UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

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

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __ to __

Commission file number: 001-34814

Capitol Federal Financial, Inc.

(Exact name of registrant as specified in its charter)


Maryland			27-2631712
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
700 South Kansas Avenue,	Topeka,	Kansas	66603
(Address of principal executive offices)			(Zip Code)

Registrant's telephone number, including area code:

(785) 235-1341

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	CFFN	The NASDAQ Stock Market LLC

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

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

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

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 ☒ 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 (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ 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 growth 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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

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

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

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

The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant, computed by reference to the average of the closing bid and asked price of such stock on the NASDAQ Stock Market as of March 31, ~~2024~~2025, was $~~772~~720.28 million.

As of November 21, ~~2024~~2025, there were issued and outstanding ~~132~~131,~~774~~813,~~365~~305 shares of the Registrant's common stock.

DOCUMENTS INCORPORATED BY REFERENCE

Part III of Form 10-K - Portions of the proxy statement for the Annual Meeting of Stockholders for the year ended September 30, ~~2024~~2025.

			Page No.
PART I	Item 1.	Business	2
	Item 1A.	Risk Factors	910
	Item 1B.	Unresolved Staff Comments	1516
	Item 1C.	Cybersecurity	1516
	Item 2.	Properties	1819
	Item 3.	Legal Proceedings	1819
	Item 4.	Mine Safety Disclosures	1819
PART II	Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	1920
	Item 6.	[Reserved]	2021
	Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	2122
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	5358
	Item 8.	Financial Statements and Supplementary Data	6065
	Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	~~114~~120
	Item 9A.	Controls and Procedures	~~114~~120
	Item 9B.	Other Information	~~114~~120
	Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~115~~121
PART III	Item 10.	Directors, Executive Officers and Corporate Governance	~~115~~121
	Item 11.	Executive Compensation	~~115~~121
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~115~~121
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	~~116~~122
	Item 14.	Principal Accountant Fees and Services	~~116~~122
PART IV	Item 15.	Exhibits and Financial Statement Schedules	~~116~~122
	Item 16.	Form 10-K Summary	~~116~~122
INDEX TO EXHIBITS			~~117~~123
SIGNATURES			~~119~~125

Private Securities Litigation Reform Act-Safe Harbor Statement

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

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

•our ability to maintain overhead costs at reasonable levels;

•our ability to ~~attain~~generate a sufficient volume of ~~one- to four-family~~ loans in order to maintain the ~~balance~~loan ~~of that~~ portfolio balance at a level desired by management;

•our ability to invest funds in wholesale or secondary markets at favorable yields ~~compared to the related funding source~~;

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

•our ability to ~~extend~~expand our commercial banking and trust asset management expertise across our market areas;

•fluctuations in deposit flows;

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

•the future earnings and capital levels of the Bank, the impact of potential pre-~~1998~~1988 bad debt recapture and the continued non-objection by our primary federal banking regulators, to the extent required, to distribute capital from the Bank to the Company, which could affect the Company's income tax expense and the Company's ability to pay dividends in accordance with its dividend policy and/or repurchase shares;

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

•changes in real estate values, unemployment levels, general economic trends, and the level and direction of loan delinquencies and charge-offs may require changes in the estimates of the adequacy of the allowance for credit losses ("ACL"), ~~which~~and may adversely affect our business;

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

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

•changes in accounting principles, policies, or guidelines;

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

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

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

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

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

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

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

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

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

•the ability to attract and retain skilled employees;

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

•significant litigation;

•technological changes and the costs thereof;

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

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

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

This list of factors is not all inclusive. See "Part I, Item 1A. Risk Factors" for a discussion of risks and uncertainties related to our business that could adversely impact our operations and/or financial results. We do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company or the Bank.

PART I

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

Item 1. Business

General

The Company is a Maryland corporation with its common stock traded on the Global Select tier of the NASDAQ Stock Market. The Bank is a wholly-owned subsidiary of the Company and is a federally chartered and insured savings bank headquartered in Topeka, Kansas. WeThe ~~have~~Bank ~~been,~~continues ~~and intend~~ to ~~continue~~transition tofrom ~~be,~~ a ~~community-~~retail oriented financial institution ~~offering~~to aone ~~variety~~with ofan ~~financial~~expanded ~~services~~focus toon ~~meet~~commercial ~~the~~customers ~~needs~~by strategically growing all aspects of ~~the~~commercial ~~communities~~banking wethrough ~~serve~~investment in technology, people, products, and services.

We attract deposits primarily from the general public and from businesses, and invest those funds primarily in commercial loans, either secured by real estate or for commercial and industrial purposes, and in permanent loans secured by first mortgages on owner-occupied, one- to four-family residences. The ~~and~~Bank is active in commercial ~~loans,~~lending ~~either~~markets ~~secured~~even bywhen ~~real~~the ~~estate~~lending oropportunity ~~for~~is ~~commercial~~outside ~~and~~of ~~industrial~~the ~~purposes~~Bank's local footprint. We also participate with other lenders in commercial loans, and have previously purchased loans ~~primarily~~from correspondent lenders secured by mortgages on one- to four-family residences but we suspended that line of business in June 2024. The Bank ~~also~~ invests in certain investment securities and mortgage-backed securities ("MBS"). The ~~using~~Bank ~~funding~~funds our lending and investing activities from deposits and Federal Home Loan Bank of Topeka ("FHLB") borrowings.

We offer a variety of deposit accounts having a wide range of interest rates and terms, which generally include savings accounts, money market accounts, interest-bearing and non-interest-bearing checking accounts, and certificates of deposit with terms ranging from 91 days to 120 months. ~~The~~We ~~Bank~~also ~~offers~~offer a broad range of banking services, including a full suite of treasury management services designed to support ~~business~~commercial customers in managing their financial operations efficiently and securely. ~~Our~~By leveraging treasury management ~~solutions~~services, ~~include~~we ~~cash~~help ~~flow~~businesses ~~optimization~~streamline their operations, ~~fraud~~reduce ~~prevention~~financial ~~tools~~risk, and ~~payment~~maximize ~~services~~liquidity ~~tailored~~while togrowing ~~meet~~ the ~~needs~~Bank's ofnon-interest-bearing ~~commercial~~deposit ~~clients~~base and diversifying fee-based income. ByWe ~~leveraging~~also ~~these~~offer ~~services,~~tailored webanking ~~help~~services ~~businesses~~for ~~streamline~~our ~~their~~small ~~operations,~~business ~~reduce~~customers ~~financial~~and ~~risk,~~are ~~and~~actively ~~maximize~~expanding ~~liquidity~~our ~~while~~suite ~~helping~~of ~~the~~private ~~Bank~~banking ~~gather~~and ~~deposit~~trust and ~~fee~~wealth ~~income~~management products and services.

The Company's results of operations are primarily dependent on net interest income, which is the difference between the interest earned on loans, securities, and cash, and the interest paid on deposits and borrowings. On a weekly basis, management reviews deposit flows, loan demand, cash levels, and changes in several market interest rates to assess all pricing strategies. The Bank's pricing strategy for ~~first mortgage loan products includes setting interest rates based on secondary market prices and competitor pricing for our local lending markets. Pricing for~~ commercial loans is generally based on competitor pricing and the credit risk of the borrower, with consideration given to the overall relationship of the borrower. ~~Generally,~~Pricing ~~deposit~~for ~~pricing~~first ismortgage ~~based~~loan ~~upon~~products aincludes ~~survey~~setting ofinterest ~~competitors~~rates inbased ~~the~~on ~~Bank's~~secondary market ~~areas,~~prices and ~~the~~competitor ~~need~~pricing tofor ~~attract~~our ~~funding~~local ~~and~~lending ~~retain maturing deposits.~~

~~areas~~markets. ~~Lending activities are influenced by the demand for housing and business activity levels~~Generally, ~~our~~deposit ~~loan~~pricing ~~underwriting~~is ~~guidelines~~based ~~compared~~upon toa ~~those~~survey of ~~our~~ competitors, asin ~~well as~~ the ~~interest~~Bank's ~~rate~~market ~~environment~~areas, and ~~interest~~the ~~rate~~need ~~pricing~~to ~~competition~~attract ~~from~~funding ~~other~~and ~~lending~~retain ~~institutions.~~maturing deposits.

The Company is significantly affected by prevailing economic conditions, including federal monetary and fiscal policies and federal regulation of financial institutions. Deposit balances are influenced by a number of factors, including interest rates paid on competing investment products, the level of personal income, and the personal rate of savings within our market areas. Lending activities are influenced by the demand for business and housing activity levels, our loan underwriting guidelines compared to those of our competitors, as well as the interest rate environment and interest rate pricing competition from other lending institutions.

Management Strategy

We seek to ~~provide qualified borrowers the broadest possible access to home ownership through our mortgage lending programs and to~~ offer a ~~complete~~comprehensive ~~set~~suite of ~~personal~~commercial and ~~commercial~~consumer banking products and services to our customers. We strive to enhance stockholder value while maintaining a sound asset quality position and strong capital position. To achieve these goals, we focus on the following strategies:

•Lending. We ~~are~~offer ~~one~~both ofcommercial ~~the~~and ~~leading originators of~~ one- to four-family ~~loans~~loan inproducts ~~the~~to ~~state~~our ~~of Kansas~~customers. We ~~originate~~continue ~~these~~to ~~loans~~strategically ~~primarily~~grow ~~for~~ our ~~own~~commercial loan portfolio, ~~and~~through weprospecting ~~service the loans we originate. Historically, we purchased one- to four-family loans from correspondent lenders but recently suspended that activity~~ for ~~balance~~new ~~sheet~~relationships ~~management purposes. We offer several commercial lending options~~ and ~~participate~~maintaining ~~in commercial loans with other lenders, both locally~~ and ~~outside~~expanding ~~our~~existing ~~market areas~~relationships. We ~~offer both fixed- and adjustable-rate products with various terms to maturity and pricing options. We~~ maintain strong relationships with local real estate agents to attract one- to four-family loan business. We rely on our marketing efforts and customer service reputation to be top of mind for commercial customers and attract business from walk-in customers, customers that apply online, and existing customers. ~~Our business development efforts help to bring new business relationships to the Bank.~~

~~•Deposit Services.~~ We offer aseveral ~~wide~~commercial ~~array~~lending ofoptions ~~retail~~ and ~~business~~participate ~~deposit~~in ~~products~~commercial ~~and~~loans ~~services. These~~with ~~products~~other ~~include checking~~lenders, ~~savings,~~both ~~money~~locally ~~market,~~and ~~certificates~~outside ofour ~~deposit,~~market ~~and retirement accounts~~areas. We ~~also~~ offer ~~Treasury~~both ~~Management~~fixed- ~~solutions~~and ~~tailored~~adjustable-rate toproducts ~~meet~~with ~~the~~various ~~needs~~terms ofto ~~our~~maturity ~~commercial~~and ~~clients~~pricing options. ~~Our~~We ~~deposit~~monitor ~~services~~concentration ~~are~~levels ~~provided~~such ~~through~~as ~~our~~collateral ~~network~~type, ofgeographic ~~traditional~~location, ~~branches~~tenant ~~and~~brand ~~retail~~name, ~~in-store~~borrowing ~~locations~~relationships, ~~our~~and, ~~call~~in ~~center~~the ~~(which~~case ~~operates~~of onparticipation ~~extended hours)~~loans, ~~mobile~~lending ~~banking~~relationships, ~~telephone~~among ~~banking,~~other ~~and online banking and bill payment services~~factors.

~~•Cost Control.~~ We ~~generally~~ are ~~effective~~one atof ~~controlling~~the ~~our~~leading ~~costs~~originators of ~~operations. We~~conventional ~~centralize~~one- ~~our~~to ~~loan~~four-family ~~servicing~~loans ~~and~~in ~~deposit~~the ~~support~~state ~~functions~~of ~~for efficient processing~~Kansas. We ~~serve~~originate athese ~~broad~~loans ~~range~~primarily offor ~~customers~~our ~~through~~own ~~relatively~~portfolio, ~~few~~and ~~branch~~we ~~locations. Our~~generally ~~average~~service ~~deposit~~the ~~base~~loans ~~per~~we ~~traditional branch at September 30~~originate. Historically, ~~2024~~we ~~was~~purchased ~~approximately $128.7 million. This large average deposit base per branch helps to control costs. Our~~ one- to four-family ~~lending~~loans ~~strategy~~from ~~and~~correspondent ~~our~~lenders ~~effective~~but ~~management~~suspended ofthat ~~credit~~activity ~~risk~~during ~~allow~~fiscal usyear to2024. We ~~service~~also aoriginate ~~large portfolio of loans at efficient levels because it costs less to service~~ a ~~portfolio~~variety of ~~performing~~consumer loans~~. We~~, ~~recognize~~the itmajority isof ~~more~~which ~~expensive~~are tohome ~~offer~~equity aloans ~~full~~and ~~suite~~lines of ~~commercial~~credit ~~products~~for ~~and~~which ~~services,~~the ~~but~~Bank wealso ~~will~~has ~~continue~~the ~~our~~first ~~efforts~~mortgage toor ~~control~~is ~~those costs. The Bank continues to invest~~ in ~~its~~the ~~infrastructure,~~first ~~which~~lien ~~can increase costs~~position.

~~•Asset~~Deposit ~~Quality~~Services. We ~~utilize~~offer ~~underwriting~~a ~~standards~~wide ~~for~~array ~~all~~ of ~~our~~deposit ~~lending~~ products, ~~including the loans we purchase~~ and ~~participate~~services ~~in, that are designed~~ to ~~limit~~ our ~~exposure~~commercial toand ~~credit~~retail ~~risk~~customers. We Our ~~require~~deposit ~~complete~~product ~~documentation~~offerings ~~for~~include ~~both~~checking, ~~originated~~savings, ~~and~~money ~~purchased~~market, ~~loans~~certificates of deposit, and ~~make~~retirement ~~credit~~accounts. Deposit ~~decisions~~services ~~based~~are onprovided through our ~~assessment~~network of ~~the~~traditional ~~borrower's~~branches ~~ability~~and toretail ~~repay the loan~~ in-store ~~accordance with its terms. Additionally~~locations, weour ~~monitor~~call ~~the~~center ~~asset~~(which ~~quality~~operates ofon ~~existing~~extended ~~loans~~hours), ~~and~~mobile ~~strive~~banking, totelephone ~~work~~banking, ~~proactively~~and ~~with~~online ~~customers~~banking ~~who~~and ~~face~~bill ~~challenging~~payment ~~financial conditions~~services.

~~•Capital~~We ~~Position. Our~~offer ~~policy~~a ~~has~~competitive ~~always~~suite ~~been~~of treasury management services to ~~protect~~meet the ~~safety~~needs ~~and~~of ~~soundness~~our ofcommercial ~~the~~customers. Our ~~Bank~~treasury ~~through~~management ~~credit~~solutions ~~and~~include ~~operational~~services ~~risk~~such ~~management~~as cash flow optimization, ~~balance~~fraud ~~sheet~~prevention ~~strength~~tools, and ~~sound~~payment ~~operations~~services tailored to our commercial customers. ~~The~~We ~~end~~listen ~~result~~to the needs of ~~these~~our ~~activities~~commercial ~~has~~clients ~~been~~that ~~capital~~utilize ~~ratios~~these ~~that~~services ~~meet~~and oractively ~~exceed~~evaluate ~~the~~new ~~well-capitalized~~technology ~~standards~~in ~~set~~order byto ~~the~~capture ~~Office~~a larger share of ~~the~~their ~~Comptroller~~business ofwith ~~the~~additional ~~Currency~~products ~~(the~~and ~~"OCC")~~services. We ~~believe~~have ~~that~~also ~~maintaining~~deployed a ~~strong~~team ~~capital~~of ~~position~~business ~~safeguards~~development ~~the~~officers ~~long-term~~tasked ~~interests~~with ofgrowing the ~~Bank,~~deposit base within the ~~Company~~small business customer segment, ~~and~~focusing on serving small businesses in our ~~stockholders~~market areas with specialized products specifically designed for these customers.

~~•Stockholder Value.~~ We ~~strive~~are preparing to ~~provide~~implement ~~stockholder value while maintaining~~ a ~~strong~~comprehensive ~~capital~~suite ~~position. We~~of ~~continue~~private tobanking ~~generate~~products ~~returns to stockholders through dividend payments~~ and ~~share~~services ~~repurchases. Total~~in ~~dividends declared and paid during~~ fiscal year ~~2024~~2026 ~~were~~to ~~$44.5~~better ~~million. The~~serve ~~Company~~our ~~repurchased~~customers ~~3,280,110~~and ~~shares~~grow ~~for~~our ~~$19.3~~non-interest ~~million during fiscal year 2024, which all occurred in the first half of the year~~revenue. ~~The~~We ~~Company's~~believe ~~cash~~that ~~dividend~~our ~~payout~~private ~~policy~~banking isline ~~reviewed quarterly by management and the Board~~ of ~~Directors,~~business ~~and~~will ~~the~~bridge ~~ability to pay dividends under~~ the ~~policy~~gap ~~depends~~between ~~upon~~high-net-worth adepository ~~number of factors~~customers, ~~including~~small ~~the~~business ~~Company's~~owners ~~financial~~or ~~condition~~commercial ~~and results of operations~~customers, ~~regulatory capital requirements, regulatory limitations on the Bank's ability to make capital distributions to the Company,~~ and ~~the~~corporate ~~amount~~trustee ofopportunities ~~cash~~for at the ~~holding company level~~Bank. ~~For fiscal year 2025, it is the current intention of the Board of Directors to continue the regular quarterly cash dividend of $0.085 per share.~~

~~•Interest~~Cost ~~Rate Risk Management~~Control. ~~Changes~~We ingenerally ~~interest~~are ~~rates~~effective ~~are~~at controlling our ~~primary~~costs ~~market~~of ~~risk~~operations. We asbelieve our ~~balance~~investments ~~sheet~~in isdeveloping ~~almost~~a ~~entirely~~full ~~comprised~~suite of ~~interest-earning~~commercial ~~assets~~products and ~~interest-bearing liabilities. Therefore~~services, ~~fluctuations~~and our expanded services in ~~interest~~private ~~rates~~banking ~~have~~and atrust ~~significant~~and ~~impact~~wealth ~~not~~management, ~~only~~are ~~upon~~appropriate ~~our~~and ~~net~~that ~~income~~their ~~but~~successful ~~also~~execution ~~upon~~can ~~the~~generate ~~cash~~revenue ~~flows~~in excess of the related tocosts. We ~~those~~centralize ~~assets~~our ~~and~~loan ~~liabilities~~servicing and ~~the~~deposit ~~market~~support ~~value~~functions for efficient processing. We serve a broad range of ~~our~~customers ~~assets~~through ~~and~~relatively ~~liabilities~~few branch locations. In Our ~~order~~average todeposit ~~maintain~~base ~~what~~per wetraditional ~~believe~~branch toat beSeptember 30, ~~acceptable~~2025 ~~levels~~was ofapproximately ~~net~~$128.5 ~~interest~~million. This ~~income~~large inaverage ~~varying~~deposit ~~interest~~base ~~rate~~per ~~environments,~~branch wehelps ~~actively~~to ~~manage~~control costs. Our prudent underwriting requirements and our ~~interest~~effective ~~rate~~management of credit risk ~~and~~allow ~~assume~~us to service a ~~moderate~~large ~~amount~~portfolio of ~~interest~~loans ~~rate~~at ~~risk~~efficient ~~consistent~~levels ~~with~~because ~~policies~~it ~~approved~~costs byless ~~the~~to ~~Board~~service a portfolio of ~~Directors~~performing loans.

Asset Quality. Maintaining strong asset quality has always been a top priority for us, and is even more important now, as we expand our commercial loan portfolio. We utilize underwriting standards for all of our lending products, including the loans we purchase and participate in, that are designed to limit our exposure to credit risk. We require complete documentation for both loans originated by the Bank and for commercial participation loans and make credit decisions based on our assessment of the borrower's ability to repay the loan in accordance with its terms. We monitor concentration levels by collateral type, geographic location, and borrowing relationship. We also monitor the credit quality of existing loans and borrowers, which includes monitoring financial performance at least annually for commercial borrowers with total loans of $2.5 million or more. We strive to work proactively with customers, especially if they face challenging financial conditions.

Capital Position. Our policy has always been to protect the safety and soundness of the Bank through credit and operational risk management, balance sheet strength, and sound operations. The end result of these activities has been capital ratios that meet or exceed the well-capitalized standards set by the Office of the Comptroller of the Currency (the "OCC"). We believe that maintaining a strong capital position safeguards the long-term interests of the Bank, the Company, and our stockholders.

Stockholder Value. We strive to provide long-term, sustainable stockholder value while maintaining a strong capital position. We continue to generate returns to stockholders through dividend payments and share repurchases. Total dividends declared and paid during fiscal year 2025 were $44.3 million. The Company also repurchased 618,260 shares for $3.9 million during fiscal year 2025, all of which occurred during the fourth quarter of the fiscal year. The Company's cash dividend payout policy is reviewed quarterly by management and the Board of Directors, and the ability to pay dividends under the policy depends upon a number of factors, including the Company's financial condition and results of operations, regulatory capital requirements, regulatory limitations on the Bank's ability to make capital distributions to the Company, the Bank's current tax earnings and accumulated earnings and profits, and the amount of cash at the holding company level. For fiscal year 2026, it is the intention of the Company's Board of Directors to pay out a regular quarterly cash dividend of $0.085 per share, totaling $0.34 per share for the year, and to seek further opportunities for value-enhancing share repurchases.

Interest Rate Risk Management. Changes in interest rates are our primary market risk as our balance sheet is almost entirely comprised of interest-earning assets and interest-bearing liabilities. Therefore, fluctuations in interest rates have a significant impact not only upon our net income but also upon the cash flows related to those assets and liabilities and the market value of our assets and liabilities. To maintain what we believe to be acceptable levels of net interest income in varying interest rate environments, we actively manage our interest rate risk and assume a moderate amount of interest rate risk consistent with policies approved by the Board of Directors.

Market Area and Competition

Our corporate office is located in Topeka, Kansas. As of September 30, ~~2024~~2025, we had a network of 4846 branches (44 traditional branches and ~~four~~two in-store branches) located in nine counties throughout Kansas and three counties in Missouri. We primarily serve the metropolitan areas of Topeka, Wichita, Lawrence, Manhattan, Emporia, and Salina, Kansas and a portion of the metropolitan area of greater Kansas City.

~~Competition~~We operate in ~~originating~~a ~~one-~~highly tocompetitive ~~four-family~~environment ~~and~~for ~~consumer~~quality ~~loans~~commercial ~~and~~banking ~~attracting~~relationships ~~retail~~across ~~deposits~~the ~~primarily~~markets ~~comes~~we ~~from~~serve. Larger ~~local~~national, regional, and ~~national~~local ~~banks,~~financial ~~savings~~ institutions, as well as credit unions, ~~mortgage~~farm ~~brokerage~~credit ~~firms~~lenders, ~~investment~~commercial ~~banking~~finance ~~and~~companies, ~~brokerage~~insurance ~~firms~~companies, and ~~online~~other ~~competitors~~non-bank ~~that~~lenders ~~are~~have ~~not~~increased ~~confined~~their topresence ~~any~~in ~~specific~~our market ~~area. The~~areas ~~Bank~~thereby ~~has~~increasing ~~consistently been one of the top originators of residential one- to four-family loans in the state of Kansas~~competition. ~~This~~Additionally, ~~has~~we ~~been~~face ~~achieved~~competition ~~through~~from ~~strong~~smaller ~~relationships~~local ~~with~~institutions ~~real~~that ~~estate~~often ~~agents~~offer ~~and~~aggressive ~~targeted marketing campaigns which emphasize the strength of Capitol Federal's brand, competitive~~ pricing, and ~~the~~specialized ~~Bank's~~loan ~~history~~structures asand abanking ~~portfolio lender~~services. ~~The~~We ~~Bank~~compete ~~offers~~in a ~~diversified~~number ~~retail~~of ~~deposit product line~~ways, ~~and~~including ~~trust~~a ~~and~~comprehensive ~~brokerage~~suite ~~services. Management~~of ~~considers~~products ~~our well-established banking network~~ and ~~our~~services, ~~reputation~~competitive ~~for~~loan ~~financial~~pricing, ~~strength~~ and ~~customer~~a ~~service~~strong toreputation ~~be major factors~~ in ~~our~~the ~~success at attracting and retaining customers in our~~ market areas~~. The~~ ~~Bank~~we ~~ranked third in deposit market share, at 6~~serve.~~1%,~~ We inprovide ~~the~~competitive ~~state~~interest ofrates ~~Kansas~~on asboth ~~reported~~deposit inand ~~the~~lending ~~June~~products ~~30,~~and ~~2024~~offer ~~Federal~~a ~~Deposit~~full ~~Insurance~~suite ~~Corporation ("FDIC") "Summary~~ of ~~Deposits~~treasury -management ~~Market~~services ~~Share~~to ~~Report."~~

There is similarly intense competition for quality commercial lending relationships in the areas we serve. Larger national, regional and local financial institutions, as well as credit unions, farm credit lenders, commercial finance companies, insurance companies, and other non-bank lenders have increased their presence in our market areas, ultimately placing downward pressure on pricing. We also compete with smaller local financial institutions that may have aggressive pricing and unique terms. We compete in a number of ways including customer service, quality of execution, range of products offered, price and reputation among others. While we provide competitive interest rates on both deposit and lending products, we believe that we can compete most successfully by focusing on the financial needs of growing companies and small and middle-market businesses, pairing these companies with experienced relationship managers who can offer a broad range of customized services, digital platforms and sophisticated cash management tools tailored to their business through our Treasury Management solutions.4

commercial customers. Through our treasury management services, we pair our commercial customers with experienced relationship managers who offer a broad range of customized services, digital platforms and sophisticated cash management tools tailored to their business. We offer specialized products and services to our small business customers and have a team of bankers focused on the deposit and loan needs of small businesses in our market areas. We are focused on the financial needs of customers and strategically invest in all aspects of commercial banking by aligning technology, people, products and services to expand the offering of products and services to our customers to remain competitive and grow commercial banking.

Competition in originating one- to four-family and consumer loans and attracting retail deposits primarily comes from local, regional, and national banks, savings institutions, credit unions, mortgage brokerage firms, investment banking and brokerage firms, and online competitors that are not confined to any specific market area. As noted above, the Bank has consistently been one of the top originators of residential one- to four-family loans in the state of Kansas. This has been achieved through strong relationships with real estate agents and marketing which emphasizes the strength of Capitol Federal's brand, competitive pricing, and the Bank's history as a portfolio lender. The Bank offers a diversified retail deposit product line, and we are actively expanding our suite of private banking and trust and wealth management products and services by strategically investing in staff and technology. Management considers our well-established banking network and our reputation for financial strength and customer service to be major factors in our success at attracting and retaining customers in our market areas. The Bank ranked second in deposit market share, at 6.2%, in the state of Kansas as reported in the June 30, 2025 Federal Deposit Insurance Corporation ("FDIC") "Summary of Deposits - Market Share Report."

Available Information

~~Our~~Financial ~~website~~and ~~address~~other isCompany ~~www.capfed.com. Our~~information, ~~annual~~including ~~reports~~press releases, Annual Reports on Form 10-K, ~~quarterly~~Quarterly ~~reports~~Reports on Form 10-Q, ~~current~~Current ~~reports~~Reports on Form 8-K, and all amendments to those reports can be obtained free of charge from our investor relations website, https://ir.capfed.com. ~~These~~SEC ~~reports~~filings are available on our website asimmediately ~~soon as reasonably practicable~~ after they are electronically filed with or furnished to the SEC~~. These~~, ~~reports~~and are also available on the SEC's website at ~~http://~~www.sec.gov.

Regulation and Supervision

The Bank is examined and regulated by the OCC, its primary regulator, and its deposits are insured up to applicable limits by the Deposit Insurance Fund ("DIF"), which is administered by the FDIC. The Company, as a savings and loan holding company, is examined and regulated by the FRB.

Set forth below is a description of certain laws and regulations that are applicable to the Company and the Bank. This description is intended as a brief summary of selected features of such laws and regulations and is qualified in its entirety by reference to the laws and regulations applicable to the Company and the Bank.

General. The Bank, as a federally chartered savings bank, is subject to regulation and oversight by the OCC in all aspects of its operations. This regulation and oversight of the Bank is intended for the protection of depositors and other customers and not for the purpose of protecting the Company's stockholders. The investment and lending authority of the Bank is prescribed by federal laws and regulations and the Bank is prohibited from engaging in any activities not permitted by such laws and regulations. The Bank and Company are required to maintain minimum levels of regulatory capital and the Bank is subject to limitations on making capital distributions to the Company.

The Company is a unitary savings and loan holding company within the meaning of the Home Owners' Loan Act ("HOLA"). As such, the Company is registered with the FRB and subject to FRB regulations, examinations, supervision, and reporting requirements. In addition, the FRB has enforcement authority over the Company. Among other things, this authority permits the FRB to restrict or prohibit activities by the Company that are determined to be a serious risk to the Bank.

The enforcement authority of the OCC and of the FRB includes, among other things, the ability to assess civil monetary penalties, to issue cease-and-desist or removal orders, and to initiate injunctive actions. In general, these enforcement actions may be initiated for violations of laws and regulations and unsafe or unsound practices. Other actions or inactions may provide the basis for enforcement action, including misleading or untimely filed reports. Except under certain circumstances, public disclosure of final enforcement actions by the OCC or the FRB is required by law.

As a federally chartered savings bank, the Bank is required to maintain a significant portion of its assets in residential housing-related loans and investments in at least nine months of the most recent 12-month period. An institution that fails to do so is immediately subject to restrictions on its operations, including a prohibition against capital distributions, except with the prior approval of both the OCC and the FRB. Failure to meet this qualification is a statutory violation subject to enforcement action. As of September 30, 2024, the Bank met the qualification.5

The Bank's relationship with its depositors and borrowers is regulated to a great extent by federal laws and regulations, especially in such matters as the ownership of savings accounts and the form and content of mortgage requirements. In addition, the branching authority of the Bank is regulated by the OCC. The Bank is generally authorized to branch nationwide.

The Bank is subject to a statutory lending limit on aggregate loans to one person or a group of related persons. The general limit is 15% of the Bank's unimpaired capital and surplus, plus an additional 10% for loans fully secured by readily marketable collateral. At September 30, ~~2024~~2025, the Bank's lending limit under this restriction was $~~135~~144.57 million. The Bank has no loans or loan relationships in excess of its lending limit. Loan commitments and loans outstanding to the Bank's largest borrowing relationship totaled $~~113~~103.02 million at September 30, ~~2024~~2025, all of which was current according to its terms. As of September 30, 2025, the lending relationship was composed of several commercial and industrial loans with a combined gross balance of $85.1 million and multiple commercial real estate loans with a combined gross balance of $18.1 million. The borrower is located in Kansas and the properties securing the commercial real estate loans are located in Kansas.

The OCC has adopted guidelines establishing safety and soundness standards on matters such as loan underwriting and documentation, asset quality, earnings standards, internal controls and audit systems, interest rate risk exposure, and compensation and other employee benefits. The Bank is subject to periodic examinations by the OCC regarding these and related matters. During these examinations, the examiners may require the Bank to increase its ACL, change the classification of loans, and/or recognize additional charge-offs based on their judgments, which can impact our capital and earnings. In October 2025, the OCC announced several regulatory changes aimed at reducing burdens and tailoring oversight for community banks. Effective January 1, 2026, the OCC will eliminate certain mandatory, non-statutory examination requirements, allowing examiners to adjust exam scope and frequency based on each bank’s size, complexity, and risk profile. The agency also introduced initiatives to simplify model risk-management expectations for smaller institutions and expand eligibility for streamlined licensing procedures for well-managed community banks. Together, these measures are designed to make supervision more risk-focused and less prescriptive, while maintaining safety and soundness standards.

Regulatory Capital Requirements. The Bank and the Company are required to maintain specified levels of regulatory capital under regulations of the OCC and FRB, respectively. See "Part II, Item 8. Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements - Note 13. Regulatory Capital Requirements" for additional regulatory capital information. At September 30, ~~2024~~2025, the Bank was considered well capitalized under OCC regulations.

The OCC can establish individual minimum capital requirements for a particular institution which vary from the capital levels that would otherwise be required under the applicable capital regulations based on such factors as concentrations of credit risk, levels of interest rate risk, the risks of non-traditional activities, and other circumstances. The OCC has not imposed any such requirements on the Bank.

The OCC is authorized and, under certain circumstances, required to take certain actions against federal savings banks that are not adequately capitalized because they fail to meet the minimum requirements associated with their elected capital framework. Any such institution must submit a capital restoration plan for OCC approval and may be restricted in, among other things, increasing its assets, acquiring another institution, establishing a branch or engaging in any new activities, and may not make capital distributions. Institutions that are deemed by the OCC to be "critically undercapitalized" are subject to the appointment of a conservator or receiver. As of September 30, 2025, the Bank and the Company met all capital adequacy requirements to which they are subject.

5Limitations on Dividends and Other Capital Distributions. OCC regulations impose restrictions on savings institutions with respect to their ability to make distributions of capital, which include dividends, stock redemptions or repurchases, cash-out mergers and other transactions charged to the capital account. Under FRB and OCC safe harbor regulations, a savings institution generally may make capital distributions during any calendar year equal to net income of the previous two calendar years and current year-to-date net income (to the extent not previously distributed). A savings institution that is a

other things, increasing its assets, acquiring another institution, establishing a branch or engaging in any new activities, and may not make capital distributions. Institutions that are deemed by the OCC to be "critically undercapitalized" are subject to the appointment of a conservator or receiver. As of September 30, 2024, the Bank and the Company met all capital adequacy requirements to which they are subject.6

Limitations on Dividends and Other Capital Distributions. OCC regulations impose restrictions on savings institutions with respect to their ability to make distributions of capital, which include dividends, stock redemptions or repurchases, cash-out mergers and other transactions charged to the capital account. Under FRB and OCC safe harbor regulations, a savings institution generally may make capital distributions during any calendar year equal to net income of the previous two calendar years and current year-to-date net income (to the extent not previously distributed). A savings institution that is a subsidiary of a savings and loan holding company, such as the Company, that proposes to make a capital distribution must submit written notice to the OCC and FRB 30 days prior to such distribution. The OCC and FRB may object to the distribution during that 30-day period based on safety and soundness or other concerns. Savings institutions that desire to make a larger capital distribution, are under special restrictions, or are not, or would not be, sufficiently capitalized following a proposed capital distribution must file an application and obtain regulatory non-objection prior to making such a distribution.

The long-term ability of the Company to pay dividends to its stockholders is based primarily upon the ability of the Bank to make capital distributions to the Company. So long as the Bank remains well capitalized after each capital distribution, and operates in a safe and sound manner, it is management's belief that the OCC and FRB will continue to allow the Bank to distribute its earnings to the Company, although no assurance can be given in this regard.

Insurance of Accounts and Regulation by the FDIC. The Bank also is subject to regulation and examination by the FDIC, which insures the deposits of the Bank to the maximum extent permitted by law. The DIF of the FDIC insures deposit accounts in the Bank up to applicable limits, with a maximum amount of deposit insurance for banks and savings institutions of $250 thousand per separately insured deposit ownership right or category.

The FDIC assesses deposit insurance premiums on all FDIC-insured institutions quarterly based on annualized rates. Under these rules, assessment rates for an institution with total assets of less than $10 billion are determined by CAMELS composite rating (capital adequacy, asset quality, management, earnings, liquidity, and sensitivity ~~(CAMELS)~~to ~~composite~~market ~~ratings~~rates) and certain financial ratios, and range from 2.5 to 32.0 basis points, subject to certain adjustments. Assessment rates for an institution with $10 billion or more in total assets are assigned an individual rate based on a scorecard that measures the institution's composite rating, ability to withstand asset-related and funding-related stress and the magnitude of potential losses to the FDIC in the event of failure. The current assessment rates were set in October 2022, when the FDIC adopted a final rule that increased the initial base deposit assessment rate schedule uniformly by two basis points, beginning with the first quarterly assessment period of 2023. The increased assessment rate will remain in effect unless and until the reserve ratio meets or exceeds 2%, absent further action by the FDIC's Board of Directors. For the fiscal year ended September 30, ~~2024~~2025, the Bank paid $64.13 million in FDIC premiums. Assessment rates are applied to an institution's assessment base, which is its average consolidated total assets minus its average tangible equity during the assessment period.

The FDIC has authority to increase insurance assessments in the future, and any significant increases could have a material adverse effect on the operating expenses and results of operations of the Company. Management cannot predict what assessment rates will be in the future. In a banking industry emergency, the FDIC may also impose a special assessment.

Insurance of deposits may be terminated by the FDIC upon a finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC. We do not know of any practice, condition, or violation that may lead to termination of our deposit insurance.

Community Reinvestment and Consumer Protection Laws. In connection with its lending activities, the Bank is subject to a number of federal laws designed to protect borrowers and promote lending to various sectors of the economy and population. These include the Equal Credit Opportunity Act, the Truth-in-Lending Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ("SAFE Act"), Service Members Civil Relief Act, and the Community Reinvestment Act ("CRA"). With respect to federal consumer protection laws, regulations are generally promulgated by the Consumer Financial Protection Bureau ("CFPB"), but the OCC, rather than the CFPB, currently examines the Bank for compliance with such laws and regulations because the Bank's regulatory assets have yet to exceed $10 billion for four consecutive quarter-ends.

examines the Bank for compliance with such laws and regulations because the Bank's regulatory assets have yet to exceed $10 billion for four consecutive quarter-ends.

The CRA requires the appropriate federal banking agency, in connection with its examination of an FDIC-insured institution, to assess its record in meeting the credit needs of the communities served by the institution, including low and moderate income neighborhoods. The federal banking regulators take into account the institution's record of performance under the CRA when considering applications for mergers, acquisitions, and branches. Under the CRA, institutions are assigned a rating of outstanding, satisfactory, needs to improve, or substantial non-compliance. The Bank received a satisfactory rating in its most recently completed CRA evaluation.

Bank Secrecy Act /Anti-Money Laundering Laws. The Bank is subject to the Bank Secrecy Act and other anti-money laundering laws, including the USA PATRIOT Act of 2001 and regulations thereunder. These laws and regulations require the Bank to implement policies, procedures, and controls to detect, prevent, and report money laundering and terrorist financing and to verify the identity and source of deposits and wealth of its customers. Violations of these laws and regulations can result in substantial civil and criminal sanctions. In addition, provisions of the USA PATRIOT Act require the federal financial institution regulatory agencies to consider the effectiveness of a financial institution's anti-money laundering activities when reviewing mergers and acquisitions.

Federal Reserve System. In response to the Coronavirus Disease 2019 ("COVID-19") pandemic, the FRB reduced reserve requirement ratios to zero percent effective March 26, 2020, to support lending to households and businesses. At September 30, 2024, the reserve requirement of zero percent was still in place.

The Bank is authorized to borrow from the Federal Reserve Bank "discount window." An eligible institution need not exhaust other sources of funds before going to the discount window, nor are there restrictions on the purposes for which the institution can use primary credit. At September 30, 2024, the Bank had no outstanding borrowings from the discount window.

In March 2023, the FRB created a Bank Term Funding Program ("BTFP") to make additional funding available to eligible depository institutions. Advances could have been requested under the BTFP until March 11, 2024. The BTFP offered loans up to one year in length that could be prepaid without penalty. The amount that could be borrowed under the BTFP was based upon the par value of the securities pledged as collateral to the FRB. At September 30, 2023, the Bank had $500.0 million of BTFP borrowings. In October 2023, the Bank paid off the $500.0 million of BTFP borrowings and did not enter into additional BTFP borrowings during fiscal year 2024.

Federal Home Loan Bank System. The Bank is a member of one of 11 regional Federal Home Loan Banks, each of which serves as a reserve, or central bank, for its members within its assigned region and is funded primarily from proceeds derived from the sale of consolidated obligations of the Federal Home Loan Bank System. The Federal Home Loan Banks make loans, called advances, to members and provide access to a line of credit in accordance with policies and procedures established by the Board of Directors of FHLB, which are subject to the oversight of the Federal Housing Finance Agency. At September 30, 2024, the Bank had $2.18 billion of FHLB advances, at par. See "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Financial Statements – Note 8. Deposits and Borrowed Funds" for additional information regarding FHLB advances.

As a member, the Bank is required to purchase and maintain capital stock in FHLB. The minimum required FHLB stock amount is generally 4.5% of the Bank's FHLB advances and outstanding balance against the FHLB line of credit, and 2% of the outstanding principal balance of loans sold into the Mortgage Partnership Finance Program. At September 30, 2024, the Bank had $101.2 million in FHLB stock, which was in compliance with the FHLB's stock requirement. In past years, the Bank has received dividends on its FHLB stock, although no assurance can be given that these dividends will continue. See "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Financial Statements – Note 1. Summary of Significant Accounting Policies" for additional information regarding FHLB stock.

~~than~~Bank ~~those~~Secrecy ~~permitted~~Act by/Anti-Money Laundering Laws. The Bank is subject to the ~~HOLA;~~Bank orSecrecy ~~acquiring~~Act orand ~~retaining~~other ~~control~~anti-money oflaundering alaws, ~~depository~~including ~~institution~~the ~~that~~USA isPATRIOT ~~not~~Act ~~federally~~of ~~insured. In~~2001 ~~evaluating~~and ~~applications~~regulations bythereunder. These ~~savings~~laws and ~~loan~~regulations ~~holding~~require ~~companies~~the Bank to ~~acquire~~implement ~~savings~~policies, ~~associations~~procedures, ~~the~~and ~~FRB~~controls ~~must~~to ~~consider~~detect, prevent, and report money laundering and terrorist financing, and to verify the ~~financial~~identity and ~~managerial~~source ~~resources~~of deposits and ~~future~~wealth ~~prospects~~of its customers. Violations of ~~the~~these ~~company~~laws and ~~institution~~regulations ~~involved,~~can ~~the~~result ~~effect~~in substantial civil and criminal sanctions. In addition, provisions of the ~~acquisition~~USA onPATRIOT Act require the ~~risk~~federal financial institution regulatory agencies to consider the ~~insurance~~effectiveness ~~funds,~~of ~~the~~a ~~convenience~~financial ~~and~~institution's ~~needs~~anti-money oflaundering ~~the~~activities ~~community,~~when ~~competitive~~reviewing ~~factors,~~mergers and ~~other factors~~acquisitions.

~~The~~Federal ~~FRB~~Reserve ~~has~~System. In ~~long~~response ~~set~~to ~~forth~~the inCoronavirus ~~its~~Disease ~~regulations~~2019 ~~its~~ ("~~source of strength~~COVID-19") ~~policy~~pandemic, ~~which~~the ~~requires~~FRB ~~bank~~reduced ~~holding~~reserve ~~companies~~requirement ratios to ~~act~~zero aspercent aeffective ~~source~~March of26, ~~strength~~2020, to ~~their~~support ~~subsidiary~~lending ~~depository~~to ~~institutions~~households byand ~~providing~~businesses. At ~~capital~~September 30, ~~liquidity~~2025, ~~and~~the ~~other~~reserve ~~support~~requirement ~~in times~~ of ~~financial~~zero ~~stress. This~~percent ~~policy~~was ~~now~~still ~~also~~in ~~applies to savings and loan holding companies~~place.

The Bank is authorized to borrow from the Federal Reserve Bank "discount window." An eligible institution need not exhaust other sources of funds before going to the discount window, nor are there restrictions on the purposes for which the institution can use primary credit. At September 30, 2025, the Bank had no outstanding borrowings from the discount window.

Federal Home Loan Bank System. The Bank is a member of one of 11 regional Federal Home Loan Banks, each of which serves as a reserve, or central bank, for its members within its assigned region and is funded primarily from proceeds derived from the sale of consolidated obligations of the Federal Home Loan Bank System. The Federal Home Loan Banks make loans, known as advances, to members and provide access to a line of credit in accordance with policies and procedures established by the Board of Directors of FHLB, which are subject to the oversight of the Federal Housing Finance Agency. At September 30, 2025, the Bank had $1.95 billion of FHLB advances, at par. See "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Financial Statements – Note 8. Deposits and Borrowed Funds" for additional information regarding FHLB advances.

As a member, the Bank is required to purchase and maintain capital stock in FHLB. The minimum required FHLB stock amount is generally 4.5% of the Bank's FHLB advances and outstanding balance against the FHLB line of credit, and 2% of the outstanding principal balance of loans sold into the Mortgage Partnership Finance Program. At September 30, 2025, the Bank had $90.7 million in FHLB stock, which was in compliance with the FHLB's stock requirement. In past years, the Bank has received dividends on its FHLB stock, although no assurance can be given that these dividends will continue. See "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Financial Statements – Note 1. Summary of Significant Accounting Policies" for additional information regarding FHLB stock.

Federal Savings and Loan Holding Company Regulation. The HOLA prohibits a savings and loan holding company (directly or indirectly, or through one or more subsidiaries) from acquiring another savings association, or holding company thereof, without prior written approval from the FRB; acquiring or retaining, with certain exceptions, more than 5% of a non-subsidiary savings association, a non-subsidiary holding company, or a non-subsidiary company engaged in activities other than those permitted by the HOLA; or acquiring or retaining control of a depository institution that is not federally insured. In evaluating applications by savings and loan holding companies to acquire savings associations, the FRB must consider the financial and managerial resources and future prospects of the company and institution involved, the effect of the acquisition on the risk to the insurance funds, the convenience and needs of the community, competitive factors, and other factors.

The FRB has long set forth in its regulations its "source of strength" policy, which requires bank holding companies to act as a source of strength to their subsidiary depository institutions by providing capital, liquidity and other support in times of financial stress. This policy also applies to savings and loan holding companies.

Transactions with Affiliates. Transactions between the Bank and its affiliates are required to be on terms as favorable to the institution as transactions with non-affiliates. Certain of these transactions are restricted to a percentage of the Bank's capital, and, in the case of loans, require eligible collateral in specified amounts. The Bank may not lend to any affiliate engaged in activities not permissible for a bank holding company or purchase or invest in the securities of affiliates. In addition, transactions with affiliates must be consistent with safe and sound banking practices and not involve the purchase of low-quality assets.

Taxation

Federal Taxation. The Company and the Bank are subject to federal income taxation in the same general manner as other corporations. The Company files a consolidated federal income tax return. The Company has not received notification from the Internal Revenue Service of any potential tax liability for any years still subject to audit. For federal income tax purposes, the Bank currently reports its income and expenses on the accrual method of accounting and uses a fiscal year ending on September 30 for filing its federal income tax return. Changes to the corporate federal income tax rate would result in changes to the Company's effective income tax rate and would require the Company to remeasure its deferred tax assets and liabilities based on the tax rate in the years in which those temporary differences are expected to be recovered or settled.

Prior to the enactment of the Small Business Job Protection Act (the "1996 Act"), the Bank was permitted to deduct, up to a specified formula limit, a certain percentage of income as bad debts, for which the Bank was not required to establish a deferred tax liability. The difference between actual bad debts and the formula limit bad debt amount ("excess reserves") was recorded in the Bank's retained earnings. As a result of the 1996 Act, savings institutions, like the Bank, were required to use the specific charge-off method in computing bad debts on their tax returns beginning with their 1996 Federal tax returns. The 1996 Act required the recapture of excess reserves over the base year, which was September 30, 1988 for the Bank. The excess reserves established prior to September 30, 1988 remain in retained earnings ("pre-1988 bad debt reserves") subject to recapture by the Bank on the occurrence of certain distributions in excess of current earnings and profits accumulated in tax years beginning after December 31, 1951 ("accumulated earnings and profits"). The Bank had $75.9 million in pre-1988 bad debt reserves at September 30, ~~2024~~2025, which equates to an unrecorded deferred tax liability of $15.9 million. See additional discussion regarding the Bank's pre-1988 bad debt recapture in "Part IA. Risk Factors - Other Risks", ~~"Part II. Item 7. Management's Discussion~~ and ~~Analysis of Financial Condition and Results of Operations - Comparison of Operating Results for the Years Ended September 30, 2024 and 2023~~" ~~and "~~Part II, Item 8. Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements - Note 9. Income Taxes".

State Taxation. The earnings/losses of Capitol Federal Financial, Inc., Capitol Funds, Inc. and Capital City Investments, Inc. are combined for purposes of filing a consolidated Kansas corporate tax return. The Kansas corporate tax rate is 4.0%, plus a surcharge of 3.0% on earnings greater than $50 thousand.

The Bank files a Kansas privilege tax return. For Kansas privilege tax purposes, the minimum tax rate iswas 4.518% of earnings during fiscal year ~~2024~~2025, which is calculated based on federal taxable income, subject to certain adjustments. The Bank has not received notification from the state of any potential tax liability for any years still subject to audit. ~~The Bank's minimum rate for the Kansas privilege tax return will be reduced to 4.18% of earnings starting in fiscal year 2025.~~

Additionally, the Bank files state tax returns in 16 other states and two cities where it has significant loan balances. In these states and cities, the Bank has either established a nexus under an economic nexus theory or has exceeded enumerated nexus thresholds based on the amount of interest income derived from loans within the state.

Employees and Human Capital Resources

At September 30, ~~2024~~2025, we had a total of ~~659~~678 employees, including 7674 part-time employees. The full-time equivalent of our total employees at September 30, ~~2024~~2025 was ~~636~~655, an increase from ~~632~~636 at September 30, ~~2023~~2024.

Our employees are not represented by any collective bargaining group. Management considers its employee relations to be good. We believe our ability to attract and retain employees is a key to our success. Accordingly, we strive to offer competitive salaries and employee benefits to all employees and monitor salaries in our market areas. Physical well-being is supported by the Company's health, dental, vision, life and various other insurances, and a wellness program that encourages employees to live a healthy and balanced lifestyle. Volunteer opportunities are provided and encouraged for all employees. Capitol Federal employees recorded over 34,~~690~~976 hours in volunteer time for local organizations and charities during fiscal year ~~2024~~2025.

Our Company ~~respects,~~seeks ~~values and encourages diversity in our employees and customers. We seek~~ to recognize and develop the unique contributions each individual brings to our Company, and we are fully committed to maintaining a culture ofthat ~~diversity~~supports asour corporate values. We strive to maintain a ~~pillar~~workforce reflective of the communities we serve. In addition, our ~~values~~Board of Directors is comprised of members with varying backgrounds, education and ~~our~~experiences ~~success. These~~to ~~efforts~~help ~~are~~us ~~supported~~understand byand support our ~~Board~~customers ofand ~~Directors~~stockholders. Since 1977, at least one woman has served as a director of the Bank and, since its inception in 1999, at least one woman has served on the Board of Directors of the Company. In addition, since 2012, at least one underrepresented minority has served as a director of the ~~Company and the Bank. The Board of Directors annually reviews the Company's diversity recruitment efforts and employment statistics.~~

To assist in expanding diversity, the Company recruits employees through sources and organizations targeted at diverse communities. The Company also provides multiple opportunities for professional development and growth, including continuing education when applicable and specialty education within banking. Leadership development is supported through our Leadership Forum services, on a biannual basis, for mid-level leaders within the organization. Education for this program is currently provided by Banktastic. Annual employee educational requirements include targeted diversity, equity and inclusion training for all managers. All employees receive annual training on providing fair, high-quality service and understanding the causes of discrimination.9

~~The~~ Company ~~actively participates in initiatives to promote diversity~~ and ~~inclusion,~~the ~~both internally and externally~~Bank. The ~~Company~~Board ~~has~~of anDirectors ~~Inclusion~~annually ~~Task~~reviews ~~Force that promotes diversity and inclusion. During~~ the ~~current~~Company's ~~fiscal~~recruitment ~~year,~~efforts ~~the Inclusion Task Force hosted events such as book~~ and ~~documentary~~employment ~~discussions and developed an internal community webpage~~statistics. Our employees, together with the Capitol Federal Foundation, contribute to programs that promote educational opportunities in all communities as well as housing in low-and-moderate income communities, including scholarships specifically for diverse candidates.

The Company recruits employees through sources and organizations across a variety of networks and communities. The Company also provides multiple opportunities for professional development and growth, including continuing education when applicable and specialty education within banking. Leadership development is supported through our Leadership Forum services, on a biannual basis, for mid-level leaders within the organization. Education for this program is currently provided by Banktastic. Annual employee educational requirements include respectful treatment of all other employees and customers. All employees receive annual training on providing fair, high-quality service and understanding the causes of legal ramifications of discrimination.

Our employees, together with the Capitol Federal Foundation, contribute to programs that promote educational opportunities in all communities as well as housing in low-and-moderate income communities.

Item 1A. Risk Factors

There are risks inherent in the Bank's and Company's business. The following is a summary of material risks and uncertainties relating to the operations of the Bank and the Company. Adverse experiences with these could have a material impact on the Company's financial condition and results of operations. Some of these risks and uncertainties are interrelated, and the occurrence of one or more of them may exacerbate the effect of others. These material risks and uncertainties are not necessarily presented in order of significance. In addition to the risks set forth below and the other risks described in this Annual Report, there may be risks and uncertainties that are not currently known to us or that we currently deem to be immaterial that could materially and adversely affect our business, financial condition or operating results.

Risks Related to Macroeconomic Conditions

Changes in interest rates could have an adverse impact on our results of operations and financial condition.

Our results of operations are primarily dependent on net interest income, which is the difference between the interest earned on loans, securities, cash at the ~~Federal~~FRB ~~Reserve Bank~~ and dividends received on FHLB stock, and the interest paid on deposits and borrowings. Changes in interest rates could have an adverse impact on our results of operations and financial condition because the majority of our interest-earning assets are long-term, fixed-rate loans, while the majority of our interest-bearing liabilities are shorter term, and therefore subject to a greater degree of interest rate fluctuations. This type of risk is known as interest rate risk and is affected by prevailing economic and competitive conditions that are beyond the Company's control, including general economic conditions, inflationary trends and/or monetary policies of the FRB and fiscal policies of the United States federal government.

9The impact of changes in interest rates is generally observed on the income statement. The magnitude of the impact will be determined by the difference between the amount of interest-earning assets and interest-bearing liabilities, both of which either reprice or mature within a given period of time, in addition to the yields earned on interest-earning assets and rates paid on interest-bearing liabilities. This difference provides an indication of the extent to which our net interest rate spread will be impacted by changes in interest rates. In addition, changes in interest rates will impact the expected level of repricing of the Bank's mortgage-related assets and callable debt securities. Generally, as interest rates decline, the amount of interest-earning assets expected to reprice will increase as borrowers have an economic incentive to reduce the cost of their mortgage or debt, which would negatively impact the Bank's interest income to the extent deposits are not repriced lower at a faster pace. Conversely, as interest rates rise, the amount of interest-earning assets expected to reprice will decline as the economic incentive to refinance the mortgage or debt is diminished. As this occurs, the amount of interest-earning assets repricing could diminish to the point where interest-bearing liabilities reprice to a higher interest rate at a faster pace than interest-earning assets, thus negatively impacting the Bank's net interest income. For additional information about the interest-rate risk we face, see "Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk."

~~Company~~Changes in interest rates can also have an adverse effect on our financial condition, as available-for-sale ("AFS") securities are reported at estimated fair value. Stockholders's ~~control~~equity, ~~including~~specifically, ~~general~~accumulated ~~economic~~other ~~conditions~~comprehensive income (loss) ("AOCI"), ~~inflationary~~is ~~trends~~increased ~~and/~~or ~~monetary~~decreased ~~policies~~by the amount of ~~the~~change ~~FRB~~in ~~and~~the ~~fiscal~~estimated ~~policies~~fair value of ~~the~~our ~~United~~AFS ~~States~~securities, ~~federal~~net ~~government~~of deferred income taxes. Increases in interest rates generally decrease the fair value of AFS securities, which adversely impacts

The impact of changes in interest rates is generally observed on the income statement. The magnitude of the impact will be determined by the difference between the amount of interest-earning assets and interest-bearing liabilities, both of which either reprice or mature within a given period of time, in addition to the yields earned on interest-earning assets and rates paid on interest-bearing liabilities. This difference provides an indication of the extent to which our net interest rate spread will be impacted by changes in interest rates. In addition, changes in interest rates will impact the expected level of repricing of the Bank's mortgage-related assets and callable debt securities. Generally, as interest rates decline, the amount of interest-earning assets expected to reprice will increase as borrowers have an economic incentive to reduce the cost of their mortgage or debt, which would negatively impact the Bank's interest income. Conversely, as interest rates rise, the amount of interest-earning assets expected to reprice will decline as the economic incentive to refinance the mortgage or debt is diminished. As this occurs, the amount of interest-earning assets repricing could diminish to the point where interest-bearing liabilities reprice to a higher interest rate at a faster pace than interest-earning assets, thus negatively impacting the Bank's net interest income. For additional information about the interest-rate risk we face, see "Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk."

Changes in interest rates can also have an adverse effect on our financial condition, as available-for-sale ("AFS") securities are reported at estimated fair value. Stockholders' equity, specifically accumulated other comprehensive income (loss) ("AOCI"), is increased or decreased by the amount of change in the estimated fair value of our AFS securities, net of deferred income taxes. Increases in interest rates generally decrease the fair value of AFS securities, which adversely impacts stockholders' equity. For additional information, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Strategic Securities Transaction," "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Stockholders' Equity" and "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 15. Accumulated Other Comprehensive Income."

Changes in interest rates, as they relate to customers, can also have an adverse impact on our financial condition and results of operations. In times of rising interest rates, default risk may increase among borrowers with adjustable-rate loans as the rates on their loans adjust upward and their payments increase. Fluctuations in interest rates also affect customer demand for loan and deposit products. Competition from financial institutions and others could affect our ability to attract and retain deposits and could result in the Bank paying more for deposits.

In addition to general changes in interest rates, changes that affect the shape of the yield curve could negatively impact the Bank. The Bank's interest-bearing liabilities are generally priced based on short-term interest rates while the majority of the Bank's interest-earning assets are priced based on long-term interest rates. Income for the Bank is primarily driven by the spread between these rates. As a result, a steeper yield curve, meaning long-term interest rates are significantly higher than short-term interest rates, would provide the Bank with a better opportunity to increase net interest income. When the yield curve is flat, meaning long-term interest rates and short-term interest rates are essentially the same, or when the yield curve is inverted, meaning long-term interest rates are lower than short-term interest rates, the net yield between interest-earning assets and interest-bearing liabilities that reprice is compressed or diminished and would likely negatively impact the Bank's net interest income. See "Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk" for additional information about the Bank's interest rate risk management.

An economic downturn, including a decline in real estate values, especially affecting our geographic market areas and certain regions of the country where we have commercial real estate loans or correspondent loans secured by one- to four-family properties, could have an adverse impact on our business and financial results.

As we have grown our commercial real estate lending portfolio, we have continued to maintain relationships not only in our local markets but in geographically diverse markets. As a result, we are particularly exposed to downturns in regional housing and commercial real estate markets and, to a lesser extent, housing and commercial real estate markets nationwide, along with changes in the levels of unemployment or underemployment. We monitor the current status and trends of local and national employment levels and trends and current conditions in the real estate and housing markets, as well as commercial real estate markets, in our local market areas and certain areas where we have commercial real estate loans and correspondent loans. Decreases in local real estate values could adversely affect the value of the property used as collateral for our loans, which could cause us to realize a loss in the event of a foreclosure. Additionally, if insurance obtained by our

~~borrowers~~stockholders' is insufficient to cover any losses sustained to the collateral, the decreases in the value of collateral securing our loans as a result of natural disasters or other related events could adversely impact our financial condition and results of operationsequity. IfFor ~~insurance~~additional ~~coverage is unavailable to our borrowers due to the reluctance of insurance companies to renew policies covering the collateral or due to other factors~~information, ~~the~~see ~~resulting~~"Part ~~increase in cost of home ownership could affect the ability of borrowers to repay loans. In addition~~II, aItem ~~decline in commercial real estate values would likewise adversely affect the value of collateral securing commercial real estate loans~~8. ~~Adverse~~ ~~conditions~~Financial inStatements ~~our local economies~~ and inSupplementary ~~certain~~Data ~~areas~~– ~~where~~Notes weto ~~have~~Consolidated ~~commercial~~Financial ~~real~~Statements ~~estate~~– ~~loans~~Note and correspondent loans, such as inflation, unemployment, supply chain disruptions, recession, natural disasters or pandemics, or other factors beyond our control, could adversely impact the ability of our borrowers to repay their loans15. ~~Declines~~ inAccumulated ~~collateral~~Other ~~values~~Comprehensive ~~and adverse economic conditions could result in increased delinquencies, non-performing assets, loan losses, and future loan loss provisions~~Income. "

In addition to general changes in interest rates, changes that affect the shape of the yield curve could negatively impact the Bank. The Bank's interest-bearing liabilities are generally priced based on short-term interest rates while the majority of the Bank's interest-earning assets are priced based on long-term interest rates. Income for the Bank is primarily driven by the spread between these rates. As a result, a steeper yield curve, meaning long-term interest rates are higher than short-term interest rates, would provide the Bank with a better opportunity to increase net interest income. When the yield curve is flat, meaning long-term interest rates and short-term interest rates are essentially the same, or when the yield curve is inverted, meaning long-term interest rates are lower than short-term interest rates, the net yield between interest-earning assets and interest-bearing liabilities that reprice is compressed or diminished and would likely negatively impact the Bank's net interest income. See "Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk" for additional information about the Bank's interest rate risk management.

An economic downturn, including a decline in real estate values, especially affecting our geographic market areas and certain regions of the country where we have commercial real estate loans or purchased loans secured by one- to four-family properties, could have an adverse impact on our business and financial results.

As we strategically grow our commercial real estate lending portfolio, we have continued to prospect for new relationships and maintain existing relationships not only in our local markets but in geographically diverse markets. As a result, we are particularly exposed to downturns in regional housing and commercial real estate markets and, to a lesser extent, housing and commercial real estate markets nationwide, along with changes in the levels of unemployment or underemployment. We monitor the current status and trends of local and national employment levels and trends and current conditions in the real estate and housing markets, as well as commercial real estate markets, in our local market areas and certain areas where we have commercial real estate loans and purchased one- to four-family loans. Decreases in real estate values could adversely affect the value of the property used as collateral for our commercial real estate and one- to four-family loans, which could cause us to realize a loss in the event of a foreclosure. Additionally, if insurance obtained by our borrowers is insufficient to cover any losses sustained to the collateral, the decreases in the value of collateral securing our loans as a result of natural disasters or other related events could adversely impact our financial condition and results of operations. If insurance coverage is unavailable to our borrowers due to the reluctance of insurance companies to renew policies covering the collateral or due to other factors, the resulting increase in cost of home ownership could affect the ability of borrowers to repay loans. Adverse conditions in our local economies and in certain areas where we have commercial real estate loans and purchased one-to four-family loans, such as inflation, unemployment, supply chain disruptions, recession, natural disasters or pandemics, or other factors beyond our control, could adversely impact the ability of our borrowers to repay their loans. Declines in collateral values and adverse economic conditions could result in increased delinquencies, non-performing assets, loan losses, and future loan loss provisions.

Risks Related to Lending Activities

The increase in commercial loans in our loan portfolio exposes us to increased lending and credit risks, which could adversely impact our financial condition and results of operations.

AAs ~~growing~~part ~~portion~~ of ~~our~~the ~~loan~~Company's ~~portfolio~~strategic ~~consists~~initiatives ~~of commercial loans. These loan types tend~~ to bedevelop ~~larger~~a ~~than~~full-service ~~and~~commercial inbanking ~~different~~business, ~~geographic~~we ~~regions from most of our existing loan portfolio and~~ are ~~generally considered to have different and greater risks than one- to four-family residential real estate loans and may involve multiple loans to groups of related borrowers. A~~ growing our commercial loan portfolio ~~also subjects us to greater regulatory scrutiny~~. ~~Furthermore,~~Maintaining ~~these~~strong ~~loan~~asset ~~types~~quality ~~can~~in ~~expose~~association uswith tothe acommercial ~~greater risk of delinquencies, non-performing assets,~~ loan ~~losses,~~growth ~~and~~is ~~future loan loss provisions than one- to four-family residential real estate loans because repayment of such loans often depends on the successful operation of~~ a ~~business~~top orpriority offor the ~~underlying property~~Bank. ~~Repayment~~ We ofare ~~such~~applying ~~loans~~disciplined ~~may~~underwriting beand ~~affected~~ongoing bycredit ~~factors~~and ~~outside~~performance ~~the~~monitoring ~~borrower's~~and ~~control,~~we ~~such~~monitor asconcentration ~~adverse~~levels ~~conditions~~by incollateral ~~the real estate market~~type, ~~the~~geographic ~~economy,~~location ~~environmental factors, natural disasters or pandemics,~~ and~~/or~~ ~~changes~~borrowing ~~in government regulation~~relationship. ~~Also~~However, there are ~~risks~~still ~~inherent in commercial real estate construction~~ lending asand ~~the~~credit ~~value~~risks ofthat ~~the~~could ~~project~~adversely isimpact ~~uncertain~~our ~~prior~~financial tocondition ~~the~~and ~~completion~~results of ~~construction~~operations ~~and~~as ~~subsequent~~commercial ~~lease-up. A~~loans ~~sudden~~are ~~downturn~~generally inconsidered ~~the~~to ~~economy,~~have ~~labor~~different and~~/or~~ ~~supply~~greater ~~chain~~credit ~~issues,~~risks orthan ~~other~~one- ~~unforeseen~~to ~~events~~four-family ~~could~~residential ~~result~~real inestate ~~stalled projects or collateral shortfalls, thus exposing us to increased credit risk~~loans.

Commercial ~~and industrial~~ loans ~~are~~typically ~~primarily~~have ~~made~~larger ~~based~~loan onbalances ~~the~~than ~~identified~~one- ~~cash~~to ~~flow~~four-family ofresidential ~~the~~loans ~~borrower~~ and ~~secondarily~~may oninvolve ~~the~~multiple ~~collateral underlying the~~ loans. ~~The borrowers' cash flow may prove~~ to begroups ~~unpredictable, and collateral securing these loans may fluctuate in value. Most often, this collateral consists~~ of ~~accounts~~related ~~receivable, inventory and equipment~~borrowers. ~~Significant~~Repayment ~~adverse changes in a borrower's industries and businesses could cause rapid declines in values~~ of, ~~and collectability associated with, those business assets, which could result in inadequate collateral coverage for our~~ commercial ~~and industrial~~ loans ~~and~~often ~~expose~~depends ~~us to future losses. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent~~ on the ~~ability~~successful ofoperation ~~the borrower to collect amounts due from its clients. Inventory and equipment may depreciate over time, may be difficult to appraise, may be illiquid and may fluctuate in value based on the success~~ of ~~the~~a business. If the cash flow from business operations is reduced, the borrower's ability to repay the loan may be impaired. An increase in valuation allowances and charge-offs related to our commercial and industrial loan portfolio could have an adverse effect on our business, financial condition, results of operations and future prospects.

business or of the underlying property which may be affected by factors outside the borrower's control, such as adverse conditions in the real estate market, the economy, the implementation of tariffs, environmental factors, natural disasters or pandemics, and/or changes in government regulation. Also, there are risks inherent in commercial real estate construction lending as the value of the project is uncertain prior to the completion of construction and subsequent lease-up. A sudden downturn in the economy, labor and/or supply chain issues, or other unforeseen events could result in stalled projects or collateral shortfalls, thus exposing us to increased credit risk. Additionally, if we foreclose on these loans, our holding period for the collateral may be longer than for a one- to-four family residential property as there are generally fewer potential purchasers of this type of collateral.

Commercial and industrial loans are primarily made based on the identified cash flow of the borrower and secondarily on the collateral underlying the loans. A borrower's cash flow may prove to be unpredictable, and collateral securing these loans may fluctuate in value. Most often, this collateral consists of accounts receivable, inventory and equipment. Significant adverse changes in a borrower's industries and businesses could cause rapid declines in values of, and collectability associated with, those business assets, which could result in inadequate collateral coverage for our commercial and industrial loans and expose us to future losses. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its clients. Inventory and equipment may depreciate over time, may be difficult to appraise, may be illiquid and may fluctuate in value based on the success of the business. If the cash flow from business operations is reduced, the borrower's ability to repay the loan may be impaired.

The deterioration of one commercial loan or a commercial borrowing relationship could cause a significant increase in the dollar amount of delinquencies, non-performing assets, net charge-offs, and future loan loss provisions. An increase in valuation allowances and charge-offs related to our commercial loan portfolio could have an adverse effect on our business, financial condition, results of operations and future prospects.

Risks Related to Cybersecurity, Third Parties, and Technology.

The occurrence of any information system failure or interruption, breach of security or cyberattack, at the Company, at its third-party service providers or counterparties may have an adverse effect on our business, reputation, financial condition and results of operations.

Information systems are essential to the conduct of our business, as we use such systems to manage our customer relationships, our general ledger, our deposits and our loans. In the normal course of our business, we collect, process, retain and transmit (by email and other electronic means) sensitive and confidential information regarding our customers, employees and others. We also outsource certain aspects of our data processing, data processing operations, remote network monitoring, engineering and managed security services to third-party service providers. In addition to confidential information regarding our customers, employees and others, we, and in some cases a third party, compile, process, transmit and store proprietary, non-public information concerning our business, operations, plans and strategies.

Information security risks for financial institutions continue to increase in part because of evolving technologies, the use of the internet and telecommunications technologies (including mobile devices) to conduct financial and other business transactions and the increased sophistication and activities of organized crime, perpetrators of fraud, hackers, terrorists and others. Cyber criminals use a variety of tactics, such as ransomware, denial of service, and theft of sensitive business and customer information to extort payment or other concessions from victims. In some cases, these attacks have caused significant impacts on other businesses' access to data and ability to provide services. We are not able to anticipate or implement effective preventive measures against all incidents of these types, especially because the techniques used change frequently and because attacks can originate from a wide variety of sources, including attacks on third-party vendors and their applications and products used by the Bank.

We use a variety of physical, procedural and technological safeguards to prevent or limit the impact of system failures, interruptions and security breaches and to protect confidential information from mishandling, misuse or loss, including detection and response mechanisms designed to contain and mitigate security incidents. However, there can be no assurance that such events will not occur or that they will be promptly detected and adequately addressed if they do, and early detection of security breaches may be thwarted by sophisticated attacks and malware designed to avoid detection. If there is a failure in or breach of our information systems, or those of a third-party service provider, the confidential and other information processed and stored in, and transmitted through, such information systems could be jeopardized, or could otherwise cause interruptions or malfunctions in our operations or the operations of our customers, employees, or others.

processed and stored in, and transmitted through, such information systems could be jeopardized, or could otherwise cause interruptions or malfunctions in our operations or the operations of our customers, employees, or others.

Our business and operations depend on the secure processing, storage and transmission of confidential and other information in our information systems and those of our third-party service providers. Although we devote significant resources and management focus to ensuring the integrity of our information systems through information security measures, risk management practices, relationships with threat intelligence providers and business continuity planning, our facilities, computer systems, software and networks, and those of our third-party service providers, may be vulnerable to external or internal security breaches, acts of vandalism, unauthorized access, misuse, computer viruses or other malicious code and cyberattacks that could have a security impact. In addition, breaches of security may occur through intentional or unintentional acts by those having authorized or unauthorized access to our confidential or other information or the confidential or other information of our customers, employees or others. While we regularly conduct security and risk assessments on our systems and those of our third-party service providers, there can be no assurance that their information security protocols are sufficient to withstand a cyberattack or other security breach. Across our industry, the cost of minimizing these risks and investigating incidents has continued to increase with the frequency and sophistication of these threats.

The occurrence of any of the foregoing could subject us to litigation or regulatory scrutiny, cause us significant reputational damage or erode confidence in the security of our information systems, products and services, cause us to lose customers or have greater difficulty in attracting new customers, have an adverse effect on the value of our common stock or subject us to financial losses that may not be covered by insurance, any of which could have an adverse effect on our business, financial condition and results of operations. As information security risks and cyber threats continue to evolve, we may be required to expend significant additional resources to further enhance or modify our information security measures and/or to investigate and remediate any information security vulnerabilities or other exposures arising from operational and security risks.

~~Furthermore, there continues to be heightened legislative and regulatory focus on privacy, data protection and information security.~~ New or revised laws and regulations may significantly impact our current and planned privacy, data protection and information security-related practices, the collection, use, sharing, retention and safeguarding of consumer and employee information, and current or planned business activities. Compliance with current or future privacy, data protection and information security laws could result in higher compliance and technology costs and could restrict our ability to provide certain products and services, which could have an adverse effect on our business, financial condition and results of operations.

Our customers are also targets of cyberattacks and identity theft. There continues to be instances involving financial services and consumer-based companies reporting the unauthorized disclosure of client or customer information or the destruction or theft of corporate data. Large scale identity theft could result in customers' accounts being compromised and fraudulent activities being performed in their names. We have implemented certain safeguards against these types of activities, but they may not fully protect us from financial losses. The occurrence of a security breach involving our customers' information, regardless of its origin, could damage our reputation and result in a loss of customers and business, subject us to additional regulatory scrutiny, and expose us to litigation and possible financial liability. Any of these events could have an adverse effect on our business, financial condition and results of operations. See "Part I, Item 1C. Cybersecurity" for additional discussion related to cybersecurity.

12Third-party vendors subject the Bank and the Company to potential business, reputation and financial risks.

~~regulatory~~Third-party ~~scrutiny,~~vendors are sources of operational and ~~expose~~information ussecurity risk to ~~litigation~~the Bank and ~~possible~~the ~~financial~~Company, ~~liability~~including risks associated with operation errors, information system interruptions or breaches, and unauthorized disclosures of sensitive or confidential customer information. ~~Any~~The Bank and the Company require third-party vendors to maintain certain levels of ~~these~~information ~~events~~security; ~~could~~however, ~~have~~vendors anmay ~~adverse~~remain ~~effect~~vulnerable onto ~~our~~breaches, ~~business~~unauthorized access, ~~financial~~misuse, ~~condition~~computer viruses, and/or ~~results~~other ofmalicious ~~operations~~attacks that could ultimately compromise sensitive information. ~~See~~We ~~"Part~~have I,developed ~~Item~~procedures ~~1C.~~and ~~Cybersecurity"~~processes for ~~additional~~selecting ~~discussion~~and ~~related~~monitoring third-party vendors, but ultimately are dependent on these third-party vendors to ~~cybersecurity~~secure their information. If these vendors encounter any of these types of issues, or if we have difficulty communicating with them, we could be exposed to disruption of operations, loss of service or connectivity to customers, reputational damage, and litigation risk that could have an adverse effect on our business, financial condition and results of operations.

~~Third-party~~The ~~vendors~~failure ~~subject~~of ~~the~~an ~~Company~~external vendor to ~~potential~~perform ~~business~~in accordance with the contracted arrangements under service level agreements, ~~reputation~~because ~~and~~of changes in the vendor's organizational structure, financial ~~risks.~~condition, support for existing products and services or

Third-party vendors are sources of operational and information security risk to the Company, including risks associated with operations errors, information system interruptions or breaches, and unauthorized disclosures of sensitive or confidential customer information. The Company requires third-party vendors to maintain certain levels of information security; however, vendors may remain vulnerable to breaches, unauthorized access, misuse, computer viruses, and/or other malicious attacks that could ultimately compromise sensitive information. We have developed procedures and processes for selecting and monitoring third-party vendors, but ultimately are dependent on these third-party vendors to secure their information. If these vendors encounter any of these types of issues, or if we have difficulty communicating with them, we could be exposed to disruption of operations, loss of service or connectivity to customers, reputational damage, and litigation risk that could have an adverse effect on our business, financial condition and results of operations.13

The failure of an external vendor to perform in accordance with the contracted arrangements under service level agreements, because of changes in the vendor's organizational structure, financial condition, support for existing products and services or strategic focus or for any other reason, could be disruptive to our operations, which could have an adverse effect on our business and, in turn, our financial condition and results of operations. Additionally, replacing certain third-party vendors could also entail significant delay and expense.

We are heavily reliant on technology, and a failure to effectively implement technology initiatives or anticipate future technology needs or demands could adversely affect our business or performance.

Like most financial institutions, the Bank significantly depends on technology to deliver its products and services and to otherwise conduct business. ToThe ~~remain~~Bank ~~technologically~~continues ~~competitive~~to ~~and~~invest ~~operationally~~in ~~efficient~~new technological solutions, ~~the~~system ~~Bank~~upgrades, ~~invests~~and inother ~~system~~technology ~~upgrades~~initiatives, which allows us to offer new ~~technological~~and ~~solutions,~~competitive products and ~~other~~services ~~technology~~to ~~initiatives~~our customers. Many of these solutions and initiatives have a significant duration, are tied to critical information systems, and require substantial resources. Although the Bank takes steps to mitigate the risks and uncertainties associated with these solutions and initiatives, there is no guarantee that they will be implemented on time, within budget, or without negative operational or customer impact. The Company and its third-party vendors may develop or incorporate artificial intelligence technology into certain business processes, services or products. The use of artificial intelligence presents several risks, including an uncertain and evolving legal and regulatory environment, along with the reliability of information generated and the complexity and rapid pace of change in artificial intelligence models. The Bank also may not succeed in anticipating its future technology needs, the technology demands of its customers, or the competitive landscape for technology. If the Bank were to falter in any of these areas, it could have an adverse effect on our business, financial condition and results of operations.

Risks Related to Competition

Strong competition may limit our growth and profitability.

~~While~~The weCompany ~~are~~operates ~~one~~in ofa ~~the~~highly ~~largest~~competitive ~~mortgage~~environment ~~loan~~for ~~originators~~quality incommercial ~~the~~banking ~~state~~relationships, ofone-to ~~Kansas,~~four-family welending ~~compete~~relationships inand ~~the~~attracting ~~same~~and ~~market~~growing ~~areas~~deposits. Our ascompetition ~~local~~includes larger national, regional, and ~~national~~local ~~banks~~financial institutions, savings institutions, credit unions, ~~mortgage brokerage firms,~~ investment banking and mortgage brokerage firms, ~~mortgage~~farm ~~bankers~~credit ~~and~~lenders, ~~online~~commercial ~~competitors. We~~finance ~~also~~companies, ~~compete~~insurance ~~with~~companies, online ~~investment~~competitors ~~and mortgage brokerages and online banks~~ that are not confined to any specific market area~~. Many of these competitors operate on a national or regional level~~, ~~are~~and anon-bank ~~conglomerate~~lenders ofand ~~various~~smaller ~~financial~~local ~~services~~institutions ~~providers~~that ~~housed~~offer ~~under~~aggressive ~~one~~pricing ~~corporation,~~and orspecialized ~~otherwise~~loan ~~have~~structures ~~substantially~~and ~~greater~~banking ~~financial or technological resources than the Bank~~services. We compete ~~primarily~~by onoffering ~~the~~a ~~basis~~comprehensive ofsuite ~~the interest rates offered to depositors, the terms~~ of ~~loans~~products ~~offered~~and ~~to borrowers~~services, ~~and the benefits afforded to customers as a local institution and portfolio lender. Should we face~~ competitive ~~pressure to increase deposit rates or decrease~~ loan ~~rates~~pricing, ~~our net interest income could be adversely affected. Additionally, our competitors may offer products~~ and ~~services that~~ we dohave ~~not~~a orstrong ~~cannot~~reputation ~~provide, as certain deposit and loan products fall outside of our accepted level of risk. Our profitability depends upon our ability to compete~~ in ~~our~~the ~~local~~ market areas we serve.

Our competitors may offer products and services that we do not or cannot provide if the offerings fall outside our accepted level of risk. Additionally, they may offer deposit and loan rates that we cannot offer as it may adversely impact our net interest income. The Bank cannot grow profitably without growing our deposit portfolio as those funds are generally used to fund loan growth. Our profitability depends upon our ability to compete with other entities for the same customer base.

Risks Related to Regulation

We operate in a highly regulated environment, which limits the manner and scope of our business activities, and we may be adversely affected by new and/or changes in laws and regulations or interpretation of existing laws and regulations.

We are subject to extensive regulation, supervision, and examination by the OCC, the FRB, and the FDIC. These regulatory authorities exercise broad discretion in connection with their supervisory and enforcement activities, including the ability to impose restrictions on a bank's operations, reclassify assets, determine the adequacy of a bank's ACL, and determine the level of deposit insurance premiums assessed. The CFPB has broad powers to supervise and enforce consumer protection laws, including a wide range of consumer protection laws that apply to all banks and savings institutions, like the authority to prohibit unfair, deceptive or abusive acts and practices. The CFPB also has examination and enforcement authority over all banks with regulatory assets exceeding $10 billion at four consecutive quarter-ends. There are increased direct costs, additional regulatory burdens with indirect costs, and lost revenue, mainly related to interchange fees, associated with the Bank being over $10 billion in regulatory assets at certain points in time and for four consecutive quarter-ends. As long as the Bank does not exceed $10 billion in regulatory assets for four consecutive quarter ends, it will continue to be examined for compliance with consumer protection laws and the regulations of the CFPB by the Bank's primary bank regulator, the OCC. The Dodd-Frank Act also weakens the federal preemption rules that have been applicable for national banks and federal savings associations and gives state attorneys general the ability to enforce federal consumer protection laws.

1314

~~impose~~Any ~~restrictions~~change onin asuch ~~bank's~~regulation ~~operations,~~and ~~reclassify assets~~oversight, ~~determine~~whether in the ~~adequacy~~form of aregulatory ~~bank's~~policy, ~~ACL~~regulations, ~~and~~legislation, ~~determine~~interpretation ~~the~~or ~~level~~application, ofcould ~~deposit~~have ~~insurance~~an ~~premiums~~adverse ~~assessed. The~~impact ~~CFPB~~on ~~has~~our ~~broad~~operations. Bank ~~powers~~regulatory toagencies, ~~supervise~~such ~~and~~as ~~enforce~~the ~~consumer protection laws~~OCC, ~~including~~the aFRB ~~wide~~and ~~range~~the ofFDIC, ~~consumer~~govern ~~protection~~the ~~laws~~activities ~~that~~in ~~apply~~which towe ~~all~~may ~~banks and savings institutions~~engage, ~~like~~primarily for the ~~authority~~protection toof ~~prohibit~~depositors' ~~unfair~~funds, ~~deceptive~~the orDIF ~~abusive acts~~ and ~~practices. The~~the ~~CFPB~~safety ~~also~~and ~~has~~soundness ~~examination~~of ~~and~~the ~~enforcement~~banking ~~authority~~system ~~over~~as ~~all~~a ~~banks~~whole, ~~with~~and ~~regulatory~~not ~~assets~~for ~~exceeding~~the ~~$10~~protection ~~billion~~or atbenefit ~~four~~of ~~consecutive quarter-ends~~investors. ~~There~~The ~~are~~CFPB ~~increased~~enforces ~~direct~~consumer ~~costs,~~protection ~~additional~~laws ~~regulatory burdens with indirect costs,~~ and ~~lost~~regulations ~~revenue,~~for ~~mainly~~the ~~related~~benefit toof ~~interchange~~consumers ~~fees,~~and ~~associated~~not ~~with~~ the ~~Bank~~protection ~~being~~or ~~over~~benefit ~~$10~~of ~~billion~~investors. In inaddition, ~~regulatory~~changes ~~assets at certain points~~ in ~~time~~laws and ~~for~~regulations, ~~four~~or ~~consecutive~~the ~~quarter-ends. As~~application ~~long~~of asthese ~~the~~laws ~~Bank~~and ~~does~~regulations, ~~not~~may ~~exceed~~continue ~~$10~~to ~~billion~~impact inour ~~regulatory~~costs ~~assets~~of ~~for~~regulatory ~~four~~compliance ~~consecutive~~and ~~quarter~~of ~~ends~~doing business, itand ~~will~~otherwise ~~continue~~affect toour beoperations. New ~~examined~~Presidential ~~for~~Executive ~~compliance~~Orders, ~~with consumer protection~~ laws and ~~the~~ regulations ofmay ~~the~~significantly ~~CFPB~~affect by the ~~Bank's~~markets ~~primary~~in ~~bank~~which ~~regulator,~~we ~~the~~do ~~OCC. The~~business, ~~Dodd-Frank Act also weakens~~ the ~~federal~~markets ~~preemption~~for ~~rules~~and ~~that~~value ~~have~~of ~~been~~our ~~applicable~~loans ~~for national banks~~ and ~~federal~~securities, ~~savings~~the ~~associations~~products ~~and~~we ~~gives~~offer, ~~state~~the ~~attorneys~~fees ~~general~~we ~~the~~can ~~ability~~charge toand ~~enforce~~our ~~federal~~ongoing ~~consumer~~operations, ~~protection~~costs, ~~laws~~and profitability.

Any change in such regulation and oversight, whether in the form of regulatory policy, regulations, legislation, interpretation or application, could have an adverse impact on our operations. Moreover, bank regulatory agencies have been active in responding to concerns and trends identified in examinations and have issued formal enforcement orders requiring capital ratios in excess of regulatory requirements and/or assessing monetary penalties. Bank regulatory agencies, such as the OCC, the FRB and the FDIC, govern the activities in which we may engage, primarily for the protection of depositors' funds, the DIF and the safety and soundness of the banking system as a whole, and not for the protection or benefit of investors. The CFPB enforces consumer protection laws and regulations for the benefit of consumers and not the protection or benefit of investors. In addition, new laws and regulations, including those related to environmental, social, and governance initiatives, may continue to increase our costs of regulatory compliance and of doing business, and otherwise affect our operations. New laws and regulations may significantly affect the markets in which we do business, the markets for and value of our loans and securities, the products we offer, the fees we can charge and our ongoing operations, costs, and profitability.

The Company is also directly subject to the requirements of entities that set and interpret accounting standards such as the Financial Accounting Standards Board, and indirectly subject to the actions and interpretations of the Public Company Accounting Oversight Board, which establishes auditing and related professional practice standards for registered public accounting firms and inspects registered firms to assess their compliance with certain laws, rules, and professional standards in public company audits. These regulations, along with existing tax, accounting, securities, and monetary laws, regulations, rules, standards, policies and interpretations, control the methods by which financial institutions and their holding companies conduct business, engage in strategic and tax planning, implement strategic initiatives, and govern financial reporting.

The Company's failure to comply with laws, regulations or policies, including Presidential Executive Orders, could result in civil or criminal sanctions and money penalties by state and federal agencies, and/or reputational damage, which could have an adverse effect on the Company's business, financial condition and results of operations. See "Part I, Item 1. Business - Regulation and Supervision" for more information about the regulations to which the Company is subject.

Other Risks

The Company's ability to pay dividends and repurchase shares is subject to the ability of the Bank to make capital distributions to the Company.

The long-term ability of the Company to pay dividends to its stockholders and repurchase shares is based primarily upon the ability of the Bank to generate sufficient earnings to make capital distributions to the Company and on the availability of cash at the holding company level in the event the Bank's earnings are not sufficient to make capital distributions to the Company. Under certain circumstances, capital distributions from the Bank to the Company may be subject to regulatory approvals. See "Item 1. Business – Regulation and Supervision" for additional information.

The Company values constructive input from stockholders, and our Board of Directors and management team are committed to acting in the best interests of all stockholders. All publicly traded companies face the risk that stockholders may disagree with the composition of the Board of Directors, the Company's strategic direction, or the way the Company is managed and may seek to effect change through various strategies that range from private engagement to public filings, proxy contests, efforts to force transactions not supported by the Board of Directors, and litigation. Responding to these actions may be costly and time-consuming, disrupt the Company's operations and/or divert the attention of the Board of Directors and executive management. Such activities could interfere with the Company's ability to execute its strategic plan and to attract and retain qualified executive leadership, as well as create perceived uncertainty as to the Company's future direction, which could also affect the market price and volatility of the Company's common stock.

The Bank's bad debt recapture amount may impact the amount and timing of capital distributions to the Company.

The Bank ~~will~~reported ~~report~~ a net loss ~~for~~on ~~tax~~its ~~purposes for~~ fiscal year 2024 federal tax return due to the sale of securities in October 2023 associated with the securities strategy ~~and~~which ~~will~~resulted ~~therefore~~in ~~have~~ negative current and accumulated earnings and profits for fiscal year 2024. As a result of the negative current and accumulated earnings and profits, capital distributions from the Bank to the holding company during fiscal year 2024 were deemed to be drawn out of the Bank's pre-1988 bad debt reserves and resulted in the recognition of income tax expense based on the amount of the capital distribution multiplied by the then-current Bank income tax rate. This additional tax expense reduced the amount of Bank earnings available to be distributed to the holding company during fiscal year 2024. During the fourth quarter of fiscal year 2025, the Bank reached a point where there was sufficient taxable income to replenish the Bank's tax accumulated earnings and profits to a positive level, allowing the Bank to make distributions to the holding company and not have that distribution subject to the pre-1988 bad debt recapture tax. Due to the Bank's expected continuing positive tax accumulated and earnings profit balance, it is anticipated that the Bank will be in a position to distribute earnings to the holding company during fiscal year 2026. Earnings distributions from the Bank to the

1415

~~during~~holding ~~fiscal~~company ~~year~~will ~~2024. The~~be limited to the extent necessary to prevent the Bank ~~had~~from ~~$75~~re-entering a negative accumulated earnings and profit position which would require the payment of the pre-1988 bad debt recapture tax on earnings moved from the Bank to the holding company.9 See ~~million~~additional indiscussion regarding the Bank's pre-1988 bad debt ~~reserves~~recapture atin ~~September~~"Part 30I, ~~2024~~Item 1. Business - Taxation" and "Part II, ~~which~~Item ~~equates~~8. toFinancial anStatements ~~unrecorded~~and ~~deferred~~Supplementary ~~tax~~Data ~~liability~~- ofNotes ~~$15.~~to Consolidated Financial Statements - Note 9. ~~million~~Income Taxes".

Given the amount of cash at the holding company level ($50.1 million as of September 30, 2024), and in an effort to minimize the tax associated with the bad debt recapture, it is currently the intention of management and the Board of Directors to not distribute earnings from the Bank to the Company during fiscal year 2025. It is anticipated that the Bank will have sufficient taxable income during fiscal year 2025 to replenish tax accumulated earnings and profits to a positive level, allowing the Bank to make capital distributions to the Company during fiscal year 2026 and not be taxed on those distributions.

See additional discussion regarding the Bank's pre-1988 bad debt recapture in "Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Comparison of Operating Results for the Years Ended September 30, 2024 and 2023" and "Part II, Item 8. Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements - Note 9. Income Taxes".

Our risk management and compliance programs and functions may not be effective in mitigating risk and loss.

We maintain an enterprise risk management program that is designed to identify, quantify, monitor, report, and control the risks that we face. These risks include: interest-rate, credit, liquidity, operations, ~~reputation,~~ compliance and litigation. We also maintain a compliance program to identify, measure, assess, and report on our adherence to applicable laws, policies and procedures. While we assess and improve these programs on an ongoing basis, there can be no assurance that our risk management or compliance programs, along with other related controls, will effectively mitigate all risk and limit losses in our business. If conditions or circumstances arise that expose flaws or gaps in our risk management or compliance programs, or if our controls do not function as designed, the performance and value of our business could be adversely affected.

The Company may not be able to attract and retain skilled employees.

The Company's success depends, in large part, on its ability to attract and retain key people. Competition for the best people can be intense, and the Company spends considerable time and resources attracting and hiring qualified people for its operations. The unexpected loss of the services of one or more of the Company's key personnel could have an adverse impact on the Company's business because of their skills, knowledge of the Company's market, and years of industry experience, as well as the difficulty of promptly finding qualified replacement personnel.

The Bank and the Company may be adversely affected by an increasing prevalence of fraud and other financial crimes.

Reported instances of fraud and related financial crimes are rising nationwide. Like all financial institutions, the Bank and the Company isare vulnerable to increasing fraud losses as fraud schemes perpetrated against the Bank, the Company, and ~~its~~our customers continue to evolve and become more sophisticated. While the Bank and the Company ~~has~~have procedures and systems in place to detect, prevent, and mitigate fraud losses, fraud losses may still occur and could be material to the Bank and the Company's results of operations.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Risk Management and Strategy

Information security and privacy are an important part of our culture and are foundational to our goal of delivering safe, secure and quality products and services. This philosophy is emphasized throughout the Bank by its Board of Directors, senior leaders, officers, managers and other employees to promote a Bank-wide culture of cybersecurity risk management.

As a financial institution we collect, store, and transmit sensitive, confidential, and proprietary data and other information, including intellectual property, business information, funds-transfer instructions, payment card data, and personally identifiable information of our customers and employees. This information can be of significant value to criminal actors, and, as described in "Item 1A. Risk Factors - Risks Related to Cybersecurity, Third Parties, and Technology", cybersecurity incidents and other security breaches involving this information at the Bank, at our service providers or counterparties, may negatively impact our business or performance. Unauthorized access to our customers' confidential or proprietary information as a result of a cybersecurity incident or otherwise could expose us to reputational harm and litigation and adversely affect our ability to attract and retain customers.

15We have implemented a strategy to address threats to Bank assets and confidential information. Our information security program, under the responsibility of the Chief Information Officer and the Chief Compliance & Risk Management Officer, balances security risks with business goals and provides appropriate protections for the confidentiality, integrity and

We have implemented a strategy to address threats to Bank assets and confidential information. Our information security program, under the responsibility of the Chief Information Officer and the Chief Compliance & Risk Management Officer, balances security risks with business goals and provides appropriate protections for the confidentiality, integrity and availability of Bank and customer information. We annually benchmark our information security program to assess its strength as measured against recommended industry security best practices.16

~~Due~~availability ~~to our heavy reliance on the strength and capability~~ of ~~our~~Bank ~~technology systems, which we use both to interface with our customers~~ and tocustomer ~~manage our internal financial reporting and other systems, we utilize a layered cybersecurity model designed to protect our systems and sensitive data~~information. ~~This~~We ~~model~~annually isbenchmark composed of a variety of different components including administrative controls, technical controls and other safeguards. These various components are centrally managed and monitored, creating a multi-layered and interlocking cybersecurity defense system. Unauthorized access to our ~~customers' confidential or proprietary~~ information assecurity aprogram ~~result of a cybersecurity incident or otherwise could expose us~~ to ~~reputational~~assess ~~harm~~its ~~and~~strength ~~litigation~~as ~~and~~measured ~~adversely~~against ~~affect~~recommended ~~our~~industry ~~ability~~security tobest ~~attract and retain customers~~practices.

WeDue ~~maintain~~to aour ~~variety~~heavy ofreliance ~~programs~~on ~~and~~the ~~policies~~strength toand ~~support~~capability ~~the management~~ of ~~cybersecurity~~our ~~risk~~technology ~~with a focus on prevention~~systems, ~~detection~~which ~~and~~we ~~recovery~~use ~~processes. These~~both ~~programs~~to ~~and~~interface ~~policies~~with ~~leverage~~our ~~frameworks~~customers and ~~controls~~to ~~from~~manage ~~the~~our ~~National~~internal ~~Institute~~financial ofreporting ~~Standards~~ and ~~Technology~~other ~~("NIST") Cybersecurity Framework~~systems, ~~Federal~~we ~~Financial~~utilize ~~Institutions~~a ~~Examination~~layered ~~Council ("FFIEC")~~ cybersecurity ~~guidance,~~model ~~Center~~designed ~~for~~to ~~Internet~~protect ~~Security~~our ~~("CIS")~~systems ~~Benchmarks, as well as various other regulatory requirements~~ and ~~industry-specific~~sensitive ~~standards~~data. ~~The~~This ~~Bank~~model ~~also~~is ~~participates~~composed inof ~~the~~a ~~federally~~variety ~~recognized~~of ~~Financial~~different ~~Services~~components ~~Information~~including ~~Sharing~~administrative ~~and~~controls, ~~Analysis~~technical ~~Center~~controls and ~~requires~~other ~~its~~safeguards. These ~~employees~~components ~~and~~are ~~contractors~~centrally tomanaged ~~complete~~and ~~various~~monitored, ~~education~~creating ~~and~~a ~~training~~multi-layered ~~programs~~and ~~related~~interlocking tocybersecurity ~~information~~defense ~~security~~system.

We maintain programs and policies to support the management of cybersecurity risk with a focus on prevention, detection and recovery processes. These programs and policies leverage frameworks and controls from the National Institute of Standards and Technology ("NIST") Cybersecurity Framework, Federal Financial Institutions Examination Council ("FFIEC") cybersecurity guidance, Center for Internet Security ("CIS") Benchmarks, Cyber Risk Institute Profile, as well as various other regulatory requirements and industry-specific standards. The Bank also participates in the federally recognized Financial Services Information Sharing and Analysis Center and requires its employees and contractors to complete various education and training programs related to information security.

The Bank's Information Technology ("IT") and Compliance and Risk Management ("C&RM") teams have the primary responsibility for establishing appropriate policies and procedures that are responsive to cybersecurity threats and other information security risks. Members of these teams have a wide variety of relevant certifications, such as Certified Information Systems Security Professional, Certified Information Security Manager, Certification in Risk Management Assurance and Certified in Risk and Information Systems Control. Our C&RM team provides risk management oversight to the IT team. The Bank's Internal Audit function, using internal and outside expertise, independently oversees, reviews and validates the IT and C&RM activities and reports to the Board of Directors' Audit Committee on the effectiveness of governance, risk management and internal controls.

We have established an Enterprise Risk Management program. As part of this program, the C&RM team reviews our IT risk management practices, which are designed to identify, assess, manage, monitor, and report cybersecurity risks. The IT team is responsible for implementing risk management practices set forth in the IT risk management program.

As one of the critical elements of the Bank's overall risk management approach, our cybersecurity risk management program and strategy is focused on the following key areas:

•Incident Response and Recovery Planning: The Bank has implemented a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.

•Technical Safeguards: The Bank deploys technical safeguards that are designed to protect the sensitive information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and multifactor authentication and other access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence.

•Outside Experts: The Bank routinely works with outside experts, consultants, auditors and other third parties in connection with managing its cybersecurity risks and for advice regarding best practices and technical expertise.

•Education and Awareness: The Bank provides regular, mandatory training for personnel regarding cybersecurity threats on matters such as phishing and email security best practices to equip our personnel with effective tools to address cybersecurity threats, and to communicate the Bank's evolving information security policies, standards, processes and practices.

While processes are in place to minimize the chance of a successful cyberattack, the Bank has established incident response procedures to address a cyberattack that may occur despite these safeguards. The response procedures are designed to identify, analyze, contain and remediate any such cyber incident that occurs.

The Bank engages in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address cybersecurity threats and incidents. These efforts include a wide range of activities, including audits, assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We regularly engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits, penetration tests and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are analyzed by the cybersecurity team and the Information Technology Oversight Committee ("ITOC") and provided to the Bank's Board of Directors. We adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews.

cybersecurity measures and planning. We regularly engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits, penetration tests and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are analyzed by the cybersecurity team and the Information Technology Oversight Committee ("ITOC") and provided to the Bank's Board of Directors. We adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews.

We have implemented a third-party risk program to oversee and manage information security and privacy risks associated with third-party relationships. The program includes the assessment of third parties that provide key services or will access, store, process, or transmit sensitive information during initial onboarding and throughout the lifecycle of the relationship, and management of applicable contractual requirements relating to confidentiality, integrity, availability and privacy obligations, including timely notification of incidents. Third-party services related to advice, assessments, auditing, testing and support related to cybersecurity and information technology processes and services, where appropriate, are also subject to the third-party risk program.

Like other financial institutions, the Bank ~~experiences~~is targeted with malicious cyber activity on an ongoing basis directed at its websites, computer systems, software, networks and users. This malicious activity includes attempts at unauthorized access and implantation of computer viruses or malware. The Bank is also ~~experiences~~targeted with large volumes of phishing and other forms of social engineering attempted for the purpose of perpetuating fraud. Notwithstanding the breadth of our information security and privacy program, it may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse impact. Unauthorized access to our computer systems or stored data could result in theft, including cyber theft, or improper disclosure of confidential information, and the deletion or modification of records could cause interruptions in our operations. The impact of a material information technology event could have a materially adverse effect on our competitive position, reputation, results of operations, financial condition or cash flows.

Board Governance

The members of the Boards of Directors of the Company and the Bank are identical. The Bank's Board of Directors oversees cybersecurity risk management and strategy for both entities through management updates regarding the policies, practices and security results related to the Gramm-Leach-Bliley Act, IT risk management, IT security metrics, penetration testing, tabletop exercises, IT risk assessments, disaster recovery testing, and security awareness testing and training. Management is responsible for designing and implementing policies, processes and procedures, and deploying physical and virtual technology and safeguards to measure, monitor, and control cybersecurity risk. The Bank's Chief Information Officer provides an annual comprehensive update to the Board of Directors on the status of IT, and the plans for the future as well as quarterly updates which include any cyber incidents. The Bank's Chief ~~Technology~~Information Officer or delegate provides annual training on cyber security topics and reports to the Board of Directors on the Bank's cyber incidents, if any. Cyber incidents with (i) the potential of materiality, pursuant to SEC cybersecurity disclosure rules; (ii) anticipated publicity; or (iii) anticipated written notices to a significant number of customers; have been promptly reported to the Board with ongoing updates during regular Board meetings. The Bank's Chief Information Officer presents updates on new security measures, programs and services to ITOC. The minutes and materials from the ITOC meetings are available to the Board of Directors on the Directors' Board Portal. The Bank's Information Security Officer provides the Board of Directors with an annual report on all aspects of Information Security, including steps taken to minimize the risk of cyber incidents through training and testing employees on phishing, social engineering, etc. This annual report also includes an independent third-party assessment of the Bank's information security systems together with information on steps taken to address any identified weaknesses. The Board of Directors also participates in an annual evaluation of enterprise risk and is presented with management's assessment of the top risks, which generally ~~includes~~include several cybersecurity components.

Material Cybersecurity Incidents

As of September 30, ~~2024~~2025, we were not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Bank, including its business strategies, results of operations or financial condition. For more information on our cybersecurity-related risks, see "Item 1A. Risk Factors – Risks Related to Cybersecurity, Third Parties, and Technology”".

Item 2. Properties

At September 30, ~~2024~~2025, we had 44 traditional branch offices and ~~four~~two in-store branch offices. As of September 30, ~~2024~~2025, the Bank owned the office building and related land in which its home office and executive offices are located, and 35 of its other branch offices. The remaining 1210 branches are either leased or partially owned.

For additional information regarding our lease obligations, see "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 5. Premises, Equipment and Leases."

Management believes that the number of branch offices we currently have meets the present and immediately foreseeable needs of our customers. Management will continue to evaluate the performance of these locations through a number of metrics, including but not limited to, customer traffic, and determine on at least an annual basis whether or not we are branched in a way that most effectively serves our existing and prospective customer bases.

Item 3. Legal Proceedings

In the normal course of business, the Company and the Bank are involved as parties to various routine legal actions. In our opinion, after consultation with legal counsel, we believe it is unlikely that any such pending legal actions will have a material adverse effect on our financial condition, results of operations or liquidity.

On November 2, 2022, the Bank was served a putative class action lawsuit, captioned Jennifer Harding, et al. vs. Capitol Federal Savings Bank (Case No. 2022-CV-00598), filed in the Third Judicial District Court, Shawnee County, Kansas against the Bank, alleging the Bank improperly charged overdraft fees on (1) debit card transactions that were authorized for payment on sufficient funds but later settled against a negative account balance (commonly known as "authorize positive purportedly settle negative" or "APPSN" transactions) and (2) merchant re-presentments of previously rejected payment requests. The complaint asserts a breach of contract claim (including breach of an implied covenant of good faith and fair dealing) for each practice and seeks restitution for alleged improper fees, alleged actual damages, costs and disbursements, and injunctive relief. On April 5, 2023, the district court granted the Bank's motion to dismiss the complaint, with prejudice. The plaintiffs appealed this decision to the Kansas Court of Appeals, which issued an opinion on October 4, 2024 reversing the district court's ruling. InOn ~~response~~October 17, 2025, the ~~Bank~~Kansas ~~filed~~Supreme aCourt ~~petition~~affirmed ~~for~~the ~~review~~ruling ~~with~~of the ~~Kansas~~Court ~~Supreme~~of ~~Court~~Appeals, onremanding ~~November~~the 1,case ~~2024. The~~to ~~review~~the isDistrict ~~currently~~Court ~~pending~~for further proceedings.

The Company assesses the liabilities and loss contingencies in connection with pending or threatened legal and regulatory proceedings on at least a quarterly basis and establishes accruals when it is believed to be probable that a loss may be incurred and that the amount of such loss can be reasonably estimated.

Item 4. Mine Safety Disclosures

Not applicable.

1819

PART II

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

Stock Listing

Capitol Federal Financial, Inc.'s common stock is traded on the Global Select tier of the NASDAQ Stock Market under the symbol "CFFN". At November 21, ~~2024~~2025, there were approximately 76,~~040~~576 holders of record of Capitol Federal Financial, Inc. common stock.

Share Repurchases

The following table summarizes our share repurchase activity during the three months ended September 30, ~~2024 and additional information regarding our share repurchase program~~2025. InAs ~~February~~of ~~2024~~September 30, 2025, the Company ~~notified~~had ~~the~~$71.1 ~~FRB~~million ofremaining ~~its~~authorized ~~intent~~under toits ~~authorize~~existing ~~the~~stock repurchase ~~of up to $75~~plan.0 The ~~million~~plan inhas ~~common~~no ~~stock~~expiration ~~over~~date; ahowever, ~~period~~we ofare ~~time,~~required ~~depending~~to ~~upon~~annually ~~market~~seek ~~conditions~~the ~~and~~FRB's ~~cash~~non-objection ~~balances~~for at the ~~holding~~remaining ~~company~~buyback ~~level. This~~amount ~~plan~~or ~~has~~we nocan ~~expiration~~request ~~date;~~a ~~however,~~new ~~the~~buyback ~~Federal~~amount. The ~~Reserve Bank~~FRB's ~~approval~~current non-objection for the Company to repurchase ~~shares~~up ~~extends~~to ~~through~~$75.0 million of stock expires in February ~~2025~~2026. Shares may be repurchased from time to time in the open market or in privately negotiated transactions based upon market conditions, available liquidity and other factors. From December 2010 through September 30, ~~2024~~2025, $~~436~~439.19 million worth of common stock was repurchased.

				Total Number of	Approximate Dollar
	Total			Shares Purchased as	Value of Shares
	Number of	Average		Part of Publicly	that May Yet Be
	Shares	Price Paid		Announced Plans	Purchased Under the
	Purchased	per Share		or Programs	Plans or Programs
July 1, 2024 through
July 1, 2025 through
July 31, 2024	—	$	—	—	$	75,000,000
July 31, 2025	—	$	—	—	$	75,000,000
August 1, 2024 through
August 1, 2025 through
August 31, 2024	—	—		—	75,000,000
August 31, 2025	469,436	6.15		469,436	72,111,869
September 1, 2024 through
September 1, 2025 through
September 30, 2024	—	—		—	75,000,000
September 30, 2025	148,824	6.48		148,824	71,147,502
Total	—618,260	—6.23		—618,260	7571,~~000~~147,~~000~~502

Stockholders and General Inquiries

Copies of our Annual Report on Form 10-K for the fiscal year ended September 30, ~~2024~~2025 are available to stockholders at no charge infrom ~~the~~our ~~Investor~~investor ~~Relations~~relations ~~section of our~~ website, ~~www~~https://ir.capfed.com.

1920

Stockholder Return Performance Presentation

The information presented below assumes $100 invested on September 30, ~~2019~~2020 in the Company's common stock and in each of the indices, and assumes the reinvestment of all dividends. Historical stock price performance is not necessarily indicative of future stock price performance.

Period Ending

Index

9/30/~~2019~~2020

9/30/~~2020~~2021

9/30/~~2021~~2022

9/30/~~2022~~2023

9/30/~~2023~~2024

9/30/~~2024~~2025

Capitol Federal Financial, Inc.

100.00

70133.8308

94103.2519

7364.0849

4583.6895

5996.4657

NASDAQ Composite Index

100.00

~~140~~130.9626

~~183~~96.6106

~~135~~121.4114

~~170~~167.7695

~~236~~210.7464

S&P U.S. BMI Banks Index

100.00

73181.4294

~~133~~139.5878

~~102~~135.6341

99199.4263

~~146~~270.5717

Source: S&P Global Market Intelligence

Restrictions on the Payment of Dividends

The Company's ability to pay dividends is dependent, in part, upon its ability to obtain capital distributions from the Bank. The dividend policy of the Company is subject to the discretion of the Board of Directors and ~~will~~depends ~~depend~~ upon a number of factors, including the Company's financial condition and results of operations, regulatory capital requirements, regulatory limitations on the Bank's ability to make capital distributions to the Company, and the amount of cash at the holding company level. See "Part I, Item 1. Business - Limitations on Dividends and Other Capital Distributions" and "Part I, Item 1A. Risk Factors - Other Risks" for additional discussion on the Bank's ability to make capital distributions to the Company.

Item 6. [Reserved]

2021

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

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

Executive Summary

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

InThe ~~October 2023, the~~ Company ~~initiated~~recognized anet ~~strategic~~income ~~securities~~of ~~transaction ("securities strategy") by selling~~ $168.~~30 billion of securities~~0 million, ~~representing~~or ~~94% of its securities portfolio. Since the Company had the intent to sell the~~ $10.3052 ~~billion~~per ~~of securities to maturity at September 30~~share, ~~2023, the Company recognized an impairment loss on those securities of $192.6 million which was reflected in the Company's financial statements~~ for ~~the~~ fiscal year ~~ended~~2025 ~~September~~compared ~~30,~~to ~~2023. During~~net ~~the~~income ~~quarter~~of ~~ended December 31, 2023, the Company sold the securities and recognized~~ $1338.~~3 million ($10.~~0 million ~~net of tax)~~, or $0.0829 per share, offor ~~additional loss related to~~ the ~~sale~~prior offiscal ~~the securities~~year. The ~~securities~~increase ~~strategy~~in ~~was~~net ~~designed~~income towas ~~allow~~due ~~the~~mainly ~~Company~~ to ~~improve~~higher ~~its~~net ~~earnings~~interest ~~stream~~and ~~going~~non-interest ~~forward~~income, ~~beginning~~partially inoffset ~~the~~by ~~current~~higher ~~fiscal~~non-interest ~~year,~~expense. Non-interest byincome ~~redeploying~~was ~~most~~lower ofin the ~~proceeds~~prior ~~into~~fiscal ~~current~~year ~~market~~due ~~rate~~mainly ~~securities and~~ to ~~provide~~the ~~liquidity~~net tolosses ~~deleverage~~on the ~~balance~~sale ~~sheet~~of ~~utilizing~~securities associated with the ~~remaining~~securities ~~proceeds~~strategy. See additional ~~information~~discussion regarding the ~~impact of the~~ securities strategy onin ~~our~~the ~~financial~~"Securities ~~measurements~~Strategy into ~~"Average~~Improve ~~Balance Sheets~~Earnings" section below. ~~The~~Excluding ~~$1.30~~the ~~billion~~effects of ~~securities sold had a weighted average yield of 1.22% and an average duration of 3.6 years. With~~ the ~~proceeds~~net ~~from~~loss ~~the~~associated ~~sale~~with of the securities strategy, ~~the~~earnings ~~Company~~per ~~purchased~~share ~~$632.0~~("EPS") ~~million~~would ofhave ~~securities~~been ~~yielding 5.75%, paid down~~ $~~500.~~0.37 ~~million~~for ofthe ~~borrowings~~prior ~~with~~fiscal ayear. The ~~weighted~~increase ~~average~~in ~~cost of 4.70%~~EPS, ~~and~~excluding ~~held~~ the ~~remaining~~effects ~~cash~~of at the ~~FRB~~net ~~earning~~loss ~~interest~~associated atwith the ~~reserve~~securities ~~balance~~strategy, ~~rate~~was ~~until~~due ~~such~~primarily ~~time as it could be used~~ to ~~fund~~higher ~~commercial~~net ~~loan~~interest ~~activity~~income orin ~~for~~the ~~other~~current ~~Bank~~fiscal ~~operations~~year.

AThe ~~taxable~~ net ~~loss~~interest ~~will~~margin beincreased ~~reported~~19 onbasis ~~the Company's September 30~~points, ~~2024~~from ~~federal tax return due to the net losses associated with the securities strategy, which resulted in the Bank and Company having a negative current and accumulated earnings and profit tax position~~1. ~~This~~77% ~~required the Bank to draw upon the pre-1988 bad debt reserves~~ for ~~distributions from~~ the ~~Bank~~prior ~~to the Company during the current~~ fiscal year~~. See~~ ~~additional information regarding the Bank's pre-1988 bad debt recapture in "Part II, Item 8. Financial Statements and Supplementary Data - Notes~~ to ~~Financial Statements - Note 9~~1.96% ~~Income~~for ~~Taxes". During~~ the current ~~year,~~fiscal the Bank was required to pay income taxes on the reductions to the pre-1988 bad debt reserves equal to the current corporate tax rate at the time of the distribution multiplied by the amount of Bank earnings paid to the Company ("pre-1988 bad debt recapture")year. The ~~Bank~~increase ~~recorded~~was ~~$5.4~~due ~~million~~mainly ofto ~~income~~higher ~~tax~~yields ~~expense~~ on ~~earnings distributions from~~ the ~~Bank~~loan toportfolio ~~the Company during the current year~~ due to the ~~pre-1988~~continued ~~bad~~shift ~~debt recapture. As~~ of ~~September~~loan ~~30,~~balances ~~2024,~~from the ~~amount of the Bank's remaining pre~~one-~~1988~~ ~~bad debt reserves was $75.9 million, or $15.9 million tax effected. It is currently the intention of management and the Board of Directors~~ to ~~make~~four-family noloan ~~distributions~~portfolio ~~from the Bank~~ to the ~~Company~~higher ~~during~~yielding ~~fiscal~~commercial ~~year~~loan ~~2025. By not making distributions during fiscal year 2025~~portfolio, ~~the~~which ~~Bank~~outpaced ~~will not incur income tax expense related to~~ the ~~pre-1988~~increase ~~bad~~in ~~debt recaptures as occurred during~~ the ~~current~~cost ~~year. See~~of ~~"Financial Condition - Stockholders' Equity" section below for additional discussion~~deposits.

The ~~Company~~Bank ~~recognized~~continues ~~net~~to ~~income~~transition offrom ~~$38.0 million,~~a orprimarily ~~$0.29~~retail ~~per~~oriented ~~share,~~financial ~~for~~institution ~~fiscal year 2024 compared~~ to aone ~~net~~with ~~loss~~an ofexpanded ~~$101.7 million,~~focus ~~or $(0.76) per share, for the prior fiscal year. The net loss in the prior year resulted from the impairment loss~~ on ~~securities~~commercial ~~associated~~customers ~~with~~by ~~the~~strategically ~~securities~~growing ~~strategy. Excluding~~all ~~the~~aspects ~~net~~of ~~loss~~commercial ~~associated~~banking ~~with~~through ~~the~~investments ~~securities~~in ~~strategy~~technology, ~~earnings~~people, ~~per~~products, ~~share would have been $0.37 for the current year~~ and $0services.~~33 for the prior year.~~ The ~~increase~~Bank inis ~~earnings~~active ~~per~~in ~~share~~commercial ~~excluding~~lending ~~the~~markets ~~effects~~even ofwhen the ~~net~~lending ~~loss~~opportunity ~~associated~~is ~~with~~outside of the ~~securities~~Bank's ~~strategy~~local ~~was~~footprint. For ~~due~~additional ~~primarily to higher net interest income and a lower provision for credit losses in the current year~~discussion, ~~partially~~see ~~offset by higher income tax expense due primarily to~~ the ~~pre-1988~~"Strategic ~~bad~~Banking ~~debt~~Initiatives" ~~recapture~~section below.

~~Periodically~~The ~~at management~~Company's ~~discretion,~~efficiency weratio ~~have~~was ~~utilized~~58.33% afor ~~strategy~~the tocurrent ~~increase~~fiscal ~~earnings~~year ~~which~~compared ~~entails~~to ~~entering~~66.91% ~~into~~for ~~short-term~~the ~~FHLB~~prior ~~borrowings~~fiscal ~~and~~year. Excluding ~~depositing~~ the ~~proceeds~~net losses from ~~these~~the ~~FHLB~~securities ~~borrowings~~strategy, ~~net~~the ofefficiency ~~the~~ratio ~~cost~~would tohave ~~purchase~~been ~~FHLB~~61.97% ~~stock~~for tothe ~~meet~~prior ~~FHLB~~fiscal ~~stock~~year. The ~~holding~~improvement ~~requirements~~in the efficiency ratio, atexcluding the ~~FRB~~net oflosses ~~Kansas~~from ~~City (~~the ~~"leverage~~securities strategy~~"). See~~, ~~additional~~was ~~discussion~~due ~~regarding~~primarily to higher net interest income compared to the ~~leverage~~prior ~~strategy~~fiscal inyear, ~~"Financial~~partially ~~Condition~~offset -by ~~Borrowings"~~higher ~~section~~non-interest ~~below~~expense. ~~When~~The ~~the~~Company's ~~leverage~~operating ~~strategy~~expense isratio infor ~~place,~~the itcurrent ~~increases~~fiscal ~~assets~~year ~~and~~was ~~liabilities~~1.22% ~~and~~compared ~~reduces~~to 1.17% for the ~~net~~prior ~~interest~~fiscal ~~margin~~year. The ~~due~~operating toexpense ratio was higher in the ~~amount~~current offiscal ~~earnings~~year ~~from~~due ~~the~~mainly ~~transaction~~to inhigher non-interest expense.

21Total assets were $9.78 billion at September 30, 2025, an increase of $251.1 million from September 30, 2024. The increase was due primarily to growth in the loan portfolio, which was largely funded with deposit growth, mainly through the Bank's high yield savings account offering.

~~comparison~~Total toloans ~~the~~receivable ~~size~~increased of$204.6 million ~~the~~from ~~transaction~~September 30, 2024. The ~~leverage~~increase ~~strategy~~ was ~~not~~due ~~utilized~~mainly into the commercial loan portfolio, which increased $607.0 million, or approximately 40%, during the current fiscal year, ~~but~~due itprimarily to commercial real estate loan growth. The increase was partially offset by a decrease of $400.0 million in one- to four-family loans. It is expected that repayments from our one- to four-family loan portfolio will continue to be directed toward supporting commercial loan growth, aligning with our ongoing commitment to expand commercial banking services. Maintaining strong credit quality remains a top priority as we grow our commercial loan portfolio. The weighted average debt service coverage ratio ("DSCR") for commercial loan originations and purchases during the ~~prior~~current fiscal year was 1.76x and the weighted average loan-to-value ("LTV") for commercial real estate and construction loans originated and purchased was 65%. The weighted average DSCR and LTV for our commercial real estate and construction loans was 1.65x and 61%, respectively, at September 30, 2025.

The ~~net~~Bank's ~~interest~~asset ~~margin~~quality ~~increased~~remains ~~34 basis points~~strong, ~~from~~reflected ~~1.43% for~~in the ~~prior~~continued ~~year~~low tolevel ~~1.77%~~of ~~for~~loan ~~the~~delinquency ~~current~~and ~~year~~charge-off ratios. ~~The~~At ~~leverage~~September 30, ~~strategy~~2025, ~~negatively~~loans ~~impacted~~30 ~~the~~to ~~net~~89 ~~interest~~days ~~margin~~delinquent ~~for~~were ~~the prior year by 12 basis points~~0. ~~The~~15% ~~remaining~~of ~~improvement~~total inloans ~~the~~receivable, net, ~~interest margin absent the leverage strategy was due to higher yields on securities~~ and loans, ~~which~~90 ~~outpaced~~or ~~the~~more ~~increase~~days ~~in the cost of deposits, largely in retail certificates of deposit.~~

The Company's efficiency ratio was 66.91% for the current year compared to (626.63)% for the prior year. Excluding the net losses from the securities strategy, the efficiency ratio would have been 61.97% for the current year and 65.31% for the prior year. The improvement in the efficiency ratio, excluding the net losses from the securities strategy, was due primarily to higher net interest income and lower non-interest expense in the current year compared to the prior year.

Total assets were $9.53 billion at September 30, 2024, a decrease of $649.9 million from September 30, 2023. The decrease was due primarily to a $528.2 million decrease in securities, mainly as a result of the securities strategy, along with a $63.6 million decrease in the loan portfolio. The loan portfolio mix shifted toward higher earning commercial loans during the current fiscal year with a $287.2 million decrease in one- to four-family loans, partially offset by a $221.5 million increase in commercial loans. Management expects one- to four-family loans will continue to decrease as a percentage of total loans as cash flows generated from the one- to four-family loan portfolio will be used to fund commercial loan growth.

Total liabilities at September 30, 2024 were $8.50 billion, a decrease of $638.1 million from September 30, 2023. The decrease was due primarily to a $699.6 million decrease in borrowings as some of the funds from the securities strategy were used to repay all $500.0 million of outstanding borrowings under the BTFP and not all maturing FHLB borrowings were replaced during the current fiscal year. The decrease in borrowings was partially offset by an increase in deposits. Total deposits increased $78.8 million from September 30, 2023, primarily in retail certificates of deposit, all in the 14 months or shorter term category, partially offset by a decrease in retail money market accounts as some customers elected to move funds to the Bank's certificate of deposit offerings or the Bank's higher yielding savings account offering.

Total stockholders' equity was $1.03 billion at September 30, 2024, a decrease of $11.8 million from September 30, 2023 due primarily to stock buybacks early in fiscal year 2024, partially offset by an increase in accumulated other comprehensive income, net of tax. The improvement in accumulated other comprehensive income, net of tax, was mainly a result of the securities strategy.

The Bank's asset quality remains strong, reflected in the continued low level of loan delinquency and charge-off ratios. At September 30, 2024, loans 30 to 89 days delinquent were 0.20% of total loans receivable, net, and loans 90 or more days delinquent or in foreclosure were 0.12% of total loans receivable, net. The ratio of net charge-offs (recoveries) ("NCOs") during the current year to average loans outstanding during the current year was 0% as there were only $111 thousand of NCOs during the current year.

At September 30, 2024, the Bank's gap between the amount of interest-earning assets and interest-bearing liabilities projected to reprice within one year was $(1.51) billion, or (15.8)% of total assets, meaning the amount of interest-bearing liabilities exceeded the amount of interest-earning assets maturing or expected to reprice during the same period. See additional discussion in "Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk."

The Bank's Digital Transformation and Business Initiatives

With the implementation of our new core system and its ancillary systems ("digital transformation") in August 2023, we improved our internal and customer-facing technology. The digital transformation implemented technology needed to enhance our customers' experience, deepen our wallet share with existing customers, and attract new customers. In addition to the improvements in technology, management has adjusted staffing in several areas to better align with the Bank's strategy to grow and enhance commercial banking and lending. Pairing improved technology, products and services with the right organizational structure has provided benefits in each of the Bank's customer segments: consumer, small business and commercial.

~~The~~delinquent ~~Bank~~or ~~has~~in ~~gained~~foreclosure ~~immediate~~were ~~traction~~0.09% ~~with~~of ~~the~~total ~~new~~loans receivable, net. See "Management's Discussion and ~~improved~~Analysis ~~True~~of ~~Blue~~Financial ~~Online~~Condition and Results of Operation - Asset Quality - Delinquent and nonaccrual loans and other real estate owned ("~~TBO~~OREO")," ~~the~~below ~~Bank's~~for ~~digital~~additional ~~banking~~discussion. During ~~platform~~the ~~for~~current ~~consumers~~fiscal ~~and~~year, ~~small~~net ~~businesses. Those~~charge-offs ~~gains~~("NCOs") ~~include:~~were $198 thousand.

~~aMobile~~Total ~~app~~liabilities ~~store~~at ~~ratings~~September 30, ~~have~~2025 ~~improved~~were by$8.73 billion, ~~over~~an ~~115%~~increase ~~for~~of ~~Android~~$235.7 million ~~comparing~~from ~~the~~September 30, ~~ratings~~2024. The ~~from~~increase was due mainly to deposit growth, largely through the ~~pre-digital~~Bank's ~~transformation~~high yield savings account offering, which increased $364.5 million. Management has continued to focus on retaining and growing deposits through the ~~end~~Bank's high yield savings account product, which, as of ~~fiscal~~September 30, ~~year~~2025, ~~2024~~had ~~and~~an ~~over~~annual 25percentage yield of 4.00% for ~~iOS~~accounts ~~since~~that meet the ~~digital~~$10 ~~transformation~~thousand minimum balance requirement. The increase in deposits was partially offset by a $228.8 million decrease in borrowings due to principal repayments made on the Bank's amortizing FHLB advances, along with borrowings that matured but were not replaced. Management estimates that the Bank had $2.92 billion in liquidity available at September 30, 2025, based on the Bank's blanket collateral agreement with FHLB and unencumbered securities.

~~bVolume~~Stockholders' equity totaled $1.05 billion at September 30, 2025, an increase of ~~deposit~~$15.4 million ~~accounts~~from ~~opened~~September 30, ~~online~~2024. As ~~through~~of September 30, 2025, the ~~digital~~Bank's ~~channel~~capital isratios ~~over~~exceeded ~~62%~~the ~~higher~~well-capitalized inrequirements. The Bank's community bank leverage ratio ("CBLR") as of September 30, 2025 was 9.6%. During the current fiscal year, ~~compared~~the toCompany ~~the~~paid ~~prior~~regular ~~fiscal~~quarterly ~~year~~cash dividends totaling $44.2 million, or $0.34 per share and repurchased 618,260 shares for $3.9 million.

~~cAchieved~~At ~~over~~September 30, 272025,~~000~~ ~~active~~the ~~users~~gap between the Bank's interest-earning assets and interest-bearing liabilities projected to reprice within one year was $(983.6) million, or (10.1)% of ~~our~~total ~~credit~~assets, ~~score~~compared ~~service~~to $(1.51) billion, or (15.8)% of total assets, at September 30, 2024. As of September 30, 2025, the Bank exceeded internal policy thresholds for sensitivity to changes in ~~TBO~~interest ~~since~~rates. See ~~August~~additional ~~2023~~discussion in "Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk."

~~dContinued~~Securities ~~growth~~Strategy ~~in person-~~to~~-person~~ ~~payment~~Improve ~~volume following the integration of Zelle into TBO:~~Earnings

~~iSettlement~~In ~~volume~~October is2023, upthe 92Company initiated a securities strategy (the "securities strategy") by selling $1.30 billion of securities, representing 94% of its securities portfolio. Since the Company did not have the intent to hold the $1.30 billion of securities to maturity at September 30, 2023, the Company recognized an impairment loss on those securities of $192.6 million which was reflected in the Company's financial statements for the quarter and fiscal year ended September 30, 2023. The securities strategy allowed the Company to improve its earnings stream going forward, beginning in the quarter ended December 31, 2023, by redeploying most of the proceeds into then-~~over~~current market rate securities. The Company utilized the remaining proceeds to deleverage the balance sheet. During the quarter ended December 31, 2023, the Company completed the sale of securities and recognized $13.3 million ($10.0 million net of tax), or $0.08 per share, of additional loss. See additional information regarding the impact of the securities strategy on our financial measurements in "Management's Discussion and Analysis of Financial Condition and Results of Operation -~~year~~ Average Balance Sheets" below. The $1.30 billion of securities sold had a weighted average yield of 1.22% and an average duration of 3.6 years. With the proceeds from the sale of the securities, the Company purchased $632.0 million of securities yielding 5.75%, paid down $500.0 million of borrowings with a weighted average cost of 4.70%, and held the remaining cash at the FRB of Kansas City earning interest at the reserve balance rate until such time as it could be used to fund commercial lending activities or for other Bank operations.

~~iiTransaction~~Strategic ~~volume~~Banking ~~is up 117% year-over-year.~~Initiatives

The Company is committed to its progression to a full-service commercial bank and is investing in technology, people, products and services to make that happen. Our ~~small~~investments ~~business~~in ~~customers~~technology ~~now~~to date have ~~access~~allowed us to ~~improved~~launch ~~digital~~new services and products, while the addition of seasoned and well-connected commercial bankers, and trust and wealth advisors gives us access to an exciting new customer group. Expanding our product suite of treasury management ~~has~~services ~~realigned~~enables ~~staffing~~us to ~~focus~~service onthis ~~growing~~new ~~small~~customer group, and expanded marketing and business ~~banking. We~~development ~~are~~has inincreased the ~~process~~depth of ~~adding~~customer ~~more~~relationships. Having ~~small~~completed ~~business~~the ~~services~~second ~~into~~year ~~TBO~~since toembarking ~~continue~~on ~~deposit~~our digital transformation, we have seen our efforts bear fruit and ~~fee~~expect ~~income~~progress ~~growth~~to inaccelerate ~~this~~going ~~area~~forward.

~~For~~Strategic ~~commercial~~Actions. The ~~banking,~~long-term ~~alignment~~success of ~~technology,~~this ~~people,~~transformation ~~products and services~~ is ~~crucial~~predicated toon ~~our~~management's ~~objective~~continued offocus ~~capturing~~on ~~complete~~deepening ~~banking~~ relationships aswith weconsumer ~~continue~~and tocommercial ~~strategically grow this business~~customers. Management ~~has~~and ~~continued~~the toBoard ~~adjust~~have ~~staffing~~committed inresources ~~numerous~~through ~~areas of~~ the ~~Bank,~~growth ~~including~~of ~~deposit operations~~talented, ~~lending,~~skilled and ~~commercial~~experienced ~~banking~~bankers, toinvestments ~~ensure~~in ~~resources~~technology, ~~are~~expanded ~~aligned~~marketing ~~with our priorities~~ and ~~strategies. The~~outreach, ~~technology~~as ~~implemented~~well ~~with~~as the ~~digital~~development ~~transformation provides more flexibility for structuring commercial loan transactions~~ and ~~has~~increased ~~allowed~~internal usmonitoring to build digital banking services to meet our customers' deposit and payment requirements to grow deposit and treasury management fee income. During the current fiscal year, several new treasury management services were added in response to the needs of ~~customers~~performance inmetrics ~~the~~that ~~sales~~ensure ~~pipeline. Additionally, during the current fiscal year~~ we ~~began~~are aon ~~project~~the topath ~~improve pricing tools~~ to ~~equip~~achieve ~~staff~~our toperformance ~~price new business in a profitable manner~~objectives. ~~The~~Through ~~project~~our isexperienced ~~expected~~relationship ~~to be completed mid-fiscal year 2025 and is anticipated to provide immediate benefits to the Bank such as ensuring profitable pricing~~managers, ~~more~~we ~~efficient~~deliver ~~pricing~~customized ~~processes,~~solutions and faster pricing negotiations with our customers. Leveraging our new technology and organizational structure to quickly respond to customer needs in the sales pipeline is central to our growth strategy for commercial deposits.

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

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

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

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

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

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

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

Critical Accounting Estimates

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

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

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

23One of the most significant judgments used in projecting loss rates when estimating the ACL is the macroeconomic forecast provided by a third party. The economic indices sourced from the macroeconomic forecast and used in projecting loss rates are the national unemployment rate, changes in commercial real estate prices, changes in home values, changes in the United States consumer price index, and changes in the United States gross domestic product. The economic index used in the calculation to which the calculation is most sensitive is the national unemployment rate. Each reporting period, several macroeconomic forecast scenarios are considered by management. Management selects the macroeconomic forecast(s) that is/are most reflective of expectations at that point in time. Changes in the macroeconomic forecast could significantly impact the calculated estimated credit losses between reporting periods.

~~One~~Other ofkey ~~the~~assumptions ~~most significant judgments~~ used in ~~projecting~~the ~~loss~~discounted ~~rates~~cash ~~when~~flow ~~estimating~~model include the ~~ACL~~forecast and ~~reserves~~reversion ~~for~~to ~~off-balance~~mean ~~sheet~~time ~~credit~~periods ~~exposures~~and isprepayment ~~the~~and ~~macroeconomic~~curtailment ~~forecast provided by a third party~~assumptions. The ~~economic~~calculation ~~indices~~is ~~sourced~~less ~~from~~sensitive ~~the~~to ~~macroeconomic~~these ~~forecast~~assumptions ~~and~~than ~~used in projecting loss rates are~~ the ~~national~~macroeconomic ~~unemployment~~forecasts. The ~~rate,~~macroeconomic ~~changes~~forecast inis ~~commercial~~applied ~~real~~for ~~estate~~a ~~prices,~~reasonable ~~changes~~and insupportable ~~home~~time ~~values,~~period ~~and~~before ~~changes~~reverting into ~~the~~long-term ~~United~~historical ~~States~~averages ~~gross~~for ~~domestic~~each ~~product~~economic index. The ~~economic~~forecast ~~index~~and ~~used~~reversion into ~~the~~mean ~~calculation~~time toperiod ~~which~~used ~~the~~for ~~calculation~~each iseconomic ~~most~~index ~~sensitive~~at isSeptember 30, ~~the~~2025 ~~national~~was ~~unemployment~~four ~~rate~~quarters. ~~Each~~Prepayment ~~reporting~~and ~~period,~~curtailment ~~several~~assumptions ~~macroeconomic forecast scenarios~~ are ~~considered~~generally bybased ~~management. Management~~on ~~selects~~ the ~~macroeconomic forecast(~~Company's) ~~that~~historical ~~is/are~~experience ~~most~~and ~~reflective~~are ofadjusted ~~expectations~~by atmanagement ~~that~~as ~~point~~deemed ~~in time~~necessary. ~~Changes~~The inprepayment ~~the~~and ~~macroeconomic~~curtailment ~~forecast,~~assumptions ~~especially~~vary for ~~the~~each ~~national~~respective ~~unemployment~~loan ~~rate,~~pool ~~could~~in ~~significantly impact~~ the ~~calculated estimated credit losses between reporting periods~~model.

~~Other~~The ~~key assumptions in the calculation of the ACL and~~ reserve for off-balance sheet credit exposures ~~estimates~~is ~~include~~calculated ~~the~~by ~~forecast~~applying ~~and~~the ~~reversion~~ACL to ~~mean~~loan ~~time~~ratio ~~periods~~for ~~and~~each ~~prepayment~~respective ~~and~~loan ~~curtailment~~pool, ~~assumptions. The~~as ~~calculation~~calculated isby ~~less sensitive to these assumptions than~~ the ~~macroeconomic~~discounted ~~forecasts. The~~cash ~~macroeconomic~~flow ~~forecast~~model isdiscussed ~~applied~~above, ~~for~~to aan ~~reasonable~~adjusted ~~and supportable time period before reverting to long~~off-~~term~~balance ~~historical~~sheet ~~averages~~credit ~~for~~exposures ~~each economic index~~balance. The ~~forecast~~off-balance ~~and~~sheet ~~reversion~~credit toexposures ~~mean~~balance ~~time~~is ~~period~~adjusted ~~used~~to account for ~~each~~the ~~economic~~likelihood ~~index~~that atfunding ~~September 30,~~of ~~2024~~the ~~was~~related ~~four~~balance ~~quarters~~will occur. ~~Prepayment~~Management ~~and~~generally ~~curtailment~~determines ~~assumptions~~the ~~are~~likelihood ~~generally~~of funding based on ~~the Company's~~ historical experience, ~~and~~but ~~are~~it may be adjusted by management as deemed necessary~~. The~~ ~~prepayment~~based ~~and~~upon ~~curtailment~~their ~~assumptions~~knowledge ~~vary~~of ~~based~~the oncomposition ~~loan~~of ~~product~~the ~~type~~underlying off-balance sheet credit exposure balances.

The ACL and reserve for off-balance sheet credit exposures may be materially affected by qualitative factors, for items not reflected in the economic forecast and/or discounted cash flow model, but which are deemed appropriate by management's current assessment of the risks related to the loan portfolio and/or external factors. Such qualitative factors may include changes in the Bank's loan portfolio composition and credit concentrations, changes in the balances and/or trends in asset quality and/or loan credit performance, changes in lending underwriting standards, the effect of other external factors such as significant unique events or conditions, and actual and/or expected changes in economic conditions, real estate values, and/or other economic developments. Management applied qualitative factors at September 30, 2024 to account for large dollar commercial loan concentrations and potential downside market risk with the recent housing price appreciation related to one- to four-family loans. The qualitative factors applied at September 30, 2024, and the importance and levels of the qualitative factors applied, may change in future periods depending on the level of changes to items such as the uncertainty of economic conditions and management's assessment of the level of credit risk within the loan portfolio as a result of such changes, compared to the amount of ACL calculated by the model. The evaluation of qualitative factors is inherently imprecise and requires significant management judgment. See "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 4. Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses" for additional information regarding the qualitative factors applied at September 30, 2024. 25

The ACL and ~~the~~ reserve for off-balance sheet credit exposures ~~were~~may ~~$23.0~~be ~~million~~materially ~~and~~affected ~~$6.0~~by ~~million~~qualitative factors, ~~respectively~~for atitems ~~September 30,~~not ~~2024,~~reflected ~~compared~~in tothe ~~$23.8~~economic ~~million~~forecast and/or ~~$4.1~~discounted ~~million,~~cash ~~respectively~~flow model, atbut ~~September 30,~~which ~~2023. The~~are ~~decrease~~deemed inappropriate ~~the~~by ~~ACL~~management's ~~between~~current ~~periods~~assessment ~~was~~of ~~mainly~~the risks related to ~~one-~~the toloan ~~four-family~~portfolio ~~loans~~and/or ~~due~~external tofactors. Such aqualitative ~~decrease~~factors may include changes in the ~~ACL~~Company's to loan ~~ratio~~portfolio composition and acredit ~~decrease~~concentrations, changes in ~~overall~~the ~~one-~~balances toand/or ~~four-family~~trends in asset quality and/or loan ~~balances~~credit performance, ~~partially~~changes ~~offset~~in bylending anunderwriting ~~increase~~standards, the effect of other external factors such as significant unique events or conditions, and actual and/or expected changes in ~~the~~economic ~~ACL~~conditions, ~~for~~real ~~commercial~~estate ~~loans~~values, ~~due~~and/or other economic developments. Management applied qualitative factors at September 30, 2025 to account for large dollar commercial real estate loan ~~growth.~~concentrations ~~The~~and ~~$1.9~~potential ~~million~~risk ~~increase~~of loss in ~~the~~market ~~reserve~~value for ~~off~~newer one-~~balance~~ ~~sheet~~to ~~credit~~four-family ~~exposures~~loans. The ~~was~~qualitative ~~due~~factors ~~primarily~~applied toat anSeptember 30, ~~increase~~2025, and the importance and levels of the qualitative factors applied, may change in future periods depending on the ~~balance~~level of ~~off-balance~~changes ~~sheet~~to ~~credit~~items ~~exposures~~such as the uncertainty of economic conditions and anmanagement's ~~increase~~assessment inof the ~~ACL~~level toof credit risk within the loan ~~ratio,~~portfolio ~~which~~as isa ~~applied~~result of such changes, compared to the ~~off-balance~~amount ~~sheet~~of ~~credit~~ACL ~~exposures,~~calculated ~~between~~by ~~periods,~~the ~~specifically~~model. The ~~for~~evaluation ~~commercial~~of ~~construction~~qualitative ~~loans~~factors is inherently imprecise and requires significant management judgment. See "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 4. Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses" for additional information regarding the ~~assumptions~~qualitative ~~used~~factors inapplied ~~the~~at ~~Company's~~ September 30, ~~2024 estimate of ACL~~2025.

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

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

Recent Accounting Pronouncements

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

Financial Condition

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

	September 30,						Change expressed in:
	2024			2023			Dollars		Percent
	2025			2024			Dollars		Percent
	(Dollars and shares in thousands)
Total assets	$	9,~~527~~778,~~608~~701		$	109,~~177~~527,~~461~~608		$	~~(649~~251,~~853)~~093	(62.4)6	%
AFS securities	~~856~~867,~~266~~216			1856,~~384,482~~266			~~(528~~10,~~216)~~950		~~(38~~1.2)3
Loans receivable, net	78,~~907~~111,~~338~~961			7,~~970~~907,~~949~~338			~~(63~~204,~~611)~~623		(02.8)6
Deposits	6,~~129~~591,~~982~~448			6,~~051~~129,~~220~~982			78461,~~762~~466		17.35
Borrowings	21,~~179~~950,~~564~~770			2,~~879~~179,~~125~~564			(~~699~~228,~~561~~794)		(2410.35)
Stockholders' equity	1,~~032~~047,~~270~~677			1,~~044~~032,~~054~~270			~~(11~~15,~~784)~~407		(1.1)5
Equity to total assets at end of period	10.87		%	10.38		%
Average number of basic shares outstanding	130,671			133,557			(2,886)		(2.2)
Average number of basic and diluted shares outstanding	129,988			130,671			(683)		(0.5)
Average number of diluted shares outstanding	130,671			133,557			(2,886)		(2.2)

Loans Receivable. The Bank originates or participates with other lenders in commercial loans, either secured by real estate or for commercial and industrial purposes, and first mortgages on owner-occupied, one- to four-family residences. The Bank also originates consumer loans primarily secured by one- to four-family residential properties. The Bank historically purchased loans secured by one- to four-family residences from correspondent lenders but suspended that line of business during fiscal year 2024. During fiscal year 2025, the loan portfolio mix continued to shift from one- to four-family loans to commercial loans. Total loans, net at September 30, ~~2024~~2025 were $78.9111 billion, aan ~~decrease~~increase of $63204.6 million from September 30, ~~2023~~2024. The ~~decrease~~increase in the loan portfolio was due mainly to a $~~287~~607.20 million ~~decrease~~increase in ~~one-~~commercial ~~to four-family~~ loans, partially offset by a $~~221~~400.50 million ~~increase~~decrease in ~~commercial~~one-to four-family loans.

~~Originating~~As ~~one-~~a toresult ~~four-family~~of ~~loans~~continued ishigh ~~the~~interest ~~Bank's~~rates ~~primary~~and ~~lending~~a ~~business. The~~lack ~~Bank~~of ~~also~~housing ~~originates~~inventory, ~~consumer~~which ~~loans~~has ~~primarily~~reduced ~~secured~~the byvolume of housing market transactions, our one- to four-family ~~residential~~origination ~~properties~~ and ~~originates~~refinance ~~and~~activity ~~participates~~has inslowed, ~~commercial~~directly ~~loans~~impacting the Bank's one- to four-family loan portfolio. InManagement ~~addition,~~expects the Bank's ~~historically purchased~~ one- to four-family ~~loans~~originated ~~from~~loan ~~correspondent~~portfolio ~~lenders~~will continue to decrease as the affordability of housing remains challenging, there is a limited supply of homes for sale and we compete with nationwide online mortgage originators. ~~The~~It ~~Bank~~is ~~has~~expected athat ~~portfolio~~cash ~~concentration~~flows ingenerated from the repayments of our one- to four-family ~~loans~~portfolio ~~and~~will acontinue ~~geographic~~to ~~concentration~~be ofused ~~these~~to ~~loans~~fund incommercial ~~Kansas~~loan ~~and Missouri~~growth.

AsThe ~~a result of continued high interest rates and lack of housing inventory which has reduced housing market transactions, our single-family origination activity has slowed which has directly impacted the~~ Bank's ~~one-~~originates ~~to four-family loan portfolio. Origination and refinance activity has slowed considerably, and~~ one- to four-family ~~loan~~loans ~~balances~~primarily ~~have~~in ~~been~~our ~~reduced~~market ~~through~~areas ~~scheduled~~of ~~repayments~~Kansas and ~~loan payoffs~~Missouri. The ~~During~~balance ~~the~~of ~~June~~originated ~~30, 2024 quarter, the Bank suspended its~~ one- to four-family ~~correspondent~~loans ~~lending~~was ~~channels for the foreseeable future~~$3. ~~Management~~77 ~~expects~~billion ~~that~~as ~~the balance~~ of ~~one-~~September 30, to2025 ~~four-family~~and ~~loans~~represented ~~will~~64% ~~continue to decrease as a percentage~~ of the Bank's ~~loan portfolio as cash flows generated from~~ one- to four-family ~~loans are used to fund commercial~~ loan ~~growth~~portfolio.

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

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

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

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

Commercial borrowers are generally required to provide financial information annually, including borrower financial statements, subject property rental rates and income, maintenance costs, updated real estate property tax and insurance payments, and personal financial information for the guarantor(s). This allows the Bank to monitor compliance with loan covenants and review the borrower's performance, including cash flows from operations, debt service coverage, and comparison of performance to projections and year-over-year performance trending. Additionally, the Bank monitors and performs site visits, or in the case of participation loans, obtains updates from the lead bank as needed to determine the condition of the collateral securing the loan. Depending on the financial strength of the project and/or the complexity of the borrower's financials, the Bank may also perform a global analysis of cash flows to account for all other properties owned by the borrower or guarantor. If signs of weakness are identified, the Bank may begin performing more frequent financial and/or collateral reviews or initiate contact with the borrower, or the lead bank will contact the borrower if the loan is a participation loan, to ensure cash flows from operations are maintained at a satisfactory level to meet the debt requirements. The Bank mitigates the risk of commercial real estate construction lending during the construction period by monitoring inspection reports from an independent third-party, project budget, percentage of completion, on-site inspections and percentage of advanced funds. Commercial and industrial loans are monitored through a review of borrower performance as indicated by borrower financial statements, borrowing base reports, accounts receivable aging reports, and inventory aging reports. These reports are required to be provided by the borrowers monthly, quarterly, or annually depending on the nature of the borrowing relationship. The Bank regularly monitors the level of risk in the entire commercial loan portfolio, including concentrations in such factors as geographic locations, collateral types, tenant brand name, borrowing relationships, and lending relationships in the case of participation loans, among other factors.

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

	September 30, 2024				September 30, 2023
	Amount		Rate		Amount		Rate
	(Dollars in thousands)
One- to four-family:
Originated	$	3,941,952	3.60	%	$	3,978,837	3.39	%
Correspondent purchased	2,212,587		3.48		2,405,911		3.44
Bulk purchased	127,161		2.80		137,193		1.85
Construction	22,970		6.05		69,974		3.68
Total	6,304,670		3.55		6,591,915		3.38
Commercial:
Commercial real estate	1,191,624		5.43		995,788		5.29
Commercial and industrial	129,678		6.66		112,953		6.36
Construction	187,676		6.40		178,746		5.01
Total	1,508,978		5.65		1,287,487		5.35
Consumer loans:
Home equity	99,988		8.90		95,723		8.83
Other	9,615		5.72		9,256		5.20
Total	109,603		8.62		104,979		8.51
Total loans receivable	7,923,251		4.02		7,984,381		3.76
Less:
ACL	23,035				23,759
Deferred loan fees/discounts	30,336				31,335
Premiums/deferred costs	(37,458)				(41,662)
Total loans receivable, net	$	7,907,338			$	7,970,949

The ~~following~~Bank ~~table~~originates ~~presents~~owner-occupied ~~the~~construction-to-permanent ~~contractual~~loans ~~maturity~~secured ofby ~~our~~one- ~~loan~~to ~~portfolio,~~four-family ~~along~~residential ~~with~~real ~~associated~~estate. The ~~weighted~~majority ~~average~~of ~~yields,~~these atloans ~~September 30,~~are ~~2024. Loans~~secured ~~that~~by ~~have~~properties ~~adjustable~~located ~~interest~~in ~~rates~~Kansas ~~are~~and ~~shown~~Missouri. The asBank's ~~maturing~~owner-occupied inconstruction-to-permanent loan program combines the ~~period~~construction ~~during~~loan ~~which~~and the ~~contract~~permanent isloan ~~due. The~~into ~~table~~one ~~does~~loan, ~~not~~allowing ~~reflect~~the borrower to secure the ~~effects~~same ofinterest ~~possible~~rate ~~prepayments~~structure orthroughout ~~enforcement~~the ofconstruction ~~due~~period onand ~~sale~~the ~~clauses~~permanent loan term.

	One year or less(1)				Over one year to five years				Over five years to 15 years				Over 15 years				Total
	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
	(Dollars in thousands)
One- to four-family:
Originated	$	1,128	3.83	%	$	59,901	3.33	%	$	1,097,701	2.99	%	$	2,783,222	3.88	%	$	3,941,952	3.62	%
Correspondent purchased	43		3.02		16,997		2.59		375,859		2.46		1,819,688		3.57		2,212,587		3.38
Bulk purchased	6		7.06		234		5.12		26,033		4.54		100,888		2.46		127,161		2.89
Construction(2)	—		—		—		—		1,778		4.67		21,192		6.21		22,970		6.09
Total	1,177		3.82		77,132		3.17		1,501,371		2.89		4,724,990		3.74		6,304,670		3.53
Commercial:
Commercial real estate	118,520		6.22		328,552		5.15		510,013		4.99		234,539		6.62		1,191,624		5.48
Commercial and industrial	28,039		7.19		52,771		7.18		43,669		5.81		5,199		4.57		129,678		6.62
Construction(2)	11,014		7.94		156,617		6.21		14,302		7.05		5,743		6.57		187,676		6.39
Total	157,573		6.51		537,940		5.66		567,984		5.11		245,481		6.58		1,508,978		5.69
Consumer:
Home equity(3)	640		9.90		1,924		6.53		46,934		8.66		50,490		8.59		99,988		8.59
Other	479		1.73		8,146		5.62		941		7.60		49		18.00		9,615		5.68
Total	1,119		6.40		10,070		5.80		47,875		8.63		50,539		8.60		109,603		8.33
Total loans receivable	$	159,869	6.49		$	625,142	5.35		$	2,117,230	3.61		$	5,021,010	3.93		7,923,251		4.01
Less:
ACL																	23,035
Deferred loan fees/discounts																	30,336
Premiums/deferred costs																	(37,458)
Total loans receivable, net																	$	7,907,338

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

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

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

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


	September 30, 2025				September 30, 2024
	Amount		Rate		Amount		Rate
	(Dollars in thousands)
One- to four-family:
Originated	$	3,774,134	3.78	%	$	3,941,952	3.60	%
Purchased	2,114,447		3.49		2,339,748		3.44
Construction	16,054		6.17		22,970		6.05
Total	5,904,635		3.68		6,304,670		3.55
Commercial:
Commercial real estate	1,709,990		5.82		1,191,624		5.43
Commercial and industrial	210,119		6.92		129,678		6.66
Commercial construction	195,886		6.42		187,676		6.40
Total	2,115,995		5.98		1,508,978		5.65
Consumer loans:
Home equity	104,809		8.15		99,988		8.90
Other	8,436		5.55		9,615		5.72
Total	113,245		7.96		109,603		8.62
Total loans receivable	8,133,875		4.34		7,923,251		4.02

Less:
ACL	24,039				23,035
Deferred loan fees/discounts	31,268				30,336
Premiums/deferred costs	(33,393)				(37,458)
Total loans receivable, net	$	8,111,961			$	7,907,338

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


	One year or less(1)				Over one year to five years				Over five years to 15 years				Over 15 years				Total
	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
	(Dollars in thousands)
One- to four-family:
Originated	$	1,788	3.57	%	$	58,749	3.21	%	$	1,040,213	3.11	%	$	2,673,384	4.09	%	$	3,774,134	3.81	%
Purchased	88		3.07		24,086		2.62		354,073		2.60		1,736,200		3.57		2,114,447		3.39
Construction(2)	—		—		—		—		—		—		16,054		6.20		16,054		6.20
Total	1,876		3.55		82,835		3.04		1,394,286		2.98		4,425,638		3.89		5,904,635		3.66
Commercial:
Commercial real estate	116,147		5.47		813,170		5.86		545,986		5.57		234,687		5.04		1,709,990		5.63
Commercial and industrial	59,556		7.20		84,635		7.45		60,929		6.20		4,999		4.58		210,119		6.95
Commercial construction(2)	21,630		7.24		112,138		5.87		53,668		7.28		8,450		7.72		195,886		6.49
Total	197,333		6.19		1,009,943		6.00		660,583		5.77		248,136		5.12		2,115,995		5.84
Consumer:
Home equity(3)	2,036		9.88		2,098		7.12		50,309		8.10		50,366		8.09		104,809		8.11
Other	713		2.29		7,279		5.65		402		7.53		42		18.00		8,436		5.52
Total	2,749		7.91		9,377		5.98		50,711		8.09		50,408		8.10		113,245		7.92
Total loans receivable	$	201,958	6.19		$	1,102,155	5.78		$	2,105,580	3.98		$	4,724,182	4.00		8,133,875		4.29

Less:
ACL																	24,039
Deferred loan fees/discounts																	31,268
Premiums/deferred costs																	(33,393)
Total loans receivable, net																	$	8,111,961

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

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

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

The following table presents, as of September 30, 2024, the amount of loans due after September 30, 2025, and whether these loans have fixed or adjustable interest rates.

	Fixed		Adjustable		Total
	(Dollars in thousands)
One- to four-family:
Originated	$	3,535,348	$	405,476	$	3,940,824
Correspondent purchased	1,836,292		376,252		2,212,544
Bulk purchased	3,671		123,484		127,155
Construction	9,211		13,759		22,970
Total	5,384,522		918,971		6,303,493
Commercial:
Commercial real estate	310,636		762,468		1,073,104
Commercial and industrial	41,628		60,011		101,639
Construction	74,805		101,857		176,662
Total	427,069		924,336		1,351,405
Consumer:
Home equity	20,639		78,709		99,348
Other	6,015		3,121		9,136
Total	26,654		81,830		108,484
Total loans receivable	$	5,838,245	$	1,925,137	$	7,763,382

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

	For the Year Ended
	September 30, 2024				September 30, 2023
	Amount		Rate		Amount		Rate
	(Dollars in thousands)
Beginning balance	$	7,984,381	3.76	%	$	7,471,670	3.33	%
Originated and refinanced	660,937		7.21		930,362		5.96
Purchased and participations	47,712		7.80		644,072		5.59
Change in undisbursed loan funds	168,483				(99,179)
Repayments	(917,871)				(956,562)
Principal (charge-offs)/recoveries, net	(111)				(106)
Other	(20,280)				(5,876)
Ending balance	$	7,923,251	4.02		$	7,984,381	3.76

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

	For the Year Ended
	September 30, 2024						September 30, 2023
	Amount		Rate		% of Total		Amount		Rate		% of Total
	(Dollars in thousands)
Fixed-rate:
One- to four-family	$	207,757	6.39	%	29.3	%	$	404,598	5.47	%	25.7	%
One- to four-family construction	24,578		6.56		3.5		39,599		5.72		2.5
Commercial:
Real estate	7,920		7.63		1.1		43,408		7.48		2.7
Commercial and industrial	22,251		6.96		3.1		40,238		7.81		2.6
Construction	3,632		7.07		0.5		149,046		5.89		9.5
Home equity	8,402		9.00		1.2		6,080		8.20		0.4
Consumer other	2,975		7.22		0.4		4,620		6.93		0.3
Total fixed-rate	277,515		6.58		39.1		687,589		5.87		43.7
Adjustable-rate:
One- to four-family	53,910		6.37		7.6		342,093		4.97		21.7
One- to four-family construction	16,875		6.51		2.4		28,545		5.22		1.8
Commercial:
Real estate	114,502		7.56		16.2		223,910		5.60		14.2
Commercial and industrial	49,593		7.65		7.0		57,295		7.28		3.6
Construction	152,739		7.96		21.5		177,471		6.22		11.3
Home equity	40,248		9.39		5.7		55,896		8.43		3.6
Consumer other	3,267		5.42		0.5		1,635		4.25		0.1
Total adjustable-rate	431,134		7.68		60.9		886,845		5.75		56.3
Total originated, refinanced and purchased/participations	$	708,649	7.25		100.0	%	$	1,574,434	5.81		100.0	%
Purchased and participation loans included above:
Fixed-rate:
Correspondent purchased - one- to four-family	$	2,978	6.43				$	199,858	5.20
Participations and purchases - commercial	4,400		7.08				19,016		9.43
Total fixed-rate purchased/participations	7,378		6.82				218,874		5.57
Adjustable-rate:
Correspondent purchased - one- to four-family	519		2.93				215,939		4.86
Participations and purchases - commercial	39,815		8.04				209,259		6.36
Total adjustable-rate purchased/participations	40,334		7.98				425,198		5.60
Total purchased/participation loans	$	47,712	7.80				$	644,072	5.59

~~One- to Four-Family Loans -~~ The following table presents, ~~for~~as ~~our portfolio~~ of ~~one-~~September 30, ~~to four-family loans~~2025, the amount, ~~percent~~ of ~~total,~~loans ~~weighted~~due ~~average~~after ~~rate, weighted average credit score, weighted average loan-to-value ("LTV") ratio, and average balance per loan as of~~ September 30, ~~2024. Credit scores were updated in September 2024~~2026, ~~from a nationally recognized consumer rating agency. The LTV ratios were based on the current loan balance~~ and ~~either~~whether ~~the~~these ~~lesser~~loans ofhave ~~the~~fixed ~~purchase price~~ or ~~original~~adjustable ~~appraisal,~~interest ~~or the most recent Bank appraisal, if available~~rates. ~~In most cases, the most recent appraisal was obtained at the time of origination.~~

			% of						Credit			Average
	Fixed		Adjustable			Total
	Amount		Total			Rate			Score	LTV		Balance
	(Dollars in thousands)
	(Dollars in thousands)
One- to four-family:
Originated	$	3,~~941~~329,~~952~~965	~~62.5~~$	442,381	%	~~3.60~~$	3,772,346	%	~~771~~	59	%	$	~~168~~
Correspondent purchased	2,212,587		35.1			3.48			767	63		404
Purchased	1,668,898		445,461			2,114,359
Bulk purchased	127,161		2.0			2.80			772	54		280
Construction	7,908		8,146			16,054
Construction	22,970		0.4			6.05			778	52		410
Total	5,006,771		895,988			5,902,759
	$	6,304,670	100.0		%	3.55			770	60		214
Commercial:
Commercial real estate	443,344		1,150,499			1,593,843
Commercial and industrial	54,580		95,983			150,563
Commercial construction	63,566		110,690			174,256
Total	561,490		1,357,172			1,918,662
Consumer:
Home equity	21,676		81,097			102,773
Other	4,154		3,569			7,723
Total	25,830		84,666			110,496
Total loans receivable	$	5,594,091	$	2,337,826		$	7,931,917

Loan Activity - The following table ~~presents~~summarizes ~~originated~~activity in the loan portfolio, along with weighted average rates where applicable, for the periods indicated, excluding changes in ACL, deferred loan fees/discounts, and ~~correspondent~~premiums/deferred ~~purchased~~costs. Loans that were paid off as a result of refinances are included in repayments. Loan endorsements are not included in the activity in ~~our~~the ~~one-~~following totable ~~four-family~~because a new loan ~~portfolio,~~is ~~excluding~~not generated at the time of the endorsement. The ~~activity,~~endorsed ~~along~~balance ~~with~~and ~~associated~~rate ~~weighted~~are ~~average~~included ~~rates,~~in ~~weighted~~the ~~average~~ending ~~LTV~~loan ~~ratios~~portfolio balance and ~~weighted~~rate. Commercial ~~average~~loan ~~credit~~renewals ~~scores~~are ~~for~~not included in the ~~current~~activity ~~year~~presented in the following table unless new funds are disbursed at the time of renewal. The renewal balance and rate are included in the ending loan portfolio balance and rate.

								Credit
	For the Year Ended
	Amount		Rate		LTV			Score
	September 30, 2025				September 30, 2024
	Amount		Rate		Amount			Rate
	(Dollars in thousands)
Originated	$	299,623	6.41	%	75		%	770
Beginning balance	$	7,923,251	4.02	%	$	7,984,381		3.76	%
Correspondent purchased	3,497		5.91		70			765
Originated and refinanced	1,149,469		6.80		660,937			7.21
	$	303,120	6.40		75			770
Purchased and participations	104,431		7.10		47,712			7.80
Change in undisbursed loan funds	(14,556)				168,483
Repayments	(1,026,401)				(917,871)
Principal (charge-offs)/recoveries, net	(198)				(111)
Other	(2,121)				(20,280)
Ending balance	$	8,133,875	4.34		$	7,923,251		4.02

As of September 30, 2024, the Bank had one- to four-family loan origination and refinance commitments of $46.3 million at a weighted average rate of 6.10%. There were no one- to four-family correspondent loan purchase commitments at September 30, 2024, as during the current year the Bank suspended purchasing one- to four-family loans from correspondent lenders.

Commercial Loans - During the year ended September 30, 2024, the Bank originated commercial loans and entered into commercial loan participations totaling $350.6 million, which was comprised of $156.4 million in commercial construction real estate loans, $122.4 million in commercial real estate loans, and $71.8 million in commercial and industrial loans. During the current fiscal year, the Bank also processed commercial loan disbursements, excluding lines of credit, of approximately $326.7 million at a weighted average rate of 6.58%, which included $245.0 million, $60.1 million, and $21.6 million of disbursements on new and existing commercial construction, commercial real estate, and commercial and industrial loans, respectively.

As of September 30, 2024 and September 30, 2023, the Bank's commercial and industrial gross loan amounts (unpaid principal plus undisbursed amounts) totaled $163.6 million and $158.5 million, respectively, and commitments totaled $3.2 million and $2.6 million, respectively. Of the $163.6 million outstanding at September 30, 2024, $74.1 million, or 46%, of the portfolio related to working capital loans, $43.8 million, or 27%, related to financing/leasing/purchasing vehicles and equipment, and $37.9 million, or 24%, related to purchasing/refinancing business/assets.

The following table presents ~~the~~loan ~~Bank's~~origination, ~~commercial~~refinance, ~~real estate~~ and ~~commercial~~participation ~~construction~~activity ~~loans~~for ~~by type of primary collateral as of~~ the ~~dates~~periods indicated~~. As~~, ofexcluding ~~September 30,~~endorsement ~~2024~~activity, ~~the~~along ~~Bank~~with ~~had~~associated 12weighted ~~commercial~~average ~~real~~rates ~~estate~~ and ~~commercial~~percent ~~construction loan commitments totaling $186.1 million, at a weighted average rate~~ of 7total.~~19%.~~ ~~Management~~Commercial ~~anticipates~~loan ~~fully~~renewals ~~funding the majority of the undisbursed amounts as most~~ are not ~~cancellable~~included byin the ~~Bank. Of~~activity ~~the~~in ~~total commercial real estate and commercial construction undisbursed amounts and commitments outstanding as of September 30, 2024, management anticipates funding approximately $150 million during~~ the ~~December~~following ~~2024~~table ~~quarter,~~except ~~$78~~to ~~million during~~ the ~~March~~extent ~~2025~~new ~~quarter,~~funds ~~$83~~are ~~million~~disbursed ~~during~~at the ~~June~~time ~~2025~~of ~~quarter, and $149~~renewal.~~7 million during the September 2025 quarter or later.~~ AtLoan ~~September 30~~originations, ~~2024~~participations, ~~the unpaid principal balance of non-owner occupied commercial real estate loans was $886.1 million~~ and ~~the~~refinances ~~unpaid principal balance of owner occupied commercial real estate loans was $165.3 million, which~~ are ~~included~~reported ~~in the table below~~together.

	September 30, 2024											September 30, 2023
	For the Year Ended
			Unpaid			Undisbursed			Gross Loan			Gross Loan
	September 30, 2025								September 30, 2024
	Count		Principal			Amount			Amount			Amount
	Amount		Rate			% of Total			Amount			Rate			% of Total
	(Dollars in thousands)		~~(Dollars in thousands)~~
Multi-family	38		$	172,674		$	187,033		$	359,707		$	308,846
Commercial:
Senior housing	36		327,144			5,190			332,334			331,207
Commercial real estate
Hotel	20		293,720			29,676			323,396			233,012
Fixed-rate	$	155,315	6.53		%	12.4		%	$	7,920		7.63		%	1.1	%
Retail building	133		263,877			52,384			316,261			352,499
Adjustable-rate	373,526		6.85			29.8			114,502			7.56			16.2
Office building	77		127,289			672			127,961			130,921
	528,841		6.76			42.2			122,422			7.57			17.3
One- to four-family property	321		59,467			3,949			63,416			70,265
Commercial and industrial
Single use building	32		43,176			262			43,438			47,193
Fixed-rate	102,489		7.20			8.2			22,251			6.96			3.1
Warehouse/manufacturing	47		34,243			413			34,656			35,963
Adjustable-rate	75,375		7.34			6.0			49,593			7.65			7.0
Other	69		57,710			4,303			62,013			53,032
	177,864		7.26			14.2			71,844			7.44			10.1
	773		$	1,379,300		$	283,882		$	1,663,182		$	1,562,938
Commercial construction
Weighted average rate			5.56		%	6.79		%	5.77		%	5.47		%
Fixed-rate	26,235		6.69			2.1			3,632			7.07			0.5
Adjustable-rate	168,957		7.27			13.5			152,739			7.96			21.6
	195,192		7.19			15.6			156,371			7.94			22.1
Total commercial
Fixed-rate	284,039		6.79			22.7			33,803			7.13			4.8
Adjustable-rate	617,858		7.02			49.3			316,834			7.77			44.7
	901,897		6.95			72.0			350,637			7.71			49.5
One- to four-family and consumer:
One- to four-family
Fixed-rate	181,667		6.18			14.5			232,335			6.41			32.8
Adjustable-rate	109,599		6.17			8.7			70,785			6.40			10.0
	291,266		6.17			23.2			303,120			6.40			42.8
Consumer
Fixed-rate	8,034		8.08			0.6			11,377			8.54			1.6
Adjustable-rate	52,703		8.18			4.2			43,515			9.09			6.1
	60,737		8.17			4.8			54,892			8.98			7.7
Total one- to four-family and consumer
Fixed-rate	189,701		6.26			15.1			243,712			6.50			34.4
Adjustable-rate	162,302		6.82			12.9			114,300			7.43			16.1
	352,003		6.52			28.0			358,012			6.80			50.5
Total commercial, one- to four-family, and consumer
Fixed-rate	473,740		6.57			37.8			277,515			6.58			39.2
Adjustable-rate	780,160		6.98			62.2			431,134			7.68			60.8
	$	1,253,900	6.83			100.0		%	708,649			7.25			100.0	%
Commercial participations included above:
Fixed-rate	$	34,500	6.93		%				$	4,400		7.08		%
Adjustable-rate	69,931		7.19						39,815			8.04
	$	104,431	7.10						$	44,215		7.95

The following table summarizes the Bank's commercial real estate and commercial construction loans by state as of the dates indicated.

	September 30, 2024							September 30, 2023
		Unpaid		Undisbursed		Gross Loan		Gross Loan
	Count	Principal		Amount		Amount		Amount
		(Dollars in thousands)
Kansas	571	$	562,079	$	151,358	$	713,437	$	670,498
Texas	21	301,486		46,580		348,066		348,707
Missouri	140	260,890		52,256		313,146		332,610
New York	1	60,000		—		60,000		—
Colorado	8	42,604		7,413		50,017		49,385
Arkansas	5	35,522		1,066		36,588		33,046
Nebraska	7	32,418		4		32,422		37,609
California	2	12,271		2,769		15,040		—
Other	18	72,030		22,436		94,466		91,083
	773	$	1,379,300	$	283,882	$	1,663,182	$	1,562,938

One- to Four-Family Loans - The following table presents, ~~the~~for ~~Bank's~~our ~~commercial~~portfolio ~~real~~of ~~estate~~one- ~~and~~to ~~commercial~~four-family ~~construction~~ loans, bythe ~~unpaid principal balance~~amount, ~~aggregated~~percent ~~by type~~ of ~~primary~~total, ~~collateral~~weighted ~~and~~average ~~state~~rate, ~~along with~~ weighted average ~~LTV~~credit ~~ratio~~score, ~~and~~ weighted average ~~debt~~LTV, ~~service~~and ~~coverage~~average ~~ratio~~balance ~~("DSCR")~~per loan as of September 30, ~~2024~~2025. ~~The~~Credit ~~LTV~~scores ~~ratio~~were isupdated ~~calculated~~in ~~using the gross loan amount (composed of unpaid principal and undisbursed amounts) as of~~ September ~~30,~~2025 ~~2024~~from ~~and~~a ~~the~~nationally ~~most~~recognized ~~current~~consumer ~~collateral~~rating ~~value available, which is most often the value at origination/purchase~~agency. ~~For~~The ~~existing~~LTVs ~~real~~were ~~estate,~~based ~~the~~on ~~"as is" value is used. If~~ the ~~property~~current isloan tobalance beand ~~constructed,~~either the ~~"as~~lesser ~~completed" value~~ of the ~~collateral~~purchase isprice ~~utilized. The~~or ~~DSCR~~original ~~is calculated based on historical borrower performance~~appraisal, or ~~projected~~the ~~borrower~~most ~~performance~~recent ~~for~~Bank ~~newly~~appraisal, ~~formed~~if ~~entities with no performance history~~available. ~~The~~In ~~DSCR~~most ~~is calculated at the time of origination~~cases, ~~and is updated at~~ the ~~time~~most ofrecent ~~subsequent~~appraisal ~~loan~~was ~~renewals~~obtained ~~or reviews of borrower financials. The DSCR presented in the table below is based on the DSCR~~ at the time of origination ~~unless an updated DSCR has been calculated~~. As ~~of September 30, 2024 approximately 50% of the loans, based on unpaid principal balance, had updated DSCRs.~~

																			Weighted		Weighted
				% of						Credit						Average
	Kansas			Texas			Missouri			New York			Other			Total			LTV		DSCR
	Amount			Total			Rate			Score			LTV			Balance
	(Dollars in thousands)
Senior Housing	$	161,146		$	—		$	109,820		$	—		$	56,178		$	327,144		70.2	%	1.41x
Originated	$	3,774,134		63.9		%	3.78		%	770			58		%	$	170
Hotel	42,633			140,054			9,672			60,000			41,361			293,720			57.3	%	1.45
Purchased	2,114,447			35.8			3.49			768			60			382
Retail Building	85,366			84,515			50,317			—			43,678			263,876			60.5	%	1.91
Construction	16,054			0.3			6.17			775			45			334
Multi-family	95,935			15,546			40,517			—			20,677			172,675			62.6	%	1.41
	$	5,904,635		100.0		%	3.68			769			59			213
Office Building	57,477			60,471			8,983			—			358			127,289			49.0	%	2.68
Other	119,522			900			41,581			—			32,593			194,596			51.6	%	3.10
	$	562,079		$	301,486		$	260,890		$	60,000		$	194,845		$	1,379,300		59.6	%	1.87
Weighted LTV	60.0		%	59.4		%	59.7		%	46.2		%	62.8		%	59.6		%
Weighted DSCR	2.05x			1.50x			2.18x			1.18x			1.74x			1.87x

The following table presents ~~the~~origination ~~Bank's~~and ~~commercial~~refinance ~~real~~activity ~~estate~~for ~~and~~our ~~construction~~one- ~~loans~~to ~~and~~four-family ~~outstanding~~ loan ~~commitments~~portfolio, ~~categorized~~excluding byendorsement ~~aggregate~~activity, ~~gross~~along ~~loan~~with ~~amount~~the ~~(unpaid~~weighted ~~principal plus undisbursed amounts) or outstanding loan commitment amount,~~ average ~~loan amount~~rate, weighted average LTV ~~ratio~~ and weighted average ~~DSCR,~~credit asscore ~~of September 30, 2024. See information above~~ for the ~~weighted~~current ~~average~~fiscal ~~LTV ratio and DSCR calculations~~year. ~~For~~As ~~loans~~of ~~and commitments over $50.0 million~~September 30, ~~$182.2 million were related to hotels in California~~2025, ~~New~~the ~~York,~~Bank ~~and~~had ~~Texas,~~one- ~~$143.1 million were related~~ to ~~multi~~four-family ~~properties~~loan ~~located~~and inrefinance ~~Kansas,~~commitments ~~and~~totaling $6042.0 million ~~was~~at ~~related~~a toweighted anaverage ~~office~~rate ~~building~~of ~~in Texas~~6.29%.

									Average			Weighted		Weighted
											Credit
		Count			Amount				Amount			LTV		DSCR
Amount			Rate				LTV				Score
(Dollars in thousands)		~~(Dollars in thousands)~~
Greater than $50 million		6			$	385,283			$	64,214		54.4	%	1.49x
$	291,266		6.17	%			74	%			768
>$30 to $50 million		6			211,210				35,202			63.4		1.41
>$20 to $30 million		15			368,147				24,543			67.9		1.28
>$15 to $20 million		9			153,069				17,008			61.3		1.83
>$10 to $15 million		12			143,695				11,975			71.8		1.57
>$5 to $10 million		27			195,657				7,247			64.7		1.83
$1 to $5 million		114			263,607				2,312			59.7		2.11
Less than $1 million		596			128,604				216			40.0		4.06
		785			$	1,849,272			2,356			60.0		1.77

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













	Originated				Participation				Total				Weighted		Weighted
	Amount		Rate		Amount		Rate		Amount		Rate		LTV		DSCR
	(Dollars in thousands)
Commercial real estate	$	493,115	6.74	%	$	35,726	7.02	%	$	528,841	6.76	%	62	%	1.66x
Commercial and industrial	176,964		7.26		900		7.25		177,864		7.26		N/A		2.32
Commercial construction	127,387		7.22		67,805		7.14		195,192		7.19		75		1.50
	$	797,466	6.93		$	104,431	7.10		$	901,897	6.95		65		1.76

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


	Amount		Rate
	(Dollars in thousands)
Commercial real estate	$	533,719	6.64	%
Commercial and industrial	107,841		7.31
Commercial construction	211,824		6.68
	$	853,384	6.73

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

Delinquent and nonaccrual loans and other real estate owned ("OREO"). The following table presents the Company's 30 to 89 day delinquent loans at the dates indicated. The amounts in the table represent the unpaid principal balance of the loans less related charge-offs, if any. Of the loans 30 to 89 days delinquent at September 30, 2024 and 2023, approximately 66% and 72%, respectively, were 59 days or less delinquent. The increase in commercial real estate loans that were 30 to 89 days delinquent from September 30, 2023 was not due to one underlying reason. Management is working closely with the borrowers to address payment issues.


	September 30, 2025										September 30, 2024
		Unpaid			Undisbursed			Gross Loan			Gross Loan
	Count	Principal			Amount			Amount			Amount
		(Dollars in thousands)
Hotel	28	$	545,782		$	57,342		$	603,124		$	323,396
Senior housing	52	464,611			19,348			483,959			332,334
Multi-family	34	262,414			102,902			365,316			359,707
Retail building	134	285,159			49,506			334,665			316,261
Office building	75	131,316			4,742			136,058			127,961
One- to four-family property	316	66,112			4,308			70,420			63,416
Warehouse/manufacturing	45	55,181			3,672			58,853			34,656
Land	25	34,829			776			35,605			32,943
Single use building	26	33,456			262			33,718			43,438
Other	34	27,016			1,176			28,192			29,070
	769	$	1,905,876		$	244,034		$	2,149,910		$	1,663,182

Weighted average rate		5.88		%	6.90		%	5.99		%	5.77		%

	September 30,
	2024				2023
	Number	Amount			Number	Amount
	(Dollars in thousands)
One- to four-family:
Originated	69	$	8,884		88	$	9,078
Correspondent purchased	12	3,049			17	5,192
Bulk purchased	2	68			1	149
Construction	—	—			4	1,123
Commercial:
Commercial real estate	11	2,996			1	36
Commercial and industrial	4	391			4	58
Consumer	35	642			30	730
	133	$	16,030		145	$	16,366
Loans 30 to 89 days delinquent
to total loans receivable, net		0.20		%		0.21		%

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


	September 30, 2025		September 30, 2024
	(Dollars in thousands)
Non-owner occupied	$	1,271,905	$	886,101
Owner occupied	$	167,925	$	165,334

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


	Projected Disbursements for the Quarters Ending
	December 31, 2025			March 31, 2026			June 30, 2026			Thereafter			Revolving Lines of Credit			Total
	(Dollars in thousands)
Undisbursed amounts	$	75,856		$	61,735		$	50,395		$	48,684		$	7,364		$	244,034
Commitments	39,606			9,250			27,000			85,038			—			160,894
	$	115,462		$	70,985		$	77,395		$	133,722		$	7,364		$	404,928

Weighted average rate	6.71		%	6.97		%	6.94		%	6.89		%	7.32		%	6.87		%

The following table ~~presents~~summarizes the ~~Company~~Bank's ~~nonaccrual~~commercial ~~loans~~real estate and ~~OREO~~commercial atconstruction ~~the~~loans ~~dates~~by ~~indicated. The~~the ~~amounts~~state in ~~the~~which ~~table represent~~ the ~~unpaid~~collateral ~~principal~~is ~~balance of the loans less related charge-offs~~located, ~~if any. Nonaccrual loans are loans that are 90 or more days delinquent or in foreclosure and other loans required to be reported~~ as ~~nonaccrual~~of ~~pursuant to accounting and/or regulatory reporting requirements and/or internal policies, even if~~ the ~~loans are current. At all~~ dates ~~presented, there were no loans 90 or more days delinquent that were still accruing interest~~indicated. ~~Non-performing assets include nonaccrual loans and OREO.~~

	September 30,
	September 30, 2025									September 30, 2024
	2024				2023
		Unpaid			Undisbursed		Gross Loan			Gross Loan
	Number	Amount			Number		Amount
	Count	Principal			Amount		Amount			Amount
	~~(Dollars in thousands)~~	(Dollars in thousands)
Loans 90 or More Days Delinquent or in Foreclosure:
Kansas	562	$	738,887		$	60,940	$	799,827		$	713,437
One- to four-family:
Missouri	125	305,078			49,694		354,772			313,146
Originated	29	$	2,274		24		$	2,246
Texas	21	289,481			23,324		312,805			348,066
Correspondent purchased	8	4,024			9		3,410
Arizona	6	105,934			16,495		122,429			15,452
Bulk purchased	5	1,535			2		942
New York	2	109,828			—		109,828			60,000
Commercial:
California	5	90,256			6,592		96,848			15,040
Commercial real estate	7	1,163			8		1,966
Colorado	13	58,341			25,858		84,199			50,017
Commercial and industrial	2	82			4		217
Tennessee	4	41,495			15,286		56,781			35,973
Consumer	20	436			9		113
Nebraska	7	17,068			27,139		44,207			32,422
	71	9,514			56		8,894
Other	24	149,508			18,706		168,214			79,629
Loans 90 or more days delinquent or in foreclosure
	769	$	1,905,876		$	244,034	$	2,149,910		$	1,663,182
as a percentage of total loans		0.12		%			0.11		%
Nonaccrual loans less than 90 Days Delinquent:(1)
One- to four-family:
Originated	—	$	—		2		$	215
Correspondent purchased	—	—			1		282
Bulk purchased	—	—			—		—
Commercial:
Commercial real estate	3	326			1		18
Commercial and industrial	2	252			—		—
Consumer	—	—			—		—
	5	578			4		515
Total nonaccrual loans	76	10,092			60		9,409
Nonaccrual loans as a percentage of total loans		0.13		%			0.12		%
OREO:
One- to four-family:
Originated(2)	1	$	55		—		$	—
Correspondent purchased	—	—			1		219
	1	55			1		219
Total non-performing assets	77	$	10,147		61		$	9,628
Non-performing assets as a percentage of total assets		0.11		%			0.09		%

~~(1)Includes~~The following table presents the Bank's commercial real estate and commercial construction loans ~~required~~by tounpaid beprincipal ~~reported~~balance, aggregated by type of primary collateral and state, along with weighted average LTV and weighted average DSCR as ~~nonaccrual~~of ~~pursuant~~September 30, to2025. ~~accounting~~The LTV is calculated using the gross loan amount (composed of unpaid principal and undisbursed amounts) as of September 30, 2025 and the most current collateral value available, which is most often the value at origination/orpurchase. The ~~internal~~DSCR ~~policies~~is calculated at the time of origination and is updated at the time of subsequent loan renewals, ~~even~~financial ifreviews (for applicable loans and lending relationships), and any other time management is aware of changes that may impact the DSCR. The DSCR presented in the table below is based on the DSCR at the time of origination unless an updated DSCR has been calculated or the loan has reached the end of its stabilization period. In general, commercial borrowers with total loans of $2.5 million or more are ~~current~~reviewed at least annually to monitor financial performance.

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


	Kansas		Missouri		Texas		New York		Arizona		California		Other		Total
	(Dollars in thousands)
Hotel	$	41,385	$	18,059	$	141,960	$	109,828	$	102,093	$	85,935	$	46,522	$	545,782
Senior housing	249,912		142,168		—		—		—		—		72,531		464,611
Retail building	91,574		44,050		66,714		—		—		—		82,821		285,159
Multi-family	185,815		48,318		20,000		—		—		—		8,281		262,414
Office building	57,441		7,945		59,907		—		142		—		5,881		131,316
One- to four-family property	44,922		4,592		—		—		3,325		1,620		11,653		66,112
Warehouse/manufacturing	35,269		16,729		—		—		—		—		3,183		55,181
Land	7,039		153		900		—		—		—		26,737		34,829
Single use building	12,126		18,255		—		—		374		2,701		—		33,456
Other	13,404		4,809		—		—		—		—		8,803		27,016
	$	738,887	$	305,078	$	289,481	$	109,828	$	105,934	$	90,256	$	266,412	$	1,905,876

Weighted LTV	66%		68%		52%		47%		51%		50%		66%		61%
Weighted DSCR	1.84x		1.54x		1.41x		1.55x		1.44x		1.49x		1.69x		1.65x

The following table presents the ~~states~~unpaid ~~where~~principal ~~the~~balance ~~properties securing ten percent or more~~ of the ~~total~~Bank's ~~amount~~commercial ofreal ~~our~~estate ~~one-~~and tocommercial ~~four-family loans, excluding~~ construction loans, ~~are~~aggregated ~~located~~by ~~and~~type ~~the corresponding balance~~ of ~~loans~~primary ~~30 to 89 days delinquent~~collateral, 90along orwith ~~more days delinquent or in foreclosure, and~~ weighted average ~~LTV ratios for loans 90 or more days delinquent or in foreclosure at September 30~~rate, ~~2024. The amounts in the table represent the unpaid principal balance of the loans~~LTV, ~~less related charge-offs, if any. The LTV ratios were based on the current loan balance~~ and ~~either~~DSCR ~~the~~as ~~lesser~~ of ~~the purchase price or original appraisal, or the most recent Bank appraisal, if available. At~~ September 30, ~~2024, potential losses, after taking into consideration anticipated private mortgage insurance proceeds and estimated selling costs, have been charged-off~~2025.

										Loans 30 to 89							Loans 90 or More Days Delinquent
				Unpaid				Weighted				Weighted				Weighted
		One- to Four-Family								Days Delinquent							or in Foreclosure
	Count			Principal				Rate				LTV				DSCR
State		Amount				% of Total				Amount				% of Total			Amount		% of Total		LTV
	(Dollars in thousands)
		(Dollars in thousands)
Hotel	28			$	545,782			6.46	%			52	%			1.32x
Kansas		$	3,491,566			55.4	%			$	7,911			65.9	%		$	2,233	28.5	%	53	%
Senior housing	52			464,611				5.11				73				1.52
Missouri		1,084,592				17.2				3,447				28.7			991		12.7		58
Retail building	134			285,159				5.32				60				2.02
Other states		1,728,512				27.4				643				5.4			4,609		58.8		56
Multi-family	34			262,414				6.09				64				1.27
		$	6,304,670			100.0	%			$	12,001			100.0	%		$	7,833	100.0	%	56
Office building	75			131,316				6.44				53				1.94
One- to four-family property	316			66,112				6.08				57				2.42
Warehouse/manufacturing	45			55,181				6.28				65				2.40
Land	25			34,829				6.53				68				3.95
Single use building	26			33,456				6.17				62				1.94
Other	34			27,016				5.84				54				2.05
	769			$	1,905,876			5.88				61				1.65

~~Classified~~The ~~Assets. In~~following ~~accordance~~table ~~with~~presents the Bank's ~~asset~~commercial ~~classification~~real ~~policy~~estate and construction loans, ~~management~~including ~~regularly~~unpaid ~~reviews~~principal ~~the~~and ~~problem~~undisbursed ~~assets~~amounts, inalong ~~the~~with ~~Bank's~~outstanding ~~portfolio~~loan tocommitments ~~determine~~as ~~whether~~of ~~any~~September 30, ~~assets~~2025, ~~require~~categorized ~~classification~~by aggregate gross loan and commitment amount, along with average loan amount, and weighted average rate, LTV, and DSCR. ~~See~~For ~~"Part~~loans IIover $50.0 million, ~~Item~~there 8was $266.5 ~~Financial~~million ~~Statements~~of ~~and~~such ~~Supplementary~~loans ~~Data~~related –to ~~Notes~~hotels toin ~~Consolidated~~Arizona, ~~Financial~~California, ~~Statements~~New –York, ~~Note~~and 4Texas, $143.1 ~~Loans~~million ~~Receivable~~related to multi-family properties in Kansas, and ~~Allowance~~$59.5 ~~for~~million ~~Credit~~related ~~Losses"~~to ~~for~~an ~~asset~~office ~~classification~~building ~~definitions~~in Texas. The largest loan included in the table below was $86.0 million, which was fully disbursed as of September 30, 2025, and is collateralized by a hotel in Arizona.

The following table presents loans classified as special mention or substandard at the dates presented. The amounts in the table represent the unpaid principal balance of the loans less related charge-offs, if any. The increase in commercial real estate special mention loans at September 30, 2024 compared to September 30, 2023 was due mainly to three loans moving to special mention during the current year as certain underlying economic considerations related to the loans are being monitored by management. The decrease in commercial and industrial special mention loans at September 30, 2024 compared to September 30, 2023 was due mainly to two loans being upgraded to pass due to an improvement in financial results.


		Gross Loan
		and Commitment		Average		Weighted		Weighted		Weighted
	Count	Amounts		Amount		Rate		LTV		DSCR
	(Dollars in thousands)
Greater than $50 million	7	$	469,057	$	67,008	6.31	%	54.4	%	1.37x
>$30 to $50 million	11	415,669		37,788		6.10		63.3		1.34
>$20 to $30 million	16	384,413		24,026		6.22		65.9		1.30
>$15 to $20 million	11	188,214		17,110		6.39		66.4		1.26
>$10 to $15 million	15	183,798		12,253		6.24		70.1		1.77
>$5 to $10 million	36	255,724		7,103		5.52		69.7		1.76
$1 to $5 million	126	295,633		2,346		5.38		58.9		2.02
Less than $1 million	556	118,296		213		6.29		52.6		3.20
	778	$	2,310,804	2,970		6.05		62.3		1.60

	September 30, 2024				September 30, 2023
	Special Mention		Substandard		Special Mention		Substandard
	(Dollars in thousands)
One- to four-family	$	17,528	$	22,715	$	18,603	$	19,314
Commercial:
Commercial real estate	16,169		2,302		2,488		1,138
Commercial and industrial	413		335		13,919		155
Consumer	326		487		327		190
	$	34,436	$	25,839	$	35,337	$	20,797

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

	September 30, 2024								September 30, 2023
					% of		% of						% of		% of
			ACL to		ACL to		Loans to				ACL to		ACL to		Loans to
	Amount		Loans		Total		Total		Amount		Loans		Total		Total
	of ACL		Ratio		ACL		Loans		of ACL		Ratio		ACL		Loans
	(Dollars in thousands)
One- to four-family:
Originated	$	1,650	0.04	%	7.2	%	49.8	%	$	2,084	0.05	%	8.8	%	49.9	%
Correspondent purchased	1,861		0.08		8.1		27.9		2,972		0.12		12.4		30.1
Bulk purchased	146		0.11		0.6		1.6		207		0.15		0.9		1.7
Construction	16		0.07		0.1		0.3		65		0.09		0.3		0.9
Total	3,673		0.06		16.0		79.6		5,328		0.08		22.4		82.6
Commercial:
Real estate	15,719		1.32		68.2		15.0		15,589		1.57		65.6		12.5
Commercial and industrial	1,186		0.91		5.1		1.6		1,104		0.98		4.6		1.4
Construction	2,249		1.20		9.8		2.4		1,487		0.83		6.3		2.2
Total	19,154		1.27		83.1		19.0		18,180		1.41		76.5		16.1
Consumer loans:
Home equity	112		0.11		0.5		1.3		142		0.15		0.6		1.2
Other consumer	96		1.00		0.4		0.1		109		1.18		0.5		0.1
Total consumer loans	208		0.19		0.9		1.4		251		0.24		1.1		1.3
	$	23,035	0.29	%	100.0	%	100.0	%	$	23,759	0.30	%	100.0	%	100.0	%

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

Historically, the Bank has maintained very low delinquency ratios and NCO rates. Over the past two years, the Bank's highest ratio of commercial loans 90 days or more delinquent to total commercial loans at a quarter end was 0.17%. The highest such ratio for one- to four-family originated and correspondent loans, combined, was 0.12%. The amount of total NCOs during fiscal year 2024 was $111 thousand. During the 10-year period ended September 30, 2024, the Bank recognized $1.4 million of total NCOs. As of September 30, 2024, the ACL balance was $23.0 million and the reserve for off-balance sheet credit exposures totaled $6.0 million. Management believes that this level of ACL and reserves is adequate for the risk characteristics in our loan portfolio.


	September 30, 2025										September 30, 2024
		Unpaid			Undisbursed			Gross Loan			Gross Loan
	Count	Principal			Amount			Amount			Amount
	(Dollars in thousands)
Working capital	193	$	79,264		$	74,703		$	153,967		$	74,097
Purchase equipment	64	47,043			7,158			54,201			15,457
Purchase/refinance business assets	47	45,579			4,226			49,805			37,950
Finance/lease vehicle	190	33,631			2,775			36,406			28,318
Other	20	4,602			2,906			7,508			7,735
	514	$	210,119		$	91,768		$	301,887		$	163,557

Weighted average rate		6.92		%	7.10		%	6.97		%	6.89		%

The ~~Bank's commercial real estate ACL ratios, in aggregate, continue to be higher than those of our peers. The~~ following ~~tables~~table ~~present~~summarizes the ~~average and median commercial real estate ACL ratios for the~~ Bank ~~and two of the Bank~~'s ~~peer~~commercial ~~groups~~and atindustrial ~~the~~loans ~~month~~by ~~ends for~~ the ~~periods~~state ~~noted. The OCC peer group consists of all savings banks greater than $1 billion~~ in ~~assets~~which ~~and~~ the ~~Asset~~borrower ~~Size~~is ~~peer~~located, ~~group~~as ~~consists~~ of ~~all~~September 30, ~~banks between $5 billion and $15 billion in asset size~~2025. ~~The~~ ~~peer group information is sourced from the respective peers' Call Reports.~~

Average	September 2022			December 2022		March 2023			June 2023		September 2023			December 2023		March 2024		June 2024		September 2024
	Unpaid					Undisbursed					Gross Loan
Bank	1.17		%	1.30	%	1.28		%	1.45	%	1.57		%	1.58	%	1.60	%	1.57	%	1.32	%
	Principal					Amount					Amount
OCC	0.96			0.92		1.21			1.22		1.21			1.14		1.10		1.11		N/A
	(Dollars in thousands)
Asset Size	1.17			1.18		1.18			1.19		1.24			1.16		1.16		1.15		N/A
Kansas	$	122,547				$	82,061				$	204,608
Median	September 2022			December 2022		March 2023			June 2023		September 2023			December 2023		March 2024		June 2024		September 2024
Missouri	37,788					170					37,958
Bank	1.17		%	1.30	%	1.28		%	1.45	%	1.57		%	1.58	%	1.60	%	1.57	%	1.32	%
Arizona	12,099					—					12,099
OCC	0.90			0.84		1.00			0.98		1.06			1.02		0.98		1.02		N/A
Ohio	5,865					4,135					10,000
Asset Size	1.13			1.15		1.13			1.12		1.12			1.10		1.13		1.06		N/A
California	7,882					2,000					9,882
Other	23,938					3,402					27,340
	$	210,119				$	91,768				$	301,887

The following table presents ~~ACL~~the ~~activity~~Bank's commercial and ~~related~~industrial ~~ratios~~loan atportfolio, ~~the~~including ~~dates~~unpaid principal and ~~for~~undisbursed ~~the~~amounts, ~~periods~~along ~~indicated. On~~with ~~October~~outstanding 1loan commitments as of September 30, ~~2023~~2025, ~~the~~categorized ~~Bank~~by ~~adopted~~aggregate ~~Accounting~~gross ~~Standards~~loan ~~Update~~and ~~("ASU")~~commitment ~~2022-02~~amounts and average loan amount. For loans over $15.0 million, ~~Financial~~there ~~Instruments~~was -$54.7 ~~Credit~~million ~~Losses~~related ~~(Topic~~to ~~326):~~working ~~Troubled~~capital ~~Debt~~loans ~~Restructurings~~in Kansas and ~~Vintage~~$29.9 ~~Disclosures~~million ~~("ASU~~related ~~2022-02"),~~to ~~which~~a ~~eliminated~~loan to purchase equipment in Missouri. The largest loan included in the ~~accounting~~table ~~guidance~~below ~~for~~was ~~troubled~~$36.0 ~~debt~~million, ~~restructurings~~of bywhich ~~creditors~~$28.6 million was undisbursed as of September 30, 2025. The ~~Company~~loan ~~applied~~is afor ~~modified~~working ~~retrospective~~capital ~~approach~~purposes ~~when~~and ~~adopting~~the ~~ASU~~borrower ~~2022-02,~~is ~~resulting~~located in aKansas. This ~~cumulative~~loan is part of the $103.2 million loans-~~effect~~ ~~adjustment~~to ~~which~~one-borrower isgroup ~~reflected~~discussed in ~~the~~"Part ~~table~~I. ~~below~~Item ~~("ASU~~1. ~~2022~~Business -02 ~~Adoption")~~Regulation and Supervision."

	At or For the Year Ended September 30,
				Gross Loan
	2024			2023			2022
				and Commitment			Average
	(Dollars in thousands)
	Count			Amounts			Amount			DSCR
Balance at beginning of period	$	23,759		$	16,371		$	19,823
	(Dollars in thousands)
ASU 2022-02 Adoption	20			—			—
Greater than $15 million	3			$	84,619		$	28,206		1.56x
Charge-offs	(160)			(115)			(70)
>$10 to $15 million	3			36,325			12,108			2.37
Recoveries	49			9			256
>$5 to $10 million	10			79,288			7,929			1.46
Net (charge-offs) recoveries	(111)			(106)			186
>$1 to $5 million	24			55,827			2,326			9.38
Provision for credit losses	(633)			7,494			(3,638)
>$500 thousand to $1 million	30			21,983			733			4.75
Balance at end of period	$	23,035		$	23,759		$	16,371
Less than $500 thousand	448			39,574			88			3.87
Ratio of NCOs during the period
	518			$	317,616		613			3.51
to average non-performing assets	1.12		%	1.09		%	(1.59)		%
ACL to nonaccrual loans at end of period	228.25			252.51			173.37
ACL to loans receivable, net at end of period	0.29			0.30			0.22
ACL at end of period to NCOs during the period	207x			223x			N/M

~~The~~Asset ratio of NCOs to average non-performing assets during the current year was higher than the prior year due to higher NCOs compared to the prior year. The ratio of ACL to nonaccrual loans was lower at the end of the current year compared to the prior year-end due to a higher balance of nonaccrual loans and a lower ACL balance. The decrease in the ratio of the ACL to total loans as of September 30, 2024 from September 30, 2023 was due mainly to a decrease in the one- to four-family ACL to loan ratio and a decrease in overall one- to four-family loan balances, partially offset by an increase in the ACL for commercial loans due to commercial loan growth. The ratio of ACL at end of period to NCOs during the period was lower in the current year due to higher NCOs along with a lower ACL balance compared to the prior year. See "Part II, Item 8. Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements - Note 4. Loans Receivable and Allowance for Credit Losses" for additional information related to ACL activity by specific loan categories. Quality

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


	September 30,
	2025				2024
	Count	Amount			Count	Amount
	(Dollars in thousands)
One- to four-family:
Originated	68	$	7,338		69	$	8,884
Purchased	13	3,221			14	3,117

Commercial:
Commercial real estate	7	1,236			11	2,996
Commercial and industrial	1	32			4	391
Consumer	22	520			35	642


	111	$	12,347		133	$	16,030

Loans 30 to 89 days delinquent
to total loans receivable, net		0.15		%		0.20		%

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

	For the Year Ended September 30,
	September 30,
	2024							2023							2022
	2025					2024
	NCOs		Average Loans			% of Average Loans		NCOs			Average Loans		% of Average Loans		NCOs		Average Loans		% of Average Loans
	Count		Amount			Count		Amount
	(Dollars in thousands)
One- to four-family:
Loans 90 or More Days Delinquent or in Foreclosure:
Originated	$	(28)	$	3,951,870		—	%	$	(6)		$	3,981,468	—	%	$	(129)	$	3,937,188	—	%
One- to four-family:
Correspondent	—		2,340,841			—		—			2,428,257		—		—		2,072,677		—
Originated	29		$	2,754		29		$	2,274
Bulk purchased	—		132,460			—		—			143,105		—		—		159,152		—
Purchased	6		1,524			13		5,559
Construction	—		33,101			—		—			65,741		—		—		48,079		—
Commercial:
Total	(28)		6,458,272			—		(6)			6,618,571		—		(129)		6,217,096		—
Commercial real estate	11		3,123			7		1,163
Commercial:
Commercial and industrial	2		210			2		82
Real estate	80		1,073,219			0.01		(1)			875,850		—		(101)		692,115		(0.01)
Consumer	10		94			20		436
Commercial and industrial	(5)		120,354			—		75			93,840		0.08		40		74,133		0.05
	58		7,705			71		9,514
Construction	—		184,848			—		—			181,141		—		—		117,878		—
Loans 90 or more days delinquent or in foreclosure
Total	75		1,378,421			0.01		74			1,150,831		0.01		(61)		884,126		(0.01)
as a percentage of total loans			0.09		%			0.12		%
Consumer:
Nonaccrual loans less than 90 Days Delinquent:(1)
Home equity	46		97,694			0.05		21			94,131		0.02		1		85,514		—
Commercial:
Other	18		9,663			0.19		17			8,885		0.19		3		8,030		0.04
Commercial real estate	3		$	40,249		3		$	326
Total	64		107,357			0.06		38			103,016		0.04		4		93,544		—
Commercial and industrial	2		109			2		252
	$	111	$	7,944,050		—		$	106		$	7,872,418	—		$	(186)	$	7,194,766	—
	5		40,358			5		578
Total nonaccrual loans	63		48,063			76		10,092
Nonaccrual loans as a percentage of total loans			0.59		%			0.13		%
OREO:
One- to four-family:
Originated(2)	1		$	62		1		$	55
Consumer	1		135			—		—
	2		197			1		55
Total non-performing assets	65		$	48,260		77		$	10,147
Non-performing assets as a percentage of total assets			0.49		%			0.11		%

~~Securities. The~~(1)Includes ~~following~~loans ~~table~~required ~~presents~~to ~~the~~be ~~distribution~~reported ofas ~~our~~nonaccrual ~~securities~~pursuant ~~portfolio,~~to atinternal ~~amortized cost~~policies, ateven ~~the~~if ~~dates indicated. Overall, fixed-rate securities comprised 95% of our securities portfolio at September 30, 2024. The weighted average life ("WAL") is~~ the ~~estimated~~loans ~~remaining maturity (in years) after three-month historical prepayment speeds and projected call option assumptions have been applied. Weighted average yields on tax-exempt securities~~ are ~~not calculated on a fully tax-equivalent basis~~current.

	September 30, 2024					September 30, 2023
	Amount		Yield		WAL	Amount		Yield		WAL
	(Dollars in thousands)
MBS	$	756,775	5.63	%	5.7	$	901,440	1.71	%	4.7
Government-sponsored enterprises ("GSE") debentures	69,077		5.63		0.4	479,610		0.64		1.9
Corporate bonds	4,000		5.12		7.6	4,000		5.12		8.6
Municipal bonds	—		—		—	942		2.55		6.9
	$	829,852	5.63		5.2	$	1,385,992	1.35		3.8

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

The ~~composition~~following ~~and~~table ~~maturities~~presents ofthe states where the ~~securities~~properties ~~portfolio~~securing atten ~~September 30,~~percent ~~2024~~or ismore ~~indicated~~of inthe total amount of the ~~following~~Bank's ~~table~~one- byto ~~remaining~~four-family ~~contractual~~loans, ~~maturity~~excluding construction loans, ~~without~~are ~~consideration~~located and the corresponding balance of ~~call~~loans ~~features~~30 orto ~~pre-refunding~~89 ~~dates~~days delinquent, ~~along~~90 ~~with~~or ~~associated~~more ~~weighted~~days ~~average~~delinquent ~~yields. The~~or in foreclosure, and weighted average ~~yields~~LTV ~~are~~for ~~current~~loans ~~yields~~90 ~~and~~or ~~includes~~more ~~the~~days ~~amortization~~delinquent ofor ~~premiums~~in orforeclosure ~~discounts~~at ~~and~~September 30, ~~are~~2025. The ~~calculated~~amounts byin ~~multiplying~~the ~~each~~table ~~estimated~~represent ~~fair~~the ~~value~~unpaid byprincipal ~~its~~balance ~~current~~of ~~yield~~the ~~and~~loans, ~~dividing~~less related charge-offs, if any. The LTVs were based on the ~~sum~~current ofloan ~~these~~balance ~~results~~and byeither the ~~total~~lesser ~~estimated~~of ~~fair~~the ~~value. Yields~~purchase onprice ~~tax-exempt~~or ~~investments~~original ~~are~~appraisal, ~~not~~or ~~calculated~~the onmost arecent ~~fully~~Bank ~~tax~~appraisal, ~~equivalent~~if ~~basis~~available.

	1 year or less								More than 1 to 5 years								More than 5 to 10 years								Over 10 years						Total Securities
											Loans 30 to 89								Loans 90 or More Days Delinquent
	Estimated								Estimated								Estimated								Estimated						Estimated
			One- to Four-Family								Days Delinquent								or in Foreclosure
	Fair								Fair								Fair								Fair						Fair
State			Amount				% of Total				Amount				% of Total				Amount				% of Total				LTV
	Value				Yield				Value				Yield				Value				Yield				Value				Yield		Value		Yield
			(Dollars in thousands)
	(Dollars in thousands)
Kansas			$	3,319,387			56.3	%			$	5,667			53.7	%			$	2,626			61.4	%			46	%
MBS	$	376			2.60	%			$	42,353			5.58	%			$	199,403			5.98	%			$	541,441			5.50	%	$	783,573	5.63	%
Missouri			1,012,083				17.1				3,589				34.0				236				5.5				47
GSE debentures	—				—				10,000				5.52				59,305				5.64				—				—		69,305		5.63
Other states			1,573,165				26.6				1,303				12.3				1,416				33.1				57
Corporate bonds	—				—				—				—				3,388				5.12				—				—		3,388		5.12
			$	5,904,635			100.0	%			$	10,559			100.0	%			$	4,278			100.0	%			50
	$	376			2.60				$	52,353			5.57				$	262,096			5.90				$	541,441			5.50		$	856,266	5.63

The following table ~~summarizes~~presents the ~~activity~~unpaid inprincipal ~~our~~balance ~~securities~~of ~~portfolio~~commercial ~~for~~real ~~the~~estate ~~periods~~loans, ~~presented. The~~aggregated ~~weighted~~by ~~average~~state, ~~yields~~that ~~for~~were ~~the~~30 ~~beginning~~to ~~and~~89 ~~ending~~days ~~balances~~delinquent ~~are~~or as90 ofor ~~the~~more ~~first~~days ~~and~~delinquent ~~last~~or ~~days~~in offoreclosure, and the ~~periods~~weighted ~~presented~~average LTV and ~~are~~weighted ~~generally~~average ~~derived~~DSCR ~~from~~for ~~recent~~loans ~~prepayment~~90 ~~activity~~or onmore ~~the~~days ~~securities~~delinquent or in ~~the~~foreclosure ~~portfolio~~at September 30, 2025. ~~The~~See ~~beginning~~additional ~~and~~discussion ~~ending~~regarding ~~WALs~~the ~~are~~Bank's ~~the~~commercial ~~estimated~~real ~~remaining~~estate ~~principal~~loan ~~repayment~~DSCRs ~~terms~~and (LTVs in ~~years)~~the ~~after~~"Management's ~~three-month~~Discussion ~~historical~~and ~~prepayment~~Analysis ~~speeds~~of Financial Condition and ~~projected~~Results ~~call~~of ~~option~~Operation ~~assumptions~~- ~~have~~Loans ~~been~~Receivable ~~applied~~- Commercial Loans" section above.

	For the Year Ended
			Loans 30 to 89				Loans 90 or More Days Delinquent
	September 30, 2024						September 30, 2023
			Days Delinquent				or in Foreclosure
	Amount		Yield		WAL		Amount			Yield			WAL
State					Amount		% of Total			Amount			% of Total		LTV		DSCR
	~~(Dollars in thousands)~~				(Dollars in thousands)
Beginning balance - carrying value	$	1,384,482	1.35	%	3.8		$	1,563,307		1.29		%	4.2
Kansas					$	1,236	100.0		%	$	2,907		93.1	%	50	%	2.14x
Maturities and repayments	(455,110)						(186,860)
Other states					—		—			216			6.9		19		1.84
Proceeds from sale	(1,272,512)						—
					$	1,236	100.0		%	$	3,123		100.0	%	48		2.12
Net amortization of (premiums)/discounts	8,182						(3,016)
Purchases	1,176,645		5.55		5.1		—			—			—
Net loss from securities sales	(13,345)						—
Change in valuation on AFS securities	27,924						11,051
Ending balance - carrying value	$	856,266	5.63		5.2		$	1,384,482		1.35			3.8

~~Liabilities~~Classified Loans. ~~Total~~In ~~liabilities~~accordance ~~were~~with ~~$8.50~~the ~~billion~~Bank's atasset ~~September~~classification 30policy, ~~2024,~~management ~~compared~~regularly toreviews ~~$9.13~~the ~~billion~~problem atassets ~~September~~in ~~30,~~the ~~2023. The~~Bank's ~~decrease~~portfolio ~~was~~to ~~due~~determine ~~primarily~~whether toany aassets ~~decrease~~require inclassification. See ~~borrowings~~"Part asII, ~~some~~Item of8. ~~the~~Financial ~~funds~~Statements ~~from~~and ~~the~~Supplementary ~~securities~~Data ~~strategy~~– ~~were~~Notes ~~used~~ to ~~repay~~Consolidated ~~all~~Financial ~~$500.0~~Statements ~~million~~– ofNote ~~outstanding~~4. ~~borrowings~~Loans ~~under~~Receivable ~~the~~and ~~BTFP,~~Allowance ~~partially~~for ~~offset~~Credit byLosses" anfor ~~increase~~asset inclassification ~~deposits~~definitions.

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


	September 30, 2025				September 30, 2024
	Special Mention		Substandard		Special Mention		Substandard
	(Dollars in thousands)
One- to four-family	$	13,055	$	20,616	$	17,528	$	22,715
Commercial:
Commercial real estate	59,993		45,550		16,169		2,302
Commercial and industrial	399		473		413		335
Consumer	326		322		326		487
	$	73,773	$	66,961	$	34,436	$	25,839

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

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

~~Deposits. The~~September ~~following table presents the amount~~30, ~~weighted~~2025. ~~average~~As ~~rate and percent~~ of ~~total for the components of our deposit portfolio at the dates presented. Total deposits increased from~~ September 30, ~~2023~~2025, ~~primarily in retail certificates of deposit, all in~~ the 14loan ~~months~~was ornot ~~shorter~~delinquent ~~term~~and ~~category, partially offset by a decrease in retail money market accounts, as some customers elected to move funds to~~ the Bank's ~~certificate~~LTV ~~of deposit offerings or the Bank's higher yielding savings account offering. The amount of commercial non-maturity deposits included in the table below at September 30, 2024 and 2023~~ was ~~$259.7~~44% ~~million~~based ~~and~~on ~~$267.3~~an ~~million,~~appraisal ~~respectively. The~~completed ~~increase~~approximately intwo ~~the~~years ~~deposit portfolio rate at September 30, 2024 compared to September 30, 2023 was due mainly to higher rates on retail certificates of deposit~~ago.

	At September 30,
	2024						2023
					% of						% of
	Amount		Rate		Total		Amount		Rate		Total
	(Dollars in thousands)
Non-interest-bearing checking	$	549,596	—	%	9.0	%	$	558,326	—	%	9.2	%
Interest-bearing checking	847,542		0.23		13.8		901,994		0.19		14.9
Savings	540,572		0.82		8.8		480,091		0.12		7.9
Money market	1,226,962		1.46		20.0		1,380,617		1.96		22.8
Retail certificates of deposit	2,830,579		4.23		46.2		2,533,954		3.47		41.9
Commercial certificates of deposit	58,236		4.40		1.0		48,751		3.56		0.8
Public unit certificates of deposit	76,495		4.62		1.2		147,487		4.44		2.5
	$	6,129,982	2.45		100.0	%	$	6,051,220	2.07		100.0	%

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

~~During~~Substandard: ~~the~~The ~~current~~increase ~~year,~~in ~~management~~substandard ~~sought~~commercial toreal ~~grow~~estate ~~certificates~~loans ofat ~~deposit~~September ~~with~~30, ~~terms~~2025 ofcompared 14to ~~months~~September or30, ~~less~~2024 bywas ~~offering~~due ~~market~~mainly ~~competitive~~to ~~rates.~~two Weparticipation ~~focused~~loans onrelated ~~terms~~to ~~that~~the ~~should~~same ~~allow~~borrowing usrelationship, tototaling ~~price~~$40.2 ~~down~~million ~~certificates~~as of ~~deposit~~September as30, 2025 and ~~when~~secured ~~the~~by ~~FRB~~a ~~reduces~~hotel. The ~~overnight~~borrower ~~rates,~~is ~~which~~working ~~first~~on ~~occurred~~a inrecapitalization ~~September~~plan ~~2024~~which ~~and~~is ~~occurred~~anticipated ~~again~~to inbe ~~November~~completed ~~2024.~~later ~~The~~in ~~weighted~~calendar ~~average~~year ~~maturity~~2025 ~~("WAM")~~or ofearly ~~our~~in ~~retail~~calendar ~~certificate~~year of2026. During ~~deposit~~the ~~portfolio~~quarter asended ofJune ~~September~~ 30, ~~2024~~2025, ~~was~~the ~~approximately~~Bank 10entered ~~months.~~into ~~Our~~an ~~retail~~agreement ~~certificate~~with ofthe ~~deposit~~borrower ~~retention~~which ~~rate~~allows ~~has~~the ~~been~~borrower ~~approximately~~to ~~87%~~not ~~over~~make ~~the~~payments ~~past~~on ~~12-months.~~these ~~Additionally,~~loans ~~management~~until ~~focused~~later onin ~~retaining~~calendar ~~and~~year ~~growing~~2025 ~~deposits~~to ~~through~~allow ~~the~~time ~~introduction~~to ofcomplete athe ~~high-yield~~recapitalization ~~savings~~process. As ~~account~~a ~~early~~result, inthe ~~fiscal~~loans ~~year~~were ~~2024~~considered ~~which~~nonaccrual ~~had~~and anclassified ~~annual~~as ~~percentage~~substandard ~~yield~~as of 4.September 30%, ~~for~~2025. The ~~balances~~loans ~~over~~were ~~$10~~not ~~thousand~~delinquent asat of September 30, ~~2024.~~2025 ~~The~~due ~~high-yield~~to ~~savings~~the ~~account~~terms ~~balance~~of ~~was~~the ~~$96~~agreement.2 As ~~million as~~ of September 30, ~~2024.~~2025, Ofthe ~~this~~combined ~~amount,~~Bank ~~approximately~~LTV on the loans was 45% ~~relates~~based toon ~~existing~~an appraisal completed in the past six months. The Bank ~~customers~~has ~~increasing~~had ~~their~~a ~~balances~~participation ~~during~~relationship with the ~~year~~lead bybank ~~bringing~~of inthese ~~funds~~two ~~from~~loans ~~outside~~for ~~the~~over ~~Bank~~ten years, ~~approximately~~and ~~40%~~the isBank ~~from~~holds ~~internal~~the ~~Bank~~same ~~transfers~~percentage ~~from~~interest ~~other~~in ~~deposit~~the ~~products,~~loans ~~largely~~as the ~~money~~lead ~~market~~bank. Both ~~portfolio,~~loans ~~and~~are ~~the~~recourse ~~remaining~~with ~~15%~~a ispersonal ~~composed~~guaranty ofand ~~new~~have ~~deposit~~strong ~~relationships~~LTVs. The ~~While~~borrower ~~there~~group is(developer, anowner ~~immediate~~and ~~repricing~~guarantors) ~~and~~are ~~increase~~seasoned incommercial ~~cost~~real onestate ~~internal~~developers ~~transfers~~with ~~within~~over ~~the~~40 ~~Bank~~years of experience. There have been no charge-offs, wenor ~~believe~~has wemanagement ~~have~~set ~~captured~~aside ~~rate~~a ~~sensitive~~specific ~~money~~valuation byallowance ~~offering~~associated ~~this~~with ~~product,~~these ~~rather~~loans ~~than~~as ~~having~~of ~~those~~September ~~funds~~30, ~~leave~~2025, due to the ~~Bank~~strong LTVs.

AsAllowance offor ~~September~~Credit ~~30,~~Losses. The ~~2024~~following ~~and~~table ~~2023,~~presents ~~approximately~~the ~~$766.8~~distribution ~~million~~of ~~(or~~our ~~approximately~~ACL ~~12%)~~ and ~~$789.0~~the ~~million~~ratio ~~(or~~of ~~approximately~~ACL ~~13%)~~to loans receivable, ~~respectively~~by loan type, ofat the ~~Bank~~dates indicated. See "Management's ~~Call~~Discussion ~~Report~~and ~~deposit~~Analysis ~~balance~~of ~~was~~Financial ~~uninsured. Of~~Condition ~~the~~and ~~$766.8~~Results ~~million~~of atOperations ~~September~~- 30Critical Accounting Estimates", ~~2024~~"Part II, ~~approximately~~Item ~~$460~~8.1 ~~million~~Financial ~~related~~Statements toand ~~commercial~~Supplementary ~~and~~Data ~~retail~~– ~~deposit~~Notes ~~accounts,~~to ~~with~~Consolidated ~~the~~Financial ~~remainder~~Statements ~~mainly~~– ~~comprised~~Note of1. ~~fully~~Summary ~~collateralized~~of ~~public~~Significant ~~unit~~Accounting ~~deposits~~Policies and ~~intercompany~~Note ~~accounts~~4. ~~The~~ ~~uninsured~~Loans ~~amounts~~Receivable ~~are~~and ~~estimates~~Allowance ~~based~~for onCredit ~~the~~Losses" ~~methodologies~~for ~~and~~additional ~~assumptions~~information ~~used~~regarding ~~for~~ the Bank's ~~regulatory~~ACL, ~~reporting~~including ~~requirements~~management's qualitative factors.

The following table sets forth the portion of the Bank's certificate of deposit portfolio, by account, that are in excess of the FDIC insurance limit, by remaining time until maturity, as of September 30, 2024 (dollars in thousands).


	September 30, 2025								September 30, 2024
					% of		% of						% of		% of
			ACL to		ACL to		Loans to				ACL to		ACL to		Loans to
	Amount		Loans		Total		Total		Amount		Loans		Total		Total
	of ACL		Ratio		ACL		Loans		of ACL		Ratio		ACL		Loans
	(Dollars in thousands)
One- to four-family:
Originated	$	1,730	0.05	%	7.2	%	46.4	%	$	1,650	0.04	%	7.2	%	49.8	%
Purchased	1,298		0.06		5.4		26.0		2,007		0.09		8.7		29.5
Construction	18		0.11		0.1		0.2		16		0.07		0.1		0.3
Total	3,046		0.05		12.7		72.6		3,673		0.06		16.0		79.6
Commercial:

Filing Compare · Capitol Federal Financial, Inc.