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Growth in Loan Originations, Strong Borrower Credit Highlight Successful Year for TFS Financial Corporation

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CLEVELAND, October 28, 2021--(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 results for the three months and fiscal year ended September 30, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211028006198/en/

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

The Company reported net income of $17.0 million for the quarter ended September 30, 2021 compared to net income of $13.6 million for the quarter ended September 30, 2020. The improvement when compared to the prior year quarter included an increase in net interest income and lower non-interest expense, partially offset by lower net gain on the sale of loans. Net income of $81.0 million was reported for the fiscal year ended September 30, 2021 compared to net income of $83.3 million for the fiscal year ended September 30, 2020. A decline in net interest income and higher non-interest expense for the current fiscal year offset the benefit of higher non-interest income and releases from the credit loss provision.

"Even after a year of unprecedented loan activity in 2020, our originations in 2021 were up 20 percent," said Chairman and CEO, Marc A. Stefanski. "In addition, the credit profile of our current customers, and those with mortgages in the pipeline, has been another source of strength during both this last quarter and our fiscal year."

Loan origination volumes remained high, as there were $3.63 billion of first mortgage loans originated during the fiscal year ended September 30, 2021 and $3.08 billion for the fiscal year ended September 30, 2020. New equity line of credit commitments were $1.65 billion and $1.23 billion, respectively, for the fiscal years ended September 30, 2021 and September 30, 2020. During the fiscal year ended September 30, 2021, $762.3 million of loans were sold for a net gain of $33.1 million compared to $844.3 million sold for a net gain of $28.4 million during the fiscal year ended September 30, 2020. By comparison, loan sales were $117.3 million for a gain of $1.9 million during the fiscal year ended September 30, 2019.

Net interest income increased $0.3 million, or 0.6%, to $57.4 million for the quarter ended September 30, 2021 from $57.1 million for the quarter ended June 30, 2021. Net interest income was $50.2 million for the quarter ended September 30, 2020. Net interest income decreased by $10.7 million, or 4.4%, to $231.6 million, for the fiscal year ended September 30, 2021 from $242.3 million for the fiscal year ended September 30, 2020. The decrease between fiscal years was primarily due to lower yields on loans as many borrowers refinanced to take advantage of the lower rate environment and a decrease in the average balances of loans due to loan sales and payoffs. In addition, the increase in lower yielding cash equivalent investments was a detriment to the overall yield on assets. Funding costs declined, partially offsetting the decrease in yield, through a reduction in the average balance of borrowed funds, including maturities and prior year terminations of Federal Home Loan Bank ("FHLB") advances and their related swap contracts; the repricing of certificates of deposit, as they mature, to market rates of interest; and a heightened migration to lower-priced non-maturity deposit accounts from certificates of deposit due to historically low yield differentials. The quarter and year ended September 30, 2020 included $7.8 million of additional interest expense recognized on the terminations of advances and related swap contracts. The interest rate spread was 1.52% for both the fiscal years ended September 30, 2021 and September 30, 2020. The net interest margin was 1.66% and 1.69% for the fiscal years ended September 30, 2021 and September 30, 2020, respectively.

During the quarter ended September 30, 2021, a $2.0 million release of provision from the allowance for credit losses was recognized, bringing the total release of provision for the fiscal year to $9.0 million. A provision of $3.0 million was recorded for the prior fiscal year, with no provision during the quarter ended September 30, 2020. Releases from the allowance for credit losses during the recent fiscal year were primarily due to recoveries exceeding charge-offs and improvements in the economic trends and forecasts used to estimate credit losses for the reasonable and supportable period. On October 1, 2020, the Company adopted the Current Expected Credit Loss ("CECL") methodology and recognized a $46.2 million increase to the allowance for credit losses and a related $35.8 million reduction to retained earnings, net of tax. The allowance for credit losses was $89.3 million, or 0.71% of total loans receivable, at September 30, 2021 and included a $25.0 million liability for unfunded commitments. At September 30, 2020, the allowance for credit losses was $46.9 million, or 0.36% of total loans receivable. The Company recorded $1.5 million and $5.2 million of net loan recoveries for the quarter and fiscal year ended September 30, 2021, respectively, compared to $1.4 million and $5.0 million of net loan recoveries for the quarter and fiscal year ended September 30, 2020, respectively.

Total loan delinquencies decreased $3.5 million to $24.7 million, or 0.20% of total loans receivable, at September 30, 2021 from $28.2 million, or 0.21% of total loans receivable, at September 30, 2020. Delinquencies at September 30, 2021 included a $2.1 million decrease in delinquencies on residential mortgages and a $1.3 million decrease on home equity loans and lines of credit when compared to September 30, 2020. Non-accrual loans decreased $9.4 million to $44.0 million, or 0.35% of total loans, at September 30, 2021 from $53.4 million, or 0.41% of total loans, at September 30, 2020.

At September 30, 2021, there were $21.8 million, or 0.17% of total loans receivable, in COVID-19 forbearance plans compared to $165.6 million, or 1.26% of total loans receivable, at September 30, 2020. Total troubled debt restructurings decreased $14.2 million, to $127.1 million at September 30, 2021, from $141.3 million at September 30, 2020. COVID-19 forbearance plans are not generally classified as troubled debt restructurings.

Non-interest income decreased $8.4 million to $8.7 million for the quarter ended September 30, 2021 from $17.1 million for the quarter ended September 30, 2020. The decrease was primarily due to a $7.2 million decrease in net gain on the sale of loans and a $1.1 million reduction in the fair value of interest rate lock commitments on mortgage loans originated for sale, both related to pricing movement in the secondary mortgage market. Non-interest income increased $2.0 million to $55.3 million for the fiscal year ended September 30, 2021 from $53.3 million for the fiscal year ended September 30, 2020, mainly due to increases in the net gain on the sale of loans and in the cash surrender value and death benefits on bank owned life insurance contracts. These increases were offset by a decrease in other non-interest income which, in the previous fiscal year, included $4.7 million of net gain on the sale of commercial property.

Total non-interest expense decreased $3.2 million to $47.4 million for quarter ended September 30, 2021 from $50.6 million for the quarter ended September 30, 2020, primarily due to a $3.5 million decrease in other operating expenses. This included a $2.2 million net positive change in pension expense/benefit and no fees for termination of borrowings and swap contracts compared to $1.1 million in fees during the same quarter last year. Total non-interest expense increased $3.5 million to $195.8 million for the fiscal year ended September 30, 2021 from $192.3 million for the fiscal year ended September 30, 2020, with increases in salary and employee benefits and marketing expense being the main reason. The increase in salary and benefits was spread between associate compensation, group health insurance, stock benefit plan expense, and a one-time $1,500 after-tax bonus paid to each associate during the first quarter of fiscal year 2021 in recognition of special efforts made during the pandemic crisis. The increase in marketing expense was timing related, as some marketing efforts were delayed during the previous fiscal year, in response to COVID-19.

Total assets decreased by $584.8 million, or 4.0%, to $14.06 billion at September 30, 2021 from $14.64 billion at September 30, 2020. This change was mainly due to the combination of loan sales and principal repayments on loans exceeding the total of new loan originations and the impact of adopting CECL, partially offset by an increase in bank owned life insurance contracts.

The combination of loans held for investment, net of allowance and deferred loan expenses, and mortgage loans held for sale decreased $622.1 million, or 4.7%, to $12.52 billion at September 30, 2021 from $13.14 billion at September 30, 2020, reflecting the impact of prepayments and increased loan sales during the fiscal year. The residential core mortgage loan portfolio, including loans held for sale, decreased $587.6 million during the fiscal year, to $10.28 billion. At September 30, 2021, 45% of the residential mortgage loan portfolio were adjustable rate mortgages and 13% were fixed rate mortgages originated with terms of 10 years or less. The drawn balances of the home equity loans and lines of credit portfolio decreased $18.0 million, to $2.21 billion, during the fiscal year ended September 30, 2021.

Total bank owned life insurance contracts increased $74.4 million, to $297.3 million at September 30, 2021, from $222.9 million at September 30, 2020, primarily due to $70 million of additional premiums placed during the current fiscal year.

Deposits decreased $231.9 million, or 2.5%, to $8.99 billion at September 30, 2021 from $9.23 billion at September 30, 2020. The decrease was the result of a $567.5 million decrease in our certificates of deposit ("CDs"), partially offset by a $136.2 million increase in our checking accounts, a $157.1 million increase in our savings accounts and $43.5 million of growth in our money market deposit accounts, for the fiscal year ended September 30, 2021. Total deposits included $492.0 million and $553.9 million of brokered CDs at September 30, 2021 and September 30, 2020, respectively.

Borrowed funds, all from the FHLB, decreased $429.9 million, or 12.2%, to $3.09 billion at September 30, 2021 from $3.52 billion at September 30, 2020. Included in the decrease were $525.0 million of 90 day advances that were utilized for longer term interest rate swap contracts that matured during the year and were paid off from available cash, partially offset by a $95.2 million net increase in long term advances.

Total shareholders' equity increased $60.4 million, or 3.6%, to $1.73 billion at September 30, 2021 from $1.67 billion at September 30, 2020. Activity reflects $81.0 million of net income, a $64.2 million decrease in accumulated other comprehensive loss and $8.1 million of positive adjustments related to our stock compensation and employee stock ownership plans, reduced by $57.1 million of quarterly dividends and a $35.8 million provision to the allowance for credit losses, net of tax, with the adoption of CECL. The decrease in accumulated other comprehensive loss is primarily due to a net positive change in unrealized gains and losses on swap contracts. No shares of our common stock were repurchased during the fiscal year ended September 30, 2021.

The Company declared and paid a quarterly dividend of $0.2825 per share during the fourth fiscal quarter of 2021 and a quarterly dividend of $0.28 per share during the first, second and third fiscal quarters of 2021. 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 receipt of its share of each 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 13, 2021 member vote and the subsequent non-objection of the Federal Reserve, the MHC has the approval to waive the 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 13, 2022), including a total of up to $0.8475 during the three quarters ending December 31, 2021, March 31, 2022 and June 30, 2022, to be declared at the discretion of the Company's board of directors. The MHC has conducted the member vote to approve the dividend waiver each of the past eight years under Federal Reserve regulations and for each of those eight years, approximately 97% of the votes cast were in favor of the waiver.

The Association operates under the capital requirements for the standardized approach of the Basel III capital framework for U.S. banking organizations ("Basel III Rules"). At September 30, 2021 all of the Association's capital ratios substantially exceed the amounts required for the Association to be considered "well capitalized" for regulatory capital purposes. The Association’s Tier 1 leverage ratio was 11.15%, its Common Equity Tier 1 and Tier 1 ratios, as calculated under the fully phased-in Basel III Rules, were each 20.43% and its total capital ratio was 21.00%. Additionally, the Company's Tier 1 leverage ratio was 12.65%, its Common Equity Tier 1 and Tier 1 ratios were each 23.18% and its total capital ratio was 23.75%. The current capital ratios of the Association reflect the dilutive impact of $55.0 million of dividends that the Association paid to the Company, its sole shareholder, during the quarter ended December 31, 2020. Because of its intercompany nature, these dividends had no impact on the Company's capital ratios or its consolidated statement of condition.

Presentation slides as of September 30, 2021 will be available on the Company's website, www.thirdfederal.com, under the Investor Relations link within the "Recent Presentations" menu, beginning October 29, 2021. 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 80th anniversary in May, 2018. 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, seven lending offices in Central and Southern Ohio, and 16 full service branches throughout Florida. As of September 30, 2021, the Company’s assets totaled $14.06 billion.

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:

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:

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)

September 30,
2021

September 30,
2020

ASSETS

Cash and due from banks

$

27,346

$

25,270

Other interest-earning cash equivalents

460,980

472,763

Cash and cash equivalents

488,326

498,033

Investment securities available for sale (amortized cost $420,542 and $447,384, respectively)

421,783

453,438

Mortgage loans held for sale ($0 and $36,078 measured at fair value, respectively)

8,848

36,871

Loans held for investment, net:

Mortgage loans

12,525,687

13,104,959

Other loans

2,778

2,581

Deferred loan expenses, net

44,859

42,459

Allowance for credit losses on loans

(64,289

)

(46,937

)

Loans, net

12,509,035

13,103,062

Mortgage loan servicing rights, net

8,941

7,860

Federal Home Loan Bank stock, at cost

162,783

136,793

Real estate owned, net

289

185

Premises, equipment, and software, net

37,420

41,594

Accrued interest receivable

31,107

36,634

Bank owned life insurance contracts

297,332

222,919

Other assets

91,586

104,832

TOTAL ASSETS

$

14,057,450

$

14,642,221

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

$

8,993,605

$

9,225,554

Borrowed funds

3,091,815

3,521,745

Borrowers’ advances for insurance and taxes

109,633

111,536

Principal, interest, and related escrow owed on loans serviced

41,476

45,895

Accrued expenses and other liabilities

88,641

65,638

Total liabilities

12,325,170

12,970,368

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 issued; 280,761,299 and 280,150,006 outstanding at September 30, 2021 and September 30, 2020, respectively

3,323

3,323

Paid-in capital

1,746,887

1,742,714

Treasury stock, at cost; 51,557,451 and 52,168,744 shares at September 30, 2021 and September 30, 2020, respectively

(768,035

)

(767,649

)

Unallocated ESOP shares

(35,751

)

(40,084

)

Retained earnings—substantially restricted

853,657

865,514

Accumulated other comprehensive loss

(67,801

)

(131,965

)

Total shareholders’ equity

1,732,280

1,671,853

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

14,057,450

$

14,642,221

TFS FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(In thousands, except share and per share data)

For the Three Months Ended

For the Year Ended

September 30,

September 30,

2021

2020

2021

2020

INTEREST AND DIVIDEND INCOME:

Loans, including fees

$

92,002

$

103,430

$

381,887

$

440,697

Investment securities available for sale

1,041

1,535

3,822

9,707

Other interest and dividend earning assets

1,033

797

3,642

4,894

Total interest and dividend income

94,076

105,762

389,351

455,298

INTEREST EXPENSE:

Deposits

21,617

31,379

97,319

140,242

Borrowed funds

15,061

24,217

60,402

72,788

Total interest expense

36,678

55,596

157,721

213,030

NET INTEREST INCOME

57,398

50,166

231,630

242,268

PROVISION (RELEASE) FOR CREDIT LOSSES

(2,000

)

(9,000

)

3,000

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

59,398

50,166

240,630

239,268

NON-INTEREST INCOME:

Fees and service charges, net of amortization

2,156

2,363

9,602

8,798

Net gain on the sale of loans

4,305

11,536

33,082

28,443

Increase in and death benefits from bank owned life insurance contracts

2,146

1,572

9,961

7,153

Other

74

1,581

2,654

8,857

Total non-interest income

8,681

17,052

55,299

53,251

NON-INTEREST EXPENSE:

Salaries and employee benefits

26,912

25,967

108,867

104,008

Marketing services

4,043

4,349

19,174

16,512

Office property, equipment and software

6,453

6,439

25,710

25,296

Federal insurance premium and assessments

2,233

2,438

9,085

10,625

State franchise tax

1,202

1,176

4,663

4,690

Other expenses

6,603

10,194

28,336

31,143

Total non-interest expense

47,446

50,563

195,835

192,274

INCOME BEFORE INCOME TAXES

20,633

16,655

100,094

100,245

INCOME TAX EXPENSE

3,618

3,077

19,087

16,928

NET INCOME

$

17,015

$

13,578

$

81,007

$

83,317

Earnings per share

Basic

$

0.06

$

0.05

$

0.29

$

0.30

Diluted

$

0.06

$

0.05

$

0.29

$

0.29

Weighted average shares outstanding

Basic

276,982,904

276,069,983

276,694,594

275,859,660

Diluted

278,880,379

277,704,691

278,576,254

277,803,058

TFS FINANCIAL CORPORATION AND SUBSIDIARIES

AVERAGE BALANCES AND YIELDS (unaudited)

Three Months Ended

Three Months Ended

September 30, 2021

September 30, 2020

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

$

570,903

$

221

0.15

%

$

466,487

$

118

0.10

%

Mortgage-backed securities

417,320

1,041

1.00

%

484,596

1,535

1.27

%

Loans (2)

12,544,760

92,002

2.93

%

13,265,564

103,430

3.12

%

Federal Home Loan Bank stock

162,783

812

2.00

%

136,793

679

1.99

%

Total interest-earning assets

13,695,766

94,076

2.75

%

14,353,440

105,762

2.95

%

Noninterest-earning assets

533,988

580,574

Total assets

$

14,229,754

$

14,934,014

Interest-bearing liabilities:

Checking accounts

$

1,117,897

263

0.09

%

$

981,012

310

0.13

%

Savings accounts

1,805,394

645

0.14

%

1,588,923

1,019

0.26

%

Certificates of deposit

6,144,461

20,709

1.35

%

6,681,372

30,050

1.80

%

Borrowed funds

3,146,515

15,061

1.91

%

3,657,533

24,217

2.65

%

Total interest-bearing liabilities

12,214,267

36,678

1.20

%

12,908,840

55,596

1.72

%

Noninterest-bearing liabilities

289,573

337,437

Total liabilities

12,503,840

13,246,277

Shareholders’ equity

1,725,914

1,687,737

Total liabilities and shareholders’ equity

$

14,229,754

$

14,934,014

Net interest income

$

57,398

$

50,166

Interest rate spread (1)(3)

1.55

%

1.23

%

Net interest-earning assets (4)

$

1,481,499

$

1,444,600

Net interest margin (1)(5)

1.68

%

1.40

%

Average interest-earning assets to average interest-bearing liabilities

112.13

%

111.19

%

Selected performance ratios:

Return on average assets (1)

0.48

%

0.36

%

Return on average equity (1)

3.94

%

3.22

%

Average equity to average assets

12.13

%

11.30

%

(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.

TFS FINANCIAL CORPORATION AND SUBSIDIARIES

AVERAGE BALANCES AND YIELDS (unaudited)

Year Ended

Year Ended

September 30, 2021

September 30, 2020

Average
Balance

Interest
Income/
Expense

Yield/
Cost

Average
Balance

Interest
Income/
Expense

Yield/
Cost

(Dollars in thousands)

Interest-earning assets:

Interest-earning cash

equivalents

$

567,035

$

673

0.12

%

$

307,902

$

1,909

0.62

%

Mortgage-backed securities

428,590

3,822

0.89

%

527,195

9,707

1.84

%

Loans (1)

12,800,542

381,887

2.98

%

13,366,447

440,697

3.30

%

Federal Home Loan Bank stock

155,322

2,969

1.91

%

120,011

2,985

2.49

%

Total interest-earning assets

13,951,489

389,351

2.79

%

14,321,555

455,298

3.18

%

Noninterest-earning assets

532,786

540,421

Total assets

$

14,484,275

$

14,861,976

Interest-bearing liabilities:

Checking accounts

$

1,079,699

1,140

0.11

%

$

917,552

1,477

0.16

%

Savings accounts

1,742,042

2,992

0.17

%

1,530,977

7,775

0.51

%

Certificates of deposit

6,339,412

93,187

1.47

%

6,621,289

130,990

1.98

%

Borrowed funds

3,303,925

60,402

1.83

%

3,785,026

72,788

1.92

%

Total interest-bearing liabilities

12,465,078

157,721

1.27

%

12,854,844

213,030

1.66

%

Noninterest-bearing liabilities

321,958

298,520

Total liabilities

12,787,036

13,153,364

Shareholders’ equity

1,697,239

1,708,612

Total liabilities and shareholders’ equity

$

14,484,275

$

14,861,976

Net interest income

$

231,630

$

242,268

Interest rate spread (2)

1.52

%

1.52

%

Net interest-earning assets (3)

$

1,486,411

$

1,466,711

Net interest margin (4)

1.66

%

1.69

%

Average interest-earning assets to average interest-bearing liabilities

111.92

%

111.41

%

Selected performance ratios:

Return on average assets

0.56

%

0.56

%

Return on average equity

4.77

%

4.88

%

Average equity to average assets

11.72

%

11.50

%

(1)

Loans include both mortgage loans held for sale and loans held for investment.

(2)

Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(3)

Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4)

Net interest margin represents net interest income divided by total interest-earning assets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028006198/en/

Contacts

Jennifer Rosa
(216) 429-5037

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