The newly public TFS Financial Corp. in Cleveland said Tuesday that it swung to a $17.3 million loss in its fiscal third quarter, which ended June 30, after earning $14.7 million a year earlier.
The parent of the $10 billion-asset Third Federal Savings and Loan Association completed a stock offering April 20 that raised $886 million of capital.
TFS said its earnings suffered because it made a $55 million pretax contribution to establish its Third Federal Foundation as part of the offering.
Noninterest expenses more than tripled, to $88.7 million.
The loan-loss provision more than doubled, to $2.1 million. Nonperforming loans increased about 32%, to $95.9 million, including $14.6 million of loans originated through the Home Today program for nonconforming borrowers.
