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TFS Financial Sees Positives Continue in Third Fiscal Quarter
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 nine months ended June 30, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240730559233/en/Chairman and CEO Marc A. Stefanski (Photo: Business Wire)\nThe Company reported net income of $20.0 million for the quarter ended June 30, 2024 compared to $20.7 million of net income for the quarter ended March 31, 2024. The change in net income included decreases in net interest income and release of provision for credit losses partially offset by a decrease in non-interest expense.\n\n\n“Despite higher interest rates and economic uncertainty, our earnings are more than 10% higher this year than last year,” said Chairman and CEO Marc A. Stefanski. “Retail deposit growth of 6% in the last three months is a result of our strong CD product offerings. Our $2.2 billion in loan originations have an average yield of 7.31%, and our ongoing expense management resulted in a 5% reduction from 2023. All of our capital ratios continue to exceed the amounts required to be well capitalized, including a Tier I capital ratio of nearly 11%, further showing that we are strong, stable, and safe.”\n\n\nNet interest income decreased $2.1 million, or 3%, to $69.3 million for the quarter ended June 30, 2024 from $71.4 million for the quarter ended March 31, 2024. Net interest income was lower as the weighted average cost of interest-bearing liabilities increased. Certificates of deposit and borrowings that were obtained in a lower interest rate environment matured during the quarter and were replaced by instruments with higher costs. The weighted average yield of interest-earning assets, primarily loans, increased during the quarter. The interest rate spread was 1.36% for the quarter ended June 30, 2024 compared to 1.43% for the quarter ended March 31, 2024. The net interest margin was 1.67% for the quarter ended June 30, 2024 compared to 1.71% for the prior quarter.\n\n\nDuring the quarter ended June 30, 2024, there was a $0.5 million release of provision for credit losses compared to a $1.0 million release of provision for the quarter ended March 31, 2024. ...