TFS Financial Corporation - TFSL STOCK NEWS

TFS Financial (NASDAQ: TFSL) reported net income of $79.6 million for fiscal year 2024, a 6% increase from $75.3 million in 2023. The company saw strong growth in home equity products and retail deposits, with total deposits increasing by $745.3 million to $10.20 billion. Net interest income decreased slightly to $278.5 million from $283.6 million in 2023. Total assets grew 1% to $17.09 billion, while loans held for investment increased to $15.32 billion. The company maintained a strong Tier 1 capital ratio of nearly 11% and reduced its expense-to-asset ratio from 1.30% to 1.20% through cost management efforts.

TFS Financial (NASDAQ: TFSL) has declared a quarterly cash dividend of $0.2825 per share, payable on September 24, 2024, to stockholders of record on September 10, 2024. The company's mutual holding company, which owns 80.9% of outstanding shares, has waived its right to receive the dividend. This waiver, approved by members and the Federal Reserve Bank of Cleveland, allows for dividends up to $1.13 per share through July 9, 2025.

Third Federal Savings and Loan Association, founded in 1938, operates under values of love, trust, and respect. As of June 30, 2024, the company's assets totaled $17.03 billion. Third Federal lends in 27 states and D.C., with 21 branches in Northeast Ohio, two lending offices in Central and Southern Ohio, and 16 branches in Florida.

Third Federal Savings and Loan Association of Cleveland, MHC has received non-objection from the Federal Reserve Bank of Cleveland to waive dividends up to $1.13 per share on its TFS Financial (NASDAQ: TFSL) stock for the 12 months ending July 9, 2025. The MHC, owning 80.9% of TFSL's common stock, gained member approval with 97% of votes in favor. Chairman and CEO Marc A. Stefanski highlighted this as an opportunity to maximize dividends for institutional and individual shareholders while focusing on capital preservation. Third Federal, founded in 1938, operates in 26 states and D.C., with assets totaling $17.03 billion as of June 30, 2024.

TFS Financial (NASDAQ: TFSL) reported net income of $20.0 million for Q3 2024, down from $20.7 million in Q2 2024. Despite higher interest rates and economic uncertainty, earnings are over 10% higher this year than last. Key highlights include:

- Retail deposit growth of 6% in the last three months
- $2.2 billion in loan originations with an average yield of 7.31%
- 5% reduction in expenses from 2023
- Tier I capital ratio of nearly 11%

The company's total assets increased by $17.8 million to $17.03 billion. Loans held for investment increased by $40.3 million to $15.19 billion. Deposits grew by $90.3 million to $10.03 billion, while borrowed funds decreased by $126.1 million to $4.83 billion.

Third Federal Savings and Loan Association (NASDAQ: TFSL) has received a 'Satisfactory' rating on its Community Reinvestment Act (CRA) exam from the Office of the Comptroller of the Currency for the period of January 1, 2020, to December 31, 2022. This rating recognizes the company's commitment to supporting community-based organizations, providing homebuyer education, and offering affordable housing opportunities.

Chairman and CEO Marc A. Stefanski emphasized the company's dedication to serving communities in need through partnerships and extensive loan products. The 'Satisfactory' rating ensures Third Federal's compliance with Federal Housing Finance Agency standards, allowing access to long-term advances from the Federal Home Loan Bank and participation in community support programs.

Founded in Cleveland in 1938, Third Federal operates in 26 states and the District of Columbia, with assets totaling $17.02 billion as of March 31, 2024.

TFS Financial (NASDAQ: TFSL), the holding company for Third Federal Savings and Loan Association of Cleveland, announced a quarterly cash dividend of $0.2825 per share, payable on June 25, 2024. The dividend is for stockholders of record on June 11, 2024. The mutual holding company, owning 80.9% of TFSL's shares, has waived its right to receive this dividend, following the approval of its members and non-objection from the Federal Reserve Bank of Cleveland. Third Federal, with assets totaling $17.02 billion as of March 31, 2024, has a strong presence in Ohio and Florida, offering competitive savings and mortgage products. Founded in 1938, it became a public company in 2007 and recently celebrated its 85th anniversary.

TFS Financial (Nasdaq: TFSL), the parent company of Third Federal Savings and Loan Association of Cleveland, announced a special meeting on July 9, 2024. The mutual holding company (MHC) that owns 80.9% of TFS Financial’s common stock will seek member approval to waive its right to receive dividends totaling up to $1.13 per share for the next 12 months. This waiver requires annual approval from members as per Federal Reserve Regulation MM. Failure to obtain the waiver could reduce dividends paid to public stockholders. Chairman and CEO Marc A. Stefanski emphasized the importance of the waiver in supporting the company's mission and stability.

TFS Financial reported strong financial results for the second quarter of the fiscal year, with a net income of $20.7 million. The company showcased robust portfolio strength and effective expense management, resulting in stable operations amidst a challenging rate environment. Total assets decreased slightly, with notable changes in deposits and loans held for investment. Despite a decrease in net interest income, the company's capital ratios exceeded regulatory requirements, ensuring financial stability.