EX-99
2
ex-99.txt
PRESS RELEASE

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

January 26, 2006                             Contact: Dennis R. Stewart, EVP/CFO
FOR IMMEDIATE RELEASE                                             (215) 579-4000

                 TF Financial Corporation Announces 2005 Results
                       And An Increased Quarterly Dividend

Newtown,  Pennsylvania: TF Financial Corporation (Nasdaq National Market - THRD)
today  reported  net income of  $6,153,000  ($2.19 per diluted  share) for 2005,
compared with $6,567,000  ($2.33 per diluted share) for 2004. Net income for the
three month period ended  December  31, 2005 was  $1,527,000  ($0.55 per diluted
share) compared with $1,588,000  ($0.56 per diluted share) during the comparable
period of 2004. The Company also announced that its Board of Directors  declared
a  quarterly  dividend  of  $0.19  per  share,  payable  February  15,  2006  to
shareholders  of record on February 8, 2006.  This  dividend is a 5.6%  increase
over the amount paid during the fourth quarter of 2005.

Highlights for 2005 include:
o    Net interest income increased by 0.3% during 2005 despite thirteen 25 basis
     point  increases in interest rates by the Federal Reserve during the period
     June 30, 2004 through December 31, 2005.
o    The net interest  margin was 3.74% during 2005,  only a 12 basis point drop
     from 2004.
o    Loans grew by 11.0% to $491 million, a record for the Company. The loans to
     deposits ratio was over 104% at December 31.
o    Return on assets  and  return on  equity  were a strong  0.96% and  10.16%,
     respectively, during the year.
o    The Company opened its 15th branch office, in Philadelphia.

Commenting on the Company's  performance for the year,  President Kent C. Lufkin
said that "an  increasingly  popular menu of banking  products and services,  an
aggressive and extremely creative marketing program, and the significant efforts
of our team members have helped to produce our second consecutive year of strong
core earnings and growth. Furthermore, when compared with our peers, the Company
and Third Federal Bank have again  produced  results that place us among the top
performers in the regional community banking industry."

TF Financial  Corporation  is a holding  company whose  principal  subsidiary is
Third Federal Bank, which operates 15 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
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
FINANCIAL INFORMATION
           (dollars in thousands except per share data)

UNAUDITED UNAUDITED THREE MONTHS TWELVE MONTHS ------------ INC ------------- INC 12/31/2005 12/31/2004 (DEC) 12/31/2005 12/31/2004 (DEC) ---------- ---------- ----- ---------- ---------- ----- EARNINGS SUMMARY Interest Income $ 8,927 $ 7,848 13.7% $ 33,965 $ 31,221 8.8% Interest expense 3,281 2,349 39.7% 11,532 8,866 30.1% Net interest income 5,646 5,499 2.7% 22,433 22,355 0.3% Loan loss provision 90 150 -40.0% 540 600 -10.0% Non-interest income 647 623 3.9% 2,728 2,608 4.6% Non-interest expense 4,010 3,800 5.5% 16,168 15,329 5.5% Income taxes 666 584 14.0% 2,300 2,467 -6.8% Net income $ 1,527 $ 1,588 -3.8% $ 6,153 $ 6,567 -6.3% PER SHARE INFORMATION Earnings per share, basic $ 0.56 $ 0.58 -3.4% $ 2.25 $ 2.44 -7.8% Earnings per share, diluted $ 0.55 $ 0.56 -1.8% $ 2.19 $ 2.33 -6.0% Dividends paid $ 0.18 $ 0.17 5.9% $ 0.72 $ 0.66 9.1% FINANCIAL RATIOS Annualized return on average assets 0.93% 1.01% -7.9% 0.96% 1.06% -9.4% Annualized return on average equity 9.80% 10.78% -9.1% 10.16% 11.58% -12.3% Efficiency ratio 64.65% 63.63% 1.6% 65.67% 62.92% 4.4% AVERAGE BALANCES Loans $479,580 $437,530 9.6% $462,389 $423,482 9.2% Mortgage-backed securities 96,502 122,574 -21.3% 108,029 128,759 -16.1% Investment securities 41,261 32,177 28.2% 37,357 30,969 20.6% Other interest-earning assets 1,493 617 142.0% 1,910 1,127 69.5% Total earning assets 618,836 592,898 4.4% 609,685 584,337 4.3% Non-earning assets 33,923 34,062 -0.4% 34,215 34,645 -1.2% Total assets 652,759 626,960 4.1% 643,900 618,982 4.0% Deposits 466,081 458,522 1.6% 465,521 465,097 0.1% FHLB advances 117,980 104,066 13.4% 111,628 91,660 21.8% Total interest bearing liabilities 584,061 562,588 3.8% 577,149 556,757 3.7% Non-interest bearing liabilities 6,904 5,786 19.3% 6,199 5,536 12.0% Stockholders' equity 61,794 58,586 5.5% 60,552 56,689 6.8% Total liabilities & stockholders' $652,759 $626,960 4.1% $643,900 $618,982 4.0% equity SPREAD AND MARGIN ANALYSIS Average yield on: Loans 6.09% 5.74% 5.96% 5.75% Mortgage-backed securities 4.71% 3.95% 4.51% 4.42% Investment securities 4.69% 4.65% 4.75% 4.45% Other interest-earning assets 4.52% 1.93% 3.09% 1.24% Average cost of: Deposits 1.86% 1.29% 1.63% 1.27% FHLB advances 3.70% 3.30% 3.52% 3.21% Interest rate spread 3.55% 3.65% 3.62% 3.79% Net interest margin 3.68% 3.73% 3.74% 3.86%
T F FINANCIAL CORPORATION FINANCIAL INFORMATION (dollars in thousands except per share data)
UNAUDITED UNAUDITED THREE MONTHS TWELVE MONTHS ------------ INC ------------- INC 12/31/2005 12/31/2004 (DEC) 12/31/2005 12/31/2004 (DEC) ---------- ---------- ----- ---------- ---------- ----- NON-INTEREST INCOME Retail banking fees $ 629 $ 615 2.3% $ 2,570 $ 2,600 -1.2% Gain on sale of loans $ 18 $ 8 -100.0% $ 158 $ 8 -112.5% Gain (loss) on sales of securities - - 0.0% - - 0.0% NON-INTEREST EXPENSE Salaries and benefits 2,233 2,088 6.9% 9,249 8,769 5.5% Occupancy 693 666 4.1% 2,645 2,518 5.0% Deposit insurance 16 17 -5.9% 64 70 -8.6% Professional fees 166 156 6.4% 814 615 32.4% Deposit intangible amortization 28 34 -17.6% 130 155 -16.1% Advertising 220 165 33.3% 773 655 18.0% Other 654 674 -3.0% 2,493 2,547 -2.1%
INC 12/31/2005 12/31/2004 (DEC) ---------- ---------- ----- DEPOSIT INFORMATION Non-interest checking $ 37,138 $ 32,636 13.8% Interest checking 52,319 54,887 -4.7% Money market 79,666 42,496 87.5% Savings 151,725 182,945 -17.1% CD's 149,673 146,939 1.9% OTHER PERIOD ENDING INFORMATION Per Share Book value (a) $ 23.07 $ 22.30 Tangible book value (a) $ 21.36 $ 20.57 Closing market price $ 28.45 $ 34.20 Balance sheet Loans,net $490,959 $442,195 11.0% Cash and cash equivalents 3,821 7,900 -51.6% Mortgage-backed securities 93,688 118,510 -20.9% Investment securities 42,563 32,150 32.4% Total assets 661,233 628,966 5.1% Deposits 470,521 459,903 2.3% FHLB advances and other 121,260 102,747 18.0% Stockholders' equity 62,609 61,155 2.4% ASSET QUALITY Non-performing loans 1,588 960 65.4% Loan loss reserves 2,641 2,307 14.5% Reserves to gross loans 0.54% 0.52% 3.8% Non-performing loans to gross loans 0.32% 0.22% 45.5% Non-performing loans to total assets 0.24% 0.15% 60.0% Foreclosed property 700 700 0.0% Foreclosed property to total assets 0.11% 0.11% 0.0% Non-performing assets to total assets 0.35% 0.26% 34.6% OTHER STATISTICAL INFORMATION Shares outstanding (000's) (a) 2,714 2,742 Number of branch offices 15 14 Full time equivalent employees 172 175 (a) Excludes 185,000 and 202,000 employee stock ownership plan shares at December 31, 2005 and 2004, respectively.

The following information was filed by Tf Financial Corp (THRD) on Tuesday, January 31, 2006 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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