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Capitol Federal Financial, Inc.® Reports Second Quarter Fiscal Year 2024 Results
TOPEKA, Kan.--(BUSINESS WIRE)-- Capitol Federal Financial, Inc.® (NASDAQ: CFFN) (the "Company," "we" or "our"), the parent company of Capitol Federal Savings
About this update from Capitol Federal Financial, Inc.
[{"type":"text","content":" TOPEKA, Kan.--(BUSINESS WIRE)--\nCapitol Federal Financial, Inc.® (NASDAQ: CFFN) (the \"Company,\" \"we\" or \"our\"), the parent company of Capitol Federal Savings Bank (the \"Bank\"), announced results today for the quarter ended March 31, 2024. For best viewing results, please view this release in Portable Document Format (PDF) on our website, https://ir.capfed.com.\n\n\nThe highlights for the quarter include:\n\n\n\nnet income of $13.8 million;\n\n\n\nbasic and diluted earnings per share of $0.11;\n\n\n\nnet interest margin of 1.82%, an improvement of 11 basis points from the prior quarter;\n\n\n\npaid dividends of $0.085 per share; and\n\n\n\non April 23, 2024, announced a cash dividend of $0.085 per share, payable on May 17, 2024 to stockholders of record as of the close of business on May 3, 2024.\n\n\n\nComparison of Operating Results for the Three Months Ended March 31, 2024 and December 31, 2023\n\n\nFor the quarter ended March 31, 2024, the Company recognized net income of $13.8 million, or $0.11 per share, compared to a net income of $2.5 million, or $0.02 per share, for the quarter ended December 31, 2023. The higher net income in the current quarter was due primarily to the prior quarter including $13.3 million ($10.0 million net of tax) of net losses related to the strategic securities transaction (\"securities strategy\") discussed in the \"Comparison of Operating Results for the Six Months Ended March 31, 2024 and March 31, 2023\" section below. Excluding the securities strategy, earnings per share would have been $0.10 for the prior quarter. The increase in earnings per share in the current quarter, excluding the net losses on securities sales related to the securities strategy in the prior quarter, was due primarily to an increase in the net interest margin. The net interest margin increased 11 basis points, from 1.71% for the prior quarter to 1.82% for the current quarter due mainly to a full quarter of higher yielding securities that were purchased during the prior quarter in association with the securities strategy.\n\n\nInterest and Dividend Income\n\n\nThe following table presents the components of interest and dividend income for the time periods presented, along with the change measured in dollars and percent.\n\n\n\n\n \n\n\n\n\n\n\n\nFor the Three Months Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\...