Capitol Federal Financial, Inc.® Reports Third Quarter Fiscal Year 2024 Results
Highlights for the quarter include:
-
net income of
$9.6 million ; -
basic and diluted earnings per share of
$0.07 ; - net interest margin of 1.77%;
-
paid dividends of
$0.085 per share; and -
on
July 23, 2024 , announced a cash dividend of$0.085 per share, payable onAugust 16, 2024 to stockholders of record as of the close of business onAugust 2, 2024
The Company's Board of Directors is committed to paying the
Comparison of Operating Results for the Three Months Ended
For the quarter ended
Interest and Dividend Income
The following table presents the components of interest and dividend income for the time periods presented, along with the change measured in dollars and percent.
|
For the Three Months Ended |
|
|
|
|
|||||||||
|
|
|
|
|
Change Expressed in: |
|||||||||
|
|
2024 |
|
|
|
2024 |
|
|
Dollars |
|
Percent |
|||
|
(Dollars in thousands) |
|
|
|||||||||||
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|||||||
Loans receivable |
$ |
76,803 |
|
$ |
76,122 |
|
$ |
681 |
|
|
0.9 |
% |
||
Mortgage-backed securities ("MBS") |
|
9,585 |
|
|
|
7,794 |
|
|
|
1,791 |
|
|
23.0 |
|
Cash and cash equivalents |
|
3,875 |
|
|
|
4,513 |
|
|
|
(638 |
) |
|
(14.1 |
) |
Federal Home Loan Bank Topeka ("FHLB") stock |
|
2,477 |
|
|
|
2,528 |
|
|
|
(51 |
) |
|
(2.0 |
) |
Investment securities |
|
2,255 |
|
|
|
2,332 |
|
|
|
(77 |
) |
|
(3.3 |
) |
Total interest and dividend income |
$ |
94,995 |
|
|
$ |
93,289 |
|
|
$ |
1,706 |
|
|
1.8 |
|
The increase in interest income on loans receivable was due to an increase in the weighted average yield, partially offset by a lower average portfolio balance compared to the prior quarter due largely to a decrease in the one- to four-family correspondent loan portfolio. See additional discussion in the "Financial Condition as of
Interest Expense
The following table presents the components of interest expense for the time periods presented, along with the change measured in dollars and percent.
|
For the Three Months Ended |
|
|
|
|
|||||||||
|
|
|
|
|
Change Expressed in: |
|||||||||
|
|
2024 |
|
|
|
2024 |
|
|
Dollars |
|
Percent |
|||
|
(Dollars in thousands) |
|
|
|||||||||||
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|||||||
Deposits |
$ |
36,233 |
|
$ |
33,415 |
|
$ |
2,818 |
|
|
8.4 |
% |
||
Borrowings |
|
18,438 |
|
|
|
18,554 |
|
|
|
(116 |
) |
|
(0.6 |
) |
Total interest expense |
$ |
54,671 |
|
|
$ |
51,969 |
|
|
$ |
2,702 |
|
|
5.2 |
|
The increase in interest expense on deposits was due primarily to increases in the weighted average rate paid and the average balance of the retail certificate of deposit portfolio.
Provision for Credit Losses
For the quarter ended
Non-Interest Income
The following table presents the components of non-interest income for the time periods presented, along with the change measured in dollars and percent.
|
For the Three Months Ended |
|
|
|
|
|||||||||
|
|
|
|
|
Change Expressed in: |
|||||||||
|
|
2024 |
|
|
|
2024 |
|
|
Dollars |
|
Percent |
|||
|
(Dollars in thousands) |
|
|
|||||||||||
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|||||||
Deposit service fees |
$ |
2,706 |
|
$ |
2,451 |
|
$ |
255 |
|
|
10.4 |
% |
||
Insurance commissions |
|
905 |
|
|
|
735 |
|
|
|
170 |
|
|
23.1 |
|
Other non-interest income |
|
1,098 |
|
|
|
1,457 |
|
|
|
(359 |
) |
|
(24.6 |
) |
Total non-interest income |
$ |
4,709 |
|
|
$ |
4,643 |
|
|
$ |
66 |
|
|
1.4 |
|
The increase in deposit service fees was due primarily to increased debit card usage, which generated additional interchange and service charge income during the current quarter. The increase in insurance commissions was mainly a result of rate increases within the insurance market on both existing and new business. The decrease in other non-interest income was due mainly to a decrease in income on bank-owned life insurance related to the receipt of death benefits in the prior quarter while none were received in the current quarter.
Non-Interest Expense
The following table presents the components of non-interest expense for the time periods presented, along with the change measured in dollars and percent.
|
For the Three Months Ended |
|
|
|
|
|||||||||
|
|
|
|
|
Change Expressed in: |
|||||||||
|
|
2024 |
|
|
|
2024 |
|
|
Dollars |
|
Percent |
|||
|
(Dollars in thousands) |
|
|
|||||||||||
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|||||||
Salaries and employee benefits |
$ |
13,307 |
|
$ |
12,887 |
|
$ |
420 |
|
|
3.3 |
% |
||
Information technology and related expense |
|
5,364 |
|
|
|
4,954 |
|
|
|
410 |
|
|
8.3 |
|
Occupancy, net |
|
3,263 |
|
|
|
3,481 |
|
|
|
(218 |
) |
|
(6.3 |
) |
Federal insurance premium |
|
1,352 |
|
|
|
1,727 |
|
|
|
(375 |
) |
|
(21.7 |
) |
Regulatory and outside services |
|
1,322 |
|
|
|
1,380 |
|
|
|
(58 |
) |
|
(4.2 |
) |
Advertising and promotional |
|
951 |
|
|
|
1,271 |
|
|
|
(320 |
) |
|
(25.2 |
) |
Deposit and loan transaction costs |
|
726 |
|
|
|
867 |
|
|
|
(141 |
) |
|
(16.3 |
) |
Office supplies and related expense |
|
405 |
|
|
|
419 |
|
|
|
(14 |
) |
|
(3.3 |
) |
Other non-interest expense |
|
1,260 |
|
|
|
1,459 |
|
|
|
(199 |
) |
|
(13.6 |
) |
Total non-interest expense |
$ |
27,950 |
|
|
$ |
28,445 |
|
|
$ |
(495 |
) |
|
(1.7 |
) |
The increase in salaries and employee benefits was due mainly to merit and other salary adjustments during the current quarter and an increase in loan related commissions due to an increase in one- to four-family loan origination volume compared to the prior quarter. The increase in information technology and related expense was due primarily to higher software related expenses mainly related to new agreements and agreement renewals at higher costs. The decrease in the federal insurance premium was due to the actual
The Company's efficiency ratio was 62.07% for the current quarter compared to 61.89% for the prior quarter. The change in the efficiency ratio was due to lower net interest income, partially offset by lower non-interest expense. The efficiency ratio is a measure of a financial institution's total non-interest expense as a percentage of the sum of net interest income (pre-provision for credit losses) and non-interest income. A higher value generally indicates that it is costing the financial institution more money to generate revenue, relative to its net interest income and non-interest income.
Income Tax Expense
The following table presents pretax income, income tax expense, and net income for the time periods presented, along with the change measured in dollars and percent and the effective tax rate.
|
For the Three Months Ended |
|
|
|
|
|||||||||
|
|
|
|
|
Change Expressed in: |
|||||||||
|
|
2024 |
|
|
|
2024 |
|
|
Dollars |
|
Percent |
|||
|
(Dollars in thousands) |
|
|
|||||||||||
Income before income tax expense |
$ |
15,611 |
|
|
$ |
17,217 |
|
|
$ |
(1,606 |
) |
|
(9.3 |
)% |
Income tax expense |
|
5,963 |
|
|
|
3,455 |
|
|
|
2,508 |
|
|
72.6 |
|
Net income |
$ |
9,648 |
|
|
$ |
13,762 |
|
|
$ |
(4,114 |
) |
|
(29.9 |
) |
|
|
|
|
|
|
|
|
|||||||
Effective Tax Rate |
|
38.2 |
% |
|
|
20.1 |
% |
|
|
|
|
The increase in income tax expense and the higher effective tax rate in the current quarter was due primarily to recording
The income tax on the earnings distribution from the Bank to the Company was due to the recapture of a portion of the Bank's bad debt reserves which were established prior to
Management is currently evaluating the income tax issues associated with the pre-1988 bad debt reserves. There is some uncertainty related to how the Bank's current earnings and profits, beginning in fiscal year 2025, should be treated in relation to distributions from the Bank to the Company and the associated impact, if any, to the pre-1988 bad debt reserves. As of this point in time, it is more likely than not that the Bank will be required to record income tax expense on distributions from the Bank to the Company each time a distribution is made during fiscal year 2025. Management anticipates the effective tax rate for fiscal year 2025 may be in the 30% to 33% range if the Bank is required to record income tax expense on distributions from the Bank to the Company.
Comparison of Operating Results for the Nine Months Ended
The Company recognized net income of
Periodically, at management's discretion, we have utilized a strategy to increase earnings which entails entering into short-term FHLB borrowings and depositing the proceeds from these FHLB borrowings, net of the purchases of FHLB stock made to meet FHLB stock holding requirements, at the
The net interest margin increased 27 basis points, from 1.50% for the prior year period to 1.77% for the current year period, due primarily to the leverage strategy being in place during the prior year period but not in the current year period. The leverage strategy negatively impacted the net interest margin for the prior year period by 16 basis points. The remaining improvement in the net interest margin absent the leverage strategy was due to higher yields on securities and loans which outpaced the increase in the cost of deposits, largely in retail certificates of deposit.
Securities Strategy to Improve Earnings
In
Interest and Dividend Income
The following table presents the components of interest and dividend income for the time periods presented, along with the change measured in dollars and percent.
|
For the Nine Months Ended |
|
|
|
|
|||||||||
|
|
|
Change Expressed in: |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Dollars |
|
Percent |
|||
|
(Dollars in thousands) |
|
|
|||||||||||
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|||||||
Loans receivable |
$ |
228,866 |
|
$ |
206,056 |
|
$ |
22,810 |
|
|
11.1 |
% |
||
MBS |
|
23,238 |
|
|
|
14,121 |
|
|
|
9,117 |
|
|
64.6 |
|
Cash and cash equivalents |
|
13,166 |
|
|
|
37,657 |
|
|
|
(24,491 |
) |
|
(65.0 |
) |
FHLB stock |
|
7,591 |
|
|
|
11,025 |
|
|
|
(3,434 |
) |
|
(31.1 |
) |
Investment securities |
|
7,115 |
|
|
|
2,671 |
|
|
|
4,444 |
|
|
166.4 |
|
Total interest and dividend income |
$ |
279,976 |
|
|
$ |
271,530 |
|
|
$ |
8,446 |
|
|
3.1 |
|
The increase in interest income on loans receivable was due largely to an increase in the weighted average yield and the average balance of the portfolio. The increase in the weighted average yield was due primarily to originations and purchases at higher market rates between periods, as well as disbursements on commercial construction loans at rates higher than the overall portfolio rate and upward repricing of existing adjustable-rate loans due to higher market interest rates. The increase in the average balance was mainly in the commercial loan portfolio which was partially offset by a decrease in the average balance of the one- to four-family loan portfolio. See additional discussion in the "Financial Condition as of
Interest Expense
The following table presents the components of interest expense for the time periods presented, along with the change measured in dollars and percent.
|
For the Nine Months Ended |
|
|
|
|
|||||||||
|
|
|
Change Expressed in: |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Dollars |
|
Percent |
|||
|
(Dollars in thousands) |
|
|
|||||||||||
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|||||||
Deposits |
$ |
102,091 |
|
$ |
52,489 |
|
$ |
49,602 |
|
|
94.5 |
% |
||
Borrowings |
|
56,648 |
|
|
|
96,504 |
|
|
|
(39,856 |
) |
|
(41.3 |
) |
Total interest expense |
$ |
158,739 |
|
|
$ |
148,993 |
|
|
$ |
9,746 |
|
|
6.5 |
|
The increase in interest expense on deposits was due almost entirely to an increase in the weighted average rate paid on the deposit portfolio, specifically retail certificates of deposit and money market accounts. Interest expense on borrowings associated with the leverage strategy decreased
Provision for Credit Losses
The Bank recorded a provision for credit losses of
Non-Interest Income
The following table presents the components of non-interest income for the time periods presented, along with the change measured in dollars and percent.
|
For the Nine Months Ended |
|
|
|
|
|||||||||
|
|
|
Change Expressed in: |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Dollars |
|
Percent |
|||
|
(Dollars in thousands) |
|
|
|||||||||||
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|||||||
Deposit service fees |
$ |
7,732 |
|
|
$ |
9,987 |
|
$ |
(2,255 |
) |
|
(22.6 |
)% |
|
Insurance commissions |
|
2,503 |
|
|
|
2,560 |
|
|
|
(57 |
) |
|
(2.2 |
) |
Net loss from securities transactions |
|
(13,345 |
) |
|
|
— |
|
|
|
(13,345 |
) |
|
N/A |
|
Other non-interest income |
|
3,568 |
|
|
|
3,702 |
|
|
|
(134 |
) |
|
(3.6 |
) |
Total non-interest income |
$ |
458 |
|
|
$ |
16,249 |
|
|
$ |
(15,791 |
) |
|
(97.2 |
) |
The decrease in deposit service fees was due primarily to a change in the fee structure of certain deposit products after the Bank's digital transformation project. The net loss from securities transactions relates to the securities strategy, with no similar transaction in the prior year period.
Non-Interest Expense
The following table presents the components of non-interest expense for the time periods presented, along with the change measured in dollars and percent.
|
For the Nine Months Ended |
|
|
|
|
|||||||||
|
|
|
Change Expressed in: |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Dollars |
|
Percent |
|||
|
(Dollars in thousands) |
|
|
|||||||||||
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|||||||
Salaries and employee benefits |
$ |
39,186 |
|
$ |
39,687 |
|
$ |
(501 |
) |
|
(1.3 |
)% |
||
Information technology and related expense |
|
15,687 |
|
|
|
16,977 |
|
|
|
(1,290 |
) |
|
(7.6 |
) |
Occupancy, net |
|
10,116 |
|
|
|
10,598 |
|
|
|
(482 |
) |
|
(4.5 |
) |
Federal insurance premium |
|
4,939 |
|
|
|
3,289 |
|
|
|
1,650 |
|
|
50.2 |
|
Regulatory and outside services |
|
4,345 |
|
|
|
4,274 |
|
|
|
71 |
|
|
1.7 |
|
Advertising and promotional |
|
3,210 |
|
|
|
3,613 |
|
|
|
(403 |
) |
|
(11.2 |
) |
Deposit and loan transaction costs |
|
2,135 |
|
|
|
1,916 |
|
|
|
219 |
|
|
11.4 |
|
Office supplies and related expense |
|
1,185 |
|
|
|
1,810 |
|
|
|
(625 |
) |
|
(34.5 |
) |
Other non-interest expense |
|
4,100 |
|
|
|
3,576 |
|
|
|
524 |
|
|
14.7 |
|
Total non-interest expense |
$ |
84,903 |
|
|
$ |
85,740 |
|
|
$ |
(837 |
) |
|
(1.0 |
) |
The decrease in salaries and employee benefits was a result of a decrease in full-time equivalent employees between the two periods as a result of management's decision to not backfill non-critical employees through natural attrition, along with a reduction in loan commissions, partially offset by lower capitalized payroll costs than the prior year due to the digital transformation project in the prior year. Due to management's decision to not backfill non-critical employees, during fiscal year 2023 the Bank moved to a new branch staffing model comprised of decision makers and well-rounded employees that is intended to add an elevated experience for customers who choose in-person banking activities. The decrease in information technology and related expense was due mainly to lower third-party project management expenses due to the Bank's digital transformation project during the prior year period along with the discontinuation of other costs associated with the previous core system, partially offset by higher software licensing expenses resulting from new agreements associated with the digital transformation project. The increase in the federal insurance premium was due primarily to an increase in the
The Company's efficiency ratio was 69.77% for the current year period compared to 61.78% for the prior year period. Excluding the net losses from the securities strategy, the efficiency ratio would have been 62.87% for the current year period. The change in the efficiency ratio, excluding the securities strategy, was due primarily to lower non-interest income in the current year period compared to the prior year period.
Income Tax Expense
The following table presents pretax income, income tax expense, and net income for the time periods presented, along with the change measured in dollars and percent and effective tax rate.
|
For the Nine Months Ended |
|
|
|
|
|||||||||
|
|
|
Change Expressed in: |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Dollars |
|
Percent |
|||
|
(Dollars in thousands) |
|
|
|||||||||||
|
|
|
|
|
|
|
|
|||||||
Income before income tax expense |
$ |
34,896 |
|
|
$ |
47,171 |
|
|
$ |
(12,275 |
) |
|
(26.0 |
)% |
Income tax expense |
|
8,943 |
|
|
|
8,440 |
|
|
|
503 |
|
|
6.0 |
|
Net income |
$ |
25,953 |
|
|
$ |
38,731 |
|
|
$ |
(12,778 |
) |
|
(33.0 |
) |
|
|
|
|
|
|
|
|
|||||||
Effective Tax Rate |
|
25.6 |
% |
|
|
17.9 |
% |
|
|
|
|
The increase in income tax expense and the higher effective tax rate in the current year period was due primarily to recording income taxes on the current year distributions of earnings from the Bank to the Company in association with the pre-1988 bad debt recapture, partially offset by a
Financial Condition as of
The following table summarizes the Company's financial condition at the dates indicated.
|
|
|
|
|
Annualized |
|
|
|
Annualized |
||||||||
|
|
|
|
|
Percent |
|
|
|
Percent |
||||||||
|
|
2024 |
|
|
|
2024 |
|
|
Change |
|
|
2023 |
|
|
Change |
||
|
(Dollars and shares in thousands) |
||||||||||||||||
Total assets |
$ |
9,602,757 |
|
|
$ |
9,721,286 |
|
|
(4.9 |
)% |
|
$ |
10,177,461 |
|
|
(7.5 |
)% |
Available-for-sale ("AFS") securities |
|
801,953 |
|
|
|
842,950 |
|
|
(19.5 |
) |
|
|
1,384,482 |
|
|
(56.1 |
) |
Loans receivable, net |
|
7,933,043 |
|
|
|
7,877,569 |
|
|
2.8 |
|
|
|
7,970,949 |
|
|
(0.6 |
) |
Deposits |
|
6,129,660 |
|
|
|
6,141,711 |
|
|
(0.8 |
) |
|
|
6,051,220 |
|
|
1.7 |
|
Borrowings |
|
2,291,605 |
|
|
|
2,351,022 |
|
|
(10.1 |
) |
|
|
2,879,125 |
|
|
(27.2 |
) |
Stockholders' equity |
|
1,020,676 |
|
|
|
1,024,903 |
|
|
(1.6 |
) |
|
|
1,044,054 |
|
|
(3.0 |
) |
Equity to total assets at end of period |
|
10.6 |
% |
|
|
10.5 |
% |
|
|
|
|
10.3 |
% |
|
|
||
Average number of basic shares outstanding |
|
129,866 |
|
|
|
130,536 |
|
|
(2.1 |
) |
|
|
133,225 |
|
|
(3.4 |
) |
Average number of diluted shares outstanding |
|
129,866 |
|
|
|
130,536 |
|
|
(2.1 |
) |
|
|
133,225 |
|
|
(3.4 |
) |
During the current quarter, total assets decreased
As a result of rising interest rates and lack of housing inventory, there has been a slowdown in the housing market which has reduced the demand for residential loans and has directly impacted the Bank's one- to four-family loan portfolio. Origination and refinance activity has slowed considerably, and there has been a reduction in one- to four-family loan balances through scheduled repayments and loan payoffs. During the current quarter, the Bank suspended its one- to four-family correspondent lending channels for the foreseeable future. While the Bank's one- to four-family loan activity levels are down compared to the prior year period, partially due to the interest rate environment and seasonality, management also expects the Bank's one- to four-family loan portfolio will continue to decrease as cash flows generated from the one- to four-family portfolio are used to fund commercial loan growth.
Total liabilities decreased
Total assets decreased
Total liabilities decreased
The following table summarizes loan originations and purchases, deposit activity, and borrowing activity, along with certain related weighted average rates, during the periods indicated. The borrowings presented in the table have original contractual terms of one year or longer.
|
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||
|
|
|
|
||||||||||
|
Amount |
|
Rate |
|
Amount |
|
Rate |
||||||
|
(Dollars in thousands) |
||||||||||||
Loan originations, purchases, and participations |
|
|
|
|
|||||||||
One- to four-family and consumer: |
|
|
|
|
|
|
|
||||||
Originated |
$ |
117,621 |
|
|
6.79 |
% |
|
$ |
252,439 |
|
|
6.91 |
% |
Purchased |
|
— |
|
|
— |
|
|
|
3,497 |
|
|
5.91 |
|
|
|
|
|
|
|
|
|
||||||
Commercial: |
|
|
|
|
|
|
|
||||||
Originated |
|
206,503 |
|
|
7.79 |
|
|
|
259,406 |
|
|
7.67 |
|
Participations/Purchased |
|
6,268 |
|
|
8.50 |
|
|
|
30,715 |
|
|
8.17 |
|
|
$ |
330,392 |
|
|
7.45 |
|
|
$ |
546,057 |
|
|
7.33 |
|
|
|
|
|
|
|
|
|
||||||
Deposit Activity |
|
|
|
|
|
|
|
||||||
Non-maturity deposits |
$ |
(35,571 |
) |
|
|
|
$ |
(121,178 |
) |
|
|
||
Retail/Commercial certificates of deposit |
|
51,583 |
|
|
|
|
|
249,715 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Borrowing activity |
|
|
|
|
|
|
|
||||||
Maturities and repayments |
|
(109,918 |
) |
|
2.17 |
|
|
|
(339,754 |
) |
|
2.91 |
|
New borrowings |
|
50,000 |
|
|
4.61 |
|
|
|
250,000 |
|
|
4.55 |
|
Leverage Strategy
Periodically, the Bank has utilized a leverage strategy to increase earnings, which entails entering into short-term FHLB borrowings and depositing the proceeds from these FHLB borrowings, net of the purchases of FHLB stock made to meet FHLB stock holding requirements, at the FRB. The leverage strategy is not a core operating business for the Company. It provides the Company the ability to utilize excess capital to generate earnings. Additionally, it is a strategy that can be exited quickly without additional costs. The profitability of the leverage strategy is attributable to net income derived from the dividends received on the increased FHLB stock holdings, plus the net interest rate spread between the yield on the leverage strategy cash at the FRB and the rate paid on the leverage strategy FHLB borrowings, less applicable
Stockholders' Equity
Stockholders' equity totaled
Based on the Company's accumulated earnings and profits at the beginning of its tax year and the expected current year tax earnings and profits deficit as a result of the losses associated with the securities strategy, all dividends paid to stockholders by the Company during fiscal year 2024 will be treated as a return of capital, pursuant to Internal Revenue Code Section 301(c)(2), which reduces the tax basis in the shares of the holder by the amount of the dividend received. Stockholders should consult their own tax advisors to determine the income tax consequences of their specific situation. The Company is providing this for informational purposes only and not as legal or tax advice. Based on current tax earnings and profits projections for fiscal year 2025, the Company anticipates that the majority, if not all, of the dividend payments to Company stockholders in fiscal year 2025 will be treated as dividends for tax purposes.
Consistent with our goal to operate a sound and profitable financial organization, we actively seek to maintain a well-capitalized status for the Bank in accordance with regulatory standards. As of
At
During the current year period, the Company repurchased 3,280,110 shares of common stock at an average price of
During the current quarter no shares were repurchased as the Company evaluated the impact of the pre-1988 bad debt recapture requirements at the Bank and the impact that has on the amount of cash that can be distributed from the Bank to the Company. The pre-1988 bad debt recapture reduces the amount of earnings that can be distributed from the Bank to the Company, and to the extent this amount is less than the amount needed for quarterly dividends to stockholders, cash balances at the holding company would need to be used to cover the shortfall. Once the Company fully resolves the implications of the pre-1988 bad debt recapture, it may resume the repurchase of shares.
The following table presents a reconciliation of total to net shares outstanding as of
Total shares outstanding |
132,733,765 |
|
Less unallocated Employee Stock Ownership Plan ("ESOP") shares and unvested restricted stock |
(2,824,577 |
) |
Net shares outstanding |
129,909,188 |
|
Forward-Looking Statements
Except for the historical information contained in this press release, the matters discussed herein may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions. The words "may," "could," "should," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties, including: changes in policies or the application or interpretation of laws and regulations by regulatory agencies and tax authorities; other governmental initiatives affecting the financial services industry; changes in accounting principles, policies or guidelines; fluctuations in interest rates and the effects of inflation or a potential recession, whether caused by
SUPPLEMENTAL FINANCIAL INFORMATION
|
CONSOLIDATED BALANCE SHEETS (Unaudited) |
(Dollars in thousands, except per share amounts) |
|
|
|
|
|
|
||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
ASSETS: |
|
|
|
|
|
||||||
Cash and cash equivalents (includes interest-earning deposits of |
$ |
317,821 |
|
|
$ |
443,513 |
|
|
$ |
245,605 |
|
AFS securities, at estimated fair value (amortized cost of |
|
801,953 |
|
|
|
842,950 |
|
|
|
1,384,482 |
|
Loans receivable, net (ACL of |
|
7,933,043 |
|
|
|
7,877,569 |
|
|
|
7,970,949 |
|
FHLB stock, at cost |
|
106,309 |
|
|
|
109,070 |
|
|
|
110,714 |
|
Premises and equipment, net |
|
92,089 |
|
|
|
91,105 |
|
|
|
91,531 |
|
Income taxes receivable, net |
|
129 |
|
|
|
2,644 |
|
|
|
8,531 |
|
Deferred income tax assets, net |
|
30,128 |
|
|
|
35,390 |
|
|
|
29,605 |
|
Other assets |
|
321,285 |
|
|
|
319,045 |
|
|
|
336,044 |
|
TOTAL ASSETS |
$ |
9,602,757 |
|
|
$ |
9,721,286 |
|
|
$ |
10,177,461 |
|
|
|
|
|
|
|
||||||
LIABILITIES: |
|
|
|
|
|
||||||
Deposits |
$ |
6,129,660 |
|
|
$ |
6,141,711 |
|
|
$ |
6,051,220 |
|
Borrowings |
|
2,291,605 |
|
|
|
2,351,022 |
|
|
|
2,879,125 |
|
Advances by borrowers |
|
34,851 |
|
|
|
52,698 |
|
|
|
62,993 |
|
Other liabilities |
|
125,965 |
|
|
|
150,952 |
|
|
|
140,069 |
|
Total liabilities |
|
8,582,081 |
|
|
|
8,696,383 |
|
|
|
9,133,407 |
|
|
|
|
|
|
|
||||||
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
||||||
Preferred stock, |
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock, |
|
1,327 |
|
|
|
1,327 |
|
|
|
1,359 |
|
Additional paid-in capital |
|
1,146,928 |
|
|
|
1,147,029 |
|
|
|
1,166,643 |
|
Unearned compensation, ESOP |
|
(26,844 |
) |
|
|
(27,258 |
) |
|
|
(28,083 |
) |
Accumulated deficit |
|
(112,118 |
) |
|
|
(110,722 |
) |
|
|
(104,565 |
) |
Accumulated other comprehensive income, net of tax |
|
11,383 |
|
|
|
14,527 |
|
|
|
8,700 |
|
Total stockholders' equity |
|
1,020,676 |
|
|
|
1,024,903 |
|
|
|
1,044,054 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
9,602,757 |
|
|
$ |
9,721,286 |
|
$ |
10,177,461 |
||
|
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
(Dollars in thousands) |
|
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||
|
|
|
|
|
|
||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
||||||||
Loans receivable |
$ |
76,803 |
|
$ |
76,122 |
|
$ |
228,866 |
|
$ |
206,056 |
||||
MBS |
|
9,585 |
|
|
|
7,794 |
|
|
|
23,238 |
|
|
|
14,121 |
|
Cash and cash equivalents |
|
3,875 |
|
|
|
4,513 |
|
|
|
13,166 |
|
|
|
37,657 |
|
FHLB stock |
|
2,477 |
|
|
|
2,528 |
|
|
|
7,591 |
|
|
|
11,025 |
|
Investment securities |
|
2,255 |
|
|
|
2,332 |
|
|
|
7,115 |
|
|
|
2,671 |
|
Total interest and dividend income |
|
94,995 |
|
|
|
93,289 |
|
|
|
279,976 |
|
|
|
271,530 |
|
|
|
|
|
|
|
|
|
||||||||
INTEREST EXPENSE: |
|
|
|
|
|
|
|
||||||||
Deposits |
|
36,233 |
|
|
|
33,415 |
|
|
|
102,091 |
|
|
|
52,489 |
|
Borrowings |
|
18,438 |
|
|
|
18,554 |
|
|
|
56,648 |
|
|
|
96,504 |
|
Total interest expense |
|
54,671 |
|
|
|
51,969 |
|
|
|
158,739 |
|
|
|
148,993 |
|
|
|
|
|
|
|
|
|
||||||||
NET INTEREST INCOME |
|
40,324 |
|
|
|
41,320 |
|
|
|
121,237 |
|
|
|
122,537 |
|
|
|
|
|
|
|
|
|
||||||||
PROVISION FOR CREDIT LOSSES |
|
1,472 |
|
|
|
301 |
|
|
|
1,896 |
|
|
|
5,875 |
|
NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
||||||||
PROVISION FOR CREDIT LOSSES |
|
38,852 |
|
|
|
41,019 |
|
|
|
119,341 |
|
|
|
116,662 |
|
|
|
|
|
|
|
|
|
||||||||
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
||||||||
Deposit service fees |
|
2,706 |
|
|
|
2,451 |
|
|
|
7,732 |
|
|
|
9,987 |
|
Insurance commissions |
|
905 |
|
|
|
735 |
|
|
|
2,503 |
|
|
|
2,560 |
|
Net loss from securities transactions |
|
— |
|
|
|
— |
|
|
|
(13,345 |
) |
|
|
— |
|
Other non-interest income |
|
1,098 |
|
|
|
1,457 |
|
|
|
3,568 |
|
|
|
3,702 |
|
Total non-interest income |
|
4,709 |
|
|
|
4,643 |
|
|
|
458 |
|
|
|
16,249 |
|
|
|
|
|
|
|
|
|
||||||||
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits |
|
13,307 |
|
|
|
12,887 |
|
|
|
39,186 |
|
|
|
39,687 |
|
Information technology and related expense |
|
5,364 |
|
|
|
4,954 |
|
|
|
15,687 |
|
|
|
16,977 |
|
Occupancy, net |
|
3,263 |
|
|
|
3,481 |
|
|
|
10,116 |
|
|
|
10,598 |
|
Federal insurance premium |
|
1,352 |
|
|
|
1,727 |
|
|
|
4,939 |
|
|
|
3,289 |
|
Regulatory and outside services |
|
1,322 |
|
|
|
1,380 |
|
|
|
4,345 |
|
|
|
4,274 |
|
Advertising and promotional |
|
951 |
|
|
|
1,271 |
|
|
|
3,210 |
|
|
|
3,613 |
|
Deposit and loan transaction costs |
|
726 |
|
|
|
867 |
|
|
|
2,135 |
|
|
|
1,916 |
|
Office supplies and related expense |
|
405 |
|
|
|
419 |
|
|
|
1,185 |
|
|
|
1,810 |
|
Other non-interest expense |
|
1,260 |
|
|
|
1,459 |
|
|
|
4,100 |
|
|
|
3,576 |
|
Total non-interest expense |
|
27,950 |
|
|
|
28,445 |
|
|
|
84,903 |
|
|
|
85,740 |
|
INCOME BEFORE INCOME TAX EXPENSE |
|
15,611 |
|
|
|
17,217 |
|
|
|
34,896 |
|
|
|
47,171 |
|
INCOME TAX EXPENSE |
|
5,963 |
|
|
|
3,455 |
|
|
|
8,943 |
|
|
|
8,440 |
|
NET INCOME |
$ |
9,648 |
|
|
$ |
13,762 |
|
|
$ |
25,953 |
|
|
$ |
38,731 |
|
Average Balance Sheets
The following tables present the average balances of our assets, liabilities, and stockholders' equity, and the related annualized weighted average yields and rates on our interest-earning assets and interest-bearing liabilities for the periods indicated, as well as selected performance ratios and other information for the periods shown. Weighted average yields are derived by dividing income (annualized for the three-month periods) by the average balance of the related assets, and weighted average rates are derived by dividing expense (annualized for the three-month periods) by the average balance of the related liabilities, for the periods shown. Average outstanding balances are derived from average daily balances. The weighted average yields and rates include amortization of fees, costs, premiums and discounts, which are considered adjustments to yields/rates. Weighted average yields on tax-exempt securities are not calculated on a fully taxable equivalent basis.
|
For the Three Months Ended |
||||||||||||||||||||
|
|
|
|
||||||||||||||||||
|
Average |
|
Interest |
|
|
|
Average |
|
Interest |
|
|
||||||||||
|
Outstanding |
|
Earned/ |
|
Yield/ |
|
Outstanding |
|
Earned/ |
|
Yield/ |
||||||||||
|
Amount |
|
Paid |
|
Rate |
|
Amount |
|
Paid |
|
Rate |
||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
One- to four-family loans: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Originated |
$ |
3,970,881 |
|
$ |
35,612 |
|
3.59 |
% |
|
$ |
3,987,323 |
|
$ |
35,151 |
|
3.53 |
% |
||||
Correspondent purchased |
|
2,317,550 |
|
|
|
18,854 |
|
|
3.25 |
|
|
|
2,369,131 |
|
|
|
19,274 |
|
|
3.25 |
|
Bulk purchased |
|
130,876 |
|
|
|
731 |
|
|
2.23 |
|
|
|
133,832 |
|
|
|
735 |
|
|
2.20 |
|
Total one- to four-family loans |
|
6,419,307 |
|
|
|
55,197 |
|
|
3.44 |
|
|
|
6,490,286 |
|
|
|
55,160 |
|
|
3.40 |
|
Commercial loans |
|
1,371,631 |
|
|
|
19,311 |
|
|
5.57 |
|
|
|
1,351,574 |
|
|
|
18,708 |
|
|
5.48 |
|
Consumer loans |
|
107,793 |
|
|
|
2,295 |
|
|
8.56 |
|
|
|
106,267 |
|
|
|
2,254 |
|
|
8.53 |
|
Total loans receivable(1) |
|
7,898,731 |
|
|
|
76,803 |
|
|
3.88 |
|
|
|
7,948,127 |
|
|
|
76,122 |
|
|
3.82 |
|
MBS(2) |
|
675,506 |
|
|
|
9,585 |
|
|
5.68 |
|
|
|
538,882 |
|
|
|
7,794 |
|
|
5.78 |
|
Investment securities(2)(3) |
|
163,765 |
|
|
|
2,255 |
|
|
5.51 |
|
|
|
175,832 |
|
|
|
2,332 |
|
|
5.31 |
|
FHLB stock(4) |
|
106,122 |
|
|
|
2,477 |
|
|
9.39 |
|
|
|
107,562 |
|
|
|
2,528 |
|
|
9.45 |
|
Cash and cash equivalents(5) |
|
283,939 |
|
|
|
3,875 |
|
|
5.40 |
|
|
|
330,751 |
|
|
|
4,513 |
|
|
5.40 |
|
Total interest-earning assets |
|
9,128,063 |
|
|
|
94,995 |
|
|
4.15 |
|
|
|
9,101,154 |
|
|
|
93,289 |
|
|
4.09 |
|
Other non-interest-earning assets |
|
451,143 |
|
|
|
|
|
|
|
467,949 |
|
|
|
|
|
||||||
Total assets |
$ |
9,579,206 |
|
|
|
|
|
|
$ |
9,569,103 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking |
$ |
874,477 |
|
|
|
508 |
|
|
0.23 |
|
|
$ |
878,243 |
|
|
|
438 |
|
|
0.20 |
|
Savings |
|
494,614 |
|
|
|
491 |
|
|
0.40 |
|
|
|
471,239 |
|
|
|
224 |
|
|
0.19 |
|
Money market |
|
1,268,261 |
|
|
|
5,259 |
|
|
1.67 |
|
|
|
1,335,269 |
|
|
|
5,706 |
|
|
1.72 |
|
Retail certificates |
|
2,751,521 |
|
|
|
28,106 |
|
|
4.11 |
|
|
|
2,623,613 |
|
|
|
25,297 |
|
|
3.88 |
|
Commercial certificates |
|
58,059 |
|
|
|
623 |
|
|
4.31 |
|
|
|
51,304 |
|
|
|
510 |
|
|
4.00 |
|
Wholesale certificates |
|
106,680 |
|
|
|
1,246 |
|
|
4.70 |
|
|
|
112,077 |
|
|
|
1,240 |
|
|
4.45 |
|
Total deposits |
|
5,553,612 |
|
|
|
36,233 |
|
|
2.62 |
|
|
|
5,471,745 |
|
|
|
33,415 |
|
|
2.46 |
|
Borrowings(6) |
|
2,297,228 |
|
|
|
18,438 |
|
|
3.22 |
|
|
|
2,360,776 |
|
|
|
18,554 |
|
|
3.15 |
|
Total interest-bearing liabilities |
|
7,850,840 |
|
|
|
54,671 |
|
|
2.80 |
|
|
|
7,832,521 |
|
|
|
51,969 |
|
|
2.67 |
|
Non-interest-bearing deposits |
|
534,901 |
|
|
|
|
|
|
|
528,278 |
|
|
|
|
|
||||||
Other non-interest-bearing liabilities |
|
169,555 |
|
|
|
|
|
|
|
172,042 |
|
|
|
|
|
||||||
Stockholders' equity |
|
1,023,910 |
|
|
|
|
|
|
|
1,036,262 |
|
|
|
|
|
||||||
Total liabilities and stockholders' equity |
$ |
9,579,206 |
|
|
|
|
|
|
$ |
9,569,103 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income(7) |
|
|
$ |
40,324 |
|
|
|
|
|
|
$ |
41,320 |
|
|
|
||||||
Net interest-earning assets |
$ |
1,277,223 |
|
|
|
|
|
|
$ |
1,268,633 |
|
|
|
|
|
||||||
Net interest margin(8) |
|
|
|
|
1.77 |
|
|
|
|
|
|
1.82 |
|
||||||||
Ratio of interest-earning assets to interest-bearing liabilities |
|
1.16 |
x |
|
|
|
|
|
1.16 |
x | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected performance ratios: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (annualized)(9)(14) |
|
|
|
0.40 |
% |
|
|
|
|
|
0.58 |
% |
|||||||||
Return on average equity (annualized)(10)(14) |
|
|
|
3.77 |
|
|
|
|
|
|
5.31 |
|
|||||||||
Average equity to average assets |
|
|
|
|
10.69 |
|
|
|
|
|
|
10.83 |
|
||||||||
Operating expense ratio (annualized)(11) |
|
|
|
1.17 |
|
|
|
|
|
|
1.19 |
|
|||||||||
Efficiency ratio(12)(14) |
|
|
|
|
62.07 |
|
|
|
|
|
|
61.89 |
|
||||||||
|
For the Nine Months Ended |
||||||||||||||||||||
|
|
|
|
||||||||||||||||||
|
Average |
|
Interest |
|
|
|
Average |
|
Interest |
|
|
||||||||||
|
Outstanding |
|
Earned/ |
|
Yield/ |
|
Outstanding |
|
Earned/ |
|
Yield/ |
||||||||||
|
Amount |
|
Paid |
|
Rate |
|
Amount |
|
Paid |
|
Rate |
||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
One- to four-family loans: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Originated |
$ |
3,994,694 |
|
$ |
105,823 |
|
3.53 |
% |
|
$ |
4,051,068 |
|
$ |
101,249 |
|
3.33 |
% |
||||
Correspondent purchased |
|
2,367,032 |
|
|
|
57,788 |
|
|
3.26 |
|
|
|
2,419,202 |
|
|
|
56,578 |
|
|
3.12 |
|
Bulk purchased |
|
133,783 |
|
|
|
2,160 |
|
|
2.15 |
|
|
|
144,514 |
|
|
|
1,374 |
|
|
1.27 |
|
Total one- to four-family loans |
|
6,495,509 |
|
|
|
165,771 |
|
|
3.40 |
|
|
|
6,614,784 |
|
|
|
159,201 |
|
|
3.21 |
|
Commercial loans |
|
1,343,241 |
|
|
|
56,285 |
|
|
5.51 |
|
|
|
1,117,549 |
|
|
|
41,089 |
|
|
4.85 |
|
Consumer loans |
|
106,670 |
|
|
|
6,810 |
|
|
8.53 |
|
|
|
102,600 |
|
|
|
5,766 |
|
|
7.51 |
|
Total loans receivable(1) |
|
7,945,420 |
|
|
|
228,866 |
|
|
3.83 |
|
|
|
7,834,933 |
|
|
|
206,056 |
|
|
3.50 |
|
MBS(2) |
|
580,178 |
|
|
|
23,238 |
|
|
5.34 |
|
|
|
1,173,959 |
|
|
|
14,121 |
|
|
1.60 |
|
Investment securities(2)(3) |
|
202,392 |
|
|
|
7,115 |
|
|
4.69 |
|
|
|
525,035 |
|
|
|
2,671 |
|
|
0.68 |
|
FHLB stock(4) |
|
107,448 |
|
|
|
7,591 |
|
|
9.44 |
|
|
|
170,652 |
|
|
|
11,025 |
|
|
8.64 |
|
Cash and cash equivalents(5) |
|
320,398 |
|
|
|
13,166 |
|
|
5.40 |
|
|
|
1,182,559 |
|
|
|
37,657 |
|
|
4.20 |
|
Total interest-earning assets |
|
9,155,836 |
|
|
|
279,976 |
|
|
4.06 |
|
|
|
10,887,138 |
|
|
|
271,530 |
|
|
3.32 |
|
Other non-interest-earning assets |
|
461,030 |
|
|
|
|
|
|
|
261,221 |
|
|
|
|
|
||||||
Total assets |
$ |
9,616,866 |
|
|
|
|
|
|
$ |
11,148,359 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking |
$ |
879,536 |
|
|
|
1,389 |
|
|
0.21 |
|
|
$ |
982,372 |
|
|
|
1,056 |
|
|
0.14 |
|
Savings |
|
480,656 |
|
|
|
854 |
|
|
0.24 |
|
|
|
536,363 |
|
|
|
343 |
|
|
0.09 |
|
Money market |
|
1,322,851 |
|
|
|
17,702 |
|
|
1.79 |
|
|
|
1,622,486 |
|
|
|
12,513 |
|
|
1.03 |
|
Retail certificates |
|
2,643,182 |
|
|
|
76,603 |
|
|
3.87 |
|
|
|
2,193,096 |
|
|
|
34,567 |
|
|
2.11 |
|
Commercial certificates |
|
52,961 |
|
|
|
1,596 |
|
|
4.02 |
|
|
|
38,970 |
|
|
|
608 |
|
|
2.09 |
|
Wholesale certificates |
|
116,590 |
|
|
|
3,947 |
|
|
4.52 |
|
|
|
126,567 |
|
|
|
3,402 |
|
|
3.59 |
|
Total deposits |
|
5,495,776 |
|
|
|
102,091 |
|
|
2.48 |
|
|
|
5,499,854 |
|
|
|
52,489 |
|
|
1.28 |
|
Borrowings(6) |
|
2,375,474 |
|
|
|
56,648 |
|
|
3.18 |
|
|
|
3,829,154 |
|
|
|
96,504 |
|
|
3.35 |
|
Total interest-bearing liabilities |
|
7,871,250 |
|
|
|
158,739 |
|
|
2.69 |
|
|
|
9,329,008 |
|
|
|
148,993 |
|
|
2.13 |
|
Non-interest-bearing deposits |
|
533,454 |
|
|
|
|
|
|
|
569,239 |
|
|
|
|
|
||||||
Other non-interest-bearing liabilities |
|
179,929 |
|
|
|
|
|
|
|
175,176 |
|
|
|
|
|
||||||
Stockholders' equity |
|
1,032,233 |
|
|
|
|
|
|
|
1,074,936 |
|
|
|
|
|
||||||
Total liabilities and stockholders' equity |
$ |
9,616,866 |
|
|
|
|
|
|
$ |
11,148,359 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income(7) |
|
|
$ |
121,237 |
|
|
|
|
|
|
$ |
122,537 |
|
|
|
||||||
Net interest-earning assets |
$ |
1,284,586 |
|
|
|
|
|
|
$ |
1,558,130 |
|
|
|
|
|
||||||
Net interest margin(8) |
|
|
|
|
1.77 |
|
|
|
|
|
|
1.50 |
|
||||||||
Ratio of interest-earning assets to interest-bearing liabilities |
|
1.16 |
x |
|
|
|
|
|
1.17 |
x |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected performance ratios: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (annualized)(9)(14) |
|
|
|
0.36 |
% |
|
|
|
|
|
0.46 |
% |
|||||||||
Return on average equity (annualized)(10)(14) |
|
|
|
3.35 |
|
|
|
|
|
|
4.80 |
|
|||||||||
Average equity to average assets |
|
|
|
|
10.73 |
|
|
|
|
|
|
9.64 |
|
||||||||
Operating expense ratio (annualized)(11) |
|
|
|
1.18 |
|
|
|
|
|
|
1.03 |
|
|||||||||
Efficiency ratio(12)(14) |
|
|
|
|
69.77 |
|
|
|
|
|
|
61.78 |
|
||||||||
Pre-tax yield on leverage strategy(13) |
|
|
|
— |
|
|
|
|
|
|
0.13 |
|
(1) |
|
Balances are adjusted for unearned loan fees and deferred costs. Loans that are 90 or more days delinquent are included in the loans receivable average balance with a yield of zero percent. |
(2) |
|
AFS securities are adjusted for unamortized purchase premiums or discounts. |
(3) |
|
There were no nontaxable securities included in the average balance of investment securities for the quarters ended |
(4) |
|
There was no FHLB stock related to the leverage strategy for the quarter and nine-month period ended |
(5) |
|
There was no cash and cash equivalents related to the leverage strategy during the quarter and nine-month period ended |
(6) |
|
There were no borrowings related to the leverage strategy during the quarter and nine-month period ended |
(7) |
|
Net interest income represents the difference between interest income earned on interest-earning assets and interest paid on interest-bearing liabilities. Net interest income depends on the average balance of interest-earning assets and interest-bearing liabilities, and the interest rates earned or paid on them. |
(8) |
|
Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. Management believes the net interest margin is important to investors as it is a profitability measure for financial institutions. |
(9) |
|
Return on average assets represents annualized net income as a percentage of total average assets. Management believes that the return on average assets is important to investors as it shows the Company's profitability in relation to the Company's average assets. |
(10) |
|
Return on average equity represents annualized net income as a percentage of total average equity. Management believes that the return on average equity is important to investors as it shows the Company's profitability in relation to the Company's average equity. |
(11) |
|
The operating expense ratio represents annualized non-interest expense as a percentage of average assets. Management believes the operating expense ratio is important to investors as it provides insight into how efficiently the Company is managing its expenses in relation to its assets. It is a financial measurement ratio that does not take into consideration changes in interest rates. |
(12) |
|
The efficiency ratio represents non-interest expense as a percentage of the sum of net interest income (pre-provision for credit losses) and non-interest income. Management believes the efficiency ratio is important to investors as it is a measure of a financial institution's total non-interest expense as a percentage of the sum of net interest income (pre-provision for credit losses) and non-interest income. A higher value generally indicates that it is costing the financial institution more money to generate revenue, related to its net interest margin and non-interest income. |
(13) |
|
The pre-tax yield on the leverage strategy represents annualized pre-tax income resulting from the transaction as a percentage of the average interest-earning assets associated with the transaction. Management believes this ratio is important to investors as it provides the yield the Company is earning on the leverage strategy transaction. |
(14) |
|
The table below provides a reconciliation between performance measures presented in accordance with accounting standards generally accepted in |
|
For the Nine Months Ended |
||||||||||||
|
|
||||||||||||
|
|
|
|
|
Excluding |
||||||||
|
|
|
|
|
Securities |
||||||||
|
Actual |
|
Securities |
|
Strategy |
||||||||
|
(GAAP) |
|
Strategy |
|
(Non-GAAP) |
||||||||
Return on average assets (annualized) |
|
0.36 |
% |
|
|
(0.14 |
)% |
|
|
0.50 |
% |
||
Return on average equity (annualized) |
|
3.35 |
|
|
|
(1.31 |
) |
|
|
4.66 |
|
||
Efficiency Ratio |
|
69.77 |
|
|
|
6.90 |
|
|
|
62.87 |
|
||
Earnings per share(15) |
$ |
0.20 |
|
|
$ |
(0.08 |
) |
|
$ |
0.28 |
|
(15) |
|
Earnings per share is calculated as net income divided by average shares outstanding. Management believes earnings per share is an important measure to investors as it shows the Company's earnings in relation to the Company's outstanding shares. |
Loan Portfolio
The following table presents information related to the composition of our loan portfolio in terms of dollar amounts, weighted average rates, and percentage of total as of the dates indicated.
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
% of |
|
|
|
|
|
% of |
|
|
|
|
|
% of |
||||||||||||
|
Amount |
|
Rate |
|
Total |
|
Amount |
|
Rate |
|
Total |
|
Amount |
|
Rate |
|
Total |
||||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||||||||||
One- to four-family: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Originated |
$ |
3,961,407 |
|
|
3.54 |
% |
|
49.8 |
% |
|
$ |
3,950,097 |
|
|
3.47 |
% |
|
50.1 |
% |
|
$ |
3,978,837 |
|
|
3.39 |
% |
|
49.9 |
% |
Correspondent purchased |
|
2,262,371 |
|
|
3.47 |
|
|
28.5 |
|
|
|
2,314,448 |
|
|
3.46 |
|
|
29.3 |
|
|
|
2,405,911 |
|
|
3.44 |
|
|
30.1 |
|
Bulk purchased |
|
129,102 |
|
|
2.52 |
|
|
1.6 |
|
|
|
132,284 |
|
|
2.28 |
|
|
1.7 |
|
|
|
137,193 |
|
|
1.85 |
|
|
1.7 |
|
Construction |
|
24,642 |
|
|
5.94 |
|
|
0.3 |
|
|
|
40,628 |
|
|
4.84 |
|
|
0.5 |
|
|
|
69,974 |
|
|
3.68 |
|
|
0.9 |
|
Total |
|
6,377,522 |
|
|
3.50 |
|
|
80.2 |
|
|
|
6,437,457 |
|
|
3.45 |
|
|
81.6 |
|
|
|
6,591,915 |
|
|
3.38 |
|
|
82.6 |
|
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate |
|
1,119,295 |
|
|
5.43 |
|
|
14.1 |
|
|
|
1,035,634 |
|
|
5.32 |
|
|
13.1 |
|
|
|
995,788 |
|
|
5.29 |
|
|
12.5 |
|
Commercial and industrial |
|
131,848 |
|
|
6.69 |
|
|
1.7 |
|
|
|
112,123 |
|
|
6.53 |
|
|
1.4 |
|
|
|
112,953 |
|
|
6.36 |
|
|
1.4 |
|
Construction |
|
214,240 |
|
|
5.76 |
|
|
2.7 |
|
|
|
202,201 |
|
|
5.54 |
|
|
2.6 |
|
|
|
178,746 |
|
|
5.01 |
|
|
2.2 |
|
Total |
|
1,465,383 |
|
|
5.59 |
|
|
18.5 |
|
|
|
1,349,958 |
|
|
5.46 |
|
|
17.1 |
|
|
|
1,287,487 |
|
|
5.35 |
|
|
16.1 |
|
Consumer loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity |
|
98,736 |
|
|
8.90 |
|
|
1.2 |
|
|
|
96,114 |
|
|
8.86 |
|
|
1.2 |
|
|
|
95,723 |
|
|
8.83 |
|
|
1.2 |
|
Other |
|
9,637 |
|
|
5.65 |
|
|
0.1 |
|
|
|
9,203 |
|
|
5.50 |
|
|
0.1 |
|
|
|
9,256 |
|
|
5.20 |
|
|
0.1 |
|
Total |
|
108,373 |
|
|
8.61 |
|
|
1.3 |
|
|
|
105,317 |
|
|
8.57 |
|
|
1.3 |
|
|
|
104,979 |
|
|
8.51 |
|
|
1.3 |
|
Total loans receivable |
|
7,951,278 |
|
|
3.96 |
|
|
100.0 |
% |
|
|
7,892,732 |
|
|
3.86 |
|
|
100.0 |
% |
|
|
7,984,381 |
|
|
3.76 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
ACL |
|
25,854 |
|
|
|
|
|
|
|
24,634 |
|
|
|
|
|
|
|
23,759 |
|
|
|
|
|
||||||
Deferred loan fees/discounts |
|
30,777 |
|
|
|
|
|
|
|
30,007 |
|
|
|
|
|
|
|
31,335 |
|
|
|
|
|
||||||
Premiums/deferred costs |
|
(38,396 |
) |
|
|
|
|
|
|
(39,478 |
) |
|
|
|
|
|
|
(41,662 |
) |
|
|
|
|
||||||
Total loans receivable, net |
$ |
7,933,043 |
|
|
|
|
|
|
$ |
7,877,569 |
|
|
|
|
|
|
$ |
7,970,949 |
|
|
|
|
|
Loan Activity: The following table summarizes activity in the loan portfolio, along with weighted average rates where applicable, for the periods indicated, excluding changes in ACL, deferred loan fees/discounts, and premiums/deferred costs. Loans that were paid off as a result of refinances are included in repayments. Loan endorsements are not included in the activity in the following table because a new loan is not generated at the time of the endorsement. The endorsed balance and rate are included in the ending loan portfolio balance and rate. Commercial loan renewals are not included in the activity presented in the following table unless new funds are disbursed at the time of renewal. The renewal balance and rate are included in the ending loan portfolio balance and rate.
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||
|
|
|
|
||||||||||
|
Amount |
|
Rate |
|
Amount |
|
Rate |
||||||
|
(Dollars in thousands) |
||||||||||||
Beginning balance |
$ |
7,892,732 |
|
|
3.86 |
% |
|
$ |
7,984,381 |
|
|
3.76 |
% |
Originated and refinanced |
|
324,124 |
|
|
7.43 |
|
|
|
511,845 |
|
|
7.29 |
|
Purchased and participations |
|
6,268 |
|
|
8.50 |
|
|
|
34,212 |
|
|
7.94 |
|
Change in undisbursed loan funds |
|
8,303 |
|
|
|
|
|
126,191 |
|
|
|
||
Repayments |
|
(260,092 |
) |
|
|
|
|
(685,068 |
) |
|
|
||
Principal (charge-offs)/recoveries, net |
|
(57 |
) |
|
|
|
|
(58 |
) |
|
|
||
Other |
|
(20,000 |
) |
|
|
|
|
(20,225 |
) |
|
|
||
Ending balance |
$ |
7,951,278 |
|
|
3.96 |
|
|
$ |
7,951,278 |
|
|
3.96 |
|
One- to Four-Family Loans: The following table presents, for our portfolio of one- to four-family loans, the amount, percent of total, weighted average rate, weighted average credit score, weighted average loan-to-value ("LTV") ratio, and average balance per loan as of
|
|
|
% of |
|
|
|
Credit |
|
|
|
Average |
||||||||
|
Amount |
|
Total |
|
Rate |
|
Score |
|
LTV |
|
Balance |
||||||||
|
(Dollars in thousands) |
|
|
||||||||||||||||
Originated |
$ |
3,961,407 |
|
62.1 |
% |
|
3.54 |
% |
|
771 |
|
59 |
% |
|
$ |
167 |
|||
Correspondent purchased |
|
2,262,371 |
|
|
35.5 |
|
|
3.47 |
|
|
767 |
|
|
63 |
|
|
|
406 |
|
Bulk purchased |
|
129,102 |
|
|
2.0 |
|
|
2.52 |
|
|
772 |
|
|
54 |
|
|
|
282 |
|
Construction |
|
24,642 |
|
|
0.4 |
|
|
5.94 |
|
|
770 |
|
|
46 |
|
|
|
368 |
|
|
$ |
6,377,522 |
|
|
100.0 |
|
|
3.50 |
|
|
770 |
|
|
60 |
|
|
|
214 |
|
The following table presents originated and correspondent purchased activity in our one- to four-family loan portfolio, excluding endorsement activity, along with associated weighted average rates, weighted average LTVs and weighted average credit scores for the periods indicated.
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
Credit |
|
|
|
|
|
|
|
Credit |
||||||||||
|
Amount |
|
Rate |
|
LTV |
|
Score |
|
Amount |
|
Rate |
|
LTV |
|
Score |
||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||||||
Originated |
$ |
101,341 |
|
6.44 |
% |
|
75 |
% |
770 |
|
$ |
212,689 |
|
6.53 |
% |
|
74 |
% |
|
769 |
|||||
Correspondent purchased |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
3,497 |
|
|
5.91 |
|
|
70 |
|
|
765 |
|
|
$ |
101,341 |
|
|
6.44 |
|
|
75 |
|
|
770 |
|
|
$ |
216,186 |
|
|
6.52 |
|
|
74 |
|
|
768 |
|
As of
Commercial Loans: During the nine months ended
As of
The following table presents the Bank's commercial real estate and commercial construction loans by type of primary collateral as of the dates indicated. As of
|
|
|
|
||||||||||||||||
|
|
|
Unpaid |
|
Undisbursed |
|
Gross Loan |
|
Gross Loan |
||||||||||
|
Count |
|
Principal |
|
Amount |
|
Amount |
|
Amount |
||||||||||
|
|
|
(Dollars in thousands) |
||||||||||||||||
Multi-family |
41 |
|
$ |
164,318 |
|
|
$ |
217,459 |
|
|
$ |
381,777 |
|
|
$ |
301,285 |
|
||
Retail building |
|
139 |
|
|
|
268,734 |
|
|
|
58,744 |
|
|
|
327,478 |
|
|
|
342,713 |
|
Senior housing |
|
34 |
|
|
|
305,386 |
|
|
|
5,792 |
|
|
|
311,178 |
|
|
|
313,362 |
|
Hotel |
|
17 |
|
|
|
282,176 |
|
|
|
22,046 |
|
|
|
304,222 |
|
|
|
245,336 |
|
Office building |
|
79 |
|
|
|
128,201 |
|
|
|
627 |
|
|
|
128,828 |
|
|
|
129,599 |
|
One- to four-family property |
|
340 |
|
|
|
59,899 |
|
|
|
3,998 |
|
|
|
63,897 |
|
|
|
63,661 |
|
Single use building |
|
31 |
|
|
|
43,143 |
|
|
|
593 |
|
|
|
43,736 |
|
|
|
43,834 |
|
Warehouse/manufacturing |
|
42 |
|
|
|
32,173 |
|
|
|
560 |
|
|
|
32,733 |
|
|
|
32,660 |
|
Other |
|
63 |
|
|
|
49,505 |
|
|
|
7,596 |
|
|
|
57,101 |
|
|
|
60,991 |
|
|
|
786 |
|
|
$ |
1,333,535 |
|
|
$ |
317,415 |
|
|
$ |
1,650,950 |
|
|
$ |
1,533,441 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average rate |
|
|
|
5.48 |
% |
|
|
6.71 |
% |
|
|
5.72 |
% |
|
|
5.53 |
% |
The following table summarizes the Bank's commercial real estate and commercial construction loans by state as of the dates indicated.
|
|
|
|
||||||||||||||||
|
|
|
Unpaid |
|
Undisbursed |
|
Gross Loan |
|
Gross Loan |
||||||||||
|
Count |
|
Principal |
|
Amount |
|
Amount |
|
Amount |
||||||||||
|
|
|
(Dollars in thousands) |
||||||||||||||||
|
580 |
|
$ |
522,486 |
|
$ |
167,445 |
|
$ |
689,931 |
|
$ |
658,576 |
||||||
|
|
19 |
|
|
|
295,655 |
|
|
|
48,396 |
|
|
|
344,051 |
|
|
|
344,349 |
|
|
|
149 |
|
|
|
272,232 |
|
|
|
60,805 |
|
|
|
333,037 |
|
|
|
301,969 |
|
|
|
8 |
|
|
|
40,194 |
|
|
|
10,293 |
|
|
|
50,487 |
|
|
|
54,751 |
|
|
|
1 |
|
|
|
60,000 |
|
|
|
— |
|
|
|
60,000 |
|
|
|
— |
|
|
|
1 |
|
|
|
33,397 |
|
|
|
946 |
|
|
|
34,343 |
|
|
|
34,520 |
|
|
|
4 |
|
|
|
33,181 |
|
|
|
253 |
|
|
|
33,434 |
|
|
|
33,529 |
|
|
|
7 |
|
|
|
32,564 |
|
|
|
4 |
|
|
|
32,568 |
|
|
|
37,634 |
|
Other |
|
17 |
|
|
|
43,826 |
|
|
|
29,273 |
|
|
|
73,099 |
|
|
|
68,113 |
|
|
|
786 |
|
|
$ |
1,333,535 |
|
|
$ |
317,415 |
|
|
$ |
1,650,950 |
|
|
$ |
1,533,441 |
|
The following table presents the Bank's commercial loan portfolio and outstanding loan commitments, categorized by aggregate gross loan amount (unpaid principal plus undisbursed amounts) or outstanding loan commitment amount and average loan amount, as of
|
|
|
|
|
Average |
||||||
|
Count |
|
Amount |
|
Amount |
||||||
|
(Dollars in thousands) |
||||||||||
Greater than |
5 |
|
$ |
319,146 |
|
$ |
63,829 |
||||
> |
|
7 |
|
|
|
241,624 |
|
|
|
34,518 |
|
> |
|
11 |
|
|
|
266,942 |
|
|
|
24,267 |
|
> |
|
9 |
|
|
|
153,790 |
|
|
|
17,088 |
|
> |
|
14 |
|
|
|
169,472 |
|
|
|
12,105 |
|
> |
|
32 |
|
|
|
233,458 |
|
|
|
7,296 |
|
|
|
135 |
|
|
|
308,176 |
|
|
|
2,283 |
|
Less than |
|
1,190 |
|
|
|
187,592 |
|
|
|
158 |
|
|
|
1,403 |
|
|
$ |
1,880,200 |
|
|
|
1,340 |
|
Asset Quality
The following tables present loans 30 to 89 days delinquent, non-performing loans, and other real estate owned ("OREO") as of the dates indicated. The amounts in the table represent the unpaid principal balance of the loans less related charge-offs, if any. Of the loans 30 to 89 days delinquent at
|
Loans Delinquent for 30 to 89 Days at: |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Number |
|
Amount |
|
Number |
|
Amount |
|
Number |
|
Amount |
|
Number |
|
Amount |
|
Number |
|
Amount |
|||||||||||||||
|
(Dollars in thousands) |
|||||||||||||||||||||||||||||||||
One- to four-family: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Originated |
70 |
|
$ |
7,148 |
|
|
72 |
|
$ |
6,803 |
|
|
77 |
|
$ |
7,746 |
|
|
88 |
|
$ |
9,078 |
|
|
67 |
|
$ |
6,377 |
|
|||||
Correspondent purchased |
13 |
|
|
|
5,278 |
|
|
10 |
|
|
|
3,144 |
|
|
16 |
|
|
|
6,049 |
|
|
17 |
|
|
|
5,192 |
|
|
20 |
|
|
|
6,704 |
|
Bulk purchased |
1 |
|
|
|
277 |
|
|
5 |
|
|
|
856 |
|
|
4 |
|
|
|
583 |
|
|
1 |
|
|
|
149 |
|
|
— |
|
|
|
— |
|
Construction |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
4 |
|
|
|
1,123 |
|
|
— |
|
|
|
— |
|
Commercial |
15 |
|
|
|
2,781 |
|
|
11 |
|
|
|
3,354 |
|
|
14 |
|
|
|
3,809 |
|
|
5 |
|
|
|
94 |
|
|
6 |
|
|
|
573 |
|
Consumer |
40 |
|
|
|
926 |
|
|
35 |
|
|
|
601 |
|
|
40 |
|
|
|
766 |
|
|
30 |
|
|
|
730 |
|
|
22 |
|
|
|
469 |
|
|
139 |
|
|
$ |
16,410 |
|
|
133 |
|
|
$ |
14,758 |
|
|
151 |
|
|
$ |
18,953 |
|
|
145 |
|
|
$ |
16,366 |
|
|
115 |
|
|
$ |
14,123 |
|
30 to 89 days delinquent loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
to total loans receivable, net |
|
|
0.21 |
% |
|
|
|
|
0.19 |
% |
|
|
|
|
0.24 |
% |
|
|
|
|
0.21 |
% |
|
|
|
|
0.18 |
% |
||||||
|
Non-Performing Loans and OREO at: |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Number |
|
Amount |
|
Number |
|
Amount |
|
Number |
|
Amount |
|
Number |
|
Amount |
|
Number |
|
Amount |
|||||||||||||||
|
(Dollars in thousands) |
|||||||||||||||||||||||||||||||||
Loans 90 or More Days Delinquent or in Foreclosure: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
One- to four-family: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Originated |
24 |
|
$ |
2,046 |
|
|
23 |
|
$ |
2,380 |
|
|
29 |
|
$ |
3,749 |
|
|
24 |
|
$ |
2,246 |
|
|
16 |
|
$ |
1,582 |
|
|||||
Correspondent purchased |
7 |
|
|
|
3,860 |
|
|
8 |
|
|
|
3,969 |
|
|
10 |
|
|
|
4,164 |
|
|
9 |
|
|
|
3,410 |
|
|
8 |
|
|
|
1,854 |
|
Bulk purchased |
4 |
|
|
|
1,271 |
|
|
3 |
|
|
|
962 |
|
|
2 |
|
|
|
942 |
|
|
2 |
|
|
|
942 |
|
|
3 |
|
|
|
1,149 |
|
Commercial |
8 |
|
|
|
1,160 |
|
|
11 |
|
|
|
1,203 |
|
|
8 |
|
|
|
1,198 |
|
|
12 |
|
|
|
2,183 |
|
|
8 |
|
|
|
1,225 |
|
Consumer |
13 |
|
|
|
236 |
|
|
10 |
|
|
|
250 |
|
|
5 |
|
|
|
116 |
|
|
9 |
|
|
|
113 |
|
|
3 |
|
|
|
51 |
|
|
56 |
|
|
|
8,573 |
|
|
55 |
|
|
|
8,764 |
|
|
54 |
|
|
|
10,169 |
|
|
56 |
|
|
|
8,894 |
|
|
38 |
|
|
|
5,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans 90 or more days delinquent or in foreclosure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
as a percentage of total loans |
|
|
0.11 |
% |
|
|
|
|
0.11 |
% |
|
|
|
|
0.13 |
% |
|
|
|
|
0.11 |
% |
|
|
|
|
0.07 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Nonaccrual loans less than 90 Days Delinquent:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
One- to four-family: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Originated |
— |
|
|
$ |
— |
|
|
— |
|
|
$ |
— |
|
|
— |
|
|
$ |
— |
|
|
2 |
|
|
$ |
215 |
|
|
3 |
|
|
$ |
295 |
|
Correspondent purchased |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
1 |
|
|
|
282 |
|
|
— |
|
|
|
— |
|
Bulk purchased |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
1 |
|
|
|
257 |
|
Commercial |
1 |
|
|
|
30 |
|
|
1 |
|
|
|
25 |
|
|
1 |
|
|
|
18 |
|
|
1 |
|
|
|
18 |
|
|
2 |
|
|
|
29 |
|
Consumer |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
1 |
|
|
|
37 |
|
|
1 |
|
|
|
30 |
|
|
1 |
|
|
|
25 |
|
|
1 |
|
|
|
18 |
|
|
4 |
|
|
|
515 |
|
|
7 |
|
|
|
618 |
|
Total nonaccrual loans |
57 |
|
|
|
8,603 |
|
|
56 |
|
|
|
8,789 |
|
|
55 |
|
|
|
10,187 |
|
|
60 |
|
|
|
9,409 |
|
|
45 |
|
|
|
6,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Nonaccrual loans as a percentage of total loans |
|
|
0.11 |
% |
|
|
|
|
0.11 |
% |
|
|
|
|
0.13 |
% |
|
|
|
|
0.12 |
% |
|
|
|
|
0.08 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
OREO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
One- to four-family: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Originated(2) |
— |
|
|
$ |
— |
|
|
1 |
|
|
$ |
67 |
|
|
2 |
|
|
$ |
225 |
|
|
— |
|
|
$ |
— |
|
|
— |
|
|
$ |
— |
|
Correspondent purchased |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
1 |
|
|
|
219 |
|
|
1 |
|
|
|
219 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
1 |
|
|
|
67 |
|
|
3 |
|
|
|
444 |
|
|
1 |
|
|
|
219 |
|
|
— |
|
|
|
— |
|
Total non-performing assets |
57 |
|
|
$ |
8,603 |
|
|
57 |
|
|
$ |
8,856 |
|
|
58 |
|
|
$ |
10,631 |
|
|
61 |
|
|
$ |
9,628 |
|
|
45 |
|
|
$ |
6,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-performing assets as a percentage of total assets |
|
|
0.09 |
% |
|
|
|
|
0.09 |
% |
|
|
|
|
0.11 |
% |
|
|
|
|
0.09 |
% |
|
|
|
|
0.06 |
% |
(1) |
|
Includes loans required to be reported as nonaccrual pursuant to accounting and/or internal policies even if the loans are current. |
(2) |
|
Real estate-related consumer loans where we also hold the first mortgage are included in the one- to four-family category as the underlying collateral is one- to four-family property. |
The following table presents loans classified as special mention or substandard at the dates presented. The increase in commercial special mention loans at
|
|
|
|
|
|
||||||||||||||||||
|
Special Mention |
|
Substandard |
|
Special Mention |
|
Substandard |
|
Special Mention |
|
Substandard |
||||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||||
One- to four-family |
$ |
20,362 |
|
$ |
21,623 |
|
$ |
21,531 |
|
$ |
21,033 |
|
$ |
18,603 |
|
$ |
19,314 |
||||||
Commercial |
|
23,212 |
|
|
|
2,531 |
|
|
|
19,886 |
|
|
|
1,969 |
|
|
|
16,407 |
|
|
|
1,293 |
|
Consumer |
|
270 |
|
|
|
345 |
|
|
|
263 |
|
|
|
309 |
|
|
|
327 |
|
|
|
190 |
|
|
$ |
43,844 |
|
|
$ |
24,499 |
|
|
$ |
41,680 |
|
|
$ |
23,311 |
|
|
$ |
35,337 |
|
|
$ |
20,797 |
|
Allowance for Credit Losses: The Bank is utilizing a discounted cash flow approach for estimating expected credit losses for pooled loans and loan commitments. Management applied qualitative factors at
The following table presents ACL activity and related ratios at the dates and for the periods indicated. On
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||
|
|
|
|
||||
|
(Dollars in thousands) |
||||||
Balance at beginning of period |
$ |
24,634 |
|
|
$ |
23,759 |
|
ASU 2022-02 Adoption |
|
— |
|
|
|
20 |
|
Charge-offs: |
|
|
|
||||
One- to four-family |
|
— |
|
|
|
— |
|
Commercial |
|
(50 |
) |
|
|
(60 |
) |
Consumer |
|
(26 |
) |
|
|
(41 |
) |
Total charge-offs |
|
(76 |
) |
|
|
(101 |
) |
Recoveries: |
|
|
|
||||
One- to four-family |
|
17 |
|
|
|
25 |
|
Commercial |
|
2 |
|
|
|
3 |
|
Consumer |
|
— |
|
|
|
15 |
|
Total recoveries |
|
19 |
|
|
|
43 |
|
Net (charge-offs) recoveries |
|
(57 |
) |
|
|
(58 |
) |
Provision for credit losses |
|
1,277 |
|
|
|
2,133 |
|
Balance at end of period |
$ |
25,854 |
|
|
$ |
25,854 |
|
|
|
|
|
||||
Ratio of net charge-offs during the period |
|
|
|
||||
to average loans outstanding during the period |
|
— |
% |
|
|
— |
% |
Ratio of net charge-offs (recoveries) during the |
|
|
|
||||
period to average non-performing assets |
|
0.65 |
|
|
|
0.64 |
|
ACL to non-performing loans at end of period |
|
300.52 |
|
|
|
300.52 |
|
ACL to loans receivable at end of period |
|
0.33 |
|
|
|
0.33 |
|
ACL to net charge-offs (annualized) |
113 |
x |
|
332 |
x |
The distribution of our ACL and the ratio of ACL to loans receivable, by loan type, at the dates indicated is summarized below. The increase in the ratio of ACL to loans receivable at
|
Distribution of ACL |
|
Ratio of ACL to Loans Receivable |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
2024 |
|
2024 |
|
2023 |
|||
|
(Dollars in thousands) |
|
|
|
|
|
|
|||||||||||||
One- to four-family |
$ |
4,808 |
|
$ |
5,060 |
|
$ |
5,328 |
|
0.08 |
% |
|
0.08 |
% |
|
0.08 |
% |
|||
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate |
|
17,616 |
|
|
|
16,605 |
|
|
|
15,589 |
|
|
1.57 |
|
|
1.60 |
|
|
1.57 |
|
Commercial and industrial |
|
1,134 |
|
|
|
1,019 |
|
|
|
1,104 |
|
|
0.86 |
|
|
0.91 |
|
|
0.98 |
|
Construction |
|
2,045 |
|
|
|
1,706 |
|
|
|
1,487 |
|
|
0.95 |
|
|
0.84 |
|
|
0.83 |
|
Total commercial |
|
20,795 |
|
|
|
19,330 |
|
|
|
18,180 |
|
|
1.42 |
|
|
1.43 |
|
|
1.41 |
|
Consumer |
|
251 |
|
|
|
244 |
|
|
|
251 |
|
|
0.23 |
|
|
0.23 |
|
|
0.24 |
|
Total |
$ |
25,854 |
|
|
$ |
24,634 |
|
|
$ |
23,759 |
|
|
0.33 |
|
|
0.31 |
|
|
0.30 |
|
Securities Portfolio
The following table presents the distribution of our securities portfolio, at amortized cost, at
|
Amount |
|
Yield |
|
WAL |
|||||
|
(Dollars in thousands) |
|||||||||
MBS |
$ |
672,754 |
|
5.69 |
% |
|
5.7 |
|||
|
|
116,802 |
|
|
5.60 |
|
|
|
5.6 |
|
Corporate bonds |
|
4,000 |
|
|
5.12 |
|
|
|
7.9 |
|
|
$ |
793,556 |
|
|
5.68 |
|
|
|
5.7 |
|
The following table summarizes the activity in our securities portfolio for the periods presented. The weighted average yields for the beginning and ending balances are as of the first and last days of the period presented and are generally derived from recent prepayment activity on the securities in the portfolio. The beginning and ending WALs are the estimated remaining principal repayment terms (in years) after three-month historical prepayment speeds and projected call option assumptions have been applied.
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||||
|
|
|
|
||||||||||||||||||
|
Amount |
|
Yield |
|
WAL |
|
Amount |
|
Yield |
|
WAL |
||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||
Beginning balance - carrying value |
$ |
842,950 |
|
|
5.63 |
% |
|
5.4 |
|
$ |
1,384,482 |
|
|
1.35 |
% |
|
3.8 |
||||
Maturities and repayments |
|
(118,206 |
) |
|
|
|
|
|
|
(373,739 |
) |
|
|
|
|
||||||
Proceeds from sale |
|
— |
|
|
|
|
|
|
|
(1,272,512 |
) |
|
|
|
|
||||||
Net amortization of (premiums)/discounts |
|
1,586 |
|
|
|
|
|
|
|
7,327 |
|
|
|
|
|
||||||
Purchases |
|
78,839 |
|
|
5.53 |
|
|
|
6.3 |
|
|
|
1,059,833 |
|
|
5.59 |
|
|
|
4.5 |
|
Net loss from securities transactions |
|
— |
|
|
|
|
|
|
|
(13,345 |
) |
|
|
|
|
||||||
Change in valuation on AFS securities |
|
(3,216 |
) |
|
|
|
|
|
|
9,907 |
|
|
|
|
|
||||||
Ending balance - carrying value |
$ |
801,953 |
|
|
5.68 |
|
|
|
5.7 |
|
|
$ |
801,953 |
|
|
5.68 |
|
|
|
5.7 |
|
Deposit Portfolio
The following table presents the amount, weighted average rate, and percent of total for the components of our deposit portfolio at the dates presented. The amount of commercial non-maturity deposits included in the table below at
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
% of |
|
|
|
|
|
% of |
|
|
|
|
|
% of |
||||||||||||
|
Amount |
|
Rate |
|
Total |
|
Amount |
|
Rate |
|
Total |
|
Amount |
|
Rate |
|
Total |
||||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||||||||||
Non-interest-bearing checking |
$ |
548,760 |
|
— |
% |
|
9.0 |
% |
|
$ |
549,818 |
|
— |
% |
|
8.9 |
% |
|
$ |
558,326 |
|
— |
% |
|
9.2 |
% |
|||
Interest-bearing checking |
|
872,462 |
|
|
0.27 |
|
|
14.2 |
|
|
|
902,848 |
|
|
0.19 |
|
|
14.7 |
|
|
|
901,994 |
|
|
0.19 |
|
|
14.9 |
|
Savings |
|
515,399 |
|
|
0.56 |
|
|
8.4 |
|
|
|
482,503 |
|
|
0.27 |
|
|
7.9 |
|
|
|
480,091 |
|
|
0.12 |
|
|
7.9 |
|
Money market |
|
1,263,229 |
|
|
1.67 |
|
|
20.6 |
|
|
|
1,300,252 |
|
|
1.67 |
|
|
21.2 |
|
|
|
1,380,617 |
|
|
1.96 |
|
|
22.8 |
|
Retail certificates of deposit |
|
2,773,048 |
|
|
4.18 |
|
|
45.2 |
|
|
|
2,725,110 |
|
|
4.01 |
|
|
44.4 |
|
|
|
2,533,954 |
|
|
3.47 |
|
|
41.9 |
|
Commercial certificates of deposit |
|
59,372 |
|
|
4.35 |
|
|
1.0 |
|
|
|
55,727 |
|
|
4.19 |
|
|
0.9 |
|
|
|
48,751 |
|
|
3.56 |
|
|
0.8 |
|
Public unit certificates of deposit |
|
97,390 |
|
|
4.67 |
|
|
1.6 |
|
|
|
125,453 |
|
|
4.61 |
|
|
2.0 |
|
|
|
147,487 |
|
|
4.44 |
|
|
2.5 |
|
|
$ |
6,129,660 |
|
|
2.44 |
|
|
100.0 |
% |
|
$ |
6,141,711 |
|
|
2.32 |
|
|
100.0 |
% |
|
$ |
6,051,220 |
|
|
2.07 |
|
|
100.0 |
% |
Management has focused on retaining and growing deposits through the introduction of a high-yield savings account early in fiscal year 2024 which has a current rate of 4.21% for balances over
Borrowings
The following table presents the maturity of term borrowings, which consist of FHLB advances, along with associated weighted average contractual and effective rates as of
Maturity by |
|
|
|
Contractual |
|
Effective |
||||
Fiscal Year |
|
Amount |
|
Rate |
|
Rate(1) |
||||
|
|
(Dollars in thousands) |
||||||||
2024 |
|
$ |
175,000 |
|
4.79 |
% |
|
2.92 |
% |
|
2025 |
|
|
650,000 |
|
|
3.30 |
|
|
2.96 |
|
2026 |
|
|
575,000 |
|
|
2.81 |
|
|
2.95 |
|
2027 |
|
|
480,000 |
|
|
3.14 |
|
|
3.25 |
|
2028 |
|
|
315,574 |
|
|
4.93 |
|
|
4.18 |
|
2029 |
|
|
97,500 |
|
|
4.40 |
|
|
4.40 |
|
|
|
$ |
2,293,074 |
|
|
3.53 |
|
|
3.24 |
|
(1) |
|
The effective rate includes the impact of interest rate swaps and the amortization of deferred prepayment penalties resulting from FHLB advances previously prepaid. |
The following table presents borrowing activity for the periods shown. The borrowings presented in the table have original contractual terms of one year or longer or are tied to interest rate swaps with original contractual terms of one year or longer. Line of credit borrowings and finance leases are excluded from the table. The effective rate is shown as a weighted average and includes the impact of interest rate swaps and the amortization of deferred prepayment penalties resulting from FHLB advances previously prepaid. The weighted average maturity ("WAM") is the remaining weighted average contractual term in years. The beginning and ending WAMs represent the remaining maturity at each date presented. During the current year period, management paid down BTFP borrowings with the proceeds received from the securities strategy.
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||||
|
June 30, 2024 |
|
June 30, 2024 |
||||||||||||||||||
|
|
|
Effective |
|
|
|
|
|
Effective |
|
|
||||||||||
|
Amount |
|
Rate |
|
WAM |
|
Amount |
|
Rate |
|
WAM |
||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||
Beginning balance |
$ |
2,352,992 |
|
3.16 |
% |
|
1.9 |
|
$ |
2,882,828 |
|
|
3.34 |
% |
|
1.8 |
|||||
Maturities and repayments |
|
(109,918 |
) |
|
2.17 |
|
|
|
|
|
(339,754 |
) |
|
2.91 |
|
|
|
||||
New FHLB borrowings |
|
50,000 |
|
|
4.61 |
|
|
|
5.0 |
|
|
|
250,000 |
|
|
4.55 |
|
|
|
4.2 |
|
BTFP, net |
|
— |
|
|
— |
|
|
|
— |
|
|
|
(500,000 |
) |
|
4.70 |
|
|
|
— |
|
Ending balance |
$ |
2,293,074 |
|
|
3.24 |
|
|
|
1.7 |
|
|
$ |
2,293,074 |
|
|
3.24 |
|
|
|
1.7 |
|
Maturities of Interest-Bearing Liabilities
The following table presents the maturity and weighted average repricing rate, which is also the weighted average effective rate, of certificates of deposit, split between retail/commercial and public unit amounts, and non-amortizing FHLB advances for the next four quarters as of June 30, 2024.
|
September 30, |
|
December 31, |
|
March 31, |
|
June 30, |
|
|
||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2025 |
|
|
Total |
||
|
(Dollars in thousands) |
||||||||||||||||||
Retail/Commercial Certificates: |
|
|
|
|
|
|
|
|
|||||||||||
Amount |
$ |
494,748 |
|
|
$ |
684,174 |
|
|
$ |
531,227 |
|
|
$ |
404,517 |
|
|
$ |
2,114,666 |
|
Repricing Rate |
|
4.44 |
% |
|
|
4.50 |
% |
|
|
4.51 |
% |
|
|
4.49 |
% |
|
|
4.49 |
% |
Public Unit Certificates: |
|
|
|
|
|
|
|
|
|
||||||||||
Amount |
$ |
34,985 |
|
|
$ |
30,026 |
|
|
$ |
17,526 |
|
|
$ |
1,250 |
|
|
$ |
83,787 |
|
Repricing Rate |
|
4.63 |
% |
|
|
4.68 |
% |
|
|
4.90 |
% |
|
|
4.90 |
% |
|
|
4.71 |
% |
Non-Amortizing FHLB Advances: |
|
|
|
|
|
|
|
|
|||||||||||
Amount |
$ |
175,000 |
|
|
$ |
200,000 |
|
|
$ |
150,000 |
|
|
$ |
200,000 |
|
|
$ |
725,000 |
|
Repricing Rate |
|
2.92 |
% |
|
|
3.35 |
% |
|
|
1.93 |
% |
|
|
3.27 |
% |
|
|
2.93 |
% |
Total |
|
|
|
|
|
|
|
|
|
||||||||||
Amount |
$ |
704,733 |
|
|
$ |
914,200 |
|
|
$ |
698,753 |
|
|
$ |
605,767 |
|
|
$ |
2,923,453 |
|
Repricing Rate |
|
4.07 |
% |
|
|
4.26 |
% |
|
|
3.97 |
% |
|
|
4.09 |
% |
|
|
4.11 |
% |
The following table sets forth the WAM information for our certificates of deposit, in years, as of June 30, 2024.
Retail certificates of deposit |
0.9 |
Commercial certificates of deposit |
0.6 |
Public unit certificates of deposit |
0.5 |
Total certificates of deposit |
0.9 |
Average Rates and Lives
At June 30, 2024, the gap between the Bank's amount of interest-earning assets and interest-bearing liabilities projected to reprice within one year was $(1.40) billion, or (14.6)% of total assets, compared to $(1.10) billion, or (11.3)% of total assets, at March 31, 2024. The change in the one-year gap amount was due to both a decrease in the amount of asset cash flows coming due in one year, at June 30, 2024, and an increase in the amount of liability cash flows coming due during the same time period, as compared to March 31, 2024. The decrease in asset cash flows was due primarily to a decrease in the balance of cash from March 31, 2024 to June 30, 2024, as well as to a decrease in short-term securities as a result of maturities during the current quarter. The increase in liability cash flows was due primarily to an increase in borrowings scheduled to mature, due to the passage of time, as well as to an increase in certificates of deposit scheduled to mature within one year as of June 30, 2024, compared to March 31, 2024, as the Bank continued to offer competitive rates on shorter-term certificates of deposit.
The amount of interest-bearing liabilities expected to reprice in a given period is not typically significantly impacted by changes in interest rates because the Bank's borrowings and certificates of deposit portfolios have contractual maturities and generally cannot be terminated early without a prepayment penalty. If interest rates were to increase 200 basis points, as of June 30, 2024, the Bank's one-year gap would have been projected to be $(1.59) billion, or (16.5)% of total assets. The change in the gap compared to when there is no change in rates was due to lower anticipated net cash flows primarily as a result of lower prepayments on mortgage-related assets and call options on investment securities not getting exercised by agency issuers in the higher rate environment. This compares to a projected one-year gap of $(1.21) billion, or (12.5)% of total assets, if interest rates were to have increased 200 basis points as of March 31, 2024.
The following table presents the weighted average yields/rates and WALs (in years), after applying prepayment, call assumptions, and decay rates for our interest-earning assets and interest-bearing liabilities as of June 30, 2024. Yields presented for interest-earning assets include the amortization of fees, costs, premiums and discounts, which are considered adjustments to the yield. The interest rate presented for term borrowings is the effective rate, which includes the impact of interest rate swaps and the amortization of deferred prepayment penalties resulting from FHLB advances previously prepaid. The WAL presented for term borrowings includes the effect of interest rate swaps.
|
Amount |
|
Yield/Rate |
|
WAL |
|
% of Category |
|
% of Total |
|||||||
|
(Dollars in thousands) |
|||||||||||||||
Securities |
$ |
801,953 |
|
5.68 |
% |
|
3.3 |
|
|
|
8.7 |
% |
||||
Loans receivable: |
|
|
|
|
|
|
|
|
|
|||||||
Fixed-rate one- to four-family |
|
5,434,393 |
|
|
3.38 |
|
|
|
6.7 |
|
|
68.3 |
% |
|
59.2 |
|
Fixed-rate commercial |
|
497,635 |
|
|
4.68 |
|
|
|
2.9 |
|
|
6.3 |
|
|
5.4 |
|
All other fixed-rate loans |
|
38,112 |
|
|
6.84 |
|
|
|
6.5 |
|
|
0.5 |
|
|
0.4 |
|
Total fixed-rate loans |
|
5,970,140 |
|
|
3.51 |
|
|
|
6.4 |
|
|
75.1 |
|
|
65.0 |
|
Adjustable-rate one- to four-family |
|
918,487 |
|
|
4.12 |
|
|
|
4.0 |
|
|
11.5 |
|
|
10.0 |
|
Adjustable-rate commercial |
|
967,748 |
|
|
6.05 |
|
|
|
5.5 |
|
|
12.2 |
|
|
10.6 |
|
All other adjustable-rate loans |
|
94,903 |
|
|
8.59 |
|
|
|
3.0 |
|
|
1.2 |
|
|
1.0 |
|
Total adjustable-rate loans |
|
1,981,138 |
|
|
5.27 |
|
|
|
4.7 |
|
|
24.9 |
|
|
21.6 |
|
Total loans receivable |
|
7,951,278 |
|
|
3.95 |
|
|
|
5.9 |
|
|
100.0 |
% |
|
86.6 |
|
FHLB stock |
|
106,309 |
|
|
9.47 |
|
|
|
1.9 |
|
|
|
|
1.2 |
|
|
Cash and cash equivalents |
|
317,821 |
|
|
4.97 |
|
|
|
— |
|
|
|
|
3.5 |
|
|
Total interest-earning assets |
$ |
9,177,361 |
|
|
4.20 |
|
|
|
5.4 |
|
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-maturity deposits |
$ |
2,651,090 |
|
|
1.00 |
|
|
|
6.5 |
|
|
47.5 |
% |
|
33.7 |
% |
Retail certificates of deposit |
|
2,773,048 |
|
|
4.18 |
|
|
|
0.9 |
|
|
49.7 |
|
|
35.2 |
|
Commercial certificates of deposit |
|
59,372 |
|
|
4.35 |
|
|
|
0.6 |
|
|
1.1 |
|
|
0.8 |
|
Public unit certificates of deposit |
|
97,390 |
|
|
4.67 |
|
|
|
0.5 |
|
|
1.7 |
|
|
1.2 |
|
Total interest-bearing deposits |
|
5,580,900 |
|
|
2.68 |
|
|
|
3.5 |
|
|
100.0 |
% |
|
70.9 |
|
Term borrowings |
|
2,294,165 |
|
|
3.24 |
|
|
|
1.7 |
|
|
|
|
29.1 |
|
|
Total interest-bearing liabilities |
$ |
7,875,065 |
|
|
2.84 |
|
|
|
3.0 |
|
|
|
|
100.0 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724350822/en/
Executive Vice President,
Chief Financial Officer and Treasurer
(785) 231-6360
ktownsend@capfed.com
Investor Relations
(785) 270-6055
investorrelations@capfed.com
Source: