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 fiscal year ended September 30, 2022.
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the full release here:
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Chairman and CEO Marc A. Stefanski
(Photo: Business Wire)
Highlights - Fiscal Year 2022
- Reported net income of $74.6 million
- Generated over $1.7 billion of loan growth
- Grew net interest income by 15% to $267.4 million
- Expanded net interest margin by 22 basis points to 1.88%
- Paid a $1.13 dividend per share
“Our efforts have given us a strong quarter and year of growth
during a time of rate volatility,” said Chairman and CEO Marc A.
Stefanski. “Our net interest income is up 15% from 2021, and while
there are heavy interest rate pressures, our loan growth of $1.7
billion this year is a result of our aggressive pursuit of new
mortgage customers and opportunities. We continue to meet the
challenges of the current economic climate head on.”
The Company reported net income of $74.6 million for the fiscal
year ended September 30, 2022, driven by an increase in net
interest income. In total, there was a decrease from the prior year
net income of $81.0 million, primarily due to an increase in credit
loss provision required on the growing loan portfolio and a
decrease in net gain on sale of loans.
Net income of $25.4 million was reported for the fourth quarter
of fiscal 2022 compared to net income of $17.1 million for the
third quarter. The increase mainly consisted of a $4.2 million
increase in net interest income and a $4.0 million decrease in
credit loss provision between the two periods.
Net interest income increased by $35.8 million, or 15%, to
$267.4 million for the fiscal year ended September 30, 2022,
compared to $231.6 million for the fiscal year ended September 30,
2021. The increase was driven by loan growth and a higher interest
rate environment, partially offset by an increase in borrowed
funds, year over year. The interest rate spread was 1.75% for the
fiscal year ended September 30, 2022 compared to 1.52% for the
fiscal year ended September 30, 2021. The net interest margin was
1.88% for fiscal year 2022 compared to 1.66% for the prior
year.
The total provision for credit losses was $1.0 million for the
fiscal year ended September 30, 2022 compared to a $9.0 million
release of provision for the fiscal year ended September 30, 2021.
Net loan recoveries continued to curtail provision requirements.
The Company recorded $9.7 million of net loan recoveries during the
fiscal year ended September 30, 2022 and $5.2 million of net loan
recoveries during the fiscal year ended September 30, 2021.
The total allowance for credit losses was $99.9 million, or
0.70% of total loans receivable, at September 30, 2022 and $89.3
million, or 0.71% of total loans receivable, at September 30, 2021.
The allowance for credit losses included $27.0 million and $25.0
million in liability for unfunded commitments at September 30, 2022
and September 30, 2021, respectively. Total loan delinquencies
decreased $3.5 million to $21.2 million, or 0.15% of total loans
receivable, at September 30, 2022 from $24.7 million, or 0.20% of
total loans, at September 30, 2021. Non-accrual loans decreased
$8.4 million to $35.6 million, or 0.25% of total loans, at
September 30, 2022 from $44.0 million, or 0.35% of total loans, at
September 30, 2021.
Total non-interest income for the fiscal year ended September
30, 2022 was $23.8 million compared to $55.3 million for the fiscal
year ended September 30, 2021. The drop-off was due to a
significant decrease in net gain on loan sales in the current
fiscal year. Loan sales tapered as market pricing for loans was
less favorable in the current fiscal year. During the fiscal year
ended September 30, 2022, there was $128.1 million of loans sold
compared to $762.3 million of loans sold during fiscal year 2021.
Net gain on sale of loans was $1.1 million during the fiscal year
ended September 30, 2022 compared to $33.1 million during fiscal
year 2021.
Total non-interest expense for the fiscal year ended September
30, 2022 increased $2.3 million, or 1%, to $198.1 million as
compared to fiscal year 2021, mainly due to an increase in
marketing costs of $2.1 million.
Total assets increased by $1.73 billion, or 12%, to $15.79
billion at September 30, 2022 from $14.06 billion at September 30,
2021. The increase was mainly the result of new loan originations
exceeding the total of loan sales and principal repayments.
Cash and cash equivalents decreased $118.7 million, or 24%, to
$369.6 million at September 30, 2022 from $488.3 million at
September 30, 2021. The decrease can be attributed to the
reinvestment of liquid assets into loan products.
The amount of Federal Home Loan Bank stock owned increased $49.5
million, or 30%, to $212.3 million at September 30, 2022 from
$162.8 million at September 30, 2021. The increase was a result of
stock ownership requirements of the FHLB that are tied to the level
of borrowing.
Loans held for investment, net of allowance and deferred loan
expenses, increased $1.75 billion, or 14%, to $14.26 billion at
September 30, 2022 from $12.51 billion at September 30, 2021,
primarily due to the high level of loans originated and held in
portfolio. The residential core mortgage loan portfolio increased
$1.32 billion, to $11.54 billion, and home equity loans and lines
of credit increased $419.6 million, to $2.63 billion, during the
fiscal year. Loan originations, including first mortgages and
equity loans and lines of credit, were $5.80 billion and $5.37
billion during the fiscal years ended September 30, 2022 and
September 30, 2021.
Deposits decreased $72.6 million, or less than 1%, to $8.92
billion at September 30, 2022 from $8.99 billion at September 30,
2021. The decrease was the result of an $169.3 million decrease in
certificates of deposit ("CDs") and an $82.3 million decrease in
money market deposit accounts, partially offset by a $77.1 million
increase in checking accounts and an $101.5 million increase in
savings accounts.
Borrowed funds increased $1.70 billion, or 55%, to $4.79 billion
at September 30, 2022 from $3.09 billion at September 30, 2021. The
increase was primarily used to fund loan growth. The total balance
of borrowed funds at September 30, 2022, mainly from FHLB, included
$1.78 billion of overnight advances, $1.24 billion of term advances
with a weighted average maturity of approximately 2.9 years, $1.55
billion of term advances, aligned with interest rate swap
contracts, with a remaining weighted average effective maturity of
approximately 2.7 years, and $225.0 million in fed fund
purchases.
Total shareholders' equity increased $112.1 million, or 6.5%, to
$1.84 billion at September 30, 2022 from $1.73 billion at September
30, 2021. Activity reflects $74.6 million of net income, a $91.0
million positive change in accumulated other comprehensive income
and $9.8 million of positive adjustments related to our stock
compensation and employee stock ownership plans, reduced by $58.2
million of quarterly dividends and $5.0 million in repurchases of
common stock. The change in accumulated other comprehensive income
is primarily due to a net positive change in unrealized gains and
losses on swap contracts. During the fiscal year ended September
30, 2022, a total of 337,259 shares of our common stock were
repurchased at an average cost of $14.97 per share. The Company's
eighth stock repurchase program allows for a total of 10,000,000
shares to be repurchased, with 5,553,820 shares remaining to be
repurchased at September 30, 2022.
The Company declared and paid a quarterly dividend of $0.2825
per share during each of the four quarters of fiscal year 2022. 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), including a total of up to
$0.8475 during the three quarters ending December 31, 2022, March
31, 2023, and June 30, 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 Association operates under the capital requirements for the
standardized approach of the Basel III capital framework for U.S.
banking organizations (“Basel III Rules”). At September 30, 2022
all of the Association's capital ratios substantially exceed the
amounts required for the Association to be considered "well
capitalized" for regulatory capital purposes. The Association’s
Tier 1 leverage ratio was 10.33%, its Common Equity Tier 1 and Tier
1 ratios, as calculated under the fully phased-in Basel III Rules,
were each 18.25% and its total capital ratio was 18.84%.
Additionally, the Company's Tier 1 leverage ratio was 11.66%, its
Common Equity Tier 1 and Tier 1 ratios were each 20.59% and its
total capital ratio was 21.18%. The current capital ratios of the
Association reflect the dilutive impact of $56.0 million of
dividends that the Association paid to the Company, its sole
shareholder, during the quarter ended December 31, 2021. Because of
its intercompany nature, these dividends had no impact on the
Company's capital ratios or its consolidated statement of
condition.
Presentation slides as of September 30, 2022 will be available
on the Company's website, www.thirdfederal.com, under the Investor
Relations link within the "Recent Presentations" menu, beginning
October 28, 2022. 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 celebrated its 80th anniversary in May,
2018. 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, five lending
offices in Central and Southern Ohio, and 16 full service branches
throughout Florida. As of September 30, 2022, the Company’s assets
totaled $15.79 billion.
Forward Looking Statements
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:
•
statements of our goals,
intentions and expectations;
•
statements regarding our business
plans and prospects and growth and operating strategies;
•
statements concerning trends in
our provision for credit losses and charge-offs on loans and
off-balance sheet exposures;
•
statements regarding the trends
in factors affecting our financial condition and results of
operations, including credit quality of our loan and investment
portfolios; and
•
estimates of our risks and future
costs and benefits.
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:
•
significantly increased
competition among depository and other financial institutions,
including with respect to our ability to charge overdraft fees;
•
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;
•
general economic conditions,
either globally, nationally or in our market areas, including
employment prospects, real estate values and conditions that are
worse than expected;
•
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;
•
decreased demand for our products
and services and lower revenue and earnings because of a recession
or other events;
•
changes in consumer spending,
borrowing and savings habits;
•
adverse changes and volatility in
the securities markets, credit markets or real estate markets;
•
our ability to manage market
risk, credit risk, liquidity risk, reputational risk, and
regulatory and compliance risk;
•
our ability to access
cost-effective funding;
•
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;
•
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;
•
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;
•
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;
•
our ability to retain key
employees;
•
future adverse developments
concerning Fannie Mae or Freddie Mac;
•
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;
•
the continuing governmental
efforts to restructure the U.S. financial and regulatory
system;
•
the ability of the U.S.
Government to remain open, function properly and manage federal
debt limits;
•
changes in policy and/or
assessment rates of taxing authorities that adversely affect us or
our customers;
•
changes in accounting and tax
estimates;
•
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);
•
the inability of third-party
providers to perform their obligations to us;
•
the effects of global or national
war, conflict or acts of terrorism;
•
civil unrest;
•
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
•
the impact of wide-spread
pandemic, including COVID-19, and related government action, on our
business and the economy.
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.
TFS FINANCIAL CORPORATION AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CONDITION (unaudited)
(In thousands, except share
data)
September 30,
2022
September 30,
2021
ASSETS
Cash and due from banks
$
18,961
$
27,346
Other interest-earning cash
equivalents
350,603
460,980
Cash and cash equivalents
369,564
488,326
Investment securities available for
sale
457,908
421,783
Mortgage loans held for sale
9,661
8,848
Loans held for investment, net:
Mortgage loans
14,276,478
12,525,687
Other loans
3,263
2,778
Deferred loan expenses, net
50,221
44,859
Allowance for credit losses on loans
(72,895
)
(64,289
)
Loans, net
14,257,067
12,509,035
Mortgage loan servicing rights, net
7,943
8,941
Federal Home Loan Bank stock, at cost
212,290
162,783
Real estate owned, net
1,191
289
Premises, equipment, and software, net
34,531
37,420
Accrued interest receivable
40,256
31,107
Bank owned life insurance contracts
304,040
297,332
Other assets
95,747
91,586
TOTAL ASSETS
$
15,790,198
$
14,057,450
LIABILITIES AND SHAREHOLDERS’
EQUITY
Deposits
$
8,921,017
$
8,993,605
Borrowed funds
4,793,221
3,091,815
Borrowers’ advances for insurance and
taxes
117,250
109,633
Principal, interest, and related escrow
owed on loans serviced
29,913
41,476
Accrued expenses and other liabilities
84,458
88,641
Total liabilities
13,945,859
12,325,170
Commitments and contingent liabilities
Preferred stock, $0.01 par value,
100,000,000 shares authorized, none issued and outstanding
—
—
Common stock, $0.01 par value, 700,000,000
shares authorized; 332,318,750 shares issued
3,323
3,323
Paid-in capital
1,751,223
1,746,887
Treasury stock, at cost
(771,986
)
(768,035
)
Unallocated ESOP shares
(31,417
)
(35,751
)
Retained earnings—substantially
restricted
870,047
853,657
Accumulated other comprehensive income
(loss)
23,149
(67,801
)
Total shareholders’ equity
1,844,339
1,732,280
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$
15,790,198
$
14,057,450
TFS FINANCIAL CORPORATION AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME (unaudited)
(In thousands, except share
and per share data)
For the three months
ended
September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
September 30,
2021
INTEREST AND DIVIDEND INCOME:
Loans, including fees
$
114,871
$
99,576
$
91,125
$
90,119
$
92,002
Investment securities available for
sale
1,904
1,282
1,355
960
1,041
Other interest and dividend earning
assets
4,236
1,913
981
1,011
1,033
Total interest and dividend income
121,011
102,771
93,461
92,090
94,076
INTEREST EXPENSE:
Deposits
23,582
17,214
16,896
19,251
21,617
Borrowed funds
21,920
14,255
13,824
14,995
15,061
Total interest expense
45,502
31,469
30,720
34,246
36,678
NET INTEREST INCOME
75,509
71,302
62,741
57,844
57,398
PROVISION (RELEASE) FOR CREDIT LOSSES
—
4,000
(1,000
)
(2,000
)
(2,000
)
NET INTEREST INCOME AFTER PROVISION FOR
CREDIT LOSSES
75,509
67,302
63,741
59,844
59,398
NON-INTEREST INCOME:
Fees and service charges, net of
amortization
2,220
2,742
2,568
2,404
2,156
Net gain (loss) on the sale of loans
(1,113
)
(51
)
113
2,187
4,305
Increase in and death benefits from bank
owned life insurance contracts
2,761
2,090
2,222
2,911
2,146
Other
514
896
688
652
74
Total non-interest income
4,382
5,677
5,591
8,154
8,681
NON-INTEREST EXPENSE:
Salaries and employee benefits
27,206
28,756
26,862
26,515
26,912
Marketing services
4,256
4,830
6,551
5,626
4,043
Office property, equipment and
software
6,558
6,762
6,824
6,639
6,453
Federal insurance premium and
assessments
2,722
2,351
2,276
2,012
2,233
State franchise tax
1,201
1,197
1,237
1,224
1,202
Other expenses
6,799
7,860
6,225
5,657
6,603
Total non-interest expense
48,742
51,756
49,975
47,673
47,446
INCOME BEFORE INCOME TAXES
31,149
21,223
19,357
20,325
20,633
INCOME TAX EXPENSE
5,716
4,076
3,512
4,185
3,618
NET INCOME
$
25,433
$
17,147
$
15,845
$
16,140
$
17,015
Earnings per share - basic and diluted
$
0.09
$
0.06
$
0.06
$
0.06
$
0.06
Weighted average shares outstanding
Basic
277,383,038
277,453,439
277,423,493
277,225,121
276,982,904
Diluted
278,505,233
278,555,759
278,819,539
278,903,373
278,880,379
TFS FINANCIAL CORPORATION AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME (unaudited)
(In thousands, except share
and per share data)
For the Year Ended
September 30,
2022
2021
INTEREST AND DIVIDEND INCOME:
Loans, including fees
$
395,691
$
381,887
Investment securities available for
sale
5,501
3,822
Other interest and dividend earning
assets
8,141
3,642
Total interest and dividend income
409,333
389,351
INTEREST EXPENSE:
Deposits
76,943
97,319
Borrowed funds
64,994
60,402
Total interest expense
141,937
157,721
NET INTEREST INCOME
267,396
231,630
PROVISION (RELEASE) FOR CREDIT LOSSES
1,000
(9,000
)
NET INTEREST INCOME AFTER PROVISION FOR
CREDIT LOSSES
266,396
240,630
NON-INTEREST INCOME:
Fees and service charges, net of
amortization
9,934
9,602
Net gain on the sale of loans
1,136
33,082
Increase in and death benefits from bank
owned life insurance contracts
9,984
9,961
Other
2,750
2,654
Total non-interest income
23,804
55,299
NON-INTEREST EXPENSE:
Salaries and employee benefits
109,339
108,867
Marketing services
21,263
19,174
Office property, equipment and
software
26,783
25,710
Federal insurance premium and
assessments
9,361
9,085
State franchise tax
4,859
4,663
Other expenses
26,541
28,336
Total non-interest expense
198,146
195,835
INCOME BEFORE INCOME TAXES
92,054
100,094
INCOME TAX EXPENSE
17,489
19,087
NET INCOME
$
74,565
$
81,007
Earnings per share - basic and diluted
$
0.26
$
0.29
Weighted average shares outstanding
Basic
277,370,762
276,694,594
Diluted
278,686,365
278,576,254
TFS FINANCIAL CORPORATION AND
SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(unaudited)
Three Months Ended
Three Months Ended
Three Months Ended
September 30, 2022
June 30, 2022
September 30, 2021
Average
Balance
Interest
Income/
Expense
Yield/
Cost (1)
Average
Balance
Interest
Income/
Expense
Yield/
Cost (1)
Average
Balance
Interest
Income/
Expense
Yield/
Cost (1)
(Dollars in thousands)
Interest-earning assets:
Interest-earning cash equivalents
$
370,138
$
2,118
2.29
%
$
337,551
$
709
0.84
%
$
570,903
$
221
0.15
%
Investment securities
3,758
11
1.17
%
3,836
12
1.25
%
—
—
—
%
Mortgage-backed securities
458,734
1,893
1.65
%
444,972
1,270
1.14
%
417,320
1,041
1.00
%
Loans (2)
14,108,190
114,871
3.26
%
13,497,362
99,576
2.95
%
12,544,760
92,002
2.93
%
Federal Home Loan Bank stock
198,306
2,118
4.27
%
170,155
1,204
2.83
%
162,783
812
2.00
%
Total interest-earning assets
15,139,126
121,011
3.20
%
14,453,876
102,771
2.84
%
13,695,766
94,076
2.75
%
Noninterest-earning assets
474,634
467,329
533,988
Total assets
$
15,613,760
$
14,921,205
$
14,229,754
Interest-bearing liabilities:
Checking accounts
$
1,387,365
2,670
0.77
%
$
1,475,586
958
0.26
%
$
1,117,897
263
0.09
%
Savings accounts
1,852,614
2,580
0.56
%
1,882,881
931
0.20
%
1,805,394
645
0.14
%
Certificates of deposit
5,861,011
18,332
1.25
%
5,711,412
15,325
1.07
%
6,144,461
20,709
1.35
%
Borrowed funds
4,453,039
21,920
1.97
%
3,774,204
14,255
1.51
%
3,146,515
15,061
1.91
%
Total interest-bearing liabilities
13,554,029
45,502
1.34
%
12,844,083
31,469
0.98
%
12,214,267
36,678
1.20
%
Noninterest-bearing liabilities
220,129
250,437
289,573
Total liabilities
13,774,158
13,094,520
12,503,840
Shareholders’ equity
1,839,602
1,826,685
1,725,914
Total liabilities and shareholders’
equity
$
15,613,760
$
14,921,205
$
14,229,754
Net interest income
$
75,509
$
71,302
$
57,398
Interest rate spread (1)(3)
1.86
%
1.86
%
1.55
%
Net interest-earning assets (4)
$
1,585,097
$
1,609,793
$
1,481,499
Net interest margin (1)(5)
2.00
%
1.97
%
1.68
%
Average interest-earning assets to average
interest-bearing liabilities
111.69
%
112.53
%
112.13
%
Selected performance ratios:
Return on average assets (1)
0.65
%
0.46
%
0.48
%
Return on average equity (1)
5.53
%
3.75
%
3.94
%
Average equity to average assets
11.78
%
12.24
%
12.13
%
(1)
Annualized.
(2)
Loans include both mortgage loans
held for sale and loans held for investment.
(3)
Interest rate spread represents
the difference between the yield on average interest-earning assets
and the cost of average interest-bearing liabilities.
(4)
Net interest-earning assets
represent total interest-earning assets less total interest-bearing
liabilities.
(5)
Net interest margin represents
net interest income divided by total interest-earning assets.
TFS FINANCIAL CORPORATION AND
SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(unaudited)
Year Ended
Year Ended
September 30, 2022
September 30, 2021
Average
Balance
Interest
Income/
Expense
Yield/
Cost
Average
Balance
Interest
Income/
Expense
Yield/
Cost
(Dollars in thousands)
Interest-earning assets:
Interest-earning cash equivalents
$
384,947
$
3,178
0.83
%
$
567,035
$
673
0.12
%
Investment securities
3,643
43
1.18
%
—
—
—
%
Mortgage-backed securities
439,269
5,458
1.24
%
428,590
3,822
0.89
%
Loans (1)
13,258,517
395,691
2.98
%
12,800,542
381,887
2.98
%
Federal Home Loan Bank stock
173,506
4,963
2.86
%
155,322
2,969
1.91
%
Total interest-earning assets
14,259,882
409,333
2.87
%
13,951,489
389,351
2.79
%
Noninterest-earning assets
482,501
532,786
Total assets
$
14,742,383
$
14,484,275
Interest-bearing liabilities:
Checking accounts
$
1,326,882
4,186
0.32
%
$
1,079,699
1,140
0.11
%
Savings accounts
1,859,990
4,553
0.24
%
1,742,042
2,992
0.17
%
Certificates of deposit
5,826,286
68,204
1.17
%
6,339,412
93,187
1.47
%
Borrowed funds
3,671,323
64,994
1.77
%
3,303,925
60,402
1.83
%
Total interest-bearing liabilities
12,684,481
141,937
1.12
%
12,465,078
157,721
1.27
%
Noninterest-bearing liabilities
255,388
321,958
Total liabilities
12,939,869
12,787,036
Shareholders’ equity
1,802,514
1,697,239
Total liabilities and shareholders’
equity
$
14,742,383
$
14,484,275
Net interest income
$
267,396
$
231,630
Interest rate spread (2)
1.75
%
1.52
%
Net interest-earning assets (3)
$
1,575,401
$
1,486,411
Net interest margin (4)
1.88
%
1.66
%
Average interest-earning assets to average
interest-bearing liabilities
112.42
%
111.92
%
Selected performance ratios:
Return on average assets
0.51
%
0.56
%
Return on average equity
4.14
%
4.77
%
Average equity to average assets
12.23
%
11.72
%
(1)
Loans include both mortgage loans
held for sale and loans held for investment.
(2)
Interest rate spread represents
the difference between the yield on average interest-earning assets
and the cost of average interest-bearing liabilities.
(3)
Net interest-earning assets
represent total interest-earning assets less total interest-bearing
liabilities.
(4)
Net interest margin represents
net interest income divided by total interest-earning assets.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221027006082/en/
TFS Financial Corporation Jennifer Rosa (216) 429-5037
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