TFS Financial Corporation Announces Fourth Quarter and Fiscal Year Results
TFS Financial Corporation (NASDAQ: TFSL) announced its financial results for the quarter and fiscal year ended September 30, 2023. The company reported net income of $19.5 million for the quarter, an increase of $1.9 million from the previous quarter. Total deposits increased by $381 million. For the fiscal year, net income was $75.3 million, with a 6% growth in net interest income compared to the previous year.
Positive
TFS Financial Corporation reported net income of $19.5 million for the quarter, an increase of $1.9 million from the previous quarter. Total deposits increased by $381 million. For the fiscal year, net income was $75.3 million, with a 6% growth in net interest income compared to the previous year.
10/26/2023 - 04:17 PM
CLEVELAND --(BUSINESS WIRE)--
TFS Financial Corporation (NASDAQ: TFSL) (the "Company"), the holding company for Third Federal Savings and Loan Association of Cleveland (the "Association"), today announced results for the quarter and fiscal year ended September 30, 2023.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231026462702/en/
Chairman and CEO Marc A. Stefanski (Photo: Business Wire)
“While increases in interest rates have been a challenge during the last two quarters, we are well-positioned for rate uncertainties in our industry,” said Chairman and CEO Marc A Stefanski. “We have seen modest growth in our loan portfolio, as well as increases in deposits each quarter during our fiscal year. Our Tier 1 capital ratio remains strong at 11 percent – more than double the regulatory requirement. Like we have been for the past 85 years, we remain strong, stable and safe.”
Highlights - Fourth Quarter Fiscal 2023
Reported net income of $19.5 million
Added $540 million 6.32%
Increased total deposits by $381 million
Paid a $0.28 25
The Company reported net income of $19.5 million $1.9 million $17.6 million
Net interest income increased $1.6 million $70.4 million $68.8 million 1.46% for the quarter ended September 30, 2023 compared to 1.50% for the quarter ended June 30, 2023. The net interest margin was 1.74% for the quarter ended September 30, 2023 compared to 1.75% for the prior quarter.
During the quarter ended September 30, 2023, there was a $0.5 million $2.2 million $104.8 million 0.69% of total loans receivable, primarily due to growth in the home equity loans and lines of credit portfolios. There was $1.8 million
Total non-interest expense decreased $1.4 million $51.5 million $52.9 million $3.1 million $1.3 million $3.4 million
Total assets increased by $322.7 million 2% , to $16.92 billion $16.59 billion
Loans held for investment, net of allowance and deferred loan expenses, increased $282.1 million 2% , to $15.17 billion $14.88 billion
Compared to June 30, 2023, deposits increased by $380.7 million $9.45 billion $562.7 million $187.7 million
Borrowed funds decreased $178.6 million $5.27 billion $5.45 billion
Highlights - Fiscal Year 2023
Reported net income of $75.3 million
Added $1.86 billion 5.55%
Grew net interest income by 6% compared to fiscal year 2022
Remained well capitalized, with a Tier 1 leverage ratio of 10.96%
Paid a $1.13
The Company reported net income of $75.3 million $74.6 million $0.7 million
Net interest income increased by $16.2 million 6.0% , to $283.6 million $267.4 million 1.57% for the fiscal year ended September 30, 2023 from 1.75% for the fiscal year ended September 30, 2022. The net interest margin was 1.80% for the fiscal year ended September 30, 2023 compared to 1.88% for the prior year period.
During the fiscal year ended September 30, 2023, there was a $1.5 million $1.0 million $6.4 million $9.7 million $104.8 million 0.69% of total loans receivable, compared to $99.9 million 0.70% of total loans receivable, at September 30, 2022. The allowance for credit losses included $27.5 million $27.0 million
Total loan delinquencies increased $2.2 million $23.4 million 0.15% of total loans receivable, at September 30, 2023 from $21.2 million 0.15% of total loans receivable, at September 30, 2022. Non-accrual loans decreased $3.7 million $31.9 million 0.21% of total loans receivable, at September 30, 2023 from $35.6 million 0.25% of total loans receivable, at September 30, 2022.
Total non-interest income decreased $2.4 million 10.1% , to $21.4 million $23.8 million $2.1 million $0.6 million
Total non-interest expenses increased $15.0 million 7.6% , to $213.1 million $198.1 million $3.5 million $4.0 million $0.9 million $4.1 million $2.5 million
Total assets increased by $1.13 billion 7% , to $16.92 billion $15.79 billion
Cash and cash equivalents increased $97.1 million 26% , to $466.7 million $369.6 million
Investment securities available for sale increased $50.4 million 11% , to $508.3 million $457.9 million $59.5 million U.S. Treasury notes were purchased and pledged as collateral for initial margin requirements on swap contracts. The increase was partially offset by $9.7 million
Loans held for investment, net of allowance and deferred loan expenses, increased $908.7 million 6% , to $15.17 billion $14.26 billion $538.3 million $12.08 billion $396.6 million $3.03 billion $1.86 billion $1.70 billion $3.65 billion $2.16 billion 89% purchases and 34% adjustable rate loans during the fiscal year ended September 30, 2023.
Deposits increased $528.8 million 6% , to $9.45 billion $8.92 billion $786.7 million $95.4 million $134.8 million $226.6 million $1.16 billion $575.2 million $665.0 million
Borrowed funds increased $480.4 million 10% , to $5.27 billion $4.79 billion $592.0 million $1.51 billion $3.15 billion $1.38 billion
Total shareholders' equity increased $83.0 million 4.5% , to $1.93 billion $1.84 billion $75.3 million $62.1 million $58.3 million $5.0 million $9.0 million $13.82
The Company declared and paid a quarterly dividend of $0.28 25Cleveland , MHC (the "MHC"), the mutual holding company that owns approximately 81% of the outstanding stock of the Company, was able to waive its receipt of its share of the dividend paid. Under Federal Reserve regulations, the MHC is required to obtain the approval of its members every 12 months for the MHC to waive its right to receive dividends. As a result of a July 11, 2023 member vote and the subsequent non-objection of the Federal Reserve, the MHC has the approval to waive receipt of up to $1.13 $0.84 7597% of the votes cast were in favor of the waiver.
The Company operates under the capital requirements for the standardized approach of the Basel III capital framework for U.S. banking organizations (“Basel III Rules”). At September 30, 2023 all of the Company's capital ratios substantially exceed the amounts required for the Company to be considered "well capitalized" for regulatory capital purposes. The Company's Tier 1 leverage ratio was 10.96% , its Common Equity Tier 1 and Tier 1 ratios were each 19.13% and its total capital ratio was 19.85% .
On October 26, 2023, the Board of Directors of TFS Financial Corporation approved certain leadership changes to be effective as of January 1, 2024. The Board appointed Timothy W. Mulhern, who currently serves as the Company’s Chief Financial Officer, to the roles of Chief Innovation Officer of Third Federal Savings and Loan and Vice President of the Company. Additionally, the Board appointed Meredith S. Weil as the Company’s Chief Financial Officer. Ms. Weil currently serves as the Chief Operating Officer and Secretary of the Company and as Chief Operating Officer of the Association. She will continue to serve as the Company’s Secretary. Effective with these changes, Ms. Weil and other key officers of the respective entities will absorb responsibilities formerly performed by the Chief Operating Officer.
“I am very pleased to announce these changes that strengthen the capacity of our executive team to confront current economic challenges,” said Mr. Stefanski. “The diverse backgrounds and business acumen of Ms. Weil and Mr. Mulhern have prepared them well to serve in these new roles.”
Ms. Weil, age 57, has served as the Company’s Chief Operating Officer since 2018. Ms. Weil joined Third Federal Savings and Loan in 1999 and has served as Chief Operating Officer of the Association since 2012. Ms. Weil has served on the Company’s Board of Directors since 2014 and has been the Company’s Secretary since 2021. She has worked in the banking industry since 1992.
Mr. Mulhern, age 57, was named the Chief Financial Officer of the Company in January 2022. Mr. Mulhern joined Third Federal Savings and Loan in 2003 and has held several key roles in management including IT and Servicing. He was named the Chief Credit Officer in August 2018 and Director of Internal Audit in June 2019.
Presentation slides as of September 30, 2023 will be available on the Company's website, www.thirdfederal.com, under the Investor Relations link within the "Recent Presentations" menu, beginning October 27, 2023. The Company will not be hosting a conference call to discuss its operating results.
Third Federal Savings and Loan Association is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security. It became part of a public company in 2007 and celebrated its 85th anniversary in May 2023. Third Federal, which lends in 25 states and the District of Columbia , is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northeast Ohio , four lending offices in Central and Southern Ohio , and 16 full service branches throughout Florida . As of September 30, 2023, the Company’s assets totaled $16.92 billion
Forward Looking Statements
This report contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include, among other things:
statements of our goals, intentions and expectations;
statements regarding our business plans and prospects and growth and operating strategies;
statements concerning trends in our provision for credit losses and charge-offs on loans and off-balance sheet exposures;
statements regarding the trends in factors affecting our financial condition and results of operations, including credit quality of our loan and investment portfolios; and
estimates of our risks and future costs and benefits.
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:
significantly increased competition among depository and other financial institutions, including with respect to our ability to charge overdraft fees;
inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments, or our ability to originate loans;
general economic conditions, either globally, nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected;
the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact on the credit quality of our loans and other assets, and changes in estimates of the allowance for credit losses;
decreased demand for our products and services and lower revenue and earnings because of a recession or other events;
changes in consumer spending, borrowing and savings habits;
adverse changes and volatility in the securities markets, credit markets or real estate markets;
our ability to manage market risk, credit risk, liquidity risk, reputational risk, regulatory risk and compliance risk;
our ability to access cost-effective funding;
changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;
legislative or regulatory changes that adversely affect our business, including changes in regulatory costs and capital requirements and changes related to our ability to pay dividends and the ability of Third Federal Savings, MHC to waive dividends;
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board;
the adoption of implementing regulations by a number of different regulatory bodies, and uncertainty in the exact nature, extent and timing of such regulations and the impact they will have on us;
our ability to enter new markets successfully and take advantage of growth opportunities;
our ability to retain key employees;
future adverse developments concerning Fannie Mae or Freddie Mac;
changes in monetary and fiscal policy of the U.S. Government, including policies of the U.S. Treasury, the Federal Reserve System, Fannie Mae, the OCC, FDIC, and others;
the continuing governmental efforts to restructure the U.S. financial and regulatory system;
the ability of the U.S. Government to remain open, function properly and manage federal debt limits;
changes in policy and/or assessment rates of taxing authorities that adversely affect us or our customers;
changes in accounting and tax estimates;
changes in our organization and changes in expense trends, including but not limited to trends affecting non-performing assets, charge-offs and provisions for credit losses;
the inability of third-party providers to perform their obligations to us;
our ability to retain key employees;
cyber-attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems; and
the impact of wide-spread pandemic, including COVID-19, and related government action, on our business and the economy.
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by any forward-looking statements. Any forward-looking statement made by us in this report speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION (unaudited)
(In thousands, except share data)
September 30,
2023
June 30,
2023
September 30,
2022
ASSETS
Cash and due from banks
$
29,134
$
23,278
$
18,961
Other interest-earning cash equivalents
437,612
412,937
350,603
Cash and cash equivalents
466,746
436,215
369,564
Investment securities available for sale
508,324
513,303
457,908
Mortgage loans held for sale
3,260
595
9,661
Loans held for investment, net:
Mortgage loans
15,177,844
14,897,681
14,276,478
Other loans
4,411
4,022
3,263
Deferred loan expenses, net
60,807
56,780
50,221
Allowance for credit losses on loans
(77,315
)
(74,803
)
(72,895
)
Loans, net
15,165,747
14,883,680
14,257,067
Mortgage loan servicing rights, net
7,400
7,545
7,943
Federal Home Loan Bank stock, at cost
247,098
247,098
212,290
Real estate owned, net
1,444
1,400
1,191
Premises, equipment, and software, net
34,708
34,901
34,531
Accrued interest receivable
53,910
49,837
40,256
Bank owned life insurance contracts
312,072
310,498
304,040
Other assets
117,017
109,916
95,428
TOTAL ASSETS
$
16,917,726
$
16,594,988
$
15,789,879
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
$
9,449,820
$
9,069,069
$
8,921,017
Borrowed funds
5,273,637
5,452,228
4,793,221
Borrowers’ advances for insurance and taxes
124,417
74,359
117,250
Principal, interest, and related escrow owed on loans serviced
29,811
16,510
29,913
Accrued expenses and other liabilities
112,680
96,698
84,139
Total liabilities
14,990,365
14,708,864
13,945,540
Commitments and contingent liabilities
Preferred stock, $0.01
—
—
—
Common stock, $0.01
3,323
3,323
3,323
Paid-in capital
1,755,027
1,753,801
1,751,223
Treasury stock, at cost
(776,101
)
(775,852
)
(771,986
)
Unallocated ESOP shares
(27,084
)
(28,167
)
(31,417
)
Retained earnings—substantially restricted
886,984
882,034
870,047
Accumulated other comprehensive income
85,212
50,985
23,149
Total shareholders’ equity
1,927,361
1,886,124
1,844,339
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
16,917,726
$
16,594,988
$
15,789,879
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share and per share data)
For the three months ended
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
INTEREST AND DIVIDEND INCOME:
Loans, including fees
$
154,763
$
144,347
$
136,835
$
129,665
$
114,871
Investment securities available for sale
4,141
3,712
3,455
3,062
1,904
Other interest and dividend earning assets
9,836
8,598
7,262
6,243
4,236
Total interest and dividend income
168,740
156,657
147,552
138,970
121,011
INTEREST EXPENSE:
Deposits
55,565
48,905
39,876
29,855
23,582
Borrowed funds
42,812
38,973
38,408
33,958
21,920
Total interest expense
98,377
87,878
78,284
63,813
45,502
NET INTEREST INCOME
70,363
68,779
69,268
75,157
75,509
PROVISION (RELEASE) FOR CREDIT LOSSES
500
—
(1,000
)
(1,000
)
—
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
69,863
68,779
70,268
76,157
75,509
NON-INTEREST INCOME:
Fees and service charges, net of amortization
2,061
1,919
1,924
1,936
2,220
Net gain (loss) on the sale of loans
(119
)
21
579
17
(1,113
)
Increase in and death benefits from bank owned life insurance contracts
2,204
2,790
2,123
2,238
2,761
Other
954
1,113
703
966
514
Total non-interest income
5,100
5,843
5,329
5,157
4,382
NON-INTEREST EXPENSE:
Salaries and employee benefits
28,660
25,332
30,390
28,403
27,206
Marketing services
3,881
7,023
6,671
7,713
4,256
Office property, equipment and software
6,886
7,246
6,802
6,800
6,558
Federal insurance premium and assessments
3,629
3,574
3,488
2,761
2,722
State franchise tax
1,185
1,230
1,268
1,208
1,201
Other expenses
7,243
8,472
6,955
6,309
6,799
Total non-interest expense
51,484
52,877
55,574
53,194
48,742
INCOME BEFORE INCOME TAXES
23,479
21,745
20,023
28,120
31,149
INCOME TAX EXPENSE
3,933
4,142
4,115
5,927
5,716
NET INCOME
$
19,546
$
17,603
$
15,908
$
22,193
$
25,433
Earnings per share - basic and diluted
$
0.07
$
0.06
$
0.06
$
0.08
$
0.06
Weighted average shares outstanding
Basic
277,589,775
277,472,312
277,361,293
277,320,904
277,383,038
Diluted
278,826,441
278,590,810
278,499,145
278,462,937
278,505,233
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share and per share data)
For the Year Ended
September 30,
2023
2022
INTEREST AND DIVIDEND INCOME:
Loans, including fees
$
565,610
$
395,691
Investment securities available for sale
14,370
5,501
Other interest and dividend earning assets
31,939
8,141
Total interest and dividend income
611,919
409,333
INTEREST EXPENSE:
Deposits
174,201
76,943
Borrowed funds
154,151
64,994
Total interest expense
328,352
141,937
NET INTEREST INCOME
283,567
267,396
PROVISION (RELEASE) FOR CREDIT LOSSES
(1,500
)
1,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
285,067
266,396
NON-INTEREST INCOME:
Fees and service charges, net of amortization
7,840
9,934
Net gain on the sale of loans
498
1,136
Increase in and death benefits from bank owned life insurance contracts
9,355
9,984
Other
3,736
2,750
Total non-interest income
21,429
23,804
NON-INTEREST EXPENSE:
Salaries and employee benefits
112,785
109,339
Marketing services
25,288
21,263
Office property, equipment and software
27,734
26,783
Federal insurance premium and assessments
13,452
9,361
State franchise tax
4,891
4,859
Other expenses
28,979
26,541
Total non-interest expense
213,129
198,146
INCOME BEFORE INCOME TAXES
93,367
92,054
INCOME TAX EXPENSE
18,117
17,489
NET INCOME
$
75,250
$
74,565
Earnings per share
Basic
$
0.27
$
0.26
Diluted
$
0.26
$
0.26
Weighted average shares outstanding
Basic
277,436,382
277,370,762
Diluted
278,583,454
278,686,365
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS (unaudited)
Three Months Ended
Three Months Ended
Three Months Ended
September 30, 2023
June 30, 2023
September 30, 2022
Average
Balance
Interest
Income/
Expense
Yield/
Cost (1)
Average
Balance
Interest
Income/
Expense
Yield/
Cost (1)
Average
Balance
Interest
Income/
Expense
Yield/
Cost (1)
(Dollars in thousands)
Interest-earning assets:
Interest-earning cash equivalents
$
370,577
$
5,149
5.56
%
$
350,574
$
4,481
5.11
%
$
370,138
$
2,118
2.29
%
Investment securities
63,231
781
4.94
%
24,046
320
5.32
%
3,758
11
1.17
%
Mortgage-backed securities
449,351
3,360
2.99
%
470,457
3,392
2.88
%
458,734
1,893
1.65
%
Loans (2)
15,037,776
154,763
4.12
%
14,676,829
144,347
3.93
%
14,108,190
114,871
3.26
%
Federal Home Loan Bank stock
247,098
4,687
7.59
%
235,177
4,117
7.00
%
198,306
2,118
4.27
%
Total interest-earning assets
16,168,033
168,740
4.17
%
15,757,083
156,657
3.98
%
15,139,126
121,011
3.20
%
Noninterest-earning assets
503,865
543,310
474,634
Total assets
$
16,671,898
$
16,300,393
$
15,613,760
Interest-bearing liabilities:
Checking accounts
$
993,952
125
0.05
%
$
1,064,738
1,317
0.49
%
$
1,387,365
2,670
0.77
%
Savings accounts
1,869,756
7,864
1.68
%
1,890,427
8,087
1.71
%
1,852,614
2,580
0.56
%
Certificates of deposit
6,369,734
47,576
2.99
%
6,042,798
39,501
2.61
%
5,861,011
18,332
1.25
%
Borrowed funds
5,294,285
42,812
3.23
%
5,175,982
38,973
3.01
%
4,453,039
21,920
1.97
%
Total interest-bearing liabilities
14,527,727
98,377
2.71
%
14,173,945
87,878
2.48
%
13,554,029
45,502
1.34
%
Noninterest-bearing liabilities
226,083
264,952
220,129
Total liabilities
14,753,810
14,438,897
13,774,158
Shareholders’ equity
1,918,088
1,861,496
1,839,602
Total liabilities and shareholders’ equity
$
16,671,898
$
16,300,393
$
15,613,760
Net interest income
$
70,363
$
68,779
$
75,509
Interest rate spread (1)(3)
1.46
%
1.50
%
1.86
%
Net interest-earning assets (4)
$
1,640,306
$
1,583,138
$
1,585,097
Net interest margin (1)(5)
1.74
%
1.75
%
2.00
%
Average interest-earning assets to average interest-bearing liabilities
111.29
%
111.17
%
111.69
%
Selected performance ratios:
Return on average assets (1)
0.47
%
0.43
%
0.65
%
Return on average equity (1)
4.08
%
3.78
%
5.53
%
Average equity to average assets
11.50
%
11.42
%
11.78
%
(1)
Annualized.
(2)
Loans include both mortgage loans held for sale and loans held for investment.
(3)
Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(4)
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)
Net interest margin represents net interest income divided by total interest-earning assets.
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS (unaudited)
Year Ended
Year Ended
September 30, 2023
September 30, 2022
Average
Balance
Interest
Income/
Expense
Yield/
Cost
Average
Balance
Interest
Income/
Expense
Yield/
Cost
(Dollars in thousands)
Interest-earning assets:
Interest-earning cash equivalents
$
356,450
$
16,826
4.72
%
$
384,947
$
3,178
0.83
%
Investment securities
23,636
1,123
4.75
%
3,643
43
1.18
%
Mortgage-backed securities
464,919
13,247
2.85
%
439,269
5,458
1.24
%
Loans (1)
14,657,265
565,610
3.86
%
13,258,517
395,691
2.98
%
Federal Home Loan Bank stock
233,013
15,113
6.49
%
173,506
4,963
2.86
%
Total interest-earning assets
15,735,283
611,919
3.89
%
14,259,882
409,333
2.87
%
Noninterest-earning assets
515,123
482,501
Total assets
$
16,250,406
$
14,742,383
Interest-bearing liabilities:
Checking accounts
$
1,093,036
6,081
0.56
%
$
1,326,882
4,186
0.32
%
Savings accounts
1,798,663
24,686
1.37
%
1,859,990
4,553
0.24
%
Certificates of deposit
6,123,979
143,434
2.34
%
5,826,286
68,204
1.17
%
Borrowed funds
5,114,045
154,151
3.01
%
3,671,323
64,994
1.77
%
Total interest-bearing liabilities
14,129,723
328,352
2.32
%
12,684,481
141,937
1.12
%
Noninterest-bearing liabilities
239,387
255,388
Total liabilities
14,369,110
12,939,869
Shareholders’ equity
1,881,296
1,802,514
Total liabilities and shareholders’ equity
$
16,250,406
$
14,742,383
Net interest income
$
283,567
$
267,396
Interest rate spread (2)
1.57
%
1.75
%
Net interest-earning assets (3)
$
1,605,560
$
1,575,401
Net interest margin (4)
1.80
%
1.88
%
Average interest-earning assets to average interest-bearing liabilities
111.36
%
112.42
%
Selected performance ratios:
Return on average assets
0.46
%
0.51
%
Return on average equity
4.00
%
4.14
%
Average equity to average assets
11.58
%
12.23
%
(1)
Loans include both mortgage loans held for sale and loans held for investment.
(2)
Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(3)
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)
Net interest margin represents net interest income divided by total interest-earning assets.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231026462702/en/
TFS Financial Corporation
Source: Third Federal Savings and Loan
What was TFS Financial Corporation's net income for the quarter?
TFS Financial Corporation reported net income of $19.5 million for the quarter.
How much did total deposits increase by?
Total deposits increased by $381 million.
What was TFS Financial Corporation's net income for the fiscal year?
TFS Financial Corporation reported net income of $75.3 million for the fiscal year.
What was the growth in net interest income for the fiscal year?
Net interest income grew by 6% compared to the previous year.
