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Capitol Federal Financial, Inc.® Reports Fiscal Year 2022 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, 2022. For best viewing results, please view this release in Portable Document Format (PDF) on our website, http://ir.capfed.com.\n\nHighlights for the quarter include:\n\n\nnet income of $19.5 million;\n\n\nbasic and diluted earnings per share of $0.14;\n\n\nnet interest margin of 1.71% (2.07% excluding the effects of the leverage strategy);\n\n\nannualized loan growth of 12.6%;\n\n\npaid dividends of $0.085 per share; and\n\n\non October 25, 2022, announced a cash dividend of $0.085 per share, payable on November 18, 2022 to stockholders of record as of the close of business on November 4, 2022.\n\n\nHighlights for the fiscal year include:\n\n\nnet income of $84.5 million;\n\n\nbasic and diluted earnings per share of $0.62;\n\n\nnet interest margin of 1.79% (2.04% excluding the effects of the leverage strategy);\n\n\nloan growth of 5.4%;\n\n\npaid dividends of $0.76 per share; and\n\n\non October 26, 2022, announced a fiscal year 2022 cash true-up dividend of $0.28 per share, payable on December 2, 2022 to stockholders of record as of the close of business on November 18, 2022.\n\n\nComparison of Operating Results for the Three Months Ended September 30, 2022 and June 30, 2022\n\nFor the quarter ended September 30, 2022, the Company recognized net income of $19.5 million, or $0.14 per share, compared to net income of $21.2 million, or $0.16 per share, for the quarter ended June 30, 2022. The decrease in net income was due primarily to higher non-interest expense in the current quarter. The net interest margin decreased eight basis points, from 1.79% for the prior quarter to 1.71% for the current quarter. When the leverage strategy discussed below is in place, it reduces the net interest margin due to the amount of earnings from the transaction in comparison to the size of the transaction. Excluding the effects of the leverage strategy, the net interest margin would have decreased four basis points, from 2.11% for the prior quarter to 2.07% for the current quarter. The decrease in the net interest margin excluding the effects of the leverage strategy was due mainly to an increase in the cost of borrow...