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TFS Financial Corporation Posts Strong First Quarter 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 ended December 31, 2022.\n\n“Despite economic headwinds, Third Federal had a strong first quarter,” said Chairman and CEO Marc A. Stefanski. “We continue to maintain capital levels that substantially exceed what is required, with a Tier 1 leverage ratio of over 11 percent – more than double what is considered well-capitalized. Our $219 million in loan growth, along with a steady increase in deposits, are a reflection of our continued dedication to our mission to help our customers realize the American Dream of homeownership and financial security.”\n\nHighlights - First Quarter Fiscal Year 2023\n\n\nReported net income of $22.2 million\n\n\nRealized 30% growth in net interest income compared to same quarter last year\n\n\nGenerated $219 million of loan growth\n\n\nRemained well capitalized, with a Tier 1 leverage ratio of 11.38%\n\n\nPaid a $0.2825 dividend\n\n\nThe Company reported net income of $22.2 million for the quarter ended December 31, 2022, a $6.1 million increase compared to the same quarter a year ago. The increase was primarily due to an increase in net interest income, partially offset by a decrease in non-interest income and an increase in non-interest expenses.\n\nCompared to the prior quarter, net income decreased $3.2 million, from $25.4 million. The change was mainly due to a $3.5 million increase in marketing costs, which are expensed as incurred. Other variances from the prior quarter included a $1.0 million decrease in the provision for credit losses, a $1.1 million improvement in net gain on sale of loans, a $1.2 million increase in salaries and employee benefits and a $0.6 million decrease in benefits realized on bank owned life insurance contracts. Net gain on sale of loans includes both net gains on sale transactions and changes in fair value on loans held for sale.\n\nNet interest income increased $17.4 million, or 30%, to $75.2 million for the quarter ended December 31, 2022 compared to the same quarter a year ago. The improvement was driven by a 14% increase in the average balance of loans and a 90 basis point increase in the yield on total interest-earning assets, parti...