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Jun 30, 2024
TFS Financial Q3 2024 Earnings Report
TFS Financial reported net income of $20.0 million, with retail deposit growth of 6% and loan originations of $2.2 billion.
Key Takeaways
TFS Financial Corporation reported a net income of $20.0 million for the quarter ended June 30, 2024. Despite higher interest rates and economic uncertainty, earnings are more than 10% higher this year than last year. Retail deposit growth was 6% and loan originations totaled $2.2 billion with an average yield of 7.31%. Expense management resulted in a 5% reduction from 2023, and capital ratios continue to exceed the amounts required to be well capitalized.
Net income was $20.0 million for the quarter ended June 30, 2024.
Retail deposit growth was 6% in the last three months.
Loan originations totaled $2.2 billion with an average yield of 7.31%.
Expense management resulted in a 5% reduction from 2023.
TFS Financial
TFS Financial
Forward Guidance
This report contains forward-looking statements that are subject to significant risks, assumptions and uncertainties.
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
- Our ability to enter new markets successfully and take advantage of growth opportunities
- Our ability to retain key employees
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
- Our ability to access cost-effective funding