10-Q 1 cffn-20240331.htm MARCH 31, 2024 FORM 10-Q cffn-20240331
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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 March 31, 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 May 3, 2024, there were 132,733,765 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)
March 31, September 30,
20242023
ASSETS:
Cash and cash equivalents (includes interest-earning deposits of $419,332 and $213,830)
$443,513 $245,605 
Available-for-sale ("AFS") securities, at estimated fair value (amortized cost of $831,337 and $1,385,992)
842,950 1,384,482 
Loans receivable, net (allowance for credit losses ("ACL") of $24,634 and $23,759)
7,877,569 7,970,949 
Federal Home Loan Bank Topeka ("FHLB") stock, at cost109,070 110,714 
Premises and equipment, net91,105 91,531 
Income taxes receivable, net2,644 8,531 
Deferred income tax assets, net35,390 29,605 
Other assets319,045 336,044 
TOTAL ASSETS$9,721,286 $10,177,461 
LIABILITIES:
Deposits$6,141,711 $6,051,220 
Borrowings2,351,022 2,879,125 
Advances by borrowers52,698 62,993 
Other liabilities150,952 140,069 
Total liabilities8,696,383 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, 132,685,065 and 135,936,375 shares issued and outstanding as of March 31, 2024 and September 30, 2023, respectively
1,327 1,359 
Additional paid-in capital1,147,029 1,166,643 
Unearned compensation, Employee Stock Ownership Plan ("ESOP")(27,258)(28,083)
Accumulated deficit(110,722)(104,565)
Accumulated other comprehensive income ("AOCI"), net of tax14,527 8,700 
Total stockholders' equity1,024,903 1,044,054 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$9,721,286 $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 Six Months Ended
March 31, March 31,
2024202320242023
INTEREST AND DIVIDEND INCOME:
Loans receivable$76,122 $69,319 $152,063 $134,138 
Mortgage-backed securities ("MBS")7,794 4,748 13,653 9,559 
Cash and cash equivalents4,513 10,977 9,291 27,648 
FHLB stock2,528 3,607 5,114 7,765 
Investment securities2,332 895 4,860 1,776 
Total interest and dividend income93,289 89,546 184,981 180,886 
INTEREST EXPENSE:
Deposits33,415 16,140 65,858 28,044 
Borrowings18,554 31,447 38,210 65,055 
Total interest expense51,969 47,587 104,068 93,099 
NET INTEREST INCOME41,320 41,959 80,913 87,787 
PROVISION FOR CREDIT LOSSES301 891 424 4,551 
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES41,019 41,068 80,489 83,236 
NON-INTEREST INCOME:
Deposit service fees2,451 3,122 5,026 6,583 
Insurance commissions735 877 1,598 1,672 
Net loss from securities transactions  (13,345) 
Other non-interest income1,457 1,084 2,470 2,180 
Total non-interest income4,643 5,083 (4,251)10,435 
NON-INTEREST EXPENSE:
Salaries and employee benefits12,887 12,789 25,879 26,487 
Information technology and related expense4,954 5,789 10,323 10,859 
Occupancy, net3,481 3,568 6,853 7,042 
Federal insurance premium1,727 1,246 3,587 2,058 
Regulatory and outside services1,380 1,305 3,023 2,838 
Advertising and promotional1,271 1,333 2,259 2,166 
Deposit and loan transaction costs867 690 1,409 1,301 
Office supplies and related expense419 631 780 1,264 
Other non-interest expense1,459 1,280 2,840 2,389 
Total non-interest expense28,445 28,631 56,953 56,404 
INCOME BEFORE INCOME TAX EXPENSE17,217 17,520 19,285 37,267 
INCOME TAX EXPENSE3,455 3,331 2,980 6,838 
NET INCOME$13,762 $14,189 $16,305 $30,429 
Basic earnings per share ("EPS")$0.11 $0.11 $0.12 $0.23 
Diluted EPS$0.11 $0.11 $0.12 $0.23 
Basic weighted average common shares130,536,246 133,150,224 131,449,744 133,903,769 
Diluted weighted average common shares130,536,246 133,150,224 131,449,744 133,903,769 
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 Six Months Ended
March 31, March 31,
2024202320242023
Net income$13,762 $14,189 $16,305 $30,429 
Other comprehensive income, net of tax:
Unrealized (losses) gains on AFS securities arising during the
    period, net of taxes of $1,766, $(5,415), $(3,584), and $(9,626)
(5,471)16,777 11,110 29,827 
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 $(814), $483, $153, and $251
2,521 (1,495)(477)(780)
Reclassification adjustment for cash flow hedge amounts included
    in net income, net of taxes of $542, $427, $1,168, and $664
(1,678)(1,323)(3,618)(2,057)
Comprehensive income$9,134 $28,148 $22,132 $57,419 
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 Six Months Ended March 31, 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 

For the Six Months Ended March 31, 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, 20231,361 1,168,059 (28,910)50,167 (118,643)1,072,034 

6

CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
For the Six Months Ended
March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income16,305 30,429 
Adjustments to reconcile net income to net cash provided by operating activities:
FHLB stock dividends(5,114)(7,765)
Provision for credit losses424 4,551 
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(5,741)1,559 
Depreciation and amortization of premises and equipment4,078 4,581 
Amortization of intangible assets379 548 
Amortization of deferred amounts related to FHLB advances, net762 886 
Common stock committed to be released for allocation - ESOP467 677 
Stock-based compensation169 163 
Net loss from securities transactions13,345  
Changes in:
Unrestricted cash collateral from derivative counterparties, net(5,800)(2,500)
Other assets, net7,076 1,461 
Income taxes payable/receivable, net5,875 (2,650)
Deferred income tax liabilities, net(7,656)787 
Other liabilities(9,407)(7,990)
Net cash provided by operating activities15,168 24,734 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of AFS securities(951,527) 
Proceeds from calls, maturities and principal reductions of AFS securities255,533 95,393 
Proceeds from sale of AFS securities1,272,512  
Proceeds from the redemption of FHLB stock6,758 214,120 
Purchase of FHLB stock (233,827)
Net change in loans receivable92,101 (503,585)
Proceeds from sale of participating interest in loans receivable 5,563 
Purchase of premises and equipment(2,732)(2,269)
Proceeds from sale of other real estate owned ("OREO")396 347 
Proceeds from sale of assets held-for-sale180  
Proceeds from bank-owned life insurance ("BOLI") death benefit1,049  
Net cash provided by (used in) investing activities674,270 (424,258)
(Continued)
7

CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
For the Six Months Ended
March 31,
20242023
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid(22,435)(60,528)
Net change in deposits90,491 (50,431)
Proceeds from borrowings225,100 3,092,000 
Repayments on borrowings(754,942)(2,528,436)
Change in advances by borrowers(10,295)(19,872)
Repurchase of common stock(19,449)(22,196)
Net cash (used in) provided by financing activities(491,530)410,537 
NET INCREASE IN CASH AND CASH EQUIVALENTS197,908 11,013 
CASH AND CASH EQUIVALENTS:
Beginning of period245,605 49,194 
End of period$443,513 $60,207 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES:
Purchase of securities that will settle in a subsequent period$29,467 $ 
See accompanying notes to consolidated financial statements.(Concluded)
8

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
9

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 the Company on October 1, 2024. 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. 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, results of operations, and 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 Six Months Ended
March 31, March 31,
2024202320242023
(Dollars in thousands, except per share amounts)
Net income$13,762 $14,189 $16,305 $30,429 
Income allocated to participating securities(10)(6)(12)(14)
Net income available to common stockholders$13,752 $14,183 $16,293 $30,415 
Total basic average common shares outstanding130,536,246 133,150,224 131,449,744 133,903,769 
Effect of dilutive stock options    
Total diluted average common shares outstanding130,536,246 133,150,224 131,449,744 133,903,769 
Net EPS:
Basic$0.11 $0.11 $0.12 $0.23 
Diluted$0.11 $0.11 $0.12 $0.23 
Antidilutive stock options, excluded from the diluted average
common shares outstanding calculation326,572 373,541 331,041 375,808 
10

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").
March 31, 2024
GrossGrossEstimated
AmortizedUnrealizedUnrealizedFair
CostGainsLossesValue
(Dollars in thousands)
MBS$636,387 $13,121 $670 $648,838 
U.S. Treasury bills99,408 1 6 99,403 
GSE debentures91,542  82 91,460 
Corporate bonds4,000  751 3,249 
$831,337 $13,122 $1,509 $842,950 
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.
March 31, 2024
Less Than 12 MonthsEqual to or Greater Than 12 Months
EstimatedUnrealizedEstimatedUnrealized
Fair ValueLossesFair ValueLosses
(Dollars in thousands)
MBS$109,410 $426 $20,150 $244 
U.S. Treasury bills74,440 6   
GSE debentures81,460 82   
Corporate bonds  3,249 751 
$265,310 $514 $23,399 $995 
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 
11

The unrealized losses at March 31, 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 March 31, 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 March 31, 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.
AmortizedEstimated
CostFair Value
(Dollars in thousands)
One year or less$119,035 $119,028 
Five years through ten years75,915 75,084 
194,950 194,112 
MBS636,387 648,838 
$831,337 $842,950 

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 Six Months Ended
March 31, March 31,
2024202320242023
(Dollars in thousands)
Taxable$2,332 $888 $4,858 $1,762 
Non-taxable 7 2 14 
$2,332 $895 $4,860 $1,776 

The following table summarizes the carrying value of securities pledged as collateral for the obligations indicated below as of the dates presented.
 March 31, 2024September 30, 2023
(Dollars in thousands)
Public unit deposits$156,652 $178,396 
Federal Reserve Bank of Kansas City ("FRB of Kansas City") borrowings117,814 519,195 
$274,466 $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.
12

4. LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES
Loans receivable, net at the dates presented is summarized as follows:
March 31, 2024September 30, 2023
(Dollars in thousands)
One- to four-family:
Originated$3,950,097 $3,978,837 
Correspondent purchased2,314,448 2,405,911 
Bulk purchased132,284 137,193 
Construction40,628 69,974 
Total6,437,457 6,591,915 
Commercial:
Commercial real estate1,035,634 995,788 
Commercial and industrial 112,123 112,953 
Construction202,201 178,746 
Total1,349,958 1,287,487 
Consumer:
Home equity96,114 95,723 
Other9,203 9,256 
Total105,317 104,979 
Total loans receivable7,892,732 7,984,381 
Less:
ACL24,634 23,759 
Deferred loan fees/discounts30,007 31,335 
Premiums/deferred costs(39,478)(41,662)
$7,877,569 $7,970,949 

Lending Practices and Underwriting Standards - Originating one- to four-family loans is the Bank's primary lending business. The Bank also purchases one- to four-family loans from correspondent lenders, but to a much lesser extent in the current fiscal year compared to prior years, and originates consumer loans primarily secured by one- to four-family residential properties and originates and participates in commercial loans. 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 are generally similar to the Bank's internal underwriting standards. The underwriting of loans purchased from correspondent lenders on a loan-by-loan basis is 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.

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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 is generally 1.15. 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 debt service coverage ratio is generally 1.15, 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.

The Bank's commercial and industrial loans are generally made 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.

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:

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.

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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 March 31, 2024 and September 30, 2023, there were no loans classified as doubtful, and all loans classified as loss were fully charged-off.
March 31, 2024
Revolving
Line of
CurrentFiscalFiscalFiscalFiscalRevolvingCredit
FiscalYearYearYearYearPriorLine ofConverted
Year2023202220212020YearsCreditto TermTotal
(Dollars in thousands)
One- to four-family:
Originated
Pass$83,561 $327,985 $592,527 $844,641 $547,511 $1,552,672 $ $ $3,948,897 
Special Mention  2,567 1,988 1,176 10,133   15,864 
Substandard   458 660 9,513   10,631 
Correspondent purchased
Pass1,707 337,286 499,356 588,099 237,402 665,907   2,329,757 
Special Mention 938 911 1,771 413 1,658   5,691 
Substandard  1,418 266  5,499   7,183 
Bulk purchased
Pass     129,562   129,562 
Special Mention         
Substandard     3,175   3,175 
85,268 666,209 1,096,779 1,437,223 787,162 2,378,119   6,450,760 
Commercial:
Commercial real estate
Pass172,946 391,650 295,398