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

Capitol Federal Financial, Inc.

CIK: 1490906 Ticker: CFFN



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NEWS RELEASE
FOR IMMEDIATE RELEASE
October 26, 2018
CAPITOL FEDERAL® FINANCIAL, INC.
REPORTS FISCAL YEAR 2018 RESULTS

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.


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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

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)
Acquisition
Acquisition (Narrative) (Details)
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)
Employee Stock Ownership Plan
Employee Stock Ownership Plan (Narrative) (Details)
Employee Stock Ownership Plan (Summary Of Shares Held In The Esop Trust) (Details)
Employee Stock Ownership Plan (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 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)
Intangible Assets
Intangible Assets (Narrative) (Details)
Intangible Assets (Schedule Of Goodwill And Intangible Assets) (Details)
Intangible Assets (Tables)
Intangible Assets Intangible Assets (Schedule Of Core Deposit And Other Intangible Assets, Future Amortization Expense) (Details)
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, Correspondent Purchased, And Bulk 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, Nonaccrual) (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)
Low Income Housing Partnerships
Low Income Housing Partnerships (Narrative) (Details)
Other Comprehensive Income
Other Comprehensive Income (Details)
Other Comprehensive Income (Tables)
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
Premises And Equipment (Narrative) (Details)
Premises And Equipment (Schedule Of Future Minimum Rental Commitments) (Details)
Premises And Equipment (Summary Of The Carrying Value Of Banking Premises And Equipment) (Details)
Premises And Equipment (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 (Narrative) (Details)
Securities (Schedule Of Carrying 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 (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Summary Of Quarterly Data) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
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: 0001490906-18-000073
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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