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Dec 31, 2020
TFS Financial Q1 2021 Earnings Report
Reported net income of $25.0 million for the quarter ended December 31, 2020.
Key Takeaways
TFS Financial Corporation reported a net income of $25.0 million for the quarter ended December 31, 2020, compared to $25.6 million for the quarter ended December 31, 2019. The results were driven by a decrease in net interest income, an increase in other operating expenses, and an increase in non-interest income, which was bolstered by increased net gains on the sale of loans.
Net income for the quarter was $25.0 million, a slight decrease compared to $25.6 million in the same quarter last year.
Net interest income decreased by $5.5 million to $58.7 million due to a reduction in the yield on interest-earning assets.
Non-interest income increased by $9.6 million to $21.5 million, driven by higher net gains on the sale of loans.
Total assets decreased slightly to $14.57 billion at December 31, 2020, from $14.64 billion at September 30, 2020.
Forward Guidance
This report contains forward-looking statements that are subject to significant risks, assumptions, and uncertainties, including competition, interest rate changes, economic conditions, and regulatory changes.
Positive Outlook
- Statements of our goals, intentions and expectations
- Statements regarding our business plans and prospects and growth and operating strategies
- Estimates of our risks and future costs and benefits
- Our ability to enter new markets successfully and take advantage of growth opportunities, and the possible short-term dilutive effect of potential acquisitions or de novo branches, if any
- Our ability to retain key employees
Challenges Ahead
- Significantly increased competition among depository and other financial institutions
- Inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments
- General economic conditions, either globally, nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected
Historical Earnings Impact
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Avg. Return Before/After Earnings
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