Capitol Federal Financial Inc. (CFFN) reports earnings

The report was filed on November 27, 2024

We may earn a commission from links on this page.
In This Story

Capitol Federal Financial, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.

The filing includes financial statements for the year, showing net income of $38.0 million, or $0.29 per share, compared to a net loss of $101.7 million, or $(0.76) per share, in the previous year. The previous year's loss was due to a $192.6 million impairment loss on securities.

Total assets decreased to $9.53 billion from $10.18 billion at the end of the previous fiscal year. This decrease was primarily due to a $528.2 million reduction in securities and a $63.6 million decrease in loans receivable.

Advertisement

Total liabilities decreased by $638.1 million to $8.50 billion, primarily due to a $699.6 million decrease in borrowings, partially offset by a $78.8 million increase in deposits.

Advertisement

Total stockholders' equity was $1.03 billion, a decrease of $11.8 million from the previous year, due to stock buybacks and dividends, partially offset by an increase in accumulated other comprehensive income.

Advertisement

The company's net interest margin increased to 1.77% from 1.43% in the previous year, driven by higher yields on securities and loans.

The allowance for credit losses on loans was $23.0 million at the end of the fiscal year, slightly down from $23.8 million the previous year, reflecting changes in the loan portfolio composition.

Advertisement

The company reported a provision for credit losses of $1.3 million, compared to $6.8 million in the previous year, due to changes in the reserve for off-balance sheet credit exposures.

Capitol Federal Financial repurchased 3,280,110 shares of common stock during the fiscal year at an average price of $5.87 per share.

Advertisement

The company paid regular quarterly cash dividends totaling $44.5 million, or $0.34 per share, during the fiscal year.

The company does not anticipate making capital distributions from the Bank to the holding company during fiscal year 2025 to minimize tax associated with pre-1988 bad debt recapture.

Advertisement

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Capitol Federal Financial Inc. annual 10-K report dated November 27, 2024. To report an error, please email earnings@qz.com.