TFS Financial Corporation Declares Dividend

Rhea-AI Summary

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.

Positive

• Quarterly cash dividend of $0.2825 per share declared.
• Dividend payable on June 25, 2024, to stockholders of record on June 11, 2024.
• Strong presence with 21 full-service branches in Northeast Ohio and 16 in Florida.
• Company's assets totaled $17.02 billion as of March 31, 2024.
• Mutual holding company waived right to receive dividend, benefiting other shareholders.

Negative

• Mutual holding company owns 80.9% of TFSL's shares, potentially limiting the influence of minority shareholders.
• The waiver of dividends by the mutual holding company might indicate cash flow management issues.

CLEVELAND--(BUSINESS WIRE)-- TFS Financial Corporation (NASDAQ: TFSL) (the “Company”), the holding company for Third Federal Savings and Loan Association of Cleveland (the “Association”), today announced that the Board of Directors declared a quarterly cash dividend of $0.2825 per share, payable on June 25, 2024, to stockholders of record on June 11, 2024.

Chairman and CEO Marc A. Stefanski (Photo: Business Wire)

Third Federal Savings and Loan Association of Cleveland, MHC (the “MHC”), the mutual holding company of the Company and owner of 227,119,132 shares, or 80.9% of the Company’s common stock outstanding, has waived its right to receive the dividend on its shares.

On July 11, 2023, the MHC received the approval of its members (depositors and certain loan customers of the Association) with respect to the waiver of dividends, and subsequently received the non-objection of the Federal Reserve Bank of Cleveland, to waive receipt of dividends on the Company’s common stock the MHC owns up to an aggregate amount of $1.13 per share during the twelve months subsequent to the members' approval (i.e., through July 11, 2024). The MHC previously waived the receipt of dividends paid by the Company in an aggregate amount of $0.8475 per share during the quarters ending September 30, 2023, December 31, 2023, and March 31, 2024.

Third Federal is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security. It became part of a public company in 2007 and celebrated its 85th anniversary in May 2023. Third Federal, which lends in 26 states and the District of Columbia, is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northeast Ohio, two lending offices in Central and Southern Ohio, and 16 full service branches throughout Florida. As of March 31, 2024, the Company’s assets totaled $17.02 billion.

This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, the Company’s plans regarding its dividends. These forward-looking statements involve risks and uncertainties that could cause the Company’s results to differ materially from management’s current expectations. The Company’s risks and uncertainties are detailed in its filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Forward-looking statements are based on the beliefs and assumptions of our management and on currently available information. The Company undertakes no responsibility to publicly update or revise any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240530191994/en/

TFS Financial Corporation

Jennifer Rosa (216) 429-5037

Source: Third Federal Savings and Loan

FAQ

What dividend did TFS Financial declare for June 2024?

TFS Financial declared a quarterly cash dividend of $0.2825 per share, payable on June 25, 2024.

When is the record date for TFS Financial 's dividend?

The record date for the dividend is June 11, 2024.

What percentage of TFSL's shares does the mutual holding company own?

The mutual holding company owns 80.9% of TFSL's shares.

Did the mutual holding company receive the dividend declared by TFS Financial ?

No, the mutual holding company waived its right to receive the dividend.

What is the total asset value of TFS Financial as of March 31, 2024?

As of March 31, 2024, TFS Financial 's assets totaled $17.02 billion.