TFS Financial in Cleveland reported lower second-quarter profit due to increased expenses for a range of matters, including personnel costs.
The $12.3 billion-asset holding company for Third Federal Savings and Loan Association of Cleveland said its net income fell 2.1% to $17.3 million, or 6 cents per share
Net interest income fell 0.4% to $67.6 million. The net interest margin tightened 22 basis points to 2.19%.
Noninterest income rose 7.3% to $6.1 million on a higher net gain on loan sales, which rose to $1.5 million.
Noninterest expense rose 11.7% to $47.8 million. The cost of marketing services soared 106.2% to $7.2 million. TFS also spent more on salaries and employee benefits, office property and equipment, and federal insurance premiums and assessments.