TFS Financial Corporation Announces Second Fiscal Quarter 2023 Results
Remains Strong, Stable and Well-Capitalized
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 quarter and six months ended March 31, 2023.
“We live by our mission of helping customers achieve the dream of homeownership and financial security, and we are built to withstand changes in the economy,” said Chairman and CEO Marc A. Stefanski. “Our retail deposits from individuals in the communities we serve, and our first mortgage loan portfolio with an average credit score of 761 and with a loan-to-value ratio of 66%, are a result of the success we have found by focusing on that mission. We continue to expand our product offerings to attract new customers from around the country, and saw a strong net gain in savings of $140 million in March alone. Our strength and stability is further recognized through our Tier 1 capital leverage ratio of 11 percent – more than double the regulatory requirement, and our ongoing quarterly 5-star rating from independent rating agency Bauer Financial.”
Highlights – Second Quarter Fiscal 2023
- Reported net income of $15.9 million
- Generated over $80 million of residential mortgage loan growth
- Remained well capitalized, with a Tier 1 leverage ratio of 11.27%
- Paid a $0.2825 dividend per share
The Company reported net income of $15.9 million for the quarter ended March 31, 2023, a decrease of $6.3 million from $22.2 million for the quarter ended December 31, 2022. The decrease was primarily due to a decrease in net interest income and an increase in non-interest expense, partially offset by a resultant decrease in income tax expense.
Net interest income decreased $5.9 million to $69.3 million for the quarter ended March 31, 2023 from $75.2 million for the quarter ended December 31, 2022. During the quarter, an increase in balances and yields on interest-earning assets was more than offset by higher funding costs. The interest rate spread was 1.56% for the quarter ended March 31, 2023 compared to 1.75% for the quarter ended December 31, 2022. The net interest margin was 1.78% for the quarter ended March 31, 2023 compared to 1.95% for the prior quarter.
Total non-interest expense increased $2.4 million to $55.6 million for the quarter ended March 31, 2023, from $53.2 million for the quarter ended December 31, 2022. The increase consisted mainly of a $2.0 million increase in salaries and employee benefits, related primarily to annual increases in wages and health insurance costs, and a $0.7 million increase in federal (“FDIC”) insurance premiums and assessments, due to a two basis point increase in FDIC assessment rates effective January 1, 2023.
Total assets increased by $132.7 million to $16.26 billion at March 31, 2023 from $16.13 billion at December 31, 2022. The increase was mainly the result of new loan originations exceeding the total of loan sales and principal repayments and an increase in other assets.
Loans held for investment, net of allowance and deferred loan expenses, increased $89.8 million to $14.56 billion at March 31, 2023 from $14.47 billion at December 31, 2022.
Other assets increased $51.5 million to $159.3 million at March 31, 2023 from $107.8 million at December 31, 2022. The increase was primarily due to the combined effect of a $34.9 million increase in initial margin requirement and a $7.8 million increase in interest receivable on centrally cleared swap contracts. Additionally, there was a $5.5 million increase in the net deferred tax asset, related to net changes in unrealized gains and losses recorded in other comprehensive income.
Compared to December 31, 2022, deposits decreased by $11.4 million, to $9.00 billion at March 31, 2023. The decrease was due to the release of $93.3 million in maturing brokered deposits, partially offset by an $81.9 million increase in retail deposits. Retail deposit growth in the third month of the quarter more than offset some attrition that occurred during the first two months of the quarter.
Borrowed funds increased $217.7 million to $5.20 billion at March 31, 2023 from $4.99 billion at December 31, 2022. The increase was primarily used to fund loan growth and contractual requirements on swap instruments.
Highlights – Fiscal Year-To-Date 2023
- Reported net income of $38.1 million
- Generated over $300 million of residential mortgage loan growth
- Grew net interest income by 20% to $144.4 million compared to the fiscal 2022 period
- Remained well capitalized, with a Tier 1 leverage ratio of 11.27%
- Paid a $0.565 dividend per share
The Company reported net income of $38.1 million for the six months ended March 31, 2023 compared to net income of $32.0 million for the six months ended March 31, 2022. The $6.1 million increase was primarily due to an increase in net interest income offset by a decrease in non-interest income and an increase in non-interest expenses.
Net interest income increased by $23.8 million, or 20%, to $144.4 million for the six months ended March 31, 2023, compared to $120.6 million for the six months ended March 31, 2022, driven by loan growth and a higher interest rate environment. The interest rate spread was 1.66% for the six months ended March 31, 2023 compared to 1.63% for the six months ended March 31, 2022. The net interest margin was 1.86% for the six months ended March 31, 2023 compared to 1.76% for the prior year period.
During the six months ended March 31, 2023, there was a $2.0 million release of provision for credit losses compared to a $3.0 million release of provision for the six months ended March 31, 2022. Net loan recoveries totaled $2.9 million during the six months ended March 31, 2023 and $4.7 million during the prior year period. The total allowance for credit losses at March 31, 2023 was $100.8 million, or 0.69% of total loans receivable, compared to $99.9 million, or 0.70% of total loans receivable, at September 30, 2022 and $90.9 million, or 0.69% of total loans receivable, at March 31, 2022. The allowance for credit losses included $26.7 million, $27.0 million, and $26.6 million in liabilities for unfunded commitments at March 31, 2023, September 30, 2022 and March 31, 2022, respectively.
Total loan delinquencies increased $2.7 million to $23.9 million, or 0.16% of total loans receivable, at March 31, 2023 from $21.2 million, or 0.17% of total loans, at September 30, 2022. Non-accrual loans decreased $2.9 million to $32.7 million, or 0.22% of total loans, at March 31, 2023 from $35.6 million, or 0.25% of total loans, at September 30, 2022.
Total non-interest income decreased $3.2 million, or 23%, to $10.5 million for the six months ended March 31, 2023 from $13.7 million for the six months ended March 31, 2022. The decrease consisted mainly of a $1.7 million decrease in net gain on the sale of loans, a $1.1 million decrease in fees and service charges and a $0.7 million decrease in benefits realized on bank owned life insurance contracts. The decrease in net gain on the sale of loans was the result of a decrease in secondary market pricing and a lower volume of loans sold. The decrease in fees and service charges is primarily due to less servicing revenue due to a decrease in the balance of loans serviced for others.
Total non-interest expense increased $11.2 million, or 11%, to $108.8 million for the six months ended March 31, 2023, from $97.6 million for the six months ended March 31, 2022 and included increases of $5.4 million in salaries and employee benefits, $2.2 million in marketing costs, and $1.9 million in federal (“FDIC”) insurance premiums and assessments. Additionally, there was a $1.4 million increase in pension expense, reported in other expenses, related to the change in net actuarial gains and losses. The increase in salaries and employee benefits was primarily the result of increases in health insurance costs and increases in both staffing levels and wages. FDIC premiums increased due to growth in deposits and a two basis point increase in FDIC assessment rates that went into effect on January 1, 2023.
Total assets increased by $471.8 million, or 3%, to $16.26 billion at March 31, 2023 from $15.79 billion at September 30, 2022. The increase was mainly the result of new loan originations exceeding the total of loan sales and principal repayments.
Cash and cash equivalents increased $51.5 million, or 14%, to $421.1 million at March 31, 2023 from $369.6 million at September 30, 2022, due to normal fluctuations.
Loans held for investment, net of allowance and deferred loan expenses, increased $306.3 million, or 2%, to $14.56 billion at March 31, 2023 from $14.26 billion at September 30, 2022. The residential core mortgage loan portfolio increased $212.4 million, to $11.75 billion, and home equity loans and lines of credit increased $90.0 million, to $2.72 billion, during the six months. Loan originations, including first mortgages and equity loans and lines of credit, were $1.54 billion during the six months ended March 31, 2023 compared to $2.82 billion during the six months ended March 31, 2022. The decrease in originations was primarily due to a generally increasing interest rate environment, resulting in less refinance activity. Mortgage loan originations included 88% purchases and 37% adjustable rate mortgages for the six months ended March 31, 2023.
Deposits increased $81.9 million to $9.00 billion at March 31, 2023 from $8.92 billion at September 30, 2022. The increase was the result of a $206.9 million increase in certificates of deposit (“CDs”) and a $70.0 million increase in savings accounts, partially offset by a $108.6 million decrease in money market deposit accounts and an $89.8 million decrease in checking accounts.
Borrowed funds increased $411.7 million, or 9%, to $5.20 billion at March 31, 2023 from $4.79 billion at September 30, 2022. The increase was primarily used to fund loan growth. The total balance of borrowed funds at March 31, 2023, all from the FHLB, included $575.0 million of overnight advances, $1.59 billion of term advances with a weighted average maturity of approximately 2.6 years, and $3.03 billion of term advances, aligned with interest rate swap contracts, with a remaining weighted average effective maturity of approximately 3.9 years. Additional borrowing capacity at the FHLB was $3.44 billion at March 31, 2023.
Total shareholders’ equity decreased $9.9 million, or 0.5%, to $1.83 billion at March 31, 2023 from $1.84 billion at September 30, 2022. Activity reflects $38.1 million of net income reduced by $29.1 million for dividends paid, an $18.4 million net loss in accumulated other comprehensive income and $5.0 million in repurchases of common stock. Additionally, there was $4.5 million of net positive adjustments related to our stock compensation and employee stock ownership plans. The change in accumulated other comprehensive income is primarily due to a net negative change in unrealized gains and losses on swap contracts. During the six months ended March 31, 2023, a total of 361,869 shares of our common stock were repurchased at an average cost of $13.82 per share. The Company’s eighth stock repurchase program allows for a total of 10,000,000 shares to be repurchased, with 5,191,951 shares remaining to be repurchased at March 31, 2023.
The Company declared and paid a quarterly dividend of $0.2825 per share during each of the quarters of fiscal year 2023. As a result of a mutual member vote, Third Federal Savings and Loan Association of Cleveland, MHC (the “MHC”), the mutual holding company that owns approximately 81% of the outstanding stock of the Company, was able to waive its receipt of its share of the dividend paid. Under Federal Reserve regulations, the MHC is required to obtain the approval of its members every 12 months for the MHC to waive its right to receive dividends. As a result of a July 12, 2022 member vote and the subsequent non-objection of the Federal Reserve, the MHC has the approval to waive receipt of up to $1.13 per share of possible dividends to be declared on the Company’s common stock during the twelve months subsequent to the members’ approval (i.e., through July 12, 2023). The MHC has conducted the member vote to approve the dividend waiver each of the past nine years under Federal Reserve regulations and for each of those nine years, approximately 97% of the votes cast were in favor of the waiver.
The Company operates under the capital requirements for the standardized approach of the Basel III capital framework for U.S. banking organizations (“Basel III Rules”). At March 31, 2023 all of the Company’s capital ratios substantially exceed the amounts required for the Company to be considered “well capitalized” for regulatory capital purposes. The Company’s Tier 1 leverage ratio was 11.27%, its Common Equity Tier 1 and Tier 1 ratios were each 19.93% and its total capital ratio was 20.64%.
Presentation slides as of March 31, 2023 will be available on the Company’s website, www.thirdfederal.com, under the Investor Relations link within the “Recent Presentations” menu, beginning April 28, 2023. The Company will not be hosting a conference call to discuss its operating results.
Third Federal Savings and Loan Association is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security. It became part of a public company in 2007 and is celebrating its 85th anniversary in May 2023. Third Federal, which lends in 25 states and the District of Columbia, is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northeast Ohio, four lending offices in Central and Southern Ohio, and 16 full service branches throughout Florida. As of March 31, 2023, the Company’s assets totaled $16.26 billion.
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Forward Looking Statements |
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This report contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include, among other things: |
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statements of our goals, intentions and expectations; |
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statements regarding our business plans and prospects and growth and operating strategies; |
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statements concerning trends in our provision for credit losses and charge-offs on loans and off-balance sheet exposures; |
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statements regarding the trends in factors affecting our financial condition and results of operations, including credit quality of our loan and investment portfolios; and |
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estimates of our risks and future costs and benefits. |
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These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events: |
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significantly increased competition among depository and other financial institutions, including with respect to our ability to charge overdraft fees; |
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inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments, or our ability to originate loans; |
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general economic conditions, either globally, nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected; |
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the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact on the credit quality of our loans and other assets, and changes in estimates of the allowance for credit losses; |
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decreased demand for our products and services and lower revenue and earnings because of a recession or other events; |
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changes in consumer spending, borrowing and savings habits; |
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adverse changes and volatility in the securities markets, credit markets or real estate markets; |
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our ability to manage market risk, credit risk, liquidity risk, reputational risk, and regulatory and compliance risk; |
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our ability to access cost-effective funding; |
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changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; |
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legislative or regulatory changes that adversely affect our business, including changes in regulatory costs and capital requirements and changes related to our ability to pay dividends and the ability of Third Federal Savings, MHC to waive dividends; |
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changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; |
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the adoption of implementing regulations by a number of different regulatory bodies, and uncertainty in the exact nature, extent and timing of such regulations and the impact they will have on us; |
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our ability to enter new markets successfully and take advantage of growth opportunities, and the possible short-term dilutive effect of potential acquisitions or de novo branches, if any; |
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our ability to retain key employees; |
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future adverse developments concerning Fannie Mae or Freddie Mac; |
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changes in monetary and fiscal policy of the U.S. Government, including policies of the U.S. Treasury and the FRS and changes in the level of government support of housing finance; |
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the continuing governmental efforts to restructure the U.S. financial and regulatory system; |
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the ability of the U.S. Government to remain open, function properly and manage federal debt limits; |
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changes in policy and/or assessment rates of taxing authorities that adversely affect us or our customers; |
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changes in accounting and tax estimates; |
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changes in our organization, or compensation and benefit plans and changes in expense trends (including, but not limited to trends affecting non-performing assets, charge-offs and provisions for credit losses); |
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the inability of third-party providers to perform their obligations to us; |
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the effects of global or national war, conflict or acts of terrorism; |
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civil unrest; |
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cyber-attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems; and |
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the impact of wide-spread pandemic, including COVID-19, and related government action, on our business and the economy. |
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Because of these and other uncertainties, our actual future results may be materially different from the results indicated by any forward-looking statements. Any forward-looking statement made by us in this report speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. |
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TFS FINANCIAL CORPORATION AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF CONDITION (unaudited) |
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(In thousands, except share data) |
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March 31, |
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December 31, |
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September 30, |
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ASSETS |
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Cash and due from banks |
$ |
28,468 |
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$ |
31,515 |
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$ |
18,961 |
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Other interest-earning cash equivalents |
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392,660 |
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412,066 |
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350,603 |
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Cash and cash equivalents |
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421,128 |
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443,581 |
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369,564 |
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Investment securities available for sale |
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482,576 |
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473,131 |
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457,908 |
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Mortgage loans held for sale |
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4,398 |
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12,549 |
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9,661 |
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Loans held for investment, net: |
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Mortgage loans |
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14,580,410 |
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14,492,723 |
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14,276,478 |
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Other loans |
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3,868 |
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3,481 |
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3,263 |
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Deferred loan expenses, net |
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53,183 |
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51,768 |
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50,221 |
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Allowance for credit losses on loans |
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(74,138 |
) |
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(74,477 |
) |
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(72,895 |
) |
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Loans, net |
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14,563,323 |
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14,473,495 |
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14,257,067 |
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Mortgage loan servicing rights, net |
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7,669 |
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7,815 |
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7,943 |
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Federal Home Loan Bank stock, at cost |
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232,855 |
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222,415 |
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212,290 |
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Real estate owned, net |
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1,165 |
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1,378 |
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1,191 |
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Premises, equipment, and software, net |
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34,529 |
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35,252 |
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34,531 |
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Accrued interest receivable |
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46,399 |
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45,317 |
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40,256 |
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Bank owned life insurance contracts |
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308,339 |
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306,216 |
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304,040 |
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Other assets |
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159,299 |
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107,828 |
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95,428 |
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TOTAL ASSETS |
$ |
16,261,680 |
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$ |
16,128,977 |
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$ |
15,789,879 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Deposits |
$ |
9,002,867 |
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$ |
9,014,295 |
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$ |
8,921,017 |
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Borrowed funds |
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5,204,964 |
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4,987,287 |
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4,793,221 |
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Borrowers’ advances for insurance and taxes |
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102,888 |
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109,070 |
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117,250 |
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Principal, interest, and related escrow owed on loans serviced |
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27,166 |
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28,500 |
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29,913 |
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Accrued expenses and other liabilities |
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89,319 |
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140,236 |
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84,139 |
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Total liabilities |
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14,427,204 |
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14,279,388 |
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13,945,540 |
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Commitments and contingent liabilities |
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Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding |
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— |
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— |
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— |
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Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued |
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3,323 |
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3,323 |
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3,323 |
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Paid-in capital |
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1,752,508 |
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1,751,020 |
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1,751,223 |
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Treasury stock, at cost |
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(775,852 |
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(775,154 |
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(771,986 |
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Unallocated ESOP shares |
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(29,250 |
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(30,334 |
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(31,417 |
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Retained earnings—substantially restricted |
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879,046 |
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877,713 |
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870,047 |
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Accumulated other comprehensive income (loss) |
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4,701 |
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23,021 |
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23,149 |
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Total shareholders’ equity |
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1,834,476 |
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1,849,589 |
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1,844,339 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
16,261,680 |
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$ |
16,128,977 |
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$ |
15,789,879 |
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TFS FINANCIAL CORPORATION AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF INCOME (unaudited) |
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(In thousands, except share and per share data) |
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For the three months ended |
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March 31, |
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December 31, 2022 |
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September 30, 2022 |
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June 30, |
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March 31, |
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INTEREST AND DIVIDEND INCOME: |
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Loans, including fees |
$ |
136,835 |
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$ |
129,665 |
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$ |
114,871 |
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$ |
99,576 |
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$ |
91,125 |
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Investment securities available for sale |
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3,455 |
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3,062 |
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1,904 |
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1,282 |
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1,355 |
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Other interest and dividend earning assets |
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7,262 |
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6,243 |
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4,236 |
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1,913 |
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981 |
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Total interest and dividend income |
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147,552 |
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138,970 |
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121,011 |
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102,771 |
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93,461 |
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INTEREST EXPENSE: |
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Deposits |
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39,876 |
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29,855 |
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23,582 |
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17,214 |
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16,896 |
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Borrowed funds |
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38,408 |
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33,958 |
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21,920 |
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14,255 |
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13,824 |
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Total interest expense |
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78,284 |
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63,813 |
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45,502 |
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31,469 |
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30,720 |
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NET INTEREST INCOME |
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69,268 |
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|
75,157 |
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75,509 |
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71,302 |
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62,741 |
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PROVISION (RELEASE) FOR CREDIT LOSSES |
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(1,000 |
) |
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(1,000 |
) |
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— |
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4,000 |
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(1,000 |
) |
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NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES |
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70,268 |
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76,157 |
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75,509 |
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67,302 |
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|
63,741 |
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NON-INTEREST INCOME: |
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Fees and service charges, net of amortization |
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1,924 |
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|
1,936 |
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|
2,220 |
|
|
|
2,742 |
|
|
|
2,568 |
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Net gain (loss) on the sale of loans |
|
579 |
|
|
|
17 |
|
|
|
(1,113 |
) |
|
|
(51 |
) |
|
|
113 |
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Increase in and death benefits from bank owned life insurance contracts |
|
2,123 |
|
|
|
2,238 |
|
|
|
2,761 |
|
|
|
2,090 |
|
|
|
2,222 |
|
|
Other |
|
703 |
|
|
|
966 |
|
|
|
514 |
|
|
|
896 |
|
|
|
688 |
|
|
Total non-interest income |
|
5,329 |
|
|
|
5,157 |
|
|
|
4,382 |
|
|
|
5,677 |
|
|
|
5,591 |
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Salaries and employee benefits |
|
30,390 |
|
|
|
28,403 |
|
|
|
27,206 |
|
|
|
28,756 |
|
|
|
26,862 |
|
|
Marketing services |
|
6,671 |
|
|
|
7,713 |
|
|
|
4,256 |
|
|
|
4,830 |
|
|
|
6,551 |
|
|
Office property, equipment and software |
|
6,802 |
|
|
|
6,800 |
|
|
|
6,558 |
|
|
|
6,762 |
|
|
|
6,824 |
|
|
Federal insurance premium and assessments |
|
3,488 |
|
|
|
2,761 |
|
|
|
2,722 |
|
|
|
2,351 |
|
|
|
2,276 |
|
|
State franchise tax |
|
1,268 |
|
|
|
1,208 |
|
|
|
1,201 |
|
|
|
1,197 |
|
|
|
1,237 |
|
|
Other expenses |
|
6,955 |
|
|
|
6,309 |
|
|
|
6,799 |
|
|
|
7,860 |
|
|
|
6,225 |
|
|
Total non-interest expense |
|
55,574 |
|
|
|
53,194 |
|
|
|
48,742 |
|
|
|
51,756 |
|
|
|
49,975 |
|
|
INCOME BEFORE INCOME TAXES |
|
20,023 |
|
|
|
28,120 |
|
|
|
31,149 |
|
|
|
21,223 |
|
|
|
19,357 |
|
|
INCOME TAX EXPENSE |
|
4,115 |
|
|
|
5,927 |
|
|
|
5,716 |
|
|
|
4,076 |
|
|
|
3,512 |
|
|
NET INCOME |
$ |
15,908 |
|
|
$ |
22,193 |
|
|
$ |
25,433 |
|
|
$ |
17,147 |
|
|
$ |
15,845 |
|
|
Earnings per share – basic and diluted |
$ |
0.06 |
|
|
$ |
0.08 |
|
|
$ |
0.09 |
|
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
||||||||||
|
Basic |
|
277,361,293 |
|
|
|
277,320,904 |
|
|
|
277,383,038 |
|
|
|
277,453,439 |
|
|
|
277,423,493 |
|
|
Diluted |
|
278,499,145 |
|
|
|
278,462,937 |
|
|
|
278,505,233 |
|
|
|
278,555,759 |
|
|
|
278,819,539 |
|
Contacts
Jennifer Rosa (216) 429-5037