Here are 1-3 brief analogies for Capitol Federal Financial (CFFN):

• Think of it as the Wells Fargo for Kansas and Missouri.
• It's like a local Bank of America, serving Kansas and the greater Kansas City area.

• Deposit Accounts: Services for individuals and businesses to securely save and manage their funds through various account types, including checking, savings, money market, and certificates of deposit.
• Residential Real Estate Loans: Financing provided to individuals for purchasing, refinancing, or accessing equity from one-to-four family homes.
• Commercial Loans: Lending solutions offered to businesses for real estate acquisition, construction projects, and general operational needs.
• Consumer Loans: Personal financing options available for various purposes such as vehicle purchases, home improvements, home equity, and lines of credit.
• Digital Banking Services: Convenient electronic platforms enabling customers to manage accounts, conduct transactions, and pay bills remotely through mobile, telephone, and online channels.
• Customer Support Services: Direct assistance provided to customers through a dedicated call center for their banking inquiries and service needs.

Capitol Federal Financial, Inc. (CFFN), through its subsidiary Capitol Federal Savings Bank, primarily serves individuals and local businesses within its operating regions in Kansas and Missouri. As a retail and commercial bank, it does not have a few identifiable "major customers" in the traditional sense of a company selling products to a limited number of large corporate clients. Instead, its customer base is composed of a broad array of depositors and borrowers.

The company serves the following categories of customers:

1. Individual Consumers: This category includes individuals and families who utilize a wide range of the bank's retail products and services. This encompasses deposit accounts such as savings, money market, checking, and certificates of deposit, as well as various consumer loan products including one- to four-family residential real estate loans (mortgages), home equity loans and lines of credit, home improvement loans, and vehicle loans. They also use mobile, telephone, and online banking services.
2. Small to Medium-Sized Businesses: This category comprises local businesses and enterprises within the bank's service areas. These customers primarily utilize the bank for commercial real estate loans, commercial and industrial loans, and other business banking services.
3. Real Estate Developers and Investors: This category includes entities and individuals involved in the construction and development of residential and commercial properties. They are key users of the bank's construction loans and commercial real estate loans.

Fiserv, Inc. (FI)

John B. Dicus, Chairman, President and Chief Executive Officer

John B. Dicus became Chief Executive Officer of Capitol Federal® Savings and the Company effective January 1, 2003, and was appointed Chairman of the Board of Directors in January 2009. Prior to his CEO appointment, he served as President and Chief Operating Officer for Capitol Federal from 1996 and for the Company from its inception in March 1999. He has been with Capitol Federal in various positions since 1985, including Executive Vice President of Corporate Services for four years. Mr. Dicus also serves as a trustee for the University of Kansas Endowment Association and Washburn University Endowment Association.

Kent G. Townsend, Executive Vice President, Chief Financial Officer and Treasurer

Kent G. Townsend joined Capitol Federal® in 1984. He held various financial-related positions, including Financial Planning and Analyst Officer and Controller, before being promoted to Executive Vice President-Chief Financial Officer and Treasurer in 2005. Mr. Townsend was instrumental in guiding Capitol Federal through its conversion to become both a partially public and then a fully public company. He holds a Bachelor of Science degree in Finance from Kansas State University and a Masters of Business Administration degree from Washburn University.

Natalie G. Haag, Executive Vice President, General Counsel and Corporate Secretary

Natalie G. Haag joined Capitol Federal in August 2012. She is responsible for overseeing the compliance, risk management, and BSA/AML divisions of the Bank. Before joining Capitol Federal, Ms. Haag served as 2nd Vice President, Director of Governmental Affairs and Assistant General Counsel for Security Benefit Corporation and Security Benefit Life Insurance Company from June 2003. Her prior experience also includes serving as General Counsel, Director of Governmental Affairs, and Chief of Staff for former Kansas Governor Bill Graves, as well as executive roles in other legal and governmental settings.

Rick C. Jackson, Executive Vice President, Chief Lending Officer

Rick C. Jackson joined Capitol Federal in 1993 as Community Development Director and has served as Chief Lending Officer since February 2010. He also holds positions as Chief Executive Officer of Capitol Funds and President of CFMRC, Capitol Federal Loan Company LP, Capitol Federal Loan Services Company LLC, and Capitol Federal Partners LLC.

Anthony S. Barry, Executive Vice President, Chief Corporate Services Officer

Anthony S. Barry joined Capitol Federal in October 2018. Prior to this, he was engaged in the private practice of law for 29 years, specializing in real estate and general litigation with an emphasis on construction law. Mr. Barry also served as a board member of a bank holding company in Arizona from 1998 to 2008.

1. Interest Rate Risk: Capitol Federal Financial is significantly exposed to fluctuations in interest rates, which can compress its net interest margin. The company experienced net interest margin compression in fiscal year 2023 because its assets were unable to reprice as quickly as its liabilities due to rapid interest rate hikes by the Federal Reserve. This led the company to initiate a strategic securities transaction in October 2023, selling $1.30 billion in securities and recognizing an impairment loss of $192.6 million to improve future earnings and deleverage its balance sheet.
2. Credit Risk and Loan Portfolio Quality: The company faces risks associated with the credit quality of its loan portfolio. Concerns have been raised regarding a high loan-to-deposit ratio, rising non-performing loans, and a relatively low allowance for bad loans. Specifically, non-performing loans increased from approximately $11.4 million in Q1 2025 to about $48.1 million by Q4 2025. Additionally, the bank has a concentration of loans secured by real property located predominantly in Kansas and Missouri, which exposes it to adverse real estate market conditions and economic downturns in these regions.
3. Cybersecurity and Technology Risk: Capitol Federal Financial is subject to significant risks from information system failures, security breaches, and cyberattacks. These threats are amplified by the increasing sophistication of cyber threats and the reliance on third-party service providers. A breach could result in substantial reputational damage, financial losses, and regulatory scrutiny. The company's security posture has been noted with an "unmaintained page detected" indicating potential vulnerabilities, and it actively warns customers about phone impersonation scams.

One clear emerging threat for Capitol Federal Financial is the increasing prominence and adoption of digital-only banks, also known as neobanks or challenger banks. These institutions operate without physical branches, leveraging technology to offer competitive rates, lower fees, and often a superior mobile-first customer experience. This model directly challenges CFFN's branch-heavy operational strategy (54 branches across Kansas and Missouri) for attracting and retaining deposit customers, particularly younger demographics who prioritize digital convenience over physical presence. Additionally, the proliferation of specialized fintech lending platforms poses an emerging threat by focusing on specific loan segments (e.g., online mortgages, personal loans). These platforms often utilize advanced analytics and streamlined digital processes to offer faster approvals, more tailored products, or more competitive rates within their niches, potentially siphoning off profitable lending business from CFFN's diverse loan portfolio.

For Capitol Federal Financial (CFFN), identifying the precise addressable market sizes for all its main products and services across its specific operational footprint (nine counties in Kansas and two counties in Missouri, including various metropolitan areas) presents some data limitations. However, market sizes can be approximated for key product categories within their broader operating regions.

Here are the addressable market sizes for Capitol Federal Financial's main products and services within its primary operating regions:

• Deposits (Savings, Money Market, Checking, and Certificates of Deposit):
  • In the state of Missouri, the total bank deposits were approximately $216.75 billion as of the third quarter of 2024.
  • In the Kansas City, Missouri-Kansas Metropolitan Statistical Area (MSA), total bank deposits were around $87.3 billion in 2023.
  • For specific major Kansas cities where Capitol Federal Financial operates, the deposit markets in 2023 were: Wichita at approximately $22.3 billion, Topeka at about $5.9 billion, Manhattan at around $4.0 billion, and Lawrence at roughly $3.4 billion.
• Residential Real Estate Loans (One- to Four-Family):
  • The residential purchase loan market in the Kansas City metropolitan area was approximately $8.1 billion in 2023. This figure specifically covers purchase loans and excludes multifamily mortgages, home improvements, or refinancing.
• Commercial Real Estate, Commercial and Industrial, and Construction Loans:
  • Commercial transactions, which include multifamily and industrial properties, in the Kansas City metropolitan area reached sales volumes of $3.4 billion in the fourth quarter of 2021.
• Consumer Loans (Home Equity, Loans and Lines of Credit, Home Improvement Loans, Vehicle Loans, and Loans Secured by Saving Deposits):
  • Specific, consolidated addressable market sizes for the full range of consumer loan products offered by Capitol Federal Financial within its operating regions are not readily available.

Capitol Federal Financial, Inc. (CFFN) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on enhancing its commercial banking operations and optimizing its financial performance:

• Commercial Loan Portfolio Growth: The company is strategically focused on expanding its commercial loan portfolio by redeploying funds from the repayment of correspondent loans. This focus on higher-yielding commercial loans is a direct driver of increased interest income and overall revenue.
• Commercial Deposit Growth: Alongside commercial loan growth, Capitol Federal Financial aims to grow its commercial deposit base. This expansion is anticipated to lower the company's cost of funds and diversify its funding sources, contributing to enhanced net interest income.
• Expansion of Commercial Products and Services: Capitol Federal is actively implementing new technology and processes to deliver a broader range of commercial products and services. This includes building out private wealth management services for high-net-worth clients and planning additional digital and treasury management capabilities. These initiatives are designed to deepen customer relationships and increase non-interest income.
• Net Interest Margin Expansion: The company anticipates continued improvement in its net interest margin (NIM), primarily driven by the growth in its higher-yielding commercial loan portfolio and the expected reduction in the cost of funds from growing commercial deposits. A wider NIM directly translates to higher net interest income, a key component of total revenue.

Share Repurchases

• Capitol Federal Financial has consistently engaged in share repurchase programs over the last three to five years, reflecting a multi-channel capital allocation strategy.
• The company repurchased $23.453 million in shares in 2023 and $19.448 million in 2024.
• During the first quarter of fiscal year 2026, which ended December 31, 2025, Capitol Federal Financial bought back 2,376,633 shares for a total of $16.3 million.