Business
TFS Financial Corporation Finishes With Strong Quarter and Fiscal Year
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, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221027006082/en/Chairman and CEO Marc A. Stefanski (Photo: Business Wire)\nHighlights - Fiscal Year 2022\n\n\nReported net income of $74.6 million\n\n\nGenerated over $1.7 billion of loan growth\n\n\nGrew net interest income by 15% to $267.4 million\n\n\nExpanded net interest margin by 22 basis points to 1.88%\n\n\nPaid a $1.13 dividend per share\n\n\n“Our efforts have given us a strong quarter and year of growth during a time of rate volatility,” said Chairman and CEO Marc A. Stefanski. “Our net interest income is up 15% from 2021, and while there are heavy interest rate pressures, our loan growth of $1.7 billion this year is a result of our aggressive pursuit of new mortgage customers and opportunities. We continue to meet the challenges of the current economic climate head on.”\n\nThe Company reported net income of $74.6 million for the fiscal year ended September 30, 2022, driven by an increase in net interest income. In total, there was a decrease from the prior year net income of $81.0 million, primarily due to an increase in credit loss provision required on the growing loan portfolio and a decrease in net gain on sale of loans.\n\nNet income of $25.4 million was reported for the fourth quarter of fiscal 2022 compared to net income of $17.1 million for the third quarter. The increase mainly consisted of a $4.2 million increase in net interest income and a $4.0 million decrease in credit loss provision between the two periods.\n\nNet interest income increased by $35.8 million, or 15%, to $267.4 million for the fiscal year ended September 30, 2022, compared to $231.6 million for the fiscal year ended September 30, 2021. The increase was driven by loan growth and a higher interest rate environment, partially offset by an increase in borrowed funds, year over year. The interest rate spread was 1.75% for the fiscal year ended September 30, 2022 compared to 1.52% for the fiscal year ended September 30, 2021. The net interest margin was 1.88% for fis...