TFS Financial in Cleveland posted a double-digit profit increase in the quarter that ended June 30 thanks to a combination of improved credit quality and lower expenses.
The $12.6 billion parent of Third Federal Savings and Loan Association said in a press release Thursday that its net income rose 19.4% in its fiscal third quarter compared with a year earlier, to $20.6 million.
Ongoing improvements in loan performance led to a negative provision for loan losses of $3 million compared to no provision a year earlier.
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TFS Financial in Cleveland reported higher fourth-quarter profit, citing a $1 million negative loan-loss provision.
January 29 -
TFS Financial in Cleveland reported lower second-quarter profit due to increased expenses for a range of matters, including personnel costs.
July 31 -
It's been one hell of a Republican National Convention, complete with accusations of plagiarism and a hostile reception for a rival that refused to endorse Donald Trump, but two bank sponsors see it as an unqualified success in spotlighting their home area.
July 21
Noninterest expenses fell 5.9% to $44.9 million as a result of reductions in marketing costs, the state franchise tax, and federal insurance premium and assessments.
Total loans increased 3.5% to $11.3 billion, while the net interest margin rose 3 basis points to 2.22%. But net interest income remained relatively flat at $67.3 million due to a decline in average earning assets. Noninterest income held steady, at $6.1 million.
