Business
Capitol Federal Financial, Inc.® Reports Fiscal Year 2019 Results
TOPEKA, Kan.--(BUSINESS WIRE)-- Capitol Federal Financial, Inc.® (NASDAQ: CFFN) (the "Company"), the parent company of Capitol Federal Savings Bank (the
About this update from Capitol Federal Financial, Inc.
[{"type":"text","content":" TOPEKA, Kan.--(BUSINESS WIRE)--\nCapitol 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.\n\n\nHighlights for the quarter include:\n\n\n\nnet income of $22.4 million;\n\n\nbasic and diluted earnings per share of $0.16;\n\n\nnet interest margin of 2.15% (2.24% excluding the effects of the leverage strategy); and\n\n\npaid dividends of $11.7 million, or $0.085 per share.\n\n\n\nHighlights for the fiscal year include:\n\n\n\nnet income of $94.2 million;\n\n\nbasic and diluted earnings per share of $0.68;\n\n\nnet interest margin of 2.26% (2.30% excluding the effects of the leverage strategy);\n\n\ntotal commercial loans and commitments outstanding of $1.00 billion at September 30, 2019;\n\n\npaid dividends of $134.9 million, or $0.98 per share; and\n\n\ndeclared a fiscal year 2019 cash true-up dividend of $0.34 per share, payable on December 6, 2019.\n\n\n\nComparison of Operating Results for the Fiscal Years Ended September 30, 2019 and 2018\n\n\nThe 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.\n\n\nThe net interest margin increased 31 basis points, from 1.95% for the prior fiscal year to 2.26% for the current fis...