Capitol Federal Financial, Inc.® Reports Fourth Quarter and Fiscal Year 2025 Results

By: Capitol Federal Financial, Inc. via Business Wire

October 29, 2025 at 09:00 AM EDT

Capitol Federal Financial, Inc.^® (NASDAQ: CFFN) (the "Company," "we" or "our"), the parent company of Capitol Federal Savings Bank (the "Bank"), announced preliminary results today for the quarter and fiscal year ended September 30, 2025. For best viewing results, please view this release in Portable Document Format (PDF) on our website, https://ir.capfed.com.

Capitol Federal Financial, Inc. closed fiscal year 2025 with total assets of $9.78 billion, stockholders' equity of $1.05 billion and net income of $68.0 million. Each of these amounts grew from our previous fiscal year. This growth and improvement is a direct result of the strategic operational changes that the Board and management have implemented in recent years.

These results have been enhanced by our thoughtful approach to value-creating opportunities. Capital City Bank was acquired to facilitate the expansion of the Company's product and service offerings, as well as to diversify our asset and deposit bases, thereby expanding our revenue opportunities. Since that transaction, our commercial loan portfolio and non-retail deposits have grown from $319.1 million to $2.12 billion and $194.8 million to $508.2 million, respectively. Using the strength of the Company's brand, new core operating system, and selective additions to staff, we plan to continue growing our commercial loan portfolio through redeploying funds received from the repayment of correspondent loans. We expect that growth in the commercial deposit base will continue to lower our cost of funds.

We are also still benefiting from our October 2023 securities restructuring whereby we sold $1.30 billion of securities at a yield of 1.22%, purchased $632.0 million of securities yielding 5.75%, and paid down $500.0 million of Bank Term Funding debt at 4.70%, all of which led to an increase in our net interest margin by approximately 60 basis points in fiscal year 2024, a nearly 50% increase from our net interest margin for fiscal year 2023. Our net interest margin has further improved in fiscal year 2025.

John B. Dicus, Chairman and CEO, stated that, "We are delivering value to stockholders through a more diversified balance sheet, expanded income streams, and diligent credit risk management. We expect the pace of the past two years to continue as we roll out more products and services and add to an already seasoned team of professionals focused on driving our commercial business lines. We are proud of our disciplined capital management approach which has resulted in our returning $2.01 billion to stockholders through share repurchases and dividends since our second-step conversion in 2010, and we will continue to focus on capital management decisions that drive long-term value for stockholders."

Highlights for the current quarter include:

net income of $18.8 million, up from $18.4 million for the prior quarter;
net interest margin increased 11 basis points to 2.09% from 1.98% the prior quarter;
basic and diluted earnings per share of $0.14;
an efficiency ratio of 56.84%, down from 58.26% the prior quarter;
an operating expense ratio of 1.27%; and
repurchased 618,260 shares of common stock at an average price of $6.23 per share.

Highlights for the fiscal year include:

net income of $68.0 million compared to $38.0 million one year ago;
net interest margin of 1.96%, an increase of 19 basis points from 1.77% one year ago;
basic and diluted earnings per share of $0.52 compared to $0.29 per share one year ago;
an efficiency ratio of 58.33% compared to 66.91% one year ago; and
paid cash dividends of $0.34 per share.

Balance sheet highlights include:

total assets of $9.78 billion;
tangible book value per share of $7.85;
commercial loan growth of $607.0 million, or 40.2%, during the fiscal year;
commercial deposits growth of $190.2 million, or 59.8%, from September 30, 2024;
distributed $14.0 million from the Bank to the Company due to attaining a positive balance of earnings and profit; and
on October 28, 2025, the Company announced a cash dividend of $0.085 per share, payable on November 21, 2025 to stockholders of record as of the close of business on November 7, 2025.

Strategic Banking Initiatives

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

Mr. Dicus stated, "While Capitol Federal has deep roots in our retail banking markets, we are focused and committed to prudently growing our commercial banking operations as we transform our business to provide a full-service community oriented commercial bank for our customers. We believe that by doing so, we are delivering long-term sustainable value to our stockholders."

Strategic Actions. The long-term success of this transformation is predicated on management's continued focus on deepening relationships with consumer and commercial customers. Management and the Board have committed resources through the growth of talented and skilled bankers, investments in technology, expanding marketing and outreach, as well as the development and increased internal monitoring of performance metrics that ensure we are on the path to achieve our performance objectives. Through our experienced relationship managers, we deliver customized solutions 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. Maintaining strong credit quality remains a top priority as we expand our commercial loan portfolio. To accomplish this, in addition to disciplined underwriting and ongoing credit administration, we monitor concentration levels by collateral types, geographic location and borrowing relationships. During the current fiscal year, the Bank implemented commercial loan pricing and profitability software that provides pricing and profitability 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 banks in our markets as well as financial institutions outside of 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 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 current quarter, 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 are expected to begin onboarding in 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.

Comparison of Operating Results for the Three Months Ended September 30, 2025 and June 30, 2025

For the quarter ended September 30, 2025, the Company recognized net income of $18.8 million, or $0.14 per share, compared to net income of $18.4 million, or $0.14 per share, for the quarter ended June 30, 2025. The increase in net income in the current quarter was due primarily to higher net interest income, partially offset by higher non-interest expense, income tax expense and provision for credit losses. The net interest margin increased 11 basis points, from 1.98% for the prior quarter to 2.09% for the current quarter due mainly to growth in the higher yielding commercial loan portfolio.

Interest and Dividend Income

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

	For the Three Months Ended
	September 30,		June 30,		Change Expressed in:
	2025		2025		Dollars			Percent
	(Dollars in thousands)
INTEREST AND DIVIDEND INCOME:
Loans receivable	$	87,343	$	82,914	$	4,429		5.3	%
Mortgage-backed securities ("MBS")		11,808		12,163		(355	)	(2.9	)
Federal Home Loan Bank Topeka ("FHLB") stock		2,163		2,197		(34	)	(1.5	)
Cash and cash equivalents		2,148		1,620		528		32.6
Investment securities		582		784		(202	)	(25.8	)
Total interest and dividend income	$	104,044	$	99,678	$	4,366		4.4

The increase in interest income on loans receivable was due mainly to increases in the average balance and yield of the commercial loan portfolio compared to the prior quarter. The decrease in interest income on MBS was due primarily to a lower average balance compared to the prior quarter, resulting from principal repayments that were not reinvested into the portfolio. The increase in interest income on cash and cash equivalents was due to an increase in the average balance. The decrease in interest income on investment securities was due mainly to a lower average balance compared to the prior quarter, resulting primarily from investments that were called and not replaced. Cash flows from MBS and investment securities and deposit growth during the current quarter were mainly used to fund commercial loan growth. Cash inflows from the securities portfolios not used for immediate commercial loan funding needs were retained in cash and cash equivalents in anticipation of future commercial loan funding and operational needs.

Interest Expense

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

	For the Three Months Ended
	September 30,		June 30,		Change Expressed in:
	2025		2025		Dollars			Percent
	(Dollars in thousands)
INTEREST EXPENSE:
Deposits	$	37,204	$	35,860	$	1,344		3.7	%
Borrowings		18,057		18,360		(303	)	(1.7	)
Total interest expense	$	55,261	$	54,220	$	1,041		1.9

Interest expense on deposits was higher during the current quarter, due mainly to continued growth of the Bank's high yield savings account offering, along with an increase in the average balance of retail certificates of deposit and the cost of money market accounts due to an increase in the average balance of higher tier money market accounts. Management has continued to focus on retaining and growing deposits through its high yield savings account product. See additional discussion in "Financial Condition as of September 30, 2025" below. The decrease in borrowings expense was due to a decrease in the average balance, due mainly to FHLB borrowings that matured between periods and were not replaced. Cash flows from the increase in the deposit portfolio were used to repay these borrowings.

Provision for Credit Losses

The Company recorded a provision for credit losses of $519 thousand during the current quarter compared to a release of provision for credit losses of $451 thousand for the prior quarter. The provision for credit losses in the current quarter was comprised of a $1.3 million increase in the allowance for credit losses ("ACL") for loans, partially offset by a $778 thousand decrease in the reserve for off-balance sheet credit exposures. The $1.3 million increase in the ACL was mainly related to commercial loan growth and commercial commitment fundings during the current quarter. The $778 thousand decrease in the reserve for off-balance sheet credit exposures was due mainly to a decrease in commercial off-balance sheet credit exposures as several large dollar commitments from the prior quarter were funded.

Non-Interest Income

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

	For the Three Months Ended
	September 30,		June 30,		Change Expressed in:
	2025		2025		Dollars		Percent
	(Dollars in thousands)
NON-INTEREST INCOME:
Deposit service fees	$	2,873	$	2,867	$	6	0.2	%
Insurance commissions		1,018		884		134	15.2
Other non-interest income		1,900		1,537		363	23.6
Total non-interest income	$	5,791	$	5,288	$	503	9.5

During the current quarter, insurance commissions increased due primarily to the receipt of commissions that exceeded accruals. Other non-interest income increased compared to the prior quarter, due mainly to higher income from bank-owned life insurance ("BOLI") due to changes in rates and an increase in the crediting rate as a result of updates to certain policies that were executed during the current quarter.

Non-Interest Expense

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

	For the Three Months Ended
	September 30,		June 30,		Change Expressed in:
	2025		2025		Dollars			Percent
	(Dollars in thousands)
NON-INTEREST EXPENSE:
Salaries and employee benefits	$	15,936	$	15,277	$	659		4.3	%
Information technology and related expense		5,053		5,163		(110	)	(2.1	)
Occupancy, net		3,292		3,270		22		0.7
Regulatory and outside services		1,590		1,261		329		26.1
Advertising and promotional		1,915		1,453		462		31.8
Federal insurance premium		1,114		1,072		42		3.9
Deposit and loan transaction costs		658		715		(57	)	(8.0	)
Office supplies and related expense		490		370		120		32.4
Other non-interest expense		970		983		(13	)	(1.3	)
Total non-interest expense	$	31,018	$	29,564	$	1,454		4.9

The increase in salaries and employee benefits compared to the prior quarter was due mainly to compensation and compensation-related accruals. The increase in regulatory and outside services was due mainly to higher consulting expenses and the usage of outside services in the current quarter. The increase in advertising and promotional expense was due primarily to the timing of seasonal sponsorships and campaigns compared to the prior quarter.

The Company's efficiency ratio was 56.84% for the current quarter compared to 58.26% for the prior quarter. The improvement in the efficiency ratio was due to higher net interest income during the current quarter, partially offset by higher non-interest expense. The efficiency ratio is a measure of a financial institution's total non-interest expense as a percentage of the sum of net interest income (pre-provision for credit losses) and non-interest income. A lower value generally indicates that it is costing the financial institution less money to generate revenue. The Company's operating expense ratio (annualized) for the current quarter was 1.27% compared to 1.23% for the prior quarter. The operating expense ratio was higher in the current quarter due to higher non-interest expense. The operating expense ratio is a measure of a financial institution's total non-interest expense as a percentage of average assets, providing insight into how efficiently the Company is managing its expenses in relation to its assets and does not take into consideration changes in interest rates.

Income Tax Expense

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

	For the Three Months Ended
	September 30,			June 30,			Change Expressed in:
	2025			2025			Dollars		Percent
	(Dollars in thousands)
Income before income tax expense	$	23,037		$	21,633		$	1,404	6.5	%
Income tax expense		4,224			3,251			973	29.9
Net income	$	18,813		$	18,382		$	431	2.3

Effective Tax Rate		18.3	%		15.0	%

During the prior quarter, a change in Kansas tax law was enacted that is effective October 1, 2027 for the Company and the Bank. The State of Kansas is changing the way it attributes taxable income to the state, specifically, moving from a three-factor apportionment (property, payroll and receipts) method to a single receipts method. Most of the Bank's property and payroll are located in Kansas, though a large amount of its revenue-generating activities, predominantly loan interest income, are conducted outside of Kansas. The Bank is expecting a decrease in income apportioned to Kansas starting in fiscal year 2028 due to the tax law change. As a result, as of June 30, 2025, the Bank remeasured its state deferred tax assets and liabilities expected as of October 1, 2027. The Bank recorded an $857 thousand reduction in net state income tax expense related to this law change, which is the primary reason for the lower effective tax rate and income tax expense for the prior quarter.

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

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

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

Securities Strategy to Improve Earnings

In October 2023, the Company initiated a securities strategy (the "securities strategy") by selling $1.30 billion of securities, representing 94% of its securities portfolio. Since the Company did not have the intent to hold the $1.30 billion of securities to maturity at September 30, 2023, the Company recognized an impairment loss on those securities of $192.6 million which was reflected in the Company's financial statements for the quarter and fiscal year ended September 30, 2023. The securities strategy allowed the Company to improve its earnings stream going forward, beginning in the quarter ended December 31, 2023, by redeploying most of the proceeds into then-current market rate securities. The Company utilized the remaining proceeds to deleverage the balance sheet. During the quarter ended December 31, 2023, the Company completed the sale of securities and recognized $13.3 million ($10.0 million net of tax), or $0.08 per share, of additional loss. See additional information regarding the impact of the securities strategy on our financial measurements in "Supplemental Financial Information - 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 Federal Reserve Bank of Kansas City ("FRB") 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.

Interest and Dividend Income

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

	For the Year Ended
	September 30,				Change Expressed in:
	2025		2024		Dollars			Percent
	(Dollars in thousands)
INTEREST AND DIVIDEND INCOME:
Loans receivable	$	332,518	$	308,707	$	23,811		7.7	%
MBS		46,259		33,650		12,609		37.5
FHLB stock		8,997		10,009		(1,012	)	(10.1	)
Cash and cash equivalents		8,368		15,728		(7,360	)	(46.8	)
Investment securities		3,377		8,749		(5,372	)	(61.4	)
Total interest and dividend income	$	399,519	$	376,843	$	22,676		6.0

The increase in interest income on loans receivable was due primarily to the continued shift of loan balances from the one- to four-family loan portfolio to higher yielding commercial loans. See additional discussion regarding the composition of the loan portfolio in the "Financial Condition as of September 30, 2025" section below. The increase in interest income on MBS was due mainly to an increase in the average balance of the portfolio, due mainly to securities purchases between periods. Interest income on cash and cash equivalents decreased due largely to a decrease in the average balance, along with a decrease in the weighted average yield compared to the prior year due to lower FRB interest rates. The decrease in the average balance was mainly a result of the securities strategy in the prior year, as not all proceeds from the sale of securities were immediately redeployed. The decrease in interest income on investment securities was due to a decrease in average balance, due primarily to the securities purchased as part of the securities strategy being called or maturing during fiscal year 2024 and not being replaced in their entirety. The cash flows from the investment securities portfolio that were not reinvested were generally invested in the MBS portfolio.

Interest Expense

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

	For the Year Ended
	September 30,				Change Expressed in:
	2025		2024		Dollars			Percent
	(Dollars in thousands)
INTEREST EXPENSE:
Deposits	$	146,262	$	139,549	$	6,713		4.8	%
Borrowings		72,946		75,233		(2,287	)	(3.0	)
Total interest expense	$	219,208	$	214,782	$	4,426		2.1

The increase in interest expense on deposits was due primarily to growth in the high yield savings account, and to a lesser extent, an increase in the average balance of retail certificates of deposits. The increases were partially offset by a decrease in the weighted average rate paid on, and in the average balance of, money market accounts. See additional discussion regarding high yield savings in the "Financial Condition as of September 30, 2025" section below.

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

Provision for Credit Losses

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

Non-Interest Income

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

	For the Year Ended
	September 30,					Change Expressed in:
	2025		2024			Dollars		Percent
	(Dollars in thousands)
NON-INTEREST INCOME:
Deposit service fees	$	11,043	$	10,562		$	481	4.6	%
Insurance commissions		3,605		3,257			348	10.7
Net loss from securities transactions		—		(13,345	)		13,345	100.0
Other non-interest income		6,077		4,770			1,307	27.4
Total non-interest income	$	20,725	$	5,244		$	15,481	295.2

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

Non-Interest Expense

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

	For the Year Ended
	September 30,				Change Expressed in:
	2025		2024		Dollars			Percent
	(Dollars in thousands)
NON-INTEREST EXPENSE:
Salaries and employee benefits	$	60,383	$	52,272	$	8,111		15.5	%
Information technology and related expense		19,690		20,324		(634	)	(3.1	)
Occupancy, net		13,397		13,558		(161	)	(1.2	)
Regulatory and outside services		5,433		5,743		(310	)	(5.4	)
Advertising and promotional		4,950		4,264		686		16.1
Federal insurance premium		4,319		6,052		(1,733	)	(28.6	)
Deposit and loan transaction costs		2,843		2,719		124		4.6
Office supplies and related expense		1,696		1,691		5		0.3
Other non-interest expense		4,559		5,320		(761	)	(14.3	)
Total non-interest expense	$	117,270	$	111,943	$	5,327		4.8

The increase in salaries and employee benefits was mainly attributable to an increase in the number of employees between periods, merit increases and salary adjustments to remain market competitive, and a higher accrual of incentive compensation during the current year than the prior year related to the Bank's short-term performance plan. The decrease in information technology and related expense was due mainly to a decrease in usage of third-party professional services along with a decrease in depreciation expense during the current year. The decrease in regulatory and outside services was due to a reduction in usage of certain outside services compared to the prior year. The increase in advertising and promotional expense was due to timing of campaigns, including campaigns from the prior fiscal year that were delayed until the current fiscal year. The decrease in the federal insurance premium was due primarily to a decrease in the Federal Deposit Insurance Corporation ("FDIC") assessment rate as a result of the way the assessment rate was adjusted in fiscal year 2024 for the occurrence of the Bank's net loss during the quarter ended September 30, 2023. The decrease in other non-interest expense was due mainly to higher customer fraud losses in the prior year and the maturity of an interest rate swap agreement during the current year which reduced the expense associated with the collateral held in relation to the interest rate swap.

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

Income Tax Expense

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

	For the Year Ended
	September 30,						Change Expressed in:
	2025			2024			Dollars			Percent
	(Dollars in thousands)

Income before income tax expense	$	83,021		$	54,103		$	28,918		53.4	%
Income tax expense		14,996			16,093			(1,097	)	(6.8	)
Net income	$	68,025		$	38,010		$	30,015		79.0

Effective Tax Rate		18.1	%		29.7	%

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

Fiscal Year 2026 Outlook

Salary and employee benefit expense is anticipated to increase approximately 9% from fiscal year 2025 due to the expected hiring of additional professionals, merit increases, continued staff compensation alignment with market compensation levels, and the impact of the first full year of compensation for recently hired sales professionals. Information technology expense in fiscal year 2025 was less than anticipated due primarily to projects being postponed to fiscal year 2026. It is anticipated that information technology expense will increase approximately 15% from fiscal year 2025 due to project postponements to fiscal year 2026, along with several new initiatives that are anticipated to be implemented during fiscal year 2026. Overall, non-interest expense is projected to increase 7% in fiscal year 2026 from the fiscal year 2025 amount. Management anticipates the FRB will continue to reduce rates during our 2026 fiscal year, which should allow a reduction in our deposit interest expense while our loan portfolio yield is expected to remain stable or increase due to the ongoing remixing of our loan portfolio. As a result of the strategic initiatives previously discussed, it is likely the Company will grow past $10 billion in total assets in the coming fiscal years.

Financial Condition as of September 30, 2025

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

							Annualized
	September 30,			June 30,			Percent		September 30,			Percent
	2025			2025			Change		2024			Change
	(Dollars and shares in thousands)
Total assets	$	9,778,701		$	9,692,739		3.5	%	$	9,527,608		2.6	%
Available-for-sale ("AFS") securities		867,216			956,229		(37.2	)		856,266		1.3
Loans receivable, net		8,111,961			8,023,554		4.4			7,907,338		2.6
Deposits		6,591,448			6,431,137		10.0			6,129,982		7.5
Borrowings		1,950,770			2,071,585		(23.3	)		2,179,564		(10.5	)
Stockholders' equity		1,047,677			1,046,158		0.6			1,032,270		1.5
Equity to total assets at end of period		10.7	%		10.8	%				10.8	%
Average number of basic shares outstanding		129,874			130,081		(0.6	)		129,918		—
Average number of diluted shares outstanding		129,874			130,081		(0.6	)		129,918		—

Securities decreased $89.0 million from June 30, 2025 to September 30, 2025, due primarily to calls and principal repayments during the current quarter that were not reinvested into the portfolio. The loan portfolio increased $88.4 million during the current quarter as cash flows from the securities portfolio were used to fund loan growth. The loan portfolio mix continued to shift from one- to four-family loans to commercial loans during the current quarter, with commercial loan growth of $204.2 million, partially offset by a $113.9 million decrease in one- to four-family loans. The growth in commercial loans was due mainly to a $148.3 million increase in the commercial real estate loan portfolio during the quarter. As of September 30, 2025, the Bank expects to fund approximately $76 million of undisbursed amounts on existing commercial real estate and commercial construction loans and approximately $40 million of commercial real estate and commercial construction loan commitments during the December 31, 2025 quarter. Additionally, the Bank expects to fund approximately $26 million of undisbursed amounts and commitments related to commercial and industrial loans during the December 31, 2025 quarter.

As a result of continued high interest rates and a lack of housing inventory, which has reduced housing market transactions, our one- to four-family origination and refinance activity has slowed, directly impacting the Bank's one- to four-family loan portfolio. The Bank suspended its one- to four-family correspondent lending channels during fiscal year 2024 for the foreseeable future. Management expects the Bank's one- to four-family originated loan portfolio will continue to decrease as the affordability of housing remains challenging, there is a limited supply of homes for sale and we compete with nationwide online mortgage originators. It is expected that cash flows generated from the repayments of our one- to four-family portfolio will continue to be used to fund commercial loan growth. Maintaining strong credit quality remains a top priority as we expand our commercial loan portfolio. The weighted average debt service coverage ratio ("DSCR") for commercial loan originations and purchases during the current fiscal year was 1.68x and the weighted average loan-to-value ("LTV") for commercial real estate and construction loans originated and purchased was 74%. The weighted average DSCR and LTV for our commercial real estate and construction loans was 1.65x and 61%, respectively, at September 30, 2025.

Deposits increased $160.3 million during the current quarter due mainly to retail certificates of deposit, commercial deposits, and the Bank's high yield savings account offering. Borrowings decreased $120.8 million due to the maturity of $100.0 million in borrowings during the current quarter that were not replaced, along with principal payments made on the Bank's amortizing FHLB advances.

Total assets increased $251.1 million from September 30, 2024, due to growth in the loan portfolio, which was largely funded with deposit growth, mainly through the Bank's high yield savings account offering. The commercial loan portfolio increased $607.0 million during the current year, due primarily to commercial real estate loan growth, partially offset by a decrease of $400.0 million in one- to four-family loans.

Deposits increased $461.5 million from September 30, 2024, due mainly to the Bank's high yield savings account offering, which increased $364.5 million during the current year. Management has continued to focus on retaining and growing deposits through the Bank's high yield savings account product, which, as of September 30, 2025, had an annual percentage yield of 4.00% for accounts that meet the $10 thousand balance minimum.

Borrowings decreased $228.8 million during the current year due to principal payments made on the Bank's amortizing 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.

The following table summarizes loan originations and purchases, deposit activity, and borrowing activity, along with certain related weighted average rates, during the periods indicated. The borrowings presented in the table have original contractual terms of one year or longer.

	For the Three Months Ended					For the Year Ended
	September 30, 2025					September 30, 2025
	Amount			Rate		Amount			Rate
	(Dollars in thousands)
Loan originations, purchases, and participations
One- to four-family and consumer:
Originated	$	88,055		6.61	%	$	352,003		6.52	%

Commercial:
Originated		251,192		6.58			797,466		6.93
Participations/Purchased		11,952		6.85			104,431		7.10
	$	351,199		6.60		$	1,253,900		6.83

Deposit Activity
Non-maturity deposits	$	69,212				$	414,096
Retail/Commercial certificates of deposit		85,893					1,986

Borrowing activity
Maturities and repayments		(121,168	)	3.30			(879,672	)	3.39
New borrowings		—		—			650,000		4.13

Stockholders' Equity

Stockholders' equity totaled $1.05 billion at September 30, 2025, an increase of $15.4 million from September 30, 2024. Consistent with our goal to operate a sound and profitable financial organization that delivers long-term stockholder value, we actively seek to maintain a well-capitalized status for the Bank in accordance with regulatory standards. As of September 30, 2025, the Bank's capital ratios exceeded the well-capitalized requirements, and the Bank exceeded internal policy thresholds for sensitivity to changes in interest rates. As of September 30, 2025, the Bank's community bank leverage ratio was 9.6%.

During the year ended September 30, 2025, the Company paid regular quarterly cash dividends totaling $44.3 million, or $0.34 per share. On October 28, 2025, the Company announced a regular quarterly cash dividend of $0.085 per share, or approximately $11.0 million, payable on November 21, 2025 to stockholders of record as of the close of business on November 7, 2025. 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.

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

Dividend payments depend upon a number of factors, including the Company's financial condition and results of operations, regulatory capital requirements, regulatory limitations on the Bank's ability to make capital distributions to the Company, the Bank's current tax earnings and accumulated earnings and profits, and the amount of cash at the holding company level. Through the payment of the True Blue dividend in prior years, the Company was able to provide stockholder value by reducing its excess capital. The last True Blue dividend occurred in fiscal year 2022. Management and the Board of Directors believe that a tier 1 leverage ratio of about 9% is appropriate to manage the risk profile of the Company.

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

During the current quarter, the Company repurchased 618,260 shares of common stock at an average price of $6.23 per share. The Company currently has $71.1 million remaining authorized under its existing stock repurchase plan. Shares may be repurchased from time to time based upon market conditions, available liquidity and other factors. Although our existing repurchase plan has no expiration date we are required to annually seek the FRB's non-objection for the buyback amount. The FRB's current non-objection for the Company to repurchase up to $75 million of stock expires in February 2026.

The following table presents a reconciliation of total to net shares outstanding as of September 30, 2025.

Total shares outstanding	132,204,305
Less unallocated Employee Stock Ownership Plan ("ESOP") shares and unvested restricted stock	(2,644,392	)
Net shares outstanding	129,559,913

Capitol Federal Financial, Inc. is the holding company for the Bank. As of September 30, 2025, the Bank had 46 branch locations in Kansas and Missouri and is one of the largest residential lenders in the State of Kansas. News and other information about the Company can be found at the Bank's website, http://www.capfed.com.

Forward-Looking Statements

Except for the historical information contained in this press release, the matters discussed herein may be deemed to be "forward-looking statements" within the meaning 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. The words "may," "could," "should," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties, including: changes in policies or the application or interpretation of laws and regulations by regulatory agencies and tax authorities; other governmental initiatives affecting the financial services industry; changes in accounting principles, policies or guidelines; fluctuations in interest rates and the effects of inflation or a potential recession, whether caused by Federal Reserve action or otherwise; the potential imposition of new or increased tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; 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; demand for loans in the Company's market areas; the future earnings and capital levels of the Bank and the impact of potential pre-1988 bad debt recapture, which could affect the ability of the Company to pay dividends in accordance with its dividend policies; competition; and other risks detailed from time to time in documents filed or furnished by the Company with the Securities and Exchange Commission. Actual results may differ materially from those currently expected. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.

SUPPLEMENTAL FINANCIAL INFORMATION

CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands, except per share amounts)

	September 30,			June 30,			September 30,
	2025			2025			2024
ASSETS:
Cash and cash equivalents (includes interest-earning deposits of $229,566, $150,552 and $192,138)	$	252,443		$	174,965		$	217,307
AFS securities, at estimated fair value (amortized cost of $847,369, $933,360 and $829,852)		867,216			956,229			856,266
Loans receivable, net (ACL of $24,039, $22,808 and $23,035)		8,111,961			8,023,554			7,907,338
FHLB stock, at cost		90,662			98,225			101,175
Premises and equipment, net		89,314			88,967			91,463
Income taxes receivable, net		220			1,070			359
Deferred income tax assets, net		23,826			21,399			21,978
Other assets		343,059			328,330			331,722
TOTAL ASSETS	$	9,778,701		$	9,692,739		$	9,527,608

LIABILITIES:
Deposits	$	6,591,448		$	6,431,137		$	6,129,982
Borrowings		1,950,770			2,071,585			2,179,564
Advances by borrowers		65,416			38,857			61,801
Deferred income tax liabilities, net		2,056			—			—
Other liabilities		121,334			105,002			123,991
Total liabilities		8,731,024			8,646,581			8,495,338

STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued or outstanding		—			—			—
Common stock, $0.01 par value; 1,400,000,000 shares authorized, 132,204,305, 132,800,865 and 132,735,565 shares issued and outstanding as of September 30, 2025, June 30, 2025, and September 30, 2024, respectively		1,322			1,328			1,327
Additional paid-in capital		1,142,711			1,146,648			1,146,851
Unearned compensation, ESOP		(24,780	)		(25,193	)		(26,431	)
Accumulated deficit		(87,331	)		(95,078	)		(111,104	)
Accumulated other comprehensive income, net of tax		15,755			18,453			21,627
Total stockholders' equity		1,047,677			1,046,158			1,032,270
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	9,778,701		$	9,692,739		$	9,527,608

CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands)

	For the Three Months Ended					For the Year Ended
	September 30,		June 30,			September 30,
	2025		2025			2025		2024
INTEREST AND DIVIDEND INCOME:
Loans receivable	$	87,343	$	82,914		$	332,518	$	308,707
MBS		11,808		12,163			46,259		33,650
FHLB stock		2,163		2,197			8,997		10,009
Cash and cash equivalents		2,148		1,620			8,368		15,728
Investment securities		582		784			3,377		8,749
Total interest and dividend income		104,044		99,678			399,519		376,843

INTEREST EXPENSE:
Deposits		37,204		35,860			146,262		139,549
Borrowings		18,057		18,360			72,946		75,233
Total interest expense		55,261		54,220			219,208		214,782

NET INTEREST INCOME		48,783		45,458			180,311		162,061

PROVISION FOR CREDIT LOSSES		519		(451	)		745		1,259
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		48,264		45,909			179,566		160,802

NON-INTEREST INCOME:
Deposit service fees		2,873		2,867			11,043		10,562
Insurance commissions		1,018		884			3,605		3,257
Net loss from securities transactions		—		—			—		(13,345	)
Other non-interest income		1,900		1,537			6,077		4,770
Total non-interest income		5,791		5,288			20,725		5,244

NON-INTEREST EXPENSE:
Salaries and employee benefits		15,936		15,277			60,383		52,272
Information technology and related expense		5,053		5,163			19,690		20,324
Occupancy, net		3,292		3,270			13,397		13,558
Regulatory and outside services		1,590		1,261			5,433		5,743
Advertising and promotional		1,915		1,453			4,950		4,264
Federal insurance premium		1,114		1,072			4,319		6,052
Deposit and loan transaction costs		658		715			2,843		2,719
Office supplies and related expense		490		370			1,696		1,691
Other non-interest expense		970		983			4,559		5,320
Total non-interest expense		31,018		29,564			117,270		111,943
INCOME BEFORE INCOME TAX EXPENSE		23,037		21,633			83,021		54,103
INCOME TAX EXPENSE		4,224		3,251			14,996		16,093
NET INCOME	$	18,813	$	18,382		$	68,025	$	38,010

Average Balance Sheets

The following tables present the average balances of our assets, liabilities, and stockholders' equity, and the related annualized weighted average yields and rates on our interest-earning assets and interest-bearing liabilities for the periods indicated, as well as selected performance ratios and other information for the periods shown. Weighted average yields are derived by dividing annualized income by the average balance of the related assets, and weighted average rates are derived by dividing annualized expense by the average balance of the related liabilities, for the periods shown. Average outstanding balances are derived from average daily balances. The weighted average yields and rates include amortization of fees, costs, premiums and discounts, which are considered adjustments to yields/rates. Weighted average yields on tax-exempt securities are not calculated on a fully taxable equivalent basis.

	For the Three Months Ended
	September 30, 2025						June 30, 2025
	Average		Interest				Average		Interest
	Outstanding		Earned/		Yield/		Outstanding		Earned/		Yield/
	Amount		Paid		Rate		Amount		Paid		Rate
	(Dollars in thousands)
Assets:
Interest-earning assets:
One- to four-family loans:
Originated	$	3,794,781	$	36,521	3.85	%	$	3,838,361	$	36,340	3.79	%
Purchased		2,167,994		17,668	3.26			2,232,868		18,454	3.31
Total one- to four-family loans		5,962,775		54,189	3.63			6,071,229		54,794	3.61
Commercial loans:
Commercial real estate		1,670,205		24,317	5.70			1,496,569		20,669	5.46
Commercial and industrial		196,992		3,515	6.98			143,479		2,478	6.83
Commercial construction		182,855		3,050	6.53			174,407		2,778	6.30
Total commercial loans		2,050,052		30,882	5.89			1,814,455		25,925	5.65
Consumer loans		113,979		2,272	7.91			110,809		2,195	7.95
Total loans receivable⁽¹⁾		8,126,806		87,343	4.27			7,996,493		82,914	4.13
MBS⁽²⁾		860,833		11,808	5.49			884,321		12,163	5.50
Investment securities⁽²⁾⁽³⁾		45,467		582	5.13			60,319		784	5.19
FHLB stock		94,288		2,163	9.10			96,564		2,197	9.13
Cash and cash equivalents		192,755		2,148	4.36			145,579		1,620	4.40
Total interest-earning assets		9,320,149		104,044	4.43			9,183,276		99,678	4.33
Other non-interest-earning assets		468,378						455,441
Total assets	$	9,788,527					$	9,638,717

Liabilities and stockholders' equity:
Interest-bearing liabilities:
Checking	$	869,328		497	0.23		$	883,428		497	0.23
High yield savings		427,416		4,229	3.93			352,815		3,606	4.10
Other savings		428,106		81	0.07			438,821		77	0.07
Money market		1,244,320		4,037	1.29			1,220,567		3,700	1.22
Retail certificates		2,787,294		26,596	3.79			2,739,886		26,481	3.88
Commercial certificates		60,637		553	3.62			59,586		557	3.75
Wholesale certificates		118,066		1,211	4.07			91,645		942	4.12
Total deposits		5,935,167		37,204	2.49			5,786,748		35,860	2.49
Total interest-bearing liabilities		7,962,253		55,261	2.75			7,872,444		54,220	2.76
Non-interest-bearing deposits		587,128						564,913
Other non-interest-bearing liabilities		189,471						159,035
Stockholders' equity		1,049,675						1,042,325
Total liabilities and stockholders' equity	$	9,788,527					$	9,638,717

Net interest income⁽⁴⁾			$	48,783					$	45,458
Net interest-earning assets	$	1,357,896					$	1,310,832
Net interest margin⁽⁵⁾					2.09						1.98
Ratio of interest-earning assets to interest-bearing liabilities					1.17x						1.17x

Selected performance ratios:
Return on average assets (annualized)^(6)(10)					0.77	%					0.76	%
Return on average equity (annualized)^(7)(10)					7.17						7.05
Average equity to average assets					10.72						10.81
Operating expense ratio (annualized)⁽⁸⁾					1.27						1.23
Efficiency ratio^(9)(10)					56.84						58.26

	For the Year Ended September 30,
	2025						2024
	Average		Interest				Average		Interest
	Outstanding		Earned/		Yield/		Outstanding		Earned/		Yield/
	Amount		Paid		Rate		Amount		Paid		Rate
	(Dollars in thousands)
Assets:
Interest-earning assets:
One- to four-family loans:
Originated	$	3,859,371	$	145,552	3.77	%	$	3,984,971	$	142,011	3.56	%
Purchased		2,256,624		73,932	3.28			2,473,301		79,492	3.21
Total one- to four-family loans		6,115,995		219,484	3.59			6,458,272		221,503	3.43
Commercial loans:
Commercial real estate		1,452,288		82,426	5.60			1,074,424		59,154	5.42
Commercial and industrial		151,126		10,396	6.78			119,156		7,897	6.52
Commercial construction		176,620		11,333	6.33			184,841		10,991	5.85
Total commercial loans		1,780,034		104,155	5.77			1,378,421		78,042	5.57
Consumer loans		111,402		8,879	7.97			107,357		9,162	8.53
Total loans receivable⁽¹⁾		8,007,431		332,518	4.13			7,944,050		308,707	3.87
MBS⁽²⁾		834,345		46,259	5.54			619,521		33,650	5.43
Investment securities⁽²⁾⁽³⁾		63,650		3,377	5.31			180,640		8,749	4.84
FHLB stock		97,054		8,997	9.27			106,064		10,009	9.44
Cash and cash equivalents		185,052		8,368	4.46			286,988		15,728	5.39
Total interest-earning assets		9,187,532		399,519	4.33			9,137,263		376,843	4.11
Other non-interest-earning assets		460,405						460,278
Total assets	$	9,647,937					$	9,597,541

Liabilities and stockholders' equity:
Interest-bearing liabilities:
Checking	$	874,377		2,010	0.23		$	873,097		1,978	0.23
High yield savings		283,605		11,492	4.05			31,345		1,297	4.14
Other savings		437,766		335	0.08			462,111		529	0.11
Money market		1,237,612		15,643	1.26			1,302,817		22,333	1.71
Retail certificates		2,782,181		110,813	3.98			2,680,003		106,204	3.96
Commercial certificates		58,675		2,318	3.95			54,484		2,247	4.12
Wholesale certificates		86,457		3,651	4.22			109,217		4,961	4.54
Total deposits		5,760,673		146,262	2.54			5,513,074		139,549	2.53
Borrowings		2,108,626		72,946	3.46			2,338,222		75,233	3.21
Total interest-bearing liabilities		7,869,299		219,208	2.78			7,851,296		214,782	2.73
Non-interest-bearing deposits		562,084						533,821
Other non-interest-bearing liabilities		177,178						180,979
Stockholders' equity		1,039,376						1,031,445
Total liabilities and stockholders' equity	$	9,647,937					$	9,597,541

Net interest income⁽⁴⁾			$	180,311					$	162,061
Net interest-earning assets	$	1,318,233					$	1,285,967
Net interest margin⁽⁵⁾					1.96						1.77
Ratio of interest-earning assets to interest-bearing liabilities					1.17x						1.16x

Selected performance ratios:
Return on average assets^(6)(10)					0.71	%					0.40	%
Return on average equity^(7)(10)					6.54						3.69
Average equity to average assets					10.77						10.75
Operating expense ratio⁽⁸⁾					1.22						1.17
Efficiency ratio^(9)(10)					58.33						66.91

(1)		Balances are adjusted for unearned loan fees and deferred costs. Loans that are 90 or more days delinquent are included in the loans receivable average balance with a yield of zero percent.
(2)		AFS security yields are based upon amortized cost which is adjusted for premiums and discounts.
(3)		There were no nontaxable securities included in the average balance of investment securities for the quarters ended September 30, 2025 and June 30, 2025, or for the year ended September 30, 2025. The average balance of investment securities includes an average balance of nontaxable securities of $51 thousand for the year ended September 30, 2024.
(4)		Net interest income represents the difference between interest income earned on interest-earning assets and interest paid on interest-bearing liabilities. Net interest income depends on the average balance of interest-earning assets and interest-bearing liabilities, and the interest rates earned or paid on them.
(5)		Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. Management believes the net interest margin is important to investors as it is a profitability measure for financial institutions.
(6)		Return on average assets represents annualized net income as a percentage of total average assets. Management believes that the return on average assets is important to investors as it shows the Company's profitability in relation to the Company's average assets.
(7)		Return on average equity represents annualized net income as a percentage of total average equity. Management believes that the return on average equity is important to investors as it shows the Company's profitability in relation to the Company's average equity.
(8)		The operating expense ratio represents annualized non-interest expense as a percentage of average assets. Management believes the operating expense ratio is important to investors as it provides insight into how efficiently the Company is managing its expenses in relation to its assets. It is a financial measurement ratio that does not take into consideration changes in interest rates.
(9)		The efficiency ratio represents non-interest expense as a percentage of the sum of net interest income (pre-provision for credit losses) and non-interest income. Management believes the efficiency ratio is important to investors as it is a measure of a financial institution's total non-interest expense as a percentage of the sum of net interest income (pre-provision for credit losses) and non-interest income. A lower value generally indicates that it is costing the financial institution less money to generate revenue, related to its net interest margin and non-interest income.
(10)		The table below provides a reconciliation between performance measures presented in accordance with accounting standards generally accepted in the United States of America ("GAAP") and the same performance measures excluding the impact of the net loss on the securities transactions associated with the securities strategy, which are not presented in accordance with GAAP. The securities strategy was non-recurring in nature; therefore, management believes it is meaningful to investors to present certain financial measures excluding the securities strategy to better evaluate the Company's core operations. See information regarding the securities strategy in "Comparison of Operating Results for the Years Ended September 30, 2025 and 2024 - Securities Strategy to Improve Earnings".

	For the Year Ended September 30, 2024
							Excluding
							Securities
	Actual			Securities			Strategy
	(GAAP)			Strategy			(Non-GAAP)
Return on average assets		0.40	%		(0.10	%)		0.50	%
Return on average equity		3.69			(0.97	)		4.66
Efficiency Ratio		66.91			4.94			61.97
Earnings per share⁽¹¹⁾	$	0.29		$	(0.08	)	$	0.37

(11)

Earnings per share is calculated as net income divided by average shares outstanding. Management believes earnings per share is an important measure to investors as it shows the Company's earnings in relation to the Company's outstanding shares.

Loan Portfolio

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							June 30, 2025							September 30, 2024
						% of							% of							% of
	Amount			Rate		Total		Amount			Rate		Total		Amount			Rate		Total
	(Dollars in thousands)
One- to four-family:
Originated	$	3,774,134		3.78	%	46.4	%	$	3,828,171		3.74	%	47.6	%	$	3,941,952		3.60	%	49.8	%
Purchased		2,114,447		3.49		26.0			2,175,455		3.48		27.0			2,339,748		3.44		29.5
Construction		16,054		6.17		0.2			14,860		6.27		0.2			22,970		6.05		0.3
Total		5,904,635		3.68		72.6			6,018,486		3.65		74.8			6,304,670		3.55		79.6
Commercial:
Commercial real estate		1,709,990		5.82		21.0			1,561,691		5.76		19.4			1,191,624		5.43		15.0
Commercial and industrial		210,119		6.92		2.6			184,390		6.94		2.3			129,678		6.66		1.6
Commercial construction		195,886		6.42		2.4			165,760		6.39		2.1			187,676		6.40		2.4
Total		2,115,995		5.98		26.0			1,911,841		5.93		23.8			1,508,978		5.65		19.0
Consumer loans:
Home equity		104,809		8.15		1.3			103,564		8.17		1.3			99,988		8.90		1.3
Other		8,436		5.55		0.1			9,109		5.83		0.1			9,615		5.72		0.1
Total		113,245		7.96		1.4			112,673		7.99		1.4			109,603		8.62		1.4
Total loans receivable		8,133,875		4.34		100.0	%		8,043,000		4.25		100.0	%		7,923,251		4.02		100.0	%

Less:
ACL		24,039							22,808							23,035
Deferred loan fees/discounts		31,268							31,159							30,336
Premiums/deferred costs		(33,393	)						(34,521	)						(37,458	)
Total loans receivable, net	$	8,111,961						$	8,023,554						$	7,907,338

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 Three Months Ended					For the Year Ended
	September 30, 2025					September 30, 2025
	Amount			Rate		Amount			Rate
	(Dollars in thousands)
Beginning balance	$	8,043,000		4.25	%	$	7,923,251		4.02	%
Originated and refinanced		339,247		6.59			1,149,469		6.80
Purchased and participations		11,952		6.85			104,431		7.10
Change in undisbursed loan funds		11,760					(14,556	)
Repayments		(271,802	)				(1,026,401	)
Principal (charge-offs)/recoveries, net		(66	)				(198	)
Other		(216	)				(2,121	)
Ending balance	$	8,133,875		4.34		$	8,133,875		4.34

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

			% of				Credit			Average
	Amount		Total		Rate		Score	LTV		Balance
	(Dollars in thousands)
Originated	$	3,774,134	63.9	%	3.78	%	770	58	%	$	170
Purchased		2,114,447	35.8		3.49		768	60			382
Construction		16,054	0.3		6.17		775	45			334
	$	5,904,635	100.0		3.68		769	59			213

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

For the Three Months Ended							For the Year Ended
September 30, 2025							September 30, 2025
						Credit							Credit
Amount		Rate		LTV		Score	Amount		Rate		LTV		Score
(Dollars in thousands)
$	69,577	6.26	%	74	%	771	$	291,266	6.17	%	74	%	768

Commercial Loans: The table below presents commercial loan origination and participation activity for the time periods presented, along with weighted average LTV and weighted average DSCR. For commercial real estate and commercial construction loans, the LTV ratio 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.

	For the Three Months Ended September 30, 2025
	Originated				Participation				Total				Weighted		Weighted
	Amount		Rate		Amount		Rate		Amount		Rate		LTV		DSCR
	(Dollars in thousands)
Commercial real estate	$	187,667	6.45	%	$	—	—	%	$	187,667	6.45	%	74	%	1.62	x
Commercial and industrial		31,903	6.88			—	—			31,903	6.88		N/A		2.71
Commercial construction		31,622	7.04			11,952	6.85			43,574	6.99		72		1.20
	$	251,192	6.58		$	11,952	6.85		$	263,144	6.59		74		1.68

	For the Year Ended September 30, 2025
	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	%	1.66	x
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

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

	September 30, 2025										June 30, 2025			September 30, 2024
		Unpaid			Undisbursed			Gross Loan			Gross Loan			Gross Loan
	Count	Principal			Amount			Amount			Amount			Amount
		(Dollars in thousands)
Hotel	28	$	545,782		$	57,342		$	603,124		$	585,080		$	323,396
Senior housing	52		464,611			19,348			483,959			357,573			332,334
Multi-family	34		262,414			102,902			365,316			356,347			359,707
Retail building	134		285,159			49,506			334,665			320,377			316,261
Office building	75		131,316			4,742			136,058			129,297			127,961
One- to four-family property	316		66,112			4,308			70,420			70,648			63,416
Warehouse/manufacturing	45		55,181			3,672			58,853			56,987			34,656
Land	25		34,829			776			35,605			34,728			32,943
Single use building	26		33,456			262			33,718			34,109			43,438
Other	34		27,016			1,176			28,192			26,709			29,070
	769	$	1,905,876		$	244,034		$	2,149,910		$	1,971,855		$	1,663,182

Weighted average rate			5.88	%		6.90	%		5.99	%		5.96	%		5.77	%

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

	September 30, 2025	June 30, 2025	September 30, 2024
	(Dollars in thousands)
Non-owner occupied	$ 1,271,905	$ 1,135,243	$ 886,101
Owner occupied	$ 167,925	$ 163,745	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 summarizes the Bank's commercial real estate and commercial construction loans by the state in which the collateral is located, as of the dates indicated.

	September 30, 2025							June 30, 2025		September 30, 2024
		Unpaid		Undisbursed		Gross Loan		Gross Loan		Gross Loan
	Count	Principal		Amount		Amount		Amount		Amount
		(Dollars in thousands)
Kansas	562	$	738,887	$	60,940	$	799,827	$	723,192	$	713,437
Missouri	125		305,078		49,694		354,772		310,569		313,146
Texas	21		289,481		23,324		312,805		318,484		348,066
Arizona	6		105,934		16,495		122,429		122,434		15,452
New York	2		109,828		—		109,828		110,000		60,000
California	5		90,256		6,592		96,848		95,318		15,040
Colorado	13		58,341		25,858		84,199		60,920		50,017
Tennessee	4		41,495		15,286		56,781		40,439		35,973
Nebraska	7		17,068		27,139		44,207		38,366		32,422
Other	24		149,508		18,706		168,214		152,133		79,629
	769	$	1,905,876	$	244,034	$	2,149,910	$	1,971,855	$	1,663,182

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

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

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

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

		Unpaid		Weighted		Weighted		Weighted
	Count	Principal		Rate		LTV		DSCR
	(Dollars in thousands)
Hotel	28	$	545,782	6.46	%	52	%	1.32	x
Senior housing	52		464,611	5.11		73		1.52
Retail building	134		285,159	5.32		60		2.02
Multi-family	34		262,414	6.09		64		1.27
Office building	75		131,316	6.44		53		1.94
One- to four-family property	316		66,112	6.08		57		2.42
Warehouse/manufacturing	45		55,181	6.28		65		2.40
Land	25		34,829	6.53		68		3.95
Single use building	26		33,456	6.17		62		1.94
Other	34		27,016	5.84		54		2.05
	769	$	1,905,876	5.88		61		1.65

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

		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	%	1.37	x
>$30 to $50 million	11		415,669		37,788	6.10		63		1.34
>$20 to $30 million	16		384,413		24,026	6.22		66		1.30
>$15 to $20 million	11		188,214		17,110	6.39		66		1.26
>$10 to $15 million	15		183,798		12,253	6.24		70		1.77
>$5 to $10 million	36		255,724		7,103	5.52		70		1.76
$1 to $5 million	126		295,633		2,346	5.38		59		2.02
Less than $1 million	556		118,296		213	6.29		53		3.20
	778	$	2,310,804		2,970	6.05		62		1.60

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. In addition, the Bank had four commercial and industrial loan commitments totaling $15.7 million, with a weighted average rate of 7.03%, at September 30, 2025. No commitments are presented in the table below. The recent growth in this portfolio aligns with the Bank's strategy to grow all aspects of commercial banking. Management anticipates growth will continue in the commercial and industrial loan portfolio but it will likely fluctuate over time due to the nature of these loans.

	September 30, 2025										June 30, 2025			September 30, 2024
		Unpaid			Undisbursed			Gross Loan			Gross Loan			Gross Loan
	Count	Principal			Amount			Amount			Amount			Amount
		(Dollars in thousands)
Working capital	193	$	79,264		$	74,703		$	153,967		$	151,642		$	74,097
Purchase equipment	64		47,043			7,158			54,201			55,646			15,457
Purchase/refinance business assets	47		45,579			4,226			49,805			40,145			37,950
Finance/lease vehicle	190		33,631			2,775			36,406			26,769			28,318
Other	20		4,602			2,906			7,508			6,993			7,735
	514	$	210,119		$	91,768		$	301,887		$	281,195		$	163,557

Weighted average rate			6.92	%		7.10	%		6.97	%		7.03	%		6.89	%

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

	Unpaid		Undisbursed		Gross Loan
	Principal		Amount		Amount
	(Dollars in thousands)
Kansas	$	122,547	$	82,061	$	204,608
Missouri		37,788		170		37,958
Arizona		12,099		—		12,099
Ohio		5,865		4,135		10,000
California		7,882		2,000		9,882
Other		23,938		3,402		27,340
	$	210,119	$	91,768	$	301,887

The following table presents the Bank's commercial and industrial loan portfolio, including unpaid principal and undisbursed amounts, along with outstanding loan commitments as of September 30, 2025, categorized by aggregate gross loan and commitment amounts and average loan amount. For loans over $15.0 million, there was $54.7 million related to working capital loans in Kansas and $29.9 million related to a loan to purchase equipment in Missouri.

		Gross Loan
		and Commitment		Average
	Count	Amounts		Amount		DSCR
	(Dollars in thousands)
Greater than $15 million	3	$	84,619	$	28,206	1.56	x
>$10 to $15 million	3		36,325		12,108	2.37
>$5 to $10 million	10		79,288		7,929	1.46
>$1 to $5 million	24		55,827		2,326	9.38
>$500 thousand to $1 million	30		21,983		733	4.75
Less than $500 thousand	448		39,574		88	3.87
	518	$	317,616		613	3.51

Asset Quality

The following tables present loans 30 to 89 days delinquent, non-performing loans, and other real estate owned ("OREO") as of 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, approximately 49% were 59 days or less delinquent. Nonaccrual loans are loans that are 90 or more days delinquent or in foreclosure and other loans required to be reported as nonaccrual pursuant to accounting and/or regulatory reporting requirements and/or internal policies, even if the loans are current. Non-performing assets include nonaccrual loans and OREO. The increase in nonaccrual commercial real estate loans from March 31, 2025 to June 30, 2025 and September 30, 2025 was due primarily to two participation loans related to the same borrowing relationship that were moved to substandard during the June 30, 2025 quarter. See the asset classification discussion below for additional information regarding these loans.

	Loans Delinquent for 30 to 89 Days at:
	September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024
	Number	Amount			Number	Amount			Number	Amount			Number	Amount			Number	Amount
	(Dollars in thousands)
One- to four-family:
Originated	68	$	7,338		77	$	9,617		73	$	8,072		79	$	9,768		69	$	8,884
Purchased	13		3,221		15		2,958		12		3,107		12		3,020		14		3,117
Commercial:
Commercial real estate	7		1,236		6		1,654		5		2,472		7		18,373		11		2,996
Commercial and industrial	1		32		8		1,166		2		348		1		125		4		391
Consumer	22		520		27		634		24		441		35		679		35		642
	111	$	12,347		133	$	16,029		116	$	14,440		134	$	31,965		133	$	16,030
30 to 89 days delinquent loans to total loans receivable, net			0.15	%			0.20	%			0.18	%			0.40	%			0.20	%

	Non-Performing Loans and OREO at:
	September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024
	Number	Amount			Number	Amount			Number	Amount			Number	Amount			Number	Amount
	(Dollars in thousands)
Loans 90 or More Days Delinquent or in Foreclosure:
One- to four-family:
Originated	29	$	2,754		23	$	2,168		30	$	2,814		26	$	2,338		29	$	2,274
Purchased	6		1,524		6		1,875		10		2,585		12		5,099		13		5,559
Commercial:
Commercial real estate	11		3,123		12		3,387		11		3,315		7		2,038		7		1,163
Commercial and industrial	2		210		5		412		4		376		3		309		2		82
Consumer	10		94		12		176		19		473		22		356		20		436
	58		7,705		58		8,018		74		9,563		70		10,140		71		9,514

Loans 90 or more days delinquent or in foreclosure as a percentage of total loans			0.09	%			0.10	%			0.12	%			0.13	%			0.12	%

Nonaccrual loans less than 90 Days Delinquent:⁽¹⁾
Commercial:
Commercial real estate	3	$	40,249		3	$	40,338		5	$	1,128		6	$	1,096		3	$	326
Commercial and industrial	2		109		1		97		2		142		1		125		2		252
	5		40,358		4		40,435		7		1,270		7		1,221		5		578
Total nonaccrual loans	63		48,063		62		48,453		81		10,833		77		11,361		76		10,092

Nonaccrual loans as a percentage of total loans			0.59	%			0.60	%			0.14	%			0.14	%			0.13	%

OREO:
One- to four-family:
Originated⁽²⁾	1	$	62		1	$	92		—	$	—		—	$	—		1	$	55
Consumer	1		135		—		—		—		—		—		—		—		—
	2		197		1		92		—		—		—		—		1		55
Total non-performing assets	65	$	48,260		63	$	48,545		81	$	10,833		77	$	11,361		77	$	10,147

Non-performing assets as a percentage of total assets			0.49	%			0.50	%			0.11	%			0.12	%			0.11	%

(1)		Includes loans required to be reported as nonaccrual pursuant to internal policies even if the loans are current.
(2)		Real estate-related consumer loans where we also hold the first mortgage are included in the one- to four-family category as the underlying collateral is one- to four-family property.

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				June 30, 2025				September 30, 2024
	Special Mention		Substandard		Special Mention		Substandard		Special Mention		Substandard
	(Dollars in thousands)
One- to four-family	$	13,055	$	20,616	$	12,583	$	21,524	$	17,528	$	22,715
Commercial:
Commercial real estate		59,993		45,550		8,111		84,771		16,169		2,302
Commercial and industrial		399		473		882		1,201		413		335
Consumer		326		322		365		323		326		487
	$	73,773	$	66,961	$	21,941	$	107,819	$	34,436	$	25,839

Special Mention: The increase in commercial real estate special mention loans at September 30, 2025 compared to June 30, 2025 was due mainly to a $36.3 million hotel participation loan that moved from substandard at June 30, 2025 to special mention at September 30, 2025, as well as to a $15.3 million Community Reinvestment Act ("CRA") loan that was classified as special mention at September 30, 2025.

The $36.3 million hotel participation loan improved from substandard to special mention during the current quarter due to actions taken by the borrower to strengthen the credit, along with continued improvement in the occupancy and cashflow of the related property. As of September 30, 2025, the loan was not delinquent and the Bank's LTV was 44% based on an appraisal completed approximately two years ago. The $15.3 million CRA loan was classified as special mention during the current quarter 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 not been 90 or more days delinquent since origination and was not delinquent at September 30, 2025. Based on the original appraisal completed approximately four years ago, the Bank's LTV was 76% as of September 30, 2025.

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

Allowance for Credit Losses: The Bank utilizes a discounted cash flow model for estimating expected credit losses for pooled loans and loan commitments. Expected credit losses are determined by calculating projected future loss rates which are dependent upon forecasted economic indices and applying qualitative factors when deemed appropriate by management. At September 30, 2025, management applied qualitative factors to account for large dollar commercial real estate loan concentrations and potential risk of loss in market value for newer one- to four-family loans. These qualitative factors were applied to account for credit risks not fully reflected in the discounted cash flow model.

In order to model the probabilities of default used in the discounted cash flow model, the model pairs the results of a regression analysis with an economic forecast for each loan pool in the model. The regression analyses are determined by comparing historical loss rates to related economic indices. The historical loss rates are determined by using the Company's historical loss experience, or peer data when the Company's own historical loss rates are not reflective of future loss expectations. During the current year, the Company updated the regression analyses used in the model which resulted in some changes to the amounts and levels of ACL calculated by the model for commercial loans. See additional discussion below. 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.

Management applied a qualitative factor for large dollar commercial real estate loan concentrations. The Company's commercial real estate loans generally have low LTVs and strong DSCRs which serve as indicators that losses in the commercial real estate loan portfolios might be unlikely; however, because there is uncertainty surrounding the nature, timing and amount of expected losses, management believes that in the event of a realized loss within the large dollar commercial real estate loan pool, the magnitude of such a loss could be significant. The large dollar commercial real estate loan concentration qualitative factor addresses the risk associated with a large dollar relationship deteriorating due to a loss event. As part of its analysis, management considered external data including historical commercial real estate price index trending information from a variety of sources to help determine the amount of this qualitative factor.

For one- to four-family loans, management believes there is a risk of loss in market value in an economic downturn related to, in particular, newer originations where property values have not experienced price appreciation like more seasoned loans in our portfolio and applied a qualitative factor to account for this risk. To determine the appropriate amount of the one- to four-family loan qualitative factor as of September 30, 2025, management considered external historical home price index trending information, along with historical loan loss experience and portfolio balance trending, the one- to four-family loan portfolio composition with regard to loan size, and management's knowledge of the Bank's loan portfolio and the one- to four-family lending industry.

The distribution of our ACL and the ratio of ACL to loans receivable, by loan type, at the dates indicated is summarized below.

	Distribution of ACL						Ratio of ACL to Loans Receivable
	September 30,		June 30,		September 30,		September 30,		June 30,		September 30,
	2025		2025		2024		2025		2025		2024
	(Dollars in thousands)
One- to four-family	$	3,046	$	3,532	$	3,673	0.05	%	0.06	%	0.06	%
Commercial:
Commercial real estate		15,809		14,362		15,719	0.92		0.92		1.32
Commercial and industrial		2,499		2,441		1,186	1.19		1.32		0.91
Commercial construction		2,468		2,236		2,249	1.26		1.35		1.20
Total commercial		20,776		19,039		19,154	0.98		1.00		1.27
Consumer		217		237		208	0.19		0.21		0.19
Total	$	24,039	$	22,808	$	23,035	0.30		0.28		0.29

The increase in the ratio of the ACL to total loans as of September 30, 2025 from June 30, 2025 and September 30, 2024 was due mainly to changes in the loan portfolio mix due to continued growth in commercial loans which have a higher ACL to total loan ratio than one- to four-family loans. The ratio increase between September 30, 2024 and September 30, 2025 was partially offset by the regression analyses update discussed above. Based on management's evaluation of the credit risk within the Bank's commercial real estate loan portfolio, taking into consideration DSCRs and LTVs, management believes the Bank's ACL ratio for commercial real estate loans is appropriate for the credit risk. See additional discussion regarding the Bank's commercial real estate loan DSCRs and LTVs in the "Loan Portfolio - Commercial Loans" section above.

Historically, the Bank has maintained very low delinquency ratios and net charge-off rates. Over the past two years, the Bank's highest ratio of commercial loans 90 days or more delinquent to total commercial loans at a quarter end was 0.22%. The highest such ratio for one- to four-family originated and correspondent loans, combined, was 0.12%. The amount of total net charge-offs during the current quarter and current fiscal year was $66 thousand and $198 thousand, respectively. The majority of the net charge-offs during the current fiscal year related to one single-family bulk purchased loan. During the 10-year period ended September 30, 2025, the Bank recognized $999 thousand of total net charge-offs. As of September 30, 2025, the ACL balance was $24.0 million and the reserve for off-balance sheet credit exposures totaled $5.5 million, which management believes is adequate for the credit risk characteristics in our loan portfolio.

The following table presents ACL activity and related ratios at the dates and for the periods indicated. The $1.3 million provision for credit losses related to the ACL for the three months ended September 30, 2025 was partially offset by a $778 thousand release of provision for credit losses on the reserve for off-balance sheet credit exposures, which resulted in a provision for credit losses of $519 thousand for the current quarter. On October 1, 2023, the Bank adopted Accounting Standards Update ("ASU") 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"), which eliminated the accounting guidance for troubled debt restructurings by creditors. The Company applied a modified retrospective approach when adopting ASU 2022-02, resulting in a cumulative-effect adjustment which is reflected in the table below ("ASU 2022-02 Adoption").

	For the Three Months Ended			For the Year Ended
	September 30, 2025			September 30, 2025			September 30, 2024
	(Dollars in thousands)
Balance at beginning of period	$	22,808		$	23,035		$	23,759
ASU 2022-02 Adoption		—			—			20
Charge-offs:
One- to four-family		(3	)		(116	)		—
Commercial		(62	)		(62	)		(80	)
Consumer		(37	)		(93	)		(80	)
Total charge-offs		(102	)		(271	)		(160	)
Recoveries:
One- to four-family		12			19			28
Commercial		23			46			5
Consumer		1			8			16
Total recoveries		36			73			49
Net (charge-offs) recoveries		(66	)		(198	)		(111	)
Provision for credit losses		1,297			1,202			(633	)
Balance at end of period	$	24,039		$	24,039		$	23,035

Ratio of net charge-offs during the period to average loans outstanding during the period		—	%		—	%		—	%
Ratio of net charge-offs (recoveries) during the period to average non-performing assets		0.14			0.68			1.12
ACL to non-performing loans at end of period		50.02			50.02			228.25
ACL to loans receivable at end of period		0.30			0.30			0.29
ACL to net charge-offs (annualized)	90x			121x			207x

The balance of the reserve for off-balance sheet credit exposures was $5.5 million at September 30, 2025, compared to $6.3 million at June 30, 2025. The decrease of $778 thousand from June 30, 2025 was due primarily to a decrease in commercial off-balance sheet credit exposures. As noted above, the decrease in the reserve for off-balance sheet credit exposures was entirely offset by a $1.3 million provision for credit losses related to the ACL for loans, resulting in a provision for credit losses of $519 thousand for three months ended September 30, 2025.

Securities Portfolio

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

	Amount		Yield		WAL
	(Dollars in thousands)
MBS	$	843,369	5.45	%	4.8
Corporate bonds		4,000	5.12		6.6
	$	847,369	5.45		4.8

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

	For the Three Months Ended						For the Year Ended
	September 30, 2025						September 30, 2025
	Amount			Yield		WAL	Amount			Yield		WAL
	(Dollars in thousands)
Beginning balance - carrying value	$	956,229		5.47	%	4.6	$	856,266		5.63	%	5.2
Maturities and repayments		(86,796	)					(233,986	)
Net amortization of (premiums)/discounts		805						3,296
Purchases		—		—		—		248,207		4.97		7.5
Change in valuation on AFS securities		(3,022	)					(6,567	)
Ending balance - carrying value	$	867,216		5.45		4.8	$	867,216		5.45		4.8

Deposit Portfolio

The following table presents the amount, weighted average rate, and percent of total for the components of our deposit portfolio at the dates presented. The decrease in the deposit portfolio rate at September 30, 2025 compared to September 30, 2024 was due mainly to lower rates on retail certificates of deposit.

	September 30, 2025						June 30, 2025						September 30, 2024
					% of						% of						% of
	Amount		Rate		Total		Amount		Rate		Total		Amount		Rate		Total
	(Dollars in thousands)
Non-interest-bearing checking	$	601,371	—	%	9.1	%	$	579,595	—	%	9.0	%	$	549,596	—	%	9.0	%
Interest-bearing checking		859,256	0.21		13.0			884,838	0.24		13.8			847,542	0.23		13.8
High yield savings		460,712	3.88		7.0			408,018	3.88		6.4			96,241	4.09		1.6
Other savings		423,942	0.07		6.5			433,188	0.07		6.7			444,331	0.11		7.2
Money market		1,233,487	1.29		18.7			1,203,917	1.22		18.7			1,226,962	1.46		20.0
Certificates of deposit		3,012,680	3.74		45.7			2,921,581	3.81		45.4			2,965,310	4.25		48.4
	$	6,591,448	2.26		100.0	%	$	6,431,137	2.24		100.0	%	$	6,129,982	2.45		100.0	%

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

	September 30, 2025						June 30, 2025						September 30, 2024
					% of						% of						% of
	Amount		Rate		Total		Amount		Rate		Total		Amount		Rate		Total
	(Dollars in thousands)
Retail non-maturity deposits:
Non-interest-bearing checking	$	409,722	—	%	6.2	%	$	415,066	—	%	6.5	%	$	418,790	—	%	6.8	%
Interest-bearing checking		790,783	0.08		12.0			810,027	0.09		12.6			799,407	0.10		13.0
High yield savings		460,712	3.88		7.0			408,018	3.88		6.4			96,241	4.09		1.6
Other savings		420,330	0.07		6.4			429,778	0.07		6.6			441,265	0.11		7.2
Money market		1,050,841	1.07		15.9			1,088,623	1.07		16.9			1,149,212	1.37		18.7
Total		3,132,388	0.96		47.5			3,151,512	0.91		49.0			2,904,915	0.73		47.4
Commercial non-maturity deposits:
Non-interest-bearing checking		191,649	—		2.9			164,529	—		2.5			130,806	—		2.1
Interest-bearing checking		68,473	1.72		1.0			74,811	1.89		1.2			48,135	2.40		0.8
Savings		3,612	0.05		0.1			3,410	0.05		0.1			3,066	0.05		0.1
Money market		182,646	2.52		2.8			115,294	2.58		1.8			77,750	2.72		1.3
Total		446,380	1.29		6.8			358,044	1.23		5.6			259,757	1.26		4.2
Certificates of deposit:
Retail certificates of deposit		2,828,982	3.73		43.0			2,745,213	3.80		42.7			2,830,579	4.23		46.2
Commercial certificates of deposit		61,819	3.64		0.9			59,695	3.69		0.9			58,236	4.40		1.0
Public unit certificates of deposit		121,879	4.06		1.8			116,673	4.12		1.8			76,495	4.62		1.2
Total		3,012,680	3.74		45.7			2,921,581	3.81		45.4			2,965,310	4.25		48.4

	$	6,591,448	2.26		100.0	%	$	6,431,137	2.24		100.0	%	$	6,129,982	2.45		100.0	%

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

	September 30, 2025						June 30, 2025						September 30, 2024
					% of						% of						% of
	Amount		Rate		Total		Amount		Rate		Total		Amount		Rate		Total
	(Dollars in thousands)
Total retail deposits	$	5,961,370	2.28	%	90.5	%	$	5,896,725	2.25	%	91.7	%	$	5,735,494	2.46	%	93.6	%
Total commercial deposits		508,199	1.58		7.7			417,739	1.58		6.5			317,993	1.84		5.2
Public unit certificates of deposit		121,879	4.06		1.8			116,673	4.12		1.8			76,495	4.62		1.2
Total	$	6,591,448	2.26		100.0	%	$	6,431,137	2.24		100.0	%	$	6,129,982	2.45		100.0	%

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

Borrowings

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

Maturity by			Contractual		Effective
Fiscal Year	Amount		Rate		Rate⁽¹⁾
	(Dollars in thousands)
2026	$	425,000	2.11	%	2.30	%
2027		742,500	3.49		3.56
2028		565,984	4.32		4.12
2029		132,500	4.45		4.45
2030		85,000	4.20		4.20
	$	1,950,984	3.53		3.54

(1)

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

The following table presents borrowing activity for the period shown. The borrowings presented in the table have original contractual terms of one year or longer or are tied to interest rate swaps with original contractual terms of one year or longer. Line of credit borrowings and finance leases are excluded from the table. The effective rate is shown as a weighted average and includes the impact of interest rate swaps and the amortization of deferred prepayment penalties resulting from FHLB advances previously prepaid. The weighted average maturity ("WAM") is the remaining weighted average contractual term in years. The beginning and ending WAMs represent the remaining maturity as of the first and last days of the period presented. During the current year, the Bank prepaid fixed-rate FHLB advances with a weighted average remaining term of 0.6 years totaling $200.0 million with a weighted average contractual interest rate of 4.70% and replaced these advances with $200.0 million of fixed-rate FHLB advances with a weighted average contractual interest rate of 3.83% and a weighted average term of 2.5 years. The weighted average effective interest rate of the new advances was 3.93%, which includes the impact of deferred prepayment penalties being recognized over the life of the new advances. This activity is reflected in the table below.

	For the Three Months Ended						For the Year Ended
	September 30, 2025						September 30, 2025
				Effective						Effective
	Amount			Rate		WAM	Amount			Rate		WAM
	(Dollars in thousands)
Beginning balance	$	2,072,152		3.52	%	1.7	$	2,180,656		3.29	%	1.6
Maturities and repayments		(121,168	)	3.30				(879,672	)	3.39
New FHLB borrowings		—		—		—		650,000		4.13		2.9
Ending balance	$	1,950,984		3.54		1.5	$	1,950,984		3.54		1.5

In October 2025, the Bank refinanced a $50.0 million fixed-rate advance with a weighted average effective rate of 4.03% and a WAL of 0.5 years, and replaced it with a $50.0 million fixed-rate advance with a weighted average effective rate of 3.64% and a WAL of 2.0 years. This transaction resulted in prepayment fees of $11 thousand which will be recognized in interest expense over the life of the new FHLB advance. Following the refinance, the Bank's FHLB advance portfolio totaled $1.95 billion with a weighted average effective rate of 3.53% and a WAL of 1.5 years. Management will continue to monitor opportunities for wholesale funding and may pay down FHLB advances in future periods. The Bank may also renew certain fixed-rate advances in the future using adjustable-rate advances in order to better match the repricing characteristics of its increasing commercial loan portfolio.

Maturities of Interest-Bearing Liabilities

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

	December 31,			March 31,			June 30,			September 30,
	2025			2026			2026			2026			Total
	(Dollars in thousands)
Retail/Commercial Certificates:
Amount	$	624,804		$	403,612		$	593,431		$	463,792		$	2,085,639
Repricing Rate		3.94	%		3.66	%		3.82	%		3.66	%		3.79	%
Public Unit Certificates:
Amount	$	14,476		$	43,772		$	9,001		$	16,380		$	83,629
Repricing Rate		3.87	%		4.11	%		4.22	%		3.94	%		4.05	%
Non-Amortizing FHLB Advances:
Amount	$	100,000		$	100,000		$	100,000		$	125,000		$	425,000
Repricing Rate		1.09	%		1.60	%		2.51	%		3.66	%		2.30	%
Total
Amount	$	739,280		$	547,384		$	702,432		$	605,172		$	2,594,268
Repricing Rate		3.55	%		3.32	%		3.64	%		3.67	%		3.55	%

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

Retail certificates of deposit				0.8
Commercial certificates of deposit				0.7
Public unit certificates of deposit				0.8
Total certificates of deposit				0.8

Average Rates and Lives

At September 30, 2025, the gap between the amounts of the Bank's interest-earning assets and interest-bearing liabilities projected to reprice within one year was $(983.6) million, or (10.1)% of total assets, compared to $(963.3) million, or (9.9)% of total assets, at June 30, 2025. The change in the one-year gap amount was due primarily to a net increase in the amount of projected interest-bearing liability cash flows coming due in one year. The increase in liability cash flows was primarily related to the certificate of deposit portfolio as customer balances scheduled to mature within one year increased. The increase in projected asset cash flows was primarily in the Bank's loan portfolio as well as an increase in the balance of cash between the two periods.

The amount of interest-bearing liabilities expected to reprice in a given period is not typically significantly impacted by changes in interest rates because the Bank's borrowings and certificate of deposit portfolios have contractual maturities and generally cannot be terminated early without a prepayment penalty. If interest rates were to increase 200 basis points, as of September 30, 2025, the Bank's one-year gap would have been projected to be $(1.19) billion, or (12.2)% of total assets. If interest rates were to decrease 200 basis points, as of September 30, 2025, the Bank's one-year gap would have been projected to be $(570.8) million, or (5.8)% of total assets. The changes in the gap amounts compared to when there is no change in rates was due to changes in the anticipated net cash flows primarily as a result of projected prepayments on mortgage-related assets in each rate environment. In higher rate environments, prepayments on mortgage-related assets are projected to be lower, and in lower rate environments, prepayments are projected to be higher.

The following table presents the weighted average yields/rates and WALs (in years), after applying prepayment, call assumptions, and decay rates for our interest-earning assets and interest-bearing liabilities as of September 30, 2025. Yields presented for interest-earning assets include the amortization of fees, costs, premiums and discounts, which are considered adjustments to the yield. The interest rate presented for term borrowings is the effective rate, which includes the impact of interest rate swaps and the amortization of deferred prepayment penalties resulting from FHLB advances previously prepaid. The WAL presented for term borrowings includes the effect of interest rate swaps.

	Amount		Yield/Rate		WAL	% of Category		% of Total
	(Dollars in thousands)
Securities	$	867,216	5.45	%	3.4			9.3	%
Loans receivable:
Fixed-rate one- to four-family		5,000,714	3.51		6.7	61.5	%	53.4
Fixed-rate commercial		652,018	5.42		2.0	8.0		7.0
All other fixed-rate loans		34,356	7.14		7.1	0.4		0.4
Total fixed-rate loans		5,687,088	3.75		6.2	69.9		60.8
Adjustable-rate one- to four-family		887,867	4.48		4.0	10.9		9.5
Adjustable-rate commercial		1,463,977	6.03		3.5	18.0		15.7
All other adjustable-rate loans		94,943	7.91		3.2	1.2		1.0
Total adjustable-rate loans		2,446,787	5.54		3.7	30.1		26.2
Total loans receivable		8,133,875	4.29		5.4	100.0	%	87.0
FHLB stock		90,662	9.22		1.8			1.0
Cash and cash equivalents		252,443	3.77		—			2.7
Total interest-earning assets	$	9,344,196	4.43		5.0			100.0	%

Non-maturity deposits	$	2,977,397	1.21		5.2	49.7	%	37.5	%
Retail certificates of deposit		2,828,982	3.73		0.8	47.2		35.6
Commercial certificates of deposit		61,819	3.61		0.7	1.0		0.8
Public unit certificates of deposit		121,879	4.06		0.8	2.1		1.5
Total interest-bearing deposits		5,990,077	2.48		3.0	100.0	%	75.4
Term borrowings		1,952,047	3.53		1.5			24.6
Total interest-bearing liabilities	$	7,942,124	2.74		2.6			100.0	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20251029696812/en/

Contacts

For further information contact:

Kent Townsend

Executive Vice President, Chief Financial Officer and Treasurer

(785) 231-6360

ktownsend@capfed.com

Investor Relations

(785) 270-6055

investorrelations@capfed.com

Capitol Federal Financial, Inc.® Reports Fourth Quarter and Fiscal Year 2025 Results

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