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Home›Present Value›CAPITOL FEDERAL FINANCIAL: Management report and analysis of the financial situation and operating results (form 10-Q)

CAPITOL FEDERAL FINANCIAL: Management report and analysis of the financial situation and operating results (form 10-Q)

By Brian Rankin
August 9, 2021
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The Company and the Bank may from time to time make written or oral
"forward-looking statements," including statements contained in documents filed
or furnished by the Company with the SEC. These forward-looking statements may
be included in this Quarterly Report on Form 10-Q and the exhibits attached to
it, in the Company's reports to stockholders, in the Company's press releases,
and in other communications by the Company, which are made in good faith
pursuant to the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995.

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

•our ability to maintain overhead costs at reasonable levels;
•our ability to originate and purchase a sufficient volume of one- to
four-family loans in order to maintain the balance of that portfolio at a level
desired by management;
•our ability to invest funds in wholesale or secondary markets at favorable
yields compared to the related funding source;
•our ability to access cost-effective funding;
•the expected synergies and other benefits from our acquisition activities;
•our ability to extend our commercial banking and trust asset management
expertise;
•fluctuations in deposit flows;
•the future earnings and capital levels of the Bank and the continued
non-objection by our primary federal banking regulators, to the extent required,
to distribute capital from the Bank to the Company, which could affect the
ability of the Company to pay dividends in accordance with its dividend policy;
•the strength of the U.S. economy in general and the strength of the local
economies in which we conduct operations, including areas where we have
purchased large amounts of correspondent loans;
•changes in real estate values, unemployment levels, and the level and direction
of loan delinquencies and charge-offs may require changes in the estimates of
the adequacy of the ACL, which may adversely affect our business;
•potential adverse impacts of the ongoing COVID-19 pandemic and any governmental
or societal responses thereto on economic conditions in the Company's local
market areas and other market areas where the Bank has lending relationships, on
other aspects of the Company's business operations and on financial markets;
•increases in classified and/or non-performing assets, which may require the
Bank to increase the ACL, charge-off loans and incur elevated collection and
carrying costs related to such non-performing assets;
•results of examinations of the Bank and the Company by their respective primary
federal banking regulators, including the possibility that the regulators may,
among other things, require us to increase our ACL;
•changes in accounting principles, policies, or guidelines;
•the effects of, and changes in, monetary and interest rate policies of the
Board of Governors of the Federal Reserve System ("FRB");
•the effects of, and changes in, trade and fiscal policies and laws of the
United States government;
•the effects of, and changes in, foreign and military policies of the United
States government;
•inflation, interest rate, market, monetary, and currency fluctuations;
•the timely development and acceptance of new products and services and the
perceived overall value of these products and services by users, including the
features, pricing, and quality compared to competitors' products and services;
•the willingness of users to substitute competitors' products and services for
our products and services;
•our success in gaining regulatory approval of our products and services and
branching locations, when required;
•the impact of interpretations of, and changes in, financial services laws and
regulations, including laws concerning taxes, banking, securities, consumer
protection, trust and insurance and the impact of other governmental initiatives
affecting the financial services industry;
•implementing business initiatives may be more difficult or expensive than
anticipated;
•significant litigation;
•technological changes;
•our ability to maintain the security of our financial, accounting, technology,
and other operating systems and facilities, including the ability to withstand
cyber-attacks;
•acquisitions and dispositions;
•changes in consumer spending, borrowing and saving habits; and
•our success at managing the risks involved in our business.

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This list of important factors is not all inclusive. For a discussion of risks
and uncertainties related to our business that could adversely impact our
operations and/or financial results, see "Part I, Item 1A. Risk Factors" in the
Company's Annual Report on   Form 10-K   for the fiscal year ended September 30,
2020 and Part II, Item 1A. Risk Factors within this Quarterly Report on Form
10-Q. We do not undertake to update any forward-looking statement, whether
written or oral, that may be made from time to time by or on behalf of the
Company or the Bank.

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

The following discussion and analysis is intended to assist in understanding the
financial condition, results of operations, liquidity, and capital resources of
the Company. The Bank comprises almost all of the consolidated assets and
liabilities of the Company and the Company is dependent primarily upon the
performance of the Bank for the results of its operations. Because of this
relationship, references to management actions, strategies and results of
actions apply to both the Bank and the Company. This discussion and analysis
should be read in conjunction with Management's Discussion and Analysis included
in the Company's Annual Report on   Form 10-K   for the fiscal year ended
September 30, 2020, filed with the SEC.

                               Executive Summary

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

The Company recognized net income of $57.5 million, or $0.42 per share, for the
nine month period ended June 30, 2021 compared to net income of $46.3 million,
or $0.34 per share, for the nine month period ended June 30, 2020. The increase
in net income was due primarily to recording a $22.3 million provision for
credit losses during the prior year period compared to recording a negative
provision for credit losses of $7.2 million in the current year period,
partially offset by a decrease in net interest income and an increase in income
tax expense. Net interest income decreased $14.2 million, or 9.9%, from the
prior year period to $129.5 million for the current year period. Net interest
margin decreased 27 basis points, from 2.15% for the prior year period to 1.88%
for the current year period. The decrease in net interest income and net
interest margin was due mainly to a decrease in asset yields, along with a
change in asset mix as cash flows from the loan portfolio have been used to
purchase lower yielding securities, partially offset by a decrease in the cost
of deposits and borrowings.

Total assets were $9.65 billion at June 30, 2021, an increase of $162.4 million,
or 1.7% from September 30, 2020, due mainly to an increase in securities,
partially offset by decreases in loans receivable and cash and cash equivalents.
Securities were purchased with cash flows from the loan portfolio and growth in
the deposit portfolio that was not used to pay down maturing borrowings. Total
securities increased $454.7 million, or 29.1%, from September 30, 2020 to June
30, 2021, including a $338.2 million increase in MBS and a $116.5 million
increase in investment securities.

Total loans were $7.03 billion at June 30, 2021, a decrease of $169.0 million
from September 30, 2020. The decrease was primarily in the one- to four-family
correspondent loan portfolio. During the current year nine month period, the
Bank originated and refinanced $948.6 million of one- to four-family and
consumer loans with a weighted average rate of 2.75% and purchased $505.0
million of one- to four-family loans from correspondent lenders with a weighted
average rate of 2.63%. The Bank also originated $208.5 million of commercial
loans with a weighted average rate of 3.30% and entered into commercial loan
participations of $115.1 million at a weighted average rate of 4.17%. The
commercial loan portfolio totaled $815.0 million at June 30, 2021 and was
composed of 84% commercial real estate loans, 9% commercial and industrial
loans, and 7% commercial construction loans. Total commercial real estate and
commercial construction potential exposure, including undisbursed amounts and
outstanding commitments totaling $267.0 million, was $1.01 billion at June 30,
2021. Total commercial and industrial potential exposure, including undisbursed
amounts and outstanding commitments of $23.7 million, was $97.4 million at June
30, 2021, of which $18.3 million related to PPP loans.

Total deposits were $ 6.64 billion To June 30, 2021, an augmentation of $ 446.9 million, or 7.2%, of September 30, 2020. The increase is mainly attributable to deposits without maturity, which increased $ 586.6 million, accompanied by a $ 71.8 million increase in commercial certificates of deposit, partially offset by an increase
$ 210.5 million decrease in retail certificates of deposit.

Total borrowings at June 30, 2021 were $1.58 billion, a decrease of $206.9
million, or 11.6%, from September 30, 2020. The decrease was due to not renewing
borrowings that matured during the current year period. Cash flows from deposit
growth were used to pay off maturing borrowings.

Stockholders' equity at June 30, 2021 was $1.24 billion, a decrease of $47.2
million, or 3.7%, from September 30, 2020. During the current year nine month
period, the Company paid cash dividends totaling $106.4 million and repurchased
common stock totaling $1.5 million, partially offset by net income of $57.5
million. The cash dividends paid during the current year nine month period
totaled
                                       38
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$0.785 per share and consisted of a $0.40 per share True Blue Capitol cash
dividend, a $0.13 per share cash true-up dividend related to fiscal year 2020
earnings and three regular quarterly cash dividends of $0.085 per share. On July
20, 2021, the Company announced a regular quarterly cash dividend of $0.085 per
share, or approximately $11.5 million, payable on August 20, 2021 to
stockholders of record as of the close of business on August 6, 2021. In the
long run, management considers the Bank's equity to total assets ratio of at
least 9% an appropriate level of capital. At June 30, 2021, this ratio was
11.5%.


                             Available Information
Financial and other Company information, including press releases, Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form
8-K, and all amendments to those reports can be obtained free of charge from our
investor relations website, http://ir.capfed.com. SEC filings are available on
our website immediately after they are electronically filed with or furnished to
the SEC, and are also available on the SEC's website at www.sec.gov.

                          Critical Accounting Policies

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

Allowance for Credit Losses and Reserve for Off-Balance Sheet Credit Exposures.
The ACL is a valuation amount that is deducted from the amortized cost basis of
loans and represents management's current expectations of total expected credit
losses included in the Company's loan portfolio as of the balance sheet date.
The reserve for off-balance sheet credit exposures represents expected credit
losses on unfunded portions of existing loans and commitments to originate or
purchase loans that are not unconditionally cancellable by the Company. The
reserve for off-balance sheet credit exposures is reported as a liability and is
presented in other liabilities on the consolidated balance sheet. The ACL and
reserve for off-balance sheet credit exposures is maintained through provisions
for credit losses which are either charged or credited to income.

The methodology for determining the ACL is considered a critical accounting
policy by management because of the high degree of judgment involved, the
subjectivity of the assumptions used, and the potential for changes in
forecasted macroeconomic conditions that could result in fluctuations in the
amount of the recorded ACL. The reserve for off-balance sheet credit exposures
is calculated using the same methodology as the ACL; however, the estimate of
credit risk for off-balance sheet credit exposures takes into consideration the
likelihood that funding of the commitment will occur.
At each quarter end, the Company prepares an ACL model to calculate expected
credit losses. The Company aggregates loans into pools in the ACL model based on
similar risk characteristics. Loans that do not share similar risk
characteristics are evaluated on an individual basis and are not included in the
ACL model. The key assumptions in the Company's ACL model include the economic
forecast, the forecast and reversion to mean time periods, and prepayment and
curtailment assumptions. Using all of these inputs and assumptions, the ACL
model generates aggregated estimated cash flows for the time period that remains
for each loan's contractual life. The cash flows are discounted back to the
reporting date using each loan's effective yield, to arrive at the present value
of future cash flows. Each loan pool's ACL is equal to the aggregate shortage,
if any, of the present value of the future cash flows compared to the amortized
cost basis of the loan pool.

Management considers qualitative factors when evaluating the adequacy of the ACL
and reserve for off-balance sheet credit exposures calculated by the ACL model.
The qualitative factors considered include such items as: changes in the Bank's
loan portfolio composition and credit concentrations, changes in the balances
and/or trends in asset quality and/or loan credit performance, changes in
lending underwriting standards, the effect of other external factors such as
significant unique events or conditions, and actual and/or expected changes in
economic conditions, real estate values, and/or other economic developments in
which the Bank operates. Management may increase or decrease the ACL and reserve
for off-balance sheet credit exposures based on the evaluation of the
qualitative factors.

While management utilizes its best judgment and information available, the
adequacy of the ACL and reserve for off-balance sheet credit exposures is
determined by certain factors outside of the Company's control, such as the
performance of our portfolios, changes in the economic environment, changes in
interest rates, and the view of the regulatory authorities toward classification
of assets and the level of ACL and reserves for off-balance sheet credit
exposures. Additionally, the level of ACL and reserves for off-balance sheet
credit exposures may fluctuate based on the balance and mix of the loan
portfolio and off-balance sheet credit exposures.
                                       39
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See “Provision for credit losses” and “Reserve for off-balance sheet credit risks” in “Note 1. Summary of significant accounting policies” above for more information.

Fair Value Measurements. The Company uses fair value measurements to record fair
value adjustments to certain financial instruments and to determine fair value
disclosures in accordance with ASC 820 and ASC 825. The Company groups its
financial instruments at fair value in three levels based on the markets in
which the instruments are traded and the reliability of the assumptions used to
determine fair value, with Level 1 (quoted prices for identical assets in an
active market) being considered the most reliable, and Level 3 having the most
unobservable inputs and therefore being considered the least reliable. The
Company bases its fair values on the price that would be received from the sale
of an asset in an orderly transaction between market participants at the
measurement date. The Company maximizes the use of observable inputs and
minimizes the use of unobservable inputs when measuring fair value.

The Company's AFS securities are measured at fair value on a recurring
basis. Changes in the fair value of AFS securities, not related to credit loss,
are recorded, net of tax, as AOCI in stockholders' equity. The Company primarily
uses prices obtained from third-party pricing services to determine the fair
value of its AFS securities. Various modeling techniques are used to determine
pricing for the Company's securities, including option pricing, discounted cash
flow models, and similar techniques. The inputs to these models may include
benchmark yields, reported trades, broker/dealer quotes, issuer spreads,
benchmark securities, bids, offers and reference data. All AFS securities are
classified as Level 2.

The Company's interest rate swaps are measured at fair value on a recurring
basis. The estimated fair value of the interest rate swaps are obtained from the
counterparty and are determined by a discounted cash flow analysis using
observable market-based inputs. Changes in the fair value of the interest rate
swaps are recorded, net of tax, as AOCI in stockholders' equity. The Company did
not have any other financial instruments that were measured at fair value on a
recurring basis at June 30, 2021 or September 30, 2020.
                                       40
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                              Financial Condition
The following table presents selected balance sheet information as of the dates
indicated.
                      June 30,         March 31,        December 31,      September 30,        June 30,
                        2021              2021              2020              2020               2020
                                                   (Dollars in thousands)
Total assets       $ 9,649,665       $ 9,698,019       $ 9,606,964       $  9,487,218       $ 9,558,814
Cash and cash
equivalents             95,305           139,472           168,032            185,148           396,219
AFS securities       2,015,705         2,095,924         1,913,866          1,560,950         1,220,054

Loans receivable,
net                  7,033,827         6,973,536         7,004,094          7,202,851         7,388,090
FHLB stock, at
cost                    73,630            74,464            84,693             93,862           102,782
Deposits             6,638,294         6,650,865         6,410,842          6,191,408         6,069,684
Borrowings           1,582,400         1,581,955         1,734,275          1,789,313         1,989,089
Stockholders'
equity               1,237,624         1,278,595         1,276,548          1,284,859         1,300,520
Equity to total
assets at end of
period                    12.8  %           13.2  %           13.3  %            13.5  %           13.6  %



Total assets were $9.65 billion at June 30, 2021, a decrease of $48.4 million,
or 0.5%, from March 31, 2021, due primarily to decreases in securities and cash,
partially offset by an increase in loans receivable. The Company paid $65.7
million in dividends during the current quarter which reduced excess operating
cash. Cash flows from the securities portfolio were generally used to fund loan
growth during the current quarter.

Total loans were $7.03 billion at June 30, 2021, an increase of $60.3 million,
or 0.9%, from March 31, 2021. The increase was mainly in the one- to four-family
correspondent loan portfolio and commercial real estate portfolio. During the
current quarter, the Bank originated and refinanced $299.2 million of one- to
four-family and consumer loans with a weighted average rate of 2.85% and
purchased $235.8 million of one- to four-family loans from correspondent lenders
with a weighted average rate of 2.54%. The Bank also originated $51.2 million of
commercial loans with a weighted average rate of 3.48% and entered into
commercial loan participations of $17.0 million at a weighted average rate of
6.00%.

Total deposits were $6.64 billion at June 30, 2021, a decrease of $12.6 million,
or 0.2%, from March 31, 2021. The decrease was due primarily to a $100.0 million
decrease in retail certificates of deposit, partially offset by an $85.8 million
increase in money market accounts, as customers moved some of the funds from
maturing certificates to more liquid investment options such as the Bank's
retail money market accounts.
                                       41
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Ready to receive. The following table presents the balance and the weighted average rate of our loan portfolio on the dates indicated.

                                      June 30, 2021                  March 31, 2021                  September 30, 2020
                                    Amount          Rate           Amount            Rate            Amount             Rate
                                                                    (Dollars in thousands)
One- to four-family:
Originated                      $  3,977,129       3.23  %    $    3,967,008        3.29  %    $       3,937,310       3.50  %
Correspondent purchased            1,953,185       3.09            1,915,027        3.27               2,101,082       3.49
Bulk purchased                       179,019       1.90              188,733        2.09                 208,427       2.41
Construction                          30,325       2.96               28,582        3.11                  34,593       3.30
Total                              6,139,658       3.14            6,099,350        3.24               6,281,412       3.46
Commercial:
Commercial real estate               680,664       3.99              664,533        4.04                 626,588       4.29
Commercial and industrial             73,713       3.24               77,210        3.08                  97,614       2.79
Construction                          60,614       4.11               53,271        4.25                 105,458       4.04
Total                                814,991       3.93              795,014        3.96                 829,660       4.08
Consumer loans:
Home equity                           88,587       4.63               90,052        4.64                 103,838       4.66
Other                                  8,389       4.26                8,743        4.36                  10,086       4.40
Total                                 96,976       4.60               98,795        4.61                 113,924       4.64
Total loans receivable             7,051,625       3.26            6,993,159        3.34               7,224,996       3.55

Less:
ACL                                   20,724                          23,397                              31,527
Discounts/unearned loan fees          30,593                          30,295                              29,190
Premiums/deferred costs              (33,519)                        (34,069)                            (38,572)
Total loans receivable, net     $  7,033,827                  $    6,973,536                   $       7,202,851




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Loan Activity - The following tables summarize activity in the loan portfolio,
along with weighted average rates where applicable, for the periods indicated,
excluding changes in ACL, discounts/unearned loan fees, 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. During the current year-to-date period, the Bank endorsed $699.2 million
of one- to four-family loans, reducing the average rate on those loans by 93
basis points ($285.2 million were endorsed during the December 31, 2020 quarter,
reducing the average rate on those loans by 87 basis points, $242.3 million were
endorsed during the March 31, 2021 quarter, reducing the average rate on those
loans by 96 basis points, and $171.7 million were endorsed during the June 30,
2021 quarter, reducing the average rate on those loans by 98 basis points).
Commercial loan renewals are not included in the activity 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
                                                June 30, 2021                  March 31, 2021                  December 31, 2020                 September 30, 2020
                                              Amount          Rate           Amount           Rate            Amount             Rate            Amount             Rate
                                                                                               (Dollars in thousands)
Beginning balance                         $  6,993,159       3.34  %    $    7,023,626       3.46  %    $       7,224,996       3.55  %    $       7,407,442       3.64  %
Originated and refinanced:
Fixed                                          279,170       2.78              326,570       2.54                 318,690       2.75                 265,424       2.98
Adjustable                                      71,216       3.58              112,483       3.43                  48,946       3.60                  44,625       3.68
Purchased and participations:
Fixed                                          232,335       2.54              192,262       2.82                 100,518       2.86                  61,435       3.07
Adjustable                                      20,499       5.36                9,150       2.42                  65,315       3.89                   4,396       2.76

Change in undisbursed loan funds               (33,512)                        (63,925)                           (70,323)                            13,898
Repayments                                    (511,222)                       (606,937)                          (664,052)                          (572,536)
Principal recoveries/(charge-offs), net             52                             (70)                              (464)                               312
Other                                              (72)                              -                                  -                                  -
Ending balance                            $  7,051,625       3.26       $    6,993,159       3.34       $       7,023,626       3.46       $       7,224,996       3.55



                                                   For the Nine Months Ended
                                          June 30, 2021                 June 30, 2020
                                        Amount          Rate          Amount          Rate
                                                     (Dollars in thousands)
Beginning balance                   $  7,224,996       3.55  %    $  7,412,473       3.81  %
Originated and refinanced:
Fixed                                    924,430       2.69            684,488       3.22
Adjustable                               232,645       3.51            171,698       4.04
Purchased and participations:
Fixed                                    525,115       2.70            380,469       3.50
Adjustable                                94,964       4.07             95,296       3.50

Change in undisbursed loan funds        (167,760)                      (17,896)
Repayments                            (1,782,211)                   (1,318,439)
Principal charge-offs, net                  (482)                         (311)
Other                                        (72)                         (336)
Ending balance                      $  7,051,625       3.26       $  7,407,442       3.64




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The following tables present loan origination, refinance, and purchase activity
for the periods indicated, excluding endorsement activity, along with associated
weighted average rates and percent of total. Commercial loan renewals are not
included in the activity in the following table except to the extent new funds
are disbursed at the time of renewal. Loan originations, purchases, and
refinances are reported together.
                                                             For the Three Months Ended
                                            June 30, 2021                                   June 30, 2020
                                  Amount            Rate       % of Total         Amount          Rate       % of Total
                                                               (Dollars in thousands)
Fixed-rate:
One- to four-family:(1)
<= 15 years                 $    112,335           2.18  %         18.6  %    $    126,378       2.79  %         23.7  %
> 15 years                       346,115           2.79            57.4            205,047       3.39            38.5
One- to four-family
construction                      39,012           2.83             6.5             11,005       3.27             2.1
Commercial:
Commercial real estate             2,221           3.94             0.4             19,333       3.71             3.6
Commercial and industrial          9,000           2.72             1.5             46,609       1.23             8.8
Commercial construction              627           3.75             0.1                  -          -               -
Home equity                        1,150           5.55             0.2                774       5.98             0.1
Other                              1,045           5.35             0.2                497       6.76             0.1
Total fixed-rate                 511,505           2.67            84.9            409,643       2.98            76.9

Adjustable-rate:
One- to four-family:(2)
<= 36 months                       1,133           2.34             0.2              1,610       2.74             0.3
> 36 months                       12,786           2.50             2.1             40,099       2.93             7.5
One- to four-family
construction                       5,612           2.68             0.9                932       3.06             0.2
Commercial:
Commercial real estate            33,973           3.57             5.6             16,035       4.58             3.0
Commercial and industrial          4,447           3.96             0.7              1,504       3.79             0.3
Commercial construction           17,935           5.91             3.0             50,237       4.03             9.4
Home equity                       15,187           4.47             2.5             12,390       4.42             2.3
Other                                642           3.77             0.1                329       3.48             0.1
Total adjustable-rate             91,715           3.98            15.1            123,136       3.75            23.1

Total originated,
refinanced and purchased    $    603,220           2.87           100.0  %    $    532,779       3.16           100.0  %

Purchased and participation loans included
above:
Fixed-rate:
Correspondent - one- to
four-family                 $    232,335           2.54                       $    114,039       3.22

Participations - commercial            -              -                             17,700       3.70

Total fixed-rate
purchased/participations         232,335           2.54                            131,739       3.28

Adjustable-rate:
Correspondent - one- to
four-family                        3,499           2.24                             15,010       2.87

Participations - commercial       17,000           6.00                             47,500       4.04

Total adjustable-rate
purchased/participations          20,499           5.36                             62,510       3.76
Total
purchased/participation
loans                       $    252,834           2.77                       $    194,249       3.44


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                                                          For the Nine Months Ended
                                          June 30, 2021                                June 30, 2020
                               Amount          Rate       % of Total        Amount          Rate       % of Total
                                                            (Dollars in thousands)
Fixed-rate:
One- to four-family:(1)
<= 15 years                 $   394,798       2.26  %         22.2  %    $   279,441       2.88  %         21.0  %
> 15 years                      848,249       2.83            47.7           613,890       3.50            46.1
One- to four-family
construction                     98,852       2.76             5.6            36,107       3.38             2.7
Commercial:
Commercial real estate           18,481       3.62             1.1            32,605       4.23             2.5
Commercial and industrial        42,582       2.22             2.4            60,648       1.84             4.6
Commercial construction          42,165       3.65             2.4            36,253       4.72             2.7
Home equity                       2,095       5.47             0.1             3,261       5.91             0.2
Other                             2,323       5.43             0.1             2,752       5.76             0.2
Total fixed-rate              1,449,545       2.69            81.6         1,064,957       3.32            80.0

Adjustable-rate:
One- to four-family:(2)
<= 36 months                      2,245       2.31             0.1             5,279       2.82             0.4
> 36 months                      51,228       2.52             2.9           106,407       2.99             8.0
One- to four-family
construction                     11,069       2.64             0.6            10,929       3.03             0.8
Commercial:
Commercial real estate          105,348       3.63             5.9            42,557       4.62             3.2
Commercial and industrial         9,492       3.78             0.5             5,979       4.75             0.4
Commercial construction         105,555       4.10             6.0            51,724       4.07             3.9
Home equity                      41,207       4.43             2.3            42,359       5.16             3.2
Other                             1,465       3.45             0.1             1,760       3.94             0.1
Total adjustable-rate           327,609       3.67            18.4           266,994       3.85            20.0

Total originated,
refinanced and purchased    $ 1,777,154       2.87           100.0  %    $ 1,331,951       3.42           100.0  %

Purchased and participation loans
included above:
Fixed-rate:
Correspondent - one- to
four-family                 $   487,001       2.63                       $   334,343       3.39

Participations - commercial      38,114       3.62                            46,126       4.29

Total fixed-rate
purchased/participations        525,115       2.70                           380,469       3.50

Adjustable-rate:
Correspondent - one- to
four-family                      17,964       2.46                            47,796       2.96

Participations - commercial      77,000       4.44                            47,500       4.04

Total adjustable-rate
purchased/participations         94,964       4.07                            95,296       3.50
Total
purchased/participation
loans                       $   620,079       2.91                       $   475,765       3.50


(1)The fixed-rate one- to four-family loans less than or equal to 15 years have
an original maturity at origination of less than or equal to 15 years, while
fixed-rate one- to four-family loans greater than 15 years have an original
maturity at origination of greater than 15 years.
(2)The adjustable-rate one- to four-family loans less than or equal to 36 months
have a term to first reset of less than or equal to 36 months at origination and
adjustable-rate one- to four-family loans greater than 36 months have a term to
first reset of greater than 36 months at origination.

                                       45
--------------------------------------------------------------------------------

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 credit
score, weighted average LTV ratio, and average balance per loan as of the dates
presented. Credit scores are updated at least annually, with the latest update
in March 2021, 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.
                                                     June 30, 2021                                                     September 30, 2020
                                                % of         Credit                Average                           % of         Credit                Average
                              Amount           Total         Score       LTV       Balance         Amount           Total         Score       LTV       Balance
                                                                                   (Dollars in thousands)
Originated                 $ 3,977,129           65.1  %     772         61  %    $    150      $ 3,937,310           63.0  %     771         62  %    $    145
Correspondent purchased      1,953,185           32.0        766         63            396        2,101,082           33.6        765         64            379
Bulk purchased                 179,019            2.9        773         59            295          208,427            3.4        767         60            300
                           $ 6,109,333          100.0  %     770         62            191      $ 6,246,819          100.0  %     768         63            187



The following tables present originated, refinanced, and correspondent purchased
activity in our one- to four-family loan portfolio, excluding endorsement
activity, along with associated weighted average LTVs and weighted average
credit scores for the periods indicated. Included in the "Refinanced by Bank
customers" line item are correspondent loans that were refinanced with the Bank.
Of the loans originated during the current year nine month period, $287.8
million were refinanced from other lenders.
                                                          For the Three Months Ended
                                            June 30, 2021                             June 30, 2020
                                                               Credit                                   Credit
                                    Amount           LTV       Score          Amount          LTV       Score
                                                            (Dollars in thousands)
Originated                     $     207,706         73  %     766        $     173,851       73  %     763
Refinanced by Bank customers          73,453         67        761               82,171       67        767
Correspondent purchased              235,834         68        773              129,049       70        771

                               $     516,993         70        769        $     385,071       71        766


                                                          For the Nine Months Ended
                                            June 30, 2021                           June 30, 2020
                                                              Credit                                  Credit
                                     Amount         LTV       Score          Amount         LTV       Score
                                                            (Dollars in thousands)
Originated                       $    613,068       71  %     768        $    479,751       74  %     765
Refinanced by Bank customers          288,408       66        767             190,163       68        763
Correspondent purchased               504,965       69        774             382,139       71        768

                                 $  1,406,441       69        770        $  1,052,053       72        766




                                       46
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The following table presents the amount, percent of total, and weighted average
rate, by state, of one- to four-family loan originations and correspondent
purchases where originations and purchases in the state exceeded five percent of
the total amount originated and purchased during the current year period.
                            For the Three Months Ended                      

For the nine months ended

                                   June 30, 2021                                     June 30, 2021
State                   Amount            % of Total       Rate            Amount           % of Total       Rate
                                                       (Dollars in thousands)
Kansas            $      237,868              46.0  %     2.74  %    $       767,443            54.6  %     2.67  %
Missouri                  79,200              15.3        2.72               236,666            16.8        2.67
Texas                     54,766              10.6        2.50               105,370             7.5        2.61
Pennsylvania              44,959               8.7        2.50                89,420             6.4        2.54
Tennessee                 29,063               5.6        2.53                77,992             5.5        2.65
Other states              71,137              13.8        2.53               129,550             9.2        2.61
                  $      516,993             100.0  %     2.65       $     1,406,441           100.0  %     2.65



As of June 30, 2021, there were $5.3 million of one- to-four family loans with
COVID-19 loan modifications that were still in their deferral period. There were
$195.5 million of one- to four-family loans with COVID-19 loan modifications
that were out of their deferral period by June 30, 2021. See "Asset Quality"
below for additional information regarding the performance of loans that have
exited the deferral period.

One- to Four-Family Loan Commitments - The following table summarizes our one-
to four-family loan origination and refinance commitments and one- to
four-family correspondent loan purchase commitments as of June 30, 2021, along
with associated weighted average rates. Loan commitments generally have fixed
expiration dates or other termination clauses and may require the payment of a
rate lock fee. It is expected that some of the loan commitments will expire
unfunded, so the amounts reflected in the table below are not necessarily
indicative of our future cash needs.
                                Fixed-Rate
                         15 years       More than       Adjustable-               Total
                          or less        15 years           Rate           Amount         Rate
                                                 (Dollars in thousands)

Originate/refinance     $ 23,472       $  77,739       $     4,617       $ 105,828       2.81  %

Correspondent             23,105         117,205             1,604         141,914       2.63

                        $ 46,577       $ 194,944       $     6,221       $ 247,742       2.71

Rate                        2.25  %         2.82  %           2.52  %




Commercial Loans - During the current year nine-month period, the Bank
originated $208.5 million of commercial loans, including $22.8 million of PPP
loans, and entered into commercial loan participations totaling $115.1 million.
The Bank also processed commercial loan disbursements, excluding lines of
credit, of approximately $208.7 million at a weighted average rate of 3.45%.
Additionally, during the current year nine-month period, $48.3 million of PPP
loans were paid off, primarily by the U.S. Small Business Administration ("SBA")
following completion of the loan forgiveness process.

                                       47
--------------------------------------------------------------------------------

The following table presents the Bank's commercial real estate and commercial
construction loans and loan commitments by type of primary collateral, as of
June 30, 2021. Because the commitments to pay out undisbursed funds are not
cancellable by the Bank, unless the loan is in default, we generally anticipate
fully funding the related projects.
                              Unpaid        Undisbursed      Gross Loan      Outstanding                            % of
                Count       Principal         Amount           Amount        Commitments          Total            Total
                                                                (Dollars in thousands)
Senior housing   34        $ 221,351       $   43,271       $ 264,622       $     2,200       $   266,822            26.5  %
Hotel            10          135,255           59,887         195,142                 -           195,142            19.3
Retail
building        130          149,313           43,123         192,436               750           193,186            19.2
Office
building         95           51,200           60,462         111,662               520           112,182            11.1
Multi-family     42           52,642           13,431          66,073            14,583            80,656             8.0
One- to
four-family
property        379           58,298            7,587          65,885               618            66,503             6.6
Single use
building         23           42,383            4,927          47,310             9,005            56,315             5.6
Other           100           30,836            3,910          34,746             2,677            37,423             3.7
                813        $ 741,278       $  236,598       $ 977,876       $    30,353       $ 1,008,229           100.0  %
Weighted average rate           4.00  %          4.03  %         4.01  %           4.15  %           4.01  %


The following table summarizes the Bank’s commercial real estate and commercial construction loans and loan commitments by state in June 30, 2021.

                         Unpaid        Undisbursed       Gross Loan      Outstanding                         % of
            Count       Principal         Amount           Amount        Commitments          Total          Total
                                                          (Dollars in thousands)
Kansas      637        $ 323,816      $     20,705      $  344,521      $     14,541      $   359,062        35.6  %
Texas        11          126,557           131,063         257,620                 -          257,620        25.6
Missouri    138          201,517            30,674         232,191            14,312          246,503        24.4
Colorado      7           14,197            22,000          36,197                 -           36,197         3.6
Arkansas      3            9,309            24,539          33,848                 -           33,848         3.4
Nebraska      6           33,560                 4          33,564                 -           33,564         3.3
Other        11           32,322             7,613          39,935             1,500           41,435         4.1
            813        $ 741,278      $    236,598      $  977,876      $     30,353      $ 1,008,229       100.0  %



The following table presents the Bank's commercial and industrial loans and loan
commitments by business purpose, as of June 30, 2021. Included in the working
capital line item are $18.3 million of PPP loans.
                                      Unpaid        Undisbursed       Gross Loan       Outstanding                        % of
                         Count       Principal         Amount           Amount         Commitments        Total          Total
                                                                        (Dollars in thousands)
Working capital          529        $  29,483      $     17,140      $    46,623      $          -      $ 46,623           47.9  %
Purchase/lease autos     249           17,153                49           17,202                 -        17,202           17.6
Equipment                116           13,161               406           13,567             1,424        14,991           15.4
Business investment       57            7,350               214            7,564               450         8,014            8.2
Other                     26            6,566             4,017           10,583                 -        10,583           10.9

                         977        $  73,713      $     21,826      $    95,539      $      1,874      $ 97,413          100.0  %



                                       48
--------------------------------------------------------------------------------

The following table presents the Bank's commercial loan portfolio and
outstanding loan commitments, categorized by gross loan amount (unpaid principal
plus undisbursed amounts) or outstanding loan commitment amount, as of June 30,
2021.
                              Count               Amount
                                (Dollars in thousands)
Greater than $30 million        3              $   150,000
>$15 to $30 million            15                  347,216
>$10 to $15 million             6                   69,055
>$5 to $10 million             14                   88,662
$1 to $5 million              108                  243,940
Less than $1 million        1,644                  206,769
                            1,790              $ 1,105,642



As of June 30, 2021, there were commercial loans with an aggregate gross
balance, including undisbursed amounts, of $133.9 million with COVID-19 loan
modifications that were still in their deferral period and making interest-only
payments. There were $261.9 million of commercial loans with COVID-19 loan
modifications that were out of their deferral period by June 30, 2021. See
"Asset Quality" below for additional information regarding the performance of
loans that have exited the deferral period.

                                       49
--------------------------------------------------------------------------------


Asset Quality. The Bank's traditional one- to four-family underwriting
guidelines have provided the Bank with generally low delinquencies and low
levels of non-performing assets within this loan category compared to national
levels. Of particular importance is the complete and full documentation required
for each loan the Bank originates, participates in or purchases. This allows the
Bank to make an informed credit decision based upon a thorough assessment of the
borrower's ability to repay the loan. The Bank performs more extensive due
diligence when underwriting commercial loans than loans secured by one- to
four-family residential properties due to the larger loan amounts, the more
complex sources of repayment and the riskier nature of such loans. When
participating in a commercial loan, the Bank performs the same underwriting
procedures as if the loan was being originated by the Bank. See additional
discussion regarding underwriting standards in "Part I, Item 1. Business -
Lending Practices and Underwriting Standards" in the Company's Annual Report on

Form 10-K for the completed fiscal year September 30, 2020.

Delinquent and non-performing loans and OREO - Of the one- to four-family
COVID-19 loan modifications that had completed the deferral period by June 30,
2021, $4.4 million were 30 to 89 days delinquent and $2.1 million were 90 or
more days delinquent as of June 30, 2021. None of the commercial COVID-19 loan
modifications that had completed the deferral period by June 30, 2021 were
delinquent as of June 30, 2021.

The following table presents the Company's 30 to 89 day delinquent loans at the
dates indicated. Loans subject to payment forbearance under the Bank's COVID-19
loan modification program are not reported as delinquent during the forbearance
time period. 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 June 30, 2021, approximately 78% were 59 days or less delinquent.
                                                                            

Loans 30 to 89 days past due at:

                                  June 30,                    March 31,                    December 31,                September 30,                June 30,
                                    2021                         2021                          2020                         2020                      2020
                            Number       Amount          Number         Amount         Number         Amount        Number       Amount       Number       Amount
                                                                                    (Dollars in thousands)
One- to four-family:
Originated                       51    $  5,141                 45    $ 4,151                 62    $  5,844           42      $ 3,012         57        $  5,085
Correspondent purchased           9       3,650                  9      2,910                 13       4,694            8        3,123         10           2,919
Bulk purchased                    6         958                  5        352                  9       1,750           12        2,532         19           4,536
Commercial                        1          35                  5        806                  8       1,047            2           45          9           1,543

Consumer                         25         354                 17        287                 30         515           26          398         21             431
                                 92    $ 10,138                 81    $ 8,506                122    $ 13,850           90      $ 9,110        116        $ 14,514

Loans 30 to 89 days delinquent
to total loans receivable, net             0.14  %                       0.12  %                        0.20  %                   0.13  %                    0.20  %



The following table presents the Company's non-performing loans and OREO at the
dates indicated. The amounts in the table represent the unpaid principal balance
of the loans less related charge-offs, if any. Non-performing 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. At all
dates presented, there were no loans 90 or more days delinquent that were still
accruing interest. Non-performing assets include non-performing loans and OREO.
OREO primarily includes assets acquired in settlement of loans. In late March
2020, the Bank suspended the initiation of foreclosure proceedings for
owner-occupied one- to four-family loans. At June 30, 2021, there were $7.8
million of non-performing one- to four-family loans for which foreclosure
proceedings either had been initiated prior to the foreclosure suspension or
would have been initiated if the foreclosure suspension were not in place.
                                       50
--------------------------------------------------------------------------------

Non-performing loans and OREOs at:

                             June 30,                   March 31,                  December 31,                   September 30,                  June 30,
                               2021                       2021                         2020                           2020                         2020
                       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              53        $  3,696         55        $  4,433             51        $  4,370             51        $  4,362         47        $  4,026
Correspondent
purchased               12           4,230         10           3,749              9           3,371              6           2,397          7           2,740
Bulk purchased           7           2,596         10           3,172             13           3,724             12           2,903          3           1,291
Commercial               7           1,278          6           1,068              5             820              5           1,360          4             709
Consumer                23             445         26             531             26             473             14             304         23             278
                       102          12,245        107          12,953            104          12,758             88          11,326         84           9,044

Loans 90 or more days delinquent or in
foreclosure
 as a percentage of
total loans                           0.17  %                    0.19  %                        0.18  %                        0.16  %                    0.12  %

Nonaccrual loans less than 90 Days
Delinquent:(1)
One- to four-family:
Originated               7        $  1,392          9        $  1,646              9        $    968              9        $    691         14        $  1,132
Correspondent
purchased                -               -          -               -              -               -              -               -          -               -
Bulk purchased           1             131          -               -              -               -              -               -          -               -
Commercial               3             403          4             642              3             411              3             464          1               6
Consumer                 -               -          -               -              1               9              1               9          1              33
                        11           1,926         13           2,288             13           1,388             13           1,164         16           1,171
Total non-performing
loans                  113          14,171        120          15,241            117          14,146            101          12,490        100          10,215

Non-performing loans as a
percentage of total loans             0.20  %                    0.22  %                        0.20  %                        0.17  %                    0.14  %

OREO:
One- to four-family:
Originated(2)            3        $    177          2        $    105              3        $    129              4        $    183          4        $    183

Total non-performing
assets                 116        $ 14,348        122        $ 15,346            120        $ 14,275            105        $ 12,673        104        $ 10,398

Non-performing assets as a
percentage of total assets            0.15  %                    0.16  %                        0.15  %                        0.13  %                    0.11  %



(1)Includes 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.
(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.
                                       51
--------------------------------------------------------------------------------

The following table presents the states where the properties securing five
percent or more of the total amount of our one- to four-family loans are located
and the corresponding balance of loans 30 to 89 days delinquent, 90 or more days
delinquent or in foreclosure, and weighted average LTV ratios for loans 90 or
more days delinquent or in foreclosure at June 30, 2021. 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. At June 30,
2021, potential losses, after taking into consideration anticipated private
mortgage insurance proceeds and estimated selling costs, have been charged-off.
                                                             Loans 30 to 89                Loans 90 or More Days Delinquent
                       One- to Four-Family                  Days Delinquent                        or in Foreclosure
State                 Amount         % of Total          Amount          % of Total        Amount         % of Total      LTV
                                                             (Dollars in thousands)
Kansas            $  3,534,330           57.8  %    $        5,126           52.6  %    $     3,757           35.7  %     56  %
Missouri             1,042,747           17.1                1,667           17.1               825            7.9        39
Texas                  578,503            9.5                    -              -             2,550           24.2        58
Other states           953,753           15.6                2,956           30.3             3,390           32.2        65

                  $  6,109,333          100.0  %    $        9,749          100.0  %    $    10,522          100.0  %     58



Classified loans - The following table presents loans classified as special
mention or substandard at the dates presented. The amounts in the table
represent the unpaid principal balance of the loans less related charge-offs, if
any. The increase in commercial special mention loans at June 30, 2021 compared
to September 30, 2020 was due mainly to the addition of two commercial loans
totaling $50.0 million for which the borrowers have been impacted by the
COVID-19 pandemic. Both of these loans were subject to COVID-19 loan
modifications during fiscal year 2020 and have since resumed full payments.
There are underlying economic considerations that management is monitoring in
association with these loans resulting in the special mention classification.
                                June 30, 2021                     September 30, 2020                     June 30, 2020
                          Special                                                                  Special
                          Mention        Substandard       Special Mention      Substandard        Mention       Substandard
                                                                (Dollars in thousands)

One to four families $ 14,885 $ 24,439 $ 11,339

   $     25,630      $  12,309      $     26,788
Commercial                 100,019             4,057               52,006             4,914         52,054             5,128
Consumer                       237               670                  332               589            320               564
                        $  115,141      $     29,166      $        63,677      $     31,133      $  64,683      $     32,480



Allowance for Credit Losses and Reserve for Off-Balance Sheet Credit Exposures -
As discussed previously, ASU 2016-13 became effective for the Company on October
1, 2020. This ASU replaced the incurred loss impairment methodology for
calculating ACL under GAAP with a new impairment methodology, commonly known as
the CECL methodology. The new methodology requires the Company to measure, at
each reporting date, the expected credit losses for loans and loan commitments
over their contractual lives based on historical experience, current conditions,
and reasonable and supportable forecasts. Upon adoption of the ASU, the Company
recorded a cumulative-effect adjustment to retained earnings of $2.3 million
(net of tax of $739 thousand), which reduced the ACL by $4.8 million, to $26.8
million, and established a reserve for off-balance sheet credit exposures of
$7.8 million, which is recorded in other liabilities in the consolidated balance
sheet. The Bank's off-balance sheet credit exposures are comprised of unfunded
portions of existing loans and commitments to originate or purchase new loans
that are not unconditionally cancellable by the Bank.

The Bank is utilizing a discounted cash flow approach for estimating expected
credit losses for pooled loans and loan commitments. The credit loss estimate
for off-balance sheet credit exposures also takes into consideration the
likelihood that the commitment will be funded. The economic indices used for the
reasonable and supportable forecasted time period are the national unemployment
rate, changes in commercial real estate price index, changes in home values, and
changes in the United States gross domestic product. Management considers
several economic forecast scenarios provided by a third party and selects the
scenario(s) believed to be the most appropriate considering the facts and
circumstances at quarter end. Management also considers several qualitative
factors. The qualitative factors account for items not included in historical
loss rates, the macroeconomic forecast, and/or other model inputs/assumptions.
Any changes to the ACL and reserves on off-balance sheet credit exposures are
recorded through increases/decreases in the provision for credit losses on the
consolidated statements of income.

The economic forecast scenarios selected by management improved at June 30, 2021
compared to March 31, 2021 which resulted in a reduction in the ACL calculated
by the model. Management applied qualitative factors at both June 30, 2021 and
March 31, 2021 to account for the continued economic uncertainties, along with
the balance and trending of large-dollar special mention commercial
                                       52
--------------------------------------------------------------------------------

loans. The total ACL amount assigned to these qualitative factors also decreased
at June 30, 2021 compared to March 31, 2021. The economic uncertainties were
related to (1) the job market, specifically the unemployment rate, labor
participation rate and the effectiveness of the latest federal stimulus package
to the unemployed and the economic stimulus payments to qualifying households,
(2) the impact to the housing market as a result of the foreclosure moratorium
and how the housing market may react when the foreclosure moratorium is
eventually lifted, and (3) the unevenness of the recovery in certain industries.

The following table summarizes the changes in the ACL and the reserve for off-balance sheet credit exposures that arose during the quarter ended. June 30, 2021.

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