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Loan Originations Highlight TFS Financial Corporation First Quarter Results
CLEVELAND--(BUSINESS WIRE)-- TFS Financial Corporation (NASDAQ: TFSL) (the "Company"), the holding company for Third Federal Savings and Loan Association of
About this update from Tfs Financial Corporation
[{"type":"text","content":" CLEVELAND--(BUSINESS WIRE)--\nTFS 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 ended December 31, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220127006105/en/Chairman and CEO Marc A. Stefanski (Photo: Business Wire)\n“Our first quarter loan growth has set the pace for this year,” said Chairman and CEO Marc A. Stefanski. “We expect to continue to aggressively pursue purchase volume in 2022 with new programs to attract homebuyers, while maintaining our dividend to enhance shareholder value.”\n\nHighlights - First Quarter Fiscal Year 2022\n\n\nReported net income of $16.1 million\n\n\nContinued improvement of net interest margin to 1.69%\n\n\nGenerated $165 million of loan growth during the first fiscal quarter of 2022\n\n\nMaintained strong asset quality and recorded a $2 million negative provision for credit losses\n\n\nPaid a $0.2825 dividend\n\n\nThe Company reported net income of $16.1 million for the quarter ended December 31, 2021, compared to net income of $17.0 for the quarter ended September 30, 2021. The change included an increase to net interest income, a decrease in non-interest income and an increase in non-interest expense.\n\nNet interest income increased $0.4 million, or 1%, to $57.8 million for the quarter ended December 31, 2021 from $57.4 for the quarter ended September 30, 2021. The increase was primarily due to a seven basis point improvement in the average cost of interest-bearing liabilities. The interest rate spread for the quarter ended December 31, 2021 was 1.57% compared to 1.55% for the quarter ended September 30, 2021. The net interest margin was 1.69% compared to 1.68% for the quarters ended December 31, 2021 and September 30, 2021, respectively.\n\nThe provision for loan losses was a credit of $2.0 million for each of the quarters ended December 31, 2021 and September 30, 2021. The Company recorded $2.0 million of net loan recoveries for the quarter ended December 31, 2021 compared to $1.5 million of net loan recoveries for the quarter ended September 30, 2021. Gross loan charge-offs were $0.2 million for the quarter ended December 31, 2021 and $1.4 million for the quarter end...