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TFS Financial Corporation (TFSL-0.07%) has filed its 10-Q filing for the quarterly period ended December 31, 2024.
The filing shows total assets of $17.06 billion, a decrease from $17.09 billion at the end of the previous quarter. Cash and cash equivalents increased slightly to $465.9 million.
Investment securities available for sale decreased to $507.7 million. Mortgage loans held for sale also decreased significantly to $0.8 million.
Loans held for investment, net of deferred loan fees and allowance for credit losses, increased to $15.34 billion.
Deposits increased marginally to $10.21 billion, while borrowed funds decreased to $4.66 billion.
Total shareholders’ equity rose to $1.91 billion, reflecting net income of $22.4 million and dividends of $14.8 million.
Net interest income for the quarter was $68.3 million, down slightly from $69.1 million in the same quarter last year.
Interest and dividend income increased to $186.8 million, driven by higher interest income on loans.
Interest expense rose to $118.4 million, primarily due to increased interest on certificates of deposit.
The company recorded a release of $1.5 million from the allowance for credit losses, compared to a release of $1.0 million in the prior year.
Non-interest income increased slightly to $6.5 million, while non-interest expense decreased to $47.9 million.
The provision for income taxes was $6.0 million, up from $5.4 million in the previous year.
The company maintains a liquidity ratio averaging 5.44% and has access to various funding sources, including FHLB advances and brokered CDs.
Capital ratios remain strong, with the company exceeding all regulatory requirements for being 'Well Capitalized'.
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 quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.