Business
Capitol Federal Financial, Inc.® Reports Second Quarter Fiscal Year 2020 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 quarter ended March 31, 2020. Detailed results will be available in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, which will be filed with the Securities and Exchange Commission (\"SEC\") on or about May 8, 2020 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 $4.3 million;\n\n\nprovision for credit losses of $22.1 million reflecting the deterioration of economic conditions due to the Coronavirus Disease 2019 (\"COVID-19\") pandemic;\n\n\nbasic and diluted earnings per share of $0.03;\n\n\nnet interest margin of 2.19%;\n\n\nannualized loan growth of 3.7%;\n\n\nannualized deposit growth of 13.5% due mainly to a successful President's Day certificate of deposit campaign during February 2020;\n\n\npaid dividends of $11.7 million, or $0.085 per share; and\n\n\non April 21, 2020, announced a cash dividend of $0.085 per share, payable on May 15, 2020 to stockholders of record as of the close of business on May 1, 2020.\n\n\n\nResponse to and Impact of the COVID-19 Pandemic\n\n\nDuring the current quarter, the COVID-19 pandemic had a significant impact on our customers, employees, business operations and financial results. Management's actions related to COVID-19 and the impact of COVID-19 on certain aspects of the Company's business and financial results are summarized below.\n\n\nCustomer, employee, and community health precautions - In response to the rapidly evolving COVID-19 pandemic, the Company focused first on the well-being of its people, customers and communities. Preventative health measures were put in place including elimination of business-related travel, implementing mandatory work from home for all employees able to do so, social distancing precautions for all employees in the office, adjusting branch banking hours and operational measures to promote social distancing when customers do visit branches, and preventative cleaning at offices and branches. The Company also focused on business continuity measures, including activating...