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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
Form 10-Q
________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __ to __
Commission File Number: 001-34814
Capitol Federal Financial, Inc.
(Exact name of registrant as specified in its charter)
Maryland27-2631712
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
700 South Kansas Avenue,Topeka,Kansas66603
(Address of principal executive offices)(Zip Code)

(785) 235-1341
(Registrant's telephone number, including area code)
_____________________________________
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCFFNThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer            Accelerated filer ☐        Non-accelerated filer ☐
Smaller reporting company         Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of May 3, 2022, there were 138,855,284 shares of Capitol Federal Financial, Inc. common stock outstanding.



PART I - FINANCIAL INFORMATIONPage Number
Item 1.
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands, except per share amounts)
March 31, September 30,
20222021
ASSETS:
Cash and cash equivalents (includes interest-earning deposits of $110,444 and $24,289)
$166,869 $42,262 
Available-for-sale ("AFS") securities, at estimated fair value (amortized cost of $1,875,361 and $2,008,456)
1,780,419 2,014,608 
Loans receivable, net (allowance for credit losses ("ACL") of $15,312 and $19,823)
7,108,810 7,081,142 
Federal Home Loan Bank Topeka ("FHLB") stock, at cost74,456 73,421 
Premises and equipment, net96,952 99,127 
Deferred income tax assets, net12,399  
Other assets291,391 320,686 
TOTAL ASSETS$9,531,296 $9,631,246 
LIABILITIES:
Deposits$6,614,844 $6,597,396 
Borrowings1,583,747 1,582,850 
Advance payments by borrowers for taxes and insurance65,901 72,729 
Income taxes payable, net1,113 918 
Deferred income tax liabilities, net 5,810 
Other liabilities90,939 129,270 
Total liabilities8,356,544 8,388,973 
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; 100,000,000 shares authorized, no shares issued or outstanding
  
Common stock, $.01 par value; 1,400,000,000 shares authorized, 138,846,684 and 138,832,284 shares issued and outstanding as of March 31, 2022 and September 30, 2021, respectively
1,388 1,388 
Additional paid-in capital1,189,999 1,189,633 
Unearned compensation, Employee Stock Ownership Plan ("ESOP")(30,561)(31,387)
Retained earnings89,833 98,944 
Accumulated other comprehensive (loss) income ("AOCI"), net of tax(75,907)(16,305)
Total stockholders' equity1,174,752 1,242,273 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$9,531,296 $9,631,246 
See accompanying notes to consolidated financial statements.

3


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share amounts)
For the Three Months EndedFor the Six Months Ended
March 31, March 31,
2022202120222021
INTEREST AND DIVIDEND INCOME:
Loans receivable$55,412 $57,285 $111,200 $117,979 
Mortgage-backed securities ("MBS")4,821 5,429 9,446 11,139 
FHLB stock2,240 951 3,471 2,020 
Investment securities800 629 1,608 1,312 
Cash and cash equivalents949 40 963 91 
Total interest and dividend income64,222 64,334 126,688 132,541 
INTEREST EXPENSE:
Deposits8,389 12,529 17,656 26,596 
Borrowings8,732 8,732 16,317 19,059 
Total interest expense17,121 21,261 33,973 45,655 
NET INTEREST INCOME47,101 43,073 92,715 86,886 
PROVISION FOR CREDIT LOSSES(3,188)(2,964)(6,627)(4,496)
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES50,289 46,037 99,342 91,382 
NON-INTEREST INCOME:
Deposit service fees3,300 2,814 6,730 5,761 
Insurance commissions543 888 1,254 1,526 
Gain on sale of Visa Class B shares 7,386  7,386 
Other non-interest income1,573 1,389 2,938 2,874 
Total non-interest income5,416 12,477 10,922 17,547 
NON-INTEREST EXPENSE:
Salaries and employee benefits14,023 13,397 27,751 27,535 
Information technology and related expense4,493 4,599 8,925 8,832 
Occupancy, net3,493 3,523 6,872 6,902 
Regulatory and outside services1,272 1,234 2,640 2,819 
Advertising and promotional1,494 1,484 2,558 2,322 
Federal insurance premium777 634 1,416 1,255 
Deposit and loan transaction costs689 664 1,386 1,430 
Office supplies and related expense502 463 970 887 
Loss on interest rate swap termination 4,752  4,752 
Other non-interest expense1,217 1,903 2,136 2,986 
Total non-interest expense27,960 32,653 54,654 59,720 
INCOME BEFORE INCOME TAX EXPENSE27,745 25,861 55,610 49,209 
INCOME TAX EXPENSE6,122 5,417 11,801 9,867 
NET INCOME$21,623 $20,444 $43,809 $39,342 
Basic earnings per share ("EPS")$0.16 $0.15 $0.32 $0.29 
Diluted EPS$0.16 $0.15 $0.32 $0.29 
Basic weighted average common shares135,676,722 135,450,878 135,651,609 135,423,992 
Diluted weighted average common shares135,676,722 135,498,170 135,651,609 135,447,701 
See accompanying notes to consolidated financial statements.
4


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(Dollars in thousands)
For the Three Months EndedFor the Six Months Ended
March 31, March 31,
2022202120222021
Net income$21,623 $20,444 $43,809 $39,342 
Other comprehensive income (loss), net of tax:
Changes in unrealized gains/losses on AFS securities, net of taxes of $21,123, $6,756, $24,667, and $6,347
(65,445)(20,934)(76,427)(19,794)
Changes in unrealized losses on cash flow hedges, net of taxes of $(4,153), $(4,309), $(5,430), and $(5,529)
12,864 13,352 16,825 17,346 
Comprehensive income (loss)$(30,958)$12,862 $(15,793)$36,894 
See accompanying notes to consolidated financial statements.

5


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
(Dollars in thousands, except per share amounts)
For the Six Months Ended March 31, 2022
AdditionalUnearnedTotal
CommonPaid-InCompensationRetainedStockholders'
StockCapitalESOPEarningsAOCIEquity
Balance at September 30, 2021$1,388 $1,189,633 $(31,387)$98,944 $(16,305)$1,242,273 
Net income22,186 22,186 
Other comprehensive loss, net of tax(7,021)(7,021)
ESOP activity74 413 487 
Restricted stock activity, net(3)(3)
Stock-based compensation123 123 
Cash dividends to stockholders ($0.305 per share)
(41,385)(41,385)
Balance at December 31, 20211,388 1,189,827 (30,974)79,745 (23,326)1,216,660 
Net income21,623 21,623 
Other comprehensive loss, net of tax(52,581)(52,581)
ESOP activity48 413 461 
Stock-based compensation124 124 
Cash dividends to stockholders ($0.085 per share)
(11,535)(11,535)
Balance at March 31, 2022$1,388 $1,189,999 $(30,561)$89,833 $(75,907)$1,174,752 
(Continued)

6


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
(Dollars in thousands, except per share amounts)
For the Six Months Ended March 31, 2021
AdditionalUnearnedTotal
CommonPaid-InCompensationRetainedStockholders'
Stock Capital ESOP Earnings AOCI Equity
Balance at September 30, 2020$1,389 $1,189,853 $(33,040)$143,162 $(16,505)$1,284,859 
Cumulative effect of adopting Accounting Standards Update ("ASU") 2016-13 ("CECL"), net of tax(2,288)(2,288)
Net income18,898 18,898 
Other comprehensive income, net of tax5,134 5,134 
ESOP activity80 413 493 
Restricted stock activity, net(8)(8)
Stock-based compensation118 118 
Repurchase of common stock(1)(1,407)(122)(1,530)
Cash dividends to stockholders ($0.215 per share)
(29,128)(29,128)
Balance at December 31, 20201,388 1,188,636 (32,627)130,522 (11,371)1,276,548 
Net income20,444 20,444 
Other comprehensive loss, net of tax(7,582)(7,582)
ESOP activity132 413 545 
Stock-based compensation134 134 
Stock options exercised24 24 
Cash dividends to stockholders ($0.085 per share)
(11,518)(11,518)
Balance at March 31, 2021$1,388 $1,188,926 $(32,214)$139,448 $(18,953)$1,278,595 
See accompanying notes to consolidated financial statements.(Concluded)

7


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
For the Six Months Ended
March 31,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$43,809 $39,342 
Adjustments to reconcile net income to net cash provided by operating activities:
FHLB stock dividends(3,471)(2,020)
Provision for credit losses(6,627)(4,496)
Originations of loans receivable held-for-sale ("LHFS")(678)(597)
Proceeds from sales of LHFS697 610 
Amortization and accretion of premiums and discounts on securities2,983 2,607 
Depreciation and amortization of premises and equipment4,678 4,591 
Amortization of intangible assets700 843 
Amortization of deferred amounts related to FHLB advances, net897 687 
Common stock committed to be released for allocation - ESOP948 1,038 
Stock-based compensation247 252 
Gain on the sale of Visa Class B shares (7,386)
Changes in:
Other assets, net5,092 6,731 
Income taxes payable/receivable, net186 (741)
Deferred income tax liabilities, net1,027 (94)
Other liabilities(13,996)(9,313)
Net cash provided by operating activities36,492 32,054 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of AFS securities(58,546)(828,584)
Proceeds from calls, maturities and principal reductions of AFS securities188,658 264,862 
Proceeds from the redemption of FHLB stock95,724 21,418 
Purchase of FHLB stock(93,288) 
Net change in loans receivable(23,356)236,915 
Purchase of premises and equipment(2,518)(4,972)
Proceeds from sale of other real estate owned ("OREO")487 97 
Proceeds from the sale of Visa Class B shares 7,386 
Proceeds from bank-owned life insurance ("BOLI") death benefit803 443 
Net cash provided by (used in) investing activities107,964 (302,435)
(Continued)
8


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
For the Six Months Ended
March 31,
20222021
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid(52,920)(40,646)
Net change in deposits17,448 459,457 
Proceeds from borrowings793,702 470,000 
Repayments on borrowings(793,702)(673,000)
Change in advance payments by borrowers for taxes and insurance(6,827)(4,097)
Payment of FHLB prepayment penalties (5,045)
Repurchase of common stock (4,568)
Stock options exercised 24 
Net cash (used in) provided by financing activities(42,299)202,125 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH102,157 (68,256)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period70,292 239,708 
End of period$172,449 $171,452 
See accompanying notes to consolidated financial statements.(Concluded)
9


Notes to Consolidated Financial Statements (Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The consolidated financial statements include the accounts of Capitol Federal Financial, Inc.® (the "Company") and its wholly-owned subsidiary, Capitol Federal Savings Bank (the "Bank"). The Bank has two wholly-owned subsidiaries, Capitol Funds, Inc. and Capital City Investments, Inc. Capitol Funds, Inc. has a wholly-owned subsidiary, Capitol Federal Mortgage Reinsurance Company. Capital City Investments, Inc. is a real estate and investment holding company. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2021, filed with the Securities and Exchange Commission ("SEC"). Interim results are not necessarily indicative of results for a full year.

Cash, Cash Equivalents and Restricted Cash - Cash, cash equivalents and restricted cash reported in the statement of cash flows include cash and cash equivalents of $166.9 million and $42.3 million at March 31, 2022 and September 30, 2021, respectively, and restricted cash of $5.6 million and $28.0 million at March 31, 2022 and September 30, 2021, respectively, which was included in other assets on the consolidated balance sheet.  The restricted cash relates to the collateral postings to/from the Bank's derivative counterparties associated with the Bank's interest rate swaps.  See additional discussion regarding the interest rate swaps in Note 5. Borrowed Funds.

Net Presentation of Cash Flows Related to Borrowings - At times, the Bank enters into certain FHLB advances with contractual maturities of 90 days or less. Cash flows related to these advances are reported on a net basis in the consolidated statements of cash flows.

Recent Accounting Pronouncements - In March 2022, the Financial Accounting Standards Board ("FASB") issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings ("TDRs") and Vintage Disclosures. This ASU eliminates the accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, this ASU requires that an entity disclose current-period gross write-offs by year of origination for financing receivables within the scope of Accounting Standards Codification ("ASC") 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost. This ASU is effective for the Company on October 1, 2023. The Company is currently evaluating the effect of this ASU on the Company's consolidated financial condition, results of operations and disclosures.
10


2. EARNINGS PER SHARE
Shares acquired by the ESOP are not included in basic average shares outstanding until the shares are committed for allocation or vested to an employee's individual account. Unvested shares awarded pursuant to the Company's restricted stock benefit plans are treated as participating securities in the computation of EPS pursuant to the two-class method as they contain nonforfeitable rights to dividends. The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security.
For the Three Months EndedFor the Six Months Ended
March 31, March 31,
2022202120222021
(Dollars in thousands, except per share amounts)
Net income$21,623 $20,444 $43,809 $39,342 
Income allocated to participating securities(12)(14)(24)(27)
Net income available to common stockholders$21,611 $20,430 $43,785 $39,315 
Average common shares outstanding135,634,964 135,409,120 135,630,733 135,403,116 
Average committed ESOP shares outstanding41,758 41,758 20,876 20,876 
Total basic average common shares outstanding135,676,722 135,450,878 135,651,609 135,423,992 
Effect of dilutive stock options 47,292  23,709 
Total diluted average common shares outstanding135,676,722 135,498,170 135,651,609 135,447,701 
Net EPS:
Basic$0.16 $0.15 $0.32 $0.29 
Diluted$0.16 $0.15 $0.32 $0.29 
Antidilutive stock options, excluded from the diluted average
common shares outstanding calculation543,031 125,930 543,400 268,622 
11


3. SECURITIES
The following tables reflect the amortized cost, estimated fair value, and gross unrealized gains and losses of AFS securities at the dates presented. The majority of the MBS and investment securities portfolios are composed of securities issued by United States Government-Sponsored Enterprises ("GSEs").
March 31, 2022
GrossGrossEstimated
AmortizedUnrealizedUnrealizedFair
CostGainsLossesValue
(Dollars in thousands)
MBS$1,354,637 $3,151 $67,269 $1,290,519 
GSE debentures519,974  30,825 489,149 
Municipal bonds 750 1  751 
$1,875,361 $3,152 $98,094 $1,780,419 

September 30, 2021
GrossGrossEstimated
AmortizedUnrealizedUnrealizedFair
CostGainsLossesValue
(Dollars in thousands)
MBS$1,484,211 $18,690 $8,908 $1,493,993 
GSE debentures519,971  3,645 516,326 
Municipal bonds 4,274 15  4,289 
$2,008,456 $18,705 $12,553 $2,014,608 

The following tables summarize the estimated fair value and gross unrealized losses of those AFS securities on which an unrealized loss at the dates presented was reported and the continuous unrealized loss position for less than 12 months and equal to or greater than 12 months as of the dates presented.
March 31, 2022
Less Than 12 MonthsEqual to or Greater Than 12 Months
EstimatedUnrealizedEstimatedUnrealized
Fair ValueLossesFair ValueLosses
(Dollars in thousands)
MBS$607,731 $31,548 $489,348 $35,721 
GSE debentures212,709 12,292 276,441 18,533 
Municipal bonds     
$820,440 $43,840 $765,789 $54,254 

September 30, 2021
Less Than 12 MonthsEqual to or Greater Than 12 Months
EstimatedUnrealizedEstimatedUnrealized
Fair ValueLossesFair ValueLosses
(Dollars in thousands)
MBS$881,975 $8,843 $10,612 $65 
GSE debentures516,325 3,645   
Municipal bonds     
$1,398,300 $12,488 $10,612 $65 

12


The unrealized losses at March 31, 2022 were a result of an increase in market yields from the time the securities were purchased. In general, as market yields rise, the fair value of securities will decrease; as market yields fall, the fair value of securities will increase. Management did not record an ACL on securities in an unrealized loss position at March 31, 2022 because scheduled coupon payments have been made, management anticipates that the entire principal balance will be collected as scheduled, and neither does the Company intend to sell the securities, nor is it more likely than not that the Company will be required to sell the securities before the recovery of the remaining amortized cost amount, which could be at maturity.

The amortized cost and estimated fair value of AFS debt securities as of March 31, 2022, by contractual maturity, are shown below.  Actual principal repayments may differ from contractual maturities due to prepayment or early call privileges by the issuer. In the case of MBS, borrowers on the underlying loans generally have the right to prepay their loans without penalty. For this reason, MBS are not included in the maturity categories.
AmortizedEstimated
CostFair Value
(Dollars in thousands)
One year or less$750 $751 
One year through five years519,974 489,149 
520,724 489,900 
MBS1,354,637 1,290,519 
$1,875,361 $1,780,419 

The following table presents the taxable and non-taxable components of interest income on investment securities for the periods presented.
For the Three Months Ended For the Six Months Ended
March 31, March 31,
2022202120222021
(Dollars in thousands)
Taxable$790 $597 $1,580 $1,242 
Non-taxable10 32 28 70 
$800 $629 $1,608 $1,312 


The following table summarizes the carrying value of securities pledged as collateral for the obligations indicated below as of the dates presented.
March 31, 2022September 30, 2021
(Dollars in thousands)
Public unit deposits$210,887 $264,885 
Federal Reserve Bank of Kansas City ("FRB of Kansas City")57,246 64,707 
Commercial deposits22,325 66,256 
$290,458 $395,848 

During the prior year, the Company sold its Visa Class B shares. The proceeds and realized gain related to the sale of the Visa Class B shares were each $7.4 million. All other dispositions of securities during the six months ended March 31, 2022 and March 31, 2021 were the result of principal repayments, calls, or maturities.

13


4. LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES
Loans receivable, net at the dates presented is summarized as follows: