Capitol Federal Financial, Inc. (CFFN) 10-Q Quarterly Report Wed Feb 09 2022

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, 2021. The Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2021 will be filed with the Securities and Exchange Commission ("SEC") on or about February 9, 2022 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 $22.2 million;

•basic and diluted earnings per share of $0.16;

•net interest margin of 1.99%;

•paid dividends of $41.4 million, or $0.305 per share; and

•on January 25, 2022, announced a cash dividend of $0.085 per share, payable on February 18, 2022 to stockholders of record as of the close of business on February 4, 2022.

Comparison of Operating Results for the Three Months Ended December 31, 2021 and September 30, 2021

For the quarter ended December 31, 2021, the Company recognized net income of $22.2 million, or $0.16 per share, compared to net income of $18.6 million, or $0.14 per share, for the quarter ended September 30, 2021. The increase in net income was due primarily to a higher negative provision for credit losses compared to the prior quarter and lower non-interest expense. The net interest margin increased two basis points, from 1.97% for the prior quarter to 1.99% for the current quarter, due mainly to a decrease in the cost of retail certificates of deposit.

Interest and Dividend Income

The following table presents the components of interest and dividend income for the time periods presented, along with the change measured in dollars and percent.


	For the Three Months Ended
	December 31,		September 30,		Change Expressed in:
	2021		2021		Dollars		Percent
	(Dollars in thousands)
INTEREST AND DIVIDEND INCOME:
Loans receivable	$	55,788	$	57,139	$	(1,351)	(2.4)	%
Mortgage-backed securities ("MBS")	4,625		4,900		(275)		(5.6)
Federal Home Loan Bank Topeka ("FHLB") stock	1,231		952		279		29.3
Investment securities	808		750		58		7.7
Cash and cash equivalents	14		27		(13)		(48.1)
Total interest and dividend income	$	62,466	$	63,768	$	(1,302)	(2.0)

The decrease in interest income on loans receivable was primarily in the one-to four-family portfolio due to a reduction in the weighted average rate of the portfolio due to originations, purchases, refinances and endorsements to lower market rates and payoffs of higher rate loans, along with a reduction in commercial loan deferred fee amortization related to the Paycheck Protection Program ("PPP"). The decrease in interest income on MBS was due primarily to a decrease in the average balance of the portfolio. The

The following information was filed by Capitol Federal Financial, Inc. (CFFN) on Friday, January 28, 2022 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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Inside Capitol Federal Financial, Inc.'s 10-Q Quarterly Report:

Financial - Expense Highlight
The improvement in the efficiency ratio was due primarily to lower non-interest expense.

Financial - Income Highlight
The increase in deposit service fees was due primarily to an increase in debit card income as a result of higher transaction volume, along with an increase in the amount per transaction.
Financial - Expense Highlight
The decrease in interest expense on deposits was due primarily to a decrease in the weighted average rate and the average balance of the retail certificate of deposit portfolio.
Other - Other Highlight
The following table presents the maturity and weighted average repricing rate, which is also the weighted average effective rate, of certificates of deposit, split between retail/commercial and public unit amounts, and term borrowings for the next four quarters as of December 31, 2021.
Other - Other Highlight
The following table presents the Bank's commercial loan portfolio and outstanding loan commitments, categorized by gross loan amount (unpaid principal plus undisbursed amounts) or outstanding loan commitment amount, as of December 31, 2021.
Other - Other
The following table presents the...Read more
Financial - Cash Flow
Cash flows from the deposit...Read more
Financial - Expense
The decrease in advertising and...Read more
Financial - Expense
The increase in advertising and...Read more
Other - Other
The ACL to nonaccrual loans...Read more
Financial - Expense
The decrease in interest expense...Read more
Financial - Earnings
The net interest margin increased...Read more
Financial - Earnings
The net interest margin increased...Read more
Financial - Income
The increase in income tax...Read more
Financial - Income
Management anticipates the effective income...Read more
Financial - Cash Flow
The maturities of these long-term...Read more
Financial - Dividend
The increase in dividend income...Read more
Financial - Expense
The decrease in interest expense...Read more
Financial - Earnings
At times, the Bank has...Read more
Financial - Dividend
These cash dividends totaled $0.305...Read more
Other - Other
The Bank's primary sources of...Read more
Other - Other
(3)The average balance of investment...Read more
Financial - Income
Despite the negative gap, net...Read more
Financial - Dividend
For the quarter ending March...Read more
Financial - Dividend
On January 25, 2022, the...Read more
Financial - Cash Flow
The decrease in securities was...Read more
Financial - Expense
The fixed-rate characteristics of these...Read more
Other - Other
As of December 31, 2021...Read more
Other - Other
While scheduled payments from the...Read more
Financial - Expense
The decrease in interest expense...Read more
Financial - Income
The increase in net interest...Read more
Other - Other
The effective rate is shown...Read more
Other - Other
As of December 31, 2021,...Read more
Revenue - Product
The premium amortization related to...Read more
Other - Other
The leverage strategy involves borrowing...Read more
Financial - Income
The decrease in interest income...Read more
Financial - Income
The decrease in interest income...Read more
Other - Other
The Bank may enter into...Read more
Financial - Expense
At December 31, 2021, potential...Read more
Other - Other
These borrowings are laddered in...Read more
Other - Other
32 One- to Four-Family Loans...Read more
Other - Other
We anticipate we will continue...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: CFFN
CIK: 1490906
Form Type: 10-Q Quarterly Report
Accession Number: 0001490906-22-000009
Submitted to the SEC: Wed Feb 09 2022 9:04:19 AM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Savings Institution Federally Chartered

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Capitol Federal Financial, Inc. (CFFN) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

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