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Capitol Federal Financial Inc (CFFN) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, September 30, 2014

Capitol Federal Financial, Inc.

CIK: 1490906 Ticker: CFFN



NEWS RELEASE
FOR IMMEDIATE RELEASE
October 29, 2014
CAPITOL FEDERAL FINANCIAL, INC.
REPORTS FISCAL YEAR 2014 RESULTS

Topeka, KS - Capitol Federal® Financial, Inc. (NASDAQ: CFFN) (the “Company”) announced results today for the fiscal year ended September 30, 2014. Detailed results will be available in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2014, which will be filed with the Securities and Exchange Commission (“SEC”) on or about November 26, 2014 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 2014 include:
net income of $77.7 million, including $501 thousand from the previously announced leverage strategy that was fully implemented on August 1, 2014;
basic and diluted earnings per share of $0.56;
net interest margin of 2.00%;
dividends paid of $138.2 million, or $0.98 per share;
repurchased 6,947,065 shares of common stock at an average price of $11.98 per share; and
declared a special year-end dividend of $0.26 per share payable on December 5, 2014.

Comparison of Operating Results for the Years Ended September 30, 2014 and 2013

For fiscal year 2014, the Company recognized net income of $77.7 million, compared to net income of $69.3 million for fiscal year 2013. The $8.4 million, or 12.0%, increase in net income was due primarily to a $6.0 million increase in net interest income, and a $5.4 million decrease in salaries and employee benefits due primarily to a reduction in Employee Stock Ownership Plan (“ESOP”) related expenses. The net interest margin increased three basis points, from 1.97% for the prior fiscal year to 2.00% 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 were the primary drivers for the higher net interest margin in the current fiscal year.

During the fourth quarter of fiscal year 2014, Capitol Federal Savings Bank (the “Bank”) implemented a leverage strategy (“daily leverage strategy”) to increase earnings. The daily leverage strategy involves borrowing up to $2.10 billion on the Bank’s Federal Home Loan Bank (“FHLB”) line of credit in two leverage tiers. The first tier of $800.0 million is intended to remain borrowed on the FHLB line of credit for an extended period of time. The second tier of $1.30 billion is borrowed at the beginning of each quarter and paid off prior to each quarter end. The proceeds of the borrowings, net of the required FHLB stock holdings, are deposited at the Federal Reserve Bank of Kansas City. The daily leverage strategy was fully implemented beginning on August 1, 2014. The daily leverage strategy has had minimal impact on the Bank’s interest rate risk and liquidity. The pre-tax yield of the daily leverage strategy, which is defined as the annualized pre-tax income resulting from the transaction as a percentage of the interest-earning assets associated with the transaction, was 0.21% for fiscal year 2014. Excluding the effects of the daily leverage strategy, the net interest margin would have been 2.07% for the current fiscal year.

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The following information was filed by Capitol Federal Financial, Inc. (CFFN) on Wednesday, October 29, 2014 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)
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 And Borrowed Funds
Deposits And Borrowed Funds (fhlb Advances) (details)
Deposits And Borrowed Funds (maturity Of Borrowed Funds And Certificates Of Deposit) (details)
Deposits And Borrowed Funds (narrative) (details)
Deposits And Borrowed Funds (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Esop
Esop (narrative) (details)
Esop (summary Of Shares Held In The Esop Trust) (details)
Esop (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 In 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)
Loans Receivable And Allowance For Credit Losses Loans Receivable And Allowance For Credit Losses (recorded Investment In Loans, Nonaccrual) (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)
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)
Regulatory Capital Requirements Regulatory Capital Requirements (narrative) (details)
Securities
Securities (amortized Cost, Estimated Fair Value, And Gross Unrealized Gains And Losses Of Afs And Htm Securities) (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)
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: 0001490906-14-000055
Submitted to the SEC: Wed Nov 26 2014 1:24:56 PM EST
Accepted by the SEC: Wed Nov 26 2014
Period: Tuesday, September 30, 2014
Industry: Savings Institution Federally Chartered

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