(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principle executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange in which registered | ||||||||||||
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
TFS FINANCIAL CORPORATION (Registrant) | |||||||||||||||||||||||
Date: | By: | /s/ Meredith S. Weil | |||||||||||||||||||||
Meredith S. Weil | |||||||||||||||||||||||
Chief Financial Officer |
Forward Looking Statements | |||||
This report contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include, among other things: | |||||
● | statements of our goals, intentions and expectations; | ||||
● | statements regarding our business plans and prospects and growth and operating strategies; | ||||
● | statements concerning trends in our provision for credit losses and charge-offs on loans and off-balance sheet exposures; | ||||
● | statements regarding the trends in factors affecting our financial condition and results of operations, including credit quality of our loan and investment portfolios; and | ||||
● | estimates of our risks and future costs and benefits. | ||||
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events: | |||||
● | significantly increased competition among depository and other financial institutions, including with respect to our ability to charge overdraft fees; | ||||
● | inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments, or our ability to originate loans; | ||||
● | general economic conditions, either globally, nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected; | ||||
● | the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact on the credit quality of our loans and other assets, and changes in estimates of the allowance for credit losses; | ||||
● | decreased demand for our products and services and lower revenue and earnings because of a recession or other events; | ||||
● | changes in consumer spending, borrowing and savings habits, including repayment speeds on loans; | ||||
● | adverse changes and volatility in the securities markets, credit markets or real estate markets; | ||||
● | our ability to manage market risk, credit risk, liquidity risk, reputational risk, regulatory risk and compliance risk; | ||||
● | our ability to access cost-effective funding; | ||||
● | changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; | ||||
● | legislative or regulatory changes that adversely affect our business, including changes in regulatory costs and capital requirements and changes related to our ability to pay dividends and the ability of Third Federal Savings, MHC to waive dividends; | ||||
● | changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the FASB or the PCAOB; | ||||
● | the adoption of implementing regulations by a number of different regulatory bodies, and uncertainty in the exact nature, extent and timing of such regulations and the impact they will have on us; | ||||
● | our ability to enter new markets successfully and take advantage of growth opportunities; | ||||
● | our ability to retain key employees; | ||||
● | future adverse developments concerning Fannie Mae or Freddie Mac; | ||||
● | changes in monetary and fiscal policy of the U.S. Government, including policies of the U.S. Treasury, the Federal Reserve System, Fannie Mae, the OCC, FDIC, and others; | ||||
● | the continuing governmental efforts to restructure the U.S. financial and regulatory system; | ||||
● | the ability of the U.S. Government to remain open, function properly and manage federal debt limits; | ||||
● | changes in policy and/or assessment rates of taxing authorities that adversely affect us or our customers; | ||||
● | changes in accounting and tax estimates; | ||||
● | changes in our organization and changes in expense trends, including but not limited to trends affecting non-performing assets, charge-offs and provisions for credit losses; | ||||
● | the inability of third-party providers to perform their obligations to us; | ||||
● | our ability to retain key employees; | ||||
● | civil unrest; | ||||
● | cyber-attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems; and | ||||
● | the impact of wide-spread pandemic, including COVID-19, and related government action, on our business and the economy. | ||||
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by any forward-looking statements. Any forward-looking statement made by us in this report speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. |
March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||
ASSETS | |||||||||||||||||
Cash and due from banks | $ | 27,381 | $ | 45,858 | $ | 29,134 | |||||||||||
Other interest-earning cash equivalents | 566,953 | 505,910 | 437,612 | ||||||||||||||
Cash and cash equivalents | 594,334 | 551,768 | 466,746 | ||||||||||||||
Investment securities available for sale | 520,172 | 525,175 | 508,324 | ||||||||||||||
Mortgage loans held for sale | 9,698 | 1,095 | 3,260 | ||||||||||||||
Loans held for investment, net: | |||||||||||||||||
Mortgage loans | 15,152,032 | 15,210,653 | 15,177,844 | ||||||||||||||
Other loans | 4,709 | 4,811 | 4,411 | ||||||||||||||
Deferred loan expenses, net | 61,047 | 60,862 | 60,807 | ||||||||||||||
Allowance for credit losses on loans | (68,169) | (69,084) | (77,315) | ||||||||||||||
Loans, net | 15,149,619 | 15,207,242 | 15,165,747 | ||||||||||||||
Mortgage loan servicing rights, net | 7,547 | 7,634 | 7,400 | ||||||||||||||
Federal Home Loan Bank stock, at cost | 240,365 | 254,700 | 247,098 | ||||||||||||||
Real estate owned, net | 230 | 1,070 | 1,444 | ||||||||||||||
Premises, equipment, and software, net | 33,885 | 34,209 | 34,708 | ||||||||||||||
Accrued interest receivable | 56,887 | 55,614 | 53,910 | ||||||||||||||
Bank owned life insurance contracts | 313,458 | 311,848 | 312,072 | ||||||||||||||
Other assets | 90,955 | 103,436 | 117,270 | ||||||||||||||
TOTAL ASSETS | $ | 17,017,150 | $ | 17,053,791 | $ | 16,917,979 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Deposits | $ | 9,935,631 | $ | 9,921,056 | $ | 9,449,820 | |||||||||||
Borrowed funds | 4,955,438 | 5,030,561 | 5,273,637 | ||||||||||||||
Borrowers’ advances for insurance and taxes | 99,492 | 109,093 | 124,417 | ||||||||||||||
Principal, interest, and related escrow owed on loans serviced | 25,946 | 29,204 | 29,811 | ||||||||||||||
Accrued expenses and other liabilities | 93,146 | 97,150 | 112,933 | ||||||||||||||
Total liabilities | 15,109,653 | 15,187,064 | 14,990,618 | ||||||||||||||
Commitments and contingent liabilities | |||||||||||||||||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding | — | — | — | ||||||||||||||
Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued | 3,323 | 3,323 | 3,323 | ||||||||||||||
Paid-in capital | 1,751,960 | 1,750,440 | 1,755,027 | ||||||||||||||
Treasury stock, at cost | (772,195) | (772,195) | (776,101) | ||||||||||||||
Unallocated ESOP shares | (24,917) | (26,000) | (27,084) | ||||||||||||||
Retained earnings—substantially restricted | 906,908 | 900,973 | 886,984 | ||||||||||||||
Accumulated other comprehensive income | 42,418 | 10,186 | 85,212 | ||||||||||||||
Total shareholders’ equity | 1,907,497 | 1,866,727 | 1,927,361 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 17,017,150 | $ | 17,053,791 | $ | 16,917,979 |
For the three months ended | |||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | |||||||||||||||||||||||||
INTEREST AND DIVIDEND INCOME: | |||||||||||||||||||||||||||||
Loans, including fees | $ | 162,970 | $ | 162,035 | $ | 154,763 | $ | 144,347 | $ | 136,835 | |||||||||||||||||||
Investment securities available for sale | 4,476 | 4,395 | 4,141 | 3,712 | 3,455 | ||||||||||||||||||||||||
Other interest and dividend earning assets | 16,047 | 10,729 | 9,836 | 8,598 | 7,262 | ||||||||||||||||||||||||
Total interest and dividend income | 183,493 | 177,159 | 168,740 | 156,657 | 147,552 | ||||||||||||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||||||||||||||
Deposits | 72,685 | 64,326 | 55,565 | 48,905 | 39,876 | ||||||||||||||||||||||||
Borrowed funds | 39,430 | 43,741 | 42,812 | 38,973 | 38,408 | ||||||||||||||||||||||||
Total interest expense | 112,115 | 108,067 | 98,377 | 87,878 | 78,284 | ||||||||||||||||||||||||
NET INTEREST INCOME | 71,378 | 69,092 | 70,363 | 68,779 | 69,268 | ||||||||||||||||||||||||
PROVISION (RELEASE) FOR CREDIT LOSSES | (1,000) | (1,000) | 500 | — | (1,000) | ||||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION (RELEASE) FOR CREDIT LOSSES | 72,378 | 70,092 | 69,863 | 68,779 | 70,268 | ||||||||||||||||||||||||
NON-INTEREST INCOME: | |||||||||||||||||||||||||||||
Fees and service charges, net of amortization | 1,845 | 1,748 | 2,061 | 1,919 | 1,924 | ||||||||||||||||||||||||
Net gain (loss) on the sale of loans | 442 | 481 | (119) | 21 | 579 | ||||||||||||||||||||||||
Increase in and death benefits from bank owned life insurance contracts | 2,193 | 3,191 | 2,204 | 2,790 | 2,123 | ||||||||||||||||||||||||
Other | 1,242 | 895 | 954 | 1,113 | 703 | ||||||||||||||||||||||||
Total non-interest income | 5,722 | 6,315 | 5,100 | 5,843 | 5,329 | ||||||||||||||||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||||||||||||||||
Salaries and employee benefits | 27,501 | 27,116 | 28,660 | 25,332 | 30,390 | ||||||||||||||||||||||||
Marketing services | 5,099 | 4,431 | 3,881 | 7,023 | 6,671 | ||||||||||||||||||||||||
Office property, equipment and software | 7,303 | 6,845 | 6,886 | 7,246 | 6,802 | ||||||||||||||||||||||||
Federal insurance premium and assessments | 4,013 | 3,778 | 3,629 | 3,574 | 3,488 | ||||||||||||||||||||||||
State franchise tax | 1,238 | 1,176 | 1,185 | 1,230 | 1,268 | ||||||||||||||||||||||||
Other expenses | 7,044 | 6,931 | 7,243 | 8,472 | 6,955 | ||||||||||||||||||||||||
Total non-interest expense | 52,198 | 50,277 | 51,484 | 52,877 | 55,574 | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 25,902 | 26,130 | 23,479 | 21,745 | 20,023 | ||||||||||||||||||||||||
INCOME TAX EXPENSE | 5,189 | 5,423 | 3,933 | 4,142 | 4,115 | ||||||||||||||||||||||||
NET INCOME | $ | 20,713 | $ | 20,707 | $ | 19,546 | $ | 17,603 | $ | 15,908 | |||||||||||||||||||
Earnings per share - basic and diluted | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.06 | |||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||||||
Basic | 278,183,041 | 277,841,526 | 277,589,775 | 277,472,312 | 277,361,293 | ||||||||||||||||||||||||
Diluted | 279,046,837 | 279,001,898 | 278,826,441 | 278,590,810 | 278,499,145 |
For the Six Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
INTEREST AND DIVIDEND INCOME: | |||||||||||
Loans, including fees | $ | 325,005 | $ | 266,500 | |||||||
Investment securities available for sale | 8,871 | 6,517 | |||||||||
Other interest and dividend earning assets | 26,776 | 13,505 | |||||||||
Total interest and dividend income | 360,652 | 286,522 | |||||||||
INTEREST EXPENSE: | |||||||||||
Deposits | 137,011 | 69,731 | |||||||||
Borrowed funds | 83,171 | 72,366 | |||||||||
Total interest expense | 220,182 | 142,097 | |||||||||
NET INTEREST INCOME | 140,470 | 144,425 | |||||||||
PROVISION (RELEASE) FOR CREDIT LOSSES | (2,000) | (2,000) | |||||||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 142,470 | 146,425 | |||||||||
NON-INTEREST INCOME: | |||||||||||
Fees and service charges, net of amortization | 3,593 | 3,860 | |||||||||
Net gain on the sale of loans | 923 | 596 | |||||||||
Increase in and death benefits from bank owned life insurance contracts | 5,384 | 4,361 | |||||||||
Other | 2,137 | 1,669 | |||||||||
Total non-interest income | 12,037 | 10,486 | |||||||||
NON-INTEREST EXPENSE: | |||||||||||
Salaries and employee benefits | 54,617 | 58,793 | |||||||||
Marketing services | 9,530 | 14,384 | |||||||||
Office property, equipment and software | 14,148 | 13,602 | |||||||||
Federal insurance premium and assessments | 7,791 | 6,249 | |||||||||
State franchise tax | 2,414 | 2,476 | |||||||||
Other expenses | 13,975 | 13,264 | |||||||||
Total non-interest expense | 102,475 | 108,768 | |||||||||
INCOME BEFORE INCOME TAXES | 52,032 | 48,143 | |||||||||
INCOME TAX EXPENSE | 10,612 | 10,042 | |||||||||
NET INCOME | $ | 41,420 | $ | 38,101 | |||||||
Earnings per share - basic and diluted | $ | 0.15 | $ | 0.13 | |||||||
Weighted average shares outstanding | |||||||||||
Basic | 278,011,351 | 277,340,877 | |||||||||
Diluted | 279,019,468 | 278,472,705 |
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Cost (1) | Average Balance | Interest Income/ Expense | Yield/ Cost (1) | Average Balance | Interest Income/ Expense | Yield/ Cost (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning cash equivalents | $ | 720,657 | $ | 9,919 | 5.51 | % | $ | 398,506 | $ | 5,124 | 5.14 | % | $ | 350,437 | $ | 3,947 | 4.51 | % | ||||||||||||||||||||||||||||||||||||||
Investment securities | 72,091 | 907 | 5.03 | % | 64,778 | 850 | 5.25 | % | 3,649 | 11 | 1.21 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 448,653 | 3,569 | 3.18 | % | 444,411 | 3,545 | 3.19 | % | 475,902 | 3,444 | 2.89 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loans (2) | 15,163,185 | 162,970 | 4.30 | % | 15,232,349 | 162,035 | 4.26 | % | 14,517,771 | 136,835 | 3.77 | % | ||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 244,560 | 6,128 | 10.02 | % | 270,540 | 5,605 | 8.29 | % | 230,496 | 3,315 | 5.75 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 16,649,146 | 183,493 | 4.41 | % | 16,410,584 | 177,159 | 4.32 | % | 15,578,255 | 147,552 | 3.79 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 505,145 | 553,461 | 527,935 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 17,154,291 | $ | 16,964,045 | $ | 16,106,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking accounts | $ | 887,584 | 98 | 0.04 | % | $ | 937,817 | 118 | 0.05 | % | $ | 1,128,560 | 2,229 | 0.79 | % | |||||||||||||||||||||||||||||||||||||||||
Savings accounts | 1,561,331 | 5,598 | 1.43 | % | 1,721,466 | 6,912 | 1.61 | % | 1,668,115 | 5,028 | 1.21 | % | ||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 7,548,314 | 66,989 | 3.55 | % | 6,847,482 | 57,296 | 3.35 | % | 6,110,460 | 32,619 | 2.14 | % | ||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | 5,033,253 | 39,430 | 3.13 | % | 5,228,239 | 43,741 | 3.35 | % | 5,112,767 | 38,408 | 3.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 15,030,482 | 112,115 | 2.98 | % | 14,735,004 | 108,067 | 2.93 | % | 14,019,902 | 78,284 | 2.23 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 212,206 | 278,801 | 209,161 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 15,242,688 | 15,013,805 | 14,229,063 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,911,603 | 1,950,240 | 1,877,127 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 17,154,291 | $ | 16,964,045 | $ | 16,106,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 71,378 | $ | 69,092 | $ | 69,268 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread (1)(3) | 1.43 | % | 1.39 | % | 1.56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets (4) | $ | 1,618,664 | $ | 1,675,580 | $ | 1,558,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (1)(5) | 1.71 | % | 1.68 | % | 1.78 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 110.77 | % | 111.37 | % | 111.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Selected performance ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets (1) | 0.48 | % | 0.49 | % | 0.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average equity (1) | 4.33 | % | 4.25 | % | 3.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average equity to average assets | 11.14 | % | 11.50 | % | 11.65 | % |
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Cost (1) | Average Balance | Interest Income/ Expense | Yield/ Cost (1) | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Interest-earning cash equivalents | $ | 559,581 | $ | 15,043 | 5.38 | % | $ | 352,325 | $ | 7,196 | 4.08 | % | ||||||||||||||||||||||||||
Investment securities | 68,435 | 1,757 | 5.13 | % | 3,634 | 22 | 1.21 | % | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 446,532 | 7,114 | 3.19 | % | 469,933 | 6,495 | 2.76 | % | ||||||||||||||||||||||||||||||
Loans (1) | 15,197,767 | 325,005 | 4.28 | % | 14,457,228 | 266,500 | 3.69 | % | ||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 257,550 | 11,733 | 9.11 | % | 224,889 | 6,309 | 5.61 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 16,529,865 | 360,652 | 4.36 | % | 15,508,009 | 286,522 | 3.70 | % | ||||||||||||||||||||||||||||||
Noninterest-earning assets | 529,303 | 506,658 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 17,059,168 | $ | 16,014,667 | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Checking accounts | $ | 912,701 | 216 | 0.05 | % | $ | 1,156,728 | 4,639 | 0.80 | % | ||||||||||||||||||||||||||||
Savings accounts | 1,641,398 | 12,510 | 1.52 | % | 1,717,235 | 8,735 | 1.02 | % | ||||||||||||||||||||||||||||||
Certificates of deposit | 7,197,898 | 124,285 | 3.45 | % | 6,041,692 | 56,357 | 1.87 | % | ||||||||||||||||||||||||||||||
Borrowed funds | 5,130,746 | 83,171 | 3.24 | % | 4,992,956 | 72,366 | 2.90 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 14,882,743 | 220,182 | 2.96 | % | 13,908,611 | 142,097 | 2.04 | % | ||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 245,503 | 233,257 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 15,128,246 | 14,141,868 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,930,922 | 1,872,799 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 17,059,168 | $ | 16,014,667 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 140,470 | $ | 144,425 | ||||||||||||||||||||||||||||||||||
Interest rate spread (1)(2) | 1.40 | % | 1.66 | % | ||||||||||||||||||||||||||||||||||
Net interest-earning assets (3) | $ | 1,647,122 | $ | 1,599,398 | ||||||||||||||||||||||||||||||||||
Net interest margin (1)(4) | 1.70 | % | 1.86 | % | ||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 111.07 | % | 111.50 | % | ||||||||||||||||||||||||||||||||||
Selected performance ratios: | ||||||||||||||||||||||||||||||||||||||
Return on average assets (1) | 0.49 | % | 0.48 | % | ||||||||||||||||||||||||||||||||||
Return on average equity (1) | 4.29 | % | 4.07 | % | ||||||||||||||||||||||||||||||||||
Average equity to average assets | 11.32 | % | 11.69 | % |
Document And Entity Information |
Jan. 30, 2024 |
---|---|
Cover [Abstract] | |
Document Period End Date | Apr. 30, 2024 |
Document Type | 8-K |
Entity Registrant Name | TFS FINANCIAL CORPORATION |
Entity Incorporation, State or Country Code | X1 |
Entity File Number | 001-33390 |
Entity Tax Identification Number | 52-2054948 |
Entity Address, Address Line One | 7007 Broadway Ave., |
Entity Address, City or Town | Cleveland, |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 44105 |
City Area Code | (216) |
Local Phone Number | 441-6000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | TFSL |
Security Exchange Name | NASDAQ |
Entity Central Index Key | 0001381668 |
Amendment Flag | false |
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end
?YL.,UQ3-/N2/6>=%!?H
MSI@TY4IQ3B"+(+9:=B5WZ',6\S^2>[,ZJ;P/:6P,B#3K-<\Q*Z61.+ZGH1C4
M;,OZ6T$5K9\D(PPRT>-RTO3ONIWEUC"_@08%&]5<:$F28."(WL2U 'A*>$&W
ME14/6,1X[5=+_1SW@6:0U2&-)K5/73H$P;LD]ZC-ACC^=)2 V0#CS6E?%TSH
M_Y&:785>U..]IJ$"[4A3D]%D.Y**KY>M[MEGU.DVNF>=11+F!K\OH^V<-;^V
M6]W660S
M:0)D*'G^VF'/B8VW$[&Q'E'AK:3B[[_:9>LXSZA+>R3LYU?M+RC_ZI$!0;V6
MZC4"+$75^./Q H$^YN_[1NWEFC]0_O;991>USZZOVMT\H_=W,OI\FG_]M=WY
MVH#A=Z\0&+(N6"MDN^BJC>S207B(KLY1]Y]G>V_ YFSPU/XVFETY?-MWO? SP4-$$>>G/U^?5;)P3RJD[T'R-@4'/)0X]FX>DAO/O)["V=&MK*H3V]T_2Q
MRB/]E0'V34["^G&'M.06\@J1$D%7XGC>+JP7::TQ'D0[J.GAI&Z_]Z8Y&+97
MQ*3S!U!+ P04 " 7@)Y8EFX:G28* !]50 %0 '1F O':;&\G/FJ/O0DT^=9Z._V^'?7.S]U!>&]BR#K.QP6[G <,
M"<02!5&4 @Y+E -1)(-@DF>Y$VYY;/(W'[668S:;3
M,5(7YD'MK)"I*O14X<>QYR?P'&/@F&T:57QNJ;/K/DLV8LG@^6X4!& F4S9V
MY=I]R]6/]"[:,KR*$H"-N4F 8)9>PKG_CF>STR1LENE->?SO;KBBT]LOYYZ"
MY*$,W-!%E@: DM4D\;U[+OMH8GNV=CI!L(,S:HAN8G?!X4DVO]-O8EGF2VI.
MK\*-GI/%,N.*>K@.79I_.(RF9Z#S,WS7GB^F)!7[]'\XA?Y*1OA>Q]*M8F
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M80W)JR4XIU5.IH!U 6%";
MPF :@4 '=@4US]O(<2T3"N:!&Q]:^J&EM-9A !M CN*;+[#NR$'D55'OIU#1
M&7_0,&70&OVT/0RP:Q,;@RJEL#"&,Z*MA8 OF[4FS8J
ME;.,P[]K#C=3#F^:HY*UHYM)6\GI:3K6\Y[F7C*OU7]"
M2&5^PDJ)ITM[H0.09Q*!KP3R'#/E.8T3HDH!T],=5WE7#E7>E+X?1/)6]15-
M9.?JSB8Y
*9&%YN5"(>9CHO=9PG=OF'N"I
MVS8O_N8T82$GV[]!K]*H)]_'<+96'A[=6S)BFE/YPS8O%/-"1F8)B
M0XFJ9R-%-61**,@I234A(4>"V_+2B7SHQ=Q*"ZS$[$'INM]/B;
\]3 JV=0%3ZV%2L5RYXIQ0O*M>5'63
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MU 83#GMOS&4B.TYR_X/KW=(J]":%T6)Q4K%8N<2,P.O3!(6X7]#;"4W37C=U;F'7R,F_=H/-/%3AR
M%*QI/