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TFS Financial Corporation (TFSL+0.32%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing total assets of $17.09 billion, an increase from $16.92 billion in the previous year. The growth is attributed to new loan originations exceeding loan sales and repayments.
Net income for the year was $79.6 million, up from $75.3 million in the previous year, primarily due to lower non-interest expenses and increased non-interest income.
Interest and dividend income increased to $734.1 million from $611.9 million, driven by higher yields on loans and an increase in average loan balances.
Interest expense rose to $455.6 million from $328.4 million, largely due to increased costs on deposits and borrowings.
Net interest income decreased slightly to $278.5 million from $283.6 million, with the net interest margin declining to 1.69% from 1.80%.
Non-interest income rose to $24.7 million from $21.4 million, with gains on loan sales contributing to the increase.
Non-interest expenses decreased to $204.3 million from $213.1 million, reflecting cost containment measures.
The company's Tier 1 (leverage) capital ratio was 10.89%, and the Tier 1 capital to risk-weighted assets ratio was 18.50%, indicating a strong capital position.
Deposits totaled $10.20 billion, with CDs accounting for 78.7% of total deposits.
Borrowed funds decreased to $4.79 billion from $5.27 billion, with the company managing its liquidity and interest costs.
The company continues to focus on controlling interest rate risk, managing credit risk, maintaining liquidity, and controlling operating expenses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TFS Financial Corporation annual 10-K report dated November 22, 2024. To report an error, please email earnings@qz.com.