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TFS Financial Corporation Announces Third Fiscal Quarter Results
Mortgage Portfolio Grew Despite Economic Headwinds CLEVELAND--(BUSINESS WIRE)-- TFS Financial Corporation (NASDAQ: TFSL) (the "Company"), the holding company
About this update from Tfs Financial Corporation
[{"type":"text","content":"\nMortgage Portfolio Grew Despite Economic Headwinds\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 nine months ended June 30, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230727015146/en/Chairman and CEO Marc A. Stefanski (Photo: Business Wire)\n“This year, we are celebrating our 85th year in business. Since 1938, we have seen many changes in the economy, but we are built to last, and are still seeing positives in our business,” said Chairman and CEO Marc A. Stefanski. “Our loan portfolio grew by more than $320 million this quarter, despite rising interest rates. The average credit score of our borrowers this fiscal year increased to 774, and 97 percent of our deposits are FDIC insured. Our 11 percent Tier 1 capital leverage ratio remains more than double the regulatory requirement, and we continue to find opportunities to expand our business and our product offerings.”\n\n\nHighlights - Third Quarter Fiscal 2023\n\n\n\nReported net income of $17.6 million\n\n\n\nAdded $490 million of residential mortgage loans with an average yield of 5.69%\n\n\n\nIncreased total deposits by $66 million\n\n\n\nPaid a $0.2825 dividend per share\n\n\n\nThe Company reported net income of $17.6 million for the quarter ended June 30, 2023, an increase of $1.7 million from $15.9 million for the quarter ended March 31, 2023. Results improved quarter over quarter primarily due to a decrease in non-interest expenses.\n\n\nNet interest income decreased $0.5 million to $68.8 million for the quarter ended June 30, 2023 from $69.3 million for the quarter ended March 31, 2023. During the quarter, balances and yields on interest-earning assets increased, but were more than offset by an increase in the cost of funding. The interest rate spread was 1.50% for the quarter ended June 30, 2023 compared to 1.56% for the quarter ended March 31, 2023. The net interest margin was 1.75% for the quarter ended June 30, 2023 compared to 1.78% for the prior quarter.\n\n\nDuring the quarter ended June 30, 2023, there was no provision for credit losses compared to a $1.0 million release of provision for the qua...