Welcome to our dedicated page for Tfs Finl news (Ticker: TFSL), a resource for investors and traders seeking the latest updates and insights on Tfs Finl stock.
TFS Financial Corporation reports news centered on its role as the holding company for Third Federal Savings and Loan Association of Cleveland, a savings and mortgage lender. Recurring updates cover quarterly operating results, net interest income, deposit mix, residential mortgage and home equity lending, credit-loss provisions, loan sales, capital ratios, and cash dividends.
Company announcements also address Third Federal’s customer programs, wealth-management access through advisory relationships, community initiatives, branch and lending-office activity in Ohio and Florida, and governance matters at the holding company and savings association.
Kurt Karakul, President and Executive Director of the Third Federal Foundation, will retire in June, transitioning to an advisory role until the end of 2021. He has spearheaded the Slavic Village P-16 program for 14 years, enhancing academic support in Cleveland. Chairman Marc A. Stefanski praised his community activism and leadership. The Foundation, established in 2007 with $50 million in stock and $5 million in cash, has funded various initiatives, including pandemic relief. Emily Thome will succeed Karakul as President and Executive Director, bringing 20 years of nonprofit experience.
A COVID-19 vaccine clinic is now open in Slavic Village, where vaccination rates are under 18%. The clinic, hosted by MetroHealth, offers the Pfizer vaccine for individuals aged 16 and older at a drive-thru and walk-thru location. Nearly 200 people have pre-registered, and additional clinics are scheduled for May 13 and May 20, welcoming walk-ins. The vaccine is provided free of charge. The clinic operates today, May 6, from noon to 7 PM, with media availability for executives from 12:30 to 1:30 PM.
Third Federal is hosting a drive-thru/walk-thru COVID-19 vaccine clinic on May 6, 13, and 20 in Cleveland’s Slavic Village. Targeting vulnerable areas, this initiative aims to improve the low vaccination rates in zip codes 44105 and 44104. Operating from noon to 7 PM, the clinics will administer the Pfizer vaccine to individuals aged 16 and older. Pre-registration is encouraged, and walk-ups will be accepted. Third Federal, which has $14.6 billion in assets, emphasizes its commitment to community health alongside MetroHealth.
TFS Financial Corporation (NASDAQ: TFSL) reported net income of $23.0 million for Q2 2021, up from $17.3 million in Q2 2020. For the first half of 2021, net income rose to $48.0 million from $42.9 million. This increase was mainly due to higher gains from loan sales and improved credit loss estimates, despite a decrease in net interest income, which fell 9.29% year-over-year. Total assets decreased by $177.4 million to $14.46 billion, influenced by loan sales and repayments. Loan delinquencies declined, reflecting stronger economic trends.
TFS Financial Corporation (NASDAQ: TFSL) announced a quarterly cash dividend of $0.28 per share, payable on March 23, 2021, to stockholders of record by March 9, 2021. The mutual holding company, Third Federal Savings and Loan Association of Cleveland, which owns 80.9% of the Company’s stock, waived its right to receive this dividend. This waiver aligns with the previously approved plan allowing the MHC to forgo dividends up to $1.12 per share over four quarters ending June 30, 2021. TFS Financial's total assets were $14.6 billion as of December 31, 2020.
TFS Financial Corporation (NASDAQ: TFSL) reported a net income of $25.0 million for Q4 2020, down from $25.6 million in Q4 2019. This decline was attributed to decreased net interest income, which fell by $5.5 million to $58.7 million, influenced by lower yields on interest-earning assets. Non-interest income rose to $21.5 million, driven mainly by net gains from loan sales amounting to $16.4 million on $293.5 million of loans sold. The provision for loan losses showed a credit of $2.0 million, while total assets decreased slightly to $14.57 billion. The company declared a quarterly dividend of $0.28 per share.
Third Federal (NASDAQ: TFSL) announced its first-ever virtual Annual Winter Meeting, where CEO Marc Stefanski revealed that all 1,000 associates will receive a $1,500 net bonus, alongside their usual year-end bonuses. This reward acknowledges the hard work and dedication of associates during a challenging year, amid a significant refinance boom that boosted loan originations from $1.8 billion to over $3 billion in 2020. The company has also provided additional perks, reflecting a commitment to employee welfare and service excellence.
TFS Financial Corporation (NASDAQ: TFSL) has declared a quarterly cash dividend of $0.28 per share, payable on December 15, 2020, to shareholders on record as of December 1, 2020. Notably, the mutual holding company, which owns 81.1% of the company's outstanding shares, has waived its right to receive this dividend. The MHC's dividend waiver aligns with prior approvals from both its members and the Federal Reserve, enabling up to $1.12 per share in dividend waivers for four quarters ending June 30, 2021. As of September 30, 2020, the company's total assets stand at $14.6 billion.
TFS Financial Corporation (NASDAQ: TFSL) announced its financial results for the quarter and fiscal year ended September 30, 2020. The company reported a net income of $13.6 million for Q4 2020, down from $21.5 million in Q4 2019, while annual net income rose to $83.3 million from $80.2 million. First mortgage originations more than doubled to over $3 billion in 2020. However, net interest income for the fiscal year decreased by 8.7% to $242.3 million. Despite challenges from the pandemic, the company maintained strong loan quality and capital ratios, with all ratios exceeding regulatory requirements.