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Tfs Financial Corp (TFSL) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

SEC Filings

Tfs Financial Corp

CIK: 1381668 Ticker: TFSL

Exhibit 99.1
Contact: Jennifer Rosa     (216) 429-5037
For release January 27, 2022

Loan Originations Highlight TFS Financial Corporation First Quarter Results

(Cleveland, OH - January 27, 2022) - 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 quarter ended December 31, 2021.
“Our first quarter loan growth has set the pace for this year,” said Chairman and CEO Marc A. Stefanski. “We expect to continue to aggressively pursue purchase volume in 2022 with new programs to attract homebuyers, while maintaining our dividend to enhance shareholder value.”
Highlights - First Quarter Fiscal Year 2022
Reported net income of $16.1 million
Continued improvement of net interest margin to 1.69%
Generated $165 million of loan growth during the first fiscal quarter of 2022
Maintained strong asset quality and recorded a $2 million negative provision for credit losses
Paid a $0.2825 dividend
The Company reported net income of $16.1 million for the quarter ended December 31, 2021, compared to net income of $17.0 for the quarter ended September 30, 2021. The change included an increase to net interest income, a decrease in non-interest income and an increase in non-interest expense.
Net interest income increased $0.4 million, or 1%, to $57.8 million for the quarter ended December 31, 2021 from $57.4 for the quarter ended September 30, 2021. The increase was primarily due to a seven basis point improvement in the average cost of interest-bearing liabilities. The interest rate spread for the quarter ended December 31, 2021 was 1.57% compared to 1.55% for the quarter ended September 30, 2021. The net interest margin was 1.69% compared to 1.68% for the quarters ended December 31, 2021 and September 30, 2021, respectively.
The provision for loan losses was a credit of $2.0 million for each of the quarters ended December 31, 2021 and September 30, 2021. The Company recorded $2.0 million of net loan recoveries for the quarter ended December 31, 2021 compared to $1.5 million of net loan recoveries for the quarter ended September 30, 2021. Gross loan charge-offs were $0.2 million for the quarter ended December 31, 2021 and $1.4 million for the quarter ended September 30, 2021, while loan recoveries were $2.2 million for the current quarter and $2.9 million in the prior quarter. The allowance for credit losses was $89.2 million, or 0.70% of total loans receivable, at December 31, 2021, including a $25.6 million liability for unfunded commitments. The allowance for credit losses was $89.3 million, or 0.71% of total loans receivable, including a $25.0 million liability for unfunded commitments, at September 30, 2021.
Total loan delinquencies were $25.0 million, representing 0.20% of total loans receivable, at December 31, 2021 and $24.7 million, or 0.20% of total loans receivable, at September 30, 2021. Non-accrual loans decreased $0.6 million to $43.4 million, or 0.34% of total loans receivable, at December 31, 2021 compared with $44.0 million, or 0.35% of total loans receivable, at September 30, 2021.
At December 31, 2021, there were $12.0 million of loans, or 0.09% of total loans receivable, in COVID-19 forbearance plans compared to $21.8 million of loans, or 0.17% of total loans receivable, in COVID-19 forbearance plans at September 30, 2021. There were $121.1 million and $127.1 million of loans in troubled debt restructurings at December 31, 2021 and September 30, 2021, respectively.
Total non-interest income decreased by $0.5 million, to $8.2 million for the quarter ended December 31, 2021, from $8.7 million for the quarter ended September 30, 2021. The decrease included a $2.1 million decrease in net gain on the sale of loans, due to decreases in secondary market pricing and a lower volume of loans sold. Offsetting increases included a $0.8 million increase in returns and death benefits from bank owned life insurance policies and a $0.8 million combined increase in loan fees and service charges, the fair value of interest rate lock commitments and other miscellaneous operating income. During the quarter ended December 31, 2021, $102.0 million of loans were sold or committed for sale at a $2.2 million net gain compared to $128.3 million of loans sold at a $4.3 million net gain during the quarter ended September 30, 2021.


The following information was filed by Tfs Financial Corp (TFSL) on Friday, January 28, 2022 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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Inside Tfs Financial Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Condition (Unaudited)
Consolidated Statements Of Condition (Unaudited) (Parenthetical)
Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited) Consolidated Statements Of Shareholders' Equity (Unaudited) (Parenthetical)
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation Basis Of Presentation (Policies)
Borrowed Funds
Borrowed Funds (Narrative) (Federal Home Loan Bank Advances) (Details)
Borrowed Funds (Schedule Of Federal Home Loan Bank Advances (Fhlb) Borrowings) (Details)
Borrowed Funds (Schedule Of Federal Home Loan Bank Advances Used In Swap Contracts) (Details)
Borrowed Funds (Tables)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Narrative) (Details)
Commitments And Contingent Liabilities (Schedule Of Off Balance Sheet Risks) (Details)
Commitments And Contingent Liabilities (Tables)
Defined Benefit Plan
Defined Benefit Plan (Components Of Net Periodic Benefit Cost Recognized) (Details)
Defined Benefit Plan (Narrative) (Details)
Defined Benefit Plan (Tables)
Deposits
Deposits (Narrative) (Details)
Deposits (Summary Of Deposit Account Balances) (Details)
Deposits (Tables)
Derivative Instruments
Derivative Instruments (Narrative) (Details)
Derivative Instruments (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details)
Derivative Instruments (Schedule Of Effect Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance) (Details)
Derivative Instruments (Tables)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details)
Earnings Per Share (Summary Of Earnings Per Share) (Details)
Earnings Per Share (Tables)
Equity Incentive Plan
Equity Incentive Plan (Narrative) (Details)
Equity Incentive Plan Equity Incentive Plan (Details)
Equity Incentive Plan Equity Incentive Plan (Tables)
Fair Value
Fair Value (Assets Measured At Fair Value On A Nonrecurring Basis) (Details)
Fair Value (Estimated Fair Value Of Financial Instruments) (Details)
Fair Value (Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation) (Details)
Fair Value (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details)
Fair Value (Narrative) (Details)
Fair Value (Quantitative Information About Significant Unobservable Inputs Categorized Within Level 3 Of The Fair Value Hierarchy) (Details)
Fair Value (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Investment Securities
Investment Securities (Investment Securities Held At A Continuous Loss) (Details)
Investment Securities (Investments Securities Available For Sale) (Details)
Investment Securities (Narrative) (Details)
Investment Securities (Tables)
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Allowance For Credit Losses And Classified Narrative) (Details)
Loans And Allowance For Credit Losses (Covid Forbearance) (Details)
Loans And Allowance For Credit Losses (Loans Held For Investment) (Details)
Loans And Allowance For Credit Losses (Loans With Private Mortgage Insurance Narrative) (Details)
Loans And Allowance For Credit Losses (Narrative) (Details)
Loans And Allowance For Credit Losses (Schedule Of Activity In The Allowance For Loan Losses) (Details)
Loans And Allowance For Credit Losses (Schedule Of Credit Quality Of Residential Loan Receivables By An Internally Assigned Grade) (Details)
Loans And Allowance For Credit Losses (Schedule Of Recorded Investment In Loan Receivables That Are Past Due) (Details)
Loans And Allowance For Credit Losses (Schedule Of Recorded Investment In Troubled Debt Restructured Loans By Type Of Concession) (Details)
Loans And Allowance For Credit Losses (Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status) (Details)
Loans And Allowance For Credit Losses (Schedule Of Troubled Debt Restructured Loans Restructured Within The Last 12 Months Which Defaulted) (Details)
Loans And Allowance For Credit Losses (Summary Of Troubled Debt Restructured Loans Restructured During The Period By Type Of Concession) (Details)
Loans And Allowance For Credit Losses (Tables)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss) By Component) (Details)
Other Comprehensive Income (Loss) (Adjustments) (Details)
Other Comprehensive Income (Loss) (Reclassification Out Of Accumulated Other Comprehensive Income) (Details)
Other Comprehensive Income (Loss) (Tables)

Material Contracts, Statements, Certifications & more

Tfs Financial Corp provided additional information to their SEC Filing as exhibits

Ticker: TFSL
CIK: 1381668
Form Type: 10-Q Quarterly Report
Accession Number: 0001381668-22-000019
Submitted to the SEC: Tue Feb 08 2022 4:22:32 PM EST
Accepted by the SEC: Tue Feb 08 2022
Period: Friday, December 31, 2021
Industry: Savings Institution Federally Chartered

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