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Mar 31, 2021
TFS Financial Q2 2021 Earnings Report
Reported an increase in net income due to higher net gain on loan sales and releases from credit loss allowance, despite a decrease in net interest income.
Key Takeaways
TFS Financial Corporation reported a net income of $23.0 million for the quarter ended March 31, 2021, compared to $17.3 million for the same quarter in the previous year. The increase was primarily driven by higher net gains on loan sales and releases from the allowance for credit losses, which were partially offset by a decrease in net interest income and an increased income tax provision.
Net income increased to $23.0 million for the quarter ended March 31, 2021, from $17.3 million for the quarter ended March 31, 2020.
Net interest income was $58.4 million for the quarter ended March 31, 2021, compared to $65.0 million for the quarter ended March 31, 2020.
A credit of $4.0 million was recorded to the allowance for credit losses during the quarter ended March 31, 2021, compared to a provision of $6.0 million for the quarter ended March 31, 2020.
Total assets decreased to $14.46 billion at March 31, 2021, from $14.64 billion at September 30, 2020.
TFS Financial
TFS Financial
Forward Guidance
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.