TFS Financial Corporation Remains Strong, Stable and Safe During an Uncertain Time

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CLEVELAND--(BUSINESS WIRE)-- TFS 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 nine months ended June 30, 2020. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200730006058/en/Chairman and CEO Marc A. Stefanski (Photo: Business Wire) The Company reported net income of $26.8 million for the quarter ended June 30, 2020, compared to net income of $18.3 million for the quarter ended June 30, 2019. Net income of $69.7 million was reported for the nine months ended June 30, 2020, compared to net income of $58.7 million for the nine months ended June 30, 2019. The increase in net income is the result of a combination of higher net gain on the sale of loans, 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. Additionally, gain from the sale of commercial property, recognized earlier in the year, contributed to the increase in net income for the current nine month period. "During the quarter, Third Federal’s performance hasn’t missed a beat,” said Chairman and CEO Marc A. Stefanski. “We continue to adapt to remain strong, stable and safe and maintain the highest level of service to our customers. We have focused on operating efficiently and managing expenses, as our non-interest expense ratio of 1.20% was the lowest it has been since we went public in 2007. At the same time, we have been able to meet the demand of a booming mortgage market. We originated over $1.2 billion in first and second mortgage loans. This is the highest number of originations in a single quarter in 15 years. Our company remains as resilient and productive as ever and I remain grateful for the continued support of our customers, associates, the communities we serve, and our shareholders." Loan originations continued at a strong pace with total first mortgage loan originations of $870.5 million and $2.20 billion for the quarter and nine months ended June 30, 2020, respectively, compared to $502.1 million and $1.17 billion for the prior year periods. We sold $638.2 million of fixed-rate loans and recorded related gains of $16.9 million during the nine months ended June 30, 2020...

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