TFS Financial (US:TFSL)2024-04-30 20:00Financial Performance - The company reported net income of $20.7 million for the quarter ended March 31, 2024, consistent with the previous quarter[2]. - The company reported a net income of $20.71 million for the three months ended March 31, 2024, which is consistent with the net income of $20.71 million from the previous quarter[31]. - Net income for the six months ended March 31, 2024, was $41,420,000, representing an increase of 8.6% from $38,101,000 in the same period of 2023[32]. - Earnings per share for the six months ended March 31, 2024, was $0.15, compared to $0.13 for the same period in 2023, reflecting a growth of 15.4%[32]. Income and Expenses - Net interest income increased by $2.3 million, or 3%, to $71.4 million for the quarter ended March 31, 2024[3]. - Total non-interest expenses increased by $1.9 million, or 4%, to $52.2 million for the quarter ended March 31, 2024[5]. - The company’s total non-interest expense for the three months ended March 31, 2024, was $52.20 million, up from $50.28 million in the previous quarter, representing an increase of approximately 3.8%[31]. - Total non-interest income increased to $12,037,000 for the six months ended March 31, 2024, up 14.8% from $10,486,000 in the same period of 2023[32]. - Total non-interest expense decreased to $102,475,000 for the six months ended March 31, 2024, down 5.9% from $108,768,000 in the same period of 2023[32]. Assets and Liabilities - Total assets decreased by $36.6 million, or less than 1%, to $17.02 billion at March 31, 2024[6]. - As of March 31, 2024, the company's total assets amounted to $17.02 billion, a slight decrease from $17.05 billion at the end of 2023[30]. - The total liabilities as of March 31, 2024, were $15.11 billion, a decrease from $15.19 billion at the end of 2023[30]. - The total allowance for credit losses increased to $94.8 million, or 0.63% of total loans receivable, at March 31, 2024[4]. Loans and Deposits - Loans held for investment decreased by $57.6 million, or less than 1%, to $15.15 billion at March 31, 2024[8]. - Deposits increased by $14.6 million to $9.94 billion at March 31, 2024, with a significant increase in retail certificates of deposit[9]. - Total deposits increased to $9.94 billion as of March 31, 2024, compared to $9.92 billion at the end of 2023, indicating a growth of approximately 0.1%[30]. - The allowance for credit losses on loans decreased to $68.17 million from $69.08 million at the end of 2023, showing a reduction of about 1.3%[30]. Capital and Ratios - The company's Tier 1 capital ratio is nearly 11 percent, indicating strong capital management[2]. - The net interest margin for the six months ended March 31, 2024, was 1.70%, down from 1.86% in the same period of 2023[35]. - The return on average assets for the three months ended March 31, 2024, was 0.48%, compared to 0.40% in the same period of 2023[33]. Branch Presence - The company has 21 full-service branches in Northeast Ohio and 16 full-service branches in Florida, indicating a strong regional presence[26]. Yield and Income Growth - The average yield on loans for the three months ended March 31, 2024, was 4.30%, an increase from 3.77% in the same period of 2023[33]. - Total interest and dividend income for the six months ended March 31, 2024, was $360,652,000, an increase of 25.8% from $286,522,000 in the same period of 2023[32]. - Net interest income after provision for credit losses for the six months ended March 31, 2024, was $142,470,000, compared to $146,425,000 in the prior year, reflecting a decrease of 2.0%[32].