Contact: David Reavis         (216) 429-5036 Exhibit 99.1
For release Monday, October 30, 2017

TFS FINANCIAL REPORTS ANOTHER RECORD YEAR OF EARNINGS
Increased home purchase volume, rising home values contribute to record net income of $88.9 million

 
(Cleveland, OH - October 30, 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 fiscal year ended September 30, 2017.
The Company reported net income of $88.9 million for the fiscal year ended September 30, 2017, compared to net income of $80.6 million for the fiscal year ended September 30, 2016. The improvement was due primarily to an increase in the credit for loan losses, combined with an increase in net interest income and partially offset by a decrease in non-interest income. The Company reported net income of $23.0 million for the three months ended September 30, 2017, compared to net income of $22.8 million for the three months ended September 30, 2016, with similar individual variances between the two periods, plus higher non-interest expenses in the current three month period. In addition, results for the current fiscal year 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 thrilled to announce Third Federal enjoyed its second consecutive record year of earnings,” said Marc A. Stefanski, chairman and CEO. “We also experienced ongoing success in our three-dimensional approach to creating value by increasing our dividend, growing assets, and repurchasing stock.” Interest rates continued to remain low; and as consumers regained confidence in the economy, our home purchase mortgage volume increased 25% compared to the previous year. With housing values continuing to rise, our customers also took advantage of the equity in their homes, driving a significant increase in equity loan applications.  We once again thank our customers, associates, communities and shareholders for their ongoing support, and look forward to continued success.”
Net interest income in the current year was higher than the prior year, as $20.6 million of additional interest income in the current year more than offset $12.1 million of additional interest expense. Interest income was higher, as a $776.8 million increase in the 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 year 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 $278.9 million for the fiscal year ended September 30, 2017 and $270.4 million for the fiscal year ended September 30, 2016. Similar trends were observed in the three month periods as well, as net interest income was $70.1 million for the three months ended September 30, 2017 and $67.6 million for the three months ended September 30, 2016. The interest rate spread for the fiscal year ended September 30, 2017 was 2.02%, compared to 2.09% for the prior year. The interest rate spread was 1.99% for the three months ended September 30, 2017 and 2.05% for the three months ended September 30, 2016. The net interest margin for the fiscal year ended September 30, 2017 was 2.16%, as compared to 2.23% for the fiscal year ended September 30, 2016. The net interest margin for the three months ended September 30, 2017 was 2.13%, compared to 2.18% for the three months ended September 30, 2016.
The provision for loan losses was a credit of $7.0 million for the three months ended September 30, 2017 compared to a credit of $3.0 million for the three months ended September 30, 2016. The provision for loan losses was a credit of $17.0 million for the fiscal year ended September 30, 2017 compared to a credit of $8.0 million for the fiscal year ended September 30, 2016. The credits recorded are a result of a combination of favorable trends including lower gross loan charge-offs, higher loan recoveries and lower levels of delinquent loans. Gross loan charge-offs were $11.5 million for the fiscal year ended September 30, 2017 and $14.9 million for the fiscal year ended September 30, 2016, while loan recoveries were $15.6 million in the current year and $13.1 million in the prior year. As a result of loan recoveries exceeding charge-offs, the Company reported net loan recoveries of $4.2 million for the fiscal year ended September 30, 2017, compared to $1.8 million of net loan charge-offs for the fiscal year ended September 30, 2016. Of the $4.2 million of net loan recoveries in the current fiscal year, $2.4 million of net recoveries occurred in the residential core portfolio (first mortgage loans other than the Home Today portfolio), $2.7 million of net recoveries occurred in the home equity loans and lines of credit portfolio and $1.0 million of net charge-offs occurred in the Home Today portfolio. The Home Today portfolio, which essentially has been in run-off status since 2009, totaled $109.0 million at September 30, 2017 and $121.9 million at September 30, 2016. The allowance for loan losses was $48.9 million, or 0.39% of total loans receivable, at September 30, 2017, compared to $61.8 million, or 0.52% of total loans receivable, at September 30, 2016. The provision credit and the reduction in the allowance is also supported by a


The following information was filed by Tfs Financial Corp (TFSL) on Monday, October 30, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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