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Capitol Federal Financial Inc. (CFFN-0.59%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $15.4 million, or $0.12 per share, compared to $2.5 million, or $0.02 per share, in the same quarter the previous year. The increase is attributed to higher net interest income and the absence of securities-related losses present in the previous year's quarter.
Net interest income for the quarter was $42.2 million, compared to $39.6 million in the previous year, driven by higher yields on loans and securities.
Interest and dividend income increased to $97.6 million from $91.7 million, primarily due to higher loan yields and increased balances in the commercial loan portfolio.
Interest expense rose to $55.4 million from $52.1 million, with higher rates on deposits contributing to the increase.
The provision for credit losses was $677,000, compared to $123,000 in the previous year, reflecting commercial loan growth.
Non-interest income totaled $4.7 million, up from a loss of $8.9 million the previous year, which had included a $13.3 million net loss from securities transactions.
Non-interest expense decreased to $27.1 million from $28.5 million, with reductions in federal insurance premiums and regulatory services.
Total assets increased slightly to $9.54 billion, with loan receivables growing to $7.95 billion, driven by commercial loan expansion.
Deposits rose to $6.21 billion, supported by growth in retail savings accounts.
The company reported a working capital of $1.03 billion as of December 31, 2024, with capital ratios exceeding regulatory requirements for well-capitalized status.
Capitol Federal Financial does not anticipate cash dividend payments to common stockholders in the near future, focusing instead on maintaining capital levels.
The filing also discusses the company's liquidity management, with $2.91 billion in additional liquidity available through FHLB agreements and unencumbered securities.
Capitol Federal Financial identified no material weaknesses in its internal controls over financial reporting.
The company continues to focus on expanding its commercial banking operations and managing interest rate risk.
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. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.