CFFN earnings analysis
What we found in CFFN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Capitol Federal reported diluted EPS of $0.19 versus a $0.17 consensus estimate, but revenue of $53.483 million missed the $59.24 million estimate. The filing shows improved projected net interest income and a $1.190 billion MVPE, supported by continued commercial-loan growth and lower FHLB borrowings. Offsetting these positives, the one-year interest-rate gap deteriorated to a $1.131 billion deficiency, or 11.7% of assets, and modeled MVPE remains highly sensitive to rising rates.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- MVPE increased year to date
- Estimated market value of portfolio equity increased to $1.190 billion at June 30, 2026 from $1.162 billion at September 30, 2025, supported by balance-sheet repositioning toward commercial loans and tighter mortgage-related asset discount spreads.
- Higher projected net interest income
- Base-case projected net interest income was $234.675 million for the cumulative four-quarter period at June 30, 2026, versus $210.700 million at September 30, 2025, primarily reflecting higher average loan rates and lower FHLB borrowings.
- Commercial loan mix expanding
- Commercial lending is increasingly rate-sensitive: adjustable-rate commercial loans totaled $1.557 billion at a 5.92% yield, while fixed-rate commercial loans totaled $916.185 million at a 5.79% yield.
- Meaningful share repurchases
- The company repurchased 1,837,832 shares during the quarter at an average price of $7.73, leaving $25.218 million authorized under the existing plan at June 30, 2026.
- EPS beat despite revenue miss
- The reported diluted EPS of $0.19 exceeded the $0.17 consensus estimate by $0.02, or 11.8%, although reported revenue of $53.483 million was below the $59.24 million estimate.
- Overdraft litigation dismissed
- The APPSN overdraft-fee class-action lawsuit was dismissed with prejudice on July 16, 2026, reducing uncertainty around that specific legal proceeding.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Worsening one-year rate gap
- The one-year interest-rate gap was a $1.131 billion deficiency, equal to 11.7% of total assets, compared with a $983.6 million deficiency, or 10.1%, at September 30, 2025. A larger liability repricing exposure could pressure earnings if rates rise.
- Rate-shock sensitivity
- Under an instantaneous 200-basis-point rate increase, the projected one-year gap widened to a $1.280 billion deficiency, or 13.2% of total assets; under a 200-basis-point decrease, it was a $669.0 million deficiency, or 6.9%.
- Long-duration asset exposure
- A 300-basis-point rate increase reduced estimated MVPE by $423.623 million, or 35.6%, from the base case at June 30, 2026, underscoring the balance sheet's exposure to long-duration fixed-rate assets.
- Deposit behavior assumption risk
- If all non-maturity deposits were treated as non-core, liabilities repricing within one year would exceed comparable assets by $3.98 billion, or 41.2% of total assets, versus the reported gap based on core-deposit assumptions.
- Mortgage portfolio concentration
- Fixed-rate one- to four-family loans totaled $4.718 billion and had a 6.6-year weighted-average life, making the portfolio sensitive to changes in long-term rates, mortgage prepayments, and valuation spreads.
- No formal risk-factor additions
- The company reported no material changes to the risk factors disclosed in the fiscal 2025 Form 10-K; the filing therefore adds no formal new risk-factor category as of June 30, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.19
What they said about what is next.
No quantitative revenue or EPS guidance is included in the supplied 10-Q text. Prior commercial-loan and total-loan outlook was provided in the July 29, 2026 earnings release rather than this filing.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 8, 2026
- Capitol Federal Financial, Inc. reported Q2 2026 results indicating a revenue of $53.2 million, slightly below the consensus estimate of $57.5 million. There was steady performance in net income and EPS, both reported…
- 10-Q · February 6, 2026
- Capitol Federal reported a stronger quarter with net income of $20,304,000 and diluted EPS of $0.16 for the three months ended December 31, 2025, up from $15,431,000 and $0.12 a year ago. Net interest income expanded to…
- 10-Q · May 9, 2025
- Capitol Federal reported a quarter of modest improvement: total interest and dividend income was $98,175,000 and non‑interest income was $4,953,000, giving implied total revenue of $103,128,000 for the three months…
- 10-K · November 27, 2024
- Capitol Federal positions itself as a community-focused savings bank with a portfolio-oriented mortgage lending strategy, emphasis on deposit gathering and treasury management, and a capital-return focus (dividends and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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