740	701		—		—		—		—		—		—		—		701
741+	74,~~504~~297		2,~~083~~274		—		—		—		—		—		—		96,~~587~~571
Total Construction	74,~~932~~998		2,~~083~~274		—		—		—		—		—		—		107,~~015~~272
Total net real estate loans	$	~~888~~1,~~026~~080,363	$	1707,~~669,418~~850	$	21,~~994~~503,~~890~~037	$	12,~~862~~708,~~325~~352	$	1,~~212~~643,~~706~~147	$	3,~~398~~985,~~848~~989	$	34,~~300~~043,~~466~~334	$	5957,~~677~~331	$	15,~~386~~729,~~356~~403
(1) Data necessary for stratification is not readily available.
(2) No new originations of Home Today loans since fiscal 2016.

Table of Contents

The following table provides amortized cost and an analysis of our real estate loans held for investment by origination LTV, origination year and portfolio at September 30, ~~2024~~2025. Subsequent to origination, LTVs are only updated for our home equity loans and lines of credit and for collateral-dependent residential mortgage loans.

													Revolving Loans		Revolving Loans
	By fiscal year of origination												Amortized		Converted
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		To Term		Total
September 30, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		To Term		Total
Real estate loans:	(In thousands)
Residential Core
<80%	$	~~229~~295,~~884~~145	$	~~527~~178,~~340~~907	$	1474,~~718,439~~642	$	1,~~255~~530,~~000~~088	$	~~628~~1,~~625~~090,168	$	12,~~771~~024,~~111~~936	$	—	$	—	$	65,~~130~~593,~~399~~886
80-89.9%	~~276~~333,~~338~~642		~~771~~234,~~071~~414		1711,~~014,114~~966		~~545~~943,~~304~~216		~~525~~499,~~796~~392		1,~~443~~748,~~637~~062		—		—		4,~~576~~470,~~260~~692
90-100%	67128,~~891~~428		~~204~~55,~~146~~183		~~203~~188,~~297~~435		42190,~~371~~116		5239,~~903~~396		~~126~~160,~~311~~865		—		—		~~696~~762,~~919~~423
>100%	—		—		—		—		—		~~703~~624		—		—		~~703~~624
Unknown (1)	—165		—		~~1,534~~—		~~1,048~~969		~~192~~254		1,~~799~~492		—		—		42,~~573~~880
Total Residential Core	~~574~~757,~~113~~380		1468,~~502,557~~504		21,~~937~~375,~~384~~043		12,~~843~~664,~~723~~389		1,~~207~~629,~~516~~210		3,~~343~~935,~~561~~979		—		—		1110,~~408~~830,~~854~~505
Residential Home Today (2)
<80%	—		—		—		—		—		87,~~206~~341		—		—		87,~~206~~341
80-89.9%	—		—		—		—		—		1211,~~802~~165		—		—		1211,~~802~~165
90-100%	—		—		—		—		—		1916,~~463~~965		—		—		1916,~~463~~965
Total Residential Home Today	—		—		—		—		—		4035,471		—		—		4035,471
Home equity loans and lines of credit
Home equity lines of credit
<80%	~~297,010~~—		~~160,300~~—		~~55,653~~—		~~18,159~~—		~~5,161~~—		~~11,543~~—		3,~~106~~824,~~573~~832		4344,~~399~~792		3,~~697~~869,~~798~~624
80-89.9%	~~8,694~~—		~~4,478~~—		~~1,826~~—		~~443~~—		29—		~~1,280~~—		~~191~~216,~~909~~259		1411,~~869~~560		~~223~~227,~~528~~819
90-100%	~~178~~—		—		—		—		—		~~659~~—		~~815~~908		~~142~~99		1,~~794~~007
>100%	99—		—		27—		—		—		~~1,334~~—		~~769~~1,032		~~258~~172		21,~~487~~204
Unknown (1)	—		—		—		—		—		—		~~400~~303		~~1,009~~708		1,~~409~~011
Total Home equity loans and lines of credit	305,981		164,778		57,506		18,602		5,190		14,816		3,300,466		59,677		3,927,016
Total Home equity lines of credit	—		—		—		—		—		—		4,043,334		57,331		4,100,665
Home equity loans
<80%	306,644		232,016		124,400		42,494		13,620		11,995		—		—		731,169
80-89.9%	11,341		5,056		3,594		1,445		317		866		—		—		22,619
90-100%	—		—		—		—		—		570		—		—		570
>100%	—		—		—		24		—		1,108		—		—		1,132
Total Home equity loans	317,985		237,072		127,994		43,963		13,937		14,539		—		—		755,490
Construction
<80%	52,~~151~~660		~~1,685~~908		—		—		—		—		—		—		63,~~836~~568
80-89.9%	2,~~781~~338		~~398~~1,366		—		—		—		—		—		—		3,~~179~~704
Total Construction	74,~~932~~998		2,~~083~~274		—		—		—		—		—		—		107,~~015~~272
Total net real estate loans	$	~~888~~1,~~026~~080,363	$	1707,~~669,418~~850	$	21,~~994~~503,~~890~~037	$	12,~~862~~708,~~325~~352	$	1,~~212~~643,~~706~~147	$	3,~~398~~985,~~848~~989	$	34,~~300~~043,~~466~~334	$	5957,~~677~~331	$	15,~~386~~729,~~356~~403
(1) Market data necessary for stratification is not readily available.
(2) No new originations of Home Today loans since fiscal 2016.

Loan Portfolio Maturities. The following table summarizes the scheduled repayments of principal balances in the loans held for investment portfolio at September 30, 2024, according to each loan's final due date. Loans having no stated repayment schedule or maturity are reported as being due in the fiscal year ending September 30, 2025. Maturities are based on the final contractual payment date and do not reflect the impact of prepayments and scheduled principal amortization.

Due During the Years Ending September 30,	Residential Real Estate				Home EquityLoansand Lines ofCredit		ConstructionLoans		Other Loans		Total
	Core		HomeToday
	(In thousands)
2025	$	11,324	$	33	$	10,568	$	—	$	1,862	$	23,787
2026 to 2029	209,605		52		63,215		—		3,843		276,715
2030 to 2039	1,730,850		33,304		247,722		2,580		—		2,014,456
2040 and beyond	9,433,363		7,547		3,563,802		19,121		—		13,023,833
Total loans receivable	$	11,385,142	$	40,936	$	3,885,307	$	21,701	$	5,705	$	15,338,791

Table of Contents

Loan Portfolio Maturities. The following table ~~sets~~summarizes ~~forth~~ the scheduled repayments of ~~fixed-~~principal ~~and~~balances ~~adjustable-rate~~in the loans held for investment portfolio at September 30, ~~2024~~2025, ~~that~~according to each loan's final due date. Loans having no stated repayment schedule or maturity are ~~contractually~~reported as being due ~~after~~in the fiscal year ending September 30, ~~2025~~2026. Maturities are based on the final contractual payment date and do not reflect the impact of prepayments and scheduled principal amortization.

	Due After September 30, 2025
Due During the Years Ending September 30,	Residential				Home EquityLines ofCredit		Home EquityLoans		ConstructionLoans		Other Loans		Total
	Fixed		Adjustable		Total
	Core		HomeToday
Real estate loans:	(In thousands)
	(In thousands)
Residential Core	$	6,994,976	$	4,378,842	$	11,373,818
2026	$	14,095	$	2	$	479	$	10,687	$	—	$	2,468	$	27,731
Residential Home Today	40,841		62		40,903
2027 to 2030	179,073		62		10,456		48,032		—		76		237,699
Home Equity Loans and Lines of Credit	551,416		3,323,323		3,874,739
2031 to 2040	1,415,776		29,433		3,092		308,626		854		5,609		1,763,390
Construction	21,701		—		21,701
2041 and beyond	9,194,869		6,436		4,048,771		382,203		11,448		—		13,643,727
Other Loans	3,843		—		3,843
Total loans receivable	$	10,803,813	$	35,933	$	4,062,798	$	749,548	$	12,302	$	8,153	$	15,672,547
Total loans receivable	$	7,612,777	$	7,702,227	$	15,315,004

~~Residential Real Estate Mortgage Loans.~~ The ~~Company’s~~following ~~primary~~table ~~lending~~sets ~~activity~~forth is the ~~origination~~scheduled ofrepayments ~~residential real estate mortgage loans. A comparison~~ of ~~2024 data to the corresponding 2023 data can be found in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation. The Company currently offers~~ fixed-~~rate~~ ~~conventional mortgage loans with terms of 30 years or less that are fully amortizing with monthly loan payments,~~ and adjustable-rate ~~mortgage~~ loans ~~that~~at ~~amortize over a period of up to~~ September 30 ~~years~~, ~~provide an initial fixed interest rate for three or five years and then adjust annually~~2025, ~~subject~~that toare ~~rate~~contractually ~~reset~~due ~~options~~after ~~as discussed later in this section. At~~ September 30, ~~2024, there were no “interest only” residential real estate mortgage loans held in the Company's portfolio~~2026.

The Company generally originates or purchases both fixed- and adjustable-rate mortgage loans in amounts up to 2 million dollars, for owner occupied, one- to four-family homes in most of our lending markets. The loans originated or purchased for dollar amounts on the higher end of the range are commonly referred to as “jumbo loans.” The Company generally underwrites jumbo loans in a manner similar to conforming loans. Jumbo loans are not uncommon in the Company’s market areas.


	Due After September 30, 2026
	Fixed		Adjustable		Total
Real estate loans:	(In thousands)
Residential Core	$	6,845,626	$	3,944,092	$	10,789,718
Residential Home Today	35,931		—		35,931
Home Equity Lines of Credit	—		4,062,319		4,062,319
Home Equity Loans	738,861		—		738,861
Construction	12,302		—		12,302
Other Loans	5,685		—		5,685


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

~~The~~Residential ~~Company~~Mortgage offers “Smart Rate” adjustable-rate mortgage loan products secured by residential properties with interest rates that are fixed for an initial period of three or five years, after which the interest rate generally resets every year based upon a contractual spread or margin linked to the Prime Rate as published in the Wall Street JournalLoans. AsThe part of a loan retention program, these adjustable-rate loans provide the borrower with an attractive rate reset option, which allows the borrower to re-lock the rate an unlimited number of times at the Company’s ~~then~~primary ~~current~~ lending ~~rates,~~activity ~~for another three or five years (which must be the same as the original lock period), generally for a fee. Re-lock eligibility~~ is ~~subject to a satisfactory payment performance history by~~ the ~~borrower~~origination ~~(current at the time~~ of ~~re-lock,~~residential ~~and~~mortgage ~~no foreclosures or bankruptcies since the Smart Rate application was taken)~~loans. InA ~~addition~~comparison toof a2025 ~~satisfactory~~data ~~payment history, re-lock eligibility requires that the property continues~~ to be the ~~borrower's~~corresponding ~~primary~~2024 ~~residence.~~data ~~The~~can ~~loan term cannot~~ be ~~extended~~found in ~~connection~~Item ~~with a re-lock, nor can new funds be advanced~~7. ~~All~~Management’s ~~interest~~Discussion ~~rate caps~~ and ~~floors~~Analysis ~~remain~~of asFinancial ~~originated.~~Condition ~~"Smart~~and ~~Rate"~~Results ~~adjustable-rate~~of ~~mortgage loans represent 99~~Operation.6% ofThe ~~the~~Company ~~adjustable-rate~~currently ~~mortgage~~offers ~~loan portfolio, with the difference representing the remaining balance of legacy adjustable~~fixed-rate conventional mortgage ~~loan~~loans ~~products~~ with ~~slightly different interest rate reset~~ terms. ~~Many~~ of ~~the~~30 ~~borrowers~~years ~~who~~or ~~select~~less ~~adjustable-rate~~that ~~mortgage~~are ~~loans~~fully ~~have~~amortizing ~~shorter-term~~with ~~credit~~monthly ~~needs~~loan ~~than those who select long-term~~payments, ~~fixed-rate~~and ~~mortgage loans. Adjustable~~adjustable-rate mortgage loans ~~generally~~that ~~present~~amortize ~~different~~over ~~credit~~a ~~risks~~period ~~than fixed-rate mortgage loans primarily because the underlying debt service payments~~ of ~~the~~up ~~borrowers~~to ~~increase~~30 ~~as interest rates increase~~years, ~~thereby~~provide ~~increasing~~an ~~the~~initial ~~potential~~fixed ~~for default. All of the Company’s adjustable-rate mortgage loans are subject to periodic and lifetime limitations on~~ interest rate ~~changes.~~for ~~All~~three ~~adjustable-rate~~or ~~mortgage~~five ~~loans~~years ~~have initial~~ and ~~periodic~~then ~~caps~~adjust ofannually, ~~two~~subject ~~percentage~~to ~~points on interest~~ rate ~~changes,~~reset ~~with~~options aas ~~cap~~discussed oflater ~~six~~in ~~percentage~~this ~~points for the life of the loan~~section. ~~The~~At ~~Company~~September 30, ~~has never offered “Option ARM” loans~~2025, ~~where~~there ~~borrowers~~were ~~can~~no ~~pay less than the~~ “interest ~~owed~~only” onresidential ~~their~~mortgage ~~loan,~~loans ~~resulting~~held in ~~an increased principal balance during~~ the ~~life~~Company's ~~of the loan~~portfolio.

The Company ~~has~~generally ~~always~~originates ~~considered~~or ~~the~~acquires ~~promotion~~both ~~of home ownership a primary goal. In that regard, it has historically offered affordable housing programs in all of its market areas. These programs are targeted toward low~~fixed- and ~~moderate~~adjustable-~~income~~rate ~~home~~mortgage ~~buyers.~~loans ~~The~~in ~~Company’s~~amounts ~~philosophy~~up ~~has been~~ to ~~provide~~2 ~~borrowers~~million ~~the~~dollars, ~~opportunity~~ for ~~home~~owner ~~ownership within their financial means. During fiscal 2016~~occupied, ~~the~~one- ~~Company began~~ to ~~market its Home Ready mortgage loan product for low~~four-family ~~and~~homes ~~moderate-income~~in ~~homeowners. Third~~most ~~Federal’s~~of ~~Home~~our ~~Ready~~lending ~~product is designed to be saleable to Fannie Mae under its Home Ready program, although not all Home Ready loans are sold~~markets. ~~Previously, the Company’s primary affordable housing program was referred to as "Home Today".~~ The ~~vast majority of~~ loans originated ~~under~~or ~~the~~acquired ~~Home~~for ~~Today~~dollar ~~program~~amounts ~~had~~on ~~higher risk characteristics than our Core residential real estate mortgage loan, but~~ the ~~Company attempted to mitigate that~~ higher ~~risk~~end ~~through~~of the ~~use~~range ofare ~~private~~commonly ~~mortgage~~referred ~~insurance~~to ~~and~~as ~~continued~~“jumbo ~~pre- and post-purchase counseling~~loans.” AsThe ~~of September 30, 2024, the~~ Company ~~had~~generally ~~$40.9~~underwrites ~~million~~jumbo of loans ~~outstanding~~in ~~that~~a ~~were~~manner ~~originated~~similar ~~through its Home Today program, most of which were originated prior~~ to ~~2009.~~conforming ~~At September 30, 2024, of the~~ loans ~~that were originated under the Home Today program~~, ~~4.5%~~with ~~were delinquent 30 days or more compared to 0.2% for~~ the ~~portfolio~~exception of ~~Core~~stricter ~~loans~~credit ~~as of that date~~criteria. AtJumbo ~~September 30,~~loans ~~2024,~~are ~~$0.7~~not ~~million,~~uncommon orin ~~1.7%, of loans originated under~~ the ~~Home~~Company’s ~~Today~~market ~~program were delinquent 90 days and over and $3~~areas.7 ~~million of~~

The Company offers “Smart Rate” adjustable-rate mortgage loan products secured by residential properties with interest rates that are fixed for an initial period of three or five years, after which the interest rate generally resets every year based upon a contractual spread or margin linked to the Prime Rate as published in the Wall Street Journal. As part of a loan retention program, these adjustable-rate loans provide the borrower with an attractive rate reset alternative, which allows the borrower to re-lock the rate an unlimited number of times at the Company’s then current lending rates, for another three or five years (which must be the same as the original lock period), generally for a fee. Re-lock eligibility is subject to a satisfactory payment performance history by the borrower (current at the time of re-lock, and no foreclosures or bankruptcies since the Smart Rate application was taken). In addition to a satisfactory payment history, re-lock eligibility requires that the property continues to be the borrower's primary residence. The loan term cannot be extended in connection with a re-lock, nor can new funds be advanced. All interest rate caps and floors remain as originated. "Smart Rate" adjustable-rate mortgage loans represent 99.6% of the adjustable-rate mortgage loan portfolio, with the difference representing the remaining balance of legacy adjustable-rate mortgage loan products with slightly different interest rate reset terms. Many of the borrowers who select adjustable-rate mortgage loans have shorter-term credit needs than those who select long-term, fixed-rate mortgage loans. Adjustable-rate

Table of Contents

~~Home~~mortgage ~~Today~~ loans ~~were~~generally ~~non~~present different credit risks than fixed-~~accruing~~rate mortgage loans primarily because the underlying debt service payments of the borrowers increase as interest rates increase, ~~representing~~thereby 10increasing the potential for default.~~93%~~ Most of ~~total~~the ~~non~~Company’s adjustable-~~accruing~~rate mortgage loans asare ofsubject ~~that~~to ~~date.~~periodic ~~See~~and ~~Delinquent~~lifetime ~~Loans~~limitations ~~and~~on ~~Non~~interest rate changes. Most adjustable-~~performing~~rate ~~Assets~~mortgage ~~and~~loans ~~Modified~~have ~~Loans~~initial ~~for~~and ~~discussions~~periodic caps of ~~the~~two ~~asset~~percentage ~~quality~~points on interest rate changes, with a cap of ~~this~~six ~~portion~~percentage points for the life of the loan. The Company’s has never offered “Option ARM” loans, where borrowers can pay less than the interest owed on their loan, ~~portfolio~~resulting in an increased principal balance during the life of the loan.

The Company ~~currently~~has ~~retains~~always considered the ~~servicing~~promotion ~~rights~~of onsuccessful ~~all~~home ~~loans~~ownership ~~sold~~a inprimary ~~order~~goal. toIn ~~generate~~that ~~fee~~regard, ~~income~~it ~~and~~has ~~reinforce~~historically ~~its~~offered ~~commitment~~affordable tohousing ~~customer~~programs ~~service.~~in ~~One-~~all toof ~~four-family~~its ~~residential~~market ~~mortgage~~areas. ~~real~~These ~~estate~~programs ~~loans~~are ~~that~~targeted ~~have~~toward ~~been~~low- ~~sold~~and ~~were~~moderate-income ~~underwritten~~home ~~generally~~buyers. toThe ~~Fannie~~Company’s ~~Mae~~philosophy ~~guidelines.~~has Atbeen ~~the~~to ~~time~~provide ofborrowers the ~~closing~~opportunity offor ~~these~~home ~~loans,~~ownership ~~the~~within ~~Company~~their ~~owns~~financial ~~the~~means. ~~loans~~During ~~and~~fiscal ~~subsequently~~2016, ~~sells~~the ~~them~~Company began to ~~Fannie~~market ~~Mae~~its ~~and~~Home ~~others~~Ready ~~providing~~mortgage ~~normal~~loan ~~and~~product ~~customary~~for ~~representations~~low- and ~~warranties,~~moderate-income ~~including~~homeowners. Third ~~representations~~Federal’s ~~and~~Home ~~warranties~~Ready ~~related~~product is designed to ~~compliance,~~be ~~generally~~saleable ~~with~~to Fannie Mae ~~underwriting~~under ~~standards.~~its AtHome ~~the~~Ready ~~time~~program, ofalthough ~~sale,~~not ~~the~~all Home Ready loans are ~~free~~sold. ~~from~~Previously, ~~encumbrances~~the ~~except~~Company’s ~~for~~primary ~~the~~affordable ~~mortgages~~housing ~~filed~~program bywas ~~the~~referred ~~Company~~to ~~which,~~as ~~with~~"Home ~~other~~Today". ~~underwriting~~The ~~documents,~~vast ~~are~~majority ~~subsequently~~of ~~assigned~~loans ~~and~~originated ~~delivered~~under tothe ~~Fannie~~Home ~~Mae~~Today ~~and~~program ~~others.~~had ~~During~~higher ~~the~~risk ~~fiscal~~characteristics ~~years~~than ~~ended~~our ~~September 30,~~Core ~~2024~~residential ~~and~~mortgage ~~2023~~loan, but the Company ~~recognized~~attempted ~~servicing~~to ~~fees,~~mitigate ~~net~~that ofhigher ~~amortization,~~risk ~~related~~through tothe ~~these~~use ~~servicing rights~~ of ~~$4.3~~private ~~million~~mortgage insurance and ~~$4.5~~continued ~~million,~~pre- ~~respectively~~and post-purchase counseling. As of September 30, ~~2024 and 2023~~2025, the ~~principal~~Company ~~balance~~had $35.9 million of loans ~~serviced~~outstanding ~~for~~that ~~others~~were ~~totaled~~originated ~~$1.97~~through ~~billion~~its ~~and~~Home ~~$1.93~~Today ~~billion~~program, ~~respectively~~most of which were originated prior to 2009. At September 30, ~~2024~~2025, ~~substantially all~~ of the loans ~~serviced~~that ~~for Fannie Mae and others~~ were ~~performing~~originated inunder ~~accordance~~the ~~with~~Home ~~their~~Today ~~contractual~~program, ~~terms~~4.45% ~~and~~were ~~management~~delinquent ~~believes~~30 ~~that~~days itor ~~had~~more nocompared ~~material~~to ~~repurchase~~0.18% ~~obligations~~for ~~associated~~the ~~with~~portfolio ~~these~~of Core loans atas of that date. ~~However,~~At at September 30, ~~2024~~2025, a$0.6 ~~reserve~~million, or 1.58%, of loans originated under the Home Today program were delinquent 90 days or more and $03.40 million ~~has~~of ~~been~~Home ~~maintained~~Today toloans ~~cover~~were ~~potential~~non-accruing ~~losses~~loans, onrepresenting ~~repurchases~~7.83% orof ~~reimbursements~~total non-accruing loans as of that ~~may~~date. ~~arise~~See inDelinquent ~~connection~~Loans ~~with~~and ~~representations~~Non-performing Assets and ~~warranties~~Modified ~~made~~Loans atfor ~~time~~discussions of ~~sale~~the asset quality of this portion of the Company’s loan portfolio.

The Company ~~requires~~currently ~~title~~retains ~~insurance~~the servicing rights on all ofconforming loans sold in order to generate fee income and reinforce its ~~residential~~commitment ~~real~~to ~~estate~~customer service. One- to four-family residential mortgage loans that have been sold were underwritten generally to Fannie Mae guidelines. ~~The~~At the time of the closing of these loans, the Company ~~also~~owns ~~requires~~the ~~that~~loans ~~borrowers~~and ~~maintain~~subsequently ~~fire~~sells them to Fannie Mae and ~~extended~~others ~~coverage~~providing ~~casualty~~normal ~~insurance~~and (customary representations and warranties, ifincluding ~~appropriate,~~representations ~~flood~~and ~~insurance~~warranties uprelated to ~~$250~~compliance, ~~thousand)~~generally inwith anFannie ~~amount~~Mae atunderwriting ~~least~~standards. ~~equal~~At to the ~~lesser~~time of sale, the ~~loan~~loans ~~balance~~are orfree from encumbrances except for the ~~replacement~~mortgages ~~cost~~filed ofby the ~~improvements~~Company which, with other underwriting documents, are subsequently assigned and delivered to Fannie Mae and others. ADuring ~~majority~~the offiscal ~~its~~years ~~residential~~ended ~~real~~September 30, ~~estate~~2025 ~~mortgage~~and ~~loans~~2024, ~~have~~the aCompany ~~mortgage~~recognized ~~escrow~~servicing ~~account~~fees, ~~from~~net ~~which~~of ~~disbursements~~amortization, ~~are~~related ~~made~~to these servicing rights of $4.3 million for ~~real~~both ~~estate~~periods. ~~taxes~~As of September 30, 2025 and to2024, athe ~~lesser~~principal ~~extent~~balance of loans serviced for ~~hazard~~others ~~insurance~~totaled $2.13 billion and ~~flood~~$1.97 ~~insurance~~billion, respectively. ~~The~~At ~~Company~~September 30, ~~does~~2025, ~~not~~substantially ~~conduct~~all ~~environmental~~of ~~testing~~the onloans ~~residential~~serviced ~~real~~for ~~estate~~Fannie ~~mortgage~~Mae and others were performing in accordance with their contractual terms and management believes that it had no material repurchase obligations associated with these loans ~~unless~~at ~~specific~~that ~~concerns~~date. ~~for~~However, ~~hazards~~at ~~are~~September 30, ~~identified~~2025, bya ~~the~~reserve ~~appraiser~~of ~~used~~$0.4 million has been maintained to cover potential losses on repurchases or reimbursements that may arise in connection with ~~the~~representations ~~origination~~and ofwarranties ~~the~~made ~~loan~~at time of sale.

~~For~~The ~~home purchase loans with LTV ratios at origination in excess of 85% but equal to or less than 90%, the~~ Company ~~generally~~ requires ~~private~~title ~~mortgage~~ insurance. ~~LTV~~on ~~ratios~~all ~~in excess~~ of ~~85%~~its ~~are~~residential ~~not~~mortgage ~~available for refinance transactions except for Home Ready~~ loans. The ~~Home~~Company ~~Ready~~also ~~product~~ requires ~~private~~that ~~mortgage~~borrowers ~~insurance~~maintain onfire ~~purchase~~and ~~transactions~~extended ~~between~~coverage ~~80.01%~~casualty insurance (and, ~~97%~~if ~~LTV~~appropriate, ~~and~~flood ~~refinance~~insurance ~~transactions~~up ~~between~~to ~~80.01%~~$250 ~~and~~thousand) ~~95%~~in ~~LTV.~~an ~~Beginning~~amount inat ~~fiscal~~least ~~year~~equal ~~2020,~~to the ~~Company~~lesser ~~offered~~of athe loan ~~product~~balance ~~allowing~~or upthe toreplacement ~~95%~~cost ~~LTV~~of ~~with~~the noimprovements. ~~mortgage~~A ~~insurance~~majority ~~for~~of ~~superior~~its ~~credit~~residential ~~borrowers.~~mortgage ~~This program involved~~ loans ~~originated~~have ~~with~~a ~~higher~~mortgage ~~interest~~escrow ~~rates~~account ~~than~~from ~~the~~which ~~Company's~~disbursements ~~other~~are ~~residential~~made for real estate ~~loans,~~taxes and to ~~qualify~~a ~~for~~lesser ~~this~~extent ~~program~~for ~~the~~hazard ~~loan~~insurance ~~applicant must satisfy more stringent underwriting criteria (credit score, income qualification,~~ and ~~other~~flood ~~criteria)~~insurance. ~~During~~The ~~fiscal~~Company ~~year~~does ~~2024,~~not ~~this~~conduct ~~program~~environmental ~~was~~testing ~~suspended~~on ~~and~~residential asmortgage ofloans ~~September 30,~~unless ~~2024,~~specific ~~the~~concerns ~~Company~~for ~~had~~hazards ~~$369.0~~are ~~million~~identified ofby ~~loans~~the ~~outstanding~~appraiser ~~that~~used ~~were~~in ~~originated~~connection ~~through~~with ~~this~~the ~~high~~origination ~~LTV~~of ~~program~~the loan.

~~Home~~For ~~Equity~~home ~~Loans~~purchase ~~and~~loans ~~Home~~with ~~Equity~~LTV ~~Lines~~ratios ofat ~~Credit.~~origination ~~The~~in ~~Company~~excess ~~offers~~of ~~home~~85% ~~equity~~but ~~loans~~equal ~~and~~to ~~home~~or ~~equity~~less ~~lines~~than ~~of credit~~90%, ~~which~~the ~~are~~Company ~~primarily~~generally ~~secured~~requires byprivate ~~a second~~ mortgage ~~on residences~~insurance. ~~The~~LTV ~~home~~ratios ~~equity product is offered~~ in 27excess ~~states and the District~~ of ~~Columbia.~~85% ~~Home equity lines of credit originated since 2013 require amortizing loan payments during the draw period. These offers were, and~~ are, ~~subject~~not toavailable ~~certain~~for ~~property~~refinance ~~and~~transactions ~~credit~~except ~~performance~~for ~~conditions~~Home ~~which,~~Ready ~~among other items, related to CLTV, geography, borrower income verification, minimum credit scores and draw period duration~~loans. AtThe ~~September 30,~~Home ~~2024~~Ready ~~and~~product ~~2023,~~requires ~~home~~private ~~equity~~mortgage ~~loans~~insurance ~~totaled~~on ~~$560.9~~purchase ~~million,~~transactions orbetween 380.701%, and ~~$331.0~~up ~~million,~~to ~~or 2.2%, respectively, of total loans receivable (which included $12.6 million~~ and ~~$9.5~~including ~~million~~97% ofLTV ~~bridge loans),~~ and ~~home~~refinance ~~equity~~transactions ~~lines~~between ~~of credit totaled $3~~80.~~32 billion, or 21.7~~01%, and ~~$2.70~~up ~~billion,~~to orand ~~17.8~~including 95%, ~~respectively, of total loans receivable (which included $59~~LTV.5 ~~million~~Beginning ~~and~~in ~~$68.8~~fiscal ~~million,~~year ~~respectively~~2020, ofthe ~~home~~Company ~~equity~~offered ~~lines~~a ofloan ~~credit~~product ~~which~~allowing ~~were~~up into ~~the~~95% ~~amortization~~LTV ~~period~~with ~~and~~ no ~~longer~~mortgage ~~eligible~~insurance tofor besuperior ~~drawn upon). Additionally, at September 30, 2024 and 2023, the undrawn amounts of home equity lines of~~ credit ~~totaled $5~~borrowers.22 ~~billion~~This ~~and~~program ~~$4.70~~involved ~~billion,~~loans ~~respectively.~~originated Awith ~~bridge~~higher ~~loan~~interest ~~permits~~rates athan ~~borrower to utilize~~ the ~~existing~~Company's ~~equity~~other inresidential ~~their~~mortgage ~~current~~loans, ~~home~~and to ~~fund~~qualify ~~the~~for ~~purchase~~this ofprogram ~~a new home before~~ the ~~current~~loan ~~home~~applicant ismust ~~sold.~~satisfy ~~Bridge~~more ~~loans~~stringent ~~are~~underwriting ~~originated~~criteria ~~for~~(credit ~~a one-year term~~score, ~~with~~income ~~no prepayment penalties. These loans have fixed interest rates~~qualification, and ~~are~~other ~~currently limited to a combined 80% LTV ratio (first and second mortgage liens~~criteria). ~~The Company charges a closing fee with respect to bridge loans.~~

Home Equity Loans and Home Equity Lines of Credit. The Company ~~originates~~offers ~~its~~ home equity loans and home equity lines of credit, ~~without~~which ~~application~~are ~~fees~~primarily ~~(except~~secured ~~for~~by ~~bridge~~a ~~loans)~~second ormortgage ~~borrower-paid~~on ~~closing~~primary ~~costs~~residences. ~~Home~~The home equity ~~loans~~product ~~are~~is offered ~~with~~in ~~variable~~28 states and ~~fixed~~the ~~interest~~District ~~rates~~of Columbia. Home equity lines of credit originated since 2013 require amortizing loan payments during the draw period. These offers were, and are, ~~fully~~subject ~~amortizing~~to certain property and ~~have~~credit ~~terms~~performance ofconditions upwhich, among other items, related to 30CLTV, ~~years~~geography, borrower income verification, minimum credit scores and draw period duration. ~~The~~At ~~Company’s~~September 30, 2025 and 2024, home equity ~~lines~~loans oftotaled ~~credit~~$749.5 ~~are~~million, ~~offered~~or ~~with~~4.8%, ~~adjustable~~and ~~rates~~$560.9 million, or 3.7%, respectively, of ~~interest~~total ~~indexed~~loans toreceivable ~~the~~(which ~~Prime~~included ~~Rate~~$18.1 million and $12.6 million of bridge loans), asand ~~reported~~home inequity ~~The~~lines ~~Wall~~of ~~Street~~credit ~~Journal.~~totaled

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~~The~~$4.06 ~~following~~billion, ~~table~~or ~~sets~~25.9%, ~~forth~~and ~~credit~~$3.32 ~~exposure~~billion, ~~principal~~or ~~balance~~21.7%, ~~percent~~respectively, ~~delinquent~~of 90total ~~days~~loans orreceivable ~~more,~~(which ~~the~~included ~~mean~~$57.0 ~~CLTV~~million ~~percent~~and at$59.5 ~~the~~million, ~~time~~respectively, of ~~origination~~home ~~and~~equity lines of credit which were in the ~~current~~amortization ~~mean~~period ~~CLTV~~and ~~percent~~no oflonger ~~our~~eligible ~~home~~to ~~equity~~be ~~loans~~drawn upon). Additionally, at September 30, 2025 and 2024, the undrawn amounts of home equity lines of credit totaled $5.55 billion and $5.22 billion, respectively. A bridge loan ~~portfolio~~permits asa ofborrower ~~September 30,~~to ~~2024.~~utilize ~~Home~~the existing equity ~~lines~~in their current home to fund the purchase of ~~credit~~a innew home before the ~~draw~~current ~~period~~home is sold. Bridge loans are ~~reported~~originated ~~according~~for a one-year term, with no prepayment penalties. These loans have fixed interest rates, and are currently limited to ~~geographical~~a ~~distribution~~combined 80% LTV ratio (first and second mortgage liens). The Company charges a closing fee with respect to bridge loans.

	CreditExposure		PrincipalBalance		PercentDelinquent90 days or More		Mean CLTVPercent atOrigination (2)		Current MeanCLTVPercent (3)
	(Dollars in thousands)
Home equity lines of credit in draw period (by state):
Ohio	$	2,361,192	$	744,920	0.09	%	60	%	42	%
Florida	1,627,199		719,596		0.07	%	55	%	43	%
California	1,342,790		536,781		0.10	%	59	%	49	%
Other (1)	3,150,340		1,263,596		0.12	%	63	%	50	%
Total home equity lines of credit in draw period	8,481,521		3,264,893		0.10	%	60	%	46	%
Home equity lines in repayment, home equity loans and bridge loans	620,414		620,414		0.24	%	56	%	47	%
Total	$	9,101,935	$	3,885,307	0.11	%	60	%	47	%

The Company originates its home equity loans and home equity lines of credit without application fees (except for bridge loans) or borrower-paid closing costs. Home equity loans are offered with variable and fixed interest rates, are fully amortizing and have terms of up to 30 years. The Company’s home equity lines of credit are offered with adjustable rates of interest indexed to the Prime Rate, as reported in The Wall Street Journal and require the customer to pay an annual fee.

The following table sets forth credit exposure, principal balance, percent delinquent 90 days or more, the mean CLTV percent at the time of origination and the current mean CLTV percent of our home equity loan, home equity lines of credit and bridge loan portfolios as of September 30, 2025. Home equity lines of credit in the draw period are reported according to geographical distribution.


	Credit Exposure		Principal Balance		Percent Delinquent 90 days or More		Mean CLTV Percent at Origination (2)		Current Mean CLTV Percent (3)
	(Dollars in thousands)
Home equity lines of credit in draw period (by state):
Ohio	$	2,569,935	$	878,619	0.08	%	60	%	42	%
Florida	1,793,124		856,987		0.18	%	56	%	45	%
California	1,557,516		673,819		0.11	%	59	%	50	%
Other (1)	3,636,977		1,596,339		0.10	%	62	%	51	%
Total home equity lines of credit in draw period	9,557,552		4,005,764		0.11	%	60	%	47	%
Home equity lines in repayment	57,035		57,035		1.37	%	59	%	29	%
Home equity loans and bridge loans	749,547		749,547		0.08	%	57	%	50	%
Total	$	10,364,134	$	4,812,346	0.13	%	59	%	48	%

______________________

(1)No other individual state has a committed or drawn balance greater than 10% of our total equity lending portfolio and 5% of total loans.

(2)Mean CLTV percent at origination for all home equity lines of credit is based on the committed amount.

(3)Current Mean CLTV is based on best available first mortgage and property values as of September 30, ~~2024~~2025. Property values are estimated using HPI data published by the FHFA. Current Mean CLTV percent for home equity lines of credit in the draw period is calculated using the committed amount. Current Mean CLTV on home equity lines of credit in the repayment period is calculated using the principal balance.

The principal balance of home equity lines of credit in the draw period that have a current mean CLTV over 80% or unknown is $926.20 million, or 0.365%, at September 30, ~~2024~~2025. In recognition of previous past weakness in the housing market, we continue to conduct an expanded loan level evaluation of our home equity lines of credit which are delinquent 90 days or more.

At September 30, ~~2024~~2025, 2522.67% of the home equity lending portfolio was either in a first lien position (1311.28%), in a subordinate (second) lien position behind a first lien that we held (109.30%) or behind a first lien that was held by a loan that we originated, sold and now service for others (2.1.9%). At September 30, ~~2024~~2025, 12.50% of the home equity line of credit portfolio in the draw period were making only the minimum payment on the outstanding line balance. Minimum payments include both a principal and interest component.

Construction Loans. The Company originates construction loans to individuals for the construction of their personal single-family residence by a qualified builder (construction/permanent loans). The Company’s construction/permanent loans generally provide for disbursements to the builder or sub-contractors during the construction phase as work progresses. During the construction phase, the borrower only pays interest on the drawn balance. Upon completion of construction, the loan converts to a permanent amortizing loan without the expense of a second closing. The Company offers construction/permanent loans with fixed or adjustable rates, and a current maximum loan-to-completed-appraised value ratio of 85%. At September 30, 2024, construction loans totaled $21.7 million, or 0.2% of total loans receivable. At September 30, 2024, the unadvanced portion of these construction loans totaled $11.7 million. Construction financing generally involves greater credit risk than long-term financing on improved, owner-occupied real estate.

Loan Originations, Purchases, Sales, Participations and Servicing. Lending activities are primarily conducted by the Company’s loan personnel (all of whom are non-commissioned associates) operating at our main and branch office locations and at our loan production offices. All loans that the Company originates are underwritten pursuant to its policies and procedures, which, for real estate loans, are consistent with the ability to repay guidance provided by the CFPB. The majority of long-term, fixed-rate loans are originated using Fannie Mae processing and underwriting guidelines. Loans originated with the intent to hold for investment, all adjustable-rate loans and some fixed-rate loans are originated using guidelines that are similar, but not identical to Fannie Mae processing and underwriting guidelines. The Company originates both adjustable-rate and fixed-rate loans and advertises extensively throughout its market area. Its ability to originate fixed- or adjustable-rate loans is dependent upon the relative consumer demand for such loans, which is affected by current market interest rates as well as anticipated future market interest rates. The Company’s loan origination and sales activity may be adversely affected by a rising interest rate environment or economic recession, which typically results in decreased loan demand. The Company’s residential real estate mortgage loan originations are generated by its in-house loan representatives, by direct mail solicitations, by referrals

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~~from~~Construction ~~existing~~Loans. The Company originates construction loans to individuals for the construction of their personal single-family residence by a qualified builder (construction/permanent loans). The Company’s construction/permanent loans generally provide for disbursements to the builder or ~~past~~sub-contractors ~~customers~~during the construction phase as work progresses. During the construction phase, bythe ~~referrals~~borrower ~~from~~only ~~local~~pays ~~builders~~interest ~~and~~on ~~real~~the ~~estate~~drawn ~~brokers~~balance. Upon completion of construction, ~~from~~the ~~calls~~loan converts to ~~its~~a ~~telephone~~permanent ~~call~~amortizing ~~center~~loan ~~and~~without ~~from~~ the ~~internet~~expense of a second closing. The Company ~~also~~offers ~~purchases~~construction/permanent ~~first~~loans ~~mortgage~~with ~~loans~~fixed ~~through~~or adjustable rates, and a ~~correspondent~~current ~~lending~~maximum ~~partnership~~loan-to-completed-appraised value ratio of 85%. At September 30, 2025, construction loans totaled $12.3 million, or 0.2% of total loans receivable. At September 30, 2025, the unadvanced portion of these construction loans totaled $4.9 million. Construction financing generally involves greater credit risk than long-term financing on improved, owner-occupied real estate.

~~The~~Loan ~~Company~~Originations, ~~determines~~Acquisitions, ~~whether~~Sales, toParticipations ~~sell~~and orServicing. ~~securitize~~Lending ~~the~~activities ~~loans~~are ~~that~~primarily itconducted ~~originates,~~by ~~after~~the ~~evaluating~~Company’s ~~current~~loan ~~and~~personnel ~~projected~~(all ~~market~~of ~~interest~~whom ~~rates,~~are ~~its~~non-commissioned ~~interest~~associates) ~~rate~~operating ~~risk~~at ~~objectives,~~our ~~its~~main ~~liquidity~~and ~~needs~~branch ~~and~~office ~~other~~locations ~~factors.~~and ~~During~~at ~~the~~our ~~fiscal~~loan ~~year~~production ~~ended~~offices. ~~September 30,~~All ~~2024,~~loans that the Company ~~sold,~~originates orare ~~committed~~underwritten pursuant to ~~sell~~its policies and procedures, towhich, ~~Fannie~~for ~~Mae~~real estate loans, inare ~~either~~consistent ~~whole~~with ~~loan~~the orability ~~security~~to ~~form,~~repay ~~$247~~guidance provided by the CFPB.4 ~~million~~The majority of long-term, fixed-rate ~~residential~~loans ~~real~~are ~~estate~~originated ~~mortgage~~using ~~loans,~~Fannie ~~all~~Mae onprocessing aand ~~servicing~~underwriting ~~retained basis~~guidelines. ~~The~~Certain ~~Company~~loans ~~has~~originated ~~also~~with ~~previously~~the ~~sold~~intent to ~~private~~hold ~~parties~~for investment, ~~non~~all adjustable-~~agency~~rate ~~eligible,~~loans ~~adjustable~~and some fixed-rate loans, onare aoriginated ~~servicing~~using ~~retained~~guidelines ~~basis~~that are similar, but not identical to Fannie Mae processing and underwriting guidelines. ~~Those~~The ~~sales~~Company ~~evidenced~~originates ~~the~~both ~~saleability~~adjustable-rate ofand ~~our~~fixed-rate loans ~~that~~and ~~are~~advertises ~~not~~extensively ~~originated~~throughout inits ~~accordance~~market ~~with~~area. ~~agency~~Its ~~specified~~ability ~~procedures,~~to ~~including~~originate fixed- or adjustable-rate loans. Asis ~~described~~dependent inupon ~~Item~~the 7relative consumer demand for such loans, which is affected by current market interest rates as well as anticipated future market interest rates. ~~Management~~The Company’s ~~Discussion~~loan origination and ~~Analysis~~sales ofactivity ~~Financial~~may ~~Condition~~be ~~and~~adversely ~~Results~~affected ofby ~~Operation~~a -rising ~~Controlling~~interest ~~Our~~rate ~~Interest~~environment ~~Rate~~or ~~Risk~~economic ~~Exposure~~recession, ~~only~~which atypically ~~portion~~results ofin ~~the~~decreased loan demand. The Company'’s ~~first~~residential mortgage loan originations ~~and~~are ~~purchases~~generated ~~are~~by ~~eligible~~its ~~for~~in-house ~~securitization~~loan representatives, by direct mail solicitations, by referrals from existing or past customers, by referrals from local builders and ~~sale~~real inestate ~~Fannie~~brokers, ~~Mae~~from ~~mortgage~~calls ~~backed~~to ~~security~~its ~~form~~telephone call center and from the internet. The ~~balance~~Company ofalso ~~loans~~acquires ~~held~~first ~~for~~mortgage ~~sale~~loans ~~was~~through ~~$17.8~~a ~~million~~correspondent atlending ~~September 30, 2024~~partnership.

InThe ~~fiscal year 2022, the~~ Company ~~began~~determines ~~purchasing~~whether ~~first~~to ~~mortgage~~sell ~~loans~~or ~~originated~~securitize ~~through~~the ~~a correspondent lending partnership. These~~ loans ~~are~~that ~~underwritten~~it byoriginates, ~~the~~after ~~correspondent~~evaluating ~~lender~~current ~~with~~and ~~generally~~projected ~~the~~market ~~same~~interest ~~standards~~rates, asits ~~our~~interest ~~originated~~rate ~~portfolio~~risk ~~using~~objectives, ~~Fannie~~its ~~Mae~~liquidity ~~processing~~needs and ~~underwriting~~other ~~guidelines~~factors. During the fiscal year ended September 30, ~~2024~~2025, wethe ~~purchased~~Company ~~approximately~~sold, or committed to sell, in either whole loan or security form, $~~132~~411.1 3 million of long-term, fixed-rate residential mortgage loans, ~~originated~~with bythe ~~our~~majority ~~correspondent~~sold ~~lending~~to ~~partner~~Fannie inMae ~~Ohio,~~on ~~Indiana,~~a ~~Michigan~~servicing retained basis. The Company has also previously sold to private parties, ~~North~~non-agency ~~Carolina~~eligible, ~~Pennsylvania~~adjustable-rate ~~and~~loans ~~South~~on ~~Carolina.~~a ~~The~~servicing ~~Company~~retained ~~also~~basis. ~~has~~Those asales ~~program~~evidenced tothe ~~originate~~saleability of our loans ~~with~~that ~~the~~are ~~intent~~not tooriginated ~~sell~~in ~~using~~accordance ~~risk-based~~with ~~pricing~~agency ~~and~~specified ~~loan~~procedures, ~~level~~including ~~price~~adjustable-rate ~~adjustments~~loans. ~~The~~As ~~program~~described isin ~~marketed~~Item ~~under~~7. ~~the~~Management’s ~~name~~Discussion ~~Mortgage~~and ~~Passport~~Analysis ~~and~~of isFinancial ~~considered~~Condition aand ~~division~~Results of ~~the~~Operation ~~Association.~~- ~~Both~~Controlling ~~purchase~~Our ~~and~~Interest ~~refinance~~Rate ~~products~~Risk ~~are~~Exposure, ~~offered~~only ~~through~~a ~~Mortgage~~portion ~~Passport~~of inthe 20Company's ~~states~~first ~~and~~mortgage ~~the~~loan ~~District~~originations ofand ~~Columbia,~~purchases ~~excluding~~are ~~Ohio~~eligible for securitization and ~~Florida.~~sale ~~The~~in ~~impact~~Fannie toMae ~~the~~mortgage ~~Company~~backed ~~from~~security ~~the~~form. ~~program~~The tobalance ~~date~~of isloans ~~considered~~held ~~immaterial~~for ~~and~~sale ~~therefore~~was no$57.7 ~~breakout~~million isat ~~provided~~September 30, 2025.

~~Historically~~In fiscal year 2022, the Company ~~has~~began ~~retained~~acquiring ~~the~~first ~~servicing~~mortgage ~~rights~~loans onoriginated ~~all~~through ~~residential~~a ~~real~~correspondent ~~estate~~lending ~~mortgage~~partnership. These loans ~~that~~are itunderwritten ~~has~~by ~~sold.~~the Atcorrespondent ~~September 30,~~lender ~~2024,~~with generally the ~~Company~~same ~~serviced~~standards ~~loans~~as ~~owned~~our byoriginated ~~others~~portfolio ~~with~~using aFannie ~~principal~~Mae ~~balance~~processing ofand ~~$1.97~~underwriting ~~billion~~guidelines. ~~Loan~~During ~~servicing~~the ~~includes~~fiscal ~~collecting~~year ~~and~~ended ~~remitting~~September 30, ~~loan payments~~2025, ~~accounting~~we ~~for~~acquired ~~principal~~approximately ~~and~~$367.2 ~~interest,~~million ~~contacting~~of ~~delinquent~~residential ~~borrowers,~~mortgage ~~supervising~~loans ~~foreclosures~~originated ~~and~~by ~~property~~our ~~dispositions~~correspondent inlending ~~the~~partner ~~event~~in ofOhio, ~~unremedied~~Indiana, ~~defaults~~Michigan, ~~making~~North ~~certain~~Carolina, ~~insurance~~Pennsylvania and ~~tax~~South ~~payments~~Carolina. onThe ~~behalf~~Company ofalso has a program to originate loans with the ~~borrowers~~intent to sell using risk-based pricing and ~~generally~~loan ~~administering~~level ~~the~~price ~~loans~~adjustments. The ~~Company~~program ~~retains~~is amarketed ~~portion~~under ofthe name Mortgage Passport. Refinance products are offered through Mortgage Passport in 21 states and the ~~interest~~District ~~paid~~of byColumbia, excluding Ohio and Florida. The impact to the ~~borrower~~Company onfrom the ~~loans~~program itto ~~services~~date asis ~~consideration~~considered ~~for~~immaterial ~~its~~and ~~servicing~~therefore ~~activities.~~no breakout is provided.

Historically, the Company has generally retained the servicing rights on all residential mortgage loans that it has sold. At September 30, 2025, the Company serviced loans owned by others with a principal balance of $2.13 billion. Loan servicing includes collecting and remitting loan payments, accounting for principal and interest, contacting delinquent borrowers, supervising foreclosures and property dispositions in the event of unremedied defaults, making certain insurance and tax payments on behalf of the borrowers and generally administering the loans. The Company retains a portion of the interest paid by the borrower on the loans it services as consideration for its servicing activities.

Loan Approval Procedures and Authority. The Company’s lending activities follow written underwriting standards and loan origination procedures established by its Board of Directors. The loan approval process is intended to assess the borrower’s ability to repay the loan and the value of the property that will secure the loan. To assess the borrower’s ability to repay, the Company reviews the borrower’s employment and credit history and information on the historical and projected income and expenses of the borrower.

The Company’s policies and loan approval limits are established by its Board of Directors. The Company’s Board of Directors has delegated authority to its Executive Committee (consisting of the Company’s CEO and two directors) to review and assign lending authorities to certain individuals of the Company to consider and approve loans within their designated authority. Residential real estate mortgage loans and construction loans require the approval of one individual with designated underwriting authority.

The Company requires independent third-party valuations of real property. Appraisals are performed by independent licensed/certified appraisers.

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~~Delinquent~~The ~~Loans.~~Company’s ~~The~~policies ~~following~~and ~~tables~~loan ~~set~~approval ~~forth~~limits ~~the~~are ~~amortized~~established ~~cost~~by inits ~~loan~~Board ~~delinquencies~~of byDirectors. ~~type,~~The ~~segregated~~Company’s byBoard ~~geographic~~of ~~location~~Directors ~~and~~has ~~duration~~delegated ofauthority ~~delinquency~~to asits Executive Committee (consisting of the ~~dates~~Company’s ~~indicated.~~CEO ~~The~~and ~~majority~~two ofdirectors) ~~our~~to ~~Home~~review ~~Today~~and ~~loan~~assign ~~portfolio~~lending isauthorities ~~secured~~to bycertain ~~properties~~individuals ~~located~~of inthe ~~Ohio~~Company ~~and~~to ~~there~~consider ~~are~~and noapprove ~~other~~ loans ~~with~~within ~~delinquent~~their ~~balances~~designated authority. ~~There~~Residential ~~were~~mortgage noloans ~~delinquencies~~and inconstruction loans require the ~~construction~~approval ~~loan~~of ~~portfolio~~one ~~for~~individual ~~the~~with ~~fiscal~~designated ~~years~~underwriting ~~presented~~authority.

	Loans Delinquent For
	30-89 Days		90 Days or More		Total
September 30, 2024	(Dollars in thousands)
Real estate loans:
Residential Core
Ohio	$	5,490	$	3,943	$	9,433
Florida	2,676		1,570		4,246
Other	3,412		3,368		6,780
Total Residential Core	11,578		8,881		20,459
Residential Home Today	1,121		693		1,814
Home equity loans and lines of credit
Ohio	1,121		993		2,114
Florida	1,100		625		1,725
California	1,051		781		1,832
Other	1,983		1,961		3,944
Total Home equity loans and lines of credit	5,255		4,360		9,615
Total	$	17,954	$	13,934	$	31,888

The Company requires that all real property securing residential loans be valued by an independent third-party. This applies to all residential loan transactions except for those specifically exempted by regulatory authority. Appraisals are performed by independent licensed/certified appraisers.

		Loans Delinquent For
		30-89 Days		90 Days or More		Total
September 30, 2023	(Dollars in thousands)
Real estate loans:
Residential Core
Ohio		$	2,616	$	4,410	$	7,026
Florida		1,207		1,340		2,547
Other		1,620		2,518		4,138
Total Residential Core		5,443		8,268		13,711
Residential Home Today		989		855		1,844
Home equity loans and lines of credit
Ohio		910		600		1,510
Florida		973		813		1,786
California		529		790		1,319
Other		1,549		1,673		3,222
Total Home equity loans and lines of credit		3,961		3,876		7,837
Total		$	10,393	$	12,999	$	23,392

Delinquent Loans. The following tables set forth the amortized cost in loan delinquencies by type, segregated by geographic location and duration of delinquency as of the dates indicated. The majority of our Home Today loan portfolio is secured by properties located in Ohio, and therefore not segregated by state. There were no delinquencies in the construction loan or other loans portfolios for the fiscal years presented.

Total loans seriously delinquent (i.e. delinquent 90 days or more) were 0.09% of total net loans at both September 30, 2024 and September 30, 2023. The percentage of loans seriously delinquent to total net loans increased in the residential Core portfolio from 0.05% to 0.06% year to year. Such loans in the residential Home Today portfolio remained at 0.01%. Home equity loans and lines of credit portfolio remained at 0.03%.


	Loans Delinquent For
	30-89 Days		90 Days or More		Total
September 30, 2025	(Dollars in thousands)
Real estate loans:
Residential Core
Ohio	$	5,046	$	3,939	$	8,985
Florida	2,578		2,474		5,052
Other	1,725		4,057		5,782
Total Residential Core	9,349		10,470		19,819
Residential Home Today	1,018		560		1,578




Home equity lines of credit
Ohio	1,263		916		2,179
Florida	2,045		1,709		3,754
California	1,228		934		2,162
Other	1,637		1,737		3,374
Total Home equity lines of credit	6,173		5,296		11,469
Home equity loans
Ohio	218		271		489
Florida	266		363		629
California	—		106		106
Other	366		195		561
Total Home equity loans	850		935		1,785


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

Although delinquencies remain at or near historic lows, recent economic trends and higher interest rates have led to increased delinquencies. Interest rates on home equity lines of credit are tied to the prime rate of interest which remains elevated, resulting in higher and less affordable monthly payments for some borrowers.

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delinquency, the Company may recommend foreclosure. The loan will be evaluated based on collateral prior to the 180th day of delinquency. For further discussion on evaluating collateral-dependent loans, refer to Note 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.


		Loans Delinquent For
		30-89 Days		90 Days or More		Total
September 30, 2024	(Dollars in thousands)
Real estate loans:
Residential Core
Ohio		$	5,490	$	3,943	$	9,433
Florida		2,676		1,570		4,246
Other		3,412		3,368		6,780
Total Residential Core		11,578		8,881		20,459
Residential Home Today		1,121		693		1,814




Home equity lines of credit
Ohio		1,039		891		1,930
Florida		994		474		1,468
California		848		752		1,600
Other		1,689		1,961		3,650
Total Home equity lines of credit		4,570		4,078		8,648
Home equity loans
Ohio		82		102		184
Florida		105		151		256
California		204		29		233
Other		294		—		294
Total Home equity loans		685		282		967


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

Total loans seriously delinquent (i.e. delinquent 90 days or more) were 0.11% of total net loans at September 30, 2025 and 0.09% at September 30, 2024. The percentage of loans seriously delinquent to total net loans increased in the residential Core portfolio from 0.06% to 0.07% year to year. Serious delinquencies to total net loans in the home equity lines of credit portfolio remained at 0.03% for both periods. Serious delinquencies in the Home Today and home equity loans portfolios at September 30, 2025 and September 30, 2024, respectively, were not material as compared to the total net loans.

Although delinquencies in most portfolios remain at or near historic lows, recent economic trends and elevated interest rates on home equity lines of credit led to an upward trend in delinquencies in that portfolio. Interest rates on home equity lines of credit are tied to the prime rate of interest which decreased 75 basis points during fiscal 2025, but remains elevated, resulting in higher and less affordable monthly payments for some borrowers.

Non-performing Assets and Modified Loans. Within 15 days of a borrower’s delinquency, per the Company's collection procedures, it attempts personal, direct contact with the borrower to determine the reason for the delinquency, to ensure that the borrower correctly understands the terms of the loan and to emphasize the importance of making payments on or before the due date. If necessary, subsequent late charges and delinquent notices are issued and the borrower’s account will be monitored on a regular basis thereafter. The Company also mails system-generated reminder notices on a monthly basis. When a loan is more than 30 days past due, the Company attempts to contact the borrower and develop a plan of repayment. By the 90th day of delinquency, the Company may recommend foreclosure. The loan will be evaluated for estimated loss based on the value of the collateral prior to the 180th day of delinquency. For further discussion on evaluating collateral-dependent loans, refer to Note 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

Loans are placed in non-accrual status when they are contractually 90 days or more past due or if collection of principal or interest in full is in doubt. Loans modified that were in non-accrual status prior to modification and loans with forbearance plans that were subsequently modified, are reported in non-accrual status for a minimum of six months after modification. Loans with a partial charge-off remain in non-accrual until, at a minimum, the loss is recovered. Additionally, home equity loans and lines of credit which are subordinate to a first mortgage lien where the customer is severely delinquent (greater than 90 days past due) and loans in Chapter 7 bankruptcy status where all borrowers have filed, and not reaffirmed or been dismissed, are placed in non-accrual status. For discussion on interest recognition and further discussion on non-accrual, refer to Note 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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The table below sets forth the amortized costs and categories of our non-performing assets at the dates indicated. There were no construction loans reported as non-accrual for the fiscal years presented.

	September 30,
	2024			2023
	2025			2024
Non-accrual loans:	(Dollars in thousands)
Real estate loans:
Residential Core	$	2123,~~058~~041		$	1921,~~414~~058
Residential Home Today	3,~~672~~032			43,~~623~~672
Home equity loans and lines of credit	8,880			7,877
Home equity lines of credit	11,141			8,361
Total non-accrual loans	33,610			31,914
Home equity loans	1,492			519
Real estate owned	174			1,444
Total non-accrual loans	38,706			33,610
Total non-performing assets	$	33,784		$	33,358
Real estate owned	1,921			174
Total non-performing assets	$	40,627		$	33,784
Ratios:
Total non-accrual loans to total loans	0.2225		%	0.2122		%
Total non-accrual loans to total assets	0.2022		%	0.1920		%
Total non-performing assets to total assets	0.2023		%	0.20		%

Of the $76.71 million of ~~modified~~ loans modified during the fiscal year 2025, $32.12 million are less than 90 days past due but included with non-accrual loans for a minimum period of six months from the modification date due to their non-accrual status or forbearance plan prior to modification, because of a prior partial charge-off or because all borrowers have filed Chapter 7 bankruptcy and have not reaffirmed or dismissed. As of September 30, ~~2024~~2025, $1.91 million are included in non-accrual loans that are 90 days or more past due.

We continue to modify loans to work with borrowers who are experiencing financial difficulty to help them keep their homes and to preserve neighborhoods. Loan modifications may include interest rate reductions, term extensions (generally including capitalization of delinquent amounts), significant payment delays ~~(including forbearance plans~~, ~~partial~~other ~~payments and repayment of delinquent amounts)~~concessions, ~~other,~~ or a combination thereof. For additional information, refer to Note 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

Collateral-Dependent Loans. A loan is considered collateral-dependent when, based on current information and events, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral or foreclosure is probable. For discussion on collateral-dependent measurement, refer to Note 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

The amortized cost of collateral-dependent loans includes loans that have returned to accrual status when contractual payments became less than 90 days past due. These loans continue to be individually evaluated based on collateral until, at a minimum, contractual payments are less than 30 days past due. Also, the amortized cost of non-accrual loans includes loans that are not included in the amortized cost of collateral-dependent loans because they are included in loans collectively evaluated for credit losses.

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The table below sets forth a reconciliation of the amortized costs and categories between non-accrual loans and collateral-dependent loans at the dates indicated.

For the Years Ended September 30,

2024

2023

2025

2024

(Dollars in thousands)

Non-Accrual Loans

3338,~~610~~706

3133,~~914~~610

Accruing Collateral-Dependent Loans

912,~~064~~205

109,~~962~~064

Less: Loans Collectively Evaluated

(35,~~097~~636)

(43,~~647~~097)

Total Collateral-Dependent Loans

3945,~~577~~275

3839,~~229~~577

Real Estate Owned. Real estate acquired as a result of foreclosure or by deed in lieu of foreclosure is classified as real estate owned until sold. When property is acquired, it is recorded at the estimated fair market value at the date of foreclosure, less estimated costs to sell, establishing a new cost basis. Estimated fair value generally represents the sale price a buyer would be willing to pay on the basis of current market conditions. Subsequent to acquisition, real estate owned is carried at the lower of the cost basis or estimated fair market value, less estimated costs to sell. Increases in the fair market value are recognized through income not exceeding the valuation allowance. Holding costs and declines in estimated fair market value result in charges to expense after acquisition. At September 30, 2024, we had $0.2 million in real estate owned.

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be willing to pay on the basis of current market conditions. Subsequent to acquisition, real estate owned is carried at the lower of the cost basis or estimated fair market value, less estimated costs to sell. A valuation allowance is established for any excess of cost basis over estimated fair market value and subsequent increases in the fair market value are recognized through income, not exceeding the valuation allowance. Holding costs and declines in estimated fair market value result in charges to expense after acquisition. At September 30, 2025, we had $1.9 million in real estate owned.

Classification of Assets. Our policies, consistent with regulatory guidelines, provide for the classification of loans and other assets that are considered to be of lesser quality as substandard, doubtful, or loss assets. An asset is considered substandard if it is inadequately protected by the current payment capacity of the borrower or the collateral pledged has a defined weakness that jeopardizes the liquidation of the debt. Substandard assets include those assets characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all of the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable. Assets (or portions of assets) classified as loss are those considered uncollectible and of such little value that their continuance as assets is not warranted. Assets that do not expose us to risk sufficient to warrant classification in one of the aforementioned categories, but which possess potential weaknesses that deserve management's attention and may result in further deterioration in their repayment prospects and/or the Company's credit position, are required to be designated as special mention.

When assets meet the classification criteria for either substandard or doubtful, they exhibit similar risk characteristics that result in expected credit losses through the model outputs or qualitative factors. As a result of the allowance analysis, a portion of the credit loss allowance is allocated to such assets. The allowance for credit losses is the amount estimated by management to represent the lifetime losses in our loan portfolio and off-balance sheet commitments. When we classify a problem asset as loss, we charge-off that portion of the asset that is uncollectible. Our determinations as to the classification of our assets and the amount of our credit loss allowances are subject to review by the ~~Company~~Association's primary federal regulator, the OCC, which can require that we establish additional credit loss allowances. We regularly review our asset portfolio to determine whether any assets require classification in accordance with applicable regulations. On the basis of our review of assets at September 30, ~~2024~~2025, the amortized cost of classified assets consists of substandard assets of $4253.80 million, including $01.29 million of real estate owned, and $75.17 million of assets designated special mention. As of September 30, ~~2024~~2025, there were no individual assets with ~~balances~~an amortized cost exceeding $1.0 million that were classified as substandard. Substandard assets at September 30, ~~2024~~2025 include $1317.92 million of loans 90 or more days past due and $2833.78 million of loans less than 90 days past due displaying a weakness sufficient to warrant an adverse classification. Of the $2833.78 million of loans less than 90 days past due, $32.12 million were modified during the year.

Allowance for Credit Losses. We provide for credit losses based on a life of loan methodology. Accordingly, all credit losses are charged to, and all recoveries are credited to, the related allowance. Additions to the allowance for credit losses are provided by charges to income based on various factors which, in our judgment, deserve current recognition in estimating lifetime credit losses. We regularly review the loan portfolio and off-balance sheet exposures and make provisions (or releases) for losses in order to maintain the allowance for credit losses in accordance with U.S. GAAP. Our allowance for credit losses is a general valuation allowance (GVA) on our portfolio made up of:

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

(2)quantitative GVAs for off-balance sheet credit exposures, which are comprised of expected lifetime losses on unfunded loan commitments to extend credit where the obligations are not unconditionally cancellable; and

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(3)qualitative GVAs, which are adjustments to the quantitative GVAs, maintained to cover uncertainties that affect the estimate of expected credit losses for each loan type.

On October 1, 2023, the IVA established for any loans dependent on cash flows, such as performing TDRs, was eliminated with the adoption of ASU 2022-02. Subsequently, all non-collateral dependent modifications have an allowance estimated through the lifetime loss model. The qualitative GVAs expand our ability to identify and estimate probable losses and are based on our evaluation of the following factors, some of which are consistent with factors that impact the determination of quantitative GVAs. For example, delinquency statistics (both current and historical) are used in developing the quantitative GVAs while the trending of the delinquency statistics is considered and evaluated in the determination of the qualitative GVAs. Factors impacting the determination of qualitative GVAs include, among other:

•changes in lending policies and procedures including underwriting standards, collection, charge-off or recovery practices;

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

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

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

•changes in the volume or severity of past due loans, volume of non-accrual loans, or the volume and severity of adversely classified loans including the trending of delinquency statistics (both current and historical), historical loan loss experience and trends, the frequency and magnitude of loan modifications, and uncertainty surrounding borrowers’ ability to recover from temporary hardships for which short-term loan restructurings are granted;

•changes in the quality of the loan review system;

•changes in the value of the underlying collateral including asset disposition loss statistics (both current and historical) and the trending of those statistics, and additional charge-offs and recoveries on individually reviewed loans;

•existence of any concentrations of credit;

•effect of other external factors such as competition, market interest rate changes or legal and regulatory requirements including market conditions and regulatory directives that impact the entire financial services industry; and

•limitations within our models to predict life of loan net losses.

Home equity loans and lines of credit generally have higher credit risk than traditional residential mortgage loans. These loans and credit lines are usually in a second lien position and when combined with the first mortgage, result in generally higher overall loan-to-value ratios. In a stressed housing market with high delinquencies and decreasing housing prices, these higher loan-to-value ratios represent a greater risk of loss to the Company. A borrower with more equity in the property has a vested interest in keeping the loan current when compared to a borrower with little or no equity in the property. InGiven ~~light~~the higher risk inherent in home equity loans and lines of ~~the~~credit ~~past~~and ~~weakness~~our inexperience ~~the~~during periods of weak housing ~~market~~markets and potential uncertainty with respect to future employment levels and economic prospects, we conduct an expanded loan level evaluation of our home equity loans and lines of credit, including bridge loans used to aid borrowers in buying a new home before selling their old one, which are delinquent 90 days or more. This expanded evaluation is in addition to our traditional evaluation procedures. We have established an allowance for our unfunded commitments on this portfolio, which is recorded in other liabilities. Our home equity loans and lines of credit portfolio continues to comprise a significant portion of our gross charge-offs. At September 30, ~~2024~~2025, we had an amortized cost of $34.9310 billion in home equity ~~loans~~lines of credit outstanding and ~~home~~$755.5 ~~equity~~million ~~lines~~in ofhome ~~credit~~equity loans outstanding, of which $46.42 million, or 0.113% of the combined total, were delinquent 90 days or more.

The allowance for credit losses is evaluated based upon the combined total of the quantitative and qualitative GVAs. Periodically, the carrying value of loans and factors impacting our credit loss analysis are evaluated and the allowance is adjusted accordingly. While we use the best information available to make evaluations, future additions to the allowance may be necessary based on unforeseen changes in loan quality and economic conditions.

For more information regarding the allowance for credit losses, see Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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The following table sets forth activity for credit losses segregated by geographic location for the periods indicated. The majority of our Residential Core and Home Today loan portfolios is secured by properties located in Ohio, and therefore was not segregated by state.

	At or For the Years Ended September 30,
	2024			2023			2022
	(Dollars in thousands)
Allowance balance for credit losses on loans (beginning of the year)	$	77,315		$	72,895		$	64,289
Adoption of ASU 2022-02	(10,262)			—			—
Charge-offs on real estate loans:
Residential Core
Ohio	221			257			234
Florida	5			—			—
Other	—			—			13
Total Residential Core	226			257			247
Total Residential Home Today	112			320			249
Home equity loans and lines of credit
Ohio	388			293			625
Florida	128			78			154
California	109			14			29
Other	250			280			146
Total Home equity loans and lines of credit	875			665			954
Total charge-offs	1,213			1,242			1,450
Recoveries on real estate loans:
Residential Core	1,249			1,126			2,932
Residential Home Today	2,105			2,451			2,648
Home equity loans and lines of credit	2,584			4,079			5,352
Construction	20			—			175
Total recoveries	5,958			7,656			11,107
Net recoveries	4,745			6,414			9,657
Release of allowance for credit losses on loans	(1,796)			(1,994)			(1,051)
Allowance balance for loans (end of the year)	$	70,002		$	77,315		$	72,895
Allowance balance for credit losses on unfunded commitments (beginning of the year)	$	27,515		$	27,021		$	24,970
Provision for credit losses on unfunded commitments	296			494			2,051
Allowance balance for unfunded loan commitments (end of the year)	27,811			27,515			27,021
Allowance balance for all credit losses (end of the year)	$	97,813		$	104,830		$	99,916
Ratios:
Allowance for credit losses on loans to non-accrual loans at end of the year	208.28		%	242.26		%	204.73		%
Allowance for credit losses on loans to the total amortized cost in loans at end of the year	0.45		%	0.51		%	0.51		%

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The following table sets forth ~~additional~~activity ~~information~~for ~~with~~credit ~~respect~~losses tosegregated ~~net recoveries (charge-offs)~~ by ~~category~~geographic location for the periods indicated. The majority of our Residential Core and Home Today loan portfolios is secured by properties located in Ohio, and therefore were not segregated by state.

	For the Years Ended September 30,
	At or For the Years Ended September 30,
Net recoveries to average loans outstanding during the year	2024			2023			2022
	2025			2024			2023
Real estate loans:
	(Dollars in thousands)
Residential Core	0.01		%	0.01		%	0.02		%
Allowance balance for credit losses on loans (beginning of the year)	$	70,002		$	77,315		$	72,895
Residential Home Today	0.01		%	0.01		%	0.02		%
Adoption of ASU 2022-02	—			(10,262)			—
Home Equity loans and lines of credit	0.01		%	0.02		%	0.03		%
Charge-offs on real estate loans:
Total net recoveries to average loans outstanding	0.03		%	0.04		%	0.07		%
Total Residential Core	18			226			257
Total Residential Home Today	15			112			320
Home equity lines of credit
Ohio	577			371			277
Florida	274			112			78
California	31			109			14
Other	182			250			280
Total Home equity lines of credit	1,064			842			649
Home equity loans
Ohio	17			17			16
Florida	—			16			—
California	—			—			—
Other	—			—			—
Total Home equity loans	17			33			16
Total charge-offs	1,114			1,213			1,242
Recoveries on real estate loans:
Residential Core	1,159			1,249			1,126
Residential Home Today	1,804			2,105			2,451
Home equity loans	2,143			2,503			3,973
Home equity lines of credit	55			81			106
Construction	—			20			—
Total recoveries	5,161			5,958			7,656
Net recoveries	4,047			4,745			6,414
Provision (release) of allowance for credit losses on loans	195			(1,796)			(1,994)
Allowance balance for loans (end of the year)	$	74,244		$	70,002		$	77,315
Allowance balance for credit losses on unfunded commitments (beginning of the year)	$	27,811		$	27,515		$	27,021
Provision for credit losses on unfunded commitments	2,305			296			494
Allowance balance for unfunded loan commitments (end of the year)	30,116			27,811			27,515
Allowance balance for all credit losses (end of the year)	$	104,360		$	97,813		$	104,830
Ratios:
Allowance for credit losses on loans to non-accrual loans at end of the year	191.82		%	208.28		%	242.26		%
Allowance for credit losses on loans to the total amortized cost in loans at end of the year	0.47		%	0.45		%	0.51		%

We continue to evaluate loans becoming delinquent for potential losses and record provisions for the estimate of those losses. We reported net recoveries in each quarter for the past five years, primarily due to improvements in the values of properties used to secure loans that were fully or partially charged off after the 2008 collapse of the housing market. Charge-offs are recognized on loans identified as collateral-dependent and subject to individual review when the collateral value does not sufficiently support full repayment of the obligation. Recoveries are recognized on previously charged-off loans as borrowers perform their repayment of the obligations or as loans with improved collateral positions reach final resolution. During the fiscal year ended September 30, 2024, recoveries exceeded loan charge-offs by $4.7 million. Subject to changes in the economic environment, a moderate level of charge-offs are expected as delinquent loans are resolved in the future and uncollected balances are charged against the allowance.

Allocation of Allowance for Credit Losses. The following table sets forth the allowance for credit losses allocated by loan category, the percent of allowance in each category to the total allowance on loans, and the percent of loans in each category to total loans at the dates indicated. The allowance for credit losses allocated to each category is not necessarily indicative of future losses in any particular category and does not restrict the use of the allowance to absorb losses in other categories. This table does not include allowance for credit losses on unfunded loan commitments, which are primarily related to undrawn home equity lines of credit.

	At September 30,
	2024						2023
	Amount		Percent ofAllowanceto TotalAllowance		Percent ofLoans inCategory toTotal Loans		Amount		Percent ofAllowanceto TotalAllowance		Percent ofLoans inCategory toTotal Loans
Real estate loans:	(Dollars in thousands)
Residential Core	$	44,402	63.4	%	74.3	%	$	55,375	71.6	%	79.4	%
Residential Home Today	(2,672)		(3.8)		0.3		(1,236)		(1.6)		0.3
Home equity loans and lines of credit	28,232		40.3		25.3		23,047		29.8		19.9
Construction	40		0.1		0.1		129		0.2		0.4
Allowance for credit losses on loans	$	70,002	100.0	%	100.0	%	$	77,315	100.0	%	100.0	%

During the fiscal year ended September 30, 2024, the total allowance for credit losses decreased to $97.8 million, from $104.8 million at September 30, 2023. The total allowance for credit losses is comprised of the asset portion, which is applied to the loan portfolio and the liability portion, which is applied to off-balance sheet exposures, primarily related to undrawn equity exposures. During the fiscal year ended September 30, 2024 the asset and liability portions of the total allowance decreased to $70.0 million from $77.3 million and increased to $27.8 million from $27.5 million, respectively. We recorded a $1.5 million net release for credit losses for the year, consisting of a $1.8 million release from credit losses on loans and a $0.3 million reclassification to credit losses on off-balance sheet exposures.

Because many variables are considered in determining the appropriate level of general valuation allowances, directional changes in individual considerations do not always align with the directional change in the balance of a particular component of the general valuation allowance. Changes in the allowance for credit losses on loan balances during the fiscal year ended September 30, 2024, were primarily related to the adoption of ASU 2022-02 at October 1, 2023, which eliminated the Individual Valuation Allowance (IVA) that was established for TDRs dependent on cash flows, and decreases in the Core

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~~portfolio~~The ~~balances~~following ~~primarily~~table ~~due~~sets toforth ~~aging.~~additional ~~This~~information ~~was~~with ~~offset~~respect byto ~~the~~ net ~~impact~~recoveries ofby ~~increases~~category infor the ~~equity~~periods ~~portfolios~~indicated ~~primarily~~rounded ~~due~~ to ~~new~~the ~~growth~~nearest ~~and~~hundredth of a ~~decrease in total net recovery qualitative factors~~percent.

The amortized cost of the residential Core portfolio decreased 5.7%, or $694.1 million, and its total allowance decreased 19.8%, or $11.0 million, as of September 30, 2024, compared to September 30, 2023. The amortized cost of the home equity loans and lines of credit portfolio increased 28.0%, or $859.7 million, and its total allowance increased 22.5% to $28.2 million from $23.0 million at September 30, 2023. As we are no longer originating loans under our Home Today program, there is an expected net recovery position for this portfolio which was $2.7 million at September 30, 2024, and $1.2 million at September 30, 2023. Under the CECL methodology, the life of loan concept allows for qualitative adjustments for the expected future recoveries of previously charged-off loans, which is driving the allowance balance for the Home Today loans negative. Refer to the "Activity in the Allowances for Credit Losses" and "Analysis of the Allowance for Credit Losses" tables in Note 5. LOANS AND ALLOWANCES FOR CREDIT LOSSES of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS for more information.


	For the Years Ended September 30,
Net recoveries to average loans outstanding during the year	2025		2024		2023
Real estate loans:
Residential Core	0.01	%	0.01	%	0.01	%
Residential Home Today	0.01	%	0.01	%	0.01	%
Home Equity lines of credit	0.01	%	0.01	%	0.02	%
Home Equity loans	—	%	—	%	—	%

Total net recoveries to average loans outstanding	0.03	%	0.03	%	0.04	%

~~The~~We ~~allowance~~continue to evaluate loans becoming delinquent for ~~credit~~potential losses ~~represents~~and record provisions for the estimate of ~~lifetime~~those ~~loss~~losses. We reported net recoveries in ~~our~~each ~~loan~~quarter ~~portfolio~~for ~~and~~the ~~unfunded~~past ~~loan~~six ~~commitments.~~years, ~~Our~~primarily ~~analysis~~due ~~for~~to ~~evaluating~~improvements in the ~~adequacy~~values of ~~and~~properties used to secure loans that were fully or partially charged off after the ~~appropriateness~~2008 collapse of ~~our~~the ~~allowance~~housing ~~for~~market. ~~credit~~Charge-offs ~~losses~~are isrecognized ~~continually~~on ~~refined~~loans identified as ~~relevant~~collateral-dependent ~~information,~~and ~~relating~~subject to ~~past~~individual ~~events,~~review ~~current~~when ~~conditions~~the ~~and~~collateral ~~supportable~~value ~~forecasts~~does ~~become~~not ~~available.~~sufficiently ~~During~~support full repayment of the ~~years~~obligation. ~~ended~~Recoveries ~~September 30,~~are ~~2024~~recognized ~~and~~on ~~2023,~~previously nocharged-off ~~material~~loans ~~changes~~as ~~were~~borrowers ~~made~~perform totheir repayment of the ~~allowance~~obligations ~~for~~or ~~credit~~as ~~losses~~loans ~~other~~with ~~than~~improved collateral positions reach final resolution. During the ~~adoption~~fiscal ofyear ~~ASU~~ended ~~2022~~September 30, 2025, recoveries exceeded loan charge-02offs by $4.0 million.


	At September 30,
	2025						2024
	Amount		Percent of Allowance to Total Allowance		Percent of Loans in Category to Total Loans		Amount		Percent of Allowance to Total Allowance		Percent of Loans in Category to Total Loans
Real estate loans:	(Dollars in thousands)
Residential Core	$	39,939	53.8	%	69.0	%	$	44,402	63.4	%	74.3	%
Residential Home Today	(2,438)		(3.3)		0.2		(2,672)		(3.8)		0.3
Home equity lines of credit	22,069		29.8		25.9		16,590		23.7		21.7
Home equity loans	14,645		19.7		4.8		11,642		16.6		3.6
Construction	29		—		0.1		40		0.1		0.1

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

During the fiscal year ended September 30, 2025, the total allowance for credit losses increased to $104.4 million, from $97.8 million at September 30, 2024. The total allowance for credit losses is comprised of the asset portion, which is applied to the loan portfolio and the liability portion, which is applied to off-balance sheet exposures, primarily related to undrawn equity exposures. During the fiscal year ended September 30, 2025 the asset and liability portions of the total allowance increased to $74.2 million from $70.0 million and increased to $30.1 million from $27.8 million, respectively. We recorded a $2.5 million net provision for credit losses for the year, consisting of a $0.2 million provision on loans and a $2.3 million provision for credit losses on off-balance sheet exposures.

Because many variables are considered in determining the appropriate level of general valuation allowances, directional changes in individual considerations do not always align with the directional change in the balance of a particular component of the general valuation allowance. Changes in the allowance for credit losses on loan balances during the fiscal year ended September 30, 2025, were primarily related to the net impact of increases in the equity portfolio due to new growth and a lower net recovery forecast for total qualitative factors.

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

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lines of credit portfolio increased 22.0%, or $739.5 million, and its total allowance increased 33.0% to $22.1 million from $16.6 million at September 30, 2024. The amortized cost of the home equity loans increased 33.5%, or $189.7 million, and its total allowance increased 25.8% to $14.6 million from $11.6 million at September 30, 2024. As we are no longer originating loans under our Home Today program, there is an expected net recovery position for this portfolio which was $2.4 million at September 30, 2025, and $2.7 million at September 30, 2024. Under the CECL methodology, the life of loan concept allows for qualitative adjustments for the expected future recoveries of previously charged-off loans, which is driving the allowance balance for the Home Today loans to a net recovery position. Refer to the "Activity in the Allowances for Credit Losses" and "Analysis of the Allowance for Credit Losses" tables in Note 5. LOANS AND ALLOWANCES FOR CREDIT LOSSES of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS for more information.

The allowance for credit losses represents the estimate of lifetime loss in our loan portfolio and unfunded loan commitments. Our analysis for evaluating the adequacy of and the appropriateness of our allowance for credit losses is continually refined as relevant information, relating to past events, current conditions and supportable forecasts become available. During the years ended September 30, 2025 and 2024, no material changes were made to the allowance for credit losses methodology other than the adoption of ASU 2022-02 during fiscal 2024.

Investments

The Association’s Board of Directors is responsible for establishing and overseeing the Association’s investment policy. The investment policy is reviewed at least annually by management and any changes to the policy are recommended to the Board of Directors, or a committee thereof, and are subject to its approval. This policy dictates that investment decisions be made based on the safety of the investment, liquidity requirements, potential returns, the ability to provide collateral for pledging requirements, and consistency with our interest rate risk management strategy. The Association’s Investment Committee, which consists of the Association's CFO, CAO and other members of management, oversees the Association's investing activities and strategies. The portfolio manager is responsible for making securities portfolio decisions in accordance with established policies. The portfolio manager has the authority to purchase and sell securities within specific guidelines established in the investment policy, but historically the portfolio manager has executed purchases only after extensive discussions with other Investment Committee members. All transactions are formally reviewed by the Investment Committee at least quarterly. Any investment which, subsequent to its purchase, fails to meet the guidelines of the policy is reported to the Investment Committee, who decides whether to hold or sell the investment.

The Association’s investment policy requires that the Association invest primarily in debt securities issued by the U.S. Government, agencies of the U.S. Government, and government-sponsored entities, which include Fannie Mae and Freddie Mac. The policy also permits investments in mortgage-backed securities, including pass-through securities issued and guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae as well as collateralized mortgage obligations and real estate mortgage investment conduits issued or backed by securities issued by these governmental agencies and government-sponsored entities. The investment policy also permits investments in asset-backed securities, banker’s acceptances, money market funds, term federal funds, repurchase agreements and reverse repurchase agreements.

The Association’s investment policy does not permit investment in municipal bonds, corporate debt obligations, preferred or common stock of government agencies or equity securities other than the Association's required investment in the common stock of the FHLB of Cincinnati. As of September 30, ~~2024~~2025, we held no asset-backed securities or securities with sub-prime credit risk exposure, nor did we hold any banker’s acceptances, term federal funds, repurchase agreements or reverse repurchase agreements. As a federal savings association, the Association is not permitted to invest in equity securities. This general restriction does not apply to the Company. The Association’s investment policy permits the use of interest rate agreements (caps, floors and collars) and interest rate exchange contracts (swaps) in managing our interest rate risk exposure. The use of financial futures, however, is prohibited without specific approval from its Board of Directors.

FASB ASC 320, “Investments-Debt and Equity Securities,” requires that, at the time of purchase, we designate a security as held to maturity, available for sale, or trading, depending on our ability and intent. Securities designated as available- for- sale are reported at fair value, while securities designated as held to maturity are reported at amortized cost. As a result of previous guidance from the Company's primary regulator that indicated that the Company's reported balance of liquid assets could not include any investment security not classified as available-for-sale, all investment securities held by the Company are classified as available for sale. We do not have a trading portfolio.

21The fair value of our investment portfolio at September 30, 2025, consisted of $2.7 million in fixed-rate securities guaranteed by Fannie Mae, $455.4 million of REMICs collateralized only by securities guaranteed by Fannie Mae, $8.6 million of securities guaranteed by Freddie Mac and $54.0 million of U.S. Government obligations.

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~~The~~appropriate, ~~fair~~for ~~value~~liquidity ~~of our investment portfolio at September 30~~purposes, ~~2024,~~as ~~consisted~~collateral offor ~~$2.9~~borrowings ~~million~~and ininterest ~~fixed-~~rate ~~securities~~exchange ~~guaranteed~~contracts by(swaps) ~~Fannie~~and ~~Mae,~~as ~~$449.4~~an ~~million~~interest ofrate ~~REMICs~~risk ~~collateralized~~hedge ~~only~~in bythe ~~securities~~event ~~guaranteed by Fannie Mae, $1.1 million~~ of ~~securities~~significant ~~guaranteed~~mortgage byloan ~~Freddie Mac and $72~~prepayments.~~8 million of U.S. Government obligations.~~

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

Mortgage-Backed Securities. We purchase mortgage-backed securities insured or guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. We invest in mortgage-backed securities to achieve positive interest rate spreads with minimal administrative expense, and to lower our credit risk as a result of the guarantees provided by Freddie Mac, Fannie Mae or Ginnie Mae. The U.S. Treasury Department has established financing agreements to ensure that Fannie Mae and Freddie Mac meet their obligations to holders of mortgage-backed securities that they have issued or guaranteed.

Mortgage-backed securities are created by the pooling of mortgages and the issuance of a security with an interest rate that is less than the interest rate on the underlying mortgages. Mortgage-backed securities typically represent a participation interest in a pool of single-family or multi-family mortgages, although we invest primarily in mortgage-backed securities backed by one- to four-family mortgages. The issuers of such securities (generally Ginnie Mae, Fannie Mae and Freddie Mac) pool and resell the participation interests in the form of securities to investors such as the Association, and guarantee the payment of principal and interest to investors. Mortgage-backed securities generally yield less than the loans that underlie such securities because of the cost of payment guarantees and credit enhancements. However, mortgage-backed securities are more liquid than individual mortgage loans since there is an active trading market for such securities. While there has been significant disruption in the demand for private issuer mortgage-backed securities, the U.S. Treasury support for Fannie Mae and Freddie Mac guarantees has maintained an orderly market for the mortgage-backed securities the Company typically purchases. In addition, mortgage-backed securities may be used to collateralize our specific liabilities and obligations. Investments in mortgage-backed securities involve a risk that the timing of actual payments will be earlier or later than the timing estimated when the mortgage-backed security was purchased, which may require adjustments to the amortization of any premium or accretion of any discount relating to such interests, thereby affecting the net yield on our securities. We periodically review current prepayment speeds to determine whether prepayment estimates require modifications that could cause amortization or accretion adjustments.

REMICs are types of debt securities issued by a special-purpose entity that aggregates pools of mortgages and mortgage-backed securities and creates different classes of securities with varying maturities and amortization schedules, as well as a residual interest, with each class possessing different risk characteristics. The cash flows from the underlying collateral are generally divided into “tranches” or classes that have descending priorities with respect to the distribution of principal and interest cash flows, while cash flows on pass-through mortgage-backed securities are distributed pro rata to all security holders.

Sources of Funds

General. Deposits traditionally have been the primary source of funds for the Association’s lending and investment activities. The Association also borrows, primarily from the FHLB of Cincinnati, to supplement cash flow, to lengthen the maturities of liabilities for interest rate risk management purposes and to manage its cost of funds. Additional sources of funds are borrowings from the FRB-Cleveland Discount Window, scheduled loan payments, maturing investments, loan prepayments, collateralized wholesale borrowings, Fed Fund purchases, income on other earning assets, the proceeds from loan sales, and brokered deposits. As a result of favorable market conditions, proceeds from loan sales increased during fiscal year ~~2024~~2025 which contributed to the ~~retirement~~Association's oflending ~~some~~and ~~FHLB~~investment ~~of Cincinnati borrowings~~activities.

Deposits. The Association obtains deposits primarily from the areas in which its branch offices are located, as well as from its customer service call center, its internet website, and from brokered deposits. It relies on its competitive pricing, convenient locations, and customer service to attract and retain its non-brokered deposits. It offers a variety of retail deposit accounts with a range of interest rates and terms. Its retail deposit accounts consist of savings accounts, money market accounts, checking accounts, CDs, individual retirement accounts, and other qualified plan accounts.

Interest rates paid, maturity terms, service fees, and withdrawal penalties are established on a periodic basis. Deposit rates and terms are based primarily on current operating strategies and market interest rates, liquidity requirements, interest rates paid by competitors, and our deposit growth goals.

At September 30, ~~2024~~2025, deposits totaled $10.2045 billion. Checking accounts totaled $~~829~~785.98 million (including $746.4 million of interest-bearing checking accounts) and savings accounts totaled $1.3217 billion (including $1.2534 billion of higher yield savings accounts and MMKs). At September 30, ~~2024~~2025, the Association had a total of $8.0247 billion in CDs (including $902.1 million of brokered CDs), of which $5.2264 billion had remaining maturities of one year or less. Based on historical experience and its current pricing strategy, management believes the Association will retain a large portion of these balances upon maturity.

2223

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billion of brokered CDs), of which $4.95 billion had remaining maturities of one year or less. Based on historical experience and its current pricing strategy, management believes the Association will retain a large portion of these balances upon maturity.

The following table sets forth the distribution of the Association’s average total deposit accounts, by account type, for the fiscal years indicated. Additional details on deposit accounts can be found in Note 9. DEPOSITS of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

	For the Years Ended September 30,
	2024						2023						2022
	2025						2024						2023
	AverageBalance		Percent		WeightedAverageRate		AverageBalance		Percent		WeightedAverageRate		AverageBalance		Percent		WeightedAverageRate
Deposit type:	(Dollars in thousands)
Checking	$	~~880~~814,~~893~~140	87.9	%	0.05	%	$	1880,~~093,036~~893	128.19	%	0.5605	%	$	1,~~326~~093,~~882~~036	1412.71	%	0.3256	%
Savings and money market accounts	1,~~518~~241,~~453~~856		1512.40	%	1.4602	%	1,~~798~~518,~~663~~453		2015.04	%	1.3746	%	1,~~859~~798,~~990~~663		20.70	%	01.2437	%
Certificates of deposit	78,~~489~~255,~~887~~097		7580.71	%	3.6158	%	67,~~123~~489,~~979~~887		6775.97	%	23.3461	%	56,~~826~~123,~~286~~979		6467.69	%	12.1734	%
Total Deposits	$	910,~~889~~311,~~233~~093	100.0	%	2.9699	%	$	9,~~015~~889,~~678~~233	100.0	%	12.9396	%	$	9,~~013~~015,~~158~~678	100.0	%	01.8593	%

The following table sets forth the distribution of the Association’s total deposit accounts, by account type, at September 30, ~~2024~~2025.

	September 30, 2024
	September 30, 2025
	Balance		Percent		Weighted Average Cost of Funds
Deposit type	(Dollars in thousands)
Interest-bearing:
Checking	$	~~829~~785,~~924~~785	87.26	%	0.04	%
Savings accounts, excluding money market accounts	1,~~127~~043,~~772~~715		1110.10	%	10.2765	%
Money market accounts	~~193~~128,~~074~~245		1.92	%	21.1027	%
Certificates of deposit, including accrued interest	8,~~044~~489,~~309~~223		7881.82	%	43.0374	%
Total Deposits	$	10,~~195~~446,~~079~~968	100.0	%	3.3612	%

As of September 30, 2025 and September 30, 2024, the total amount of the Association's uninsured deposits were $387.3 million and $349.3 million, respectively. As of September 30, 2025, the aggregate amount of the Association’s outstanding certificates of deposit in amounts greater than $250 thousand was approximately $313.4 million. The following table sets forth the maturity of those uninsured CDs as of September 30, 2025.

	September 30, 2024
	September 30, 2025
	(In thousands)
Three months or less	$	86,~~267~~680
Over three months through six months	3169,~~092~~396
Over six months through one year	1832,~~473~~266
More than one year	~~135~~125,~~949~~101
Total	$	~~271~~313,~~781~~443

Borrowings. At September 30, ~~2024~~2025, the Association had $4.7987 billion of borrowings outstanding, consisting of $4.7785 billion from the FHLB of Cincinnati and $2117.37 million of accrued interest. Borrowings from the FHLB of Cincinnati are secured by the Association’s investment in the common stock of the FHLB of Cincinnati as well as by a blanket pledge of its mortgage portfolio not otherwise pledged. Our current, maximum borrowing capacity with the FHLB of Cincinnati is $6.8694 billion. The Association also has the ability to purchase overnight Fed Funds up to $~~395~~455.0 million through arrangements with other institutions. The ability to borrow from the FRB-Cleveland Discount Window is also available to the Association and is secured by a pledge of specific loans in the Association’s mortgage portfolio. At September 30, ~~2024~~2025, the Association had the capacity to borrow up to $~~633~~505.14 million from the FRB-Cleveland. A maturity schedule and available borrowing capacity schedule can be found in Note 10. BORROWED FUNDS of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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The following tables set forth information relating to acategories ~~category~~ of short-term borrowings. There are no borrowings with original terms between 30 and 90 days.

	At or For the Fiscal Years Ended September 30,
	2024			2023			2022
	2025			2024			2023
Borrowings (30 days and under):	(Dollars in thousands)
Balance at end of year	$	40248,000		$	~~592~~40,000		$	2592,000~~,000~~
Maximum outstanding at any month-end	$	~~777~~444,000		$	1777,~~806,~~000		$	21,~~000~~806,000
Average balance during year	$	~~147~~136,~~039~~939		$	~~810~~147,~~263~~039		$	~~682~~810,~~487~~263
Average interest rate during the fiscal year	54.4043		%	45.1640		%	14.5916		%
Weighted average interest rate at end of year	54.3833		%	5.38		%	35.0438		%

	At or For the Fiscal Years Ended September 30,
	2024			2023			2022
	2025			2024			2023
Borrowings (90 days to 12 months):	(Dollars in thousands)
Balance at end of year	$	23,~~925~~000,000		$	32,~~150~~925,000		$	13,~~550~~150,000
Maximum outstanding at any month-end	$	3,~~100~~025,000		$	3,~~600~~100,000		$	23,~~425~~600,000
Average balance during year	$	2,~~984~~887,~~426~~684		$	2,~~668~~984,~~420~~426		$	2,~~000~~668,~~323~~420
Average interest rate during the fiscal year	54.5058		%	5.0050		%	05.7700		%
Weighted average interest rate at end of year	54.3438		%	5.5834		%	35.1258		%

Federal Taxation

General. The Company and the Association are subject to federal income taxation in the same general manner as other corporations, with certain exceptions. Prior to the completion of our initial public stock offering in 2007, the Company and the Association were included as part of Third Federal Savings, MHC’s consolidated tax group. However, upon completion of the offering, the Company and the Association were no longer a part of Third Federal Savings, MHC’s consolidated tax group because Third Federal Savings, MHC no longer owned at least 80% of the common stock of the Company. As a result of the Company's stock repurchase program which reduced the number of outstanding shares of the Company, at September 30, ~~2024~~2025, Third Federal Savings, MHC, owned 80.9194% of the common stock of the Company and the Company and the Association can, again, be a part of Third Federal Savings, MHC’s consolidated tax group. Beginning on September 30, 2007 and for each subsequent fiscal year thereafter, the Company has filed consolidated tax returns with the Association and Third Capital Inc., its wholly-owned subsidiaries.

The following discussion of federal taxation is intended only to summarize certain pertinent federal income tax matters and is not a comprehensive description of the tax rules applicable to the Company or its subsidiaries.

Bad Debt Reserves. Historically, the Third Federal Savings, MHC consolidated group used the specific charge-off method to account for bad debt deductions for income tax purposes, and the Company has used and intends to use the specific charge-off method to account for tax bad debt deductions in the future.

Taxable Distributions and Recapture. Prior to 1996, bad debt reserves created prior to 1988 were subject to recapture into taxable income if the Association failed to meet certain thrift asset and definitional tests or made certain distributions. Tax law changes in 1996 eliminated thrift-related recapture rules. However, under current law, pre-1988 tax bad debt reserves remain subject to recapture if the Association makes certain non-dividend distributions, repurchases any of its common stock, pays dividends in excess of earnings and profits, or fails to qualify as a bank for tax purposes.

At September 30, ~~2024~~2025, the total federal pre-base year bad debt reserve of the Association was approximately $105.0 million.

State Taxation

Following its initial public stock offering in 2007, the Company converted from a qualified passive investment company domiciled in the State of Delaware to a qualified holding company in Ohio. The Third Federal Savings, MHC consolidated group is subject to the Ohio Financial Institutions Tax. The Financial Institutions Tax is based on total equity capital apportioned to Ohio using a single gross receipts factor. Ohio equity capital is taxed at a three-tiered rate of 0.8% on the first

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$200 million, 0.4% on amounts greater than $200 million and less than ~~or equal to~~ $1.330 billion, and 0.25% on amounts greater than or equal to $1.330 billion.

SUPERVISION AND REGULATION

General

The Company is a savings and loan holding company, and is required to file certain reports with, is subject to examination by, and otherwise must comply with the rules and regulations of, the FRS. The Company is also subject to the rules and regulations of the SEC under the federal securities laws.

The Association is a federal savings association that is currently examined and supervised by the OCC and the CFPB, and is subject to examination by the FDIC under certain circumstances. This regulation and supervision establishes a comprehensive framework of activities in which an institution may engage and is intended primarily for the protection of the FDIC’s ~~deposit~~DIF ~~insurance fund~~ and depositors. Under this system of federal regulation, financial institutions are periodically examined to ensure that they satisfy applicable standards with respect to their capital adequacy, assets, management, earnings, liquidity and sensitivity to market risk. Following completion of its examination, the ~~federal~~OCC ~~agency~~ critiques the institution’s operations and assigns its rating (known as an institution’s CAMELS rating). Under federal law, an institution may not disclose its CAMELS rating to the public. The ~~Association also is a member of and owns stock in the FHLB of Cincinnati, which is one of the eleven regional banks in the FHLB System. The~~ OCC will examine the Association and prepare reports for the consideration of the Association’s Board of Directors on any operating deficiencies. The CFPB has examination and enforcement authority over the Association with respect to consumer protection laws and regulations. The Association’s relationship with its depositors and borrowers also is regulated to a great extent by federal law and, to a much lesser extent, state law, especially in matters concerning the ownership of deposit accounts and the form and content of the Association’s mortgage documents.The Association also is a member of and owns stock in the FHLB of Cincinnati, which is one of the eleven regional banks in the FHLB System.

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

Certain statutes and regulations that are applicable to the Association and the Company are described below. This description of statutes and regulations is not intended to be a complete explanation of such statutes and regulations and their effects on the Association and the Company, and is qualified in its entirety by reference to the actual statutes and regulations.

Federal Banking Regulation

Business Activities. A federal savings association derives its lending and investment powers from the HOLA, and federal regulations. Under these laws and regulations, the Association may invest in mortgage loans secured by residential real estate without limitations as a percentage of assets, and may invest in non-residential real estate loans up to 400% of capital in the aggregate. The Association may also invest in commercial business loans up to 20% of assets in the aggregate and consumer loans up to 35% of assets in the aggregate, and in certain types of debt securities and certain other assets. The Association may also establish subsidiaries that may engage in certain activities not otherwise permissible for a federal savings association, including real estate investment and securities and insurance brokerage.

A federal savings association may elect to exercise national bank powers without converting to a national bank charter. Among other things, the election allows a federal savings association to engage in commercial and commercial real estate lending without the aggregate limits applicable to federal savings associations. By exercising the election, the federal savings association also becomes subject to many of the same duties, restrictions, liabilities, conditions and limitations applicable to national banks, some of which are more restrictive than those applicable to federal savings associations. A federal savings association making the election retains its federal savings association charter and continues to be treated as a federal savings association for purposes of corporate governance. The election is available to federal savings associations that had total consolidated assets of $20 billion or less as of December 31, 2017. The Association has not exercised the election as of September 30, ~~2024~~2025.

Capital Requirements. Federal regulations require FDIC insured depository institutions to meet several minimum capital standards: a common equity Tier 1 capital to risk-based assets ratio, a Tier 1 capital to risk-based assets ratio, a total capital to risk-based assets ratio, and a Tier 1 capital to total assets leverage ratio.

The capital standards require the maintenance of common equity Tier 1 capital, Tier 1 capital and total capital to risk-weighted assets of at least 4.5%, 6% and 8%, respectively, and a leverage ratio of at least 4% ~~Tier 1 capital~~. Common equity Tier 1 capital is generally defined as common stockholders’ equity and retained earnings. Tier 1 capital is generally defined as common equity Tier 1 and additional Tier 1 capital. Additional Tier 1 capital includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital

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~~preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital~~ (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt. Also included in Tier 2 capital is the allowance for credit losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election regarding the treatment of AOCI, up to 45% of net unrealized gains on available for sale equity securities with readily determinable fair market values. Institutions that have not exercised the AOCI opt-out have AOCI incorporated into common equity Tier 1 capital (including unrealized gains and losses on available for sale-securities). The Association exercised its opt-out election during 2015. Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations.

In determining the amount of risk-weighted assets for purposes of calculating risk-based capital ratios, all assets, including certain off-balance sheet assets (e.g., recourse obligations, direct credit substitutes, residual interests) are multiplied by a risk weight factor assigned by the regulations based on the risks believed inherent in the type of asset. Higher levels of capital are required for asset categories believed to present greater risk. For example, a risk weight of 0% is assigned to cash and U.S. government securities, a risk weight of 50% is generally assigned to prudently underwritten first lien one to four- family residential mortgages, a risk weight of 100% is assigned to commercial and consumer loans, a risk weight of 150% is assigned to certain past due loans, and a risk weight of between 0% to 600% is assigned to permissible equity interests, depending on certain specified factors.

Federal savings associations must also meet a statutory “tangible capital” standard of 1.5% of total adjusted assets. Tangible capital is generally defined as Tier 1 capital for this purpose.

In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% in addition to the minimum capital requirements. At September 30, ~~2024~~2025, the Association exceeded the fully phased in regulatory requirement for the "capital conservation buffer." In assessing an institution’s capital adequacy, the OCC takes into consideration not only these numeric factors, but qualitative factors as well, and has the authority to establish higher capital requirements for individual institutions where deemed necessary. As presented in Note 3. REGULATORY MATTERS of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, at September 30, ~~2024~~2025, the Association exceeded all regulatory capital requirements to be considered “Well Capitalized.”

Loans-to-One Borrower. Generally, a federal savings association may not make a loan or extend credit to a single or related group of borrowers in excess of 15% of unimpaired capital and surplus. An additional amount may be loaned, equal to 10% of unimpaired capital and surplus, if the loan is secured by readily marketable collateral, which generally does not include real estate. As of September 30, ~~2024~~2025, the Association was in compliance with the loans-to-one borrower limitations.

Qualified Thrift Lender Test. As a federal savings association, the Association must satisfy the qualified thrift lender test. Under the HOLA QTL test, the Association must maintain at least 65% of its “portfolio assets” in “qualified thrift investments” (primarily residential mortgages and related investments, including mortgage-backed securities) in at least nine months of the most recent 12-month period. “Portfolio assets” generally means total assets of a federal savings association, less the sum of specified liquid assets up to 20% of total assets, goodwill and other intangible assets, and the value of property used in the conduct of the federal savings association’s business.

The Association also may satisfy the QTL test by qualifying as a “domestic building and loan association” as defined in the Internal Revenue Code.

A federal savings association that fails the QTL test must operate under specified restrictions. Under the DFA, non-compliance with the QTL test may subject the Association to agency enforcement action for a violation of law. At September 30, ~~2024~~2025, the Association satisfied the HOLA QTL test.

Capital Distributions. Federal regulations govern capital distributions by a federal savings association, which include cash dividends, stock repurchases and other transactions charged to the capital account. A federal savings association must file an application with the OCC for approval of a capital distribution if:

•the total capital distributions for the applicable calendar year exceed the sum of the association’s net income for that year to date plus the association’s retained net income for the preceding two years;

•the association would not be at least adequately capitalized following the distribution;

•the distribution would violate any applicable statute, regulation, agreement or condition imposed by a regulator; or

•the association is not eligible for expedited treatment of its filings.

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Regardless of whether an application is required, every federal savings association that is a subsidiary of a holding company must still file a notice with the FRS at least 30 days before the board of directors declares a dividend or approves a capital distribution.

The OCC and the FRS have established similar criteria for approving an application or notice, and may disapprove an application or notice if:

•the association would be undercapitalized following the distribution;

•the proposed capital distribution raises safety and soundness concerns; or

•the capital distribution would violate a prohibition contained in any statute, regulation or agreement.

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

The Association, in compliance with the preceding requirements, ~~did~~paid ~~not~~a ~~pay~~$40 amillion cash dividend to the Company during the fiscal year ended September 30, ~~2024~~2025, ~~paid~~did anot ~~$40~~pay ~~million~~a cash dividend to the Company during the fiscal year ended September 30, ~~2023~~2024, and paid a $5640 million cash dividend to the Company during the fiscal year ended September 30, ~~2022~~2023. There were no dividends paid to the Company by Third Capital, the Company's other wholly owned subsidiary, during the fiscal years ended September 30, ~~2024~~2025, ~~2023~~2024 or ~~2022~~2023.

The Company's eighth stock repurchase program, for the repurchase of 10,000,000 shares of its common stock, was announced on October 27, 2016, and began on January 6, 2017. As of September 30, ~~2024~~2025, 54,~~191~~944,~~951~~086 shares remain to be purchased under the program.

Under ~~current~~ FRS regulations, Third Federal Savings, MHC is required to obtain the approval of its members (depositors and certain loan customers of the Association) every 12 months to enable Third Federal Savings, MHC to waive its right to receive dividends on the Company’s common stock that Third Federal Savings, MHC owns. Starting in 2014, Third Federal Savings, MHC has received this approval of its members at every meeting held. Third Federal Savings, MHC has the approval to waive the receipt of dividends up to an aggregate of $1.13 per share on the common stock of the Company for the 12 months following the special meeting of members held on July 98, ~~2024~~2025. Third Federal Savings, MHC waived its right to receive a $0.2825 per share dividend payment on September 24, ~~2024~~2025. As a result of the ~~2023~~2024, ~~2022~~2023, and ~~2021~~2022 approvals, Third Federal Savings, MHC previously waived its right to receive an aggregate of $1.13 per share on common stock for the periods ended June 30, ~~2024~~2025, June 30, ~~2023~~2024 and June 30, ~~2022~~2023.

Liquidity. A federal savings association is required to identify, measure, monitor and control its funding and liquidity risk and maintain a sufficient amount of liquid assets to ensure its safe and sound operation. The Association maintains a liquid asset portfolio comprised of federal agency and enterprise securities that are collateralized by mortgage loans, in addition to cash and cash equivalents, to maintain sufficient liquidity to fund business operations.

Community Reinvestment Act and Fair Lending Laws. All federal savings associations have a responsibility under the CRA and federal regulations to help meet the credit needs of their communities, including low- and moderate-income neighborhoods. In connection with its examination of a federal savings association, the OCC is required to assess the association’s record of compliance with the CRA. A federal savings association’s failure to comply with the provisions of the CRA could, at a minimum, result in denial of certain corporate applications such as ~~branches~~branch openings/closings, mergers, minority stock offerings or second-step conversion, or in restrictions on its activities.

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

On October 24, 2023, the FDIC, the FRS and the OCC released a final rule revising the framework used to evaluate banks' records of community reinvestment under the CRA. Under the revised framework, banks with assets of at least $2 billion, such as the Association, are considered large banks and will have their retail lending, retail services and products, community development financing, and community development services subject to periodic evaluation. Depending on a large bank's geographic concentrations of lending, the evaluation of retail lending may include assessment areas in which the bank extends loans but does not operate any deposit-taking facilities, in addition to assessment areas in which the bank has deposit-taking facilities. Under the rule as written, provisions of the final rule would apply beginning January 1, 2026, and the remaining provisions would apply beginning January 1, 2027, but in March 2024, a federal district court issued a preliminary injunction of the regulations. The Association is evaluating the impact of the final rule.

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In addition, the ECOA and FHA prohibit lenders from discriminating in their lending practices on the basis of characteristics specified in those statutes. The failure to comply with ECOA and FHA could result in enforcement actions by the OCC, as well as other federal regulatory agencies and/or the Department of Justice.

Transactions with Affiliates. A federal savings association’s authority to engage in transactions with its affiliates is limited by Sections 23A and 23B of the Federal Reserve Act and its implementing regulation, Regulation W. An affiliate includes a company that controls, is controlled by, or is under common control with an insured depository institution such as the Association. Third Federal Savings, MHC and the Company are affiliates of the Association. In general, specified covered transactions between an insured depository institution and its affiliates are subject to certain quantitative and collateral requirements. In this regard, covered transactions between an insured depository institution and its affiliates are limited to 10% of the institution’s unimpaired capital and unimpaired surplus for transactions with any one affiliate, and 20% of unimpaired capital and unimpaired surplus for transactions in the aggregate with all affiliates. Collateral in specified amounts ranging from 100% to 130% of the amount of the transaction must be provided by affiliates in order to receive loans from the insured depository institution. In addition, federal regulations prohibit a federal savings association from lending to any of its affiliates that are engaged in activities that are not permissible for bank holding companies and from purchasing the securities of any affiliate, other than a subsidiary. Finally, transactions with affiliates must be consistent with safe and sound banking practices, not involve low-quality assets and be on terms that are substantially the same or at least as favorable to the institution as comparable transactions with non-affiliates. Federal savings associations are required to maintain detailed records of all transactions with affiliates.

Extensions of Credit to Insiders. The Association’s authority to extend credit to its directors, executive officers and 10% shareholders, as well as to entities controlled by such persons, is governed by the requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the FRS. Among other things, these provisions require that extensions of credit to insiders:28

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depository institution. In addition, federal regulations prohibit a federal savings association from lending to any of its affiliates that are engaged in activities that are not permissible for bank holding companies and from purchasing the securities of any affiliate, other than a subsidiary. Finally, transactions with affiliates must be consistent with safe and sound banking practices, not involve low-quality assets and be on terms that are substantially the same or at least as favorable to the institution as comparable transactions with non-affiliates. Federal savings associations are required to maintain detailed records of all transactions with affiliates.

Extensions of Credit to Insiders. The Association’s authority to extend credit to its, and its affiliates' directors, executive officers and 10% shareholders, as well as to entities controlled by such persons, is governed by the requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the FRS. Among other things, these provisions require that extensions of credit to insiders:

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

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

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

Enforcement. The OCC has primary enforcement responsibility over federal savings associations and has the authority to bring enforcement actions against all “institution-affiliated parties,” a term that includes shareholders who participate in the affairs of the association, as well as attorneys, appraisers and accountants who knowingly or recklessly participate in violations of law or regulation, breaches of fiduciary duty, or unsafe or unsound practices. Formal enforcement actions by the OCC may include issuance of a capital directive, formal agreement, or cease and desist order against institutions, and can also include the removal of officers and/or directors of the institution. Civil money penalties can be assessed for various types of conduct against the institution and/or its officers and directors. The maximum civil money penalties that can be assessed are generally based on the type and severity of the violation, unsafe and unsound practice or other action, and are adjusted annually for inflation. The OCC can appoint receivers and conservators for the institutions it supervises if certain circumstances are met. The FDIC also has the authority to terminate deposit insurance or to recommend to the OCC that an enforcement action be taken with respect to a particular federal savings institution. If action is not taken by the OCC, the FDIC has authority to take action under specified circumstances.

Standards for Safety and Soundness. Federal law requires each federal banking agency to prescribe certain standards for all insured depository institutions. These standards relate to, among other things, internal controls, information systems, audit systems, loan documentation, credit underwriting, interest rate risk exposure, asset growth, compensation, and other operational and managerial standards as the agency deems appropriate. The federal banking agencies adopted Interagency Guidelines ~~Prescribing~~Establishing Standards for Safety and Soundness to implement the safety and soundness standards required under federal law. The guidelines set forth the safety and soundness standards that the federal banking agencies use to identify and address problems at insured depository institutions before capital becomes impaired. If the appropriate federal banking agency determines that an institution fails to meet any standard prescribed by the guidelines, the agency may require the institution to submit to the agency an acceptable plan to achieve compliance with the standard. ~~If an institution fails to meet these standards, the appropriate federal banking agency may require the institution to submit a compliance plan.~~ Failure to implement such a plan can result in further enforcement action, including the issuance of a cease and desist order and/or the imposition of civil money penalties.

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Prompt Corrective Action Regulations. Under the prompt corrective action regulations, the OCC is required and authorized to take supervisory actions against undercapitalized federal savings associations. For this purpose, a federal savings association is placed in one of the following five categories based on its capital:

•well capitalized (at least 5% leverage capital, 8% Tier 1 risk-based capital, 10% total risk-based capital, and 6.5% common equity Tier 1 capital ratios, and is not subject to any written agreement, order, capital directive or prompt corrective action directive issued under certain statutes and regulations, to maintain a specific capital level for any capital measure);

•adequately capitalized (at least 4% leverage capital, 6% Tier 1 risk-based capital, 8% total risk-based capital and 4.5% common equity Tier 1 capital ratios);

•undercapitalized (less than 4% leverage capital, 6% Tier 1 risk-based capital, 8% total risk-based capital, or 4.5% common equity Tier 1 capital ratios);

•significantly undercapitalized (less than 3% leverage capital, 4% Tier 1 risk-based capital, 6% total risk-based capital or 3% common equity Tier 1 capital ratios); and

•critically undercapitalized (less than or equal to 2% tangible capital to total assets).

Generally, the OCC is required to appoint a receiver or conservator for a federal savings association that is “critically undercapitalized” within specific time frames. The regulations also provide that a capital restoration plan must be filed with the OCC within 45 days of the date a federal savings association receives notice that it is “undercapitalized,” “significantly undercapitalized” or “critically undercapitalized.” The criteria for an acceptable capital restoration plan include, among other things, the establishment of the methodology and assumptions for attaining adequately capitalized status on an annual basis, procedures for ensuring compliance with restrictions imposed by applicable federal regulations, the identification of the types and levels of activities the federal savings association will engage in while the capital restoration plan is in effect, and assurances that the capital restoration plan will not appreciably increase the current risk profile of the federal savings association. Any holding company for a federal savings association required to submit a capital restoration plan must guarantee the lesser of an amount equal to 5% of the federal savings association’s assets at the time it was notified or deemed to be undercapitalized by the OCC, or the amount necessary to restore the federal savings association to adequately capitalized status. This guarantee remains in place until the OCC notifies the federal savings association that it has maintained adequately capitalized status for each of four consecutive calendar quarters, and the OCC has the authority to require payment and collect payment under the guarantee. Failure by a holding company to provide the required guarantee will result in certain operating restrictions on the federal savings association, such as restrictions on the ability to declare and pay dividends, pay executive compensation and management fees, and increase assets or expand operations. The OCC may also take any one of a number of discretionary supervisory actions against undercapitalized federal savings associations, including the issuance of a capital directive and the replacement of senior executive officers and directors.

As of September 30, 2024, the Association exceeded all regulatory requirements to be considered “Well Capitalized” as presented in the table below (dollar amounts in thousands).

	Actual				Required (Well Capitalized)
	Amount		Ratio		Amount		Ratio
Total Capital to Risk Weighted Assets	$	1,795,509	17.91	%	$	1,002,682	10.00	%
Tier 1 (Leverage) Capital to Net Average Assets	1,721,625		10.11	%	851,623		5.00	%
Tier I Capital to Risk-Weighted Assets	1,721,625		17.17	%	802,146		8.00	%
Common Equity Tier I to Risk-Weighted Assets	1,721,625		17.17	%	651,744		6.50	%

Insurance of Deposit Accounts. The DIF of the FDIC insures deposits at FDIC-insured depository institutions such as the Association. Deposit accounts in the Association are insured by the FDIC, generally up to a maximum of $250,000 per separately insured depositor for each account ownership category. As of September 30, 2024, 96.1% of our $8.98 billion retail deposit base consists of accounts structured under the FDIC insured limit of $250,000.

The FDIC charges insured depository institutions assessments to maintain the DIF. The FDIC bases its assessments on each institution’s total assets less Tier 1 capital, with an assessment schedule based on perceived risk to the DIF. Institutions with over $10 billion of total assets, such as the Association, are classified for assessment purposes as "Large Institutions". Such Large Institutions are generally subject to a pricing system that includes a separate “scorecard” methodology designed to measure risk to the DIF. The assessment range for Large Institutions (inclusive of adjustments specified by the FDIC) is 2.5 to 42 basis points.

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

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~~with~~Generally, ~~protecting~~the ~~uninsured~~OCC ~~depositors~~is ~~following~~required ~~the~~to ~~closures~~appoint ofa ~~Silicon~~receiver ~~Valley~~or ~~Bank~~conservator ~~and~~for ~~Signature~~a ~~Bank~~federal insavings ~~March~~association ~~2023~~that is “critically undercapitalized” within specific time frames. The ~~special~~regulations ~~assessment~~also ~~will~~provide bethat ~~collected~~a ~~beginning~~capital restoration plan must be filed with the ~~first~~OCC ~~quarterly~~within ~~assessment~~45 ~~period~~days of ~~2024~~the atdate ana ~~annual~~federal ~~rate~~savings ofassociation ~~approximately~~receives 13notice that it is “undercapitalized,” “significantly undercapitalized” or “critically undercapitalized.4” ~~basis~~The ~~points~~criteria for an ~~anticipated~~acceptable ~~total~~capital restoration plan include, among other things, the establishment of ~~eight~~the ~~quarterly~~methodology ~~periods~~and assumptions for attaining adequately capitalized status on an annual basis, procedures for ensuring compliance with restrictions imposed by applicable federal regulations, the identification of the types and levels of activities the federal savings association will engage in while the capital restoration plan is ~~subject~~in toeffect, ~~periodic~~and ~~adjustments~~assurances that the capital restoration plan will not appreciably increase the current risk profile of the federal savings association. ~~The~~Any ~~assessment~~holding ~~base~~company isfor ~~equal~~a federal savings association required to ~~uninsured~~submit ~~deposits~~a ~~reported~~capital asrestoration plan must guarantee the lesser of ~~December~~an ~~31,~~amount ~~2022~~equal to 5% of the federal savings association’s assets at the time it was notified or deemed to be undercapitalized by the OCC, ~~adjusted~~or the amount necessary to ~~exclude~~restore the ~~first~~federal $5savings ~~billion~~association to adequately capitalized status. ~~Because~~This ~~the~~guarantee ~~Association's~~remains ~~uninsured~~in ~~deposits~~place atuntil the ~~measurement~~OCC ~~date~~notifies ~~were~~the ~~below~~federal $5savings ~~billion~~association that it has maintained adequately capitalized status for each of four consecutive calendar quarters, and the ~~Association~~OCC ~~was~~has ~~not~~the ~~subject~~authority to ~~this~~require ~~special~~payment ~~assessment~~and collect payment under the guarantee. Failure by a holding company to provide the required guarantee will result in certain operating restrictions on the federal savings association, such as restrictions on the ability to declare and pay dividends, pay executive compensation and management fees, and increase assets or expand operations. The OCC may also take any one of a number of discretionary supervisory actions against undercapitalized federal savings associations, including the issuance of a capital directive and the replacement of senior executive officers and directors.

As of September 30, 2025, the Association exceeded all regulatory requirements to be considered “Well Capitalized” as presented in the table below (dollar amounts in thousands).


	Actual				Required (Well Capitalized)
	Amount		Ratio		Amount		Ratio
Total Capital to Risk Weighted Assets	$	1,852,378	17.40	%	$	1,064,637	10.00	%
Tier 1 (Leverage) Capital to Net Average Assets	1,759,983		10.11	%	870,442		5.00	%
Tier I Capital to Risk-Weighted Assets	1,759,983		16.53	%	851,709		8.00	%
Common Equity Tier I to Risk-Weighted Assets	1,759,983		16.53	%	692,014		6.50	%

Insurance of Deposit Accounts. The DIF of the FDIC insures deposits at FDIC-insured depository institutions such as the Association. Deposit accounts in the Association are insured by the FDIC, generally up to a maximum of $250,000 per separately insured depositor for each account ownership category. As of September 30, 2025, 95.9% of our $9.55 billion retail deposit base consists of accounts structured under the FDIC insured limit of $250,000.

Insurance of deposits may be terminated by the FDIC upon a finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, order or condition imposed by the FDIC. The Association does not believe that it is taking, or is subject to, any action, condition or violation that could lead to termination of its deposit insurance.

Brokered Deposits. The FDIA and FDIC regulations generally limit the ability of an insured depository institution to accept, renew or roll-over any brokered deposit unless the institution's capital category is "well capitalized" or, upon application to and a waiver from the FDIC, "adequately capitalized." Less-than-well-capitalized banks are also subject to restrictions on the interest rates that they may pay on deposits. The characterization of deposits as "brokered" may result in the imposition of higher deposit assessments on such deposits. As mandated by the Economic Growth Act, the FDIC's brokered deposit regulations provide a limited exception for reciprocal deposits for banks that are well managed and well capitalized (or adequately capitalized and have obtained a waiver from the FDIC as mentioned above). Under the limited exception, qualified banks are eligible for exemption from treatment as "brokered" deposits up to $5 billion, or 20% of the institution's total liabilities in reciprocal deposits.

~~Cyber Security~~Cybersecurity. The federal banking agencies ~~recently~~have adopted rules providing for ~~new~~ notification requirements for banking organizations and their service providers for significant cybersecurity incidents. Specifically, the ~~new~~ rules require a banking organization to notify its primary federal regulator as soon as possible, and not later than 36 hours after it is determined that a "computer-security incident" rising to the level of a "notification incident" has occurred. Notification is required for incidents that have materially affected, or are reasonably likely to materially affect, the viability of a banking organization's operations, its ability to deliver banking products and services, or the stability of the financial sector. Service providers are required under the rule to notify affected banking organization customers as soon as possible when the provider determines that it has experienced a computer-security incident that has materially affected, or is reasonably likely to materially affect, the banking organization's customers for four or more hours.

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"computer-security incident" rising to the level of a "notification incident" has occurred. Notification is required for incidents that have materially affected, or are reasonably likely to materially affect, the viability of a banking organization's operations, its ability to deliver banking products and services, or the stability of the financial sector. Service providers are required under the rule to notify affected banking organization customers as soon as possible when the provider determines that it has experienced a computer-security incident that has materially affected, or is reasonably likely to materially affect, the banking organization's customers for four or more hours.

Prohibitions Against Tying Arrangements. Federal savings associations are prohibited, subject to some exceptions, from extending credit to or offering any other service, or fixing or varying the consideration for such extension of credit or service, on the condition that the customer obtain some additional service from the institution or its affiliates or not obtain services of a competitor of the institution.

Federal Home Loan Bank System. The Association is a member of the FHLB System, which consists of 11 regional FHLBs. The FHLB System provides a central credit facility primarily for member institutions. As a member of the FHLB of Cincinnati, the Association is required to acquire and hold shares of capital stock in the FHLB.

As of September 30, ~~2024~~2025, outstanding borrowings (including accrued interest) from the FHLB of Cincinnati were $4.7987 billion and the Association was in compliance with the stock investment requirement.

Other Regulations

Interest and other charges collected or contracted for by the Association are subject to state usury laws and federal laws concerning interest rates. The Association’s operations are also subject to federal laws and regulations applicable to credit transactions, such as the:

•Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers;

•Home Mortgage Disclosure Act, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves;

•Real Estate Settlement Procedures Act, requiring that borrowers for mortgage loans for one- to four-family residential real estate receive various disclosures, including good faith estimates of settlement costs, lender servicing and escrow account practices, and prohibiting certain practices that increase the cost of settlement services;

•Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed or other prohibited factors in extending credit;

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

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

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

The operations of the Association also are subject to:

•The Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;

•The Electronic Funds Transfer Act and Regulation E promulgated thereunder, which govern automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services;

•The Check Clearing for the 21st Century Act (also known as “Check 21”), which gives “substitute checks,” such as digital check images and copies made from those images, the same legal standing as the original paper check;

•The Bank Secrecy Act and Title III of The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (referred to as the “USA PATRIOT Act”), which require the Association to implement a compliance program to detect and prevent money laundering, terrorist financing, and illicit crime. Together, the BSA and USA PATRIOT Act require the Association to implement internal controls, conduct customer due diligence, maintain records, and file reports, among other things;

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

•The Gramm-Leach-Bliley Act, which placed limitations on the sharing of consumer financial information by financial institutions with unaffiliated third parties. Specifically, the Gramm-Leach-Bliley Act requires all financial institutions offering financial products or services to retail customers to provide such customers with the financial institution’s privacy policy and provide such customers the opportunity to “opt out” of the sharing of certain personal financial information with unaffiliated third parties; and

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•The DFA, which holds lenders accountable for ensuring a borrower's ability to repay a mortgage. Loans defined as a "qualified mortgage" must be made to a borrower whose total monthly debt-to-income ratio does not exceed 43%, as well as the verification and documentation of the income and financial resources relied upon to qualify the borrower on the loan. Upon the loan being underwritten based on a fully amortizing payment schedule and maximum interest rate during the first five years, as well as meeting the other qualifications above, the loan is determined to be a "qualified mortgage" and therefore presumed to have complied with the ability-to-repay standard under the DFA.

Holding Company Regulation

General. Third Federal Savings, MHC, and the Company are non-diversified savings and loan holding companies within the meaning of the HOLA. As such, Third Federal Savings, MHC and the Company are registered with the FRS and subject to FRS regulations, examinations, supervision and reporting requirements. In addition, the FRS has enforcement authority over Third Federal Savings, MHC and the Company. Among other things, this authority permits the FRS to restrict or prohibit activities that are determined to be a serious risk to the Association. As federal corporations, Third Federal Savings, MHC and the Company are generally not subject to state business organization laws.

Permitted Activities. Pursuant to Section 10(o) of the HOLA and FRS regulations, a mutual holding company, such as Third Federal Savings, MHC and its mid-tier holding company, the Company, may, with appropriate regulatory approval, engage in the following activities:

(i)investing in the stock of a savings association;

(ii)acquiring a mutual association through the merger of such association into a savings association subsidiary of the Company or an interim savings association subsidiary of the Company;

(iii)merging with or acquiring another holding company, one of whose subsidiaries is a savings association;

(iv)investing in a corporation, the capital stock of which is available for purchase by a savings association under federal law or under the law of any state where the subsidiary savings association has its home offices;

(v)furnishing or performing management services for a savings association subsidiary of such company;

(vi)holding, managing or liquidating assets owned or acquired from a savings association subsidiary of such company;

(vii)holding or managing properties used or occupied by a savings association subsidiary of such company;

(viii)acting as trustee under deeds of trust;

(ix)any other activity:

(A) that the FRS, by regulation, has determined to be permissible for bank holding companies under Section 4(c) of the Bank Holding Company Act of 1956, unless the FRS, by regulation, prohibits or limits any such activity for savings and loan holding companies; or

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(B) in which multiple savings and loan holding companies were authorized (by regulation) to directly engage on March 5, 1987;

(x) if the savings and loan holding company meets the criteria to qualify as a financial holding company, any activity permissible for financial holding companies under Section 4(k) of the Bank Holding Company Act, including securities and insurance underwriting; and

(xi) purchasing, holding, or disposing of stock acquired in connection with a qualified stock issuance if the purchase of such stock by such savings and loan holding company is approved by the FRS. If a mutual holding company acquires or merges with another holding company, the holding company acquired or the holding company resulting from such merger or acquisition may only invest in assets and engage in activities listed in (i) through (x) above, and has a period of two years to cease any nonconforming activities and divest any nonconforming investments.

The HOLA prohibits a savings and loan holding company, such as the Company, from directly or indirectly acquiring more than 5% of a class of voting securities of, or acquiring "control" as defined in FRS regulations of, another savings institution or savings and loan holding company, without prior written approval of the FRS. It also prohibits the acquisition or retention of, with certain exceptions, more than 5% of a non-subsidiary company engaged in activities other than those permitted by the HOLA or acquiring or retaining control of an institution that is not federally insured. In evaluating applications by holding companies to acquire savings institutions, the FRS must consider the financial and managerial resources, future prospects of the company and institution involved, the effect of the acquisition on the risk to the DIF, the convenience and needs of the community and competitive factors.

The FRS is prohibited from approving any acquisition that would result in a multiple savings and loan holding company controlling savings institutions in more than one state, subject to two exceptions:

(i)the approval of interstate supervisory acquisitions by savings and loan holding companies; and

(ii)the acquisition of a savings institution in another state if the laws of the state of the target savings institution specifically permit such acquisition.

Capital. Consolidated regulatory capital requirements identical to those applicable to the subsidiary depository institutions, including the capital conservation buffer, apply to savings and loan holding companies. We are in compliance with the holding company consolidated capital requirements and the capital conservation buffer as of September 30, 2024.

Dividends and Repurchases. The FRS has issued a policy statement regarding the payment of dividends and the repurchase of shares of common stock by bank holding companies that it has made applicable to savings and loan holding companies as well. In general, the policy provides that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the holding company appears consistent with the organization's capital needs, asset quality and overall financial condition. Regulatory guidance provides for prior regulatory review of capital distributions in certain circumstances such as where the company's net income for the past four quarters, net of dividends previously paid over that period, is insufficient to fully fund the dividend, the proposed dividend is not covered by earnings for the period for which it is being paid or the company's overall rate of earnings retention is inconsistent with the company's capital needs and overall financial condition. The guidance also provides for prior consultation with supervisory staff for material increases in the amount of a company's common stock dividend. The ability of a holding company to pay dividends may be restricted if a subsidiary depository institution becomes undercapitalized. The policy statement also provides for regulatory review prior to a holding company redeeming or repurchasing regulatory capital instruments when the holding company is experiencing financial weaknesses or redeeming or repurchasing common stock or perpetual preferred stock that would result in a net reduction as of the end of a quarter in the amount of such equity instruments outstanding compared with the beginning of the quarter in which the redemption or repurchase occurred. These regulatory policies could affect the ability of the Company to pay dividends, repurchase shares of common stock or otherwise engage in capital distributions.

Source of Strength. The DFA extended the “source of strength” doctrine, which had traditionally been applicable to bank holding companies, to savings and loan holding companies. FRS regulations require that all savings and loan holding companies serve as a source of strength to their subsidiary depository institutions by providing capital, liquidity and other support in times of financial stress.

Waivers of Dividends by Third Federal Savings, MHC. Federal regulations require Third Federal Savings, MHC to notify the FRS of any proposed waiver of its receipt of dividends from the Company. In addition, a majority of the mutual holding company’s members eligible to vote must approve a dividend waiver by a mutual holding company within 12 months prior to the declaration of the dividend being waived. Third Federal Savings, MHC received the approval of its members (depositors and certain loan customers of the Association) with respect to the waiver of dividends, and subsequently received the non-objection of the FRB-Cleveland, to waive dividends aggregating up to $1.13 per share on the common stock of the

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~~Company~~Capital. ~~for~~Consolidated ~~the~~regulatory 12capital ~~months~~requirements ~~following~~identical to those applicable to the ~~special~~subsidiary ~~meeting~~depository ofinstitutions, ~~members~~including ~~held~~the oncapital ~~July~~conservation 9buffer, ~~2024.~~apply ~~Third~~to ~~Federal~~savings ~~Savings,~~and ~~MHC~~loan ~~has~~holding ~~received~~companies. We are in compliance with the ~~approval~~holding ofcompany ~~its~~consolidated ~~members~~capital ~~every~~requirements ~~calendar~~and ~~year~~the ~~beginning~~capital inconservation ~~2014~~buffer as of September 30, 2025.

Dividends and Repurchases. The FRS has issued a policy statement regarding the payment of dividends and the repurchase of shares of common stock by bank holding companies that it has made applicable to savings and loan holding companies as well. In general, the policy provides that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the holding company appears consistent with the organization's capital needs, asset quality and overall financial condition. Regulatory guidance provides for prior regulatory review of capital distributions in certain circumstances such as where the company's net income for the past four quarters, net of dividends previously paid over that period, is insufficient to fully fund the dividend, the proposed dividend is not covered by earnings for the period for which it is being paid, or the company's overall rate of earnings retention is inconsistent with the company's capital needs and overall financial condition. The guidance also provides for prior consultation with supervisory staff for material increases in the amount of a company's common stock dividend. The ability of a holding company to pay dividends may be restricted if a subsidiary depository institution becomes undercapitalized. The policy statement also provides for regulatory review prior to a holding company redeeming or repurchasing regulatory capital instruments when the holding company is experiencing financial weaknesses, or redeeming or repurchasing common stock or perpetual preferred stock that would result in a net reduction as of the end of a quarter in the amount of such equity instruments outstanding compared with the beginning of the quarter in which the redemption or repurchase occurred. These regulatory policies could affect the ability of the Company to pay dividends, repurchase shares of common stock or otherwise engage in capital distributions.

Source of Strength. The DFA extended the “source of strength” doctrine, which had traditionally been applicable to bank holding companies, to savings and loan holding companies. FRS regulations require that all savings and loan holding companies serve as a source of financial and managerial strength to their subsidiary depository institutions by providing capital, liquidity and other support in times of financial stress.

Waivers of Dividends by Third Federal Savings, MHC. Federal regulations require Third Federal Savings, MHC to notify the FRS of any proposed waiver of its receipt of dividends from the Company. In addition, a majority of the mutual holding company’s members eligible to vote must approve a dividend waiver by a mutual holding company within 12 months prior to the declaration of the dividend being waived. Additional details on the waiver of dividends can be found above under the Capital Distributions section of Supervision and Regulation.

Conversion of Third Federal Savings, MHC to Stock Form. Federal regulations permit Third Federal Savings, MHC to convert from the mutual form of organization to the capital stock form of organization (a “Conversion Transaction”). In a Conversion Transaction, a new stock holding company would be formed as the successor to the Company, Third Federal Savings, MHC’s corporate existence would end, and certain depositors of the Association would receive the right to subscribe for additional shares of common stock of the new holding company. In a Conversion Transaction, each share of common stock held by stockholders other than Third Federal Savings, MHC (“Minority Stockholders”) would be automatically converted into a number of shares of common stock of the new holding company determined pursuant to an exchange ratio that ensures that Minority Stockholders own the same percentage of common stock in the new holding company as they owned in the Company immediately prior to the Conversion Transaction. Under a provision of the DFA applicable to Third Federal Savings, MHC, Minority Stockholders should not be diluted because of any dividends waived by Third Federal Savings, MHC (and waived dividends should not be considered in determining an appropriate exchange ratio), in the event Third Federal Savings, MHC converts to stock form. Any such Conversion Transaction would require various member and stockholder approvals, as well as regulatory approval.

Sarbanes-Oxley Act of 2002. The Sarbanes-Oxley Act of 2002 and related regulations address, among other issues, corporate governance, auditing and accounting, executive compensation, and enhanced and timely disclosure of corporate information. We have prepared policies, procedures and systems designed to ensure compliance with this law and related regulations.

Human Capital Resources

At September 30, ~~2024~~2025, we employed ~~919~~958 associates, nearly all of whom are full-time and of which approximately 7471% are women. At September 30, ~~2023~~2024, we employed ~~995~~919 associates. As a financial institution, approximately 4342% of our associates are employed at our branch and loan production offices, and another 15% are employed at our customer care call center. The success of our business is highly dependent on our associates, who provide value to our customers and communities through their dedication to our mission, helping customers achieve the American dream of home ownership and financial security. Our workplace culture is grounded in a set of core values – love (a genuine concern for others), trust, respect, a commitment to excellence and a little bit of fun – which is lived out daily in our work. We seek to hire well-qualified associates ~~who are also a good fit for our value system. Our selection and promotion processes are without bias and include the active recruitment of minorities and women.~~

Associate retention helps us operate efficiently and achieve one of our business objectives, which is being a low-cost provider. Our voluntary turnover rate, at 5.5% for the twelve months ending September 30, 2024, excluding retirements, remains one of the lowest in the industry. At September 30, 2024, 39% of our current associates had been with us for fifteen years or more. We believe our commitment to living out our core values, actively prioritizing concern for our associates’ well-being, supporting our associates’ career goals, offering competitive wages and providing valuable fringe benefits aids in retention of our top-performing associates. In addition, nearly all of our associates are stockholders of the Company through participation in our Associate Stock Ownership Plan, which aligns associate and stockholder interests by providing stock ownership on a tax-deferred basis at no investment cost to our associates.

We encourage and support the growth and development of our associates and, wherever possible, seek to fill positions by promotion and transfer from within the organization. Continual learning and career development is advanced through quarterly performance and development conversations between associates and their managers, internally developed training programs, customized corporate training engagements and educational reimbursement programs. Reimbursement is available to associates enrolled in pre-approved degree or certification programs at accredited institutions that teach skills or knowledge relevant to our business, in compliance with Section 127 of the Internal Revenue Code, and for seminars, conferences, and other training events associates attend in connection with their job duties.

On an ongoing basis, we further promote the health and wellness of our associates by strongly encouraging work-life balance, offering flexible work schedules, keeping the associate portion of health care premiums to a minimum and sponsoring various wellness programs, whereby associates are compensated for incorporating healthy habits into their daily routines.

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who are also a good fit for our value system. Our selection and promotion processes are without bias and include the active recruitment of minorities and women.

Associate retention helps us operate efficiently and achieve one of our business objectives, which is being a low-cost provider. Our voluntary turnover rate, at 3.8% for the twelve months ending September 30, 2025, excluding retirements, remains one of the lowest in the industry. At September 30, 2025, 36% of our current associates had been with us for fifteen years or more. We believe our commitment to living out our core values, actively prioritizing concern for our associates’ well-being, supporting our associates’ career goals, offering competitive wages and providing valuable fringe benefits aids in retention of our top-performing associates. In addition, nearly all of our associates are stockholders of the Company through participation in our Associate Stock Ownership Plan, which aligns associate and stockholder interests by providing stock ownership on a tax-deferred basis at no investment cost to our associates.


Item 1A.			Risk Factors

The material risks and uncertainties that management believes affect us are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information included or incorporated by reference herein, as well as in other documents we file with the SEC. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties that management is not aware of or focused on, or that management currently deems immaterial may also impair our business operations. This report is qualified in its entirety by these risk factors. See also, “Forward-Looking Statements.”

Risks Related to Economic Conditions

A worsening of economic conditions could reduce demand for our products and services and/or result in increases in our level of non-performing loans, which could have an adverse effect on our results of operations.

Our performance is significantly impacted by the general economic conditions in our primary markets in Ohio and Florida, and surrounding areas. We also originate loans in other states which will be impacted by national or regional economic conditions. A deterioration in economic conditions is likely to result in high levels of unemployment, which would weaken local economies and could result in additional defaults of mortgage loans. Most of the loans in our loan portfolio are secured by real estate located in our primary market areas. Negative conditions, such as layoffs, in the markets where collateral for a mortgage loan is located could adversely affect a borrower's ability to repay the loan or the value of the collateral securing the loan. Declines in the U.S. housing market, falling home prices and increasing foreclosures, as well as unemployment and underemployment, all negatively impact the credit performance of mortgage loans and can result in significant write-downs of asset values by financial institutions.

In response to a significant decline in general economic conditions, many lenders and institutional investors may reduce or cease providing funding to borrowers, including other financial institutions. This market turmoil and tightening of credit could lead to an increased level of commercial and consumer delinquencies, lack of consumer confidence, increased market volatility and widespread reduction of general business activity. The resulting economic pressure on consumers and lack of confidence in the financial markets could adversely affect our business, financial condition and results of operations. In response, we would expect to face the following risks in connection with these events:

•Increased regulation of our industry, heightened supervisory scrutiny related to the USA PATRIOT Act, Bank Secrecy Act, Fair Lending and other laws and regulations, along with enhanced monitoring of compliance with such regulation. Each aspect of amplified supervision and regulation will in all likelihood increase our costs, may be accompanied by the risk of unexpected fines, sanctions, penalties, litigation and corresponding management diversion and may limit our ability to pursue business opportunities and return capital to our shareholders.

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•Our ability to assess the creditworthiness of our customers may be impaired if the models and approaches we use to select, manage, and underwrite our customers becomes less predictive of future behaviors.

•The process we use to estimate losses inherent in our credit exposure require difficult, subjective, and complex judgments, including forecasts of economic conditions and how these economic predictions might impair the ability of our borrowers to repay their loans, which may no longer be capable of viable estimation and which may, in turn, impact the reliability of our evaluation processes, the comfort of our regulators with respect to the adequacy of our allowance for credit losses and who may require adjustments thereto, and ultimately could result in increased provisions for loan losses and reduced levels of earnings and capital.

•Our ability to engage in sales of mortgage loans to third parties (including mortgage loan securitization transactions with governmental entities) on favorable terms or at all could be adversely affected by further disruptions in the capital markets or other events, including deteriorating investor expectations.

•Competition in our industry could intensify as a result of increasing consolidation of financial services companies in connection with current market conditions.

Significant changes to the size, structure, powers and operations of the federal government, changes to U.S. economic policies, and uncertainties regarding the potential for these changes may cause economic disruptions that could, in turn, adversely impact our business, results of operations and financial condition.

The current U.S. administration has implemented significant changes in federal priorities and has taken steps to change the operations, structure, and policy focus of various federal agencies, as well as regulatory priorities, policy approaches and interpretations of existing laws by those federal agencies. For example, recent executive actions and proposed legislation has changed agency mandates, modified or reduced federal program funding, altered regulatory frameworks, or adjusted the size and composition of the federal workforce. Moreover, leadership transitions at key federal agencies have impacted or may impact rulemaking, supervision, enforcement, and examination priorities across the financial regulatory landscape. These developments in the federal government may have varying effects on the banking and financial services industry that are difficult to predict, which makes it difficult for us to anticipate and mitigate attendant risks. Compliance with changing federal and regulatory priorities could, among other things, increase the costs of operating our business, reduce the demand for our products and services, impact our ability to achieve our business goals, and increase our legal, operational and reputational risks, any or all of which could materially adversely affect our results of operations.

The current U.S. administration also has implemented rapid shifts in macroeconomic policies, such as those relating to trade restrictions and tariffs, which have created significant uncertainties regarding U.S. economic growth, the potential for recession, and concerns over an increase in inflation. Slow economic growth, economic contraction or recession, or shifts in broader consumer and business trends would significantly impact our ability to originate loans, the ability of borrowers to repay loans, and the value of the collateral securing loans.

Other political and economic events within the U.S., including a contentious domestic political environment, changes in or disagreements over U.S. monetary policy and actions of the FRS, disagreements over long-term federal budget and deficit reduction plans, disagreements over or threats not to increase the U.S. government's borrowing limit (or "debt ceiling"), and risk of further downgrade of the ratings of U.S. government debt obligations, also may negatively impact financial markets and the U.S. economy.

Further, the perception of the potential for additional significant changes in federal regulatory or economic policy has also increased uncertainty and may exacerbate declines in investor and consumer confidence, which in turn may adversely impact financial markets and the broader economy of the U.S.

Regional business and economic conditions are a major driver of our results of operations. Difficult conditions in the regionals business and economic environment, including those cause by the lack of stability and predictability of U.S. policymaking, may materially adversely affect our operating expenses, the quality of our assets, credit losses, and the demand for our products and services.

Inflation can have an adverse impact on our business and on our customers.

Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. ~~From 2022 to 2023, the FRS raised certain benchmark interest rates in an effort to combat elevated inflation,.~~ As inflation increases, the value of our investment securities, particularly those with longer maturities, would decrease, although this effect can be less pronounced for floating rate instruments. In addition, inflation increases the cost of goods and services we use in our business operations, such as electricity and other utilities, which increases our non-interest expense. Furthermore, our customers are also affected by inflation, higher interest rates, and the rising costs of goods and services used in their households and businesses, which could have a negative impact on their ability to repay their loans with us.

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interest expense. Furthermore, our customers are also affected by inflation, higher interest rates, and the rising costs of goods and services used in their households and businesses, which could have a negative impact on their ability to repay their loans with us.

Risks Related to Market Interest Rates

Future changes in interest rates could reduce our net income.

Our net income largely depends on our net interest income, which could be negatively affected by changes in interest rates. Net interest income is the difference between the interest income we earn on our interest-earning assets, such as loans and securities, and the interest we pay on our interest-bearing liabilities, such as deposits and borrowings.

Generally, during a period of rising interest rates, the interest income earned on our assets may not increase as rapidly as the interest paid on our liabilities because, like many savings institutions, our liabilities generally have shorter contractual maturities than our assets. An example of this occurs when interest rates paid on certificates of deposit experience a significant increase. In this circumstance, a CD customer may determine that it is in his/her best interest to incur the existing penalty for early withdrawal, tender the certificate for cash and either reinvest the proceeds in a new CD with us, or withdraw the funds and leave us. As a result, we either establish a new, higher rate certificate (if the customer stays with us), or we must fund the customer’s withdrawal by: (1) reducing our cash reserves; (2) selling assets to generate cash to fund the withdrawal; (3) attracting deposits from another customer at the then-higher interest rate; or (4) borrowing from a wholesale lender like the FHLB of Cincinnati, again at the then-higher interest rate. Each of these alternatives can have an unfavorable impact on us.

Changes in interest rates can also have an unfavorable impact on our net interest income when and if home equity lines of credit and loans and mortgage interest rates decline. Our customers may seek to refinance, without penalty, their mortgage loans with us or repay their mortgage loans with us and borrow from another lender. When that happens, either the yield that we earn on the customer’s loan is reduced (if the customer refinances with us), or the mortgage is paid off and we are faced with the challenge of reinvesting the cash received to repay the mortgage in a lower interest rate environment. This is frequently referred to as reinvestment risk, which is the risk that we may not be able to reinvest the proceeds of loan prepayments at rates that are comparable to the rates we earned on the loans prior to receipt of the repayment. Reinvestment risk also exists with the securities in our investment portfolio that are backed by mortgage loans.

Our net interest income can also be negatively impacted when assets and funding sources with seemingly similar, but not identical re-pricing characteristics, react differently to changing interest rates. An example is our home equity lines of credit loan portfolio and our interest-bearing checking and savings deposit products. Interest rates charged on our home equity lines of credit loans are linked to the prime rate of interest, which generally adjusts in a direct relationship to changes in the FRS’s Federal Funds target rate. Similarly, our interest-bearing checking and savings deposit products are generally expected to adjust when changes are made to the Federal Funds target rate. However, to the extent that increases or decreases are made to the Federal Funds target rate, and those increases or decreases translate into increases or decreases of the prime rate and the rate charged on our home equity lines of credit loans, but do not extend to equivalent adjustments to our interest-bearing checking and savings deposit products, we can experience a reduction in our net interest income. At September 30, ~~2024~~2025, we held $34.3206 billion of home equity lines of credit loans and $2.0009 billion of interest-bearing checking and savings deposits.

Our net income can also be reduced by the impact that changes in interest rates can have on the value of our capitalized mortgage servicing rights. As of September 30, ~~2024~~2025, we serviced $12.9713 billion of loans sold to third parties, and the mortgage servicing rights associated with such loans had an amortized cost of $78.65 million and an estimated fair value, at that date, of $17.15 million. Because the estimated life and estimated income to be derived from servicing the underlying mortgage loans generally increase with rising interest rates and decrease with falling interest rates, the value of mortgage servicing rights generally increases as interest rates rise and decreases as interest rates fall. If interest rates fall and the value of our capitalized servicing rights decrease, we may be required to recognize an additional impairment charge against income for the amount by which amortized cost exceeds estimated fair market value.

Our securities portfolio may be impacted by fluctuations in market value, potentially reducing AOCI and/or earnings. Fluctuations in market value may be caused by changes in market interest rates, lower market prices for securities and limited investor demand. Changes in interest rates can also have an adverse effect on our financial condition, as our available for sale securities are reported at their estimated fair value, and therefore are impacted by fluctuations in interest rates. We increase or decrease our stockholders’ equity by the amount of change in the estimated fair value of the available for sale securities, net of taxes. The declines in market value could result in other-than-temporary impairments of these assets, which would lead to accounting charges that could have a material adverse effect on our net income and capital levels.

In general, changes in market and competitive interest rates result from events that we do not control and over which we generally have little or no influence. As a result, mitigation of the adverse effects of changing interest rates is generally limited to controlling the composition of the assets and liabilities that we hold. To monitor our positions, we maintain an interest rate risk modeling system which is designed to measure our interest rate risk sensitivity. Using customized modeling software, the Association prepares periodic estimates of the amounts by which the net present value of its cash flows from assets, liabilities and off balance sheet items (the institution’s EVE) would change in the event of a range of assumed changes in market interest

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to controlling the composition of the assets and liabilities that we hold. To monitor our positions, we maintain an interest rate risk modeling system which is designed to measure our interest rate risk sensitivity. Using customized modeling software, the Association prepares periodic estimates of the amounts by which the net present value of its cash flows from assets, liabilities and off balance sheet items (the institution’s EVE) would change in the event of a range of assumed changes in market interest rates. The simulation model uses a discounted cash flow analysis and an option-based pricing approach in measuring the interest rate sensitivity of EVE. At September 30, ~~2024~~2025, in the event of an immediate 200 basis point increase in all interest rates, our model projects that we would experience a $~~311~~333.51 million, or 2723.2462%, decrease in EVE. Our calculations further project that, at September 30, 2024, in the event that market interest rates used in the simulation were adjusted in equal monthly amounts (termed a "ramped" format) during the twelve month measurement period to an aggregate increase in 200 basis points, we would expect our projected net interest income for the twelve months ended September 30, 2025, to increase by 1.27%. See Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

Hedging against interest rate risk exposure may adversely affect our earnings.

On occasion we have employed various financial risk methodologies that limit, or "hedge," the adverse effects of rising or decreasing interest rates on our loan portfolios and short-term liabilities. We also engage in hedging strategies with respect to arrangements where our customers swap floating interest rate obligations for fixed interest rate obligations, or vice versa. Our hedging activity varies based on the level and volatility of interest rates and other changing market conditions. There are no perfect hedging strategies, and interest rate hedging may fail to protect us from loss. Moreover, hedging activities could result in losses if the event against which we hedge does not occur. Additionally, interest rate hedging could fail to protect us or adversely affect us because, among other things:

•available interest rate hedging may not correspond directly with the interest rate risk for which protection is sought;

•the durations of the hedge may not match the duration of the related liability;

•the party owing money in the hedging transaction may default on its obligation to pay;

•the credit quality of the party owing money on the hedge may be downgraded to such an extent that it impairs our ability to sell or assign our side of the hedging transaction;

•the value of derivatives used for hedging may be adjusted from time to time in accordance with accounting rules to reflect changes in fair value; and/or

•downward adjustments, or "mark-to-market" losses, would reduce our equity.

Risks Related to Laws and Regulations

Changes in laws and regulations and the cost of compliance with new laws and regulations may adversely affect our operations and our income.

We are subject to extensive regulation, supervision and examination by the FRS, the OCC, the CFPB and the FDIC. These regulatory authorities have extensive discretion in connection with their supervisory and enforcement activities, including the ability to impose restrictions on a bank’s operations, reclassify assets, determine the adequacy of a bank’s allowance for credit losses and determine the level of deposit insurance premiums assessed. Because our business is highly regulated, the laws and applicable regulations are subject to frequent change. Any change in these regulations and oversight, whether in the form of regulatory policy, new regulations or legislation or additional deposit insurance premiums could have a material impact on our operations.

The potential exists for additional federal or state laws and regulations, or changes in policy, affecting lending and funding practices and liquidity standards. Moreover, bank regulatory agencies have been active in responding to concerns and trends identified in examinations, and have issued many formal enforcement orders requiring capital ratios in excess of regulatory requirements. Bank regulatory agencies, such as the FRS, the OCC, the CFPB and the FDIC, govern the activities in which we may engage, primarily for the protection of depositors, and not for the protection or benefit of potential investors. In addition, new laws and regulations may increase our costs of regulatory compliance and of doing business, and otherwise affect our operations. New laws and regulations may significantly affect the markets in which we do business, the markets for and value of our loans and investments, the fees we can charge and our ongoing operations, costs and profitability.

We are subject to stringent capital requirements, which may adversely impact our return on equity, require us to raise additional capital, or limit our ability to pay dividends or repurchase shares.

Federal regulations establish minimum capital requirements for insured depository institutions, including minimum risk-based capital and leverage ratios, and define "capital" for calculating these ratios. The minimum capital requirements are: (1) a common equity Tier 1 capital ratio of 4.5%; (2) a Tier 1 risk-based assets capital ratio of 6%; (3) a total capital ratio of 8%; and (4) a Tier 1 leverage ratio of 4%. The regulations also establish a "capital conservation buffer" of 2.5%, which results in the following minimum ratios: (1) a common equity Tier 1 capital ratio of 7.0%; (2) a Tier 1 to risk-based assets capital ratio of 8.5%; and (3) a total capital ratio of 10.5%. An institution will be subject to limitations on paying dividends, engaging in share repurchases and paying discretionary bonuses if its capital level falls below the capital conservation buffer amount.

36The application of these capital requirements could, among other things, result in lower returns on equity, and result in regulatory actions if we are unable to comply with such requirements. Specifically, our ability to pay dividends to the Company

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~~(4)~~is alimited ~~Tier~~for 1any ~~leverage~~association ~~ratio~~that ofdoes ~~4%.~~not ~~The~~maintain ~~regulations~~the ~~also establish a "~~capital conservation buffer" ofrequired ~~2.5%,~~by ~~which results in~~ the ~~following minimum ratios: (1) a common equity Tier 1~~ capital ~~ratio~~rules, ofwhich ~~7.0%;~~may ~~(2)~~limit aour ~~Tier~~ability 1 to ~~risk-based~~pay ~~assets~~dividends ~~capital ratio of 8.5%; and (3) a total capital ratio of 10.5%. An institution will be subject~~ to ~~limitations~~our ~~on paying dividends, engaging in share repurchases and paying discretionary bonuses if its capital level falls below the capital conservation buffer amount~~stockholders.

The application of these capital requirements could, among other things, result in lower returns on equity, and result in regulatory actions if we are unable to comply with such requirements. Specifically, our ability to pay dividends to the Company is limited for any association that does not maintain the capital conservation buffer required by the capital rules, which may limit our ability to pay dividends to our stockholders.

The FRS may require the Company to commit capital resources to support the Association, and we may not have sufficient access to such capital resources.

Federal law requires that a holding company act as a source of financial and managerial strength to its subsidiary bank and to commit resources to support such subsidiary bank. Under the “source of strength” doctrine, the FRS may require a holding company to make capital injections into a troubled subsidiary bank and may charge the holding company with engaging in unsafe and unsound practices for failure to commit resources to a subsidiary bank. A capital injection may be required at times when the holding company may not have the resources to provide it and therefore may be required to attempt to borrow the funds or raise capital. Thus, any borrowing of funds needed to raise capital required to make a capital injection becomes more difficult and expensive, and could have an adverse effect on our business, financial condition and results of operations. Moreover, it is possible that we will be unable to borrow funds when we need to do so.

Monetary policies and regulations of the FRS could adversely affect our business, financial condition and results of operations.

In addition to being affected by general economic conditions, our earnings and growth are affected by the policies of the FRS. An important function of the FRS is to regulate the money supply and credit conditions. Among the instruments used by the FRS to implement these objectives are open market purchases and sales of U.S. government securities, adjustments of the discount rate and changes in banks’ reserve requirements against bank deposits. These instruments are used in varying combinations to influence overall economic growth and the distribution of credit, bank loans, investments and deposits. Their use also affects interest rates charged on loans or paid on deposits.

The monetary policies and regulations of the FRS have had a significant effect on the operating results of financial institutions in the past and are expected to continue to do so in the future. The effects of such policies upon our business, financial condition and results of operations cannot be predicted.

We may be required to raise additional capital in the future, but that capital may not be available when it is needed, or it may only be available on ~~unacceptable~~unfavorable terms, which could adversely affect our financial condition and results of operations.

We are required by federal regulatory authorities to maintain adequate levels of capital to support our operations. We may at some point, however, need to raise additional capital to support continued growth or be required by our regulators to increase our capital resources. Our ability to raise additional capital, if needed, will depend on conditions in the capital markets at that time, which are outside of our control, and on our financial performance. Accordingly, we may not be able to raise additional capital, if needed, on terms ~~acceptable~~favorable to us. If we cannot raise additional capital when needed, our ability to further expand our operations and pursue our growth strategy could be materially impaired and our financial condition and liquidity could be materially and adversely affected. In addition, if we are unable to raise additional capital when required by our bank regulators, we may be subject to adverse regulatory action.

We may become subject to enforcement actions even though noncompliance was inadvertent or unintentional.

The financial services industry is subject to intense scrutiny from bank supervisors in the examination process and aggressive enforcement of federal and state regulations, particularly with respect to mortgage-related practices and other consumer compliance matters, and compliance with anti-money laundering, BSA and OFAC regulations, and economic sanctions against certain foreign countries and nations. Enforcement actions may be initiated for violations of laws and regulations and unsafe or unsound practices. We maintain systems and procedures designed to ensure that we comply with applicable laws and regulations; however, some legal/regulatory frameworks provide for the imposition of fines and penalties for noncompliance even though the noncompliance was inadvertent or unintentional and even though there was in place at the time systems and procedures designed to ensure compliance. Failure to comply with these and other regulations, and supervisory expectations related thereto, may result in fines, penalties, lawsuits, regulatory sanctions, reputation damage, or restrictions on our business.

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Risks Related to our Lending Activities

Our lending activities provide lower interest rate returns than financial institutions that originate more commercial loans.

Our principal lending activity consists of originating, and essentially all of our loan portfolio consists of, residential ~~real estate~~ mortgage loans. We originate our loans with a focus on limiting credit risk exposure and not necessarily to generate the highest return possible or maximize our interest rate spread. In addition, residential ~~real estate~~ mortgage loans generally have lower interest rates than commercial business loans, commercial real estate loans and consumer loans. As a result, we may generate lower interest rate spreads and rates of return when compared to our competitors who originate more consumer or commercial loans than we do. We intend to continue our focus on residential ~~real estate~~ lending.

Our business may be adversely affected by credit risk associated with residential property.

A significant portion of our total residential mortgage loan portfolio is secured by one- to four-family real estate. One- to four-family residential mortgage lending is generally sensitive to regional and local economic conditions that significantly impact the ability of borrowers to meet their loan payment obligations, making loss levels difficult to predict. A decline in residential real estate values as a result of a downturn in the housing markets in our lending areas could reduce the value of the real estate collateral securing these types of loans. As a result, we have increased risk that we could incur losses if borrowers default on their loans because we may be unable to recover all or part of the defaulted loans by selling the real estate collateral. In addition, if borrowers sell their homes, they may be unable to repay their loans in full from the sale proceeds.

Secondary mortgage market conditions could have a material impact on our financial condition and results of operations.

Loan sales provide a portion of our non-interest income. In addition to being affected by interest rates, the secondary mortgage markets are also subject to investor demand for residential ~~real~~mortgage ~~estate~~ loans and increased investor yield requirements for these loans. These conditions may fluctuate or worsen in the future. A prolonged period of secondary market illiquidity could have a material adverse effect on our financial condition and results of operations.

If we are required to repurchase mortgage loans that we have previously sold, it would negatively affect our earnings.

We sell mortgage loans in the secondary market under agreements that contain representations and warranties related to, among other things, the origination, characteristics of the mortgage loans and subsequent servicing. We may be required to repurchase mortgage loans that we have sold in cases of borrower default or breaches of these representations and warranties, and we would be subject to increased risk of disputes and repurchase demands as our volume of loan sales increases. If we are required to repurchase mortgage loans or provide indemnification or other recourse, this could significantly increase our costs and thereby affect our future earnings.

If our allowance for credit losses is not sufficient to cover actual loan losses, our earnings ~~could~~would decrease.

We make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of many of our loans. In determining the amount of the allowance for credit losses, we review our loans, our loss and delinquency experience, and evaluate economic conditions. If our assumptions or the results of our analyses are incorrect, our allowance for credit losses may not be sufficient to cover future losses, resulting in additions to our allowance. Material additions to our allowance would materially decrease our net income. See Note 5. LOANS AND ALLOWANCES FOR CREDIT LOSSES of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS for additional information on the CECL methodology.

In addition, bank regulators periodically review our allowance for credit losses and, as a result of such reviews, we may decide to increase our provision for loans losses or recognize further loan charge-offs. Any increase in our allowance for credit losses or loan charge-offs as a result of such review or otherwise, may have a material adverse effect on our financial condition and results of operation.

The foreclosure process may adversely impact our recoveries on non-performing loans.

The judicial foreclosure process is protracted, which delays our ability to resolve non-performing loans through the sale of the underlying collateral. The longer timelines have been the result of the economic crisis, additional consumer protection initiatives related to the foreclosure process, increased documentary requirements and judicial scrutiny, and, both voluntary and mandatory programs under which lenders may consider loan modifications or other alternatives to foreclosure. These reasons and the legal and regulatory responses have impacted the foreclosure process and completion time of foreclosures for residential

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mortgage lenders. This may result in a material adverse effect on collateral values and our ability to minimize its losses.

Risks Related to Competitive Matters

Strong competition within our market areas may limit our growth and profitability.

Competition in the banking and financial services industry is intense. In our market areas, we compete with commercial banks, savings institutions, mortgage brokerage firms, credit unions, finance companies, mutual funds, money market funds, insurance companies, and brokerage and investment banking firms operating locally and elsewhere. Some of our competitors have greater name recognition and market presence that benefit them in attracting business, and offer certain services that we do not or cannot provide. In addition, larger competitors may be able to price loans and deposits more aggressively than we do. Competitive factors driven by consumer sentiment or otherwise can also reduce our ability to generate fee income, such as through overdraft fees. Troubled financial institutions may not significantly increase the interest rates paid to depositors in pursuit of retail deposits when wholesale funding sources are not available to them. Furthermore, the wide acceptance of Internet-based commerce has resulted in a number of alternative payment processing systems and lending platforms in which banks play only minor roles. Customers can now maintain funds in prepaid debit cards or digital currencies, and pay bills and transfer funds directly without the direct assistance of banks. Our profitability depends upon our continued ability to successfully compete in our market areas. For additional information see PART 1 Item 1. Business-THIRD FEDERAL SAVINGS AND LOAN ASSOCIATION OF CLEVELAND-Competition.

We continually encounter technological change, and may have fewer resources than many of our larger competitors to continue to invest in technological improvements.

The financial services industry is undergoing rapid technological changes, with frequent introductions of new technology-driven products and services. The effective use of technology increases efficiency and enables financial institutions to better serve customers and to reduce costs. Our future success will depend, in part, upon our ability to address the needs of our customers by using technology to provide products and services that will satisfy customer demands for convenience, as well as to create additional efficiencies in our operations. Many of our competitors have substantially greater resources to invest in technological improvements. We also may not be able to effectively implement new technology-driven products and services or be successful in marketing these products and services to our customers.

Risks Related to Our Operations

Cyber-attacks, other security breaches or failure or interruption of information systems could adversely affect our operations, net income or reputation.

We rely heavily on communications and information systems to conduct our business. We regularly collect, process, transmit and store significant amounts of data and confidential information regarding our customers, associates and others and concerning our own business, operations, plans and strategies. In some cases, this confidential or proprietary information is collected, compiled, processed, transmitted or stored by third parties on our behalf. A number of our associates work at remote locations, increasing the number of surfaces that require protection.

Information security risks have generally increased in recent years because of the proliferation of new technologies, the use of the Internet and telecommunications technologies to conduct financial and other transactions and the increased sophistication and activities of perpetrators of cyber-attacks and mobile phishing. Mobile phishing, a means for identity thieves to obtain sensitive personal information through fraudulent e-mail, text or voice mail, is an on-going threat targeting the customers of popular financial entities. A failure in or breach of our operational or information security systems, or those of our third-party service providers, as a result of cyber-attacks or information security breaches or due to associate error, malfeasance or other disruptions could adversely affect our business, result in the disclosure or misuse of confidential or proprietary information, damage our reputation, increase our costs and/or cause losses.

If this confidential or proprietary information were to be mishandled, misused or lost, we could be exposed to significant regulatory consequences, reputational damage, civil litigation and financial loss.

Although we employ a variety of physical, procedural and technological safeguards to protect this confidential and proprietary information from mishandling, misuse or loss, these safeguards do not provide absolute assurance that mishandling, misuse or loss of the information will not occur. If mishandling, misuse or loss of the information did occur, the Company would make all commercially reasonable efforts to detect and address any such event. Similarly, when confidential or proprietary information is collected, compiled, processed, transmitted or stored by third parties on our behalf, our policies and procedures require that the third party agree to maintain the confidentiality of the information, establish and maintain policies and procedures designed to preserve the confidentiality of the information, and permit us to confirm the third party’s

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compliance with the terms of the agreement. As information security risks and cyber threats continue to evolve, we may be required to expend additional resources to continue to enhance our information security measures and/or to investigate and remediate any information security vulnerabilities.

We believe that we have not experienced any material breaches.

Customer or associate fraud subjects us to additional operational risks.

Associate errors, as well as associate and customer misconduct, could subject us to financial losses or regulatory sanctions and seriously harm our reputation. Our loans to individuals, our deposit relationships and related transactions are also subject to exposure to the risk of loss due to fraud and other financial crimes. Misconduct by our associates could include hiding unauthorized activities from us, improper or unauthorized activities on behalf of our customers or improper use of confidential information. It is not always possible to prevent associate errors and misconduct, and the precautions we take to prevent and detect this activity may not be effective in all cases. Associate errors could also subject us to financial claims for negligence. We have not experienced any material financial losses from associate errors, misconduct or fraud. However, if our internal controls fail to prevent or promptly detect an occurrence, or if any resulting loss is not insured or exceeds applicable insurance limits, it could have a material adverse effect on our financial condition and results of operations.

If our enterprise risk management framework is not effective at mitigating risk and loss to us, we could suffer unexpected losses and our results of operations could be materially adversely affected.

Our enterprise risk management framework seeks to achieve an appropriate balance between risk and return, which is critical to optimizing stockholder value. We have established processes and procedures intended to identify, measure, monitor, report and analyze the types of risk to which we are subject to, including credit, liquidity, operational, information technology, regulatory compliance, ~~reputational~~ and strategic. However, as with any risk management framework, there are inherent limitations to our risk management strategies as risks may exist, or develop in the future, that we have not appropriately anticipated or identified. If our risk management framework proves ineffective, we could suffer unexpected losses and our business and results of operations could be materially adversely affected.

Our operations rely on numerous external vendors.

We rely on numerous external vendors to provide us with products and services necessary to maintain our day-to-day operations. Accordingly, our operations are exposed to risk that these vendors will not perform in accordance with the contracted arrangements under service level agreements. The failure of an external vendor to perform in accordance with the contracted arrangements under service level agreements because of changes in the vendor's organizational structure, financial condition, support for existing products and services or strategic focus or for any other reason, could be disruptive to our operations, which in turn could have a material negative impact on our financial condition and results of operations. We also could be adversely affected to the extent that such an agreement is not renewed by the third-party vendor, or is renewed on terms less favorable to us. Our Vendor Management program helps mitigate risks and is structured to minimize the cost and time required to replace a vendor in the event of a failure or the vendor's inability to meet service level agreements.

Our board of directors relies to a large degree on management and outside consultants in overseeing cybersecurity risk management.

The Association has a standing Technology Steering Committee, consisting of several senior managers (CAO, CIO, ~~CSO,~~ CXO, and ISO). The Committee meets quarterly, or more frequently if needed, and reports to the Board of Directors after each meeting through Committee minutes. The Association also engages outside consultants to support its cybersecurity efforts. The directors of the Association have limited experience in cybersecurity risk management in other business entities comparable to the Association and rely on the ISO and CIO for cybersecurity guidance.

Our funding sources may prove insufficient to replace deposits at maturity and support our future growth. A lack of liquidity could adversely affect our financial condition and results of operations and result in regulatory limits being placed on us.

We must maintain funds to respond to the needs of depositors and borrowers. As a part of our liquidity management, we use a number of funding sources in addition to core deposit growth and repayments and maturities of loans and investments. These sources may include FHLB advances, federal funds purchased, and brokered certificates of deposits. While we emphasize low-cost core deposits as a source of funding, there is strong competition for such deposits in our market area. Additionally, deposit balances can decrease if customers perceive alternative investments as providing a better risk/return trade-off. Adverse operating results or changes in industry conditions could lead to difficulty or an inability to access these additional

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funding sources. Our financial flexibility will be severely constrained if we are unable to maintain our access to funding or if adequate financing is not available to accommodate future growth at acceptable interest rates.

Further, if we are required to rely more heavily on more expensive funding sources to support liquidity and future growth, our revenues may not increase proportionately to cover our increased costs. In this case, our operating margins and profitability would be adversely affected. Alternatively, we may need to sell a portion of our investment and/or loan portfolio in order to raise funds, which, depending upon market conditions, could result in us realizing a loss on the sale of such assets.

A lack of liquidity could also attract increased regulatory scrutiny and potential constraints imposed on us by regulators. Depending on the capitalization status and regulatory treatment of depository institutions, including whether an institution is subject to a supervisory prompt corrective action directive, certain additional regulatory restrictions and prohibitions may apply, including restrictions on growth, restrictions on interest rates paid on deposits, restrictions or prohibitions on payment of dividends, and restrictions on the acceptance of brokered deposits.

Potential complications with the implementation of our new core banking system could have an adverse effect on our business and operations.

We are in the process of implementing a new core banking system, which is expected to be operational by July 2026. The new core system will modernize the system currently used, improve efficiency throughout the Company, and enhance customer experience. This upgrade is a major investment in our technology needs and is a key initiative within our strategic plan. The new core system implementation process has required, and will continue to require, the investment of significant personnel and financial resources. We may not be able to successfully implement the new core system without experiencing delays, increased costs and other operational difficulties. If we are unable to successfully implement the new core system as planned, our operations, financial positions, results of operations and cash flows could be negatively impacted. Additionally, if we do not effectively implement the new core system as planned or the new core system does not operate as intended, the effectiveness of our internal control over financial reporting could be adversely affected or our ability to assess those controls adequately could be delayed or diminished. Furthermore, as with any of our other operating systems, a failure to fully implement security measures could expose us to greater risk of cyber-security attacks or other security breaches.

Recently we have held larger levels of certificates of deposit, which has increased our cost of funds and could continue to do so in the future.

At September 30, ~~2024~~2025, certificates of deposit comprised 7881.71% of our total deposits, as compared to 7078.47% as of September 30, ~~2023~~2024. Our increased levels of certificates of deposit have resulted in a higher cost of funds than would otherwise be the case if we had a higher percentage of demand deposits and savings deposits. In addition, if our certificates of deposit do not remain with us, we may be required to access other sources of funds, including loan sales, other types of deposits, advances from the FHLB of Cincinnati and other borrowings. Depending on market conditions, we may be required to pay higher rates on such deposits or borrowings than we currently pay on our certificates of deposit.

The soundness of other financial institutions could adversely affect us.

Our ability to engage in routine funding transactions could be adversely affected by the actions and commercial soundness of other financial institutions. Financial services institutions are interrelated as a result of trading, clearing, counterparty and other relationships. We have exposure to many different counterparties, and we routinely execute transactions with counterparties in the financial industry, including brokers and dealers, other commercial banks, investment banks, mutual and hedge funds, and other financial institutions. As a result, defaults by, or even rumors or questions about, one or more financial services institutions, or the financial services industry in general, could lead to market-wide liquidity problems and losses or defaults by us or by other institutions and organizations. Many of these transactions expose us to credit risk in the event of default of our counterparty or client. In addition, our credit risk may be exacerbated when the collateral held by us cannot be liquidated or is liquidated at prices not sufficient to recover the full amount of the financial instrument exposure due to us. Any such losses could materially and adversely affect our results of operations.

Risk Related to Our Corporate Structure

Our sources of funds are limited because of our holding company structure.

The Company is a separate legal entity from its subsidiaries and does not have significant operations of its own. Dividends from the Association provide a significant source of cash for the Company. The availability of dividends from the Association is limited by various statutes and regulations. Under these statutes and regulations, the Association is not permitted to pay dividends on its capital stock to the Company, its sole stockholder, if the dividend would reduce the stockholders' equity of the Association below the amount of the liquidation account established in connection with the mutual-to-stock conversion. Federal savings associations may pay dividends without the approval of its primary federal regulator only if they meet applicable regulatory capital requirements before and after the payment of the dividends and total dividends do not exceed net income to date over the calendar year plus its retained net income over the preceding two years. If in the future, the Company utilizes its available cash and the Association is unable to pay dividends to the Company, the Company may not have sufficient funds to pay dividends or fund stock repurchases.

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Federal savings associations may pay dividends without the approval of its primary federal regulator only if they meet applicable regulatory capital requirements before and after the payment of the dividends and total dividends do not exceed net income to date over the calendar year plus its retained net income over the preceding two years. If in the future, the Company utilizes its available cash and the Association is unable to pay dividends to the Company, the Company may not have sufficient funds to pay dividends or fund stock repurchases.

Restrictions on our ability to pay dividends to stockholders could adversely affect the value of our common stock.

The value of the Company’s common stock is significantly affected by our ability to pay dividends to our public stockholders. The Company’s ability to pay dividends to our stockholders is subject to the availability of cash at the Company, which is dependent on the Association having sufficient earnings to make capital distributions to the Company. Moreover, our ability to pay dividends, and the amount of such dividends, is affected by the ability of Third Federal Savings, MHC, our mutual holding company, to waive the receipt of dividends declared by the Company.

41Federal regulations require Third Federal Savings, MHC, to notify the FRS of any proposed waiver of its receipt of dividends from the Company. In August 2011, the FRS issued an interim final rule pursuant to the DFA, providing that the FRS “may not” object to dividend waivers by grandfathered mutual holding companies, such as Third Federal Savings, MHC, under standards substantially similar to those previously required by the OTS. However, the interim final rule added a requirement that a majority of the mutual holding company’s members eligible to vote must approve a dividend waiver by a mutual holding company within twelve months prior to the declaration of the dividend being waived. As part of its rule making process, the FRS is reviewing comments on the interim final rule and there can be no assurance that the final rule will not require such a member vote. Third Federal Savings, MHC, has received the approval of its members in 12 separate meetings (held in either July or August of each year from 2014 through 2025) to waive the receipt of dividends for a twelve-month period, and the FRS has “non-objected” to Third Federal Savings, MHC’s waiver each time. However, future approvals of members and non-objections from the FRS are not assured and if not obtained, the discontinuance of dividend payments would adversely affect the value of our common stock.

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Federal regulations require Third Federal Savings, MHC, to notify the FRS of any proposed waiver of its receipt of dividends from the Company. In August 2011, the FRS issued an interim final rule pursuant to the DFA, providing that the FRS “may not” object to dividend waivers by grandfathered mutual holding companies, such as Third Federal Savings, MHC, under standards substantially similar to those previously required by the OTS. However, the interim final rule added a requirement that a majority of the mutual holding company’s members eligible to vote must approve a dividend waiver by a mutual holding company within twelve months prior to the declaration of the dividend being waived. As part of its rule making process, the FRS is reviewing comments on the interim final rule and there can be no assurance that the final rule will not require such a member vote. Third Federal Savings, MHC, has received the approval of its members in 11 separate meetings (held in either July or August of each year from 2014 through 2024) to waive the receipt of dividends for a twelve-month period, and the FRS has “non-objected” to Third Federal Savings, MHC’s waiver each time. However, future approvals of members and non-objections from the FRS are not assured and if not obtained, the discontinuance of dividend payments would adversely affect the value of our common stock.

Public stockholders own a minority of the outstanding shares of our common stock and are not able to exercise voting control over most matters put to a vote of stockholders.

Third Federal Savings, MHC, as our majority shareholder, is able to control the outcome of virtually all matters presented to our shareholders for their approval, including any proposal to acquire us. The same directors and officers who manage the Association also manage the Company and Third Federal Savings, MHC. The board of directors of Third Federal Savings, MHC must ensure that the interests of depositors of the Association (as members of Third Federal Savings, MHC) are represented and considered in matters put to a vote of stockholders of the Company. Therefore, Third Federal Savings, MHC, may take action that the public stockholders believe to be contrary to their interests. For example, Third Federal Savings, MHC, may exercise its voting control to defeat a stockholder nominee for election to the board of directors of the Company. Additionally, Third Federal Savings, MHC, may prevent the sale of control or merger of the Company or its subsidiaries, or a second-step conversion of Third Federal Savings, MHC, even if such a transaction were favored by a majority of the public shareholders of the Company.

Risks Related to Accounting Matters

Changes in management’s estimates and assumptions may have a material impact on our consolidated financial statements and on our financial condition and/or operating results.

In preparing periodic reports we are required to file under the Securities Exchange Act of 1934, including our consolidated financial statements, our management is and will be required under applicable rules and regulations to make estimates and assumptions as of a specified date. These estimates and assumptions are based on management’s best estimates and experience as of that date and are subject to substantial risk and uncertainty. Materially different results may occur as circumstances change and additional information becomes known. Areas requiring significant estimates and assumptions by management include our evaluation of the adequacy of our allowance for credit losses and the determination of pension obligations.

Changes in accounting standards could affect reported earnings.

The bodies responsible for establishing accounting standards, including the Financial Accounting Standards Board, the Securities and Exchange Commission and other regulatory bodies, periodically change the financial accounting and reporting guidance that governs the preparation of our financial statements. These changes can be hard to predict and can materially impact how we record and report our financial condition and results of operations. In some cases, we could be required to apply new or revised guidance retroactively.

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Other Risks Related to Our Business

Hurricanes or other adverse weather events could negatively affect the economy in our Florida market area or cause disruptions to our branch office locations, which could have an adverse effect on our business or results of operations.

A significant portion of our branch operations are conducted in Florida, a geographic region with coastal areas that are susceptible to hurricanes and tropical storms. Such weather events can disrupt our operations, result in damage to our branch office locations and negatively affect the local economy in which we operate. We cannot predict whether or to what extent damage caused by future hurricanes or tropical storms will affect our operations or the economy in our market area, but such weather events could result in fewer loan originations and greater delinquencies, foreclosures or loan losses. These, and other negative effects of future hurricanes or tropical storms may adversely affect our business or results of operations.

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We are subject to environmental liability risk associated with lending activities or properties we own.

A significant portion of our loan portfolio is secured by real estate, and we could become subject to environmental liabilities with respect to one or more of these properties, or with respect to properties that we own in operating our business. During the ordinary course of business, we may foreclose on and take title to properties securing defaulted loans. In doing so, there is a risk that hazardous or toxic substances could be found on these properties. If hazardous conditions or toxic substances are found on these properties, we may be liable for remediation costs, as well as for personal injury and property damage, civil fines and criminal penalties regardless of when the hazardous conditions or toxic substances first affected any particular property. Environmental laws may require us to incur substantial expenses to address unknown liabilities and may materially reduce the affected property’s value or limit our ability to use or sell the affected property. In addition, future laws or more stringent interpretations or enforcement policies with respect to existing laws may increase our exposure to environmental liability. Our policies, which require us to perform an environmental review before initiating any foreclosure action on non-residential real property, may not be sufficient to detect all potential environmental hazards. The remediation costs and any other financial liabilities associated with an environmental hazard could have a material adverse effect on us.

Societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers.

Concerns over the long-term impacts of climate change have led and will continue to lead to governmental efforts around the world to mitigate those impacts. Consumers and businesses also may change their behavior on their own as a result of these concerns. We and our customers will need to respond to new laws and regulations, as well as consumer and business preferences resulting from climate change concerns. We and our customers may face cost increases, asset value reductions, operating process changes, and the like. The impact on our customers will likely vary depending on their specific attributes, including reliance on or role in carbon intensive activities. Among the impacts to us could be a drop in demand for our products and services, particularly in certain sectors. In addition, we could face reductions in creditworthiness on the part of some customers or in the value of assets securing loans. Our efforts to take these risks into account in making lending and other decisions, including increasing our business with climate-friendly companies, may not be effective in protecting us from the negative impact of new laws and regulations or changes in consumer or business behavior.

Our ability to maintain our reputation is critical to the success of our business, and the failure to do so may materially adversely affect our performance.

Our reputation is one of the most valuable components of our business and is critical to our success. The ability to attract and retain customers, investors, ~~employees~~associates and advisors may depend upon external perceptions of the Company. Damage to the Company's reputation could cause significant harm to our business and prospects and may arise from numerous sources, including litigation or regulatory actions, failing to deliver minimum standards of service and quality, compliance failures, unethical behavior and the misconduct of ~~employees~~associates, advisors and counterparties. Adverse developments with respect to the financial services industry may also, by association, negatively impact the Company's reputation or result in greater regulatory or legislative scrutiny or litigation against the Company.

Furthermore, shareholders, customers and other stakeholders have begun to consider how corporations are addressing ESG issues. Governments, investors, customers and the general public are increasingly focused on ESG practices and disclosures, and views about ESG are diverse and rapidly changing. These shifts in investing priorities may result in adverse effects on the trading price of the Company’s common stock if investors determine that the Company has not made sufficient progress on ESG matters. We could also face potential negative ESG-related publicity in traditional media or social media if shareholders or other stakeholders determine that we have not adequately considered or addressed ESG matters. If the Company, or our relationships with certain customers, vendors or suppliers, became the subject of negative publicity, our ability to attract and retain customers and employees, and our financial condition and results of operations, could be adversely impacted.

A protracted government shutdown may result in reduced loan originations and related gains on sales and could negatively affect our financial condition and results of operations.

During any protracted federal government shutdown, we may not be able to close certain loans and we may not be able to recognize non-interest income on the sale of loans. Some of the loans we originate are sold directly to government agencies, and some of these sales may be unable to be consummated during a shutdown. In addition, we believe that some borrowers may decide not to proceed with their home purchase and not close on their loans, which would result in a permanent loss of the related non-interest income. A federal government shutdown could also result in reduced income for government employees or employees of companies that engage in business with the federal government, which could result in greater loan delinquencies, increased in our non-performing, criticized, and classified assets, and a decline in demand for our products and services.

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employees of companies that engage in business with the federal government, which could result in greater loan delinquencies, increased in our non-performing, criticized, and classified assets, and a decline in demand for our products and services.

Fraud by merchants or others could have a material adverse effect on our business and financial condition.

We may be liable for fraudulent transactions initiated by merchants or others. Examples of fraud include when a merchant or other party knowingly uses a stolen or counterfeit card to make a transaction, or if a merchant intentionally fails to deliver the merchandise or services sold in an otherwise valid transaction. Criminals are using increasingly sophisticated methods to engage in illegal activities such as counterfeiting and fraud. It is possible that incidents of fraud could increase in the future. Failure to effectively managed risk and prevent fraud would increase our chargeback liability or other liability, and as result could have a material adverse effect on our business, financial condition, and results of operations.

The potential for fraud in the card payment industry is significant and could adversely affect our business and results of operations.

Issuers of prepaid and debit cards and other companies have suffered significant losses in recent years with respect to the theft of cardholder data that has been illegally exploited for personal gain. The theft of such information is regulatory reported and affects individuals and businesses. Losses from various types of fraud have been substantial for certain card industry participants. We also rely upon third parties for transaction processing services, which subjects us and our customers to risks related to the vulnerabilities of those third parties. We, in many cases, have indemnification agreements with third parties; however, these agreements may not fully cover losses. Fraudulent activity could also result in the imposition of regulatory sanctions, including significant monetary fines, which could adversely affect our business, results of operations and financial condition. Although fraud has not had a material impact on our profitability, it is possible that such activity could adversely impact profitability in the future.

The grant of bank charters and special purpose fintech charters by the OCC to fintech companies could present financial risk and market risk to us generally and the payments processing business specifically.

In 2018, the OCC announced that it would begin to accept and evaluate charters for entities that wanted to conduct certain components of a banking business pursuant to a federal charter, known as a special purpose national bank charter. Intended to promote economic opportunity and spur financial innovation, an institution with a special purpose national bank charter may engage in paying checks, lending money and taking deposits. The OCC has granted national bank charters to companies that were previously non-bank fintech companies. If, in the future, the OCC determines to grant any special purpose national bank charter applications or continues to grant bank charters to fintech applicants, recipients of such charters may enter the U.S. payments market and other business activities that we conduct, which could increase the competition we face and have a material adverse effect on us. This could result in lower fee income and loss of deposits, related to our payment processing business.

We face funds transfer and payments-related risks.

As a financial institution, we bear funds transfer risks of different types, which result from large transaction volumes and large dollar amounts of incoming and outgoing money transfers. Loss exposure may result if money is transferred before it is received, or legal rights to reclaim monies transferred are asserted, including payments made to merchants for payment clearing, while customers have statutory periods to reverse their payments. Exposure also results from payments made prior to receipt of offsetting funds, as an accommodation to our customers. We are subject to unique settlement risks as our transfers may be larger than typical financial institutions of our size. Transfers could also be made in error or as a result of fraud. Additionally, as with other financial institutions, we may incur legal liability or reputational risk if we unknowingly process payments for companies in violation of money laundering laws or other regulations or immoral activities.


Item 1B.			Unresolved Staff Comments

None.


Item 1C.			Cybersecurity

Cybersecurity Risk Management and Strategy

The Company is committed to enacting a cybersecurity strategy that provides the necessary framework to ensure confidentiality, integrity and availability of customer, associate and proprietary information.

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The Company employs a multi-layered, risk-based approach to cyber and information security, incorporating a variety of tools and processes to aid in risk identification, assessment and management. In addition to periodic risk assessments, we rely on continuous monitoring of systems and environments, regular vulnerability scanning, external auditing and penetration testing and active participation in industry intelligence sharing partnerships.

The Company maintains Cybersecurity Incident Response Guidelines and Procedures to assist in response to real or suspected security incidents. The Incident Response Guidelines prescribe points of escalation and mechanisms for collaboration should the need arise to engage outside partnerships such as external counsel, cybersecurity forensic examiners, cyber insurance vendors and regulatory bodies.

The Company has not experienced any material losses relating to cybersecurity threats or incidents to date. We are not aware of any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations or financial condition.

Third Party Service Provider Monitoring

The Company maintains a robust third-party risk management program to identify, assess, monitor and mitigate risks associated with third-party relationships, including cybersecurity risks. Under the program, risk ratings are assigned to each vendor based on an assessment of the vendor and its access to network, systems, and confidential information. A subject matter expert review is conducted on each vendor to identify and measure the risks from cybersecurity threats that could impact our customer’s data and our environment. Third parties that have access to the Company’s systems or customer data must have appropriate technical and organizational security measures in place, as well as security control principles based on commercially acceptable security standards.

Cybersecurity Governance

Primary responsibility for managing cyber risk is vested in the Company’s Information Security Officer. The ISO reports to the CRO and serves as the primary custodian of the Company’s Information Security Program, which quantifies and documents our ability to identify and control risks to information systems and customer information.

The Technology Steering Committee meets on at least a quarterly basis and is tasked with providing oversight and guidance regarding both information technology and cybersecurity related issues of strategic importance to the Company. The Technology Steering Committee is chaired by the CIO and reports to the Board of Directors through Committee minutes. The Technology Steering Committee is comprised of numerous members of the senior executive team, as well as the ISO.

The Director’s Risk Committee also shares oversight responsibility for cybersecurity and receives regular reporting from the CRO and ISO on cybersecurity and information technology risks, controls and procedures, and network penetration testing, in addition to providing input on efforts to mitigate cybersecurity risks and potential breaches. The Board’s Audit Committee also has oversight responsibility for audits related to information technology security and information technology governance.


Item 2.			Properties

We operate from our main office in Cleveland, Ohio, our 3736 full-service branch offices located in Ohio and Florida and our two loan production offices located in Ohio. Our branch offices are located in the Ohio counties of Cuyahoga, Lake, Lorain, Medina and Summit and in the Florida counties of Broward, Collier, Hillsborough, Lee, Palm Beach, Pasco, Pinellas and Sarasota. Our loan production offices are located in the Ohio counties of Butler and Delaware. The Company owns the building in which its home office and executive offices are located, and six other office locations. ~~The~~Additional ~~net~~information ~~book~~regarding ~~value~~the ofCompany's ~~our~~owned ~~land,~~facilities ~~premises,~~and ~~equipment~~leased ~~and~~locations ~~software~~can ~~was~~be ~~$33~~found within Notes: 7.2 ~~million~~PREMISES, atEQUIPMENT ~~September 30~~AND SOFTWARE and 8. LEASES, ~~2024~~respectfully, ain ~~$1.5~~the ~~million~~NOTES ~~decrease~~TO ~~from~~CONSOLIDATED ~~September 30,~~FINANCIAL ~~2023~~STATEMENTS.

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Depreciation was partially offset by a $1.1 million increase in DP Equipment and a $1.5 million increase in Leasehold Improvements.


Item 3.			Legal Proceedings

The Company and its subsidiaries are subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Company’s consolidated financial condition, results of operation, or statements of cash flows.


Item 4.			Mine Safety Disclosures

Not applicable.

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PART II


Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Our common stock is listed and traded on the NASDAQ Global Select Market under the symbol “TFSL”. As of November 1519, ~~2024~~2025, we had 5,~~842~~633 shareholders of record, which does not include persons or entities holding shares in “nominee” or “street” name through brokerage firms.

Through September 30, 2010, Third Federal Savings, MHC, waived its right to receive dividends. The waivers complied with regulatory authorizations (in the form of non-objection) obtained by Third Federal Savings, MHC. Any requests for future regulatory authorizations to waive receipts of dividends will be submitted to the FRS. Please refer to the preceding discussion of dividend waivers presented in Part I, Item 1. Business-SUPERVISION AND REGULATION-Holding Company Regulation-Waivers of Dividends by Third Federal Savings, MHC. Regulatory non-objection is subject to periodic regulatory review and no assurances can be given regarding future regulatory non-objection. In addition, a majority of the mutual holding company's members eligible to vote must approve a dividend waiver by a mutual holding company within 12 months prior to the declaration of the dividend being waived.

At the July 98, ~~2024~~2025 special meeting of members of Third Federal Savings and Loan Association of Cleveland, MHC (the "MHC"), the mutual holding company of TFS Financial Corporation (the "Company"), the members of the MHC (depositors and certain loan customers of Third Federal Savings and Loan Association of Cleveland) voted to approve the MHC's proposed waiver of dividends, aggregating up to $1.13 per share to be declared on the Company's common stock during the twelve months subsequent to the members' approval (i.e., through July 98, ~~2025~~2026). The members approved the waiver by casting 5859% of the total eligible votes. Of the votes cast, 97% were in favor of the proposal. The MHC is the 81% majority shareholder of the Company.

Following the receipt of the members’ approval at the July 98, ~~2024~~2025, special meeting, Third Federal Savings, MHC filed a notice with, and subsequently received the non-objection from the FRB-Cleveland for the proposed dividend waiver.

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In the table and graph that follow, we have provided summary information regarding the performance of the cumulative total return of our common stock from September 30, ~~2019~~2020 through September 30, ~~2024~~2025, relative to the cumulative total return on stocks included in the S&P U.S. BMI Banks Index, KBW NASDAQ Bank Index and NASDAQ Composite, in each case for the same period. The cumulative return data is presented in dollars, based on starting investments of $100 and assuming the reinvestment of dividends.

Measurement Date

Index (with base price at 9/30/2019)

9/30/2019

9/30/2020

9/30/2021

9/30/2022

9/30/2023

9/30/2024

Index (with base price at 9/30/2020)

9/30/2020

9/30/2021

9/30/2022

9/30/2023

9/30/2024

9/30/2025

TFS Financial Corporation

100.00

86137.6624

~~118~~100.9349

8799.0860

86118.3127

~~102~~131.4996

S&P U.S. BMI Banks Index

100.00

73181.4294

~~133~~139.5878

~~102~~135.6341

99199.4263

~~146~~270.5717

KBW NASDAQ Bank Index

100.00

75183.7639

138.9352

~~104~~117.9449

89178.0110

~~134~~244.9227

NASDAQ Composite Index

100.00

~~140~~130.9626

~~183~~96.6106

~~135~~121.4114

~~170~~167.7695

~~236~~210.7464

Source: S&P Global Market Intelligence

We did not ~~repurchase~~sell any ~~shares~~unregistered ofequity ~~our~~securities ~~common stock~~ during the quarter ended September 30, 2024. On October 27, 2016, the Company announced that the Board of Directors approved the Company's eighth stock repurchase program, which authorizes the repurchase of up to 10,000,000 shares of the Company's outstanding common stock. Purchases under the program will be subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses of capital, and our financial performance. Repurchased shares will be held as treasury stock and be available for general corporate use. There were no stock repurchases during the fiscal year ended September 30, ~~2024~~2025. ~~The program has 5,191,951 shares yet to be purchased as of September 30, 2024. The program has no expiration date.~~

~~Item 6. [Reserved]~~48

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The following table summarizes our stock repurchase activity during the three months ended September 30, 2025 and the stock repurchase plans approved by our Board of Directors.


		Average		Total Number of	Maximum Number
	Total Number	Price		Shares Purchased	of Shares that May
	of Shares	Paid per		as Part of Publicly	Yet be Purchased
Period	Purchased	Share		Announced Plans (1)	Under the Plans
July 1, 2025 through July 31, 2025	76,552	$	12.99	76,552	5,057,899
August 1, 2025 through August 31, 2025	61,611	12.99		61,611	4,996,288
September 1, 2025 through September 30, 2025	52,202	13.39		52,202	4,944,086
	190,365	$	13.10	190,365

On October 27, 2016, the Company announced that the Board of Directors approved the Company's eighth stock repurchase program, which authorizes the repurchase of up to 10,000,000 shares of the Company's outstanding common stock. Purchases under the program will be subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses of capital, and our financial performance. Repurchased shares will be held as treasury stock and be available for general corporate use. For the fiscal year ended September 30, 2025, stock repurchases totaled 247,865 shares at an average price per share of $13.05. The program has 4,944,086 shares yet to be purchased as of September 30, 2025. The program has no expiration date.


Item 6.			[Reserved]


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

Overview

Our business strategy is to operate as a well capitalized and profitable financial institution dedicated to providing exceptional personal service to our customers.

Since being organized in 1938, we grew to become, at the time of our initial public offering of stock in 2007, the nation’s largest mutually-owned savings and loan association based on total assets. We credit our success to our continued emphasis on our primary values: “Love, Trust, Respect, and a Commitment to Excellence, along with Having Fun". Our values are reflected in the design and pricing of our loan and deposit products, as described below. Our values are further reflected in a long-term revitalization program encompassing the three-mile corridor of the Broadway-Slavic Village neighborhood in Cleveland, Ohio where our main office was established and continues to be located and where we've been the developer of a community of 4042 homes, intended to serve the low- to moderate income home owner. We intend to continue to adhere to our primary values and to support our customers and the communities in which we operate as we pursue our mission to help people achieve the dream of home ownership and financial security while creating value for our customers, our communities, our associates and our shareholders. Also, in the spirit of our values and specifically our Commitment to Excellence, the Association is in the process of implementing a new core processing system. The implementation is intended to go live in July 2026 and will modernize our operations, boost efficiency and allow us to leverage technology to enhance our customers' experience.

~~The~~Consumers, ~~unprecedented~~businesses, ~~implications~~and ofgovernments ~~the~~alike ~~prolonged~~are ~~period~~navigating an elevated level of ~~inversion~~economic inuncertainty ~~the~~as ~~yield~~a ~~curve,~~new ~~influenced~~perspective on global trade policy is being deliberated by the ~~FRS's~~markets. ~~restrictive~~After ~~monetary~~maintaining ~~policy~~interest ~~resulted~~rates innear a20-year ~~heightened~~highs, ~~exposure~~the ofFederal ~~certain~~Reserve ~~banking~~has ~~industry~~shifted ~~practices~~its focus and initiated an easing cycle, conducting rate cuts in September and October 2025. The U.S. Treasury yield curve is currently positive, ~~normalizing~~after ina ~~mid-September~~prolonged period of inversion, normalizing just prior to the FRS's 50100 basis point rate ~~cut,~~cuts between September and December 2024. It is possible that the ~~first~~easing cycle will continue into late 2025 and 2026, however, uncertainty can lead to volatility in ~~four~~interest ~~years~~rates and spreads, creating a challenging operating environment. Taking all of this into consideration, we remain committed to our mission, business model, and strategic approach. Specifically, (1) our capital ratios remain a primary source of financial strength; (2) our core deposits ~~provide~~remain a stable ~~source of funding~~ and the majority of our deposit accounts fall within FDIC insurance limits; (3) we maintain adequate access to contingent sources of liquidity; and (4) our risk management practices around an array of financial disciplines ~~which~~ are robust and commensurate to an institution of our size and complexity.

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The following tables present select financial data of the Company for the five most recent fiscal years.

At September 30,

2024

2023

2022

2021

2020

2025

2024

2023

2022

2021

Selected Financial Condition Data:

(In thousands)

Total assets

17,~~090~~456,~~785~~316

1617,~~917~~090,~~979~~785

1516,~~789~~917,~~879~~979

1415,~~057~~789,~~450~~879

14,~~642~~057,~~221~~450

Cash and cash equivalents

~~463~~429,~~718~~439

~~466~~463,~~746~~718

~~369~~466,~~564~~746

~~488~~369,~~326~~564

~~498~~488,~~033~~326

Investment securities available for sale

~~526~~520,~~251~~659

~~508~~526,~~324~~251

~~457~~508,~~908~~324

~~421~~457,~~783~~908

~~453~~421,~~438~~783

Mortgage loans held for sale

1757,~~775~~662

317,~~260~~775

93,~~661~~260

89,~~848~~661

368,~~871~~848

Loans held for investment, net

15,~~322~~663,~~059~~312

15,~~165~~322,~~747~~059

1415,~~257~~165,~~067~~747

1214,~~509~~257,~~035~~067

1312,~~103~~509,~~062~~035

Bank owned life insurance contracts

~~317~~325,~~977~~149

~~312~~317,~~072~~977

~~304~~312,~~040~~072

~~297~~304,~~332~~040

~~222~~297,~~919~~332

Other assets

114,125

117,270

95,428

91,586

104,832

Total liabilities

15,562,392

15,228,161

14,990,618

13,945,540

12,325,170

Deposits

10,~~195~~446,~~079~~968

910,~~449~~195,~~820~~079

89,~~921~~449,~~017~~820

8,~~993~~921,~~605~~017

98,~~225~~993,~~554~~605

Borrowed funds

4,~~792~~870,~~847~~219

54,~~273~~792,~~637~~847

45,~~793~~273,~~221~~637

34,~~091~~793,~~815~~221

3,~~521~~091,~~745~~815

Shareholders’ equity

1,~~862~~893,~~624~~924

1,~~927~~862,~~361~~624

1,~~844~~927,~~339~~361

1,~~732~~844,~~280~~339

1,~~671~~732,~~853~~280


	For the Years Ended September 30,
	2025		2024		2023		2022		2021
Selected Operating Data:	(In thousands, except per share amounts)
Interest and dividend income	$	763,180	$	734,074	$	611,919	$	409,333	$	389,351
Interest expense	470,486		455,616		328,352		141,937		157,721
Net interest income	292,694		278,458		283,567		267,396		231,630
Provision (release) for credit losses	2,500		(1,500)		(1,500)		1,000		(9,000)
Net interest income after provision (release) for credit losses	290,194		279,958		285,067		266,396		240,630
Non-interest income	28,780		24,702		21,429		23,804		55,299
Non-interest expenses	204,259		204,347		213,129		198,146		195,835
Income before income taxes	114,715		100,313		93,367		92,054		100,094
Income tax expense	23,756		20,725		18,117		17,489		19,087
Net income	$	90,959	$	79,588	$	75,250	$	74,565	$	81,007
Earnings per share
Basic	$	0.32	$	0.28	$	0.27	$	0.26	$	0.29
Diluted	$	0.32	$	0.28	$	0.26	$	0.26	$	0.29
Cash dividends declared per share	$	1.13	$	1.13	$	1.13	$	1.13	$	1.12

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	For the Years Ended September 30,
	At or For The Years Ended September 30,
	2024			2023			2022			2021			2020
	2025			2024			2023			2022			2021
Selected Operating Data:	(In thousands, except per share amounts)
Selected Financial Ratios and Other Data:
Interest and dividend income	$	734,074		$	611,919		$	409,333		$	389,351		$	455,298
Performance Ratios:
Interest expense	455,616			328,352			141,937			157,721			213,030
Return on average total assets	0.53		%	0.47		%	0.46		%	0.51		%	0.56		%
Net interest income	278,458			283,567			267,396			231,630			242,268
Return on average equity	4.74		%	4.12		%	4.00		%	4.14		%	4.77		%
Provision (release) for credit losses	(1,500)			(1,500)			1,000			(9,000)			3,000
Interest rate spread (1)	1.45		%	1.38		%	1.57		%	1.75		%	1.52		%
Net interest income after provision (release) for credit losses	279,958			285,067			266,396			240,630			239,268
Net interest margin (2)	1.76		%	1.69		%	1.80		%	1.88		%	1.66		%
Non-interest income	24,702			21,429			23,804			55,299			53,251
Efficiency ratio (3)	63.54		%	67.41		%	69.88		%	68.04		%	68.25		%
Non-interest expenses	204,347			213,129			198,146			195,835			192,274
Non-interest expense to average total assets	1.19		%	1.20		%	1.31		%	1.34		%	1.35		%
Income before income taxes	100,313			93,367			92,054			100,094			100,245
Average interest-earning assets to average interest-bearing liabilities	110.86		%	111.07		%	111.36		%	112.42		%	111.92		%
Income tax expense	20,725			18,117			17,489			19,087			16,928
Asset Quality Ratios:
Net income	$	79,588		$	75,250		$	74,565		$	81,007		$	83,317
Non-performing assets as a percent of total assets	0.23		%	0.20		%	0.20		%	0.23		%	0.32		%
Earnings per share
Non-accruing loans as a percent of total loans	0.25		%	0.22		%	0.21		%	0.25		%	0.35		%
Basic	$	0.28		$	0.27		$	0.26		$	0.29		$	0.30
Allowance for credit losses on loans as a percent of non-accruing loans	191.82		%	208.28		%	242.26		%	204.73		%	145.96		%
Diluted	$	0.28		$	0.26		$	0.26		$	0.29		$	0.29
Allowance for credit losses on loans as a percent of total loans	0.47		%	0.45		%	0.51		%	0.51		%	0.51		%
Cash dividends declared per share	$	1.13		$	1.13		$	1.13		$	1.12		$	1.11
Capital Ratios:
Association
Total capital to risk-weighted assets	17.40		%	17.91		%	17.87		%	18.84		%	21.00		%
Tier 1 (leverage) capital to net average assets	10.11		%	10.11		%	9.82		%	10.33		%	11.15		%
Tier 1 capital to risk-weighted assets	16.53		%	17.17		%	17.15		%	18.25		%	20.43		%
Common equity tier 1 capital to risk-weighted assets	16.53		%	17.17		%	17.15		%	18.25		%	20.43		%
TFS Financial Corporation
Total capital to risk-weighted assets	18.46		%	19.24		%	19.85		%	21.18		%	23.75		%
Tier 1 (leverage) capital to net average assets	10.76		%	10.89		%	10.96		%	11.66		%	12.65		%
Tier 1 capital to risk-weighted assets	17.60		%	18.50		%	19.13		%	20.59		%	23.18		%
Common equity tier 1 capital to risk-weighted assets	17.60		%	18.50		%	19.13		%	20.59		%	23.18		%
Average equity to average total assets	11.19		%	11.33		%	11.58		%	12.23		%	11.72		%
Other Data:
Association:
Number of full service offices	36			37			37			37			37
Loan production offices	2			2			4			5			7

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	At or For The Years Ended September 30,
	2024		2023		2022		2021		2020
Selected Financial Ratios and Other Data:
Performance Ratios:
Return on average total assets	0.47	%	0.46	%	0.51	%	0.56	%	0.56	%
Return on average equity	4.12	%	4.00	%	4.14	%	4.77	%	4.88	%
Interest rate spread(1)	1.38	%	1.57	%	1.75	%	1.52	%	1.52	%
Net interest margin(2)	1.69	%	1.80	%	1.88	%	1.66	%	1.69	%
Efficiency ratio(3)	67.41	%	69.88	%	68.04	%	68.25	%	65.06	%
Non-interest expense to average total assets	1.20	%	1.31	%	1.34	%	1.35	%	1.29	%
Average interest-earning assets to average interest-bearing liabilities	111.07	%	111.36	%	112.42	%	111.92	%	111.41	%
Asset Quality Ratios:
Non-performing assets as a percent of total assets	0.20	%	0.20	%	0.23	%	0.32	%	0.37	%
Non-accruing loans as a percent of total loans	0.22	%	0.21	%	0.25	%	0.35	%	0.41	%
Allowance for credit losses on loans as a percent of non-accruing loans	208.28	%	242.26	%	204.73	%	145.96	%	87.95	%
Allowance for credit losses on loans as a percent of total loans	0.45	%	0.51	%	0.51	%	0.51	%	0.36	%
Capital Ratios:
Association
Total capital to risk-weighted assets	17.91	%	17.87	%	18.84	%	21.00	%	19.96	%
Tier 1 (leverage) capital to net average assets	10.11	%	9.82	%	10.33	%	11.15	%	10.39	%
Tier 1 capital to risk-weighted assets	17.17	%	17.15	%	18.25	%	20.43	%	19.37	%
Common equity tier 1 capital to risk-weighted assets	17.17	%	17.15	%	18.25	%	20.43	%	19.37	%
TFS Financial Corporation
Total capital to risk-weighted assets	19.24	%	19.85	%	21.18	%	23.75	%	22.71	%
Tier 1 (leverage) capital to net average assets	10.89	%	10.96	%	11.66	%	12.65	%	11.88	%
Tier 1 capital to risk-weighted assets	18.50	%	19.13	%	20.59	%	23.18	%	22.13	%
Common equity tier 1 capital to risk-weighted assets	18.50	%	19.13	%	20.59	%	23.18	%	22.13	%
Average equity to average total assets	11.33	%	11.58	%	12.23	%	11.72	%	11.50	%
Other Data:
Association:
Number of full service offices	37		37		37		37		37
Loan production offices	2		4		5		7		7

______________________

(1)Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the year.

(2)The net interest margin represents net interest income as a percent of average interest-earning assets for the year.

(3)The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.

Management believes that the following matters are those most critical to our success: (1) controlling our interest rate risk exposure; (2) monitoring and limiting our credit risk; (3) maintaining access to adequate liquidity and diverse funding sources to support our growth; and (4) monitoring and controlling our operating expenses.

Controlling Our Interest Rate Risk Exposure. Historically, our greatest risk has been our exposure to changes in market interest rates. When we hold longer-term, fixed-rate assets, funded by liabilities with shorter-term re-pricing characteristics, we are exposed to potentially adverse impacts from changing interest rates, and most notably rising interest rates. Generally, and particularly over extended periods of time that encompass full economic cycles, interest rates associated with longer-term assets, like fixed-rate mortgages, have been higher than interest rates associated with shorter-term funding sources, like deposits. This difference has been an important component of our net interest income and is fundamental to our operations.

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A challenge to our business model occurs when there is a rapid and substantial increase in short-term rates or there is an extended inverted yield curve where short-term rates exceed long-term rates, both of which occurred in the past ~~two~~three years. Although the yield curve became positive in ~~early~~ September 2024, rapid and substantial decreases in short-term rates can also pose a challenge when interest rates on our home equity line of credit portfolio, indexed to the prime rate, reprice more quickly than interest rates on borrowings and certificate of deposit accounts which generally reprice at maturity. These economic environments may result in decreases in our net interest income and our net interest margin.

To mitigate our interest rate risk in general and to address the current rate environment specifically, we utilize a variety of strategies that include:

•Maintaining regulatory capital in excess of levels required to be considered well capitalized;

•Maintaining adjustable-rate mortgage loan balances and shorter-term fixed-rate loans;

•Marketing home equity lines of credit, which carry an adjustable rate of interest, indexed to the prime rate;

•Opportunistically extending the duration of our funding sources;

•Utilizing interest rate swaps to convert short-term FHLB advances and brokered certificates of deposit into long-term, fixed-rate borrowings; and

•Selectively selling a portion of our long-term, fixed-rate mortgage loans in the secondary market.

Levels of Regulatory Capital

At September 30, ~~2024~~2025, the Company’s Tier 1 (leverage) capital totaled $1.8687 billion, or 10.8976%, of net average assets and 1817.5060% of risk-weighted assets, while the Association’s Tier 1 (leverage) capital totaled $1.7276 billion, or 10.11%, of net average assets and 1716.1753% of risk-weighted assets. Each of these measures is in excess of the requirements in effect for the Association at September 30, ~~2024~~2025 for designation as “well capitalized” under regulatory prompt corrective action provisions. Beginning this fiscal year, the Company entered into the final ~~two~~year ~~years~~ of the five-year transitional period, as provided by a final rule, after CECL was adopted in fiscal year 2021. Refer to the Liquidity and Capital Resources section of this Item 7 for additional discussion regarding regulatory capital requirements.

Adjustable-Rate Loans and Shorter-Term, Fixed-Rate Loans

We offer our "Smart Rate" adjustable-rate mortgage loan, which provides us with improved interest rate risk characteristics when compared to a 30-year, fixed-rate mortgage loan.

We also offer a 10-year, fully amortizing fixed-rate, first mortgage loan. The 10-year, fixed-rate loan has a more desirable interest rate risk profile when compared to loans with fixed-rate terms of 15 to 30 years and can help to more effectively manage interest rate risk exposure, yet provides our borrowers with the certainty of a fixed interest rate throughout the life of the obligation.

The following tables set forth our first mortgage loan production and balances segregated by loan structure at origination:

	For the Years Ended September 30,
	2024				2023
	2025				2024
	Amount		Percent		Amount		Percent
First Mortgage Loan Originations and Purchases:	(Dollars in thousands)
First Mortgage Loan Originations and Acquisitions:	(Dollars in thousands)
ARM (all Smart Rate) production	$	~~157~~136,~~446~~251	1811.45	%	$	~~624~~157,~~773~~446	3318.74	%
Fixed-rate production:
Terms less than or equal to 10 years	5,~~981~~326		0.74		345,~~710~~981		10.97
Terms greater than 10 years	~~690~~1,~~820~~046,489		8088.91		1690,~~195,562~~820		6480.49
Total fixed-rate production	~~696~~1,~~801~~051,815		8188.65		1696,~~230,272~~801		6681.36
Total First Mortgage Loan Originations and Purchases:	$	854,247	100.0	%	$	1,855,045	100.0	%
Total First Mortgage Loan Originations and Acquisitions:	$	1,188,066	100.0	%	$	854,247	100.0	%

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	September 30, 2024				September 30, 2023
	September 30, 2025				September 30, 2024
	Amount		Percent		Amount		Percent
Balances of First Mortgage Loans Held For Investment:	(Dollars in thousands)
ARM (primarily Smart Rate) Loans	$	43,~~379~~944,~~132~~540	3836.3	%	$	4,~~760~~379,~~843~~132	3938.23	%
Fixed-rate Loans:
Terms less than or equal to 10 years	~~836~~623,~~875~~413		75.38		1836,~~088,048~~875		97.03
Terms greater than 10 years	6,~~210~~271,~~073~~793		5457.49		6,~~275~~210,~~775~~073		5154.84
Total fixed-rate loans	76,~~046~~895,~~948~~206		6163.7		7,~~363~~046,~~823~~948		6061.87
Total First Mortgage Loans Held For Investment:	$	1110,~~426~~839,~~080~~746	100.0	%	$	1211,~~124~~426,~~666~~080	100.0	%

The following table sets forth the balances and yields as of September 30, ~~2024~~2025, for all ARM loans segregated by the next scheduled interest rate reset date:

	Current Balance of ARM Loans Scheduled for Interest Rate Reset	~~Yield~~		Yield
During the Fiscal Years Ending September 30,	(Dollars in thousands)
2025	$912,871	3.97	%
2026	$1,853,443			3.82	%
2026	1,302,274	2.87	%
2027	1,381,164			2.73	%
2027	1,540,938	2.78	%
2028	488,977			4.93	%
2028	484,104	4.80	%
2029	106,061			6.30	%
2029	125,531	6.46	%
2030	96,658			6.60	%
2030	13,414	6.90	%
2031	18,237			6.44	%
Total	$43,~~379~~944,~~132~~540	~~3.39~~	%	3.72	%

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Loan Portfolio Yield

The following tables set forth the principal balance and interest yield as of September 30, 2025, for the portfolio of loans held for investment, by type of loan, structure and geographic location. Weighted average yields are based on principal balances as of September 30, 2025.

	September 30, 2024
	September 30, 2025
	Balance		Percent		Yield
Total Loans:	(Dollars in thousands)
Fixed-Rate
Terms less than or equal to 10 years	$	~~836~~623,~~875~~413	54.50	%	2.6768	%
Terms greater than 10 years	6,~~210~~271,~~073~~793		40.50		4.0325	%
Total Fixed-Rate Residential Mortgage loans	76,~~046~~895,~~948~~206		4644.0		34.8710	%
ARMs	43,~~379~~944,~~130~~540		2825.52		3.3872	%
Home Equity Loans and Lines of Credit	3,885,307		25.3		7.03	%
Home Equity Lines of Credit	4,062,798		25.9		6.43	%
Construction and Other loans	27,406		0.2		6.58	%
Home Equity Loans	749,548		4.8		6.99	%
Total Loans Receivable	$	15,338,791	100.0	%	4.54	%
Construction and Other loans	20,455		0.1		6.29	%
Total Loans Receivable	$	15,672,547	100.0	%	4.76	%

	September 30, 2024
	September 30, 2025
	Balance		Fixed-Rate Balance		~~Percent~~Percent1		Yield
Residential Mortgage Loans	(Dollars in thousands)
Ohio	$	6,~~644~~338,~~767~~448	$	54,~~151~~997,~~382~~364	7778.58	%	34.8505	%
Florida	1,~~978~~813,~~152~~455		~~960~~887,~~944~~106		48.69		3.4975	%
Other	2,~~803~~687,~~159~~843		~~934~~1,~~622~~010,736		3337.36		3.4597	%
Total Residential Mortgage Loans	1110,~~426~~839,~~078~~746		76,~~046~~895,~~948~~206		6163.76		3.6998	%
Home Equity Loans and Lines of Credit
Home Equity Lines of Credit
Ohio	~~916~~902,~~751~~048		~~126~~6,~~523~~533		130.87		6.9743	%
Florida	~~874~~872,~~808~~045		~~111~~6,~~249~~560		120.78		6.9839	%
California	~~653~~681,~~275~~709		792,~~733~~814		120.24		76.0245	%
Other	1,~~440~~606,~~473~~996		~~130~~2,~~447~~827		90.12		76.1046	%
Total Home Equity Loans and Lines of Credit	3,885,307		447,952		11.5		7.03	%
Total Home Equity Lines of Credit	4,062,798		18,734		0.5		6.43	%
Construction and Other loans	27,406		27,406		100.0		6.58	%
Home Equity Loans
Total Loans Receivable	$	15,338,791	$	7,522,306	49.0	%	4.54	%
Ohio	174,984		145,459		83.1		6.61	%
Florida	162,395		123,741		76.2		6.92	%
California	136,930		103,065		75.3		6.95	%
Other	275,239		223,292		81.1		7.30	%
Total Home Equity Loans	749,548		595,557		79.5		6.99	%
Construction and Other loans	20,455		20,455		100.0		6.29	%
Total Loans Receivable	$	15,672,547	$	7,529,952	48.0	%	4.76	%

1Percent calculated as Fixed-Rate Balance divided by Balance.

Marketing of Home Equity Lines of Credit

We actively market home equity lines of credit, which carry an adjustable rate of interest indexed to the prime rate which provides interest rate sensitivity to that portion of our assets and is a meaningful strategy to manage our interest rate risk profile. Increasing our investments in loans with variable rates of interest help to better match the maturities and interest rates of our assets and liabilities, thereby reducing the exposure of our net interest income to changes in market interest rates. We strive to grow the home equity line of credit portfolio through offering competitive rates, marketing efforts, and by utilizing partners to attract more home equity line of credit customers. At September 30, ~~2024~~2025, the principal balance of home equity lines of credit (including those in repayment) that are structured to reset with each prime rate adjustment totaled $3.32 billion. Our home equity lending is discussed in the preceding Lending Activities section of Item 1. Business in Part I. THIRD FEDERAL SAVINGS AND LOAN ASSOCIATION OF CLEVELAND.

~~Extending the Duration of Funding Sources~~54

As a complement to our strategies to shorten the fixed rate duration of our interest-earning assets, as described above, we also seek to lengthen the duration of our interest-bearing funding sources. These efforts include monitoring the relative costs of alternative funding sources such as retail certificates of deposit, brokered certificates of deposit, longer-term (e.g. three years or greater) fixed-rate advances from the FHLB of Cincinnati, and shorter-term (e.g. one or three months) funding, the durations of

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~~which~~(including ~~are~~those ~~extended~~in ~~by correlated interest rate exchange contracts ("swap"~~repayment). ~~Funding~~that ~~sources~~ are ~~discussed~~structured ~~in more detail within this Item 7 in the sections entitled Maintaining Access~~ to ~~Adequate~~reset ~~Liquidity~~with ~~and~~each ~~Diverse~~prime ~~Funding~~rate ~~Sources~~adjustment tototaled ~~Support our Growth and Liquidity and Capital Resources~~$4.06 ~~All of our swaps are subject to collateral pledges and require specific structural features to qualify for hedge accounting treatment~~billion. ~~Hedge~~Our ~~accounting~~home ~~treatment~~equity ~~directs~~lending ~~that~~is ~~periodic~~discussed ~~mark-to-market adjustments be recorded~~ in ~~other~~the ~~comprehensive~~preceding ~~income~~Lending ~~(loss)~~Activities ~~in the equity~~ section of ~~the~~Item ~~balance~~1. ~~sheet,~~Business ~~rather than being included~~ in ~~operating~~Part ~~results of the income statement~~I. ~~The~~THIRD ~~Association's~~FEDERAL ~~intent~~SAVINGS isAND ~~that~~LOAN ~~any~~ASSOCIATION ~~swap~~OF ~~to which it may be a party will qualify for hedge accounting treatment~~CLEVELAND.

~~The~~Extending ~~Association uses swaps to extend~~ the ~~duration~~Duration of ~~its~~Funding funding sources. Each of the Association's swap agreements is registered on the Chicago Mercantile Exchange and involves the exchange of interest payment amounts based on a notional principal balance. No exchange of principal amounts occur and the notional principal amount does not appear on our balance sheet. In each of the Association's agreements, interest paid is based on a fixed rate of interest throughout the term of each agreement while interest received is based on an interest rate that resets and compounds daily over a specified interval (generally three months) throughout the term of each agreement. On the initiation date of the swap, the agreed upon exchange interest rates reflect market conditions at that point in time. Swaps generally require counterparty collateral pledges that ensure the counterparties' ability to comply with the conditions of the agreement. Concurrent with the execution of each swap, the Association enters into a short-term borrowing in an amount equal to the notional amount of the swap and with interest rate resets aligned with the reset interval of the swap. Each individual swap agreement has been designated as a cash flow hedge of interest rate risk associated with either the Company's variable rate borrowings from the FHLB of Cincinnati or brokered CDs. In challenging economic times, such as with an extended inverted yield curve, the Association has found it financially beneficial to use swaps with a relatively lower cost to extend the duration of our liabilities. For more details, refer to Notes 10. BORROWED FUNDS and 17. DERIVATIVE INSTRUMENTS of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. Sources

As a complement to our strategies to shorten the duration of our fixed rate interest-earning assets, as described above, we also seek to lengthen the duration of our interest-bearing funding sources. These efforts include monitoring the relative costs of alternative funding sources such as retail certificates of deposit, brokered certificates of deposit, longer-term (e.g. three years or greater) fixed-rate advances from the FHLB of Cincinnati, and shorter-term (e.g. one or three months) funding, the durations of which are extended by correlated interest rate exchange contracts ("swap"). Funding sources are discussed in more detail within this Item 7 in the sections entitled Maintaining Access to Adequate Liquidity and Diverse Funding Sources to Support our Growth and Liquidity and Capital Resources. All of our swaps are subject to collateral pledges and require specific structural features to qualify for hedge accounting treatment. Hedge accounting treatment directs that periodic mark-to-market adjustments be recorded in other comprehensive income (loss) in the equity section of the balance sheet, rather than being included in operating results of the income statement. The Association's intent is that any swap to which it may be a party will qualify for hedge accounting treatment.

The Association uses swaps to extend the duration of its funding sources. Each of the Association's swap agreements is registered on the Chicago Mercantile Exchange and involves the exchange of interest payment amounts based on a notional principal balance. No exchange of principal amounts occur and the notional principal amount does not appear on our balance sheet. In each of the Association's agreements, interest paid is based on a fixed rate of interest throughout the term of each agreement while interest received is based on an interest rate that resets and compounds daily over a specified interval (generally one to three months) throughout the term of each agreement. On the initiation date of the swap, the agreed upon exchange interest rates reflect market conditions at that point in time. Swaps generally require counterparty collateral pledges that ensure the counterparties' ability to comply with the conditions of the agreement. Concurrent with the execution of each swap, the Association enters into a short-term borrowing in an amount equal to the notional amount of the swap and with interest rate resets aligned with the reset interval of the swap. Each individual swap agreement has been designated as a cash flow hedge of interest rate risk associated with either the Company's variable rate borrowings from the FHLB of Cincinnati or brokered CDs. The Association has found it financially beneficial to use swaps with a relatively lower cost to extend the duration of our liabilities. For more details, refer to Notes 10. BORROWED FUNDS and 17. DERIVATIVE INSTRUMENTS of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

Each funding alternative is monitored and evaluated based on its effective interest payment rate, options exercisable by the creditor (early withdrawal, right to call, etc.), and collateral requirements. Refer to Notes 9. DEPOSITS and 10. BORROWED FUNDS of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS for additional details on balances. The interest payment rate is a function of market influences that are specific to the nuances and market competitiveness/breadth of each funding source. Generally, early withdrawal options, subject to a fee, are available to our retail CD customers but not to holders of brokered CDs; issuer call options are not provided on our advances from the FHLB of Cincinnati; and we are not subject to early termination options with respect to our interest rate exchange contracts. Additionally, collateral pledges are not provided with respect to our retail CDs or our brokered CDs, but are required for our advances from the FHLB of Cincinnati as well as for our interest rate exchange contracts. We will continue to evaluate the structure of our funding sources balancing the need to extend duration and manage cost.

Selling Fixed Rate Loans in the Secondary Market

We also manage interest rate risk by selectively selling a portion of our long-term, fixed-rate mortgage loans in the secondary market. First mortgage loans (primarily fixed-rate mortgages with terms of 15 years or more, Home Ready and certain loans ~~purchased~~acquired through our correspondent lending partner) are originated under Fannie Mae guidelines and are eligible for sale to Fannie Mae either as whole loans or within mortgage-backed securities. Currently, certain types of loans (i.e. our Smart Rate adjustable-rate loans, 10-year fixed-rate loans, and first mortgage loans secured by certain property types) are originated under our proprietary underwriting and closing process, not eligible for sale to Fannie Mae. We can also manage interest rate risk by selling non-Fannie Mae compliant mortgage loans to private investors, although those transactions may be limited to loans that have established payment histories, strong borrower credit profiles and are supported by adequate collateral. Additionally, sales to private investors are dependent upon favorable market conditions, including motivated buyers, and involve more complicated negotiations and longer settlement timelines.

During the fiscal year ended September 30, ~~2024~~2025, $~~247~~411.43 million of agency-compliant, long-term (15 to 30 years), fixed-rate mortgage loans were sold, or committed to be sold, primarily to Fannie Mae ~~on a servicing retained basis~~. Of these sold or committed loans, $~~143~~284.1 million were originated ~~through our traditional lending programs~~ as other agency-compliant first mortgage loans, $9888.16 million were ~~purchased~~acquired through a correspondent lending partnership, and $6.2 million were originated through our mortgage banking brand, known as "Mortgage Passport". At September 30, 2024, loans classified as held for sale totaled $17.8 million. At September 30, 2024, we serviced $1.97 billion of loans we originated and later sold to investors.

We continue to consider liquidity and balance sheet management, as well as secondary market pricing, in evaluating the opportunity to sell loans. Additionally, we are using a proprietary approach to loan-level price adjustments in markets outside of Ohio and Florida using our "Mortgage Passport" brand to expand our ability to sell certain fixed-rate loans to Fannie Mae. Loan sales are discussed in more detail within the Liquidity and Capital Resources section of this Item 7.55

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~~Monitoring~~lending ~~and Limiting Our Credit Risk. While~~partnership, ~~historically, we had been successful in limiting our credit risk exposure by generally imposing high credit standards with respect to lending, the memory of the 2008 housing market collapse~~ and ~~financial crisis is a constant reminder to focus on credit risk~~$38.6 Inmillion ~~response~~were tooriginated ~~the~~under ~~evolving~~Fannie ~~economic~~Mae's ~~landscape,~~Home weReady continuously revise and update our quarterly analysis and evaluation procedures, as needed, for each category of our lending with the objective of identifying and recognizing all appropriate credit lossesinitiative. At September 30, ~~2024~~2025, ~~90% of our assets consisted of residential real estate~~ loans ~~(both~~classified “as held for sale” ~~and~~totaled ~~“held~~$57.7 ~~for investment”) and home equity loans and lines of credit~~million. ~~Our~~At ~~analytic~~September 30, ~~procedures and evaluations include specific reviews of all home equity loans and lines of credit that become 90 or more days past due~~2025, aswe ~~well~~serviced ~~as collateral reviews of all first mortgage loans that become 180 or more days past due~~$2.13 Webillion ~~transfer performing home equity lines~~ of ~~credit subordinate to first mortgages delinquent greater than 90 days to non-accrual status. We also charge-off performing~~ loans towe ~~collateral~~originated ~~value~~ and ~~classify~~later ~~those~~sold ~~loans~~to ~~as non-accrual within 60 days of notification of all borrowers filing Chapter 7 bankruptcy, that have not reaffirmed or been dismissed, regardless of how long the loans have been performing~~investors.

InWe ancontinue ~~effort~~ to ~~limit~~consider ~~our~~liquidity ~~credit risk exposure~~ and ~~keep~~balance itsheet ~~consistent with the low risk appetite approved by the Board of Directors~~management, ~~the~~as ~~credit~~well ~~eligibility~~as ~~criteria is evaluated to ensure a successful homeowner has the primary source of repayment, followed by a collateral position that allows for a~~ secondary ~~source~~market ~~of repayment~~pricing, ~~if needed. Products that do not result~~ in anevaluating ~~effective~~the ~~mix~~opportunity ~~of repayment ability are not offered. We use stringent, conservative lending standards for underwriting~~ to ~~reduce~~sell ~~our credit risk~~loans. ~~For~~Loan ~~first~~sales ~~mortgage~~are ~~loans~~discussed ~~originated~~in ormore ~~purchased~~detail ~~during~~within the ~~current~~Liquidity ~~fiscal year, the average credit score was 778,~~ and ~~the~~Capital ~~average~~Resources ~~LTV~~section ~~was 70% at origination. Our current delinquency levels reflect the higher credit standards to which we subject all new originations. As~~ of ~~September 30,~~this ~~2024,~~Item ~~loans originated or purchased had a balance of $15~~7.~~41 billion, of which $31.9 million, or 0.2%, were delinquent.~~

~~One~~Monitoring ~~aspect~~and ofLimiting ~~our~~Our ~~credit~~Credit ~~risk~~Risk. ~~concern~~While, ~~relates~~historically, towe ~~high~~had ~~concentrations~~been ofsuccessful ~~our~~in ~~loans~~limiting ~~that~~our ~~are~~credit ~~secured~~risk exposure by ~~residential~~generally ~~real~~imposing ~~estate~~high incredit ~~specific~~standards ~~states,~~with ~~particularly~~respect ~~Ohio~~to ~~and Florida~~lending, ~~where~~the amemory ~~large portion~~ of ~~our~~the ~~historical~~2008 ~~lending~~housing ~~has~~market ~~occurred.~~collapse Atand ~~September 30,~~financial ~~2024,~~crisis ~~approximately~~is ~~58.1%~~a ~~and~~constant ~~17.3%~~reminder ofto ~~the~~focus ~~combined~~on ~~total~~credit ofrisk. ~~our~~In ~~residential~~response ~~Core~~to ~~and~~the ~~construction~~evolving ~~loans~~economic ~~held~~landscape, ~~for~~we ~~investment~~continuously revise and ~~approximately~~update ~~23.6%~~our ~~and~~quarterly ~~22.5%~~analysis ofand ~~our~~evaluation ~~home~~procedures, ~~equity~~as ~~loans~~needed, ~~and~~for ~~lines~~each category of ~~credit~~our ~~were~~lending ~~secured~~with bythe ~~properties~~objective inof ~~Ohio~~identifying and ~~Florida,~~recognizing ~~respectively.~~all Inestimated ancredit ~~effort~~losses. toAt ~~moderate~~September 30, ~~the~~2025, ~~concentration~~90% of our ~~credit~~assets ~~risk~~consisted ~~exposure~~of inresidential ~~individual~~mortgage ~~states,~~loans we(both ~~have~~“held ~~utilized~~for ~~direct~~sale” ~~mail~~and ~~marketing,~~“held ~~our~~for ~~internet~~investment”) ~~site~~ and ~~our~~home ~~customer~~equity ~~service~~loans ~~call~~and ~~center~~lines toof ~~extend~~credit. ~~our~~Our ~~lending~~analytic ~~activities~~procedures toand ~~other~~evaluations ~~attractive~~include ~~geographic~~specific ~~locations.~~reviews ~~Currently,~~of inall ~~addition~~home toequity ~~Ohio~~loans and ~~Florida,~~lines weof ~~are~~credit ~~actively~~that ~~lending~~become in90 25or ~~other~~more ~~states~~days ~~and~~past ~~the District of Columbia~~due, ~~and~~as well as acollateral ~~result~~reviews of ~~that~~all ~~activity,~~first ~~the~~mortgage ~~concentration~~loans ~~ratios~~that ofbecome ~~the~~180 ~~combined~~or ~~total~~more ofdays ~~our~~past ~~residential~~due. ~~Core~~We ~~and~~transfer ~~construction~~performing ~~loans~~home ~~held~~equity ~~for~~lines ~~investment~~of incredit ~~Ohio~~subordinate ~~and~~to ~~Florida~~first ~~have~~mortgages ~~trended~~delinquent ~~downward~~greater ~~from~~than ~~their~~90 ~~September~~days ~~30,~~to ~~2010~~non-accrual ~~levels~~status. ~~when~~We ~~the~~also ~~concentrations~~charge-off ~~were~~performing ~~79.1%~~loans into ~~Ohio~~collateral value and ~~19.0%~~classify inthose ~~Florida.~~loans Ofas ~~the~~non-accrual ~~total~~within ~~mortgage~~60 ~~loan~~days ~~originations~~of ~~and~~notification ~~purchases~~of ~~for~~all ~~the~~borrowers ~~year~~filing ~~ended~~Chapter ~~September 30,~~7 ~~2024~~bankruptcy, ~~20.7%~~that ~~are~~have ~~secured~~not byreaffirmed ~~properties~~or inbeen ~~states~~dismissed, ~~other~~regardless ~~than~~of ~~Ohio~~how orlong ~~Florida~~the loans have been performing.

~~Maintaining~~In ~~Access~~an effort to ~~Adequate~~limit ~~Liquidity~~our credit risk exposure and ~~Diverse~~keep ~~Funding~~it ~~Sources~~consistent towith ~~Support~~the ~~our~~low ~~Growth.~~risk ~~For~~appetite ~~most~~approved ~~insured~~by ~~depositories,~~the ~~customer~~Board ~~and~~of ~~community~~Directors, ~~confidence~~the ~~are~~credit ~~critical~~eligibility tocriteria ~~their~~is ~~ability~~evaluated to ~~maintain~~ensure ~~access~~a tosuccessful ~~adequate~~homeowner ~~liquidity~~has ~~and~~the toprimary ~~conduct~~source ~~business~~of inrepayment, anfollowed ~~orderly~~by ~~manner.~~a Wecollateral ~~believe~~position that allows for a ~~well~~secondary ~~capitalized~~source ~~institution~~of isrepayment, ~~one~~if ofneeded. ~~the~~Products ~~most~~that ~~important~~do ~~factors~~not result in ~~nurturing~~an ~~customer~~effective ~~and~~mix ~~community~~of ~~confidence~~repayment ability are not offered. AtWe ~~September 30,~~use ~~2024~~stringent, ~~the~~conservative ~~Association’s~~lending ~~ratio~~standards offor ~~Tier~~underwriting 1to ~~(leverage)~~reduce ~~capital~~our tocredit ~~net~~risk. ~~average~~For ~~assets~~first (amortgage ~~basic~~loans ~~industry~~originated ~~measure~~or ~~that~~acquired ~~deems~~during ~~5.00%~~the orcurrent ~~above~~fiscal toyear, ~~represent~~the aaverage ~~“well~~credit ~~capitalized”~~score ~~status)~~was 776, and the average LTV was ~~10.11~~71% at origination. WeOur ~~expect~~current todelinquency ~~continue~~levels reflect the higher credit standards to ~~remain~~which we subject all new originations. As of September 30, 2025, loans originated or acquired had a ~~well~~balance ~~capitalized~~of ~~institution~~$15.80 billion, of which $34.6 million, or 0.2%, were delinquent.

InOne ~~managing~~aspect ~~its~~of ~~level~~our ofcredit ~~liquidity,~~risk ~~the~~exposure ~~Company~~relates ~~monitors~~to ~~available~~high ~~funding~~concentrations ~~sources,~~of ~~which~~our ~~include~~loans ~~attracting~~that ~~new~~are ~~deposits~~secured ~~(including~~by ~~brokered~~residential ~~deposits)~~real estate in specific states, ~~borrowing~~particularly ~~from~~Ohio ~~others~~and Florida, ~~the~~where ~~conversion~~a large portion of ~~assets~~our tohistorical ~~cash~~lending has occurred. At September 30, 2025, approximately 58.4% and 16.8% of the ~~generation~~combined total of ~~funds~~our ~~through~~residential ~~profitable~~Core ~~operations~~and construction loans held for investment and approximately 22.4% ~~The~~and ~~Company~~21.5% ~~has~~of ~~traditionally~~our ~~relied~~home onequity ~~retail~~loans ~~deposits~~and aslines ~~its~~of ~~primary~~credit ~~means~~were secured by properties in ~~meeting~~Ohio ~~its~~and ~~funding~~Florida, ~~needs~~respectively. ToIn ~~attract~~an ~~deposits~~effort to moderate the concentration of our credit risk exposure in individual states, we ~~typically~~have ~~offer~~utilized ~~rates~~direct ~~that~~mail ~~are~~marketing, ~~competitive~~our ~~with~~internet ~~the~~site ~~rates~~and onour ~~similar~~customer ~~products~~service ~~offered~~call bycenter to extend our lending activities to other ~~financial~~attractive ~~institutions~~geographic locations. ~~At September 30~~Currently, ~~2024~~in addition to Ohio and Florida, ~~deposits~~we ~~totaled~~are ~~$10.20~~actively ~~billion~~lending ~~(including~~in ~~$1.22~~26 ~~billion~~other states and the District of ~~brokered~~Columbia, ~~CDs)~~and as a result of that activity, ~~while~~the ~~borrowings~~concentration ~~totaled~~ratios ~~$4.79~~of ~~billion~~the combined total of our residential Core and ~~borrowers’~~construction ~~advances~~loans held for investment in Ohio and ~~servicing~~Florida ~~escrows~~have ~~totaled~~trended ~~$142.4~~downward ~~million~~from their September 30, ~~combined~~2010 levels when the concentrations were 79.1% Inin ~~evaluating~~Ohio ~~funding~~and ~~sources,~~19.0% wein ~~consider~~Florida. ~~many~~Of ~~factors,~~the ~~including~~total ~~cost,~~mortgage ~~collateral,~~loan ~~duration~~originations and ~~optionality,~~acquisitions ~~current~~for ~~availability,~~the ~~expected~~year ~~sustainability~~ended September 30, ~~impact~~2025, on28.9% ~~operations~~are ~~and~~secured ~~capital~~by ~~levels~~properties in states other than Ohio or Florida.

~~While~~Maintaining ~~our~~Access ~~retail~~to ~~deposit~~Adequate ~~customers~~Liquidity ~~remain~~and ~~our~~Diverse ~~preferred~~Funding ~~source~~Sources ofto ~~funding,~~Support weour ~~maintain~~Growth. ~~many~~For ~~alternative~~most ~~funding~~insured ~~sources. First~~depositories, wecustomer ~~pledge~~and ~~available~~community ~~real~~confidence ~~estate~~are ~~mortgage~~critical ~~loans~~to ~~with~~their ~~the~~ability ~~FHLB~~to ofmaintain ~~Cincinnati~~access ~~and~~to ~~the~~adequate ~~FRB-Cleveland.~~liquidity Atand ~~September 30,~~to ~~2024,~~conduct ~~the~~business ~~Association~~in ~~had~~an ~~the~~orderly ~~ability~~manner. toWe ~~borrow~~believe that a ~~maximum~~well ofcapitalized ~~$6.86~~institution ~~billion~~is ~~from~~one ~~the FHLB~~ of ~~Cincinnati~~the ~~and~~most ~~$633.1~~important ~~million~~factors ~~from~~in ~~the~~nurturing ~~FRB-Cleveland~~customer ~~Discount~~and ~~Window~~community confidence. AsAt of September 30, ~~2024~~2025, ~~our~~the ~~capacity~~Association’s ~~for~~ratio ~~additional~~of ~~borrowing~~Tier ~~from~~1 ~~FHLB~~(leverage) ofcapital ~~Cincinnati~~to ~~was~~net ~~$2.09 billion.~~average ~~Second,~~assets we(a ~~have~~basic ~~the~~industry ~~ability~~measure tothat ~~purchase~~deems ~~overnight~~5.00% ~~Fed~~or ~~Funds~~above up to ~~$395.0~~represent ~~million~~a ~~through~~“well ~~various~~capitalized” ~~arrangements~~status) ~~with~~was ~~other institutions~~10.11%. ~~Third,~~The weAssociation's ~~invest~~Tier in1 ~~high~~(leverage) ~~quality~~capital ~~marketable~~ratio ~~securities~~at ~~that~~September 30, ~~exhibit limited market price variability and~~2025, toincluded the ~~extent~~negative ~~that~~impact ~~they~~of ~~are~~a ~~not~~$40 ~~needed~~million ascash ~~collateral~~dividend ~~for~~payment ~~borrowings,~~that ~~can~~the beAssociation ~~sold~~made into the ~~institutional~~Company, ~~market~~it's ~~and~~sole ~~converted~~shareholder, toin ~~cash.~~December ~~At September 30,~~ 2024,. ~~our~~Because ~~investment~~of ~~securities~~its ~~portfolio~~intercompany ~~totaled~~nature, ~~$526.3~~this ~~million.~~dividend ~~Fourth,~~payment ~~selling~~did ~~loans~~not inimpact the ~~secondary~~Company's ~~market~~consolidated iscapital aratios ~~regular~~which ~~source~~are ofreported ~~liquidity.~~in ~~During~~ the ~~fiscal~~Liquidity ~~year~~and ~~ended~~Capital ~~September 30,~~Resources ~~2024,~~section weof ~~sold,~~this orItem ~~committed to sell $247~~7.~~4 million~~ inWe ~~loans~~expect to ~~Fannie~~continue ~~Mae.~~to ~~Finally,~~remain ~~cash flows from operating activities have been~~ a ~~regular~~well ~~source~~capitalized ~~of funds~~institution.

54In managing its level of liquidity, the Company monitors available funding sources, which include attracting new deposits (including brokered deposits), borrowing from others, the conversion of assets to cash and the generation of funds through profitable operations. The Company has traditionally relied on retail deposits as its primary means in meeting its funding needs. To attract deposits, we typically offer rates that are competitive with the rates on similar products offered by other financial institutions. At September 30, 2025, deposits totaled $10.45 billion (including $902.1 million of brokered CDs), while borrowings totaled $4.87 billion and borrowers’ advances and servicing escrows totaled $143.5 million, combined. In evaluating funding sources, we consider many factors, including cost, collateral, duration and optionality, current availability, expected sustainability, impact on operations and capital levels.

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While our retail deposit customers remain our preferred source of funding, we maintain many alternative funding sources. First, we pledge available real estate mortgage loans with the FHLB of Cincinnati and the FRB-Cleveland. At September 30, 2025, the Association had the ability to borrow a maximum of $6.94 billion from the FHLB of Cincinnati and $505.4 million from the FRB-Cleveland Discount Window. As of September 30, 2025, our capacity for additional borrowing from FHLB of Cincinnati was $2.09 billion. Second, we have the ability to purchase overnight Fed Funds up to $455.0 million through various arrangements with other institutions. Third, we invest in high quality marketable securities that exhibit limited market price variability and, to the extent that they are not needed as collateral for borrowings, can be sold in the institutional market and converted to cash. At September 30, 2025, our investment securities portfolio totaled $520.7 million. Fourth, selling loans in the secondary market is a regular source of liquidity. During the fiscal year ended September 30, 2025, we sold, or committed to sell $411.3 million in loans primarily to Fannie Mae. Finally, cash flows from operating activities have been a regular source of funds. During the fiscal years ended September 30, ~~2024~~2025 and ~~2023~~2024, cash flows from operations provided $8882.64 million and $9088.76 million, respectively.

Overall, while customer and community confidence can never be assured, the Company believes that our liquidity is adequate and that we have adequate access to alternative funding sources.

Monitoring and Controlling Our Operating Expenses. We continue to focus on managing operating expenses. We have successfully been able to reduce our operating expenses to help offset the pressure of margin compression resulting from the extended inverted yield curve. Our ratio of non-interest expense to average assets was 1.20% for the fiscal year ended September 30, 2024, and 1.31% for the fiscal year ended September 30, 2023. As of September 30, 2024, our average assets per full-time associate and our average deposits per full-time associate were $18.7 million and $11.1 million, respectively. We believe that each of these measures compares favorably with industry averages. Our relatively high average deposits (exclusive of brokered CDs) held at our branch offices ($242.6 million per branch office as of September 30, 2024) contributes to our expense management efforts by limiting the overhead costs of serving our customers. We will continue our efforts to control operating expenses to help safeguard against margin compression.

liabilities repricing at elevated interest rates and sooner than most of our longer-term fixed rate assets reprice. Our ratio of non-interest expense to average assets was 1.19% for the fiscal year ended September 30, 2025, and 1.20% for the fiscal year ended September 30, 2024. As of September 30, 2025, our average assets per full-time associate and our average deposits per full-time associate were $18.3 million and $10.9 million, respectively. We believe that each of these measures compares favorably with industry averages. Our relatively high average deposits (exclusive of brokered CDs) held at our branch offices ($265.1 million per branch office as of September 30, 2025) contributes to our expense management efforts by limiting the overhead costs of serving our customers. While we will continue our efforts to control operating expenses to help safeguard against the ongoing pressure of margin compression, in periods subsequent to the Association's core processing system implementation, management anticipates information technology and related expenses to increase.

Critical Accounting Estimates

Critical accounting estimates are defined as those that involve significant judgments and uncertainties, and could potentially give rise to materially different results under different assumptions and conditions. We believe that the most critical accounting estimates upon which our financial condition and results of operations depend, and which involve the most complex subjective decisions or assessments, relate to the allowance for credit losses.

Allowance for Credit Losses. The allowance for credit losses is the amount estimated by management as ~~necessary~~adequate to absorb credit losses related to both the loan portfolio and off-balance sheet commitments based on a life of loan methodology. The amount of the allowance is based on significant estimates and the ultimate losses may vary from such estimates as more information becomes available, or conditions change. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management due to the high degree of judgment involved, the subjectivity of the assumptions used and the potential for changes in the economic environment that could result in changes to the amount of the recorded allowance for credit losses. At September 30, ~~2024~~2025, the allowance for credit losses was $97104.84 million, orwhich included a $74.2 million allowance on loans receivable and a $30.1 million allowance for unfunded commitments. The allowance on loans receivable represents 0.6447% of total loans. An increase or decrease of 10% in the total allowance for credit losses at September 30, ~~2024~~2025, would result in a $910.8 4 million charge or release, respectively, to income before income taxes.

As a substantial percentage of our loan portfolio is collateralized by real estate, appraisals of the underlying value of property securing loans are critical in determining the charge-offs for specific loans. Assumptions are instrumental in determining the value of properties. Overly optimistic assumptions or negative changes to assumptions could significantly affect the valuation of a property securing a loan and the related allowance determined. Management carefully reviews the assumptions supporting such appraisals to determine that the resulting values reasonably reflect amounts realizable on the related loans.

Management performs a quarterly evaluation of the adequacy of the allowance for credit losses. We consider a variety of factors in establishing this estimate including, but not limited to, current economic conditions, delinquency statistics, geographic concentrations, economic forecasts and how they correlate to management's view of the future, the adequacy of the underlying collateral, the financial strength of the borrower, results of internal loan reviews and other relevant factors. This evaluation is inherently subjective as it requires material estimates by management that may be susceptible to significant change based on changes in economic and real estate market conditions. Refer to Note 5. LOANS AND ALLOWANCES FOR CREDIT ~~LOSSES of the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS and the Lending Activities section of Item 1. Business in Part I. for further discussion.~~

~~Actual loan losses may be significantly more than the allowances we have established, which would have a materially adverse effect on our financial results.~~57

Comparison of Financial Condition at September 30, 2024 and September 30, 2023

Total assets increased $172.8 million, or 1.0%, to $17.09 billion at September 30, 2024, from $16.92 billion at September 30, 2023. This increase was mainly due to new loan originations exceeding the total of loan sales and principal repayments.

Cash and cash equivalents decreased $3.0 million, or 0.6%, to $463.7 million at September 30, 2024, from $466.7 million at September 30, 2023. Cash is managed to maintain the level of liquidity described later in the Liquidity and Capital Resources section of the Overview.

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~~Investment~~LOSSES ~~securities, all~~ of ~~which~~the ~~are~~NOTES ~~classified~~TO asCONSOLIDATED ~~available~~FINANCIAL ~~for~~STATEMENTS ~~sale,~~and increased $18.0 million, or 3.5%, to $526.3 million at September 30, 2024, from $508.3 million at September 30, 2023. Investment securities increased as $141.7 million in principal repayments were exceeded by the ~~combined~~Lending ~~effect~~Activities section of ~~$133.5~~Item ~~million in purchases and a $26.~~1. ~~million~~Business ~~decrease~~ in ~~net~~Part ~~losses that occurred during the year ended September 30, 2024~~I. ~~There~~for ~~were~~further ~~no sales of investment securities during the year ended September 30, 2024~~discussion.

~~Loans~~Actual ~~held~~credit ~~for~~losses ~~sale~~may ~~increased~~be ~~$14.5~~significantly ~~million,~~more orthan ~~439.4%,~~the toallowances ~~$17.8~~we ~~million~~have ~~at September 30~~established, ~~2024~~which ~~from~~would ~~$3.3~~have ~~million~~a atmaterially ~~September 30,~~adverse ~~2023~~effect ~~due~~on toour anfinancial ~~increase in both loans committed to forward sales and loans identified for future sale~~results.

~~Loans~~Comparison ~~held for investment, net~~ of ~~deferred~~Financial ~~loan~~Condition ~~fees and allowance for credit losses, increased $156.3 million, or 1.0%, to $15.32 billion~~ at September 30, ~~2024,~~2025 ~~from $15.17 billion at September 30, 2023, as new originations~~ and ~~additional draws on existing accounts exceeded loan sales and repayments. There was an $854.8 million increase in the balance of home equity loans and lines of credit during the year ended~~ September 30, 2024, while residential mortgage loans decreased $698.6 million, or 5.8%, to $11.43 billion at September 30, 2024. During the fiscal year ended September 30, 2024, $157.4 million of three- and five-year “Smart Rate” loans were originated, and $696.8 million of 10-, 15-, and 30-year fixed-rate first mortgage loans were originated or purchased. Of the total $854.2 million in first mortgage loans originated and purchased for the fiscal year ended September 30, 2024, 7% were refinance transactions and 93% were purchases, while 18% were adjustable-rate mortgages and 82% were fixed-rate mortgages. Fixed-rate loans with terms of 10 years or less accounted for 1% of total first mortgage loan originations and purchases.

~~Commitments~~Total ~~originated~~assets ~~for~~increased ~~home~~$365.5 ~~equity~~million, ~~lines~~or of2.14%, ~~credit~~to ~~and equity and bridge loans were~~ $217.2846 billion ~~for~~at ~~the year ended~~ September 30, ~~2024~~2025, ~~compared~~from to $117.7009 billion ~~for~~at ~~the year ended~~ September 30, ~~2023~~2024. AtThis ~~September 30,~~increase ~~2024,~~was ~~pending~~mainly ~~commitments~~the toresult ~~originate new home equity lines~~ of ~~credit~~an ~~were~~increase ~~$98.2~~in ~~million~~mortgage ~~and equity and bridge~~ loans ~~were~~held ~~$74.4 million. Refer to the Controlling Our Interest Rate Risk Exposure section of the Overview~~ for ~~additional information~~investment.

~~The~~Cash ~~allowance~~and ~~for~~cash ~~credit~~equivalents ~~losses~~decreased ~~was~~ $9734.83 million, or 07.6440%, ofto ~~total~~$429.4 ~~loans~~million ~~receivable,~~ at September 30, ~~2024~~2025, ~~and~~from ~~included a~~ $27463.87 million ~~liability~~at ~~for unfunded commitments. At~~ September 30, ~~2023,~~2024. ~~the~~Cash ~~allowance~~is ~~for~~managed ~~credit~~to ~~losses~~maintain ~~was~~the ~~$104.8~~level ~~million,~~of orliquidity ~~0.69%~~described oflater ~~total~~in ~~loans~~the ~~receivable~~Liquidity and ~~included~~Capital aResources ~~$27.5~~section ~~million liability for unfunded commitments. Refer to Note 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES~~ of the ~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS for additional discussion~~Overview.

~~The~~Investment ~~amount~~securities, all of ~~FHLB~~which ~~stock~~are ~~owned~~classified as available for sale, decreased $185.6 million, or 71.506%, to $~~228~~520.57 million at September 30, ~~2024~~2025, from $~~247~~526.13 million at September 30, ~~2023~~2024. ~~FHLB~~The ~~stock~~decrease ~~ownership~~was ~~requirements~~due ~~dictate~~to the ~~amount~~combined effect of ~~stock~~cash ~~owned~~flow atfrom ~~any~~security ~~given~~repayments ~~time~~and maturities exceeding purchases during the year ended September 30, 2025. There were no sales of investment securities during the year ended September 30, 2025.

~~Total~~Mortgage ~~bank~~loans ~~owned~~held ~~life~~for ~~insurance~~sale ~~contracts~~ increased $539.9 million, or 224.16%, to $~~318~~57.07 million at September 30, ~~2024~~2025, from $~~312~~17.18 million at September 30, ~~2023~~2024, ~~primarily~~ due to ~~changes~~an increase in ~~cash~~both ~~surrender~~loans ~~value~~committed to forward sales and loans identified for future sale.

~~Deposits~~Loans held for investment, net of deferred loan fees and allowance for credit losses, increased $~~745~~341.3 million, or 72.923%, to $1015.2066 billion at September 30, ~~2024~~2025, from $915.4532 billion at September 30, ~~2023~~2024. ~~The~~During increase in deposits resulted primarily from a $1.37 billion increase in CDs, partially offset by a $469.9 million decrease in savings accounts (consisting of an $153.4 million decrease in money market accounts in the ~~state~~year ofended ~~Florida and a $332.8 million decrease in our high yield savings accounts) and a $153.5 million decrease in interest-bearing checking accounts. The balance of brokered CDs at~~ September 30, ~~2024~~2025, ~~was~~the ~~$1.22~~home ~~billion,~~equity ~~which~~loans isand anlines ~~increase~~ of ~~$54.7~~credit ~~million~~portfolio ~~from~~increased ~~the balance of~~ $1927.160 ~~billion~~million atand ~~September 30,~~residential ~~2023.~~core ~~Based~~mortgage onloans ~~FDIC~~decreased ~~insurance limits by ownership structure, the total uninsured deposits were~~ $~~349~~581.3 million ~~and $322~~.~~5 million at September 30, 2024 and September 30, 2023, respectively.~~

~~Borrowed~~The ~~funds~~changes ~~decreased~~in ~~$480.8~~loans ~~million,~~held orfor ~~9.1%,~~sale toand ~~$4.79~~loans ~~billion~~held atfor ~~September 30,~~investment ~~2024~~were affected by the volume of loans originated, ~~from~~acquired $5and sold.27 ~~billion~~During atthe year ended September 30, ~~2023.~~2025, ~~The~~total ~~decrease~~first ~~was~~mortgage ~~primarily~~loan ~~due~~originations toand ~~borrowings~~acquisitions ~~paid~~were ~~off~~$1.19 atbillion ~~maturity.~~compared ~~The~~to ~~total~~$854.2 ~~balance~~million offor ~~borrowed~~the ~~funds~~year atended September 30, 2024,. ~~all~~Of ~~from~~total ~~the~~residential ~~FHLB,~~mortgage ~~included~~loans ~~$40.0~~originated ~~million~~and ofacquired ~~overnight~~during ~~advances~~the current period, $1.8107 billion of(89.7%) ~~term~~were ~~advances~~purchase ~~with~~transactions ~~a weighted average maturity of approximately 2.0 years,~~ and $2136.933 ~~billion~~million of(11.5%) ~~short-term~~were ~~advances~~adjustable ~~aligned with interest~~ rate ~~swap contracts~~loans. ~~Interest~~Commitments ~~rate~~originated ~~swaps~~for ~~have~~home ~~been~~equity ~~used~~loans toand ~~extend~~lines ~~the~~of ~~duration~~credit ofwere ~~short-term~~$2.52 ~~borrowings~~billion atfor ~~inception~~the byyear ~~paying~~ended aSeptember 30, ~~fixed~~2025, ~~rate~~compared ofto ~~interest~~$2.28 ~~and~~billion ~~receiving~~for athe ~~variable~~year ~~rate~~ended September 30, 2024. Refer to ~~the~~Note ~~Extending~~4. ~~the~~LOANS ~~Duration~~AND ofALLOWANCES ~~Funding~~FOR ~~Sources~~CREDIT ~~section~~LOSSES of the ~~Overview~~NOTES ~~and~~TO ~~Part~~CONSOLIDATED ~~II,~~FINANCIAL ~~Item~~STATEMENTS ~~7A. Quantitative and Qualitative Disclosures About Market Risk~~ for additional ~~discussion regarding short-term borrowings and interest-rate swaps~~information.

~~Borrowers'~~Premises, ~~advances~~equipment ~~for insurance~~ and ~~taxes~~software, ~~decreased~~net increased by $106.8 million, or 920.5%, to $~~113~~40.60 million at September 30, 2025, from $33.2 million at September 30, 2024. This growth was mainly driven by higher software acquisitions, primarily for our upcoming core processing system.

~~from~~Other assets, including prepaid expenses, decreased $~~124~~2.4 million, or 2.10%, to $111.7 million at September 30, ~~2023~~2025, from $114.1 million ~~This~~

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