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By Chad Lawhorn, Journal-World, Lawrence, Kan. Knight Ridder/Tribune Business News
May 13--Low interest rates are beginning to take their toll on the state's largest residential lender.
Topeka-based Capitol Federal Savings reported Monday that its first quarter earnings tumbled by 43 percent from the same period a year ago. The company reported earnings of 17 cents per share, compared with 30 cents per share during the same period last year.
Kent Townsend, senior vice president and controller for Capitol Federal, said the lower interest rates the bank charges for home mortgage loans were the primary reason for the decline in earnings.