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Mar 31, 2024
TFS Financial Q2 2024 Earnings Report
Reported a net income consistent with the prior quarter, driven by an increase in net interest income offset by a rise in non-interest expenses.
Key Takeaways
TFS Financial Corporation announced its Q2 2024 earnings, reporting a net income of $20.7 million, consistent with the previous quarter. The company's Tier 1 capital ratio stands at nearly 11%, with a focus on single-family, owner-occupied mortgages. Deposits have grown by $500 million in the first six months of the fiscal year, and the company is managing costs effectively in a challenging rate environment.
Net income remained consistent at $20.7 million compared to the previous quarter.
Net interest income increased by $2.3 million, or 3%, reaching $71.4 million.
Total non-interest expenses increased by $1.9 million, or 4%, to $52.2 million.
Total assets decreased slightly by $36.6 million to $17.02 billion.
TFS Financial
TFS Financial
Forward Guidance
This report contains forward-looking statements that are subject to significant risks, assumptions, and uncertainties, including competition, economic conditions, interest rate environment, and regulatory changes. Actual future results may be materially different from the results indicated by any forward-looking statements.
Positive Outlook
- Statements of goals, intentions and expectations
- Statements regarding business plans and prospects and growth and operating strategies
- Estimates of risks and future costs and benefits
- Ability to manage market risk, credit risk, liquidity risk, reputational risk, regulatory risk and compliance risk
- Ability to access cost-effective funding
Challenges Ahead
- 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
- 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
- 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