Capitol Federal Financial, Inc. (CFFN) 10-K Annual Report November 2018

Topeka, KS - Capitol Federal^® Financial, Inc. (NASDAQ: CFFN) (the "Company"), the parent company of Capitol Federal Savings Bank (the "Bank"), announced results today for the fiscal year ended September 30, 2018. Detailed results will be available in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2018, which will be filed with the Securities and Exchange Commission ("SEC") on or about November 29, 2018 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 the fourth quarter include:


•	closed on the acquisition of Capital City Bancshares, Inc. ("CCB");


•	net income of $21.4 million;


•	basic and diluted earnings per share of $0.16;


•	net interest margin of 2.24% (2.26% excluding the effects of the leverage strategy); and


•	paid dividends of $11.4 million, or $0.085 per share.

Highlights for the fiscal year include:


•	net income of $98.9 million;


•	basic and diluted earnings per share of $0.73;


•	net interest margin of 1.95% (2.24% excluding the effects of the leverage strategy);


•	paid dividends of $118.3 million, or $0.88 per share; and


•	declared a fiscal year 2018 cash true-up dividend of $0.39 per share, payable on November 30, 2018.

On August 31, 2018, the Company completed its acquisition of CCB, the parent company of Capital City Bank, a Kansas state chartered bank headquartered in Topeka, KS. Immediately upon closing the merger, Capital City Bank merged with and into the Bank. As a result of the merger, the Bank is entering the commercial banking business through the origination of commercial lending products and offering of commercial deposit services, and began offering trust and brokerage services. During the quarter ended September 30, 2018, the Company recognized approximately $375 thousand of acquisition-related expenses and recognized approximately $875 thousand of such expenses during fiscal year 2018. The Company's fiscal year 2018 results include one month of CCB operating results. Integration of information systems is anticipated to be completed early in the second calendar quarter of 2019.

Comparison of Operating Results for the Fiscal Years Ended September 30, 2018 and 2017

The Company recognized net income of $98.9 million, or $0.73 per share, for the fiscal year ended September 30, 2018 compared to net income of $84.1 million, or $0.63 per share, for the fiscal year ended September 30, 2017. The increase in net income was due primarily to a decrease in income tax expense. During the current fiscal year, the Tax Cuts and Jobs Act (the "Tax Act") was enacted which reduced the federal corporate income tax rate from 35% to 21% effective January 1, 2018. In accordance with accounting principles generally accepted in the United States of America ("GAAP"), the Company revalued its deferred tax assets and liabilities as of December 22, 2017 to account for the lower corporate income tax rate. The revaluation of the Company's deferred income tax assets and liabilities reduced income tax expense by $7.5 million. The effective tax rate for the current fiscal year was 20.2%. Management estimates the effective income tax rate for fiscal year 2019 will be approximately 22%.

The net interest margin increased 16 basis points, from 1.79% for the prior fiscal year to 1.95% for the current fiscal year. Excluding the effects of the leverage strategy, the net interest margin would have increased nine basis points, from 2.15% for the prior fiscal year to 2.24% for the current fiscal year. The increase in the net interest margin was due mainly to an increase in interest-earning asset yields.

The following information was filed by Capitol Federal Financial, Inc. (CFFN) on Friday, October 26, 2018 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

Material Contracts, Statements, Certifications & more

Capitol Federal Financial, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.1(IV): Cffn Exhibit 10.1(Iv) Change Of Control Agreement

Exhibit 10.1(V): Cffn Exhibit 10.1(V) Employment Agreement

Exhibit 10.3: Cffn Exhibit 10.3 Deferred Incentive Bonus Plan

Exhibit 10.6: Cffn Exhibit 10.6 Description Of Director Fee Arrangements

Exhibit 21: Cffn Exhibit 21 Subsidiaries Of The Registrant

Exhibit 23: Cffn Exhibit 23 Consent Of Auditors

Exhibit 31.1: Cffn Exhibit 31.1 Certification

Exhibit 31.2: Cffn Exhibit 31.2 Certification

Exhibit 32: Cffn Exhibit 32 Certification Section 1350

Ticker: CFFN
CIK: 1490906
Form Type: 10-K Annual Report
Accession Number: 0001490906-18-000073
Submitted to the SEC: Thu Nov 29 2018 1:54:54 PM EST
Accepted by the SEC: Thu Nov 29 2018
Period: Sunday, September 30, 2018
Industry: Savings Institution Federally Chartered

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Capitol Federal Financial, Inc. (CFFN) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 30, 2018

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