TFS Financial Corp. Files 2024 Annual Report

TL;DR

TFSL filed its 2024 10-K. All systems go.

AI Summary

TFS Financial Corp. filed its 10-K for the fiscal year ending September 30, 2024. The company, headquartered in Cleveland, Ohio, operates as a federally chartered savings institution. The filing details its financial performance and business operations, with the company's fiscal year ending on September 30th annually.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of TFS Financial Corp.'s financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: low — This is a standard annual report filing for a publicly traded company, providing routine financial disclosures.

Key Numbers

• 280,710,854 — Total Assets (Indicates the overall size of the company's asset base as of the fiscal year end.)

Key Players & Entities

• TFS Financial Corp. (company) — Filer of the 10-K
• 09302024 (date) — Fiscal year end date
• 0001381668-24-000142 (other) — Accession number for the filing
• CLEVELAND (location) — City of company headquarters
• OH (location) — State of company headquarters

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share TFSL The NASDAQ Stock Market,
• $886 million — ublic stock offering were approximately $886 million and reflected the costs we incurred in
• $106.5 million — in completing the offering as well as a $106.5 million loan to the ESOP related to its acquisi
• $9.2 m — apital, Inc. had consolidated assets of $9.2 million, and for the fiscal year ended Se
• $0.2 million — al, Inc. had consolidated net income of $0.2 million. Third Capital, Inc. has no separate op
• $5.72 billion — ublicly available), the Association had $5.72 billion of deposits in Cuyahoga County, and ran
• $7.35 billion — %. As of that date, the Association had $7.35 billion of deposits in the State of Ohio, and r
• $2.83 billion — ublicly available), the Association had $2.83 billion of deposits in the State of Florida, an
• $11.43 b — e residential real estate loans totaled $11.43 billion, or 74.5% of our loan portfolio,
• $3.32 b — io, home equity lines of credit totaled $3.32 billion, or 21.7% of our loan portfolio,
• $560.9 m — e equity loans and bridge loans totaled $560.9 million, or 3.7% of our loan portfolio, a
• $21.7 m — residential construction loans totaled $21.7 million, or 0.2% of our loan portfolio. A
• $4.38 billion — al estate, first mortgage loans totaled $4.38 billion and comprised 28.5% of our loan portfol

Filing Documents

• tfsl-20240930.htm (10-K) — 4528KB
• tfslfy24septex19.htm (EX-19) — 72KB
• tfslfy24septex211.htm (EX-21.1) — 6KB
• tfslfy24septex231.htm (EX-23.1) — 2KB
• tfslfy24septex311.htm (EX-31.1) — 11KB
• tfslfy24septex312.htm (EX-31.2) — 11KB
• tfslfy24septex32.htm (EX-32) — 9KB
• tfslfy24septex97.htm (EX-97) — 18KB
• tfsl-20240930_g1.jpg (GRAPHIC) — 133KB
• 0001381668-24-000142.txt ( ) — 23354KB
• tfsl-20240930.xsd (EX-101.SCH) — 108KB
• tfsl-20240930_cal.xml (EX-101.CAL) — 137KB
• tfsl-20240930_def.xml (EX-101.DEF) — 959KB
• tfsl-20240930_lab.xml (EX-101.LAB) — 1453KB
• tfsl-20240930_pre.xml (EX-101.PRE) — 1261KB
• tfsl-20240930_htm.xml (XML) — 4433KB

Risk Factors

Item 1A. Risk Factors 34

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 44 Item 1C. C ybersecurity 45

Properties

Item 2. Properties 44

Legal Proceedings

Item 3. Legal Proceedings 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45

[Reserved]

Item 6. [Reserved] 46

Management's Discussion and Analysis of Financial Condition and Results of Operation

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation 47

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 62

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 65

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 65

Controls and Procedures

Item 9A. Controls and Procedures 65

Other Information

Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 68

Executive Compensation

Item 11. Executive Compensation 70

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 70

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 70

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 70 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 70

Form 10-K Summary

Item 16. Form 10-K Summary 71 FORM 10-K EXHIBIT INDEX 122

SIGNATURES

SIGNATURES 124 2 Table of Contents GLOSSARY OF TERMS TFS Financial Corporation provides the following list of acronyms and other terms as a tool for the reader. The acronyms and other terms identified below are used throughout the document. ACL: Allowance for Credit Losses FDIC: Federal Deposit Insurance Corporation AOCI: Accumulated Other Comprehensive Income FDM: Financial Difficulty Modification ARM: Adjustable-Rate Mortgage FHA: Fair Housing Act ASC: Accounting Standards Codification FHFA: Federal Housing Finance Agency ASU: Accounting Standards Update FHLB : Federal Home Loan Bank Association: Third Federal Savings and Loan FICO: Fair Isaac Corporation Association of Cleveland FRB-Cleveland: Federal Reserve Bank of Cleveland BOLI: Bank Owned Life Insurance Freddie Mac: Federal Home Loan Mortgage Corporation BSA: Bank Secrecy Act FRS: Board of Governors of the Federal Reserve System CDs: Certificates of Deposit GAAP: Generally Accepted Accounting Principles CECL: Current Expected Credit Losses Ginnie Mae: Government National Mortgage Association CEO: Chief Executive Officer GVA: General Valuation Allowance CET1 : Common Equity Tier 1 HOLA: Home Owners' Loan Act CFO: Chief Financial Officer HPI: Home Price Index CFPB: Consumer Financial Protection Bureau IRR: Interest Rate Risk CIO: Chief Information Officer ISO : Information Security Officer CLTV: Combined Loan-to-Value IVA: Individual Valuation Allowance Company: TFS Financial Corporation and its subsidiaries LDI: Liability Driven Investment COSO: Committee of Sponsoring Organizations of the LIBOR: London Interbank Offer Rate Treadway Commission LIHTC: Low Income Housing Tax Credit CRA: Community Reinvestment Act LIP: Loans-in-Process CRO: Chief Risk Officer LTV: Loan-to-Value CSO: Chief Security Officer MMK: Money Market Account CXO: Chief Experience Officer NII: Net Interest Income DFA: Dodd-Frank Wall Street Reform and Consumer

Forward Looking Statements

Forward Looking Statements This report contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include, among other things: estimates of our risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events: significantly increased competition among depository and other financial institutions, including with respect to our ability to charge overdraft fees; inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments, or our ability to originate loans; general economic conditions, either globally, nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected; the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact on the credit quality of our loans and other assets, and changes in estimates of the allowance for credit losses; decreased demand for our products and services and lower revenue and earnings because of a recession or other events; changes in consumer spending, borrowing and savings habits, including repayment speeds on loans; adverse changes and volatility in the se

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View this 10-K filing on SEC EDGAR