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|Contact:||Monica Martines||(216) 441-7346 / cell (216) 533-3751|
|Jennifer Rosa||(216) 429-5037|
For release Tuesday, November 25, 2008
TFS Financial Corporation Announces Fourth Quarter and Year Ended September 30, 2008 Financial Results
(Cleveland, OH November 25, 2008) TFS Financial Corporation (NASDAQ: TFSL) (the Company), the holding company for Third Federal Savings and Loan Association of Cleveland, today announced quarterly and fiscal year results for the period ended September 30, 2008 and completion of its second stock repurchase program.
The Company reported net income of $14.1 million for the three months ended September 30, 2008, compared to net income of $15.1 million for the three months ended September 30, 2007. Net income of $54.5 million was reported for the year ended September 30, 2008, compared to net income of $25.6 million for the year ended September 30, 2007. This increase is attributed primarily to a non-recurring $55 million pre-tax contribution expense in the prior year related to the formation of the Third Federal Foundation.
Net interest income increased by $26.7 million, or 14%, to $219.9 million for the year ended September 30, 2008 from $193.2 million for the year ended September 30, 2007. The increase resulted primarily from the increase of $564.9 million in average net interest earning assets, to $1.85 billion in the current fiscal year from $1.28 billion during the prior fiscal year, reflecting the impact of investment of the net proceeds from our initial public offering which was completed in April 2007.
We recorded a provision for loan losses of $9.0 million for the three months ended September 30, 2008 and $3.3 million for the three months ended September 30, 2007. The provisions exceeded net charge-offs of $7.4 million and $2.0 million for the three months ended September 30, 2008 and 2007, respectively. The Companys provision for loan losses was $34.5 million for the year ended September 30, 2008 and $9.6 million for the year ended September 30, 2007. The provisions recorded exceeded net charge-offs of $15.8 million and $5.2 million for the fiscal years ended September 30, 2008 and 2007, respectively. Beginning as of June 30, 2008, due to unfavorable trends in primary lending markets, the provision for loan losses reflect the results of our expanded loan level evaluation of equity lines of credit which are delinquent 90 or more days. We expect that, as the equity lines of credit that were the subject of our expanded evaluation are resolved, we will realize an increase in net charge-offs that will be applied against the allowance. The allowance for loan losses was $43.8 million or 0.47% of total loans receivable at September 30, 2008, compared to $25.1 million, or 0.31% of total loans receivable, at September 30, 2007. We increased the allowance for loan losses to address the increased risk of non-performing loans in the current economic environment and in response to
The following information was filed by Tfs Financial Corp (TFSCY) on Tuesday, November 25, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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