Contact: Jennifer Rosa         (216) 429-5037 Exhibit 99.1
For release Wednesday, October 30, 2019

TFS FINANCIAL CORPORATION CONTINUES FOCUS ON GROWTH
 
(Cleveland, OH - October 30, 2019) - 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, 2019.
The Company reported net income of $80.2 million for the fiscal year ended September 30, 2019, compared to net income of $85.4 million for the fiscal year ended September 30, 2018. The change was largely attributable to a decrease in net interest income, partially offset by a lower effective tax rate. Less impactful changes included a decrease in the credit to the loan loss provision, a decrease in non-interest income and an increase in non-interest expenses. The Company reported net income of $21.5 million for the three months ended September 30, 2019, compared to net income of $21.6 million for the three months ended September 30, 2018.
“Third Federal had a solid year of growth in our loan and deposit portfolios,” said Chairman and CEO Marc A. Stefanski. “Our mortgage loan portfolio grew $317 million, including a 19% increase in home equity loan balances.  At the same time, our deposits grew $275 million.  Our disciplined strategy is focused on continuing to grow the company for sustained long-term success.  We will remain focused on maintaining strong capital, combined with consistent asset growth, allowing us to drive long-term, sustainable earnings, and support cash dividends and strategic share repurchases."
  Net interest income decreased by $15.5 million, or 5.5%, to $265.4 million for the fiscal year ended September 30, 2019 compared to $280.9 million for the fiscal year ended September 30, 2018 and decreased by $4.7 million, or 6.7%, to $64.3 million for the three months ended September 30, 2019 from $69.0 million for the three months ended September 30, 2018. The average balance and yield of interest-earning assets increased $333.6 million and 20 basis points when comparing the fiscal year ended September 30, 2019 to the prior year, while the average balance and cost of interest-bearing liabilities grew by $369.3 million and 40 basis points. The opportunity to extend the duration of funding sources and the offering of competitive deposit rates during the current rate environment has contributed to the increased cost of funding. The interest rate spread was 1.65% and 1.73% for the three months and fiscal year ended September 30, 2019 compared to 1.85% and 1.93%, respectively, for the three months and fiscal year ended September 30, 2018. The net interest margin was 1.84% and 1.92% for the three months and fiscal year ended September 30, 2019 as compared to 2.03% and 2.08%, respectively, for the three months and fiscal year ended September 30, 2018.
The provision for loan losses was a credit of $10.0 million for the fiscal year ended September 30, 2019 compared to a credit of $11.0 million for the fiscal year ended September 30, 2018. The provision for loan losses was a credit of $2.0 million during both the three months ended September 30, 2019 and the three months ended September 30, 2018. 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 during the periods. Gross loan charge-offs were $5.0 million for the fiscal year ended September 30, 2019 and $8.2 million for the fiscal year ended September 30, 2018, while loan recoveries were $11.5 million during the current fiscal year compared to $12.6 million during the prior fiscal year. As a result of loan recoveries exceeding charge-offs, the Company reported net loan recoveries of $6.5 million for the fiscal year ended September 30, 2019 and $4.5 million for the fiscal year ended September 30, 2018. The allowance for loan losses was $38.9 million, or 0.29% of total loans receivable, at September 30, 2019, compared to $39.3 million, or 0.30% of total loans receivable, at June 30, 2019 and $42.4 million, or 0.33% of total loans receivable, at September 30, 2018. Of the total allowance for loan losses, $24.0 million was allocated to residential mortgage loans and $14.9 million was allocated to home equity loans and lines of credit at September 30, 2019 and $21.5 million was allocated to residential mortgage loans and $20.9 million was allocated to equity loans and lines of credit at September 30, 2018. The decrease in the portion of the allowance allocated to home equity loans and lines of credit is attributable to the decrease in the end of draw exposure.
Credit performance continued to improve across our loan portfolios. Total loan delinquencies decreased $6.0 million to $35.4 million, or 0.27% of total loans receivable, at September 30, 2019 from $41.4 million, or 0.32% of total loans receivable, at September 30, 2018, and included a $2.2 million decrease in delinquencies on core residential mortgages, a $1.4 million decrease on home today residential mortgages and a $2.4 million decrease on home equity loans and lines of credit. Non-accrual loans decreased $6.5 million to $71.3 million, or 0.54% of total loans, at September 30, 2019 from $77.8 million, or 0.60% of total loans, at September 30, 2018. Troubled debt restructurings in non-accrual status were $60.5 million at September 30, 2019 and $62.6 million at September 30, 2018. Total troubled debt restructurings decreased $8.0 million, to $157.4 million at September 30, 2019, from $165.4 million at September 30, 2018.


The following information was filed by Tfs Financial Corp (TFSL) on Wednesday, October 30, 2019 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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