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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 March 31, 2026


☐			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 May 5, 2026, there were 280,432,141 shares of the Registrant’s common stock, par value $0.01 per share, outstanding, of which 227,119,132 shares, or 81.0% 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
	March 31, 2026 and September 30, 2025	4

	Consolidated Statements of Income
	Three and Six Months Ended March 31, 2026 and 2025	5

	Consolidated Statements of Comprehensive Income (Loss)
	Three and Six Months Ended March 31, 2026 and 2025	6

	Consolidated Statements of Shareholders’ Equity
	Three and Six Months Ended March 31, 2026 and 2025	7

	Consolidated Statements of Cash Flows
	Six Months Ended March 31, 2026 and 2025	9

	Notes to Unaudited Interim Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	64

Item 4.	Controls and Procedures	67

Part II — OTHER INFORMATION

Item 1.	Legal Proceedings	68

Item 1A.	Risk Factors	68

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	68

Item 3.	Defaults Upon Senior Securities	68

Item 4.	Mine Safety Disclosures	68

Item 5.	Other Information	69

Item 6.	Exhibits	69

SIGNATURES		70

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
CDs: Certificates of Deposit			Ginnie Mae: Government National Mortgage Association
CECL: Current Expected Credit Losses			GVA: General Valuation Allowance
CET1: Common Equity Tier 1			HPI: Home Price Index
CFPB: Consumer Financial Protection Bureau			IRR: Interest Rate Risk
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
EPS: Earnings per Share			PCAOB: Public Company Accounting Oversight Board
ESOP: Third Federal Employee (Associate) Stock			REMICs: Real Estate Mortgage Investment Conduits
Ownership Plan			REO: Real Estate Owned
EVE: Economic Value of Equity			SEC: United States Securities and Exchange Commission
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)


	March 31, 2026		September 30, 2025
ASSETS
Cash and due from banks	$	25,122	$	24,176
Other interest-earning cash equivalents	412,159		405,263
Cash and cash equivalents	437,281		429,439
Investment securities available for sale (amortized cost $476,384 and $542,197, respectively)	454,625		520,659


Mortgage loans held for sale ($5,051 and $22,861 measured at fair value, respectively)	5,051		57,662
Loans held for investment, net:
Mortgage loans	15,738,734		15,659,460
Other loans	8,254		8,153
Deferred loan expenses, net	70,253		69,943
Allowance for credit loss on loans	(74,900)		(74,244)
Loans, net	15,742,341		15,663,312
Mortgage loan servicing rights, net	8,975		8,549
Federal Home Loan Bank stock, at cost	244,361		235,363
Real estate owned, net	1,383		1,921
Premises, equipment, and software, net	43,429		40,022
Accrued interest receivable	59,927		62,553
Bank owned life insurance contracts	329,360		325,149
Other assets	152,937		111,687
TOTAL ASSETS	$	17,479,670	$	17,456,316
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$	10,187,391	$	10,446,968
Borrowed funds	5,142,391		4,870,219
Borrowers’ advances for insurance and taxes	96,518		113,168
Principal, interest, and related escrow owed on loans serviced	29,197		30,328
Accrued expenses and other liabilities	101,703		101,709
Total liabilities	15,557,200		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; 280,476,186 and 280,590,497 outstanding at March 31, 2026 and September 30, 2025, respectively	3,323		3,323
Paid-in capital	1,758,387		1,757,813
Treasury stock, at cost; 51,842,564 and 51,728,253 shares at March 31, 2026 and September 30, 2025, respectively	(776,404)		(774,340)
Unallocated ESOP shares	(16,250)		(18,417)
Retained earnings—substantially restricted	962,213		946,776
Accumulated other comprehensive income (loss)	(8,799)		(21,231)
Total shareholders’ equity	1,922,470		1,893,924
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	17,479,670	$	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				For the Six Months Ended
	March 31,				March 31,
	2026		2025		2026		2025
INTEREST AND DIVIDEND INCOME:
Loans, including fees	$	183,515	$	171,506	$	368,461	$	343,658
Investment securities available for sale	3,985		4,755		8,226		9,210

Other interest and dividend earning assets	7,969		9,691		16,554		19,852
Total interest and dividend income	195,469		185,952		393,241		372,720
INTEREST EXPENSE:
Deposits	73,792		75,379		152,995		153,321
Borrowed funds	43,871		38,524		86,760		79,022
Total interest expense	117,663		113,903		239,755		232,343
NET INTEREST INCOME	77,806		72,049		153,486		140,377
PROVISION (RELEASE) FOR CREDIT LOSSES	—		1,500		(1,000)		—
NET INTEREST INCOME AFTER PROVISION (RELEASE) FOR CREDIT LOSSES	77,806		70,549		154,486		140,377
NON-INTEREST INCOME:
Fees and service charges, net of amortization	2,498		2,221		5,010		4,445
Net gain on the sale of loans	1,744		1,187		4,073		2,302
Increase in and death benefits from bank owned life insurance contracts	2,718		2,680		5,482		5,362

Other	477		980		920		1,462
Total non-interest income	7,437		7,068		15,485		13,571
NON-INTEREST EXPENSE:
Salaries and employee benefits	30,184		27,666		60,672		54,272
Marketing services	4,026		4,632		10,265		8,286
Office property, equipment and software	7,932		7,617		15,688		14,461
Federal insurance premium and assessments	3,552		3,673		6,799		7,258
State franchise tax	1,146		1,199		2,213		2,246
Other expenses	8,559		6,301		15,992		12,506
Total non-interest expense	55,399		51,088		111,629		99,029
INCOME BEFORE INCOME TAXES	29,844		26,529		58,342		54,919
INCOME TAX EXPENSE	6,597		5,508		12,821		11,472
NET INCOME	$	23,247	$	21,021	$	45,521	$	43,447
Earnings per share—basic and diluted	$	0.08	$	0.07	$	0.16	$	0.15
Weighted average shares outstanding
Basic	278,858,428		278,729,388		278,806,040		278,632,698
Diluted	279,934,262		279,719,382		279,906,185		279,644,307

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				For the Six Months Ended
	March 31,				March 31,
	2026		2025		2026		2025
Net income	$	23,247	$	21,021	$	45,521	$	43,447
Other comprehensive income (loss), net of tax:
Net change in unrealized gain (loss) on securities available for sale	(1,912)		5,271		(67)		(232)
Net change in cash flow hedges	14,344		(31,292)		12,443		16,632
Net change in defined benefit plan obligation	—		—		56		—
Total other comprehensive income (loss)	12,432		(26,021)		12,432		16,400
Total comprehensive income (loss)	$	35,679	$	(5,000)	$	57,953	$	59,847

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 March 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 December 31, 2024	$	3,323	$	1,754,241	$	(771,572)	$	(21,667)	$	923,139	$	26,813	$	1,914,277
Net Income	—		—		—		—		21,021		—		$	21,021
Other comprehensive income (loss), net of tax	—		—		—		—		—		(26,021)		$	(26,021)
ESOP shares allocated or committed to be released	—		312		—		1,083		—		—		$	1,395
Compensation costs for equity incentive plans	—		950		—		—		—		—		$	950
Treasury stock allocated to equity incentive plans	—		(449)		449		—		—		—		$	—
Dividends declared to common shareholders ($0.2825 per common share)	—		—		—		—		(14,965)		—		$	(14,965)
Balance at March 31, 2025	$	3,323	$	1,755,054	$	(771,123)	$	(20,584)	$	929,195	$	792	$	1,896,657


	For the Three Months Ended March 31, 2026
	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 December 31, 2025	$	3,323	$	1,756,360	$	(774,311)	$	(17,334)	$	954,158	$	(21,231)	$	1,900,965
Net Income	—		—		—		—		23,247		—		23,247
Other comprehensive income (loss), net of tax	—		—		—		—		—		12,432		12,432
ESOP shares allocated or committed to be released	—		451		—		1,084		—		—		1,535
Compensation costs for equity incentive plans	—		1,573		—		—		—		—		1,573
Purchase of treasury stock (148,754 shares)	—		—		(2,090)		—		—		—		(2,090)
Treasury stock allocated to equity incentive plans	—		3		(3)		—		—		—		—
Dividends declared to common shareholders ($0.2825 per common share)	—		—		—		—		(15,192)		—		(15,192)
Balance at March 31, 2026	$	3,323	$	1,758,387	$	(776,404)	$	(16,250)	$	962,213	$	(8,799)	$	1,922,470

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	For the Six Months Ended March 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, 2024	$	3,323	$	1,754,365	$	(772,195)	$	(22,750)	$	915,489	$	(15,608)	$	1,862,624

Net income	—		—		—		—		43,447		—		43,447
Other comprehensive income (loss), net of tax	—		—		—		—		—		16,400		16,400
ESOP shares allocated or committed to be released	—		673		—		2,166		—		—		2,839
Compensation costs for equity incentive plans	—		1,855		—		—		—		—		1,855

Treasury stock allocated to equity incentive plan	—		(1,839)		1,072		—		—		—		(767)
Dividends declared to common shareholders ($0.5650 per common share)	—		—		—		—		(29,741)		—		(29,741)
Balance at March 31, 2025	$	3,323	$	1,755,054	$	(771,123)	$	(20,584)	$	929,195	$	792	$	1,896,657


	For the Six Months Ended March 31, 2026
	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	—		—		—		—		45,521		—		45,521
Other comprehensive income (loss), net of tax	—		—		—		—		—		12,432		12,432
ESOP shares allocated or committed to be released	—		852		—		2,167		—		—		3,019
Compensation costs for equity incentive plans	—		2,743		—		—		—		—		2,743
Purchase of treasury stock (288,196 shares)	—		—		(3,995)		—		—		—		(3,995)
Treasury stock allocated to equity incentive plan	—		(3,021)		1,931		—		—		—		(1,090)
Dividends declared to common shareholders ($0.5650 per common share)	—		—		—		—		(30,084)		—		(30,084)
Balance at March 31, 2026	$	3,323	$	1,758,387	$	(776,404)	$	(16,250)	$	962,213	$	(8,799)	$	1,922,470

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 Six Months Ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	45,521	$	43,447
Adjustments to reconcile net income to net cash provided by operating activities:
ESOP and stock-based compensation expense	5,762		4,694
Depreciation and amortization	12,104		10,863
Deferred income taxes	(91)		20
Provision (release) for credit losses	(1,000)		—
Net gain on the sale of loans	(4,073)		(2,302)
Other net losses (gains)	319		(19)
Proceeds from sales of loans originated as held for sale	38,474		43,565
Loan originations, acquisitions and principal repayments on loans held for sale	(24,699)		(32,537)
Increase in bank owned life insurance contracts	(5,168)		(5,373)
Net decrease in interest receivable and other assets	6,598		8,602
Net increase (decrease) in accrued expenses and other liabilities	2,641		(4,190)

Net cash provided by operating activities	76,388		66,770
CASH FLOWS FROM INVESTING ACTIVITIES:
Loans originated	(1,865,724)		(1,619,810)
Principal repayments on loans	1,640,584		1,467,592
Proceeds from sales, principal repayments and maturities of:
Securities available for sale	118,647		118,618

Proceeds from sale of:
Loans	179,290		110,738
Real estate owned	294		193
FHLB stock	16,587		12,175

Purchases of:

FHLB stock	(25,585)		(2,912)
Securities available for sale	(53,024)		(127,231)
Premises and equipment	(5,910)		(7,584)
Other	442		1,896
Net cash provided by (used in) investing activities	5,601		(46,325)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposits	(264,724)		206,636
Net increase in borrowers' advances for insurance and taxes	(16,650)		(13,374)
Net decrease in principal and interest owed on loans serviced	(1,131)		(1,504)
Net increase (decrease) in short-term borrowed funds	351,000		74,000

Proceeds from long-term borrowed funds	50,000		—
Repayment of long-term borrowed funds	(125,960)		(276,130)
Cash collateral/settlements (provided to) received from derivative counterparties	(31,563)		20,354
Acquisition or net settlement of treasury shares	(5,076)		(767)
Dividends paid to common shareholders	(30,043)		(29,795)
Net cash used in financing activities	(74,147)		(20,580)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	7,842		(135)
CASH AND CASH EQUIVALENTS—Beginning of period	429,439		463,718
CASH AND CASH EQUIVALENTS—End of period	$	437,281	$	463,583
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest on deposits	$	148,232	$	161,949
Cash paid for interest on borrowed funds	99,063		103,700
Cash paid (received) for interest on interest rate swaps	(12,735)		(30,630)
Cash paid for income taxes	7,324		7,144
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	147,478		109,519
Transfer of loans from held for sale to held for investment	9,666		1,327
Treasury stock issued for stock benefit plans	3,021		1,839

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 March 31, 2026, approximately 81.0% 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 March 31, 2026, 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 if 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. Excluded from the calculation of basic EPS are performance share units that are contingently issuable and not participating securities, and certain restricted stock units with forfeitable rights to dividends. At March 31, 2026 and 2025, the ESOP held 1,625,021 and 2,058,361 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 March 31,
	2026					2025
	Income		Shares	Per share amount		Income		Shares	Per share amount
	(Dollars in thousands, except per share data)
Net income	$	23,247				$	21,021
Less: income allocated to participating securities	367					360
Basic earnings per share:
Income available to common shareholders	22,880		278,858,428	$	0.08	20,661		278,729,388	$	0.07
Diluted earnings per share:
Effect of dilutive potential common shares			1,075,834					989,994
Income available to common shareholders	$	22,880	279,934,262	$	0.08	$	20,661	279,719,382	$	0.07


	For the Six Months Ended March 31,
	2026					2025
	Income		Shares	Per share amount		Income		Shares	Per share amount
	(Dollars in thousands, except per share data)
Net income	$	45,521				$	43,447
Less: income allocated to participating securities	733					713
Basic earnings per share:
Income available to common shareholders	44,788		278,806,040	$	0.16	42,734		278,632,698	$	0.15
Diluted earnings per share:
Effect of dilutive potential common shares			1,100,145					1,011,609
Income available to common shareholders	$	44,788	279,906,185	$	0.16	$	42,734	279,644,307	$	0.15

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 March 31,		For the Six Months Ended March 31,
	2026	2025	2026	2025
Options to purchase shares	698,475	1,447,975	698,475	1,432,975
Restricted and performance stock units	10,000	54,000	—	20,000

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3.INVESTMENT SECURITIES

Investments available for sale are summarized in the tables below.


	March 31, 2026
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
REMICs	$	461,363	$	1,049	$	(22,908)	$	439,504
Fannie Mae certificates	2,549		85		(3)		2,631
Freddie Mac certificates	8,466		79		(21)		8,524
U.S. government and agency obligations	4,006		—		(40)		3,966
Total	$	476,384	$	1,213	$	(22,972)	$	454,625


	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

At March 31, 2026 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 $1,457 and $2,556 at March 31, 2026 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 March 31, 2026 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 March 31, 2026 or September 30, 2025.


	March 31, 2026						September 30, 2025
	Amortized Cost		Fair Value		Weighted Average Yield		Amortized Cost		Fair Value		Weighted Average Yield
Due in one year or less	$	4,143	$	4,103	1.12	%	$	54,131	$	54,045	4.08	%
Due after one to five years	3,930		3,888		3.51		760		759		3.49
Due after five to ten years	34,303		34,003		3.99		35,600		35,344		3.78
Ten years or greater	434,008		412,631		3.36		451,706		430,511		3.45
Total	$	476,384	$	454,625	3.38	%	$	542,197	$	520,659	3.54	%

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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 March 31, 2026 and September 30, 2025, were as follows:


	March 31, 2026
	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	$	92,080	$	734	$	235,668	$	22,174	$	327,748	$	22,908
Fannie Mae certificates	—		—		100		3		100		3
Freddie Mac certificates	1,111		21		—		—		1,111		21
U.S. government and agency obligations	—		—		3,966		40		3,966		40
Total	$	93,191	$	755	$	239,734	$	22,217	$	332,925	$	22,972


	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 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 March 31, 2026 or September 30, 2025.

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4.LOANS AND ALLOWANCE FOR CREDIT LOSSES

LOAN PORTFOLIOS

Loans held for investment consist of the following:


	March 31, 2026		September 30, 2025
Real estate loans:
Residential Core	$	10,464,033	$	10,803,813
Residential Home Today	33,981		35,933
Home equity lines of credit	4,360,319		4,062,798
Home equity loans	876,440		749,548
Construction	13,022		12,302
Real estate loans	15,747,795		15,664,394
Other loans	8,254		8,153
Add (deduct):
Deferred loan expenses, net	70,253		69,943
Loans in process	(9,061)		(4,934)
Allowance for credit losses on loans	(74,900)		(74,244)
Loans held for investment, net	$	15,742,341	$	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 $58,446 and $59,980 as of March 31, 2026 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 March 31, 2026 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 March 31, 2026 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 (21% and 23%, respectively), Florida (19% and 22%, respectively), and California (19% and 18%, respectively).

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 $3,717,061 and $3,944,540 at March 31, 2026 and September 30, 2025, respectively.

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%.

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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 and six months ended March 31, 2026 and March 31, 2025, 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 March 31, 2026 and September 30, 2025, mortgage loans held for sale totaled $5,051 and $57,662, respectively. During the three and six months ended March 31, 2026, the principal balance of loans sold, according to trade date, was $94,426 and $204,057 (including loans in contracts pending settlement) compared to $75,159 and $147,190 (including loans in contracts pending settlement) during the three and six months ended March 31, 2025. During the three and six months ended March 31, 2026, the amortized cost of loans originated as held for sale that were subsequently transferred to the held for investment portfolio was $2,239 and $9,666, respectively, compared to $0 and $1,327, respectively, during the three and six months ended March 31, 2025.

DELINQUENCY and NON-ACCRUAL

An aging analysis of the amortized cost in loan receivables that are past due at March 31, 2026 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
March 31, 2026
Real estate loans:
Residential Core	$	6,309	$	5,098	$	10,305	$	21,712	$	10,468,419	$	10,490,131
Residential Home Today	546		217		971		1,734		31,801		33,535
Home equity lines of credit	5,451		2,701		4,499		12,651		4,385,729		4,398,380
Home equity loans	926		352		988		2,266		880,826		883,092
Construction	—		—		—		—		3,849		3,849
Total real estate loans	13,232		8,368		16,763		38,363		15,770,624		15,808,987
Other loans	—		—		—		—		8,254		8,254
Total	$	13,232	$	8,368	$	16,763	$	38,363	$	15,778,878	$	15,817,241


	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

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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 March 31, 2026 or September 30, 2025.


	March 31, 2026				September 30, 2025
	Non-accrual with No ACL		Total Non-accrual		Non-accrual with No ACL		Total Non-accrual
Real estate loans:
Residential Core	$	18,714	$	21,421	$	18,861	$	23,041
Residential Home Today	2,752		2,975		2,858		3,032
Home equity lines of credit	9,220		11,020		10,071		11,141
Home equity loans	1,339		1,705		1,280		1,492

Total non-accrual loans	$	32,025	$	37,121	$	33,070	$	38,706

At March 31, 2026 and September 30, 2025, the amortized cost in non-accrual loans includes $20,388 and $21,458, respectively, which are performing according to the terms of their agreement, of which $13,961 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 March 31, 2026 and September 30, 2025, real estate loans include $12,798 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 $211 and $496 for the three and six months ended March 31, 2026, and $243 and $479 for the three and six months ended March 31, 2025, respectively. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a modification when collection of remaining amounts due is considered probable. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a modification that has not met minimum payment requirements, a loan with a partial charge-off, a home equity loan or line of credit with a delinquent first mortgage greater than 90 days past due, or a loan in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed.

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

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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 March 31, 2026, was a reduction to the allowance for credit losses of $684, 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 March 31, 2026
	Beginning Balance		Provisions (Releases)		Charge-offs		Recoveries		Ending Balance
Real estate loans:
Residential Core	$	38,365	$	(2,033)	$	(74)	$	220	$	36,478
Residential Home Today (2)	(2,139)		(265)		26		394		(1,984)
Home equity lines of credit	23,045		119		(243)		462		23,383
Home equity loans	15,701		1,314		(20)		27		17,022
Construction	12		(11)		—		—		1
Total real estate loans	$	74,984	$	(876)	$	(311)	$	1,103	$	74,900
Total Unfunded Loan Commitments (1)	$	29,074	$	876	$	—	$	—	$	29,950
Total Allowance for Credit Losses	$	104,058	$	—	$	(311)	$	1,103	$	104,850


	For the Three Months Ended March 31, 2025
	Beginning Balance		Provisions (Releases)		Charge-offs		Recoveries		Ending Balance
Real estate loans:
Residential Core	$	42,476	$	(1,926)	$	(17)	$	132	$	40,665
Residential Home Today	(2,529)		(283)		(8)		380		(2,440)
Home equity lines of credit	18,194		1,083		(238)		423		19,462
Home equity loans	12,375		464		(17)		10		12,832
Construction	43		(16)		—		—		27
Total real estate loans	$	70,559	$	(678)	$	(280)	$	945	$	70,546
Total Unfunded Loan Commitments (1)	$	27,202	$	2,178	$	—	$	—	$	29,380
Total Allowance for Credit Losses	$	97,761	$	1,500	$	(280)	$	945	$	99,926


	For the Six Months Ended March 31, 2026
	Beginning Balance		Provisions (Releases)		Charge-offs		Recoveries		Ending Balance
Real estate loans:
Residential Core	$	39,939	$	(3,761)	$	(89)	$	389	$	36,478
Residential Home Today (2)	(2,438)		(415)		(10)		879		(1,984)
Home equity lines of credit	22,069		875		(503)		942		23,383
Home equity loans	14,645		2,495		(157)		39		17,022
Construction	29		(28)		—		—		1
Total real estate loans	$	74,244	$	(834)	$	(759)	$	2,249	$	74,900
Total Unfunded Loan Commitments (1)	$	30,116	$	(166)	$	—	$	—	$	29,950
Total Allowance for Credit Losses	$	104,360	$	(1,000)	$	(759)	$	2,249	$	104,850

(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.

(2) The Residential Home Today Charge-off total includes a charge-off reversal from the quarter ended December 31, 2025.

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	For the Six Months Ended March 31, 2025
	Beginning Balance		Provisions (Releases)		Charge-offs		Recoveries		Ending Balance
Real estate loans:
Residential Core	$	44,402	$	(4,370)	$	(18)	$	651	$	40,665
Residential Home Today	(2,672)		(619)		(8)		859		(2,440)
Home equity lines of credit	16,590		2,245		(554)		1,181		19,462
Home equity loans	11,642		1,188		(17)		19		12,832
Construction	40		(13)		—		—		27
Total real estate loans	$	70,002	$	(1,569)	$	(597)	$	2,710	$	70,546
Total Unfunded Loan Commitments (1)	$	27,811	$	1,569	$	—	$	—	$	29,380
Total Allowance for Credit Losses	$	97,813	$	—	$	(597)	$	2,710	$	99,926

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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 the periods presented.


													Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term
	By fiscal year of origination
	2026		2025		2024		2023		2022		Prior						Total
March 31, 2026
Real estate loans:
Residential Core
Pass	$	445,382	$	612,626	$	413,459	$	1,290,382	$	2,530,040	$	5,168,449	$	—	$	—	$	10,460,338
Special Mention	—		—		—		—		—		777		—		—		777
Substandard	—		—		539		1,735		3,987		22,755		—		—		29,016
Total Residential Core	445,382		612,626		413,998		1,292,117		2,534,027		5,191,981		—		—		10,490,131
Residential Home Today (1)
Pass	—		—		—		—		—		30,030		—		—		30,030

Substandard	—		—		—		—		—		3,505		—		—		3,505
Total Residential Home Today	—		—		—		—		—		33,535		—		—		33,535
Home equity lines of credit
Pass	—		—		—		—		—		—		4,323,485		51,958		4,375,443
Special Mention	—		—		—		—		—		—		6,631		409		7,040
Substandard	—		—		—		—		—		—		11,790		4,107		15,897
Total Home equity lines of credit	—		—		—		—		—		—		4,341,906		56,474		4,398,380
Home equity loans
Pass	232,293		271,862		202,713		109,784		38,470		24,098		—		—		879,220
Special Mention	—		454		446		223		45		76		—		—		1,244
Substandard	—		178		507		1,519		222		202		—		—		2,628
Total Home equity loans	232,293		272,494		203,666		111,526		38,737		24,376		—		—		883,092



Total Construction	1,981		1,868		—		—		—		—		—		—		3,849
Total real estate loans
Pass	679,656		886,356		616,172		1,400,166		2,568,510		5,222,577		4,323,485		51,958		15,748,880
Special Mention	—		454		446		223		45		853		6,631		409		9,061
Substandard	—		178		1,046		3,254		4,209		26,462		11,790		4,107		51,046
Total real estate loans	$	679,656	$	886,988	$	617,664	$	1,403,643	$	2,572,764	$	5,249,892	$	4,341,906	$	56,474	$	15,808,987

(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 tables present 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 Six Months Ended March 31, 2026
	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	$	—	$	—	$	12	$	15	$	12	$	50	$	—	$	—	$	89
Residential Home Today (1)	—		—		—		—		—		10		—		—		10
Home equity lines of credit	—		—		—		—		—		—		369		134		503
Home equity loans	—		73		49		—		21		14		—		—		157

Total real estate loans	$	—	$	73	$	61	$	15	$	33	$	74	$	369	$	134	$	759

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(1) The Residential Home Today charge-off total includes a charge off reversal from quarter ended December 31, 2025.


	For the Six Months Ended March 31, 2025
	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	$	—	$	—	$	—	$	—	$	—	$	18	$	—	$	—	$	18
Residential Home Today	—		—		—		—		—		8		—		—		8
Home equity lines of credit	—		—		—		—		—		—		273		281		554
Home equity loans	—		—		—		—		17		—		—		—		17

Total real estate loans	$	—	$	—	$	—	$	—	$	17	$	26	$	273	$	281	$	597

The home equity lines of credit that converted from revolving to term loans during the three and six months ended March 31, 2026, totaled $4,276 and $7,366, respectively, and during the three and six months ended March 31, 2025, totaled $3,872 and $6,814, respectively. The number 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 March 31, 2026 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 and six months ended March 31, 2026 and March 31, 2025, there were no modifications made on construction loans.


	For the Three Months Ended March 31, 2026
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total		% of Total Class
Residential Core	$	—	$	3	$	823	$	81	$	78	$	985	0.01	%
Residential Home Today	—		115		44		—		—		159		0.47
Home equity lines of credit	—		—		60		21		45		126		0.00
Home equity loans	—		—		—		—		—		—		—

Total	$	—	$	118	$	927	$	102	$	123	$	1,270	0.01	%


	For the Three Months Ended March 31, 2025
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total		% of Total Class
Residential Core	$	—	$	477	$	125	$	395	$	337	$	1,334	0.01	%
Residential Home Today	—		1		182		—		4		187		0.49
Home equity lines of credit	—		—		207		24		—		231		0.01
Home equity loans	—		—		—		—		—		—		—

Total	$	—	$	478	$	514	$	419	$	341	$	1,752	0.01	%


	For the Six Months Ended March 31, 2026
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total		% of Total Class
Residential Core	$	—	$	621	$	1,115	$	251	$	79	$	2,066	0.02	%
Residential Home Today	—		193		46		—		2		241		0.72
Home equity lines of credit	—		—		60		101		45		206		0.00
Home equity loans	—		—		91		—		—		91		0.01

Total	$	—	$	814	$	1,312	$	352	$	126	$	2,604	0.02	%


	For the Six Months Ended March 31, 2025
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total		% of Total Class
Residential Core	$	—	$	688	$	1,113	$	572	$	337	$	2,710	0.02	%
Residential Home Today	—		27		321		—		4		352		0.92
Home equity lines of credit	—		46		237		171		—		454		0.01
Home equity loans	—		—		—		—		—		—		—

Total	$	—	$	761	$	1,671	$	743	$	341	$	3,516	0.02	%

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


	For the Three Months Ended March 31, 2026			For the Three Months Ended March 31, 2025
	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	5.50%	3.50%	27.6	5.43%	3.50%	12.5
Residential Home Today	—%	—%	15.9	—%	—%	0.8
Home equity lines of credit	5.99%	3.50%	7.9	7.24%	3.50%	2.5
Home equity loans	—%	—%	0.0	—%	—%	0.0


	For the Six Months Ended March 31, 2026			For the Six Months Ended March 31, 2025
	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	5.36%	3.50%	11.4	5.52%	3.50%	12.9
Residential Home Today	—%	—%	14.3	—%	—%	9.6
Home equity lines of credit	6.98%	3.50%	3.6	7.03%	3.50%	1.4
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 and six months ended March 31, 2026 and March 31, 2025. There were no home equity loans that subsequently defaulted for the three and six months ended March 31, 2026 and March 31, 2025.


	For the Three Months Ended March 31, 2026
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total
Residential Core	$	—	$	—	$	—	$	—	$	79	$	79
Residential Home Today	—		—		—		—		—		—
Home equity lines of credit	—		—		—		—		45		45


Total	$	—	$	—	$	—	$	—	$	124	$	124


	For the Three Months Ended March 31, 2025
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total
Residential Core	$	—	$	—	$	257	$	—	$	—	$	257
Residential Home Today	—		—		115		—		—		115
Home equity lines of credit	—		—		30		98		—		128


Total	$	—	$	—	$	402	$	98	$	—	$	500


	For the Six Months Ended March 31, 2026
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total
Residential Core	$	—	$	—	$	354	$	—	$	79	$	433
Residential Home Today	—		—		—		—		—		—
Home equity lines of credit	—		—		—		—		45		45


Total	$	—	$	—	$	354	$	—	$	124	$	478


	For the Six Months Ended March 31, 2025
	Interest Rate Reduction		Term Extension		Significant Payment Delay		Combination-Rate Reduction & Term Extension		Other		Total
Residential Core	$	—	$	—	$	257	$	—	$	—	$	257
Residential Home Today	—		—		153		—		—		153
Home equity lines of credit	—		—		230		98		—		328


Total	$	—	$	—	$	640	$	98	$	—	$	738

The following tables present performance by loan type as of March 31, 2026 and March 31, 2025, 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.


March 31, 2026	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total
Residential Core	$	—	$	—	$	885	$	885	$	2,823	$	3,708
Residential Home Today	55		—		121		176		414		590
Home equity lines of credit	—		—		60		60		602		662
Home equity loans	—		—		61		61		91		152
Total	$	55	$	—	$	1,127	$	1,182	$	3,930	$	5,112


March 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	$	282	$	172	$	1,056	$	1,510	$	2,746	$	4,256
Residential Home Today	42		—		374		416		158		574
Home equity lines of credit	—		129		373		502		419		921
Home equity loans	—		—		—		—		89		89
Total	$	324	$	301	$	1,803	$	2,428	$	3,412	$	5,840

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5.DEPOSITS

Deposit account balances are summarized as follows:


	March 31, 2026		September 30, 2025
Checking accounts	$	794,437	$	785,785
Savings accounts, excluding money market accounts	1,754,913		1,043,715
Money market accounts	108,811		128,245
Certificates of deposit	7,509,320		8,474,503
	10,167,481		10,432,248
Accrued interest	19,910		14,720
Total deposits	$	10,187,391	$	10,446,968

The aggregate amount of CDs in denominations of more than $250 was $1,538,729 and $1,533,487 at March 31, 2026 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 $863,657 and $902,083 at March 31, 2026 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 March 31, 2026 and September 30, 2025, the Association may accept brokered deposits without FDIC restrictions.

6. BORROWED FUNDS

At March 31, 2026, the Association had a maximum borrowing capacity of $7,599,493, of which $5,127,577 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 March 31, 2026 are summarized in the table below:


	Borrowing Capacity		Borrowings Available		Borrowings Outstanding
FHLB	$	6,693,035	$	1,565,458	$	5,127,577
FRB Cleveland	451,458		451,458		—
Fed Funds Purchased	455,000		455,000		—
Subtotal	$	7,599,493	$	2,471,916	5,127,577
Accrued Interest					14,814
Total Borrowings					$	5,142,391

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Maturities of borrowings at March 31, 2026 are summarized in the table below:


	Amount		Weighted Average Rate
Maturing in:
12 months or less	$	1,674,016	3.40	%
13 to 24 months	1,025,747		3.72
25 to 36 months	725,631		3.51
37 to 48 months	1,075,813		3.46
49 to 60 months	625,000		3.42
Over 60 months	1,370		1.40
Total Borrowings	5,127,577		3.50
Accrued Interest	14,814
Total	5,142,391

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 $2,975,000 of short-term FHLB advances that are tied to interest rate swaps discussed in Note 13. DERIVATIVE INSTRUMENTS. Interest is payable monthly for long-term FHLB advances and generally at maturity for FHLB advances with terms of three months or less.

For the three and six months ended March 31, 2026, and March 31, 2025, net interest expense related to short-term borrowings, with original maturities of twelve months or less, was $29,661 and $57,774, and $24,227 and $49,426, 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
	March 31, 2026								March 31, 2025
	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	$	(14,745)	$	(2,933)	$	(3,553)	$	(21,231)	$	(26,562)	$	56,810	$	(3,435)	$	26,813
Other comprehensive income (loss) before reclassifications	(1,912)

TFS Financial CORP 10-Q