CAPITOL FEDERAL FINANCIAL, INC.® REPORTS SECOND QUARTER FISCAL YEAR 2026 RESULTS (Form 8-K)

CAPITOL FEDERAL FINANCIAL, INC.®

REPORTS SECOND QUARTER FISCAL YEAR 2026 RESULTS

Topeka, KS - Capitol Federal Financial, Inc.® (NASDAQ: CFFN) (the "Company," "we" or "our"), the parent company of Capitol Federal Savings Bank (the "Bank"), announced preliminary results today for the quarter ended March 31, 2026. For best viewing results, please view this release in Portable Document Format (PDF) on our website, https://ir.capfed.com. Additionally, our quarterly investor presentation can also be found on our website at https://ir.capfed.com/events-and-presentations/default.aspx.

The Company ended the current quarter with total assets of $9.83 billion, stockholders' equity of $1.03 billion and net income of $20.1 million. The continued growth in assets and strong earnings performance are the direct result of disciplined execution of our strategic banking initiatives by the Board and management. This marked our seventh consecutive quarter of net interest income growth and net interest margin expansion. Net interest income increased $949 thousand to $52.3 million, and our net interest margin increased five basis points to 2.24% due primarily to a reduction in borrowings. Our commitment to share repurchases continued with the purchase of $22.4 million in shares between January 1, 2026 and April 22, 2026. The Company paid a special dividend in January as a result of its improved financial performance in fiscal year 2025, further enhancing stockholder value.

Executing on our strategic initiatives during the current quarter enabled growth in our commercial loan portfolio of $39.1 million and in our commercial deposit portfolio of $20.4 million, bringing the totals to $2.32 billion and $548.1 million, respectively. We continue to grow our commercial loan portfolio primarily by redeploying funds received from the repayment of correspondent loans. We expect that growth in the commercial deposit base will further lower our cost of funds due to the nature of commercial deposits.

John B. Dicus, Chairman and CEO, stated, "As we progress through the fiscal year, we are seeing clear benefits from delivering the same high-quality consumer experience while continuing to scale our commercial capabilities. Our technology and product investments are resonating with commercial clients today, with expanded enhancements for trust and wealth customers arriving this summer.

"Our strategic initiatives have improved our financial results and strengthened our capital position. This has directly benefited our stockholders by enabling the payment of dividends, including a special dividend paid in January 2026 in addition to quarterly dividends, and repurchases of our stock. We expect that these repurchases will continue as market opportunities present themselves."

Highlights for the current quarter include:

•net income of $20.1 million;

•net interest margin was 2.24%, an increase of five basis points from 2.19% for the quarter ended December 31, 2025 (the "prior quarter");

•basic and diluted earnings per share of $0.16;

•an efficiency ratio of 52.45%, an improvement from 53.66% the prior quarter;

•an operating expense ratio of 1.24%, unchanged from the prior quarter;

•paid dividends of $15.9 million, or $0.125 per share, including a $0.040 per share special dividend; and

•repurchased 2,155,481 shares of common stock at an average price of $7.16 per share.

Balance sheet highlights include:

•total assets of $9.83 billion at March 31, 2026;

•tangible book value per share of $7.96 at March 31, 2026;

•commercial loan growth of $201.8 million, or 19.1% annualized, since September 30, 2025;

•commercial deposit growth of $39.9 million, or 15.7% annualized, since September 30, 2025;

•distributed $53.0 million from the Bank to the Company during the six months ended March 31, 2026; and

•on April 28, 2026, the Company announced a cash dividend of $0.085 per share, payable on May 15, 2026 to stockholders of record as of the close of business on May 1, 2026.

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Strategic Banking Initiatives

Our strategic banking initiatives keep us focused on the progression towards becoming a full-service consumer and commercial bank. These initiatives have resulted in investments in technology, allowing us to launch new services and products. Our seasoned and well-connected commercial bankers and trust and wealth advisors deliver access to new customer groups. Our treasury management product suite enables us to deliver first-in-class service to new and existing customers. Our marketing and business development efforts continue to increase, deepen and broaden our customer relationships. The focus on our strategic banking initiatives continues to bear fruit and we expect that progress to continue.

Strategic Actions. The long-term success of our transition to a full-service consumer and commercial bank is predicated on strengthening relationships with consumer and commercial customers. Management and the Board are utilizing committed resources to implement our strategic objectives, as well as enhancing internal monitoring of performance metrics intended to ensure we are on the right path. Through our experienced relationship managers, we deliver customized solutions using advanced digital platforms and sophisticated cash management tools. We are leveraging our centralized organizational structure to respond quickly to our customers' needs and desires.

Commercial Lending. Commercial loans continue to grow as a percentage of our total loan portfolio, comprising 29% of the portfolio at March 31, 2026, compared to 28% and 26% at December 31, 2025 and September 30, 2025, respectively. Our disciplined underwriting, ongoing credit administration and monitoring of concentration levels by collateral type, geographic location and borrowing relationship allow us to maintain strong credit quality. Commercial lending utilizes loan pricing and profitability software that provides insights on lending opportunities based on the full customer banking relationship and market intelligence regarding competitor pricing. This enhances our ability to profitably compete with other financial institutions both inside and outside our market areas.

Treasury Management. The Bank offers a competitive suite of treasury management products to commercial customers who are supported by an experienced team of treasury management officers. This team is focused on the deposit and cash management needs of commercial customers and growing this line of business through the acquisition of new customers located in our local market areas, as well as those we lend to outside those areas. During the current fiscal year, a team of business development officers have been tasked with growing the deposit base within the small business customer segment and providing product lines specifically designed for these customers. Our treasury management officers and business development officers often create depository relationships with new customers independent of a lending relationship. We expect that this will be a focus area for our sales teams as the Bank continues to diversify funding sources and seeks to increase fee revenue tied to depository accounts. During the third quarter of fiscal year 2026, the Bank expects to introduce digital onboarding for small business customers using industry-leading risk management and screening tools, which will replace many manual verification tasks. We are evaluating additional technology in order to capture a larger share of this business with even more products and services. Within calendar year 2026, we expect to implement new technology for lockbox services and integrated accounts receivables. The Bank implemented new purchase cards and corporate cards in March 2026. Revenue stream projections have not yet been determined as customer acceptance rates are still being evaluated.

Digital Banking. We are advancing towards a seamless digital banking experience for all customers, enhancing the Bank's ability to attract and retain deposits and lower the cost to service our customers. This strategy includes a new deposit account onboarding platform and digital banking enhancements for debit cardholders, which will allow customers to begin using their card immediately online and in digital wallets without waiting for the delivery of a physical card. During the current quarter, the Bank successfully ran live pilots for this technology and published the mobile app to the app store. We are preparing for general release to our customers in the third quarter of fiscal year 2026. The Bank is taking advantage of fintech plug-in technologies that we expect will integrate into our digital banking experience for consumers, small businesses, and commercial customers.

Wealth Management. We have continued to implement enhanced private wealth management products and services, which is a new line of business for the Bank. Trust and financial advisory services are undergoing a transformational upgrade that we expect will lead to improved client and advisor experience, lowered overhead cost, and increased revenue. We are adding experienced advisors to our staff to meet the growing client demand in all the markets we serve.

We continue to expand our extensive suite of private banking products and services and grow our client base in this area. We believe that deliberate and meaningful growth in this line of business will be a gateway to driving revenue growth from off-balance sheet assets and bridge the gap between high-net-worth depository customers, small business owners and key commercial customers and create additional corporate trustee opportunities for the Bank.

Stockholder Value. Delivering long-term sustainable stockholder value continues to be our North Star while maintaining a strong capital position. As part of our historically robust and disciplined approach to capital management, we continue to generate returns to stockholders through dividend payments and share repurchases. At March 31, 2026, Capitol Federal Financial, Inc., at the holding

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company level, had $10.7 million in cash on deposit at the Bank. The Bank anticipates moving at least $25.0 million to the holding company during the quarter-ending June 30, 2026, to fund the payment of dividends and share repurchases. Total dividends paid during the second quarter of fiscal year 2026 were $15.9 million, or $0.125 per share. During the six months ended March 31, 2026, the Company paid dividends of $26.9 million, or $0.210 per share and repurchased 4,532,114 shares for $31.7 million. Subsequent to March 31, 2026, the Company repurchased 927,964 shares for $7.0 million through April 22, 2026. Since completing our second-step conversion in December 2010 through March 31, 2026, we have returned $2.06 billion to stockholders through $1.59 billion in cash dividends and $471.6 million in share repurchases. For the remainder of fiscal year 2026, it is the intention of the Board of Directors to continue the regular quarterly cash dividend of $0.085 per share and to seek further opportunities for value-enhancing share repurchases.

Comparison of Operating Results for the Three Months Ended March 31, 2026 and December 31, 2025

For the quarter ended March 31, 2026, the Company recognized net income of $20.1 million, or $0.16 per share, compared to net income of $20.3 million, or $0.16 per share, for the quarter ended December 31, 2025. The slight decrease in net income was due primarily to a higher provision for credit losses, partially offset by higher net interest income and lower non-interest expense. The net interest margin increased five basis points, from 2.19% for the prior quarter to 2.24% for the current quarter due to a decrease in the amount of borrowings outstanding during the quarter.

Interest and Dividend Income

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

			For the Three Months Ended
			March 31,						December 31,						Change Expressed in:
			2026						2025						Dollars						Percent
			(Dollars in thousands)
INTEREST AND DIVIDEND INCOME:
Loans receivable			$	89,323					$	89,792					$	(469)					(0.5		%)
Mortgage-backed securities ("MBS")			10,853						11,341						(488)						(4.3)
Cash and cash equivalents			2,474						2,773						(299)						(10.8)
Federal Home Loan Bank Topeka ("FHLB") stock			1,858						2,032						(174)						(8.6)
Investment securities			52						51						1						2.0
Total interest and dividend income			$	104,560					$	105,989					$	(1,429)					(1.3)

The decrease in interest income on loans receivable was mainly related to the commercial loan portfolio, largely due to two fewer calendar days during the current quarter, along with lower deferred fee recognition in the current quarter related to commercial loan payoff activity. The average balance of the commercial loan portfolio increased during the current quarter which partially offset the impact of the items noted above. The decrease in interest income on MBS was due to a decrease in the average balance of the portfolio compared to the prior quarter as not all of the portfolio repayments were reinvested back into the portfolio. The decrease in interest income on cash and cash equivalents was due primarily to a decrease in the weighted average yield compared to the prior quarter. The decrease in dividend income on FHLB stock was due primarily to a reduction in the Bank's balance of FHLB stock following the payoff of $200.0 million of maturing FHLB borrowings and repayments on amortizing FHLB borrowings, which reduced the Bank's required FHLB stock holdings.

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Interest Expense

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

			For the Three Months Ended
			March 31,						December 31,						Change Expressed in:
			2026						2025						Dollars						Percent
			(Dollars in thousands)
INTEREST EXPENSE:
Deposits			$	36,299					$	37,500					$	(1,201)					(3.2		%)
Borrowings			15,995						17,172						(1,177)						(6.9)
Total interest expense			$	52,294					$	54,672					$	(2,378)					(4.3)

The decrease in interest expense on deposits between periods was due primarily to a decrease in the cost of retail certificates of deposit and money market accounts compared to the prior quarter. The reduction in the cost of retail certificates of deposit was due to existing higher rate certificates of deposit renewing at lower rates and the decrease in the rate on money market accounts was due to management lowering the rates on some money market tiers during the current quarter. Interest expense on borrowings was lower compared to the prior quarter due to a decrease in the average balance, attributable mainly to FHLB borrowings that matured between periods and were not replaced. Deposit growth, along with cash flows from the securities portfolio, were used to repay these borrowings.

Provision for Credit Losses

The Company recorded a provision for credit losses of $2.4 million during the current quarter compared to a provision for credit losses of $1.1 million for the prior quarter. The provision for credit losses in the current quarter was comprised of a $2.1 million increase in the allowance for credit losses ("ACL") for loans and a $308 thousand increase in the reserve for off-balance sheet credit exposures. The provision for credit losses in the current quarter was due primarily to establishing a $4.0 million specific valuation allowance related to a nonaccrual commercial lending relationship, partially offset by an increase in projected prepayment speeds for certain commercial loan categories and improvement between quarters in some of the commercial-related forecasted economic indices applied in the ACL model.

Non-Interest Income

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

			For the Three Months Ended
			March 31,						December 31,						Change Expressed in:
			2026						2025						Dollars						Percent
			(Dollars in thousands)
NON-INTEREST INCOME:
Deposit service fees			$	2,690					$	2,872					$	(182)					(6.3		%)
Income from bank-owned life insurance ("BOLI")			1,151						965						186						19.3
Insurance commissions			512						789						(277)						(35.1)
Other non-interest income			1,106						853						253						29.7
Total non-interest income			$	5,459					$	5,479					$	(20)					(0.4)

Income from BOLI was higher in the current quarter due primarily to the purchase of $45.0 million in BOLI policies during the current quarter. Insurance commissions were lower compared to the prior quarter due primarily to the receipt of commissions that were lower than accruals, along with insurance industry changes that continued to reduce income on certain lines of business. The increase in other non-interest income was due mainly to prepayment fees related to commercial loan payoffs during the current quarter.

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Non-Interest Expense

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

			For the Three Months Ended
			March 31,						December 31,						Change Expressed in:
			2026						2025						Dollars						Percent
			(Dollars in thousands)
NON-INTEREST EXPENSE:
Salaries and employee benefits			$	15,828					$	15,747					$	81					0.5		%
Information technology and related expense			5,425						5,134						291						5.7
Occupancy, net			3,265						3,450						(185)						(5.4)
Professional and other services			1,579						1,789						(210)						(11.7)
Federal insurance premium			1,110						1,111						(1)						(0.1)
Advertising and promotional			645						1,056						(411)						(38.9)
Deposit and loan transaction costs			768						716						52						7.3
Office supplies and related expense			511						481						30						6.2
Other non-interest expense			1,143						992						151						15.2
Total non-interest expense			$	30,274					$	30,476					$	(202)					(0.7)

The decrease in professional and other services was due primarily to nonrecurring services in the prior quarter. The decrease in advertising and promotional expense was due primarily to the timing of marketing campaigns compared to the prior quarter.

The Company's efficiency ratio was 52.45% for the current quarter compared to 53.66% for the prior quarter. The efficiency ratio is a measure of a financial institution's total non-interest expense as a percentage of the sum of net interest income (pre-provision for credit losses) and non-interest income. A lower value generally indicates that it is costing the financial institution less money to generate revenue. The Company's operating expense ratio (annualized) for the current quarter was 1.24%, unchanged from the prior quarter. The operating expense ratio is a measure of a financial institution's total non-interest expense as a percentage of average assets, providing insight into how efficiently the Company is managing its expenses in relation to its assets and does not take into consideration changes in interest rates.

Income Tax Expense

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

			For the Three Months Ended
			March 31,						December 31,						Change Expressed in:
			2026						2025						Dollars						Percent
			(Dollars in thousands)
Income before income tax expense			$	25,079					$	25,214					$	(135)					(0.5		%)
Income tax expense			4,931						4,910						21						0.4
Net income			$	20,148					$	20,304					$	(156)					(0.8)
Effective tax rate			19.7		%				19.5		%

Comparison of Operating Results for the Six Months Ended March 31, 2026 and 2025

The Company recognized net income of $40.5 million, or $0.32 per share, for the current year period, compared to net income of $30.8 million, or $0.24 per share, for the prior year period. The increase in net income was due mainly to higher net interest income, partially offset by higher non-interest expense and a higher provision for credit losses. The net interest margin increased 33 basis points, from 1.89% for the prior year period to 2.22% for the current year period. The increase was due mainly to growth in the higher yielding commercial loan portfolio. The net interest margin benefits associated with the reduction in the cost of deposits, largely related to a decrease in rates on the retail certificate of deposit portfolio, was more than offset by an increase in the average balance of the deposit portfolio, mainly due to growth in the high yield savings account.

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Interest and Dividend Income

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

			For the Six Months Ended
			March 31,												Change Expressed in:
			2026						2025						Dollars						Percent
			(Dollars in thousands)
INTEREST AND DIVIDEND INCOME:
Loans receivable			$	179,115					$	162,261					$	16,854					10.4		%
MBS			22,194						22,288						(94)						(0.4)
Cash and cash equivalents			5,247						4,600						647						14.1
FHLB stock			3,890						4,637						(747)						(16.1)
Investment securities			103						2,011						(1,908)						(94.9)
Total interest and dividend income			$	210,549					$	195,797					$	14,752					7.5

The increase in interest income on loans receivable was due primarily to growth in the commercial loan portfolio, as cash flows from the one-to four-family loan portfolio continued to be redirected into the higher yielding commercial loan portfolio. Interest income on cash and cash equivalents increased due to an increase in the average balance compared to the prior year period, partially offset by a decrease in the weighted average yield. The increase in the average balance was driven primarily by carrying more cash during the current year period to support anticipated commercial loan activities and operational needs. The decrease in FHLB stock dividend income was due primarily to a reduction in the balance of FHLB stock due to paying off maturing FHLB borrowings between periods and repayments on amortizing FHLB borrowings, which reduced the Bank's required FHLB stock holdings. The decrease in interest income on investment securities was due primarily to a lower average balance, due mainly to securities that were called or matured between periods and were not replaced in their entirety.

Interest Expense

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

			For the Six Months Ended
			March 31,												Change Expressed in:
			2026						2025						Dollars						Percent
			(Dollars in thousands)
INTEREST EXPENSE:
Deposits			$	73,799					$	73,198					$	601					0.8		%
Borrowings			33,167						36,529						(3,362)						(9.2)
Total interest expense			$	106,966					$	109,727					$	(2,761)					(2.5)

Interest expense on deposits was higher during the current year period due primarily to growth in the Bank's high yield savings account offering, partially offset by a decrease in the cost of retail certificates of deposit. The decrease in interest expense on borrowings was due to a decrease in the average balance, which was partially offset by a higher weighted average interest rate. The decrease in the average balance of borrowings was due mainly to FHLB borrowings that matured between periods and were not renewed, along with continued repayments on amortizing FHLB advances. Cash flows from the deposit portfolio were used, in part, to pay off maturing FHLB borrowings and repay amortizing FHLB advances. The increase in the weighted average interest rate was due primarily to FHLB borrowings that matured and were renewed between periods to market interest rates higher than the overall portfolio rate, along with paying off lower rate advances that matured between periods, which increased the overall interest rate of the remaining FHLB advances.

Provision for Credit Losses

The Company recorded a provision for credit losses of $3.5 million during the current year period compared to a provision for credit losses of $677 thousand for the prior year period. The provision for credit losses in the current year period was due primarily to establishing a $4.0 million specific valuation allowance related to a nonaccrual commercial lending relationship, along with commercial loan/commitment growth, partially offset by improvement between periods in some of the commercial-related forecasted economic indices applied in the ACL model.

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Non-Interest Income

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

			For the Six Months Ended
			March 31,												Change Expressed in:
			2026						2025						Dollars						Percent
			(Dollars in thousands)
NON-INTEREST INCOME:
Deposit service fees			$	5,562					$	5,303					$	259					4.9		%
Income from BOLI			2,116						1,295						821						63.4
Insurance commissions			1,301						1,703						(402)						(23.6)
Other non-interest income			1,959						1,345						614						45.7
Total non-interest income			$	10,938					$	9,646					$	1,292					13.4

Income from BOLI was higher in the current year period due mainly to a change in rates and an increase in the crediting rate as a result of updates to certain policies that were executed in the second half of the prior fiscal year, along with $45.0 million in new BOLI policies being purchased during the current year period. Insurance commissions were lower compared to the prior year period due primarily to contingent commissions, specifically, contingent commissions received versus accrued in the current year compared to the prior year, along with a reduction in income in the current year period related to personal lines of business caused by some carriers imposing underwriting restrictions in our market areas. Recently, several carriers began to ease their restrictions in our market areas, which should improve our income opportunities. Other non-interest income was higher in the current year period due mainly to higher commercial loan fee activity.

Non-Interest Expense

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

			For the Six Months Ended
			March 31,												Change Expressed in:
			2026						2025						Dollars						Percent
			(Dollars in thousands)
NON-INTEREST EXPENSE:
Salaries and employee benefits			$	31,575					$	29,170					$	2,405					8.2		%
Information technology and related expense			10,559						9,474						1,085						11.5
Occupancy, net			6,715						6,835						(120)						(1.8)
Professional and other services			3,368						2,582						786						30.4
Federal insurance premium			2,221						2,133						88						4.1
Advertising and promotional			1,701						1,582						119						7.5
Deposit and loan transaction costs			1,484						1,470						14						1.0
Office supplies and related expense			992						836						156						18.7
Other non-interest expense			2,135						2,606						(471)						(18.1)
Total non-interest expense			$	60,750					$	56,688					$	4,062					7.2

The increase in salaries and employee benefits was mainly attributable to an increase in full-time equivalent employees between periods, as well as merit increases and salary adjustments to remain market competitive. The increase in information technology and related expense was due mainly to an increase in software licensing expense related to new agreements and applications. The increase in professional and other services was due primarily to an increase in new relationships with outside service providers and additional services provided by current providers, of which approximately $325 thousand is not expected to recur in future periods. The decrease in other non-interest expense was due mainly to higher customer fraud losses in the prior year period.

The Company's efficiency ratio was 53.05% for the current year period compared to 59.23% for the prior year period. The improvement in the efficiency ratio was due primarily to higher net interest income compared to the prior year period, partially offset by higher non-interest expense. The Company's operating expense ratio (annualized) for the current year period was 1.24% compared to 1.18% for the prior year period. The operating expense ratio was higher in the current year period due mainly to higher non-interest expense, partially offset by higher average assets compared to the prior year period.

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Income Tax Expense

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

			For the Six Months Ended
			March 31,												Change Expressed in:
			2026						2025						Dollars						Percent
			(Dollars in thousands)
Income before income tax expense			$	50,293					$	38,351					$	11,942					31.1		%
Income tax expense			9,841						7,521						2,320						30.8
Net income			$	40,452					$	30,830					$	9,622					31.2
Effective tax rate			19.6		%				19.6		%

Income tax expense was higher in the current year period due to higher pretax income.

Financial Condition as of March 31, 2026

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

															Annualized												Annualized
			March 31,						December 31,						Percent						September 30,						Percent
			2026						2025						Change						2025						Change
			(Dollars and shares in thousands)
Total assets			$	9,829,080					$	9,778,400					2.1		%				$	9,778,701					1.0		%
Available-for-sale ("AFS") securities			809,566						829,704						(9.7)						867,216						(13.3)
Loans receivable, net			8,114,205						8,176,736						(3.1)						8,111,961						0.1
Deposits			6,924,491						6,758,632						9.8						6,591,448						10.1
Borrowings			1,707,055						1,829,914						(26.9)						1,950,770						(25.0)
Stockholders' equity			1,025,726						1,041,320						(6.0)						1,047,677						(4.2)
Equity to total assets at end of period			10.4		%				10.6		%										10.7		%
Tangible book value per share			$	7.96					$	7.95					0.5						$	7.85					2.8
Average number of basic and diluted shares outstanding			126,631						128,953						(7.2)						129,874						(5.0)

The loan portfolio decreased $62.5 million during the current quarter as the one- to four-family loan portfolio decreased $98.2 million from the prior quarter-end, partially offset by commercial loan growth of $39.1 million, or a 1.7% increase, mainly in the commercial real estate portfolio. The Bank expects to fund approximately $60.0 million of undisbursed amounts on existing commercial real estate and commercial construction loans and approximately $84.4 million of commercial real estate and commercial construction commitments during the June 30, 2026 quarter. The near-term outlook for net commercial loan balances is growth of approximately 6% for the quarter ending June 30, 2026, with overall net commercial loan growth of approximately 20% for the fiscal year. Total loans receivable, net is anticipated to increase by approximately 1% for the current fiscal year. It is expected that repayments from our one- to four-family loan portfolio will continue to be directed toward supporting commercial loan growth, aligning with our ongoing commitment to expand commercial banking services. Maintaining strong credit quality remains a top priority as we expand our commercial loan portfolio. The weighted average debt service coverage ratio ("DSCR") for commercial loan originations during the current quarter was 1.86x and the weighted average loan-to-value ("LTV") for commercial real estate and construction loans originated was 63%. The weighted average DSCR and LTV for our commercial real estate and construction loan portfolios was 1.76x and 63%, respectively, at March 31, 2026.

Deposits increased $165.9 million during the current quarter due mainly to an increase in the Bank's retail non-maturity deposits. Borrowings decreased $122.9 million from December 31, 2025, due to the maturity of $100.0 million in borrowings that were not replaced, along with principal repayments made on the Bank's amortizing FHLB advances. Cash flows from the deposit portfolio were primarily used to pay down the borrowings during the current quarter. Management estimates that the Bank had $4.35 billion in liquidity available at March 31, 2026, based on the Bank's blanket collateral agreement with FHLB, available brokered and public unit deposit capacity, unencumbered securities, and cash and cash equivalent balances.

The loan portfolio increased $2.2 million from September 30, 2025, which was attributable to a $201.8 million increase in commercial loans, offset by a $196.8 million decrease in one- to four-family loans, as the Bank continued to redirect cash flows from the one- to

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four-family loan portfolio to the commercial loan portfolio. The growth in the commercial loan portfolio was primarily in commercial real estate loans. The weighted average DSCR for commercial loan originations/participations during the six months ended March 31, 2026 was 2.35x and the weighted average LTV for commercial real estate and construction loan originations/participations was 70%.

Deposits increased $333.0 million from September 30, 2025, due mainly to an increase in non-maturity deposits. Management continues to focus on growing commercial relationships and deposits. During the six months ended March 31, 2026, commercial non-interest-bearing deposits increased $36.1 million, or 18.9%. Borrowings decreased $243.7 million during the current year period due primarily to the maturity of $200.0 million of borrowings that were not replaced, along with principal repayments made on the Bank's amortizing FHLB advances.

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

			For the Three Months Ended												For the Six Months Ended
			March 31, 2026												March 31, 2026
			Amount						Rate						Amount						Rate
			(Dollars in thousands)
Loan originations and participations
One- to four-family and consumer:
Originated			$	75,458					6.20		%				$	171,246					6.19		%
Commercial:
Originated			123,828						6.45						404,909						6.47
Participations			-						-						83,520						6.37
			$	199,286					6.35						$	659,675					6.38
Deposit activity
Retail non-maturity deposits			$	134,826											$	297,076
Commercial non-maturity deposits			15,389												34,522
Retail/Commercial certificates of deposit			59,252												49,021
Borrowing activity
Maturities and repayments			(496,168)						3.80						(667,336)						3.43
New borrowings			375,000						3.81						425,000						3.79

Stockholders' Equity

Stockholders' equity totaled $1.03 billion at March 31, 2026, a decrease of $22.0 million from September 30, 2025. Consistent with our goal to operate a sound and profitable financial organization that delivers long-term stockholder value, we actively seek to maintain a well-capitalized status for the Bank in accordance with regulatory standards. As of March 31, 2026, all of the Bank's capital ratios exceeded the well-capitalized requirements, and the Bank exceeded internal policy thresholds for sensitivity to changes in interest rates. As of March 31, 2026, the Bank's community bank leverage ratio was 9.5%.

During the six months ended March 31, 2026, the Company repurchased 4,532,114 shares of common stock at an average price of $7.00 per share, or $31.7 million in total. Subsequent to March 31, 2026 through April 22, 2026, the Company repurchased 927,964 shares of common stock at an average price of $7.54 per share, or $7.0 million in total, bringing total share repurchases during fiscal year 2026 through April 22, 2026 to 5,460,078 shares for $38.7 million. The Company intends to opportunistically repurchase stock from time to time depending upon market conditions, available liquidity and other factors. Although our existing repurchase plan has no expiration date, we are required to annually seek the Federal Reserve Bank of Kansas City's ("FRB") non-objection for the buyback amount. The FRB's current non-objection for the Company to repurchase up to $75 million of stock expires in February 2027. As of April 22, 2026, the Company had $32.4 million remaining authorized under its existing stock repurchase plan.

During the six months ended March 31, 2026, the Company paid cash dividends totaling $26.9 million, or $0.210 per share, which consisted of a $0.040 per share special cash dividend and two regular quarterly cash dividends of $0.085 each, totaling $0.170 per share. On April 28, 2026, the Company announced a regular quarterly cash dividend of $0.085 per share, or approximately $10.6 million, payable on May 15, 2026 to stockholders of record as of the close of business on May 1, 2026. The special cash dividend paid in January 2026, in addition to the Company's history of regular quarterly dividends and opportunistic share repurchases,

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demonstrates the Company's multi-channel focus on delivering stockholder value through disciplined capital allocation which balances investments in the future of the Company with incremental opportunities to return capital to stockholders. For the remainder of fiscal year 2026, it is the intention of the Company's Board of Directors to pay out a regular quarterly cash dividend of $0.085 per share, totaling $0.34 per share for the year. Dividend payments depend upon a number of factors, including the Company's financial condition and results of operations, regulatory capital compliance, regulatory limitations on the Bank's ability to make capital distributions to the Company, the Bank's current tax earnings and accumulated earnings and profits, and the amount of cash at the holding company level.

The Board of Directors continues to evaluate various alternatives for capital allocation to enhance stockholder value, including the repurchase of stock, the payment of additional cash dividends, or retaining earnings to support future growth. Since our second-step conversion in December 2010 through March 31, 2026, we have returned $2.06 billion in capital to stockholders through dividends totaling $1.59 billion and stock repurchases totaling $471.6 million. This is supported by our holistic approach to managing the balance sheet through continuous modeling of the Bank's performance, risk management, our commitment to credit quality and periodic stress testing.

At March 31, 2026, Capitol Federal Financial, Inc., at the holding company level, had $10.7 million in cash on deposit at the Bank. During the six months ended March 31, 2026, the Bank distributed $53.0 million from the Bank to the Company. It is the intention of the Bank to move at least $25.0 million of cash from the Bank to the holding company during the June 2026 quarter. The Bank is expected to remain in a positive tax accumulated earnings and profit balance during fiscal year 2026. Earnings distributions from the Bank to the Company will be limited to the extent necessary to prevent the Bank from re-entering a negative accumulated earnings and profit position and having to pay the pre-1988 bad debt recapture tax on earnings moved from the Bank to the Company.

The following table presents a reconciliation of total to net shares outstanding as of March 31, 2026. As of April 22, 2026, total shares outstanding were 126,760,727.

Total shares outstanding			127,688,691
Less unallocated Employee Stock Ownership Plan ("ESOP") shares and unvested restricted stock			(2,543,533)
Net shares outstanding			125,145,158

Capitol Federal Financial, Inc. is the holding company for the Bank. As of March 31, 2026, the Bank had 46 branch locations in Kansas and Missouri and is one of the largest residential lenders in the State of Kansas. News and other information about the Company can be found at the Bank's website, http://www.capfed.com.