EXHIBIT 99.1

TF Financial Corporation Reports 2009 Results and Quarterly Dividend

NEWTOWN, Pa., Jan. 28, 2010 (GLOBE NEWSWIRE) -- TF Financial Corporation (Nasdaq:THRD) today reported net income of $4,514,000 ($1.79 per diluted share) for 2009, compared with $4,236,000 ($1.61 per diluted share) for 2008. Net income for the three month period ended December 31, 2009 was $1,160,000 ($0.46 per diluted share) compared with $521,000 ($0.20 per diluted share) during the comparable period of 2008. The Company also announced that its Board of Directors declared a quarterly dividend of $0.20 per share, payable February 16, 2010 to shareholders of record on February 9, 2010.

Highlights for 2009 included:

  • Net income increased by $278,000 or 6.6% compared with 2008. Diluted earnings per share increased by $0.18 or 11.2%. Return on average assets was 63 basis points and return on average equity was 6.63%.
  • Net interest income increased by $1,855,000 or 8.9% compared with 2008. The Company's net interest margin was 3.38% for the year, an increase of 29 basis points compared with 2008.
  • There was a 35 basis point decrease in the average yield on loans largely due to the full year effect during 2009 of a 400 basis point decrease in the prime rate that occurred throughout 2008, which resulted in lower interest yields on the Company's prime rate-based construction, commercial, and home equity loans during 2009 compared to 2008. During 2009, net loans outstanding decreased by $15.3 million or 2.8% to $530.7 million.
  • Deposits increased by $62.9 million or 12.8% to $552.7 million, and there was a 62 basis point decrease in the average cost of deposits for 2009 compared to 2008. The largest growth in deposits occurred in money market accounts, mostly in consumer accounts, but also a large percentage increase in business money market accounts as the Company's efforts to increase its business deposits proved to be a success. Federal Home Loan Bank advances and other borrowings decreased by $87.9 million or 52.3% to $80.2 million. The average cost of these borrowings decreased by 23 basis points, mainly due to the substantial decrease in short-term interest rates throughout 2008, and thus the interest cost of short-term borrowings decreased during 2009 compared to 2008.
  • Non-performing assets were 1.34% of total assets at year end, up from 0.72% at year end 2008. Non-performing loans, all real estate secured, increased by $3.0 million to $8.3 million or 1.16% of total assets during the year. In addition, the Company holds $1.3 million or 0.18% of total assets in foreclosed property at year end. Each of the Company's non-performing assets had a balance of less than $1.0 million, with the exception of two loans totaling $3.9 million on completed and partially tenant-occupied commercial office buildings.
  • The allowance for loan losses was $5.2 million or 0.97% of gross loans at year end, an increase of $1.4 million during the year. The loan loss provision was $2.9 million for 2009, and net charge-offs were approximately $1.6 million. The increased provision was due in part to continuing weakness in commercial real estate values in the Company's lending markets throughout the Philadelphia region.
  • Non-interest income increased by $535,000 to $4.4 million during 2009 when compared with 2008, the result of a $762,000 and $386,000 increase, respectively, in net gains from sales of securities and originated loans. These gains more than offset a $555,000 decrease in retail banking fees from other sources. Non-interest expense increased by $654,000 to $18.1 million, mainly the result of an $852,000 increase in FDIC insurance premiums. Of this increase, $330,000 was due to the FDIC's special assessment during the second quarter of 2009; the remainder is due to the combined effect of an increase in the Company's deposits, an increase in the FDIC's premium rates, and the exhaustion of a credit against insurance premiums which the Company had been entitled to take.
  • Dividends for the year were $0.80 per share, as they were during 2008.

Commenting on the performance of the Company, President Kent C. Lufkin stated that, "Our challenges continue to grow as a result of this weak economy.  We are focusing significant energy on monitoring and managing our loan portfolios.  We are working with both commercial and consumer loan customers to help those most severely affected by these difficult times.  As you would expect, new loan originations are impacted by the economy, as are investment product sales and certain fee income categories.  We are working harder to sustain earnings, while ensuring that we maintain what we believe are adequate reserves for potential loan losses.

"Positive progress is occurring in numerous areas including substantial deposit growth, which we attribute to confidence in the strength of 3rd Federal Bank, the ongoing enhancement of our technology systems and the refinement of existing, as well as the introduction of new services and products.  We continue to benefit from a loyal, stable and experienced team, hands-on expense control, and an improving interest margin which is the result of the prudent pricing of our deposit and loan products.   

"Overall, we are very pleased with our performance over the last quarter and year."

TF Financial Corporation is a holding company whose principal subsidiary is Third Federal Bank, which operates 14 full service retail and commercial banking offices in Philadelphia and Bucks County, Pennsylvania and in Mercer County, New Jersey. In addition, the Bank's website can be found at www.thirdfedbank.com. Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by TF Financial Corporation with the Securities and Exchange Commission from time to time.   The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

 

T F FINANCIAL CORPORATION          
UNAUDITED FINANCIAL INFORMATION          
  (dollars in thousands except per share data) QUARTER ENDED
    12/31/2009 9/30/2009 6/30/2009 3/31/2009 12/31/2008
EARNINGS SUMMARY          
             
  Interest income $8,932 $9,120 $9,228 $9,317 $9,618
  Interest expense 3,153 3,381 3,649 3,798 4,308
  Net interest income 5,779 5,739 5,579 5,519 5,310
  Loan loss provision 1,025 650 590 665 1,010
  Non-interest income 1,240 796 1,439 935 927
  Non-interest expense 4,465 4,420 4,776 4,424 4,623
  Income taxes 369 353 430 345 83
  Net income $1,160 $1,112 $1,222 $1,020 $521
             
             
PER SHARE INFORMATION          
             
  Earnings per share, basic $0.46 $0.44 $0.48 $0.41 $0.20
  Earnings per share, diluted $0.46 $0.44 $0.48 $0.41 $0.20
             
  Dividends paid $0.20 $0.20 $0.20 $0.20 $0.20
             
             
FINANCIAL RATIOS          
             
  Annualized return on average assets 0.64% 0.62% 0.68% 0.57% 0.28%
  Annualized return on average equity 6.61% 6.28% 7.07% 6.08% 3.00%
  Efficiency ratio 74.49% 75.11% 74.30% 76.42% 88.44%
             
             
AVERAGE BALANCES          
             
  Loans $532,190 $535,358 $542,569 $545,097 $547,128
  Mortgage-backed securities 90,434 100,482 104,491 109,377 109,284
  Investment securities 45,996 41,849 38,060 39,458 39,996
  Other interest-earning assets 10,358 2,027 2,011 501 629
  Total earning assets 678,978 679,716 687,131 694,433 697,037
  Non-earning assets 37,440 37,463 38,517 34,984 36,611
  Total assets 716,418 717,179 725,648 729,417 733,648
             
  Deposits 548,436 530,064 518,374 494,969 491,283
  FHLB advances and other borrowed money 89,126 107,746 128,620 157,928 165,101
  Total interest bearing liabilities 637,562 637,810 646,994 652,897 656,384
  Non-interest bearing liabilities 9,213 9,065 9,302 8,471 8,271
  Stockholders' equity 69,643 70,304 69,352 68,049 68,993
  Total liabilities & stockholders' equity $716,418 $717,179 $725,648 $729,417 $733,648
             
             
             
SPREAD AND MARGIN ANALYSIS          
             
Average yield on:          
  Loans 5.57% 5.66% 5.66% 5.70% 5.83%
  Mortgage-backed securities 4.90% 4.62% 4.97% 5.14% 4.79%
  Investment securities 4.00% 4.09% 3.99% 3.90% 3.84%
  Other interest-earning assets 0.08% 0.00% 0.00% 0.00% 0.63%
  Total interest-earning assets 5.29% 5.39% 5.45% 5.50% 5.55%
             
Average cost of:          
  Deposits 1.61% 1.79% 1.89% 2.06% 2.32%
  FHLB advances and other borrowed money 4.16% 3.64% 3.77% 3.30% 3.48%
  Total interest-bearing liabilities 1.96% 2.10% 2.26% 2.36% 2.61%
             
Interest rate spread 3.33% 3.29% 3.19% 3.14% 2.94%
Net interest margin 3.45% 3.42% 3.32% 3.28% 3.09%
             
             
NON-INTEREST INCOME DETAIL          
             
  Service fees, charges and other $480 $464 $597 $437 $595
  Bank-owned life insurance 175 171 170 160 164
  Gain/loss on sale investments 456 -- 116 190 --
  Gain on sale of loans 129 127 253 148 72
  Gain on sale of real estate -- 34 303 -- 96
             
NON-INTEREST EXPENSE DETAIL          
             
  Salaries and benefits $2,725 $2,601 $2,645 $2,671 $2,775
  Occupancy 696 756 708 710 722
  Professional fees 205 195 183 273 232
  Advertising 87 118 116 148 181
  Deposit insurance 206 182 511 21 20
  Other 546 568 613 601 693

 

T F FINANCIAL CORPORATION    
UNAUDITED FINANCIAL INFORMATION    
  (dollars in thousands except per share data) YEAR ENDED
    12/31/2009 12/31/2008
EARNINGS SUMMARY    
       
  Interest income $36,597 $38,832
  Interest expense 13,981 18,071
  Net interest income 22,616 20,761
  Loan loss provision 2,930 1,500
  Non-interest income 4,410 3,875
  Non-interest expense 18,085 17,431
  Income taxes 1,497 1,469
  Net income $4,514 $4,236
       
       
PER SHARE INFORMATION    
       
  Earnings per share, basic $1.79 $1.61
  Earnings per share, diluted $1.79 $1.61
       
  Dividends paid $0.80 $0.80
       
       
FINANCIAL RATIOS    
       
  Annualized return on average assets 0.63% 0.59%
  Annualized return on average equity 6.63% 6.12%
  Efficiency ratio 75.05% 75.34%
       
       
AVERAGE BALANCES    
       
  Loans $538,759 $542,452
  Mortgage-backed securities 101,142 100,505
  Investment securities 41,360 41,137
  Other interest-earning assets 3,747 842
  Total earning assets 685,008 684,936
  Non-earning assets 37,170 35,841
  Total assets 722,178 720,777
       
  Deposits 524,431 483,220
  FHLB advances and other borrowed money 120,631 159,565
  Total interest bearing liabilities 645,062 642,785
  Non-interest bearing liabilities 9,081 8,785
  Stockholders' equity 68,035 69,207
  Total liabilities & stockholders' equity $722,178 $720,777
       
       
       
SPREAD AND MARGIN ANALYSIS    
       
Average yield on:    
  Loans 5.66% 6.01%
  Mortgage-backed securities 4.92% 4.73%
  Investment securities 4.01% 4.53%
  Other interest-earning assets 0.08% 2.02%
  Total interest-earning assets 5.42% 5.73%
       
Average cost of:    
  Deposits 1.83% 2.45%
  FHLB advances and other borrowed money 3.67% 3.90%
  Total interest-bearing liabilities 2.17% 2.81%
       
Interest rate spread 3.25% 2.92%
Net interest margin 3.38% 3.09%
       
       
NON-INTEREST INCOME DETAIL    
       
  Service fees, charges and other $1,978 $2,533
  Bank-owned life insurance 676 633
  Gain/loss on sale investments 762 --
  Gain on sale of loans 657 271
  Gain on sale of real estate 337 438
       
NON-INTEREST EXPENSE DETAIL    
       
  Salaries and benefits $10,642 $10,638
  Occupancy 2,870 2,881
  Professional fees 856 795
  Advertising 469 614
  Deposit insurance 920 68
  Other 2,328 2,435

 

T F FINANCIAL CORPORATION          
UNAUDITED FINANCIAL INFORMATION          
(dollars in thousands except per share data) PERIOD ENDED
  12/31/2009 9/30/2009 6/30/2009 3/31/2009 12/31/2008
DEPOSIT INFORMATION          
           
           
Non-interest checking $37,288 $38,100 $41,078 $36,123 $36,871
Interest checking 52,988 47,377 49,593 47,365 46,907
Money market 141,286 131,197 120,163 100,481 88,609
Savings 96,061 97,795 104,385 108,518 111,591
CDs 225,093 217,480 215,871 212,028 205,872
           
OTHER INFORMATION          
           
Per Share          
           
Book value (a) $28.21 $28.33 $27.63 $27.35 $26.92
Tangible book value (a) $26.51 $26.61 $25.91 $25.64 $25.20
Closing market price $18.97 $18.75 $17.71 $18.19 $19.30
           
Balance Sheet          
           
Loans, net $530,734 $532,547 $542,673 $542,494 $545,989
Cash and cash equivalents 12,801 4,401 6,262 3,896 2,719
Mortgage-backed securities 81,931 98,188 101,171 105,678 111,991
Investment securities 50,749 44,348 41,947 38,451 41,515
Total assets 713,721 711,849 724,497 723,925 733,708
Total deposits 552,716 531,949 531,090 504,515 489,850
FHLB advances and other borrowed money 80,241 99,744 111,132 141,576 168,148
Stockholders' equity 71,630 71,550 69,672 68,901 67,692
           
Asset Quality          
           
Non-performing loans $8,285 $3,098 $3,039 $3,486 $5,279
Allowance for loan losses $5,215 $4,292 $4,970 $4,425 $3,855
Net charge-offs $102 $1,328 $45 $95 $151
Reserves to gross loans 0.97% 0.80% 0.91% 0.81% 0.70%
Non-performing loans to gross loans 1.55% 0.58% 0.55% 0.64% 0.96%
Non-performing loans to total assets 1.16% 0.44% 0.42% 0.48% 0.72%
Foreclosed property $1,279 $999 $1,130 $2,164 $--
Foreclosed property to total assets 0.18% 0.14% 0.16% 0.30% 0.00%
Non-performing assets to total assets 1.34% 0.58% 0.58% 0.78% 0.72%
           
Statistical          
           
Shares outstanding (000's) (a) 2,539 2,526 2,522 2,519 2,515
Number of branch offices 14 14 14 14 14
Full time equivalent employees 177 172 173 177 181
           
           
(a) Excludes 133,000, 138,000, 141,000, 144,000, and 147,000 unallocated employee stock ownership plan shares at December 31, 2009, September 30, 2009, June 30, 2009, March 31, 2009,and December 31, 2008 , respectively.

 

 

CONTACT: TF Financial Corporation
         Dennis R. Stewart, EVP/CFO
         (215) 579-4000

The following information was filed by Tf Financial Corp (THRD) on Thursday, January 28, 2010 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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