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TFS Financial Corporation (NASDAQ: TFSL) announced a quarterly cash dividend of $0.2825 per share, payable on March 21, 2023, to stockholders of record by March 7, 2023. Notably, the mutual holding company, Third Federal Savings and Loan Association of Cleveland, has waived its right to receive the dividend for its 227,119,132 shares, accounting for 81.0% of the Company's common stock. This waiver follows member approval and non-objection from the Federal Reserve Bank of Cleveland to forgo dividends up to $1.13 per share until July 12, 2023. As of December 31, 2022, TFS Financial's assets totaled $16.13 billion.
Positive
Declaration of a quarterly cash dividend of $0.2825 per share, showing ongoing shareholder returns.
Strong asset base with total assets of $16.13 billion as of December 31, 2022.
Negative
The mutual holding company's waiver of dividends may raise concerns over its financial strategy.
Waiver of dividends on a significant percentage of common shares (81.0%) could impact investor sentiment.
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 March 21, 2023, to stockholders of record on March 7, 2023.
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 81.0% of the Company’s common stock outstanding, has waived its right to receive the dividend on its shares.
On July 12, 2022, 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 (ie., through July 12, 2023). The MHC previously waived the receipt of dividends paid by the Company in an aggregate amount of $0.5650 per share during the quarters ending September 30, 2022 and December 31, 2022.
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 is celebrating its 85th anniversary in May 2023. Third Federal, which lends in 25 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, four lending offices in Central and Southern Ohio, and 16 full service branches throughout Florida. As of December 31, 2022, the Company’s assets totaled $16.13 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, 2022. 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.
