Last10K.com

Capitol Federal Financial, Inc. (CFFN) SEC Filing 10-K Annual report for the fiscal year ending Monday, September 30, 2019

SEC Filings

Capitol Federal Financial, Inc.

HISTORY TOOLS
CIK: 1490906 Ticker: CFFN



cffnlogo.jpg
NEWS RELEASE
FOR IMMEDIATE RELEASE
October 30, 2019
CAPITOL FEDERAL FINANCIAL, INC.® 
REPORTS FISCAL YEAR 2019 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, 2019. Detailed results will be available in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2019, which will be filed with the Securities and Exchange Commission ("SEC") on or about November 27, 2019 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 quarter include:
•
net income of $22.4 million;
•
basic and diluted earnings per share of $0.16;
•
net interest margin of 2.15% (2.24% excluding the effects of the leverage strategy); and
•
paid dividends of $11.7 million, or $0.085 per share.

Highlights for the fiscal year include:
•
net income of $94.2 million;
•
basic and diluted earnings per share of $0.68;
•
net interest margin of 2.26% (2.30% excluding the effects of the leverage strategy);
•
total commercial loans and commitments outstanding of $1.00 billion at September 30, 2019;
•
paid dividends of $134.9 million, or $0.98 per share; and
•
declared a fiscal year 2019 cash true-up dividend of $0.34 per share, payable on December 6, 2019.

Comparison of Operating Results for the Fiscal Years Ended September 30, 2019 and 2018

The Company recognized net income of $94.2 million, or $0.68 per share, for the fiscal year ended September 30, 2019 compared to net income of $98.9 million, or $0.73 per share, for the fiscal year ended September 30, 2018. The decrease in net income was due primarily to a $10.0 million increase in non-interest expense during the current year, partially offset by a $7.6 million increase in net interest income due primarily to higher yielding loans added in the acquisition of Capital City Bancshares, Inc. ("CCB"). Additionally, income tax expense was $1.4 million higher in the current fiscal year due primarily to income tax adjustments required in the prior fiscal year with the enactment of The Tax Cuts and Jobs Act (the "Tax Act") in December 2017.

The net interest margin increased 31 basis points, from 1.95% for the prior fiscal year to 2.26% for the current fiscal year. When the leverage strategy is in place, it reduces the net interest margin due to the amount of earnings from the transaction in comparison to the size of the transaction. The leverage strategy was suspended at certain times during the current year due to the negative interest rate spreads between the related Federal Home Loan Bank Topeka ("FHLB") borrowings and cash held at the Federal Reserve Bank of Kansas City (the "FRB of Kansas City") making the transaction unprofitable. See additional discussion regarding the leverage strategy in the Financial Condition section below. Excluding the effects of the leverage strategy, the net interest margin would have increased six basis points, from 2.24% for the prior fiscal year to 2.30% for the current fiscal year. The increase in the net interest margin excluding the effects of the leverage strategy was due mainly to the addition of higher yielding commercial loans in the CCB acquisition, partially offset by an increase in the cost of deposits.

To the extent market rates of interest remain at current levels or go lower during fiscal year 2020, the Company expects a decrease in our net interest margin, compared to fiscal year 2019, due primarily to lower yields on our loans and securities. If realized, the decrease in the yields on our loans and securities is expected to be from loans originated at lower rates, adjustable-rate loans repricing lower and increased prepayment speeds on our correspondent loans and mortgage-backed securities ("MBS") portfolios, which would accelerate the amortization of the premiums we have paid to acquire these assets. The rates on our certificate of deposit portfolio and

1
The following information was filed by Capitol Federal Financial, Inc. (CFFN) on Wednesday, October 30, 2019 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.

View differences made from one year to another to evaluate Capitol Federal Financial, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Capitol Federal Financial, Inc..

Continue

Assess how Capitol Federal Financial, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Capitol Federal Financial, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Other
Filter Subcategory:
All
Income
Product
Earnings
Expense
Cash Flow
Dividend
Shares
Other
Inside Capitol Federal Financial, Inc.'s 10-K Annual Report:

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)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
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)
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)
Revenue Recognition
Revenue Recognition (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: 0001490906-19-000070
Submitted to the SEC: Wed Nov 27 2019 7:43:33 AM EST
Accepted by the SEC: Wed Nov 27 2019
Period: Monday, September 30, 2019
Industry: Savings Institution Federally Chartered

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/cffn/0001490906-19-000070.htm