0001381668FALSE00013816682024-01-302024-01-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 30, 2024
TFS FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
 
United States of America 001-33390 52-2054948
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
7007 Broadway Ave.,Cleveland,Ohio44105
(Address of principle executive offices)(Zip Code)
Registrant's telephone number, including area code (216) 441-6000
Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange in which registered
Common Stock, par value $0.01 per shareTFSLThe NASDAQ Stock Market, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02Results of Operations and Financial Condition.
On January 30, 2024, TFS Financial Corporation (the "Company”), the holding company for Third Federal Savings and Loan Association of Cleveland (the "Association"), issued a press release announcing its operating results for the three months and fiscal year ended December 31, 2023. A copy of the press release is attached as Exhibit 99.1 to this Report.
The information contained in this Item 2.02 and in the accompanying exhibit 99.1 shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 5.02Departure of Directors or Certain Officers; Election of Directors, Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Kathleen (Kitty) M. Danckers, the Chief Risk Officer for the Company, announced that she will be retiring from employment in June 2024. Deborah Hand, who has been with the Association since 2008 and currently serves as Chief Credit Officer, will become the new Chief Risk Officer at that time.

Item 9.01Financial Statements and Exhibits.

 (d) Exhibits.    
104        Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  
TFS FINANCIAL CORPORATION
(Registrant)
Date:January 30, 2024  By: /s/ Meredith S. Weil
   Meredith S. Weil
   Chief Financial Officer



Exhibit 99.1
Contact: Jennifer Rosa     (216) 429-5037
For release January 30, 2024

TFS Financial Corporation Announces Earnings for the First Fiscal Quarter 2024
Expense management keeps Company well-positioned during the quarter

(Cleveland, OH - January 30, 2024) - TFS Financial Corporation (NASDAQ: TFSL) (the "Company"), the holding company for Third Federal Savings and Loan Association of Cleveland (the "Association"), today announced results for the quarter ended December 31, 2023.
“Third Federal is well-positioned to withstand the ongoing volatility of the interest rate environment,” said Chairman and CEO Marc A. Stefanski. “We have taken proactive and strategic measures to control expenses, significantly reducing the expense-to-asset ratio from 1.34 percent in December 2022, down to 1.17 percent in December 2023. We will continue to prudently manage our expenses to help safeguard against margin compression and will focus on maintaining the Company’s strong Tier 1 capital ratio of nearly 11 percent to ensure that we remain strong, stable and safe during this challenging rate environment.”
Highlights - First Quarter Fiscal Year 2024
•Reported net income of $20.7 million
•Remained well capitalized, with a Tier 1 leverage ratio of 10.78%
•Paid a $0.2825 dividend
Financial Results for the Quarter ended December 31, 2023 Compared to Prior Quarter
The Company reported net income of $20.7 million for the quarter ended December 31, 2023 compared to $19.5 million for the quarter ended September 30, 2023. The increase in net income was mainly due to a release of provision for credit losses, an increase in non-interest income and a decrease in non-interest expense, partially offset by a decrease in net interest income.
Net interest income decreased $1.3 million, or 2%, to $69.1 million for the quarter ended December 31, 2023, when compared to the quarter ended September 30, 2023 mainly due to the impact of a higher interest rate environment on cost of funds. There was a 36 basis point increase in the average cost of certificates of deposit partially offset by a 15 basis point increase in the average yield on interest-earning assets. The interest rate spread for the quarter ended December 31, 2023 was 1.39% compared to 1.46% for the preceding quarter. The net interest margin was 1.68% for the quarter ended December 31, 2023 and 1.74% for the quarter ended September 30, 2023.
During the quarter ended December 31, 2023, there was a $1.0 million release of provision for credit losses compared to a $0.5 million provision for the quarter ended September 30, 2023. The decrease in provision expense was primarily due to lower growth in loans held for investment due to a slowdown in residential lending. Net loan recoveries were $1.0 million during the quarter ended December 31, 2023 compared to $1.8 million for the prior quarter. The total allowance for credit losses at December 31, 2023 was $94.6 million, or 0.62% of total loans receivable, a $10.2 million decrease from $104.8 million, or 0.69% of total loans receivable, at September 30, 2023. The decrease was due to the adoption of recently issued accounting guidance related to the the accounting for troubled debt restructurings, which resulted in a one-time $7.9 million, net of tax, cumulative effect adjustment to retained earnings. The total allowance for credit losses included a liability for unfunded commitments of $25.5 million at December 31, 2023 and $27.5 million at September 30, 2023.
Total loan delinquencies increased $2.5 million to $25.9 million, or 0.17% of total loans receivable, at December 31, 2023 from $23.4 million, or 0.15% of total loans receivable, at September 30, 2023. Non-accrual loans increased $1.6 million to $33.5 million, or 0.22% of total loans receivable, at December 31, 2023 from $31.9 million, or 0.21% of total loans receivable, at September 30, 2023.
Total non-interest income increased $1.2 million, to $6.3 million, for the quarter ended December 31, 2023 when compared to the quarter ended September 30, 2023. The change was primarily due to increases of $0.6 million in net gain on sale of loans and $1.0 million in benefits realized on bank owned life insurance contracts.
Total non-interest expense for the quarter ended December 31, 2023 decreased $1.2 million from the prior quarter, to $50.3 million, mainly due to a $1.6 million decrease in salaries and employee benefits, partially offset by a $0.6 million increase in marketing costs.


Financial Results for the Quarter ended December 31, 2023 Compared to Same Quarter a Year Ago
The Company reported net income of $20.7 million for the quarter ended December 31, 2023 compared to $22.2 million for the quarter ended December 31, 2022. The decrease in net income was mainly due to a decrease in net interest income, partially offset by an increase in non-interest income and a decrease in non-interest expense.
Net interest income decreased $6.1 million, or 8%, to $69.1 million for the quarter ended December 31, 2023 compared to $75.2 million for the same quarter a year ago. Contributing to this variance was an increase of 176 basis points in the average cost of certificates of deposit, partially offset by a 66 basis point increase in the average yield on loans. The interest rate spread for the quarter ended December 31, 2023 was 1.39% compared to 1.75% for the year-ago quarter. The net interest margin was 1.68% for the quarter ended December 31, 2023 and 1.95% for the quarter ended December 31, 2022.
Total non-interest income increased by $1.1 million, to $6.3 million for the quarter ended December 31, 2023, from $5.2 million for the quarter ended December 31, 2022, mainly due to a $1.0 million increase in benefits realized on bank owned life insurance contracts.
Total non-interest expense decreased $2.9 million, to $50.3 million for the quarter ended December 31, 2023, from $53.2 million for the same quarter a year ago. Variances between the two periods included a $3.3 million decrease in marketing costs, a $1.3 million decrease in salaries and employee benefits and a $1.0 million increase in federal insurance premium and assessments. The decrease in salaries and employee benefits was primarily related to a decrease in benefit costs between the two periods while the increase in FDIC premiums was primarily due to growth in deposits and a two basis point increase in FDIC assessment rates that went into effect on January 1, 2023.
Financial Position at December 31, 2023 Compared to Prior Fiscal Year End
Total assets increased by $135.8 million, or 1%, to $17.05 billion at December 31, 2023 from $16.92 billion at September 30, 2023. This change was mainly the result of increases in cash and cash equivalents and loans held for investment.
Cash and cash equivalents increased by $85.1 million, or 18%, to $551.8 million at December 31, 2023 from $466.7 million at September 30, 2023 due to normal fluctuations.
Loans held for investment, net of deferred loan fees and allowance for credit losses, increased $41.5 million, or less than 1%, to $15.21 billion at December 31, 2023 from $15.17 billion at September 30, 2023. During the quarter ended December 31, 2023, residential core mortgage loans decreased $128.6 million and the home equity loans and lines of credit portfolio increased $167.2 million. During the quarter ended December 31, 2023, repayments and sales of residential mortgage loans held for investment outpaced originations.
The change in loans held for investment was affected by the volume of loan originations and sales. During the quarter ended December 31, 2023, total first mortgage loan originations were $273.0 million compared to $543.6 million for the quarter ended September 30, 2023 and $617.9 million for the quarter ended December 31, 2022. The current period mortgage loan originations included 94% purchase transactions and 30% adjustable rates. Commitments originated for home equity loans and lines of credit were $436.1 million for the quarter ended December 31, 2023 compared to $462.2 million for the quarter ended September 30, 2023 and $858.9 million for the quarter ended December 31, 2022. There were $87.8 million of residential first mortgage loans sold during the quarter ended December 31, 2023.
Deposits increased by $471.2 million, or 5%, to $9.92 billion at December 31, 2023 from $9.45 billion at September 30, 2023. The increase in deposits was the result of a $680.6 million increase in certificates of deposit ("CDs"), offset by a $52.8 million decrease in checking accounts, a $65.3 million decrease in money market accounts and a $99.0 million decrease in savings accounts during the quarter ended December 31, 2023. Total deposits include $1.49 billion and $1.16 billion of brokered CDs at December 31, 2023 and September 30, 2023, respectively. At December 31, 2023, brokered CDs included $875.0 million of three-month certificates of deposit accounts aligned with pay-fixed interest rate swap contracts, with a remaining weighted average effective maturity of approximately 3.6 years.
Borrowed funds decreased $243.1 million, or 5%, to $5.03 billion at December 31, 2023 from $5.27 billion at September 30, 2023. The total balance of borrowed funds at December 31, 2023 consisted of $1.98 billion of long-term advances with a weighted average maturity of approximately 2.3 years and $3.03 billion of three-month advances, aligned with interest rate swap contracts, with a remaining weighted average effective maturity of approximately 3.4 years, all from the Federal Home Loan Bank.
Total shareholders' equity decreased $60.6 million, or 3%, to $1.87 billion at December 31, 2023 from $1.93 billion at September 30, 2023. Activity during the quarter reflects $20.7 million of net income, a $7.9 million adjustment to retained earnings related to a change in accounting principle described above with respect to changes in the allowance for credit losses, a


$75.0 million net decrease in accumulated other comprehensive income, a quarterly dividend of $14.6 million and a net positive adjustment of $0.4 million related to stock compensation and employee stock ownership plans. The change in accumulated other comprehensive income is primarily due to a net negative change in unrealized gains and losses on swap contracts. There were no stock repurchases during the quarter. The Company's eighth stock repurchase program allows for a total of 10,000,000 shares to be repurchased and 4,808,049 shares have been repurchased as of December 31, 2023.
Other Noteworthy Items for the Quarter Ended December 31, 2023
The Company declared and paid a quarterly dividend of $0.2825 per share during the quarter ended December 31, 2023. As a result of a mutual member vote, Third Federal Savings and Loan Association of Cleveland, MHC (the "MHC"), the mutual holding company that owns approximately 81% of the outstanding stock of the Company, was able to waive its receipt of its share of the dividend paid. Under current Federal Reserve regulations, the MHC is required to obtain the approval of its members every 12 months for the MHC to waive its right to receive dividends. As a result of a July 11, 2023 member vote and the subsequent non-objection of the Federal Reserve, the MHC has the approval to waive receipt of up to $1.13 per share of possible dividends to be declared on the Company’s common stock during the twelve months subsequent to the members’ approval (i.e., through July 11, 2024), including a total of up to $0.565 remaining. The MHC has conducted the member vote to approve the dividend waiver each of the past ten years under Federal Reserve regulations and for each of those ten years, approximately 97% of the votes cast were in favor of the waiver.
The Company operates under the capital requirements for the standardized approach of the Basel III capital framework (“Basel III Rules”). At December 31, 2023 all of the Company's capital ratios exceeded the amounts required for the Company to be considered "well capitalized" for regulatory capital purposes. The Company's Tier 1 leverage ratio was 10.78%, its Common Equity Tier 1 and Tier 1 ratios, as calculated under the fully phased-in Basel III Rules, were each 19.02% and its total capital ratio was 19.75%.
Kathleen (Kitty) M. Danckers, the Chief Risk Officer of the Company, announced that she will be retiring from employment in June 2024. Deborah (Debbie) Hand, who has been with the Association since 2008 and has served in various leadership positions, including Chief Credit Officer and as a manager in the Association's default servicing, internet services, escrow, and operational risk departments, will become the new Chief Risk Officer at that time. “Kitty has been an integral part of our organization for 26 years, mentoring and leading with her strong business acumen and communication skills while in her role as the Chief Risk Officer since 2020,” said Chairman and CEO Marc A. Stefanski. “On behalf of our Board, our management team and our associates, I thank her and wish her the best in her retirement. We welcome Debbie into her new responsibilities, and have confidence that her background and her extensive experience in many areas of the Company have prepared her for her new role.”
Presentation slides as of December 31, 2023 will be available on the Company's website, www.thirdfederal.com, under the Investor Relations link within the "Recent Presentations" menu, beginning January 31, 2024. The Company will not be hosting a conference call to discuss its operating results.
Third Federal Savings and Loan Association 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 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.



Forward Looking Statements
     This report contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include, among other things:
●statements of our goals, intentions and expectations;
●statements regarding our business plans and prospects and growth and operating strategies;
●statements concerning trends in our provision for credit losses and charge-offs on loans and off-balance sheet exposures;
●statements regarding the trends in factors affecting our financial condition and results of operations, including credit quality of our loan and investment portfolios; and
●estimates of our risks and future costs and benefits.
     These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:
●significantly increased competition among depository and other financial institutions, including with respect to our ability to charge overdraft fees;
●inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments, or our ability to originate loans;
●general economic conditions, either globally, nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected;
●
the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact on the credit quality of our loans and other assets, and changes in estimates of the allowance for credit losses;
●decreased demand for our products and services and lower revenue and earnings because of a recession or other events;
●changes in consumer spending, borrowing and savings habits;
●adverse changes and volatility in the securities markets, credit markets or real estate markets;
●our ability to manage market risk, credit risk, liquidity risk, reputational risk, regulatory risk and compliance risk;
●our ability to access cost-effective funding;
●changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;
●legislative or regulatory changes that adversely affect our business, including changes in regulatory costs and capital requirements and changes related to our ability to pay dividends and the ability of Third Federal Savings, MHC to waive dividends;
●changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the FASB or the PCAOB;
●the adoption of implementing regulations by a number of different regulatory bodies, and uncertainty in the exact nature, extent and timing of such regulations and the impact they will have on us;
●our ability to enter new markets successfully and take advantage of growth opportunities;
●our ability to retain key employees;
●future adverse developments concerning Fannie Mae or Freddie Mac;
●changes in monetary and fiscal policy of the U.S. Government, including policies of the U.S. Treasury, the Federal Reserve System, Fannie Mae, the OCC, FDIC, and others;
●the continuing governmental efforts to restructure the U.S. financial and regulatory system;
●the ability of the U.S. Government to remain open, function properly and manage federal debt limits;
●changes in policy and/or assessment rates of taxing authorities that adversely affect us or our customers;
●changes in accounting and tax estimates;
●
changes in our organization and changes in expense trends, including but not limited to trends affecting non-performing assets, charge-offs and provisions for credit losses;
●the inability of third-party providers to perform their obligations to us;
●our ability to retain key employees;
●civil unrest;
●cyber-attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems; and
●the impact of wide-spread pandemic, including COVID-19, and related government action, on our business and the economy.
     Because of these and other uncertainties, our actual future results may be materially different from the results indicated by any forward-looking statements. Any forward-looking statement made by us in this report speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.


TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION (unaudited)
(In thousands, except share data)
December 31,
2023		September 30,
2023
ASSETS
Cash and due from banks$45,858 $29,134 
Other interest-earning cash equivalents505,910 437,612 
Cash and cash equivalents551,768 466,746 
Investment securities available for sale525,175 508,324 
Mortgage loans held for sale 1,095 3,260 
Loans held for investment, net:
Mortgage loans15,210,653 15,177,844 
Other loans4,811 4,411 
Deferred loan expenses, net60,862 60,807 
Allowance for credit losses on loans(69,084)(77,315)
Loans, net15,207,242 15,165,747 
Mortgage loan servicing rights, net7,634 7,400 
Federal Home Loan Bank stock, at cost254,700 247,098 
Real estate owned, net1,070 1,444 
Premises, equipment, and software, net34,209 34,708 
Accrued interest receivable55,614 53,910 
Bank owned life insurance contracts311,848 312,072 
Other assets103,436 117,270 
TOTAL ASSETS$17,053,791 $16,917,979 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits$9,921,056 $9,449,820 
Borrowed funds5,030,561 5,273,637 
Borrowers’ advances for insurance and taxes109,093 124,417 
Principal, interest, and related escrow owed on loans serviced29,204 29,811 
Accrued expenses and other liabilities97,150 112,933 
Total liabilities15,187,064 14,990,618 
Commitments and contingent liabilities
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding— — 
Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued3,323 3,323 
Paid-in capital1,750,440 1,755,027 
Treasury stock, at cost(772,195)(776,101)
Unallocated ESOP shares(26,000)(27,084)
Retained earnings—substantially restricted900,973 886,984 
Accumulated other comprehensive income 10,186 85,212 
Total shareholders’ equity1,866,727 1,927,361 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$17,053,791 $16,917,979 




TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share and per share data)
For the three months ended
 December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
INTEREST AND DIVIDEND INCOME:
Loans, including fees$162,035 $154,763 $144,347 $136,835 $129,665 
Investment securities available for sale4,395 4,141 3,712 3,455 3,062 
Other interest and dividend earning assets10,729 9,836 8,598 7,262 6,243 
Total interest and dividend income177,159 168,740 156,657 147,552 138,970 
INTEREST EXPENSE:
Deposits64,326 55,565 48,905 39,876 29,855 
Borrowed funds43,741 42,812 38,973 38,408 33,958 
Total interest expense108,067 98,377 87,878 78,284 63,813 
NET INTEREST INCOME69,092 70,363 68,779 69,268 75,157 
PROVISION (RELEASE) FOR CREDIT LOSSES(1,000)500 — (1,000)(1,000)
NET INTEREST INCOME AFTER PROVISION (RELEASE) FOR CREDIT LOSSES70,092 69,863 68,779 70,268 76,157 
NON-INTEREST INCOME:
Fees and service charges, net of amortization1,748 2,061 1,919 1,924 1,936 
Net gain (loss) on the sale of loans481 (119)21 579 17 
Increase in and death benefits from bank owned life insurance contracts3,191 2,204 2,790 2,123 2,238 
Other895 954 1,113 703 966 
Total non-interest income6,315 5,100 5,843 5,329 5,157 
NON-INTEREST EXPENSE:
Salaries and employee benefits27,116 28,660 25,332 30,390 28,403 
Marketing services4,431 3,881 7,023 6,671 7,713 
Office property, equipment and software6,845 6,886 7,246 6,802 6,800 
Federal insurance premium and assessments3,778 3,629 3,574 3,488 2,761 
State franchise tax1,176 1,185 1,230 1,268 1,208 
Other expenses6,931 7,243 8,472 6,955 6,309 
Total non-interest expense50,277 51,484 52,877 55,574 53,194 
INCOME BEFORE INCOME TAXES26,130 23,479 21,745 20,023 28,120 
INCOME TAX EXPENSE5,423 3,933 4,142 4,115 5,927 
NET INCOME$20,707 $19,546 $17,603 $15,908 $22,193 
Earnings per share - basic and diluted $0.07 $0.07 $0.06 $0.06 $0.08 
Weighted average shares outstanding
Basic277,841,526 277,589,775 277,472,312 277,361,293 277,320,904 
Diluted279,001,898 278,826,441 278,590,810 278,499,145 278,462,937 



TFS FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS (unaudited)
Three Months EndedThree Months EndedThree Months Ended
December 31, 2023September 30, 2023December 31, 2022
 Average
Balance		Interest
Income/
Expense		Yield/
Cost (1)		Average
Balance		Interest
Income/
Expense		Yield/
Cost (1)		Average
Balance		Interest
Income/
Expense		Yield/
Cost (1)
 (Dollars in thousands)
Interest-earning assets:
  Interest-earning cash
equivalents		$398,506 $5,124 5.14 %$370,577 $5,149 5.56 %$354,214 $3,249 3.67 %
  Investment securities64,778 850 5.25 %63,231 781 4.94 %3,618 11 1.22 %
  Mortgage-backed securities444,411 3,545 3.19 %449,351 3,360 2.99 %463,964 3,051 2.63 %
  Loans (2)15,232,349 162,035 4.26 %15,037,776 154,763 4.12 %14,396,685 129,665 3.60 %
  Federal Home Loan Bank stock270,540 5,605 8.29 %247,098 4,687 7.59 %219,282 2,994 5.46 %
Total interest-earning assets16,410,584 177,159 4.32 %16,168,033 168,740 4.17 %15,437,763 138,970 3.60 %
Noninterest-earning assets553,461 503,865 485,380 
Total assets$16,964,045 $16,671,898 $15,923,143 
Interest-bearing liabilities:
  Checking accounts$937,817 118 0.05 %$993,952 125 0.05 %$1,184,896 2,410 0.81 %
  Savings accounts1,721,466 6,912 1.61 %1,869,756 7,864 1.68 %1,766,354 3,707 0.84 %
  Certificates of deposit6,847,482 57,296 3.35 %6,369,734 47,576 2.99 %5,972,924 23,738 1.59 %
  Borrowed funds5,228,239 43,741 3.35 %5,294,285 42,812 3.23 %4,873,145 33,958 2.79 %
Total interest-bearing liabilities14,735,004 108,067 2.93 %14,527,727 98,377 2.71 %13,797,319 63,813 1.85 %
Noninterest-bearing liabilities278,801 226,083 257,353 
Total liabilities15,013,805 14,753,810 14,054,672 
Shareholders’ equity1,950,240 1,918,088 1,868,471 
Total liabilities and shareholders’ equity$16,964,045 $16,671,898 $15,923,143 
Net interest income$69,092 $70,363 $75,157 
Interest rate spread (1)(3)1.39 %1.46 %1.75 %
Net interest-earning assets (4)$1,675,580 $1,640,306 $1,640,444 
Net interest margin (1)(5)1.68 %1.74 %1.95 %
Average interest-earning assets to average interest-bearing liabilities111.37 %111.29 %111.89 %
Selected performance ratios:
Return on average assets (1)0.49 %0.47 %0.56 %
Return on average equity (1)4.25 %4.08 %4.75 %
Average equity to average assets11.50 %11.50 %11.73 %
 
(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.






v3.24.0.1
Document And Entity Information
Jan. 30, 2024
Cover [Abstract]  
Document Period End Date Jan. 30, 2024
Document Type 8-K
Entity Registrant Name TFS FINANCIAL CORPORATION
Entity Incorporation, State or Country Code X1
Entity File Number 001-33390
Entity Tax Identification Number 52-2054948
Entity Address, Address Line One 7007 Broadway Ave.,
Entity Address, City or Town Cleveland,
Entity Address, State or Province OH
Entity Address, Postal Zip Code 44105
City Area Code (216)
Local Phone Number 441-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol TFSL
Security Exchange Name NASDAQ
Entity Central Index Key 0001381668
Amendment Flag false
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