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Capitol Federal Financial Inc (CFFN) SEC Filing 10-K Annual report for the fiscal year ending Monday, September 30, 2013

Capitol Federal Financial, Inc.

CIK: 1490906 Ticker: CFFN

 

Picture 2

NEWS RELEASE

FOR IMMEDIATE RELEASE

October 30, 2013

CAPITOL FEDERAL FINANCIAL, INC.
REPORTS FISCAL YEAR 2013 RESULTS

 

Topeka, KS - Capitol Federal® Financial, Inc. (NASDAQ: CFFN) (the “Company”) announced results today for the fiscal year ended September 30, 2013.  Detailed results will be available in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013, which will be filed with the Securities and Exchange Commission (“SEC”) on or about November 29, 2013 and posted on our website, http://ir.capfed.com.  For best viewing results, please view this release in Portable Document Format (PDF) on our website.

 

Highlights for fiscal year 2013 include:

·

net income of $69.3 million,

·

basic and diluted earnings per average share outstanding of $0.48,

·

net interest margin of 1.97%,

·

growth in loans receivable, net, of $350.8 million, or 6.3%,

·

paid dividends of $146.8 million, and

·

declared a special year-end dividend of $0.18 per share.

 

Comparison of Operating Results for the Years Ended September 30, 2013 and 2012

 

For fiscal year 2013, the Company recognized net income of $69.3 million, compared to net income of $74.5 million for fiscal year 2012.  The $5.2 million, or 6.9%, decrease in net income was due primarily to a decrease in net interest income and an increase in non-interest expense, partially offset by a decrease in income tax expense and provision for credit losses.  The net interest margin decreased four basis points, from 2.01% for the prior fiscal year to 1.97% for the current fiscal year.  Decreases in the cost of funds and a shift in the mix of interest-earning assets from relatively lower yielding securities to higher yielding loans mitigated the decrease in the net interest margin, but were not enough to fully offset the impact of decreasing asset yields.

 

Interest and Dividend Income

The weighted average yield on total interest-earning assets decreased 26 basis points from the prior fiscal year to 3.31% for the current fiscal year and the average balance of interest-earning assets decreased $165.7 million from the prior fiscal year.  The decrease in the weighted average balance between the two periods was primarily in the lower yielding investment securities and mortgage-backed securities (“MBS”) portfolios, while the average balance of the loan portfolio increased between the two periods.

 

The following table presents the components of interest and dividend income for the years presented, along with the change measured in dollars and percent.  The decrease in interest income on MBS and loans receivable was due primarily to a decrease in the weighted average yield of each portfolio, while the decrease in interest income on investment securities was due primarily to a decrease in the average balance of the portfolio. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

 

 

 

 

 

 

September 30,

 

Change Expressed in:

 

2013

 

2012

 

Dollars

 

Percent

 

(Dollars in thousands)

 

 

 

INTEREST AND DIVIDEND INCOME:

 

 

 

 

 

 

 

 

 

 

 

Loans receivable

$

228,455 

 

$

236,225 

 

$

(7,770)

 

(3.3)

%

MBS

 

55,424 

 

 

71,156 

 

 

(15,732)

 

(22.1)

 

Investment securities

 

10,012 

 

 

15,944 

 

 

(5,932)

 

(37.2)

 

Capital stock of Federal Home Loan Bank (“FHLB”)

 

4,515 

 

 

4,446 

 

 

69 

 

1.6 

 

Cash and cash equivalents

 

148 

 

 

280 

 

 

(132)

 

(47.1)

 

Total interest and dividend income

$

298,554 

 

$

328,051 

 

$

(29,497)

 

(9.0)

%

 

1

 


The following information was filed by Capitol Federal Financial, Inc. (CFFN) on Wednesday, October 30, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Borrowed Funds
Borrowed Funds (fhlb Advances) (details)
Borrowed Funds (maturity Of Borrowed Funds) (details)
Borrowed Funds (narrative) (details)
Borrowed Funds (tables)
Commitments And Contingencies
Commitments And Contingencies (commitments Outstanding To Originate, Purchase, Or Participate In Loans) (details)
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (tables)
Deposits
Deposits (narrative) (details)
Deposits (summary Of Certificate Of Deposit Maturity) (details)
Deposits (summary Of Deposits) (details)
Deposits (summary Of Interest Expense On Deposits) (details)
Deposits (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (narrative) (details)
Employee Benefit Plans (summary Of Shares Held In The Esop Trust) (details)
Employee Benefit Plans (tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (narrative) (details)
Fair Value Of Financial Instruments (schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments) (details)
Fair Value Of Financial Instruments (schedule Of Fair Value Assets Measured On A Nonrecurring Basis) (details)
Fair Value Of Financial Instruments (schedule Of Fair Value Assets Measured On A Recurring Basis) (details)
Fair Value Of Financial Instruments (tables)
Income Taxes
Income Taxes (components Of Net Deferred Income Tax (liabilities) Assets) (details)
Income Taxes (deferred Income Tax Expense Results From Temporary Differences In Recognition Of Revenue And Expenses For Tax) (details)
Income Taxes (differences Between Effective Rates And Statutory Federal Income Tax Rate Computed On Income Before Income Tax Expense) (details)
Income Taxes (narrative) (details)
Income Taxes (schedule Of Income Tax Expense) (details)
Income Taxes (tables)
Loans Receivable And Allowance For Credit Losses
Loans Receivable And Allowance For Credit Losses (allowance For Credit Losses) (details)
Loans Receivable And Allowance For Credit Losses (impaired Loans By Class, Duration Related Disclosures) (details)
Loans Receivable And Allowance For Credit Losses (impaired Loans By Class, Instant Related Disclosures) (details)
Loans Receivable And Allowance For Credit Losses (ltv And Credit Score Information For Originated And Purchased One-to Four-family Loans And Originated Consumer Home Equity Loans) (details)
Loans Receivable And Allowance For Credit Losses (narrative) (details)
Loans Receivable And Allowance For Credit Losses (recorded Investment In Classified Loans) (details)
Loans Receivable And Allowance For Credit Losses (recorded Investment Of Loans, Past Due) (details)
Loans Receivable And Allowance For Credit Losses (summary Of Loan Portfolio Segment Disaggregated By The Company's Impairment Method) (details)
Loans Receivable And Allowance For Credit Losses (summary Of Loans Receivable) (details)
Loans Receivable And Allowance For Credit Losses (tables)
Loans Receivable And Allowance For Credit Losses (troubled Debt Restructurings On Financing Receivables That Subsequently Defaulted) (details)
Loans Receivable And Allowance For Credit Losses (troubled Debt Restructurings On Financing Receivables) (details)
Parent Company Financial Information (parent Company Only)
Parent Company Financial Information (parent Company Only) (schedule Of Balance Sheets) (details)
Parent Company Financial Information (parent Company Only) (schedule Of Statements Of Cash Flows) (details)
Parent Company Financial Information (parent Company Only) (schedule Of Statements Of Income) (details)
Parent Company Financial Information (parent Company Only) (tables)
Performance Based Compensation
Performance Based Compensation (details)
Premises And Equipment, Net
Premises And Equipment, Net (narrative) (details)
Premises And Equipment, Net (schedule Of Future Minimum Rental Commitments) (details)
Premises And Equipment, Net (summary Of The Carrying Value Of Banking Premises And Equipment) (details)
Premises And Equipment, Net (tables)
Regulatory Capital Requirements
Regulatory Capital Requirements (summary Of Capital And Total Risk-based Capital Ratios) (details)
Regulatory Capital Requirements (tables)
Securities
Securities (amortized Cost, Estimated Fair Value, And Gross Unrealized Gains And Losses Of Afs And Htm Securities) (details)
Securities (carrying Value Of Mortgage Backed Securities In Portfolio) (details)
Securities (narrative) (details)
Securities (schedule Of Amortized Cost And Estimated Fair Value Of Securities Pledged As Collateral) (details)
Securities (schedule Of Contractual Maturities) (details)
Securities (schedule Of Estimated Fair Value And Gross Unrealized Losses Of Securities In Continuous Unrealized Loss Position) (details)
Securities (schedule Of Taxable And Non-taxable Components Of Interest Income) (details)
Securities (tables)
Selected Quarterly Financial Data
Selected Quarterly Financial Data (summary Of Quarterly Data) (details)
Selected Quarterly Financial Data (tables)
Stock-based Compensation
Stock-based Compensation (narrative) (details)
Stock-based Compensation (schedule Of Share Based Compensation Weighted Average Assumptions Used To Value Stock Option Grants) (details)
Stock-based Compensation (summary Of Option Activity) (details)
Stock-based Compensation (summary Of Restricted Stock Activity) (details)
Stock-based Compensation (summary Of Stock Options Outstanding And Exercisable) (details)
Stock-based Compensation (tables)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Ticker: CFFN
CIK: 1490906
Form Type: 10-K Annual Report
Accession Number: 0001490906-13-000057
Submitted to the SEC: Fri Nov 29 2013 9:56:53 AM EST
Accepted by the SEC: Fri Nov 29 2013
Period: Monday, September 30, 2013
Industry: Savings Institution Federally Chartered

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