CFFN

CFFN is a $9.78B-asset thrift executing a deliberate balance-sheet pivot from one- to four-family mortgages to commercial real estate. The MD&A quantifies the shift cleanly: commercial loans grew $607M (~40%) in FY2025 while one- to four-family balances shrank $400M, and that mix change drove net interest margin from 1.77% to 1.96% (+19 bps). Combined with the absence of FY2024's securities-strategy losses, net income rebounded to $68.0M ($0.52 diluted EPS) from $38.0M ($0.29), and the efficiency ratio improved to 58.33% from 66.91%. Asset quality is being managed conservatively into the pivot — weighted-average commercial originations carry a 1.76x DSCR and 65% LTV.

That said, the standalone numbers don't fully redeem the story. ROE is just 6.5% on $1.05B of equity, well below a thrift's cost of capital, and the GAAP retained-earnings line still sits at -$87.3M — the legacy of the FY2023 -$102M loss tied to the securities repositioning. NIM at 1.96% is structurally thin versus diversified commercial banks (3%+), so the recovery is real but the starting base is low. The 'revenue' line in XBRL ($16.3M, driving the optically scary 68x P/S) only captures fee/non-interest income — net interest income is the actual top line — so headline ratios overstate richness; P/E 16.2x and roughly 1.06x book are the metrics that matter.