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TFS Financial Corporation Announces Third Quarter Results
Strong Loan Originations Continue CLEVELAND--(BUSINESS WIRE)-- TFS Financial Corporation (NASDAQ: TFSL) (the "Company"), the holding company for Third
About this update from Tfs Financial Corporation
[{"type":"text","content":"\nStrong Loan Originations Continue\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 three months and nine months ended June 30, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729006159/en/Chairman and CEO Marc A. Stefanski (Photo: Business Wire)\nThe Company reported net income of $16.0 million for the quarter ended June 30, 2021 compared to net income of $26.8 million for the quarter ended June 30, 2020, with the decrease mainly from a combination of lower gain on the sale of loans and lower net interest income. Net income of $64.0 million was reported for the nine months ended June 30, 2021 compared to net income of $69.7 million for the nine months ended June 30, 2020. A decline in net interest income and higher expenses for the current nine month period offset the benefit of higher non-interest income and releases from the credit loss provision.\n\n“Our commitment to our customers starts with our mission to help them achieve the dream of homeownership,” said Chairman and CEO Marc A. Stefanski. “Their success is our success, and the results show in our more than 30 percent growth in loan originations over last year.”\n\nLoan origination volumes remained high, as we originated $845 million of first mortgages during the quarter ended June 30, 2021, consisting of $612 million of fixed-rate loans and $233 million of adjustable-rate loans. In the quarter ended June 30, 2020, we originated $871 million of first mortgages. For the nine months ended June 30, 2021 and 2020, first mortgage loan originations were $2.91 billion and $2.00 billion, respectively. New equity line of credit commitments were $387 million and $1.17 billion, respectively, for the quarter and nine months ended June 30, 2021. In the prior year, new equity line of credit commitments were $314 million for the quarter and $996 million for nine months.\n\nNet gain on the sale of loans was $3.4 million on loan sales of $116.6 million for the quarter ended June 30, 2021, compared to a net gain of $10.8 million on loan sales of $314.9 million for the quarter ended June 30, 2020. Net gain on the sale of loans was $28.8 mill...