Capitol Federal Financial of Topeka, Kan., reported Thursday that its fourth-quarter profit rose 32% year over year, to $21 million.

The $8.4 billion-asset company said interest expenses fell 15%, to $54 million, largely because of its refinancing of $875 million of Federal Home Loan Bank advances in the second and third quarters. That refinancing saved Capitol Federal $4.7 million because of a lower interest rate on the entire portfolio.

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