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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________________

FORM 10-Q

________________________________


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

For the Quarterly Period Ended December 31, 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:

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

________________________________________

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

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 ¨

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 ¨

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" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of February 3, 2026, there were 280,570,799 shares of the Registrant’s common stock, par value $0.01 per share, outstanding, of which 227,119,132 shares, or 80.9% of the Registrant’s common stock, were held by Third Federal Savings and Loan Association of Cleveland, MHC, the Registrant’s mutual holding company.

TFS Financial Corporation

INDEX


		Page

	Glossary of Terms	3

PART l – FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited)

	Consolidated Statements of Condition
	December 31, 2025 and September 30, 2025	4

	Consolidated Statements of Income
	Three Months Ended December 31, 2025 and 2024	5

	Consolidated Statements of Comprehensive Income (Loss)
	Three Months Ended December 31, 2025 and 2024	6

	Consolidated Statements of Shareholders’ Equity
	Three Months Ended December 31, 2025 and 2024	7

	Consolidated Statements of Cash Flows
	Three Months Ended December 31, 2025 and 2024	8

	Notes to Unaudited Interim Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	57

Item 4.	Controls and Procedures	60

Part II — OTHER INFORMATION

Item 1.	Legal Proceedings	61

Item 1A.	Risk Factors	61

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61

Item 3.	Defaults Upon Senior Securities	61

Item 4.	Mine Safety Disclosures	61

Item 5.	Other Information	62

Item 6.	Exhibits	62

SIGNATURES		63

Table of Contents

GLOSSARY OF TERMS

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


ACL: Allowance for Credit Losses			FHFA: Federal Housing Finance Agency
AOCI: Accumulated Other Comprehensive Income			FHLB: Federal Home Loan Bank
ARM: Adjustable Rate Mortgage			FICO: Fair Isaac Corporation
ASC: Accounting Standards Codification			FRB-Cleveland: Federal Reserve Bank of Cleveland
ASU: Accounting Standards Update			Freddie Mac: Federal Home Loan Mortgage Corporation
Association: Third Federal Savings and Loan			FRS: Board of Governors of the Federal Reserve System
Association of Cleveland			GAAP: Generally Accepted Accounting Principles
BOLI: Bank Owned Life Insurance			Ginnie Mae: Government National Mortgage Association
CDs: Certificates of Deposit			GVA: General Valuation Allowances
CECL: Current Expected Credit Losses			HPI: Home Price Index
CET1: Common Equity Tier 1			IRR: Interest Rate Risk
CFPB: Consumer Financial Protection Bureau			IVA: Individual Valuation Allowance
CLTV: Combined Loan-to-Value			LIHTC: Low Income Housing Tax Credit
CODM: Chief Operating Decision Maker			LTV: Loan-to-Value
Company: TFS Financial Corporation and its subsidiaries			NII: Net Interest Income
DFA: Dodd-Frank Wall Street Reform and Consumer			OCC: Office of the Comptroller of the Currency
Protection Act			OCI: Other Comprehensive Income
DIF: Deposit Insurance Fund			PCAOB: Public Company Accounting Oversight Board
EPS: Earnings per Share			REMICs: Real Estate Mortgage Investment Conduits
ESOP: Third Federal Employee (Associate) Stock			REO: Real Estate Owned
Ownership Plan			SEC: United States Securities and Exchange Commission
EVE: Economic Value of Equity			TDR: Troubled Debt Restructuring
Fannie Mae: Federal National Mortgage Association			Third Federal Savings, MHC: Third Federal Savings
FASB: Financial Accounting Standards Board			and Loan Association of Cleveland, MHC
FDIC: Federal Deposit Insurance Corporation

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Item 1. Financial Statements

TFS FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION (unaudited)

(In thousands, except share data)


	December 31, 2025		September 30, 2025
ASSETS
Cash and due from banks	$	26,722	$	24,176
Other interest-earning cash equivalents	429,987		405,263
Cash and cash equivalents	456,709		429,439
Investment securities available for sale (amortized cost $473,754 and $542,197, respectively)	454,493		520,659


Mortgage loans held for sale ($11,365 and $22,861 measured at fair value, respectively)	14,440		57,662
Loans held for investment, net:
Mortgage loans	15,737,840		15,659,460
Other loans	8,515		8,153
Deferred loan expenses, net	70,317		69,943
Allowance for credit loss on loans	(74,984)		(74,244)
Loans, net	15,741,688		15,663,312
Mortgage loan servicing rights, net	8,828		8,549
Federal Home Loan Bank stock, at cost	234,027		235,363
Real estate owned, net	1,975		1,921
Premises, equipment, and software, net	40,446		40,022
Accrued interest receivable	60,295		62,553
Bank owned life insurance contracts	327,337		325,149
Other assets	158,445		111,687
TOTAL ASSETS	$	17,498,683	$	17,456,316
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$	10,372,075	$	10,446,968
Borrowed funds	4,939,835		4,870,219
Borrowers’ advances for insurance and taxes	133,606		113,168
Principal, interest, and related escrow owed on loans serviced	42,256		30,328
Accrued expenses and other liabilities	109,946		101,709
Total liabilities	15,597,718		15,562,392
Commitments and contingent liabilities
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding	—		—
Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 280,624,799 and 280,590,497 outstanding at December 31, 2025 and September 30, 2025, respectively	3,323		3,323
Paid-in capital	1,756,360		1,757,813
Treasury stock, at cost; 51,693,951 and 51,728,253 shares at December 31, 2025 and September 30, 2025, respectively	(774,311)		(774,340)
Unallocated ESOP shares	(17,334)		(18,417)
Retained earnings—substantially restricted	954,158		946,776
Accumulated other comprehensive income (loss)	(21,231)		(21,231)
Total shareholders’ equity	1,900,965		1,893,924
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	17,498,683	$	17,456,316

See accompanying notes to unaudited interim consolidated financial statements.

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TFS FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(In thousands, except share and per share data)


	For the Three Months Ended
	December 31,
		2025		2024
INTEREST AND DIVIDEND INCOME:
Loans, including fees		$	184,946	$	172,152
Investment securities available for sale		4,241		4,455

Other interest and dividend earning assets		8,585		10,161
Total interest and dividend income		197,772		186,768
INTEREST EXPENSE:
Deposits		79,203		77,942
Borrowed funds		42,889		40,498
Total interest expense		122,092		118,440
NET INTEREST INCOME		75,680		68,328
PROVISION (RELEASE) FOR CREDIT LOSSES		(1,000)		(1,500)
NET INTEREST INCOME AFTER PROVISION (RELEASE) FOR CREDIT LOSSES		76,680		69,828
NON-INTEREST INCOME:
Fees and service charges, net of amortization		2,512		2,224
Net gain on the sale of loans		2,329		1,115
Increase in and death benefits from bank owned life insurance contracts		2,764		2,682

Other		443		482
Total non-interest income		8,048		6,503
NON-INTEREST EXPENSE:
Salaries and employee benefits		30,488		26,606
Marketing services		6,239		3,654
Office property, equipment and software		7,756		6,844
Federal insurance premium and assessments		3,247		3,585
State franchise tax		1,067		1,047
Other expenses		7,433		6,205
Total non-interest expense		56,230		47,941
INCOME BEFORE INCOME TAXES		28,498		28,390
INCOME TAX EXPENSE		6,224		5,964
NET INCOME		$	22,274	$	22,426
Earnings per share—basic and diluted		$	0.08	$	0.08
Weighted average shares outstanding
Basic		278,754,792		278,538,110
Diluted		279,908,875		279,578,652

See accompanying notes to unaudited interim consolidated financial statements.

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TFS FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)

(In thousands)


	For the Three Months Ended
	December 31,
		2025		2024
Net income		$	22,274	$	22,426
Other comprehensive income (loss), net of tax:
Net change in unrealized gain on securities available for sale		1,845		(5,503)
Net change in cash flow hedges		(1,901)		47,924
Net change in defined benefit plan obligation		56		—
Total other comprehensive income (loss)		—		42,421
Total comprehensive income		$	22,274	$	64,847

See accompanying notes to unaudited interim consolidated financial statements.

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TFS FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited)

(In thousands, except share and per share data)


	For the Three Months Ended December 31, 2024
	Common stock		Paid-in capital		Treasury stock		Unallocated common stock held by ESOP		Retained earnings		Accumulated other comprehensive income (loss)		Total shareholders’ equity
Balance at September 30, 2024	$	3,323	$	1,754,365	$	(772,195)	$	(22,750)	$	915,489	$	(15,608)	$	1,862,624

Net income	—		—		—		—		22,426		—		22,426
Other comprehensive income (loss), net of tax	—		—		—		—		—		42,421		42,421
ESOP shares allocated or committed to be released	—		361		—		1,083		—		—		1,444
Compensation costs for equity incentive plans	—		905		—		—		—		—		905

Treasury stock allocated to equity incentive plan	—		(1,390)		623		—		—		—		(767)
Dividends declared to common shareholders ($0.2825 per common share)	—		—		—		—		(14,776)		—		(14,776)
Balance at December 31, 2024	$	3,323	$	1,754,241	$	(771,572)	$	(21,667)	$	923,139	$	26,813	$	1,914,277


	For the Three Months Ended December 31, 2025
	Common stock		Paid-in capital		Treasury stock		Unallocated common stock held by ESOP		Retained earnings		Accumulated other comprehensive income (loss)		Total shareholders’ equity
Balance at September 30, 2025	$	3,323	$	1,757,813	$	(774,340)	$	(18,417)	$	946,776	$	(21,231)	$	1,893,924

Net income	—		—		—		—		22,274		—		22,274
Other comprehensive income (loss), net of tax	—		—		—		—		—		—		—
ESOP shares allocated or committed to be released	—		401		—		1,083		—		—		1,484
Compensation costs for equity incentive plans	—		1,170		—		—		—		—		1,170
Purchase of treasury stock (139,442 shares)	—		—		(1,905)		—		—		—		(1,905)
Treasury stock allocated to equity incentive plan	—		(3,024)		1,934		—		—		—		(1,090)
Dividends declared to common shareholders ($0.2825 per common share)	—		—		—		—		(14,892)		—		(14,892)
Balance at December 31, 2025	$	3,323	$	1,756,360	$	(774,311)	$	(17,334)	$	954,158	$	(21,231)	$	1,900,965

See accompanying notes to unaudited interim consolidated financial statements.

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TFS FINANCIAL CORPORATION AND SUBSIDIARIES

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


	For the Three Months Ended December 31,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	22,274	$	22,426
Adjustments to reconcile net income to net cash provided by operating activities:
ESOP and stock-based compensation expense	2,654		2,349
Depreciation and amortization	6,257		5,309
Deferred income taxes	(103)		(10)
Provision (release) for credit losses	(1,000)		(1,500)
Net gain on the sale of loans	(2,329)		(1,115)
Other net losses (gains)	101		(19)
Proceeds from sales of loans originated as held for sale	32,452		34,970
Loan originations, acquisitions and principal repayments on loans held for sale	(17,212)		(22,716)
Increase in bank owned life insurance contracts	(2,603)		(2,548)
Net decrease in interest receivable and other assets	6,456		10,109
Net increase (decrease) in accrued expenses and other liabilities	11,801		(1,710)

Net cash provided by operating activities	58,748		45,545
CASH FLOWS FROM INVESTING ACTIVITIES:
Loans originated	(983,320)		(799,167)
Principal repayments on loans	840,178		733,146
Proceeds from sales, principal repayments and maturities of:
Securities available for sale	86,217		97,225

Proceeds from sale of:
Loans	89,479		47,802
Real estate owned	—		193
FHLB stock	11,695		4,522

Purchases of:

FHLB stock	(10,359)		—
Securities available for sale	(18,027)		(86,098)
Premises and equipment	(1,662)		(637)
Other	(231)		289
Net cash provided by (used in) investing activities	13,970		(2,725)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposits	(76,763)		14,431
Net increase in borrowers' advances for insurance and taxes	20,438		26,374
Net increase in principal and interest owed on loans serviced	11,928		10,665
Net (decrease) increase in short-term borrowed funds	(28,000)		41,000
Net increase in Fed Funds purchased	150,000		—
Proceeds from long-term borrowed funds	50,000		—
Repayment of long-term borrowed funds	(100,560)		(175,673)
Cash collateral/settlements (provided to) received from derivative counterparties	(54,391)		58,260
Acquisition or net settlement of treasury shares	(2,988)		(767)
Dividends paid to common shareholders	(15,112)		(14,897)
Net cash used in financing activities	(45,448)		(40,607)
NET INCREASE IN CASH AND CASH EQUIVALENTS	27,270		2,213
CASH AND CASH EQUIVALENTS—Beginning of period	429,439		463,718
CASH AND CASH EQUIVALENTS—End of period	$	456,709	$	465,931
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest on deposits	$	77,621	$	82,841
Cash paid for interest on borrowed funds	50,847		54,439
Cash paid (received) for interest on interest rate swaps	(8,492)		(18,173)
Cash paid for income taxes	200		113
SUPPLEMENTAL SCHEDULES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Transfer of loans to real estate owned	155		—
Transfer of loans from held for investment to held for sale	67,471		43,702
Transfer of loans from held for sale to held for investment	7,427		1,327
Treasury stock issued for stock benefit plans	3,024		1,390

See accompanying notes to unaudited interim consolidated financial statements.

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TFS FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands unless otherwise indicated)

1.BASIS OF PRESENTATION

TFS Financial Corporation, a federally chartered stock holding company, conducts its principal activities through its wholly owned subsidiaries. The principal line of business of the Company is retail consumer banking, including mortgage lending, deposit gathering, and other financial services. As of December 31, 2025, approximately 80.9% of the Company’s outstanding shares were owned by the federally chartered mutual holding company, Third Federal Savings, MHC. The thrift subsidiary of TFS Financial Corporation is Third Federal Savings and Loan Association of Cleveland.

The accounting and financial reporting policies followed by the Company conform in all material respects to U.S. GAAP and to general practices in the financial services industry. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for credit losses, the valuation of deferred tax assets, and the determination of pension obligations are particularly subject to change.

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

In accordance with SEC Regulation S-X for interim financial information, these financial statements do not include certain information and footnote disclosures required for complete audited financial statements. The Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025, contains audited consolidated financial statements and related notes, which should be read in conjunction with the accompanying interim consolidated financial statements. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2026, or for any other period.

Per ASC 606, Revenue from Contracts with Customers, an entity is required to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Three of the Company's revenue streams within scope of Topic 606 are the sales of REO, interchange income, and deposit account and other transaction-based service fee income. Those streams are not material to the Company's consolidated financial statements and therefore quantitative information regarding these streams is not disclosed.

The Company operates as a single reportable segment that derives revenues primarily from providing residential mortgage loans and deposit products to customers in the United States. The Company's CODM is the CEO, who regularly assesses performance on a consolidated basis and decides how to allocate resources based on net income as reported in the Company's CONSOLIDATED STATEMENTS OF INCOME. The CODM uses net income to evaluate income generated from segment assets (return on assets), compare performance to peer banks and monitor budget-to-actual results. The CODM is also regularly provided with, and reviews, expense information at a level consistent with that disclosed in the Company's consolidated financial statements, including its significant expense categories, such as interest expense, provisions for credit losses, salaries, employee benefits and marketing expense. As the Company consists of one reportable segment, the segment assets are reflected on the CONSOLIDATED STATEMENTS OF CONDITION as "total assets".

2.EARNINGS PER SHARE

Basic EPS represents the earnings available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. For purposes of computing EPS amounts, outstanding shares include shares held by the public, shares held by the ESOP that have been allocated to participants or committed to be released for allocation to participants, and the 227,119,132 shares held by Third Federal Savings, MHC. For purposes of computing dilutive EPS, stock options and restricted and performance share units with a dilutive impact are added to the outstanding shares used in the basic EPS calculation. Unvested shares awarded pursuant to the Company's restricted stock plans are treated as participating securities in the computation of EPS pursuant to the two-class method as they contain nonforfeitable rights to dividends. The two-class method is an earnings allocation that determines EPS for each class of common stock and

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participating security. Performance share units, determined to be contingently issuable and not participating securities, are excluded from the calculation of basic EPS. At December 31, 2025 and 2024, the ESOP held 1,733,356 and 2,166,696 shares, respectively, that were neither allocated to participants nor committed to be released to participants.

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


	For the Three Months Ended December 31,
	2025					2024
	Income		Shares	Per share amount		Income		Shares	Per share amount
	(Dollars in thousands, except per share data)
Net income	$	22,274				$	22,426
Less: income allocated to restricted stock units	364					353
Basic earnings per share:
Income available to common shareholders	21,910		278,754,792	$	0.08	22,073		278,538,110	$	0.08
Diluted earnings per share:
Effect of dilutive potential common shares			1,154,083					1,040,542
Income available to common shareholders	$	21,910	279,908,875	$	0.08	$	22,073	279,578,652	$	0.08

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


	For the Three Months Ended December 31,
		2025	2024
Options to purchase shares		701,175	1,513,175
Restricted and performance stock units		849,400	20,000

3.INVESTMENT SECURITIES

Investments available for sale are summarized in the tables below.


	December 31, 2025
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
REMICs	$	458,680	$	1,891	$	(21,320)	$	439,251
Fannie Mae certificates	2,595		97		(3)		2,689
Freddie Mac certificates	8,470		151		(17)		8,604
U.S. government and agency obligations	4,009		—		(60)		3,949
Total	$	473,754	$	2,139	$	(21,400)	$	454,493


	September 30, 2025
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
REMICs	$	477,058	$	2,028	$	(23,718)	$	455,368
Fannie Mae certificates	2,624		98		(3)		2,719
Freddie Mac certificates	8,474		162		(19)		8,617
U.S. government and agency obligations	54,041		4		(90)		53,955
Total	$	542,197	$	2,292	$	(23,830)	$	520,659

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At December 31, 2025 and September 30, 2025, investment securities included $0 and $50,032, respectively, of U.S. government obligations pledged as collateral on the Company's open swap positions to meet margin requirements established by the clearing organization. Accrued interest on investment securities is $1,461 and $2,556 at December 31, 2025 and September 30, 2025, respectively, and is reported in accrued interest receivable on the CONSOLIDATED STATEMENTS OF CONDITION.

The following is a summary of the Company's securities portfolio by the period remaining until contractual maturity and by weighted average yield at December 31, 2025 and September 30, 2025. Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or early redemptions that may occur. Weighted average yields are not presented on a tax-equivalent basis and are calculated by multiplying each carry value by its yield and dividing the sum of these results by the total carry values. The Company did not hold any tax-exempt securities at December 31, 2025 or September 30, 2025.


	December 31, 2025						September 30, 2025
	Amortized Cost		Fair Value		Weighted Average Yield		Amortized Cost		Fair Value		Weighted Average Yield
Due in one year or less	$	4,137	$	4,076	1.13	%	$	54,131	$	54,045	4.08	%
Due after one to five years	872		866		3.29		760		759		3.49
Due after five to ten years	33,593		33,480		3.81		35,600		35,344		3.78
Ten years or greater	435,152		416,071		3.34		451,706		430,511		3.45
Total	$	473,754	$	454,493	3.35	%	$	542,197	$	520,659	3.54	%

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


	December 31, 2025
	Less Than 12 Months				12 Months or More				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Available for sale—
REMICs	$	22,994	$	30	$	259,909	$	21,290	$	282,903	$	21,320
Fannie Mae certificates	—		—		100		3		100		3
Freddie Mac certificates	—		—		1,115		17		1,115		17
U.S. government and agency obligations	—		—		3,949		60		3,949		60
Total	$	22,994	$	30	$	265,073	$	21,370	$	288,067	$	21,400


	September 30, 2025
	Less Than 12 Months				12 Months or More				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Available for sale—
REMICs	$	18,513	$	122	$	269,958	$	23,596	$	288,471	$	23,718
Fannie Mae certificates	—		—		100		3		100		3
Freddie Mac certificates	—		—		1,115		19		1,115		19
U.S. government and agency obligations	—		—		3,923		90		3,923		90
Total	$	18,513	$	122	$	275,096	$	23,708	$	293,609	$	23,830

The unrealized losses on investment securities are primarily attributable to increases in market interest rates since the dates of acquisition. The investment portfolio is comprised entirely of securities issued by U.S. government entities and agencies, which supports an expectation of no credit loss estimates since principal and interest payments due on these securities carry the full faith and credit guaranty of the U.S. government. In addition, the U.S. Treasury Department has established

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

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

4.LOANS AND ALLOWANCE FOR CREDIT LOSSES

LOAN PORTFOLIOS

Loans held for investment consist of the following:


	December 31, 2025		September 30, 2025
Real estate loans:
Residential Core	$	10,649,895	$	10,803,813
Residential Home Today	34,772		35,933
Home equity lines of credit	4,238,904		4,062,798
Home equity loans	809,425		749,548
Construction	12,928		12,302
Real estate loans	15,745,924		15,664,394
Other loans	8,515		8,153
Add (deduct):
Deferred loan expenses, net	70,317		69,943
Loans in process	(8,084)		(4,934)
Allowance for credit losses on loans	(74,984)		(74,244)
Loans held for investment, net	$	15,741,688	$	15,663,312

Loans held for investment are carried at amortized cost, which includes outstanding principal balance adjusted for any unamortized premiums or discounts, net of deferred fees and expenses and any applicable loans-in-process. Accrued interest is $58,816 and $59,980 as of December 31, 2025 and September 30, 2025, respectively, and is reported in accrued interest receivable on the CONSOLIDATED STATEMENTS OF CONDITION.

A large concentration of the Company’s lending is in Ohio and Florida. At December 31, 2025 and September 30, 2025, the percentage of aggregate Residential Core, Residential Home Today and Construction loans secured by properties in Ohio was 59% at both dates, and the percentage of those loans secured by properties in Florida was 17% at both dates. As of December 31, 2025 and September 30, 2025, home equity lines of credit were concentrated in Ohio (22% at both dates), Florida (21% at both dates), and California (17% at both dates), and home equity loans were concentrated in Ohio (23% at both dates), Florida (20% and 22%, respectively), and California (18% at both dates).

Residential Core mortgage loans represent the largest portion of the residential real estate portfolio. The Company believes overall credit risk is low based on the nature, composition, collateral, products, lien position and historical performance of the portfolio. The portfolio does not include loan types or structures that have experienced severe performance problems at other financial institutions (sub-prime, no documentation or pay-option adjustable-rate mortgages). The portfolio contains "Smart Rate" adjustable-rate mortgage loans whereby the interest rate is locked initially for three or five years then resets annually, subject to periodic rate adjustments caps and various re-lock options available to the borrower. Although the borrower is qualified for its loan at a higher rate than the initial rate offered, the adjustable-rate feature may impact a borrower's ability to afford the higher payments upon rate reset during periods of rising interest rates while this repayment risk may be reduced in a declining or low rate environment. With limited historical loss experience compared to other types of loans in the portfolio, judgment is required by management in assessing the allowance required on adjustable-rate mortgage loans. The principal amount of adjustable-rate mortgage loans included in the Residential Core portfolio was $3,830,476 and $3,944,540 at December 31, 2025 and September 30, 2025, respectively.

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Home Today was an affordable housing program targeted to benefit low- and moderate-income home buyers. Most loans under the program were originated prior to 2009. No new loans were originated under the Home Today program after 2016. Home Today loans have greater credit risk than traditional residential real estate mortgage 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%.

Other loans are comprised of loans secured by certificate of deposit accounts, which are fully secured and recoverable in the event of non-payment, and forgivable down payment assistance loans, which are unsecured loans used as down payment assistance to borrowers qualified through partner housing agencies. The Company records a liability for the down payment assistance loans which are forgiven in equal increments over a pre-determined term, subject to residency requirements.

Loans held for sale include loans originated or acquired with the intent to sell which are generally priced in alignment with secondary market pricing and may be subject to loan level pricing adjustments. Additionally, loans originated or acquired for the held for investment portfolio may later be identified for sale and transferred to the held for sale portfolio, which may include loans originated or acquired within the parameters of programs established by Fannie Mae. During the three months ended December 31, 2025 and December 31, 2024, reclassifications to the held for sale portfolio included loans that were sold during the period, including those in contracts pending settlement at the end of the period, and loans originated for the held for investment portfolio that were later identified for sale. At December 31, 2025 and September 30, 2025, mortgage loans held for sale totaled $14,440 and $57,662, respectively. During the three months ended December 31, 2025, the principal balance of loans sold, according to trade date, was $109,631 (including loans in contracts pending settlement) compared to $72,031 (including loans in contracts pending settlement) during the three months ended December 31, 2024. During the three months ended December 31, 2025, the amortized cost of loans originated as held for sale that were subsequently transferred to the held for investment portfolio was $7,427, compared to $1,327 during the three months ended December 31, 2024.

DELINQUENCY and NON-ACCRUAL

An aging analysis of the amortized cost in loan receivables that are past due at December 31, 2025 and September 30, 2025, is summarized in the following tables. When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due, regardless of the number of days in each month.


	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total
December 31, 2025
Real estate loans:
Residential Core	$	7,841	$	2,339	$	10,461	$	20,641	$	10,655,822	$	10,676,463
Residential Home Today	845		354		714		1,913		32,410		34,323
Home equity lines of credit	5,406		1,406		5,075		11,887		4,265,053		4,276,940
Home equity loans	904		487		1,072		2,463		813,221		815,684
Construction	—		—		—		—		4,747		4,747
Total real estate loans	14,996		4,586		17,322		36,904		15,771,253		15,808,157
Other loans	—		—		—		—		8,515		8,515
Total	$	14,996	$	4,586	$	17,322	$	36,904	$	15,779,768	$	15,816,672

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	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total
September 30, 2025
Real estate loans:
Residential Core	$	6,494	$	2,855	$	10,470	$	19,819	$	10,810,686	$	10,830,505
Residential Home Today	752		266		560		1,578		33,893		35,471
Home equity lines of credit	4,791		1,382		5,296		11,469		4,089,196		4,100,665
Home equity loans	511		339		935		1,785		753,705		755,490
Construction	—		—		—		—		7,272		7,272
Total real estate loans	12,548		4,842		17,261		34,651		15,694,752		15,729,403
Other loans	—		—		—		—		8,153		8,153
Total	$	12,548	$	4,842	$	17,261	$	34,651	$	15,702,905	$	15,737,556

Loans are placed in non-accrual status when they are contractually 90 days or more past due. The number of days past due is determined by the number of scheduled payments that remain unpaid, assuming a period of 30 days between each scheduled payment. Loans with a partial charge-off are placed in non-accrual and will remain in non-accrual status until, at a minimum, the loss is recovered. 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 modified with a high debt-to-income ratio, per the Company's modification policy, at the time of modification are placed in non-accrual status for a minimum of 12 months. Additionally, home equity loans and lines of credit where the customer has a severely delinquent first mortgage loan (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.

The amortized cost of loan receivables in non-accrual status is summarized in the following table. Non-accrual with no ACL describes non-accrual loans which have no quantitative allowance, primarily because they have already been subject to collateral review and any required charge-offs have been taken, but may be included in consideration of qualitative allowance factors. There are no loans 90 or more days past due and still accruing at December 31, 2025 or September 30, 2025.


	December 31, 2025				September 30, 2025
	Non-accrual with No ACL		Total Non-accrual		Non-accrual with No ACL		Total Non-accrual
Real estate loans:
Residential Core	$	19,214	$	23,293	$	18,861	$	23,041
Residential Home Today	2,774		2,868		2,858		3,032
Home equity lines of credit	9,348		10,949		10,071		11,141
Home equity loans	1,657		1,864		1,280		1,492

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

At December 31, 2025 and September 30, 2025, the amortized cost in non-accrual loans includes $21,657 and $21,458, respectively, which are performing according to the terms of their agreement, of which $13,872 and $13,843, respectively, are loans in Chapter 7 bankruptcy status, primarily where all borrowers have filed, and have not reaffirmed or been dismissed. At December 31, 2025 and September 30, 2025, real estate loans include $12,453 and $9,918, respectively, of loans that were in the process of foreclosure.

Interest on loans in accrual status is recognized in interest income as it accrues on a daily basis. Accrued interest on loans in non-accrual status is written off by a charge to interest income and income is subsequently recognized only to the extent cash payments are received. The Company has elected not to measure an allowance for credit losses on accrued interest receivable amounts since amounts are written off timely. Cash payments on loans in non-accrual status are applied to the oldest scheduled, unpaid payment first. The amount of interest income recognized on non-accrual loans was $285 for the three months ended December 31, 2025, and $236 for the three months ended December 31, 2024, respectively. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a modification when collection of remaining amounts due is considered probable. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a

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

ALLOWANCE FOR CREDIT LOSSES

The allowance for credit losses represents the estimate of lifetime losses in the loan portfolio and unfunded loan commitments. The allowance is estimated at each reporting date using relevant available information relating to past events, current conditions and reasonable and supportable forecasts. The Company utilizes loan level regression models with forecasted economic data to derive the probability of default and loss given default factors. These factors are used to calculate the loan level credit loss over a 24-month period with an immediate reversion to historical mean loss rates for the remaining life of the loans.

Historical credit loss experience provides the basis for the estimation of expected credit losses. Qualitative adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency status or likely recovery of previous loan charge-offs. Qualitative adjustments for expected changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors, are recognized when forecasted economic data used in the model differs from management's view or contains a significant level of uncertainty. Identifiable model limitations may also lead to qualitative adjustments, such as those made to reflect the expected recovery of loan amounts previously charged-off, beyond what the model is able to project. The qualitative adjustments resulted in a negative ending balance on the allowance for credit losses for the Home Today portfolio, where recoveries are expected to exceed charge-offs over the remaining life of that portfolio. The net qualitative adjustment at December 31, 2025, was a reduction to the allowance for credit losses of $1,195, compared to a reduction of $1,801 at September 30, 2025. Qualitative adjustments are evaluated quarterly, at a minimum, based on current facts and circumstances.

Partial or full charge-offs are recognized for the amount of credit losses on loans when the borrower is experiencing financial difficulty. Charge-offs are taken when:

•For residential mortgage loans, payments are at least 150 days delinquent, but no later than 180 days delinquent;

•For home equity loans and lines of credit and modified residential loans, payments are greater than 90 days delinquent;

•For all classes of loan modifications with a high debt-to-income ratio at time of modification;

•For all classes of loans, a sheriff sale is scheduled within 60 days to sell the collateral securing the loan;

•For all classes of loans, all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy;

•For all classes of loans, within 60 days of notification, all borrowers obligated on the loan have filed Chapter 7 bankruptcy and have not reaffirmed or been dismissed;

•For all classes of loans, a borrower obligated on a loan has filed bankruptcy and the loan is greater than 30 days delinquent; and

•For all classes of loans, it becomes evident that a loss is probable.

Charge-offs on residential mortgage loans, home equity loans and lines of credit, and construction loans are also recognized when triggering events, such as foreclosure actions, short sales, or deeds accepted in lieu of repayment, result in less than full repayment of the amortized cost in the loans.

For all classes of 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. Factors considered in determining that a loan is collateral-dependent may include the deteriorating financial condition of the borrower, indicated by missed or delinquent payments, or a pending legal action, such as bankruptcy or foreclosure.

Collateral-dependent residential mortgage loans and construction loans are charged-off to the extent the amortized cost in the loan, net of anticipated mortgage insurance claims, exceeds the fair value, less estimated costs to dispose of the underlying property. Management can determine if the loan is uncollectible for reasons such as foreclosures exceeding a reasonable time frame and recommend a full charge-off. Home equity loans or lines of credit are charged-off to the extent the amortized cost in the loan plus the balance of any senior liens exceeds the fair value, less estimated costs to dispose of the underlying property, or management determines the collateral is not sufficient to satisfy the loan. A loan in any portfolio identified as collateral-dependent will continue to be reported as such until it is no longer considered collateral-dependent, is less than 30 days past due and does not have a prior charge-off. A loan in any portfolio that has a partial charge-off will continue to be individually evaluated for credit loss until, at a minimum, the loss has been recovered.

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Activity in the allowance for credit losses by portfolio segment is summarized as follows. See Note 11. LOAN COMMITMENTS AND CONTINGENT LIABILITIES for further details on the allowance for unfunded commitments.


	For the Three Months Ended December 31, 2025
	Beginning Balance		Provisions (Releases)		Charge-offs		Recoveries		Ending Balance
Real estate loans:
Residential Core	$	39,939	$	(1,728)	$	(15)	$	169	$	38,365
Residential Home Today	(2,438)		(150)		(36)		485		(2,139)
Home equity lines of credit	22,069		756		(260)		480		23,045
Home equity loans	14,645		1,181		(137)		12		15,701
Construction	29		(17)		—		—		12
Total real estate loans	$	74,244	$	42	$	(448)	$	1,146	$	74,984
Total Unfunded Loan Commitments (1)	$	30,116	$	(1,042)	$	—	$	—	$	29,074
Total Allowance for Credit Losses	$	104,360	$	(1,000)	$	(448)	$	1,146	$	104,058

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


	For the Three Months Ended December 31, 2024
	Beginning Balance		Provisions (Releases)		Charge-offs		Recoveries		Ending Balance
Real estate loans:
Residential Core	$	44,402	$	(2,444)	$	(1)	$	519	$	42,476
Residential Home Today	(2,672)		(336)		—		479		(2,529)
Home equity lines of credit	16,590		1,162		(316)		758		18,194
Home equity loans	11,642		724		—		9		12,375
Construction	40		3		—		—		43
Total real estate loans	$	70,002	$	(891)	$	(317)	$	1,765	$	70,559
Total Unfunded Loan Commitments (1)	$	27,811	$	(609)	$	—	$	—	$	27,202
Total Allowance for Credit Losses	$	97,813	$	(1,500)	$	(317)	$	1,765	$	97,761

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CLASSIFIED LOANS

The following tables provide the amortized cost and information about the credit quality of residential loan receivables by an internally assigned grade as of the dates presented. Revolving loans reported at amortized cost include home equity lines of credit currently in their draw period. Revolving loans converted to term are home equity lines of credit that are in repayment. Loans, or the portions of loans, classified as loss are fully charged-off in the period in which they are determined to be uncollectible; therefore they are not included in the following tables. No Home Today loans are classified Special Mention and all construction loans are classified Pass for both periods presented.


													Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term
	By fiscal year of origination
	2026		2025		2024		2023		2022		Prior						Total
December 31, 2025
Real estate loans:
Residential Core
Pass	$	261,832	$	665,391	$	443,269	$	1,332,395	$	2,595,383	$	5,347,634	$	—	$	—	$	10,645,904
Special Mention	—		—		—		—		—		577		—		—		577
Substandard	—		—		157		1,313		4,425		24,087		—		—		29,982
Total Residential Core	261,832		665,391		443,426		1,333,708		2,599,808		5,372,298		—		—		10,676,463
Residential Home Today (1)
Pass	—		—		—		—		—		31,051		—		—		31,051

Substandard	—		—		—		—		—		3,272		—		—		3,272
Total Residential Home Today	—		—		—		—		—		34,323		—		—		34,323
Home equity lines of credit
Pass	—		—		—		—		—		—		4,204,294		51,558		4,255,852
Special Mention	—		—		—		—		—		—		5,932		269		6,201
Substandard	—		—		—		—		—		—		10,165		4,722		14,887
Total Home equity lines of credit	—		—		—		—		—		—		4,220,391		56,549		4,276,940
Home equity loans
Pass	118,375		290,501		218,667		117,346		40,945		26,205		—		—		812,039
Special Mention	—		248		423		499		47		9		—		—		1,226
Substandard	—		180		317		1,404		241		277		—		—		2,419
Total Home equity loans	118,375		290,929		219,407		119,249		41,233		26,491		—		—		815,684



Total Construction	1,268		3,479		—		—		—		—		—		—		4,747
Total real estate loans
Pass	381,475		959,371		661,936		1,449,741		2,636,328		5,404,890		4,204,294		51,558		15,749,593
Special Mention	—		248		423		499		47		586		5,932		269		8,004
Substandard	—		180		474		2,717		4,666		27,636		10,165		4,722		50,560
Total real estate loans	$	381,475	$	959,799	$	662,833	$	1,452,957	$	2,641,041	$	5,433,112	$	4,220,391	$	56,549	$	15,808,157

(1) No new originations of Home Today loans since fiscal year 2016.

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													Revolving Loans Amortized Cost Basis		Revolving Loans Converted To Term
	By fiscal year of origination
	2025		2024		2023		2022		2021		Prior						Total
September 30, 2025
Real estate loans:
Residential Core
Pass	$	757,380	$	468,343	$	1,373,019	$	2,660,389	$	1,626,170	$	3,914,125	$	—	$	—	$	10,799,426
Special Mention	—		—		—		—		—		666		—		—		666
Substandard	—		161		2,024		4,000		3,040		21,188		—		—		30,413
Total Residential Core	757,380		468,504		1,375,043		2,664,389		1,629,210		3,935,979		—		—		10,830,505
Residential Home Today (1)
Pass	—		—		—		—		—		31,936		—		—		31,936

Substandard	—		—		—		—		—		3,535		—		—		3,535
Total Residential Home Today	—		—		—		—		—		35,471		—		—		35,471
Home equity lines of credit
Pass	—		—		—		—		—		—		4,028,977		51,726		4,080,703
Special Mention	—		—		—		—		—		—		4,679		370		5,049
Substandard	—		—		—		—		—		—		9,678		5,235		14,913
Total Home equity lines of credit	—		—		—		—		—		—		4,043,334		57,331		4,100,665
Home equity loans
Pass	317,633		236,210		126,622		43,623		13,831		14,336		—		—		752,255
Special Mention	197		538		173		113		—		25		—		—		1,046
Substandard	155		324		1,199		227		106		178		—		—		2,189
Total Home equity loans	317,985		237,072		127,994		43,963		13,937		14,539		—		—		755,490



Total Construction	4,998		2,274		—		—		—		—		—		—		7,272
Total real estate loans
Pass	1,080,011		706,827		1,499,641		2,704,012		1,640,001		3,960,397		4,028,977		51,726		15,671,592
Special Mention	197		538		173		113		—		691		4,679		370		6,761
Substandard	155		485		3,223		4,227		3,146		24,901		9,678		5,235		51,050
Total real estate loans	$	1,080,363	$	707,850	$	1,503,037	$	2,708,352	$	1,643,147	$	3,985,989	$	4,043,334	$	57,331	$	15,729,403

(1) No new originations of Home Today loans since fiscal year 2016.

The following table presents gross charge-offs of residential loan receivables recorded during the fiscal year-to-date periods presented. There were no gross charge-offs in the construction loan portfolios for the periods presented.


	For the Three Months Ended December 31, 2025
	By fiscal year of origination												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term
	2026		2025		2024		2023		2022		Prior						Total
Real estate loans:
Residential Core	$	—	$	—	$	—	$	—	$	—	$	15	$	—	$	—	$	15
Residential Home Today	—		—		—		—		—		36		—		—		36
Home equity lines of credit	—		—		—		—		—		—		202		58		260
Home equity loans	—		73		49		—		5		10		—		—		137

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

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	For the Three Months Ended December 31, 2024
	By fiscal year of origination												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term
	2025		2024		2023		2022		2021		Prior						Total
Real estate loans:
Residential Core	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	—	$	1
Residential Home Today	—		—		—		—		—		—		—		—		—
Home equity lines of credit	—		—		—		—		—		—		157		159		316
Home equity loans	—		—		—		—		—		—		—		—		—

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

The home equity lines of credit that converted from revolving to term loans during the three months ended December 31, 2025, totaled $3,437, and during the three months ended December 31, 2024, totaled $3,347. The amount of conversions to term loans is expected to remain relatively low for several years since the length of the draw period on new originations changed from five to 10 years in 2016.

Residential loans are internally assigned a grade that complies with the guidelines outlined in the OCC’s Handbook for Rating Credit Risk. Pass loans are assets well protected by the current paying capacity of the borrower. Special Mention loans have a potential weakness, as evaluated based on delinquency status or nature of the product, that the Company deems to deserve management’s attention and may result in further deterioration in their repayment prospects and/or the Company’s credit position. Substandard loans are inadequately protected by the current payment capacity of the borrower or the collateral pledged with a defined weakness that jeopardizes the liquidation of the debt. Also included in Substandard are performing home equity loans and lines of credit where the customer has a severely delinquent first mortgage to which the performing home equity loan or line of credit is subordinate and all loans in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed. Loss loans are considered uncollectible and are charged-off when identified. Loss loans are of such little value that their continuance as bankable assets is not warranted even though partial recovery may be effected in the future.

Other loans are internally assigned a grade of non-performing when they become 90 days or more past due. At December 31, 2025 and September 30, 2025, no other loans were graded as non-performing.

MODIFICATIONS TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY

To mitigate losses, the Company works with borrowers who are experiencing financial difficulty to identify solutions the borrowers can afford by entering into agreements to modify their loans. These efforts often result in modifications to the payment terms of the loan, which vary by situation and may include interest rate reductions, term extensions (generally including capitalization of delinquent amounts), significant payment delays (including forbearance, partial payments and repayment of delinquent amounts), other, or a combination thereof. The Company does not generally offer principal forgiveness as a type of modification. The Other category includes loans that were modified multiple times during the period with different concessions.

If a borrower is experiencing an income curtailment that temporarily has reduced their capacity to repay, such as loss of employment, reduction of work hours, non-paid leave or short-term disability, a temporary modification is considered. If a borrower lacks the capacity to repay the loan at the current terms due to a permanent condition, a permanent modification is considered. Loans may be modified more than once. Among other requirements, a subsequent modification may be available for a borrower upon the expiration of temporary modified terms if the borrower is unable to resume contractually scheduled loan payments. In evaluating the need for a subsequent modification, the borrower’s ability to repay is generally assessed utilizing a debt-to-income and cash flow analysis.

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The following tables present the amortized cost of modifications by type executed during the periods presented for borrowers experiencing financial difficulty. For the three months ended December 31, 2025 and December 31, 2024, there were no modifications made on construction loans.


	For the Three Months Ended December 31, 2025
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total		% of Total Class
Residential Core	$	—	$	621	$	293	$	171	$	—	$	1,085	0.01	%
Residential Home Today	—		81		28		—		3		112		0.33
Home equity lines of credit	—		—		—		80		—		80		—
Home equity loans	—		—		95		—		—		95		0.01

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


	For the Three Months Ended December 31, 2024
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total		% of Total Class
Residential Core	$	—	$	213	$	1,030	$	177	$	—	$	1,420	0.01	%
Residential Home Today	—		27		138		1		—		166		0.42
Home equity lines of credit	—		46		31		147		—		224		0.01
Home equity loans	—		—		—		—		—		—		—

Total	$	—	$	286	$	1,199	$	325	$	—	$	1,810	0.01	%

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


	For the Three Months Ended December 31, 2025			For the Three Months Ended December 31, 2024
	Interest Rate Reduction		Term Extension	Interest Rate Reduction		Term Extension
	Weighted-Average Contractual Interest Rate		Weighted-Average Years Added to Life	Weighted-Average Contractual Interest Rate		Weighted-Average Years Added to Life
	From	To		From	To
Residential Core	5.29%	3.50%	9.6	5.73%	3.50%	13.8
Residential Home Today	—%	—%	11.6	4.00%	3.50%	9.8
Home equity lines of credit	7.25%	3.50%	2.5	6.99%	3.50%	1.2
Home equity loans	—%	—%	0.0	—%	—%	0.0

The performance of loans modified for borrowers experiencing financial difficulty is closely monitored by the Company to evaluate the effectiveness of modification efforts. Modifications made to borrowers experiencing financial difficulty that subsequently become 90 days or more past due under the modified terms are considered subsequently defaulted. The following table provides information, by type of modification, about loans that were modified within the last 12 months and subsequently defaulted during the three months ended December 31, 2025 and December 31, 2024. There were no home equity loans that subsequently defaulted for the three months ended December 31, 2025 and December 31, 2024.


	For the Three Months Ended December 31, 2025
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total
Residential Core	$	—	$	—	$	396	$	78	$	—	$	474
Residential Home Today	—		—		—		—		—		—
Home equity lines of credit	—		—		45		—		—		45


Total	$	—	$	—	$	441	$	78	$	—	$	519


	For the Three Months Ended December 31, 2024
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total
Residential Core	$	—	$	—	$	25	$	14	$	—	$	39
Residential Home Today	—		—		58		—		—		58
Home equity lines of credit	—		—		199		—		—		199


Total	$	—	$	—	$	282	$	14	$	—	$	296

The following tables present performance by loan type as of December 31, 2025 and December 31, 2024, on loans modified during the previous 12 months for borrowers experiencing financial difficulties. The loans in delinquency status primarily consisted of loans with significant payment delays prior to modification, which continue to be reported delinquent based on their original contractual terms.


December 31, 2025	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total
Residential Core	$	—	$	80	$	393	$	473	$	3,507	$	3,980
Residential Home Today	—		52		111		163		358		521
Home equity lines of credit	64		—		105		169		654		823
Home equity loans	—		—		64		64		95		159
Total	$	64	$	132	$	673	$	869	$	4,614	$	5,483


December 31, 2024	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total
Residential Core	$	817	$	364	$	1,301	$	2,482	$	3,697	$	6,179
Residential Home Today	43		149		207		399		159		558
Home equity lines of credit	—		—		230		230		628		858
Home equity loans	—		—		—		—		90		90
Total	$	860	$	513	$	1,738	$	3,111	$	4,574	$	7,685

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5.DEPOSITS

Deposit account balances are summarized as follows:


	December 31, 2025		September 30, 2025
Checking accounts	$	813,293	$	785,785
Savings accounts, excluding money market accounts	1,443,435		1,043,715
Money market accounts	118,264		128,245
Certificates of deposit	7,980,335		8,474,503
	10,355,327		10,432,248
Accrued interest	16,748		14,720
Total deposits	$	10,372,075	$	10,446,968

The aggregate amount of CDs in denominations of more than $250 was $1,534,429 and $1,533,487 at December 31, 2025 and September 30, 2025, respectively. In accordance with the DFA, the maximum amount of federal deposit insurance is $250 per depositor for each account ownership category.

Brokered CDs (exclusive of acquisition costs and subsequent amortization), which are used as a cost effective funding alternative, totaled $879,363 and $902,083 at December 31, 2025 and September 30, 2025, respectively, of which $550,000 and $575,000 were aligned with interest rate swaps as discussed in Note 13. DERIVATIVE INSTRUMENTS. The FDIC places restrictions on banks with regard to issuing brokered deposits based on the bank's capital classification. As a well-capitalized institution at December 31, 2025 and September 30, 2025, the Association may accept brokered deposits without FDIC restrictions.

6. BORROWED FUNDS

At December 31, 2025, the Association had a maximum borrowing capacity of $7,714,194, of which $4,923,978 was outstanding. Borrowings from the FHLB of Cincinnati are secured by the Association’s investment in the common stock of the FHLB of Cincinnati, as well as by a blanket pledge of its mortgage portfolio not otherwise pledged. The Association also has the ability to purchase Fed Funds through arrangements with other institutions. Additionally, the ability to borrow from the FRB-Cleveland Discount Window is available to the Association and is secured by a pledge of specific loans in the Association’s mortgage portfolio.

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


	Borrowing Capacity		Borrowings Available		Borrowings Outstanding
FHLB	$	6,800,415	$	2,026,437	$	4,773,978
FRB Cleveland	478,779		478,779		—
Fed Funds Purchased	435,000		285,000		150,000
Subtotal	$	7,714,194	$	2,790,216	4,923,978
Accrued Interest					15,857
Total Borrowings					$	4,939,835

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


	Amount		Weighted Average Rate
Maturing in:
12 months or less	$	1,270,066	3.23	%
13 to 24 months	1,225,862		3.56
25 to 36 months	675,000		3.64
37 to 48 months	1,001,627		3.41
49 to 60 months	750,000		3.49
Over 60 months	1,423		1.41
Total Borrowings	4,923,978		3.44
Accrued Interest	15,857
Total	4,939,835

All borrowings have fixed rates during their term ranging up to 240 months. The table above reflects the effective maturities and fixed interest rates of $2,950,000 of short-term FHLB advances that are tied to interest rate swaps discussed in Note 13. DERIVATIVE INSTRUMENTS. Interest is payable monthly for long-term FHLB advances and generally at maturity for FHLB advances with terms of three months or less.

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

7. OTHER COMPREHENSIVE INCOME (LOSS)

The change in accumulated other comprehensive income (loss), net of tax and the related tax expense (benefit) by component is as follows:


	For the Three Months Ended								For the Three Months Ended
	December 31, 2025								December 31, 2024
	Unrealized Gains (Losses) on Securities Available for Sale		Cash Flow Hedges		Defined Benefit Plan		Total		Unrealized Gains (Losses) on Securities Available for Sale		Cash Flow Hedges		Defined Benefit Plan		Total
Balance at beginning of period	$	(16,590)	$	(1,032)	$	(3,609)	$	(21,231)	$	(21,059)	$	8,886	$	(3,435)	$	(15,608)
Other comprehensive income (loss) before reclassifications	1,845		3,137		56		5,038		(5,503)		59,344		—		53,841
Amounts reclassified	—		(5,038)		—		(5,038)		—		(11,420)		—		(11,420)
Other comprehensive income (loss), net of tax	1,845		(1,901)		56		—		(5,503)		47,924		—		42,421
Balance at end of period	$	(14,745)	$	(2,933)	$	(3,553)	$	(21,231)	$	(26,562)	$	56,810	$	(3,435)	$	26,813
Tax expense (benefit) netted in other comprehensive income or loss1	$	432	$	(591)	$	(56)	$	(215)	$	(1,634)	$	14,231	$	—	$	12,597

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The following table presents the reclassification adjustments out of accumulated other comprehensive income (loss) included in net income and the corresponding line item on the CONSOLIDATED STATEMENTS OF INCOME for the periods indicated:


	Amounts Reclassified from Accumulated Other Comprehensive Income
Details about Accumulated Other Comprehensive Income Components	For the Three Months Ended December 31,			Line Item in the Consolidated Statements of Income
		2025				2024
Cash flow hedges:
Interest (income) expense		$	(6,581)	$	(14,812)		Interest expense
Net income tax effect		1,543		3,392			Income tax expense
Net of income tax expense		(5,038)		(11,420)

Amortization of defined benefit plan:
Actuarial loss		—		—			(a)
Net income tax effect		—		—			Income tax expense
Net of income tax expense		—		—


Total reclassifications for the period		$	(5,038)	$	(11,420)

(a) This item is included in the computation of net periodic pension cost. See Note 9. DEFINED BENEFIT PLAN for additional disclosure.

8. INCOME TAXES

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and in various state and city jurisdictions. The Company’s combined federal and state effective income tax rate was 21.8% and 21.0% for the three months ended December 31, 2025 and December 31, 2024, respectively. The increase in the effective tax rate is primarily due to higher non-deductible compensation and higher effective income tax rates in certain states that adopted single-sales factor apportionment.

The Company is no longer subject to income tax examinations in its major jurisdictions for tax years ended prior to 2022. The Company recognizes interest and penalties on income tax assessments or income tax refunds, where applicable, in the consolidated financial statements as a component of its provision for income taxes.

The Company makes certain investments in limited partnerships, which invest in affordable housing projects that qualify for the LIHTC. The Company acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnership. The Company accounts for its interests in LIHTCs using the proportional amortization method. The impact of the Company's investments in tax credit entities on the provision for income taxes was not material during the three months ended December 31, 2025 and December 31, 2024.

9. DEFINED BENEFIT PLAN

The Third Federal Savings Retirement Plan (the “Plan”) is a defined benefit pension plan. Effective December 31, 2002, the Plan was amended to limit participation to employees who met the Plan’s eligibility requirements on that date. Effective December 31, 2011, the Plan was amended to freeze future benefit accruals for participants in the Plan. After December 31, 2002, employees not participating in the Plan, upon meeting the applicable eligibility requirements, and those eligible participants who no longer receive service credits under the Plan, participate in a separate tier of the Company’s defined contribution 401(k) Savings Plan. Benefits under the Plan are based on years of service and the employee’s average annual compensation (as defined in the Plan) through December 31, 2011. The funding policy of the Plan is consistent with the funding requirements of U.S. federal and other governmental laws and regulations.

The Company executed an amendment to terminate the Plan effective December 31, 2025. The Plan's benefit obligation is expected to be settled through lump sum distributions to participants, followed by the purchase of annuity contracts to transfer the Plan's remaining obligation to a third party, within nine to 12 months of plan termination. Pension settlement charges related to the Plan termination, including the recognition of Plan losses recorded within accumulated other comprehensive loss on the Company's CONSOLIDATED STATEMENTS OF CONDITION, are currently expected to occur in the second half of calendar

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year 2026. Finalization of the Plan termination is subject to certain conditions, including regulatory review, and the Company has the ability to change the effective date of the termination or revoke the decision to terminate the Plan.

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


	For the Three Months Ended
	December 31,
		2025		2024

Interest cost		$	689	$	740
Expected return on plan assets		(789)		(1,197)





Net periodic (benefit) cost		$	(100)	$	(457)

There were no required minimum employer contributions during the three months ended December 31, 2025. There are no required minimum employer contributions expected during the remainder of the fiscal year ending September 30, 2026.

10. EQUITY INCENTIVE PLAN

During the three months ended December 31, 2025, a total of 371,700 restricted stock units and 478,800 performance share units were granted to directors and executive officers. On December 18, 2025, a special one-time equity award (the "Retention Award") was granted to Marc Stefanski, the Company's Chairman, President and Chief Executive Officer. The Retention Award consists of 215,200 restricted stock units and 322,800 performance share units, which are included in the total restricted stock units and performance share units above. The Retention Award was designed to directly incentivize Mr. Stefanski's leadership for the next five years. The awards, including the Retention Award, were made pursuant to the Amended and Restated 2008 Equity Incentive Plan, which was approved at the annual meeting of shareholders held on February 22, 2018.

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


	For the Three Months Ended
	December 31,
		2025		2024
Stock option expense		$	20	$	27
Restricted stock units expense		724		660
Performance share units expense		426		218
Total stock-based compensation expense		$	1,170	$	905

At December 31, 2025, 947,775 shares were subject to options, with a weighted average exercise price of $14.92 per share and a weighted average grant date fair value of $1.50 per share. Expected future expense, relating to the 240,000 non-vested options outstanding as of December 31, 2025, is $87 over a weighted average period of 0.9 years. At December 31, 2025, 627,520 restricted stock units and 675,100 performance share units with a weighted average grant date fair value of $13.78 and $13.81 per unit, respectively, are unvested. Expected future compensation expense, relating to the 1,393,268 restricted stock units and 675,100 performance share units outstanding as of December 31, 2025, is $6,961 over a weighted average period of 3.1 years and $8,531 over a weighted average period of 3.8 years, respectively. Each unit is equivalent to one share of common stock.

11. COMMITMENTS AND CONTINGENT LIABILITIES

In the normal course of business, the Company enters into commitments with off-balance sheet risk to meet the financing needs of its customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments to originate or acquire loans generally have fixed expiration dates of 60 to 360 days or other termination clauses and may require payment of a fee. Unfunded commitments related to home equity lines of credit generally expire 10 years following the date that the line of credit was established, subject to various conditions, including compliance with payment obligations, adequacy of collateral securing the line and maintenance of a satisfactory credit profile by the borrower. Since some of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

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Off-balance sheet commitments to extend credit involve elements of credit risk and interest rate risk in excess of the amount recognized in assets on the CONSOLIDATED STATEMENTS OF CONDITION. The Company’s exposure to credit loss in the event of nonperformance by the other party to the commitment is represented by the contractual amount of the commitment. The Company generally uses the same credit policies in making commitments as it does for on-balance sheet instruments. The allowance related to off-balance sheet commitments is recorded in other liabilities in the CONSOLIDATED STATEMENTS OF CONDITION. Refer to Note 4. LOANS AND ALLOWANCES FOR CREDIT LOSSES for discussion on credit loss methodology. Interest rate risk on commitments to extend credit results from the possibility that interest rates may move unfavorably from the position of the Company since the time the commitment was made.

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


	Commitment		Allowance
Fixed-rate mortgage loans	$	82,386	$	445
Adjustable-rate mortgage loans	13,106		74
Home equity lines of credit	103,284		1,105
Home equity loans	73,577		1,575
Total	$	272,353	$	3,199

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


	Commitment		Allowance
Home equity lines of credit	$	5,574,340	$	25,825
Construction loans	8,084		50
Total	$	5,582,424	$	25,875

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

At December 31, 2025 and September 30, 2025, the Company had $11,298 and $59,340, respectively, in commitments to sell mortgage loans. At December 31, 2025 and September 30, 2025, the Company had $38,457 and $28,460, respectively, in commitments to acquire mortgage loans, which are included in mortgage loan commitments above.

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

The Company is undergoing an escheat audit covering the states of Ohio, Kentucky and Florida. Any potential loss, or range of potential loss, that may result from this matter is not reasonably estimable at December 31, 2025.

The Company and its subsidiaries are subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of 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.

12. FAIR VALUE

Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions. A fair value framework is established whereby assets and liabilities measured at fair value are grouped into three levels of a fair value hierarchy, based on the transparency of inputs and the reliability of assumptions used to estimate fair value.

Presented below is a discussion of the methods and significant assumptions used by the Company to estimate fair value.

Investment Securities Available for Sale—Investment securities available for sale are recorded at fair value on a recurring basis. At December 31, 2025 and September 30, 2025, this includes $454,493 and $520,659, respectively, of investments in U.S. government and agency obligations including U.S. Treasury notes and investments in highly liquid collateralized mortgage obligations, that can include items issued by Fannie Mae, Freddie Mac and Ginnie Mae, measured using the market approach. The fair values of investment securities represent unadjusted price estimates obtained from independent third-party nationally recognized pricing services using pricing models or quoted prices of securities with similar characteristics and are included in Level 2 of the hierarchy. Third-party pricing is reviewed on a monthly basis for

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

Mortgage Loans Held for Sale—The fair value of mortgage loans held for sale is estimated on an aggregate basis using a market approach based on quoted secondary market pricing for loan portfolios with similar characteristics. Loans held for sale are carried at the lower of cost or fair value with the exception of mortgage loans held for sale subject to pending agency contracts to securitize and sell loans. The Company elects the fair value measurement option for mortgage loans held for sale subject to pending agency contracts to securitize and sell loans, as permitted under the fair value guidance in U.S. GAAP. This election is expected to reduce volatility in earnings related to market fluctuations between the contract trade and settlement dates. At December 31, 2025 and September 30, 2025, there were $11,365 and $22,861 of loans held for sale subject to pending agency contracts measured at fair value, respectively, with unpaid principal balances of $11,149 and $22,306. For the three months ended December 31, 2025 and December 31, 2024, net gain (loss) on the sale of loans included $(110) and $(57), related to gains or losses during the period due to changes in the fair value of loans held for sale subject to pending agency contracts. At December 31, 2025 and September 30, 2025, there were $3,075 and $34,801 of loans held for sale carried at cost, respectively. Loans held for sale are included in Level 2 of the hierarchy. Interest income on mortgage loans held for sale is recorded in interest income on loans.

Collateral-Dependent Loans—Collateral-dependent loans represent certain loans held for investment that are subject to a fair value measurement under U.S. GAAP because they are individually evaluated using a fair value measurement, such as the fair value of the underlying collateral. Credit loss is measured using a market approach based on the fair value of the collateral, less estimated costs to dispose, for loans the Company considers to be collateral-dependent due to a delinquency status or other adverse condition severe enough to indicate that the borrower can no longer be relied upon as the continued source of repayment. These conditions are described more fully in Note 4. LOANS AND ALLOWANCES FOR CREDIT LOSSES. To calculate the credit loss of collateral-dependent loans, the fair market values of the collateral, estimated using third-party appraisals in the majority of instances, are reduced by calculated estimated costs to dispose, derived from historical experience and recent market conditions. Any indicated credit loss is recognized by a charge to the allowance for credit losses. Subsequent increases in collateral values or principal pay downs on loans with recognized credit loss could result in a collateral-dependent loan being carried below its fair value. When no credit loss is indicated, the carrying amount is considered to approximate the fair value of that loan to the Company because contractually that is the maximum recovery the Company can expect. The amortized cost of loans individually evaluated for credit loss based on the fair value of the collateral are included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis. The range and weighted average impact of estimated costs to dispose on fair values is determined at the time of credit loss or when additional credit loss is recognized and is included in quantitative information about significant unobservable inputs later in this note.

Real Estate Owned—Real estate owned includes real estate acquired as a result of foreclosure or by deed in lieu of foreclosure and is carried at the lower of the cost basis or fair value, less estimated costs to dispose. The carrying amounts of real estate owned at December 31, 2025 and September 30, 2025, were $1,975 and $1,921, respectively. Fair value is estimated under the market approach using independent third party appraisals. As these properties are actively marketed, estimated fair values may be adjusted by management to reflect current economic and market conditions. At December 31, 2025 and September 30, 2025, these adjustments were not significant to reported fair values. At December 31, 2025 and September 30, 2025, $2,413 and $2,355, respectively, of real estate owned is included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis, where the cost basis equals or exceeds the estimated fair values, less estimated costs to dispose, of $438 and $434, respectively. There were no real estate owned carried at their original or adjusted cost basis at December 31, 2025 and September 30, 2025.

Derivatives—Derivative instruments include interest rate lock commitments on loans being originated or acquired for the held for sale portfolio, forward commitments on contracts to deliver mortgage loans and interest rate swaps designated as cash flow hedges. Derivatives not designated as cash flow hedges are reported at fair value in Other assets or Other liabilities on the CONSOLIDATED STATEMENTS OF CONDITION with changes in value recorded in current earnings. Derivatives qualifying as cash flow hedges are settled daily, bringing the fair value to $0. Refer to Note 13. DERIVATIVE INSTRUMENTS for additional information on cash flow hedges and other derivative instruments. Interest rate lock commitments are commitments to lend at interest rates and amounts defined prior to funding. The fair value of interest rate lock commitments is adjusted by a closure rate based on the estimated percentage of commitments that will result in closed loans. The range and weighted average impact of the closure rate is included in quantitative information about significant unobservable inputs later in this note. A significant change in the closure rate may result in a significant change in the ending fair value measurement of these derivatives relative to their total fair value. Because the closure rate is a significantly unobservable assumption, interest rate lock commitments are included in Level 3 of the hierarchy. Forward commitments on contracts to deliver mortgage loans are included in Level 2 of the hierarchy.

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


			Recurring Fair Value Measurements at Reporting Date Using
	December 31, 2025		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
Assets
Investment securities available for sale:
REMICs	$	439,251	$	—	$	439,251	$	—
Fannie Mae certificates	2,689		—		2,689		—
Freddie Mac securities	8,604		—		8,604		—
U.S. government and agency obligations	3,949		—		3,949		—
Mortgage loans held for sale	11,365		—		11,365		—
Derivatives:
Interest rate lock commitments	—		—		—		—

Total	$	465,858	$	—	$	465,858	$	—
Liabilities
Derivatives:

Forward commitments for the sale of mortgage loans	$	63	$	—	$	63	$	—

Total	$	63	$	—	$	63	$	—


			Recurring Fair Value Measurements at Reporting Date Using
	September 30, 2025		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
Assets
Investment securities available for sale:
REMICs	$	455,368	$	—	$	455,368	$	—
Fannie Mae certificates	2,719		—		2,719		—
Freddie Mac certificates	8,617		—		8,617		—
U.S. government and agency obligations	53,955		—		53,955		—
Mortgage loans held for sale	22,861		—		22,861		—
Derivatives:
Interest rate lock commitments	272		—		—		272


Total	$	543,792	$	—	$	543,520	$	272

Liabilities
Derivatives:

Forward commitments for the sale of mortgage loans	$	351	$	—	$	351	$	—

Total	$	351	$	—	$	351	$	—

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


	Three Months Ended December 31,
		2025		2024
Beginning balance		$	272	$	395
Gain during the period due to changes in fair value:
Included in other non-interest income		(272)		(369)
Ending balance		$	—	$	26
Change in unrealized gains for the period included in earnings for assets held at end of the reporting date		$	—	$	26

Summarized in the tables below are those assets measured at fair value on a nonrecurring basis.


			Nonrecurring Fair Value Measurements at Reporting Date Using
	December 31, 2025		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
Collateral-dependent loans, net of allowance	$	44,582	$	—	$	—	$	44,582

Real estate owned(1)	2,413		—		—		2,413
Total	$	46,995	$	—	$	—	$	46,995

TFS Financial CORP 10-Q