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Capitol Federal Financial, Inc. (CFFN) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

Capitol Federal Financial, Inc.

CIK: 1490906 Ticker: CFFN


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NEWS RELEASE
FOR IMMEDIATE RELEASE
January 28, 2021
CAPITOL FEDERAL FINANCIAL, INC.®
REPORTS FIRST QUARTER FISCAL YEAR 2021 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 quarter ended December 31, 2020. Detailed results will be available in the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2020, which will be filed with the Securities and Exchange Commission ("SEC") on or about February 9, 2021 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 $18.9 million;
basic and diluted earnings per share of $0.14;
net interest margin of 1.92%;
annualized deposit growth of approximately 14%;
paid dividends of $29.1 million, or $0.215 per share;
the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, on October 1, 2020 which resulted in a cumulative-effect adjustment to retained earnings of $2.3 million (net of tax of $739 thousand); and
on January 26, 2021, announced a cash dividend of $0.085 per share, payable on February 19, 2021 to stockholders of record as of the close of business on February 5, 2021.

Comparison of Operating Results for the Three Months Ended December 31, 2020 and September 30, 2020

For the quarter ended December 31, 2020, the Company recognized net income of $18.9 million, or $0.14 per share, compared to net income of $18.3 million, or $0.13 per share, for the quarter ended September 30, 2020. The increase was due primarily to a lower effective tax rate compared to the prior quarter. The net interest margin decreased 11 basis points, from 2.03% for the prior quarter to 1.92% for the current quarter. The decrease in the net interest margin was due mainly to a decrease in the loan portfolio and securities portfolio yields, along with a decrease in the average balance of the loan portfolio, partially offset by a decrease in the cost of deposits.

Since the onset of the Coronavirus Disease 2019 ("COVID-19") pandemic, the Bank has lowered its offered rates on all deposit products except retail checking and savings accounts. The impact of reducing rates offered on our certificate of deposit products lowers the cost of deposits as certificates of deposit reprice to a lower rate when they mature and as new accounts are opened. We responded to lower market rates for lending by lowering rates offered on our loan products. Given current rates offered on new loans, increased prepayments on existing loans, and the volume of one- to four-family refinances and endorsements, the yield on the total loan portfolio is likely to continue to decrease. With significant cash inflows realized due to investment securities being called and prepayments on loans and mortgage-backed securities ("MBS"), the current yields on reinvested funds into new securities are lower than existing portfolio yields, reducing the yield on our investments significantly. Considering the drastic changes in market rates and the ongoing economic uncertainty, our net interest margin could continue to decrease, with further downside risk as a result of high levels of prepayments and premium amortization on correspondent one- to four-family loans and MBS.

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The following information was filed by Capitol Federal Financial, Inc. (CFFN) on Thursday, January 28, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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

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Inside Capitol Federal Financial, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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)
Borrowed Funds
Borrowed Funds (Narrative) (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (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)
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 (Classified Loans) (Details)
Loans Receivable And Allowance For Credit Losses (Delinquent Loans) (Details)
Loans Receivable And Allowance For Credit Losses (Impaired Loans) (Details)
Loans Receivable And Allowance For Credit Losses (Loans, Nonaccrual) (Details)
Loans Receivable And Allowance For Credit Losses (Loans, Past Due Aging Analysis) (Details)
Loans Receivable And Allowance For Credit Losses (Narrative) (Details)
Loans Receivable And Allowance For Credit Losses (Reserve For Off-Balance Sheet Credit Exposures) (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)
Securities
Securities (Amortized Cost, Estimated Fair Value, And Gross Unrealized Gains And Losses Of Afs And Htm Securities) (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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Cumulative-Effect Adjustment) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)

Material Contracts, Statements, Certifications & more

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

Ticker: CFFN
CIK: 1490906
Form Type: 10-Q Quarterly Report
Accession Number: 0001490906-21-000032
Submitted to the SEC: Tue Feb 09 2021 11:25:47 AM EST
Accepted by the SEC: Tue Feb 09 2021
Period: Thursday, December 31, 2020
Industry: Savings Institution Federally Chartered

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