EX-99
2
ex-99.txt
PRESS RELEASE

                                  News Release
                                  ------------

January 27, 2005                             Contact: Dennis R. Stewart, EVP/CFO
FOR IMMEDIATE RELEASE                                 (215) 579-4000

           TF Financial Corporation Announces Record Earnings for 2004
                      and 6% Increase in Quarterly Dividend

Newtown,  Pennsylvania: TF Financial Corporation (Nasdaq National Market - THRD)
today  reported  record net income of $6,567,000  ($2.33 per diluted  share) for
2004,  compared with a net loss of $5,834,000  ($2.30 per diluted  share) during
2003.  Earnings  for 2003  included  the  $9,334,000  ($3.35 per diluted  share)
after-tax net cost of the Corporation's debt refinancing  transaction  completed
during the third quarter of 2003. Excluding this transaction,  the Corporation's
net income was $3,500,000  ($1.27 per diluted share) for 2003. During the fourth
quarter of 2004 net income was  $1,588,000  ($0.56 per diluted  share)  compared
with $1,516,000 ($0.54 per diluted share) during the fourth quarter of 2003.

The  Corporation  also  announced  that its Board of  Directors  had  declared a
quarterly  cash  dividend  of $0.18 per  share,  payable  February  15,  2005 to
shareholders  of record on February 7, 2005. This dividend is a 6% increase over
the amount paid during the fourth quarter of 2004.

Results  for 2004  represent  the  highest  level  of core  earnings  since  the
Corporation  became a  public  company  in  1994,  and  fulfills  our  objective
announced during the third quarter of 2003 to significantly  improve earnings as
a result of the debt  refinancing  that  occurred in the third  quarter of 2003.
Other  highlights for 2004 include a 9.3% increase in net loans  outstanding,  a
9.3% increase in loan loss reserves, and a 60% decrease in non-performing loans.
Return on assets  and  return on equity  were  1.01% and  10.78%,  respectively,
during the fourth  quarter of 2004.  When these ratios are combined with our net
interest  margin  of  3.73%  for the  fourth  quarter  of  2004,  our  operating
performance  compares  very  favorably to other top  performing  community  bank
holding companies.

Kent C. Lufkin, President and CEO stated that "we are extremely pleased with our
strong  earnings and other  achievements  during 2004. In addition,  we are very
excited about the many  initiatives  planned for 2005.  These include a bold new
look and slogan,  innovative  products  and delivery  methods,  as well as a new
branch later in the year. All of these efforts are designed to  differentiate us
from our competition, grow the Bank, and further ensure our long term success."

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,  which 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
Corporation 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
Corporation.



                            T F FINANCIAL CORPORATION
                              FINANCIAL INFORMATION
                  (dollars in thousands except per share data)

THREE MONTHS INC TWELVE MONTHS INC ------------ ------------- 12/31/04 12/31/03 (DEC) 12/31/04 12/31/03 (DEC) -------- -------- ----- -------- -------- ----- EARNINGS SUMMARY Interest Income $ 7,848 $ 7,729 1.5% $ 31,221 $ 32,377 -3.6% Interest expense 2,349 2,188 7.4% 8,866 15,252 -41.9% Net interest income 5,499 5,541 -0.8% 22,355 17,125 30.5% Loan loss provision 150 60 150.0% 600 330 81.8% Non-interest income 623 636 -2.0% 2,608 2,690 -3.0% Non-interest expense 3,800 3,887 -2.2% 15,329 28,703 -46.6% Income taxes (benefit) 584 714 -18.2% 2,467 (3,384) n. m. Net income (loss) $ 1,588 $ 1,516 4.7% $ 6,567 $ (5,834) n. m. Pro forma net income (b) $ 1,588 $ 1,516 4.7% $ 6,567 $ 3,500 87.6% PER SHARE INFORMATION Earnings (loss) per share, basic $ 0.58 $ 0.59 -1.7% $ 2.44 $ (2.30) n. m. Earnings (loss) per share, diluted $ 0.56 $ 0.54 3.7% $ 2.33 $ (2.30) n. m. Pro forma earnings per share, basic (b) $ 0.58 $ 0.59 -1.7% $ 2.44 $ 1.38 76.8% Pro forma earnings per share, diluted (b) $ 0.56 $ 0.54 3.7% $ 2.33 $ 1.27 83.5% Dividends paid $ 0.17 $ 0.15 13.3% $ 0.66 $ 0.60 10.0% FINANCIAL RATIOS Annualized return on average assets (b) 1.01% 0.45% 124.4% 1.06% 0.38% 178.9% Annualized return on average equity (b) 10.78% 4.82% 123.7% 11.58% 4.20% 175.7% Efficiency ratio (b) 63.63% 78.53% -19.0% 62.92% 80.40% -21.7% AVERAGE BALANCES Loans $ 437,530 $ 401,769 8.9% $ 423,482 $ 378,414 11.9% Mortgage-backed securities 122,574 128,090 -4.3% 128,759 154,721 -16.8% Investment securities 32,177 31,935 0.8% 30,969 62,747 -50.6% Other interest-earning assets 617 3,181 -80.6% 1,127 45,590 -24.0% Total earning assets 592,898 564,975 4.9% 584,337 641,472 -8.9% Non-earning assets 34,062 36,416 -6.5% 34,645 33,839 2.4% Total assets 626,960 601,391 4.3% 618,982 675,311 -8.3% Deposits 458,522 458,458 0.0% 465,097 449,925 3.4% FHLB advances 104,066 83,020 25.4% 91,660 160,325 -42.8% Total interest bearing liabilities 562,588 541,478 3.9% 556,757 610,250 -8.8% Non-interest bearing liabilities 5,786 5,903 -2.0% 5,536 4,195 32.0% Stockholders' equity 58,586 54,010 8.5% 56,689 60,866 -6.9% Total liabilities & stockholders' $ 626,960 $ 601,391 4.3% $ 618,982 $ 675,311 -8.3% equity SPREAD AND MARGIN ANALYSIS Average yield on: Loans 5.74% 5.96% 5.75% 6.18% Mortgage-backed securities 3.95% 4.36% 4.42% 4.35% Investment securities 4.65% 3.68% 4.45% 3.13% Other interest-earning assets 1.93% 1.37% 1.24% 1.04% Average cost of: Deposits 1.29% 1.33% 1.27% 1.57% FHLB advances 3.30% 3.11% 3.21% 5.12% Interest rate spread 3.65% 3.84% 3.79% 2.57% Net interest margin 3.73% 3.91% 3.86% 2.69%
T F FINANCIAL CORPORATION FINANCIAL INFORMATION (dollars in thousands except per share data)
THREE MONTHS INC TWELVE MONTHS INC ------------ ------------- 12/31/04 12/31/03 (DEC) 12/31/04 12/31/03 (DEC) -------- -------- ----- -------- -------- ----- NON-INTEREST INCOME Retail banking fees $ 615 $ 636 -3.3% $ 2,600 $ 2,372 9.6% Gain on sale of loans 8 - 0.0% 8 - 0.0% Gain (loss) on sales of securities - - 0.0% - 208 -100.0% Gain on sale of real estate - - 0.0% - 110 -100.0% NON-INTEREST EXPENSE Salaries and benefits 2,088 2,130 -2.0% 8,769 8,186 7.1% Occupancy 666 583 14.2% 2,518 2,488 1.2% Deposit insurance 17 17 0.0% 70 72 -2.8% Professional fees 156 181 -13.8% 615 609 1.0% Deposit intangible amortization 34 40 -15.0% 155 185 -16.2% Advertising 165 138 19.6% 655 551 18.9% Other 674 798 -15.5% 2,547 2,847 -10.5% Debt prepayment fee - - 0.0% - 13,765 -100.0%
INC 12/31/04 12/31/03 (DEC) -------- -------- ----- DEPOSIT INFORMATION Non-interest checking $ 32,636 $ 26,375 23.7% Interest checking 54,887 52,647 4.3% Money market 42,496 44,688 -4.9% Savings 182,945 188,673 -3.0% CD's 146,939 146,960 0.0% OTHER PERIOD ENDING INFORMATION PER SHARE Book value (a) $ 20.80 $ 21.37 Tangible book value (a) $ 19.26 $ 19.56 Closing market price $ 32.00 $ 34.20 BALANCE SHEET Loans,net $ 442,195 $ 404,649 9.3% Cash and cash equivalents 7,900 8,241 -4.1% Mortgage-backed securities 118,510 130,404 -9.1% Investment securities 32,150 31,802 1.1% Total assets 628,976 606,752 3.7% FHLB advances and other 102,747 86,853 18.3% Stockholders' equity 61,225 55,480 10.4% ASSET QUALITY Non-performing loans 960 2,282 -57.9% Loan loss reserves 2,307 2,111 9.3% Reserves to gross loans 0.52% 0.52% 0.0% Non-performing loans to gross loans 0.22% 0.56% -60.7% Non-performing loans to total assets 0.15% 0.38% -60.5% Foreclosed property 700 868 -19.4% Foreclosed property to total assets 0.11% 0.14% -21.4% Non-performing assets to total assets 0.26% 0.52% -50.0% OTHER STATISTICAL INFORMATION Shares outstanding (000's) (a) 2,742 2,596 Number of branch offices 14 14 Full time equivalent employees 175 171
(a) excludes 202,000 and 220,000 employee stock ownership plan shares at December 31, 2004 and 2003, respectively. (b) excludes $14,142,000 pre-tax and $9,334,000 after tax cost attributable to the debt refinancing transaction of 2003. n.m not meaningful

The following information was filed by Tf Financial Corp (THRD) on Thursday, January 27, 2005 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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