TFS Financial Corp

NASDAQ:TFSLUnited States

Oct 30, 2024

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• TFS Financial Corporation Announces Fourth Quarter and 2024 Fiscal Year Results, from 4:38PM ET on Wednesday Oct 30, 2024 by Dow Jones

  4:38PM ET on Wednesday Oct 30, 2024 by Dow Jones
  Companies Mentioned: TFSL
  ---------- ------- ---------- ------- ---------- ------- Total interest-bearing liabilities 14,882,576 119,801 3.22% 14,850,809 115,633 3.11% 14,527,727 98,377 2.71% ------- ---- ------- ---- ------- ---- Noninterest-bearing liabilities 217,788 261,741 226,083 ---------- ---------- ---------- Total liabilities 15,100,364 15,112,550 14,753,810 Shareholders' equity 1,912,473 1,956,042 1,918,088 ---------- ---------- ---------- Total liabilities and shareholders' equity $17,012,837 $17,068,592 $16,671,898 ========== ========== ========== Net interest income $ 68,715 $ 69,273 $ 70,363 ======= ======= ======= Interest rate spread (1)(3) 1.36% 1.36% 1.46% ==== ==== ==== Net interest-earning assets (4) $ 1,585,556 $ 1,703,852 $ 1,640,306 ========== ========== ========== Net interest margin (1)(5) 1.67% 1.67% 1.74% ======= ======= ======= Average interest-earning assets to average interest-bearing liabilities 110.65% 111.47% 111.29% ========== ========== ========== Selected performance ratios: Return on average assets (1) 0.43% 0.47% 0.47% Return on average equity (1) 3.81% 4.08% 4.08% Average equity to average assets 11.24% 11.46% 11.50% ======= ======= ======= (1) Annualized. (2) Loans include both mortgage loans held for sale and loans held for investment. (3) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. (4) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (5) Net interest margin represents net interest income divided by total interest-earning assets. TFS FINANCIAL CORPORATION AND SUBSIDIARIES AVERAGE BALANCES AND YIELDS (unaudited) Year Ended Year Ended September 30, 2024 September 30, 2023 --------------------------------------- --------------------------------------- Interest Interest Average Income/ Yield/ Average Income/ Yield/ Balance Expense Cost Balance Expense Cost --------------- ------------ -------- --------------- ------------ -------- (Dollars in thousands) Interest-earning assets: Interest-earning cash equivalents $ 549,598 $ 29,676 5.40% $ 356,450 $ 16,826 4.72% Investment securities 70,364 3,581 5.09% 23,636 1,123 4.75% Mortgage-backed securities 447,942 14,647 3.27% 464,919 13,247 2.85% Loans (1) 15,207,429 663,685 4.36% 14,657,265 565,610 3.86% Federal Home Loan Bank stock 245,298 22,485 9.17% 233,013 15,113 6.49% ---------- ------- ---------- ------- Total interest-earning assets 16,520,631 734,074 4.44% 15,735,283 611,919 3.89% ------- ---- ------- ---- Noninterest-earning assets 529,310 515,123 ---------- ---------- Total assets $17,049,941 $16,250,406 ========== ========== Interest-bearing liabilities: Checking accounts $ 880,893 401 0.05% $ 1,093,036 6,081 0.56% Savings accounts 1,518,453 22,165 1.46% 1,798,663 24,686 1.37% Certificates of deposit 7,489,887 270,162 3.61% 6,123,979 143,434 2.34% Borrowed funds 4,985,484 162,888 3.27% 5,114,045 154,151 3.01% ---------- ------- ---------- ------- Total interest-bearing liabilities 14,874,717 455,616 3.06% 14,129,723 328,352 2.32% ------- ---- ------- ---- Noninterest-bearing liabilities 242,634 239,387 ---------- ---------- Total liabilities 15,117,351 14,369,110 Shareholders' equity 1,932,590 1,881,296 ---------- ---------- Total liabilities and shareholders' equity $17,049,941 $16,250,406 ========== ========== Net interest income $278,458 $283,567 ======= ======= Interest rate spread (2) 1.38% 1.57% ==== ==== Net interest-earning assets (3) $ 1,645,914 $ 1,605,560 ========== ========== Net interest margin (4) 1.69% 1.80% ======= ======= Average interest-earning assets to average interest-bearing liabilities 111.07% 111.36% ========== ========== Selected performance ratios: Return on average assets 0.47% 0.46% Return on average equity 4.12% 4.00% Average equity to average assets 11.33% 11.58% ======= ======= (1) Loans include both mortgage loans held for sale and loans held for investment. (2) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (4) Net interest margin represents net interest income divided by total interest-earning assets.