TFS Financial Corp

Latest Results (07.08.2024):

Net Income

TFS Financial Corp reported net income of $20.7 million for the second quarter of 2024, consistent with the net income of $20.7 million for the previous quarter. This stability in net income was achieved despite an increase in non-interest expenses, which was offset by a rise in net interest income.

Net Interest Income

Net interest income for TFS Financial Corp increased by $2.3 million, or 3%, to $71.4 million in the second quarter of 2024, up from $69.1 million in the previous quarter. This increase was driven by higher interest income due to an increase in the average balance and yield of interest-earning cash equivalents and loans.

Non-Interest Expenses

Total non-interest expenses for TFS Financial Corp rose by $1.9 million, or 4%, to $52.2 million in the second quarter of 2024, compared to $50.3 million in the previous quarter. The increase was primarily due to higher marketing costs, salaries and employee benefits, office property, equipment and software expenses, and federal insurance premiums and assessments.

Allowance for Credit Losses

The total allowance for credit losses for TFS Financial Corp increased by $0.3 million during the second quarter of 2024, reaching $94.8 million, or 0.63% of total loans receivable. This increase was mainly due to a rise in the liability for unfunded commitments, partially offset by a decrease in the provision for losses on loans.

Deposits and Borrowed Funds

Deposits at TFS Financial Corp increased by $14.6 million to $9.94 billion as of March 31, 2024, compared to December 31, 2023. This growth was driven by a significant increase in retail certificates of deposit, despite decreases in brokered CDs, savings accounts, money market deposit accounts, and checking accounts. Borrowed funds decreased by $75.1 million to $4.96 billion during the same period.