10-Q 1 cffn-20240630.htm JUNE 30, 2024 FORM 10-Q cffn-20240630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
Form 10-Q
________________________
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __ to __
Commission File Number: 001-34814
Capitol Federal Financial, Inc.
(Exact name of registrant as specified in its charter)
Maryland27-2631712
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
700 South Kansas Avenue,Topeka,Kansas66603
(Address of principal executive offices)(Zip Code)

(785) 235-1341
(Registrant's telephone number, including area code)
_____________________________________
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCFFNThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒            Accelerated filer ☐        Non-accelerated filer ☐
Smaller reporting company ☐        Emerging growth company ☐

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

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

As of August 1, 2024, there were 132,736,765 shares of Capitol Federal Financial, Inc. common stock outstanding.

PART I - FINANCIAL INFORMATIONPage Number
Item 1.
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands, except per share amounts)
June 30, September 30,
20242023
ASSETS:
Cash and cash equivalents (includes interest-earning deposits of $292,675 and $213,830)
$317,821 $245,605 
Available-for-sale ("AFS") securities, at estimated fair value (amortized cost of $793,556 and $1,385,992)
801,953 1,384,482 
Loans receivable, net (allowance for credit losses ("ACL") of $25,854 and $23,759)
7,933,043 7,970,949 
Federal Home Loan Bank Topeka ("FHLB") stock, at cost106,309 110,714 
Premises and equipment, net92,089 91,531 
Income taxes receivable, net129 8,531 
Deferred income tax assets, net30,128 29,605 
Other assets321,285 336,044 
TOTAL ASSETS$9,602,757 $10,177,461 
LIABILITIES:
Deposits$6,129,660 $6,051,220 
Borrowings2,291,605 2,879,125 
Advances by borrowers34,851 62,993 
Other liabilities125,965 140,069 
Total liabilities8,582,081 9,133,407 
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; 100,000,000 shares authorized, no shares issued or outstanding
— — 
Common stock, $.01 par value; 1,400,000,000 shares authorized, 132,733,765 and 135,936,375 shares issued and outstanding as of June 30, 2024 and September 30, 2023, respectively
1,327 1,359 
Additional paid-in capital1,146,928 1,166,643 
Unearned compensation, Employee Stock Ownership Plan ("ESOP")(26,844)(28,083)
Accumulated deficit(112,118)(104,565)
Accumulated other comprehensive income ("AOCI"), net of tax11,383 8,700 
Total stockholders' equity1,020,676 1,044,054 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$9,602,757 $10,177,461 
See accompanying notes to consolidated financial statements.

3
CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share amounts)
For the Three Months EndedFor the Nine Months Ended
June 30, June 30,
2024202320242023
INTEREST AND DIVIDEND INCOME:
Loans receivable$76,803 $71,918 $228,866 $206,056 
Mortgage-backed securities ("MBS")9,585 4,562 23,238 14,121 
Cash and cash equivalents3,875 10,009 13,166 37,657 
FHLB stock2,477 3,260 7,591 11,025 
Investment securities2,255 895 7,115 2,671 
Total interest and dividend income94,995 90,644 279,976 271,530 
INTEREST EXPENSE:
Deposits36,233 24,445 102,091 52,489 
Borrowings18,438 31,449 56,648 96,504 
Total interest expense54,671 55,894 158,739 148,993 
NET INTEREST INCOME40,324 34,750 121,237 122,537 
PROVISION FOR CREDIT LOSSES1,472 1,324 1,896 5,875 
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES38,852 33,426 119,341 116,662 
NON-INTEREST INCOME:
Deposit service fees2,706 3,404 7,732 9,987 
Insurance commissions905 888 2,503 2,560 
Net loss from securities transactions— — (13,345)— 
Other non-interest income1,098 1,522 3,568 3,702 
Total non-interest income4,709 5,814 458 16,249 
NON-INTEREST EXPENSE:
Salaries and employee benefits13,307 13,200 39,186 39,687 
Information technology and related expense5,364 6,118 15,687 16,977 
Occupancy, net3,263 3,556 10,116 10,598 
Federal insurance premium1,352 1,231 4,939 3,289 
Regulatory and outside services1,322 1,436 4,345 4,274 
Advertising and promotional951 1,447 3,210 3,613 
Deposit and loan transaction costs726 615 2,135 1,916 
Office supplies and related expense405 546 1,185 1,810 
Other non-interest expense1,260 1,187 4,100 3,576 
Total non-interest expense27,950 29,336 84,903 85,740 
INCOME BEFORE INCOME TAX EXPENSE15,611 9,904 34,896 47,171 
INCOME TAX EXPENSE5,963 1,602 8,943 8,440 
NET INCOME$9,648 $8,302 $25,953 $38,731 
Basic earnings per share ("EPS")$0.07 $0.06 $0.20 $0.29 
Diluted EPS$0.07 $0.06 $0.20 $0.29 
Basic weighted average common shares129,866,397 133,198,755 130,923,888 133,668,764 
Diluted weighted average common shares129,866,397 133,198,755 130,923,888 133,668,764 
See accompanying notes to consolidated financial statements.
4
CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(Dollars in thousands)
For the Three Months EndedFor the Nine Months Ended
June 30, June 30,
2024202320242023
Net income$9,648 $8,302 $25,953 $38,731 
Other comprehensive income, net of tax:
Unrealized (losses) gains on AFS securities arising during the
    period, net of taxes of $804, $3,475, $(2,780), and $(6,151)
(2,412)(10,765)8,698 19,062 
Reclassification adjustment for gross gains on AFS securities
    included in net income, net of taxes of $0, $0, $383, and $0
— —(1,188)— 
Unrealized gains (losses) on cash flow hedges arising during the
    period, net of taxes of $(244), $(1,410), $(91), and $(1,159)
829 4,369 352 3,589 
Reclassification adjustment for cash flow hedge amounts included
    in net income, net of taxes of $502, $538, $1,670, and $1,202
(1,561)(1,667)(5,179)(3,724)
Comprehensive income$6,504 $239 $28,636 $57,658 
See accompanying notes to consolidated financial statements.

5
CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
(Dollars in thousands, except per share amounts)
For the Nine Months Ended June 30, 2024
AdditionalUnearnedTotal
CommonPaid-InCompensationAccumulatedStockholders'
StockCapitalESOPDeficitAOCIEquity
Balance at September 30, 2023$1,359 $1,166,643 $(28,083)$(104,565)$8,700 $1,044,054 
Net income2,543 2,543 
Cumulative effect of adopting Accounting Standards Update ("ASU") 2022-02, net of tax(27)(27)
Other comprehensive income, net of tax10,455 10,455 
ESOP activity(190)412 222 
Restricted stock activity, net(6)(6)
Stock-based compensation87 87 
Repurchase of common stock(20)(11,879)(11,899)
Cash dividends to stockholders ($0.085 per share)
(11,308)(11,308)
Balance at December 31, 2023$1,339 $1,154,655 $(27,671)$(113,357)$19,155 $1,034,121 
Net income13,762 13,762 
Other comprehensive loss, net of tax(4,628)(4,628)
ESOP activity(168)413 245 
Restricted stock activity, net1 (3)(2)
Stock-based compensation82 82 
Repurchase of common stock(13)(7,537)(7,550)
Cash dividends to stockholders ($0.085 per share)
(11,127)(11,127)
Balance at March 31, 2024$1,327 $1,147,029 $(27,258)$(110,722)$14,527 $1,024,903 
Net income9,648 9,648 
Other comprehensive loss, net of tax(3,144)(3,144)
ESOP activity(197)414 217 
Restricted stock activity, net(1)(1)
Stock-based compensation97 97 
Cash dividends to stockholders ($0.085 per share)
(11,044)(11,044)
Balance at June 30, 2024$1,327 $1,146,928 $(26,844)$(112,118)$11,383 $1,020,676 
(Continued)

6
For the Nine Months Ended June 30, 2023
AdditionalUnearnedTotal
CommonPaid-InCompensationRetainedStockholders'
Stock Capital ESOP Earnings AOCI Equity
Balance at September 30, 2022$1,388 $1,190,213 $(29,735)$80,266 $(145,633)$1,096,499 
Net income16,240 16,240 
Other comprehensive income, net of tax13,031 13,031 
ESOP activity(72)413 341 
Stock-based compensation89 89 
Repurchase of common stock(27)(22,169)(22,196)
Cash dividends to stockholders ($0.365 per share)
(49,209)(49,209)
Balance at December 31, 2022$1,361 $1,168,061 $(29,322)$47,297 $(132,602)$1,054,795 
Net income14,189 14,189 
Other comprehensive income, net of tax13,959 13,959 
ESOP activity(76)412 336 
Stock-based compensation74 74 
Cash dividends to stockholders ($0.085 per share)
(11,319)(11,319)
Balance at March 31, 2023$1,361 $1,168,059 $(28,910)$50,167 $(118,643)$1,072,034 
Net income8,302 8,302 
Other comprehensive loss, net of tax(8,063)(8,063)
ESOP activity(155)413 258 
Stock-based compensation75 75 
Cash dividends to stockholders ($0.085 per share)
(11,321)(11,321)
Balance at June 30, 2023$1,361 $1,167,979 $(28,497)$47,148 $(126,706)$1,061,285 
See accompanying notes to consolidated financial statements.

7
CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
For the Nine Months Ended
June 30,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income25,953 38,731 
Adjustments to reconcile net income to net cash provided by operating activities:
FHLB stock dividends(7,591)(11,025)
Provision for credit losses1,896 5,875 
Originations of loans receivable held-for-sale ("LHFS")(425)(218)
Proceeds from sales of LHFS431 215 
Amortization and accretion of premiums and discounts on securities(7,327)2,296 
Depreciation and amortization of premises and equipment6,084 6,816 
Amortization of intangible assets589 821 
Amortization of deferred amounts related to FHLB advances, net1,143 1,262 
Common stock committed to be released for allocation - ESOP684 935 
Stock-based compensation266 238 
Net loss from securities transactions13,345 — 
Changes in:
Unrestricted cash collateral from derivative counterparties, net(6,730)1,070 
Other assets, net3,301 912 
Income taxes receivable, net8,374 (4,660)
Deferred income tax assets, net(1,331)878 
Other liabilities(4,387)(10,083)
Net cash provided by operating activities34,275 34,063 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of AFS securities(1,059,833)— 
Proceeds from calls, maturities and principal reductions of AFS securities373,739 141,357 
Proceeds from sale of AFS securities1,272,512 — 
Proceeds from the redemption of FHLB stock11,996 263,807 
Purchase of FHLB stock— (268,170)
Net change in loans receivable35,187 (510,851)
Proceeds from sale of participating interest in loans receivable— 5,563 
Purchase of premises and equipment(5,408)(4,397)
Proceeds from sale of other real estate owned ("OREO")464 533 
Proceeds from sale of assets held-for-sale629 — 
Proceeds from bank-owned life insurance ("BOLI") death benefit1,049 720 
Net cash provided by (used in) investing activities630,335 (371,438)
(Continued)
8
CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
For the Nine Months Ended
June 30,
20242023
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid(33,479)(71,849)
Net change in deposits78,440 (102,026)
Proceeds from borrowings275,100 4,293,870 
Repayments on borrowings(864,864)(3,441,124)
Change in advances by borrowers(28,142)(39,085)
Repurchase of common stock(19,449)(22,196)
Net cash (used in) provided by financing activities(592,394)617,590 
NET INCREASE IN CASH AND CASH EQUIVALENTS72,216 280,215 
CASH AND CASH EQUIVALENTS:
Beginning of period245,605 49,194 
End of period$317,821 $329,409 
See accompanying notes to consolidated financial statements.(Concluded)
9
Notes to Consolidated Financial Statements (Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The consolidated financial statements include the accounts of Capitol Federal Financial, Inc.® (the "Company") and its wholly-owned subsidiary, Capitol Federal Savings Bank (the "Bank"). The Bank has two wholly-owned subsidiaries, Capitol Funds, Inc. and Capital City Investments, Inc. Capitol Funds, Inc. has a wholly-owned subsidiary, Capitol Federal Mortgage Reinsurance Company. Capital City Investments, Inc. is a real estate and investment holding company. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023, filed with the Securities and Exchange Commission ("SEC"). Interim results are not necessarily indicative of results for a full year.

Net Presentation of Cash Flows Related to Borrowings - At times, the Bank enters into FHLB advances with contractual maturities of 90 days or less. Cash flows related to these advances are reported on a net basis in the consolidated statements of cash flows.

Recent Accounting Pronouncements - In March 2022, the Financial Accounting Standards Board ("FASB") issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings ("TDRs") and Vintage Disclosures. This ASU eliminates the accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, this ASU requires that an entity disclose current-period gross write-offs by year of origination for financing receivables within the scope of Accounting Standards Codification ("ASC") 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost. The Company adopted the ASU on October 1, 2023 on a prospective basis, except for the amendments impacting the measurement of the ACL for TDRs, which were adopted on a modified retrospective approach. Upon adoption, the Company recorded a $20 thousand increase in ACL, a $16 thousand increase in reserves for off-balance sheet exposures, and a cumulative effect-adjustment to accumulated deficit of $27 thousand, net of tax. The adjustments are attributable to including TDRs in the ACL model, as of October 1, 2023. The new disclosure requirements associated with this ASU are included below and in Note 4. Loans Receivable and Allowance for Credit Losses.

The following significant accounting policies have been updated since the Company's 2023 Annual Report on Form 10-K to reflect the adoption of ASU 2022-02.

Troubled debt restructurings - Prior to the Company's adoption of ASU 2022-02, a loan was accounted for as a TDR if the Bank granted a concession to a borrower experiencing financial difficulties. Such concessions generally involve extensions of loan maturity dates, the granting of periods during which reduced payment amounts are required, and/or reductions in interest rates.  The Bank does not forgive principal or interest, nor does it commit to lend additional funds to these borrowers, except for situations generally involving the capitalization of delinquent interest and/or escrow on one- to four-family loans and consumer loans, not to exceed the original loan amount. In the case of commercial loans, the Bank generally does not forgive principal or interest or commit to lend additional funds unless the borrower provides additional collateral or other enhancements to improve the credit quality.

Loan modifications - The TDR policy outlined above regarding Bank concessions to a borrower experiencing financial difficulty continues to apply for loan modifications upon adoption of ASU 2022-02 on October 1, 2023. If the change in the loan terms resulting from the modification is deemed to be more than minor, all existing unamortized deferred loan origination fees and costs are recognized at the time of modification. Modifications of loans to borrowers experiencing financial difficulty that are in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, or a term extension (or a combination thereof) require disclosure in the Company's footnotes. The Company's modification disclosures are included in Note 4. Loans Receivable and Allowance for Credit Losses. Modified loans are included in the Company's ACL model based on the risk characteristics of the loan. If a modified loan is deemed uncollectible and no longer shares similar risk characteristics within the respective loan pool in the ACL model, the loan is evaluated on an individual basis and any loss is charged-off against the related ACL.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. This ASU incorporates a variety of Topics into the Codification that are currently included in SEC Regulations S-X and S-K. The ASU is intended to align the accounting standards of GAAP with SEC Regulations S-X and S-K. Each amendment in the ASU will only become effective for the Company if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. This may result in disclosures currently presented outside of the Company's financial statements being relocated to the Company's financial statements. The amendments will be applied
10
prospectively by the Company. The ASU is not expected to have a material impact on the Company's disclosures as the Company is currently subject to SEC Regulations S-X and S-K.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU requires enhanced disclosures of segment information for all public entities, including those that have a single reportable segment, primarily in the area of segment revenues and expenses. Entities that have a single reportable segment, like the Company, will be required to provide all the disclosures required by this ASU and all existing segment disclosures requirements in ASC 280, Segment Reporting. This ASU is effective for fiscal years beginning after December 15, 2023, which is the fiscal year ending September 30, 2025 for the Company, and interim periods within fiscal years beginning after December 15, 2024, which is the quarter ending December 31, 2025 for the Company. The Company is currently evaluating the effect this ASU will have on the Company's segment disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU requires public entities to provide additional annual disclosures regarding specific categories of the income tax rate reconciliation and additional information for reconciling items within the income tax rate reconciliation that meet a certain quantitative threshold. This ASU is effective for the Company on October 1, 2025, starting with its December 31, 2025 Form 10-Q. The Company is currently evaluating the effect this ASU will have on the Company's income tax disclosures.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This ASU removes references to various Concept Statements to simplify the Codification and provide a distinction between authoritative and nonauthoritative literature. This ASU is effective for the Company on October 1, 2025. The Company is currently evaluating this ASU, but it is not expected to have a significant impact on the Company's consolidated financial condition or results of operation, or the Company's disclosures.

2. EARNINGS PER SHARE
Shares acquired by the ESOP are not included in basic average shares outstanding until the shares are committed for allocation or vested to an employee's individual account. Unvested shares awarded pursuant to the Company's restricted stock benefit plans are treated as participating securities in the computation of EPS pursuant to the two-class method as they contain nonforfeitable rights to dividends. The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security.
For the Three Months EndedFor the Nine Months Ended
June 30, June 30,
2024202320242023
(Dollars in thousands, except per share amounts)
Net income$9,648 $8,302 $25,953 $38,731 
Income allocated to participating securities(10)(4)(21)(18)
Net income available to common stockholders$9,638 $8,298 $25,932 $38,713 
Total basic average common shares outstanding129,866,397 133,198,755 130,923,888 133,668,764 
Effect of dilutive stock options— — — — 
Total diluted average common shares outstanding129,866,397 133,198,755 130,923,888 133,668,764 
Net EPS:
Basic$0.07 $0.06 $0.20 $0.29 
Diluted$0.07 $0.06 $0.20 $0.29 
Antidilutive stock options, excluded from the diluted average
common shares outstanding calculation324,374 368,803 328,827 373,473 
11
3. SECURITIES
The following tables reflect the amortized cost, estimated fair value, and gross unrealized gains and losses of AFS securities at the dates presented. The majority of our securities are government guaranteed or issued by a Government Sponsored Enterprise ("GSE").
June 30, 2024
GrossGrossEstimated
AmortizedUnrealizedUnrealizedFair
CostGainsLossesValue
(Dollars in thousands)
MBS$672,754 $10,489 $1,168 $682,075 
GSE debentures116,802 — 264 116,538 
Corporate bonds4,000 — 660 3,340 
$793,556 $10,489 $2,092 $801,953 
September 30, 2023
GrossGrossEstimated
AmortizedUnrealizedUnrealizedFair
CostGainsLossesValue
(Dollars in thousands)
MBS$901,440 $113 $819 $900,734 
GSE debentures479,610 — 182 479,428 
Corporate bonds4,000 — 622 3,378 
Municipal bonds 942 — — 942 
$1,385,992 $113 $1,623 $1,384,482 

The following tables summarize the estimated fair value and gross unrealized losses of those AFS securities on which an unrealized loss at the dates presented was reported and the continuous unrealized loss position for less than 12 months and equal to or greater than 12 months as of the dates presented.
June 30, 2024
Less Than 12 MonthsEqual to or Greater Than 12 Months
EstimatedUnrealizedEstimatedUnrealized
Fair ValueLossesFair ValueLosses
(Dollars in thousands)
MBS$181,310 $1,047 $9,668 $121 
GSE debentures116,538 264 — — 
Corporate bonds— — 3,340 660 
$297,848 $1,311 $13,008 $781 
September 30, 2023
Less Than 12 MonthsEqual to or Greater Than 12 Months
EstimatedUnrealizedEstimatedUnrealized
Fair ValueLossesFair ValueLosses
(Dollars in thousands)
MBS$6,179 $109 $34,555 $710 
GSE debentures— — 24,818 182 
Corporate bonds— — 3,378 622 
$6,179 $109 $62,751 $1,514 
12
The unrealized losses at June 30, 2024 were a result of an increase in market yields from the time the securities were purchased. In general, as market yields rise, the fair value of securities will decrease; as market yields fall, the fair value of securities will increase. Management did not record an ACL on securities in an unrealized loss position at June 30, 2024 as management does not believe any of the securities were impaired due to credit quality reasons. The issuers of these securities continue to make scheduled and timely principal and interest payments, as applicable, under the contractual term of the securities so management believes the entire principal balance will be collected as scheduled. Additionally, management does not have the intent to sell any of the securities and believes that it is more likely than not that the Company will not be required to sell the securities before the recovery of the remaining amortized cost, which could be at maturity. The fair value is expected to recover as the securities approach their maturity date, if not before, or if market yields for such securities decline.

The amortized cost and estimated fair value of AFS debt securities as of June 30, 2024, by contractual maturity, are shown below.  Actual principal repayments may differ from contractual maturities due to prepayment or early call privileges by the issuer. In the case of MBS, borrowers on the underlying loans generally have the right to prepay their loans without penalty. For this reason, MBS are not included in the maturity categories.
AFS
AmortizedEstimated
CostFair Value
(Dollars in thousands)
One year or less$19,887 $19,885 
One year through five years10,000 9,980 
Five years through ten years90,915 90,013 
120,802 119,878 
MBS672,754 682,075 
$793,556 $801,953 

The following table presents the taxable and non-taxable components of interest income on investment securities for the periods presented.
For the Three Months Ended For the Nine Months Ended
June 30, June 30,
2024202320242023
(Dollars in thousands)
Taxable$2,255 $889 $7,113 $2,651 
Non-taxable— 6 2 20 
$2,255 $895 $7,115 $2,671 

The following table summarizes the carrying value of securities pledged as collateral for the obligations indicated below as of the dates presented.
 June 30, 2024September 30, 2023
(Dollars in thousands)
Public unit deposits$126,315 $178,396 
Federal Reserve Bank of Kansas City ("FRB of Kansas City") borrowings112,675 519,195 
$238,990 $697,591 
.

During the quarter ended December 31, 2023, the Bank sold $1.30 billion of AFS securities. The Bank received gross proceeds of $1.27 billion from the sale and realized gross losses of $14.9 million and gross gains of $1.6 million, resulting in a net loss of $13.3 million on the sale during the quarter ended December 31, 2023. All other dispositions of securities during the current year and prior year periods were the result of principal repayments, calls, or maturities.
13
4. LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES
Loans receivable, net at the dates presented is summarized as follows:
June 30, 2024September 30, 2023
(Dollars in thousands)
One- to four-family:
Originated$3,961,407 $3,978,837 
Correspondent purchased2,262,371 2,405,911 
Bulk purchased129,102 137,193 
Construction24,642 69,974 
Total6,377,522 6,591,915 
Commercial:
Commercial real estate1,119,295 995,788 
Commercial and industrial 131,848 112,953 
Construction214,240 178,746 
Total1,465,383 1,287,487 
Consumer:
Home equity98,736 95,723 
Other9,637 9,256 
Total108,373 104,979 
Total loans receivable7,951,278 7,984,381 
Less:
ACL25,854 23,759 
Deferred loan fees/discounts30,777 31,335 
Premiums/deferred costs(38,396)(41,662)
$7,933,043 $7,970,949 

Lending Practices and Underwriting Standards - Originating one- to four-family loans is the Bank's primary lending business. The Bank also originates consumer loans primarily secured by one- to four-family residential properties and originates and participates in commercial loans. The Bank has historically also purchased one- to four-family loans from correspondent lenders, but during the current quarter the Bank suspended its one- to four-family correspondent lending channels for the foreseeable future. The Bank has a loan concentration in one- to four-family loans and a geographic concentration of these loans in Kansas and Missouri.

One- to four-family loans - Full documentation to support an applicant's credit and income, and sufficient funds to cover all applicable fees and reserves at closing, are required on all loans. Properties securing one- to four-family loans are appraised by either staff appraisers or fee appraisers, both of which are independent of the loan origination function.

The underwriting standards for loans purchased from correspondent lenders were generally similar to the Bank's internal underwriting standards. The underwriting of loans purchased from correspondent lenders on a loan-by-loan basis was performed by the Bank's underwriters.

The Bank also originates owner-occupied construction-to-permanent loans secured by one- to four-family residential real estate. Construction draw requests and the supporting documentation are reviewed and approved by designated personnel. The Bank also performs regular documented inspections of the construction project to ensure the funds are being used for the intended purpose and the project is being completed according to the plans and specifications provided.

Commercial loans - The Bank's commercial portfolio includes loans that are originated by the Bank or in participation with a lead bank. For commercial participation loans, the Bank performs the same underwriting procedures as if the loan was originated by the Bank.

14
The Bank's commercial portfolio has a loan concentration in commercial real estate and commercial construction loans and a geographic concentration in Kansas, Texas, and Missouri. When underwriting a commercial real estate or commercial construction loan, several factors are considered, such as the income producing potential of the property, cash equity provided by the borrower, the financial strength of the borrower, managerial expertise of the borrower or tenant, feasibility studies, lending experience with the borrower and the marketability of the property. At the time of origination, loan-to-value ("LTV") ratios on commercial real estate loans generally do not exceed 85% of the appraised value of the property securing the loans and the minimum debt service coverage ratio ("DSCR") is generally 1.15x. The Bank generally requires a guaranty on all commercial real estate loans, but for an experienced borrower with a strong DSCR and LTV, the Bank may allow the guaranty percentage to be reduced, phased out or originated as a non-recourse loan.

For commercial construction loans, LTV ratios generally do not exceed 80% of the projected appraised value of the property securing the loans and the minimum DSCR is generally 1.15x, but it applies to the projected cash flows, and the borrower must have successful experience with the construction and operation of properties similar to the subject property. Appraisals on properties securing these loans are performed by independent state certified fee appraisers. For construction loans, guaranties are typically required during the period of construction. After construction is complete, for select experienced borrowers that have a strong DSCR and LTV, the guaranty may be reduced or phased out when the property meets certain performance metrics. Additionally, the Bank generally requires the borrower to contribute equity at the start of a project and prior to any Bank funding.

The Bank's commercial and industrial loans are generally made to borrowers and secured by assets located in the Bank's market areas and are underwritten on the basis of the borrower's ability to service the debt from income. Working capital loans are primarily collateralized by short-term assets whereas term loans are primarily collateralized by long-term assets. In general, commercial and industrial loans involve more credit risk than commercial real estate loans due to the type of collateral securing commercial and industrial loans. As a result of these additional complexities, variables and risks, commercial and industrial loans generally require more thorough underwriting and servicing than other types of loans.

Management regularly monitors the level of risk in the entire commercial loan portfolio, including concentrations in such factors as geographic locations, collateral types, tenant brand name, borrowing relationships, and lending relationships in the case of participation loans, among other factors. Annual reviews are performed for larger loans and lending relationships. The annual reviews include evaluating updated financials, as well as performing stress tests to measure the ability of the loans to withstand certain stress scenarios such as interest rate increases, revenue decreases and expense increases.

Consumer loans - The Bank offers a variety of consumer loans, the majority of which are home equity loans and lines of credit for which the Bank also has the first mortgage or the first lien position.

The underwriting standards for consumer loans include a determination of an applicant's payment history on other debts and an assessment of an applicant's ability to meet existing obligations and payments on the proposed loan. Although creditworthiness of an applicant is a primary consideration, the underwriting process also includes a comparison of the value of the security in relation to the proposed loan amount.

Credit Quality Indicators - Based on the Bank's lending emphasis and underwriting standards, management has segmented the loan portfolio into three segments: (1) one- to four-family; (2) consumer; and (3) commercial. These segments are further divided into classes for purposes of providing disaggregated credit quality information about the loan portfolio. The classes are: one- to four-family - originated, one- to four-family - correspondent purchased, one- to four-family - bulk purchased, consumer - home equity, consumer - other, commercial - commercial real estate, and commercial - commercial and industrial. One- to four-family construction loans are included in the originated class and commercial construction loans are included in the commercial real estate class. As part of the on-going monitoring of the credit quality of the Company's loan portfolio, management tracks certain credit quality indicators including trends related to loan classification and delinquency status.

Loan Classification - In accordance with the Bank's asset classification policy, management regularly reviews the problem loans in the Bank's portfolio to determine whether any require classification. Loan classifications are defined as follows:
15

•Special mention - These loans are performing loans on which known information about the collateral pledged or the possible credit problems of the borrower(s) have caused management to have doubts as to the ability of the borrower(s) to comply with present loan repayment terms and which may result in the future inclusion of such loans in the nonaccrual loan categories.
•Substandard - A loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans include those characterized by the distinct possibility the Bank will sustain some loss if the deficiencies are not corrected.
•Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses present make collection or liquidation in full on the basis of currently existing facts and conditions and values highly questionable and improbable.
•Loss - Loans classified as loss are considered uncollectible and of such little value that their continuance as assets on the books is not warranted.

16
The following tables set forth, as of the dates indicated, the amortized cost of loans by class of financing receivable, year of origination or most recent credit decision, and loan classification. All revolving lines of credit and revolving lines of credit converted to term loans are presented separately, regardless of origination year. Loans classified as doubtful or loss are individually evaluated for loss. At June 30, 2024 and September 30, 2023, there were no loans classified as doubtful, and all loans classified as loss were fully charged-off.
June 30, 2024
Revolving
Line of
CurrentFiscalFiscalFiscalFiscalRevolvingCredit
FiscalYearYearYearYearPriorLine ofConverted
Year2023202220212020YearsCreditto TermTotal
(Dollars in thousands)
One- to four-family:
Originated
Pass$171,792 $328,132 $585,775 $824,314 $533,544 $1,499,900 $— $— $3,943,457 
Special Mention— 295 2,552 2,446 1,345 9,781 — — 16,419 
Substandard— 490 28 218 557 9,794 — — 11,087 
Correspondent purchased
Pass805 331,495 488,423 580,549 229,921 647,375 — — 2,278,568 
Special Mention— 657 906 663 406 1,281 — — 3,913 
Substandard—