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Sep 30, 2020
TFS Financial Q4 2020 Earnings Report
Reported net income and remained resilient amidst the pandemic and economic uncertainty.
Key Takeaways
TFS Financial Corporation reported a net income of $13.6 million for the quarter ended September 30, 2020, compared to $21.5 million for the same quarter in the previous year. The decrease in net income for the quarter was attributed to prepayment fees and additional interest expense from the early termination of certain Federal Home Loan Bank (FHLB) term borrowings and related interest rate swap agreements. Despite the quarterly decrease, the company saw an increase in net income for the fiscal year, driven by higher net gain on loan sales, the company's share of net gain from the sale of commercial property, lower non-interest expense, and a lower effective tax rate.
Net income for the quarter ended September 30, 2020 was $13.6 million, down from $21.5 million in the same quarter of 2019.
Net interest income was $50.2 million, compared to $64.3 million for the quarter ended September 30, 2019.
Non-interest income increased to $17.1 million from $5.8 million in the prior year quarter, primarily due to a rise in net gain on the sale of loans.
Total assets increased to $14.64 billion at September 30, 2020, from $14.54 billion at September 30, 2019.
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.