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TFS Financial Corporation Announces Fourth Quarter and Fiscal Year 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 and fiscal year ended September 30, 2023.\n\nThis 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)\n“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.”\n\n\nHighlights - Fourth Quarter Fiscal 2023\n\n\n\nReported net income of $19.5 million\n\n\n\nAdded $540 million of new residential mortgage loans with an average yield of 6.32%\n\n\n\nIncreased total deposits by $381 million\n\n\n\nPaid a $0.2825 dividend per share\n\n\n\nThe Company reported net income of $19.5 million for the quarter ended September 30, 2023, an increase of $1.9 million from $17.6 million for the quarter ended June 30, 2023. Results improved quarter over quarter primarily due to an increase in net interest income and a decrease in non-interest expenses.\n\n\nNet interest income increased $1.6 million to $70.4 million for the quarter ended September 30, 2023 from $68.8 million for the quarter ended June 30, 2023. The increase was primarily the result of an increase in the average balance and yield on loans, partially offset by an increase in the cost of funding. The interest rate spread was 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.\n\n\nDuring the quarter ended September 30, 2023, there was a $0.5 million provision for credit losses compared to no provision for the quarter ended June 30, 2023. The total allowance for credit losses increased $2.2 million, to $104.8 million, or 0.69% of total loans rece...