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TFS Financial Corporation Reports Second Quarter Balance Sheet Growth
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 six months ended March 31, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220428006194/en/Chairman and CEO Marc A. Stefanski (Photo: Business Wire)\n“While we are starting to see the impact of rising interest rates on refinances, our strength and stability allows us to continue our aggressive pursuit of purchase mortgages and equity lines of credit,” said Chairman and CEO, Marc A. Stefanski. \"As a result, we’ve had a 50 percent increase in purchases, and a 30 percent increase in equity line originations compared to the first two quarters last year.”\n\nHighlights - Second Quarter Fiscal Year 2022\n\n\nReported net income of $15.8 million\n\n\nContinued improvement of net interest margin to 1.82%\n\n\nGenerated $453 million of loan growth\n\n\nMaintained strong asset quality and recorded a $1 million release of provision for credit losses\n\n\nPaid a $0.2825 dividend per share\n\n\nThe Company reported net income of $15.8 million for the quarter ended March 31, 2022 compared to net income of $16.1 million for the quarter ended December 31, 2021. Net interest income increased compared to the prior quarter, net gain on sale of loans decreased, non-interest expense increased and there was a decrease in the release of provision for credit losses. Net income of $32.0 million was reported for the six months ended March 31, 2022 compared to net income of $48.0 million for the six months ended March 31, 2021. The change primarily consisted of a decrease in net gain on sale of loans and a decrease in the release of provision for credit losses, partially offset by an increase in net interest income and a decrease in non-interest expense.\n\nNet interest income increased $4.9 million, or 8.5%, to $62.7 million for the quarter ended March 31, 2022 from $57.8 million for the quarter ended December 31, 2021. Net interest income increased by $3.4 million, or 2.9%, to $120.6 million, for the six months ended March 31, 2022 from $117.2 million for the six months ended March 31, 2021. The increases were primarily due to growth in the averag...