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Jun 30, 2022
TFS Financial Q3 2022 Earnings Report
Reported an increase in net income driven by loan growth and higher interest income.
Key Takeaways
TFS Financial Corporation reported a net income of $17.1 million for the quarter ended June 30, 2022, compared to $15.8 million for the quarter ended March 31, 2022. The increase was supported by higher interest income and holding more originated loans in the portfolio.
Net income increased to $17.1 million.
Net interest rate spread improved to 1.86%.
Loan growth reached $766 million, surpassing the previous quarter's $453 million.
Asset quality remained strong.
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. 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
Positive Outlook
- 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
- estimates of our risks and future costs and benefits
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
- 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