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TFS Financial Corporation Announces Second Fiscal Quarter 2023 Results
Remains Strong, Stable and Well-Capitalized CLEVELAND--(BUSINESS WIRE)-- TFS Financial Corporation (NASDAQ: TFSL) (the "Company"), the holding company for
About this update from Tfs Financial Corporation
[{"type":"text","content":"\nRemains Strong, Stable and Well-Capitalized\n\n\n 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 six months ended March 31, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230427006034/en/Marc A. Stefanski, Chairman and CEO (Photo: Business Wire)\n“We live by our mission of helping customers achieve the dream of homeownership and financial security, and we are built to withstand changes in the economy,” said Chairman and CEO Marc A. Stefanski. “Our retail deposits from individuals in the communities we serve, and our first mortgage loan portfolio with an average credit score of 761 and with a loan-to-value ratio of 66%, are a result of the success we have found by focusing on that mission. We continue to expand our product offerings to attract new customers from around the country, and saw a strong net gain in savings of $140 million in March alone. Our strength and stability is further recognized through our Tier 1 capital leverage ratio of 11 percent – more than double the regulatory requirement, and our ongoing quarterly 5-star rating from independent rating agency Bauer Financial.”\n\n\nHighlights - Second Quarter Fiscal 2023\n\n\n\nReported net income of $15.9 million\n\n\n\nGenerated over $80 million of residential mortgage loan growth\n\n\n\nRemained well capitalized, with a Tier 1 leverage ratio of 11.27%\n\n\n\nPaid a $0.2825 dividend per share\n\n\n\nThe Company reported net income of $15.9 million for the quarter ended March 31, 2023, a decrease of $6.3 million from $22.2 million for the quarter ended December 31, 2022. The decrease was primarily due to a decrease in net interest income and an increase in non-interest expense, partially offset by a resultant decrease in income tax expense.\n\n\nNet interest income decreased $5.9 million to $69.3 million for the quarter ended March 31, 2023 from $75.2 million for the quarter ended December 31, 2022. During the quarter, an increase in balances and yields on interest-earning assets was more than offset by higher funding costs. The interest rate spread was 1.56% for the quarter ended March 31, 2023 compared to 1.75...