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Capitol Federal Financial, Inc.® Reports Third Quarter Fiscal Year 2023 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 June 30, 2023. For best viewing results, please view this release in Portable Document Format (PDF) on our website, http://ir.capfed.com.\n\n\nHighlights for the quarter include:\n\n\n\nnet income of $8.3 million;\n\n\n\nbasic and diluted earnings per share of $0.06;\n\n\n\nnet interest margin of 1.32% (1.39% excluding the effects of the leverage strategy);\n\n\n\npaid dividends of $0.085 per share; and\n\n\n\non July 25, 2023, announced a cash dividend of $0.085 per share, payable on August 18, 2023 to stockholders of record as of the close of business on August 4, 2023.\n\n\n\nComparison of Operating Results for the Three Months Ended June 30, 2023 and March 31, 2023\n\n\nFor the quarter ended June 30, 2023, the Company recognized net income of $8.3 million, or $0.06 per share, compared to net income of $14.2 million, or $0.11 per share, for the quarter ended March 31, 2023. The decrease in net income was due primarily to higher deposit interest expense in the current quarter, partially offset by lower income tax expense. The net interest margin decreased 24 basis points, from 1.56% for the prior quarter to 1.32% for the current quarter. Excluding the effects of the leverage strategy discussed in the \"Leverage Strategy\" section below, the net interest margin decreased 32 basis points, from 1.71% for the prior quarter to 1.39% 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 deposits. Management anticipates the reduction in the net interest margin will continue in the near term. See additional discussion in \"Fiscal Year 2023 Outlook\" below.\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. The weighted average yield on loans receivable increased nine basis points and the weighted average yield on cash and cash equivalents increased 61 basis points compared to the prior quarter.\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 ...