Business
TFS Financial Corporation Remains Strong, Stable and Safe
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 three months and fiscal year ended September 30, 2020.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201029006306/en/Chairman and CEO Marc A. Stefanski (Photo: Business Wire)\nThe Company reported net income of $13.6 million for the quarter ended September 30, 2020 compared to net income of $21.5 million for the quarter ended September 30, 2019. Net income of $83.3 million was reported for the fiscal year ended September 30, 2020 compared to net income of $80.2 million for the fiscal year ended September 30, 2019. During the fourth fiscal quarter of 2020, net income was reduced by a combination of prepayment fees and additional interest expense recognized as a result of the early termination of certain Federal Home Loan Bank (\"FHLB\") term borrowings and related interest rate swap agreements. The increase in net income for the fiscal year is primarily the result of higher net gain on the sale of loans, the Company's share of net gain from the sale of commercial property, lower non-interest expense and a lower effective tax rate, partially offset by lower net interest income and an increase in the provision for loan losses.\n\n“Third Federal has remained resilient in the midst of the pandemic and economic uncertainty,\" said Chairman and CEO Marc A. Stefanski, \"Thanks to record low interest rates and incredible effort by our associates, we originated more loans in 2020 than any other year in the company‘s history. First mortgage originations grew from $1.8 billion in 2019 to more than $3 billion in 2020, with excellent credit quality. First mortgage loans have an average credit score of 759 and an average loan-to-value ratio of 68%.\n\nMy parents founded Third Federal in 1938 based on three principles:\n\n\nProviding a safe haven for our customers’ hard-earned savings\n\n\nLending money to people who will pay us back\n\n\nMaintaining a high capital ratio for the proverbial rainy day\n\n\nThird Federal continues to be guided by these standards so that we remain Strong Stable and Safe in any economic environment.”\n\nLoan originations, mainly re...