Contact: David Reavis         (216) 429-5036 Exhibit 99.1
For release Thursday, July 27, 2017

QUARTERLY RESULTS FOR TFS FINANCIAL

 
(Cleveland, OH - July 27, 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 nine months ended June 30, 2017.
The Company reported net income of $22.8 million for the three months ended June 30, 2017, compared to net income of $20.6 million for the three months ended June 30, 2016. The improvement was due to a combination of an increase in net interest income and an increase in the recovery of loan losses, partially offset by a decrease in non-interest income. The Company reported net income of $65.9 million for the nine months ended June 30, 2017, compared to net income of $57.7 million for the nine months ended June 30, 2016, with similar individual variances between the two periods, plus lower non-interest expenses in the current period. In addition, results for the current nine 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.

“Another quarter of strong earnings reflect an increasingly healthy housing market,” said Marc A. Stefanski, Chairman and CEO of Third Federal. “Net income was up 10 percent over the same quarter last year. Because consumer confidence has improved, the housing market has strengthened, and we are seeing an increase in purchase mortgage originations, up 30 percent (fiscal) year-to-date, compared to the same three quarters in 2016. At the same time, increasing home values have helped generate overall loan growth, including strong demand for our home equity products.”
Net interest income in the current quarter was higher than the prior year quarter, as $6.7 million of additional interest income in the current period more than offset $3.8 million of additional interest expense. Interest income was higher, as a $900.1 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 interest-bearing liabilities was higher in the current quarter as a result of increased short-term market interest rates and the use of longer duration funding sources that carried higher costs. Net interest income was $70.3 million for the three months ended June 30, 2017 and $67.4 million for the three months ended June 30, 2016. Net interest income was $208.8 million for the nine months ended June 30, 2017 and $202.8 million for the nine months ended June 30, 2016. The interest rate spread was 2.02% for the three months ended June 30, 2017 and 2.08% for the three months ended June 30, 2016. The interest rate spread for the nine months ended June 30, 2017 was 2.04%, compared to 2.10% for the prior year period. The net interest margin for the three months ended June 30, 2017 was 2.16%, compared to 2.22% for the three months ended June 30, 2016. The net interest margin for the nine months ended June 30, 2017 was 2.17%, as compared to 2.24% for the nine months ended June 30, 2016.
The provision for loan losses was a credit of $4.0 million for the three months ended June 30, 2017 compared to a credit of $3.0 million for the three months ended June 30, 2016. The provision for loan losses was a credit of $10.0 million for the nine months ended June 30, 2017 compared to a credit of $5.0 million for the nine months ended June 30, 2016. The credit for the current quarter was a result of a combination of favorable trends including lower gross loan charge-offs, higher loan recoveries and lower levels of loans delinquent 90 days or more. Gross loan charge-offs were $2.8 million for the three months ended June 30, 2017 and $3.7 million for the three months ended June 30, 2016, while loan recoveries were $4.8 million in the current quarter and $3.2 million in the prior year quarter. As a result of loan recoveries exceeding charge-offs, the Company reported net loan recoveries of $2.1 million and $3.1 million for the three months and nine months, respectively, ended June 30, 2017, compared to $0.5 million and $1.8 million of net loan charge-offs for the three months and nine months, respectively, ended June 30, 2016. Of the $3.1 million of net loan recoveries in the current fiscal year, $2.3 million of net recoveries occurred in the residential core portfolio (first mortgage loans other than the Home Today portfolio), $1.6 million of net recoveries occurred in the home equity loans and lines of credit portfolio and $0.7 million of net charge-offs occurred in the Home Today portfolio. The allowance for loan losses was $54.9 million, or 0.45% of total loans receivable, at June 30, 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 $112.0 million at June 30, 2017 and $121.9 million at September 30, 2016.

Non-accrual loans decreased $8.9 million to $81.1 million, or 0.66% of total loans, at June 30, 2017 from $90.0 million, or 0.76% of total loans, at September 30, 2016. The $8.9 million decrease in non-accrual loans for the nine months ended


The following information was filed by Tfs Financial Corp (TFSL) on Thursday, July 27, 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.

View differences made from one quarter to another to evaluate Tfs Financial Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Tfs Financial Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account