Contact: David Reavis         (216) 429-5036 Exhibit 99.1
For release Friday, April 28, 2017

STRONGEST QUARTERLY RESULTS FOR TFS FINANCIAL IN PAST 10 YEARS

 
(Cleveland, OH - April 28, 2017) - 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 six months ended March 31, 2017.
The Company reported net income of $23.5 million for the three months ended March 31, 2017, compared to net income of $19.3 million for the three months ended March 31, 2016. The improvement was due to a combination of an increase in net interest income, a decrease in the provision for loan losses and a decrease in non-interest expenses, partially offset by a decrease in non-interest income. The Company reported net income of $43.1 million for the six months ended March 31, 2017, compared to net income of $37.1 million for the six months ended March 31, 2016, with similar individual variances between the two periods. In addition, the current six month period had the benefit of a lower effective rate used to calculate income tax expense in accordance with recently adopted accounting guidance related to stock based compensation.
“We’re pleased to announce our strongest quarterly earnings in a decade,” said Marc A. Stefanski, chairman and CEO. “Once again, loan growth remained strong for the period, fueled by a home purchase market that continues to heat up in many of our markets. Consumer confidence is rising, which allows us to continue to be optimistic about the housing industry. We are excited by the early signs of a seasonal purchase market in 2017.”
Net interest income in the current year quarter was higher than the prior year quarter, as the increase in interest income in the current period was more than the increase in interest expense. Interest income was higher as the $820.7 million increase in the three-month average balance of interest-earning assets, mainly loans, more than offset the lower weighted average yield earned on those assets. The average cost of our interest-bearing liabilities was lower in the current year, mainly from an increase in the balance of short-term borrowings, but that benefit was more than offset by the increase in the average balance of interest-bearing liabilities. Net interest income was $70.3 million for the three months ended March 31, 2017 and $67.8 million for the three months ended March 31, 2016. Net interest income was $138.5 million for the six months ended March 31, 2017 and $135.4 million for the six months ended March 31, 2016. The interest rate spread was 2.06% for the three months ended March 31, 2017 and 2.10% for the three months ended March 31, 2016. The interest rate spread for the six months ended March 31, 2017 was 2.05%, compared to 2.11% for the prior year. The net interest margin for the three months ended March 31, 2017 was 2.18%, compared to 2.25% for the three months ended March 31, 2016. The net interest margin for the six months ended March 31, 2017 was 2.17%, as compared to 2.25% for the six months ended March 31, 2016.
A negative provision for loan losses of $6.0 million was recorded for the three months ended March 31, 2017 compared to a negative provision of $1.0 million for the three months ended March 31, 2016. The Company recorded a negative provision for loan losses of $6.0 million for the six months ended March 31, 2017 compared to a negative provision of $2.0 million for the six months ended March 31, 2016. The provision recapture for the quarter was a result of a combination of favorable trends including lower gross loan charge-offs, higher loan recoveries and continued decreasing delinquencies. Gross loan charge-offs were $2.2 million for the three months ended March 31, 2017 and $3.6 million for the three months ended March 31, 2016. while loan recoveries were $4.6 million in the current quarter and $3.7 million in the prior year quarter. As a result of loan recoveries exceeding charge-offs, the Company reported net loan recoveries of $2.4 million and $1.0 million for the three months and six months, respectively, ended March 31, 2017, compared to $0.1 million of net loan recoveries and $1.2 million of net loan charge-offs for the three months and six months, respectively, ended March 31, 2016. Of the $1.0 million of net loan recoveries in the current fiscal year, $0.9 million of net recoveries occurred in the residential core portfolio (first mortgage loans other than the Home Today portfolio), $0.7 million of net recoveries occurred in the home equity loans and lines of credit portfolio and $0.6 million of net charge-offs occurred in the Home Today portfolio. The allowance for loan losses was $56.8 million, or 0.47% of total loans receivable, at March 31, 2017, compared to $61.8 million, or 0.52% of total loans receivable, at September 30, 2016. The Home Today portfolio, which essentially has been in run-off status since 2009, totaled $114.7 million at March 31, 2017 and $121.9 million at September 30, 2016.

Non-accrual loans decreased $6.4 million to $83.6 million, or 0.68% of total loans, at March 31, 2017 from $90.0 million, or 0.76% of total loans, at September 30, 2016. The $6.4 million decrease in non-accrual loans for the six months ended March 31, 2017 consisted of an $4.4 million decrease in the residential core portfolio; a $2.3 million decrease in the home equity loans and lines of credit portfolio and a $0.4 million increase in the Home Today portfolio.


The following information was filed by Tfs Financial Corp (TFSCY) on Friday, April 28, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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