Cap Fed reports quarterly earnings decline

The holding company of Capitol Federal Savings said Tuesday its net income for the first quarter 2013 was down compared to a year ago.

Capitol Federal Financial said its net income was down by $1.2 million to $17.6 million for the quarter that ended Dec. 31. That compares to net income of $18.8 million in the same quarter a year ago.

The Topeka-based company said in a news release that earnings declined because of increased expenses in such areas as salaries and benefits, as well as deposit and loan transaction costs, all of which were partially offset by a decrease in income tax expense.

The company’s assets were at $9.2 billion at the end of the quarter.