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TFS Financial Corporation (TFSL) said Thursday that it earned of $16 million in the quarter that ended Dec. 31, an increase of 42.9% from the same period 2012.
January 30 -
Sales of loans lifted Third Federal Savings & Loan Association (TFSL) in the company's fiscal first quarter.
January 30
TFS Financial (TFSL) in Cleveland boosted first-quarter profits by 28% as improved credit quality allowed it to chop its loan-loss provision in half.
The $11.5 billion-asset company reported earnings of $16.4 million in the first quarter, or 5 cents per share. Per-share earnings were consistent with the estimates of analysts polled by Bloomberg.
TFS slashed its loan-loss provision in half, to $5 million. Net chargeoffs also fell by almost half, to $6.9 million.
Net interest income ticked up 2%, to $69 million. Interest expenses fell because of lower interest rates on deposits and other factors; that offset a decline in interest income tied to lower yields on interest-earning assets. Its net interest margin was unchanged at 2.48%.
Noninterest income fell 10%, to $5.5 million, as the company took in less revenue from loan sales.
Noninterest expense dipped 0.6%, to $44.9 million.
TFS and its bank, Third Federal Savings and Loan, were released from a