Contact: David Reavis         (216) 429-5036 Exhibit 99.1
For release Monday, July 30, 2018

STRENGTH OF HOUSING MARKET FUELS TFS FINANCIAL EARNINGS
 
(Cleveland, OH - July 30, 2018) - 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, 2018.
The Company reported net income of $20.9 million for the three months ended June 30, 2018, compared to net income of $22.8 million for the three months ended June 30, 2017, and net income of $63.8 million for the nine months ended June 30, 2018, compared to net income of $65.9 million for the nine months ended June 30, 2017. A combination of an increase in non-interest expenses and a lower provision credit for loan losses was partially offset by an increase in gain on the sale of loans and a lower effective tax rate for both the three month and nine month periods in the current year, as compared to the same periods last year.

“My parents started Third Federal in 1938 with the mission of helping people achieve the dream of homeownership and financial security,” said Marc A. Stefanski, Chairman and CEO. “As we celebrate our 80th year, we’re pleased that Third Federal continues to fulfill that mission while delivering strong financial results. For the quarter ended June 30, 2018, net income was $20.9 million; while home purchase application volume year over year increased 38%. In addition, our focus remains on our three-dimensional approach to creating value by increasing our dividend, growing assets, and repurchasing stock. Once again, home buyers remained very active as we increased our market share in home purchase mortgages by offering superior service, guaranteed lowest rates and innovative products like our Early Approval program.”
Net interest income was $212.0 million for the nine months ended June 30, 2018 and $208.8 million for the nine months ended June 30, 2017, as $25.5 million of additional interest income in the current period more than offset $22.3 million of additional interest expense. Interest income was higher in the current nine month period, due to a combination of a $591.9 million increase in the average balance of interest-earning assets, mainly loans, and a higher weighted average yield earned on those assets. Recent market interest rate increases have impacted both loan yields, particularly home equity lending products that feature interest rates that reset based on the prime rate, as well as funding costs. The average cost of interest-bearing liabilities was also higher in the current year as a result of the use of longer duration funding sources that carried higher costs. Net interest income was $70.3 million for both the three months ended June 30, 2018 and the three months ended June 30, 2017. Net interest income for the current three month period was affected by the loss of margin from the sale of $305.5 million of fixed rate loans during the quarter, most of which occurred in May 2018. The interest rate spread for the nine months ended June 30, 2018 was 1.95%, compared to 2.04% for the prior year period. The interest rate spread was 1.93% for the three months ended June 30, 2018 and 2.02% for the three months ended June 30, 2017. The net interest margin for the nine months ended June 30, 2018 was 2.10%, as compared to 2.17% for the nine months ended June 30, 2017. The net interest margin for the three months ended June 30, 2018 was 2.09%, compared to 2.16% for the three months ended June 30, 2017.
The provision for loan losses was a credit of $2.0 million for the three months ended June 30, 2018 compared to a credit of $4.0 million for the three months ended June 30, 2017. The provision for loan losses was a credit of $9.0 million for the nine months ended June 30, 2018 compared to a credit of $10.0 million for the nine months ended June 30, 2017. Continued strong recoveries of loan amounts previously charged off, low levels of current loan charge-offs and reduced exposure from home equity lines of credit coming to the end of the draw period resulted in the loan provision credits in the current year periods. Gross loan charge-offs were $6.3 million for the nine months ended June 30, 2018 and $9.0 million for the nine months ended June 30, 2017, while loan recoveries were $9.3 million in the current year period and $12.1 million in the prior year period. As a result of loan recoveries exceeding charge-offs, the Company reported net loan recoveries of $3.0 million for the nine months ended June 30, 2018, and $3.1 million for the nine months ended June 30, 2017. In recent years, a large portion of the overall allowance has been allocated to the home equity loans and lines of credit category to address exposure from customers whose lines of credit were originated without amortizing payments during the draw period and who could face potential increased payment shock at the end of the draw period. In general, home equity lines of credit originated prior to June 2010 were characterized by a ten-year draw period, with interest only payments, followed by a ten-year repayment period. However, a large number of those lines of credit approaching the end of draw period have been paid off or refinanced without significant loss. The principal balance of home equity lines of credit originated prior to 2010 without amortizing payments during the draw period that are coming to the end of the draw period through fiscal 2020 was $205.4 million at June 30, 2018, compared to $306.5 million at March 31, 2018, $484.8 at September 30, 2017 and $581.9 million at June 30, 2017. As this exposure decreases without incurring significant loss, the portion of the overall allowance allocated to the home equity loans and lines of


The following information was filed by Tfs Financial Corp (TFSL) on Monday, July 30, 2018 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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