TFS Financial Corp. Files Q1 2025 10-Q Report

TL;DR

**TFS Financial Corp. Q1 2025 10-Q filed. Check financials.**

AI Summary

TFS Financial Corp. filed its 10-Q for the period ending December 31, 2024. The filing covers the first quarter of their fiscal year. Key financial details and operational updates for this period are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of TFS Financial Corp., crucial for understanding its current market position and future outlook.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant negative news indicated in the provided header information.

Key Numbers

• 20241231 — Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20250206 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• TFS Financial Corp. (company) — Filer of the 10-Q report
• 2024-12-31 (date) — End of the reporting period
• 2025-02-06 (date) — Filing date of the report
• 0001381668 (company) — Central Index Key for TFS Financial Corp.

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share TFSL The NASDAQ Stock Market,

Filing Documents

• tfsl-20241231.htm (10-Q) — 3110KB
• tfslfy25decex31.htm (EX-3.1) — 59KB
• tfslfy25decex311.htm (EX-31.1) — 11KB
• tfslfy25decex312.htm (EX-31.2) — 11KB
• tfslfy25decex32.htm (EX-32) — 9KB
• 0001381668-25-000010.txt ( ) — 15465KB
• tfsl-20241231.xsd (EX-101.SCH) — 58KB
• tfsl-20241231_cal.xml (EX-101.CAL) — 97KB
• tfsl-20241231_def.xml (EX-101.DEF) — 656KB
• tfsl-20241231_lab.xml (EX-101.LAB) — 864KB
• tfsl-20241231_pre.xml (EX-101.PRE) — 805KB
• tfsl-20241231_htm.xml (XML) — 3223KB

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Statements of Condition December 31, 2024 and September 30, 2024 4 Consolidated Statements of Income Three Months Ended December 31, 2024 and 2023 5 Consolidated Statements of Comprehensive Income Three Months Ended December 31, 2024 and 2023 6 Consolidated Statements of Shareholders' Equity Three Months Ended December 31, 2024 and 2023 7 Consolidated Statements of Cash Flows Three Months Ended December 31, 2024 and 2023 8 Notes to Unaudited Interim Consolidated Financial Statements 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 56

Controls and Procedures

Item 4. Controls and Procedures 59

— OTHER INFORMATION

Part II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 60

Risk Factors

Item 1A. Risk Factors 60

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 60

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 60

Other Information

Item 5. Other Information 61

Exhibits

Item 6. Exhibits 61

SIGNATURES

SIGNATURES 62 2 Table of Contents GLOSSARY OF TERMS TFS Financial Corporation provides the following list of acronyms and defined terms as a tool for the reader. The acronyms and defined terms identified below are used throughout the document. ACL: Allowance for Credit Losses FHLB: Federal Home Loan Bank AOCI: Accumulated Other Comprehensive Income FICO: Fair Isaac Corporation ARM: Adjustable Rate Mortgage FRB-Cleveland: Federal Reserve Bank of Cleveland ASC: Accounting Standards Codification Freddie Mac: Federal Home Loan Mortgage Corporation ASU: Accounting Standards Update FRS: Board of Governors of the Federal Reserve System Association: Third Federal Savings and Loan GAAP: Generally Accepted Accounting Principles Association of Cleveland Ginnie Mae: Government National Mortgage Association BOLI: Bank Owned Life Insurance GVA: General Valuation Allowances CDs: Certificates of Deposit HPI: Home Price Index CECL: Current Expected Credit Losses IRR: Interest Rate Risk CET1: Common Equity Tier 1 IRS: Internal Revenue Service CFPB: Consumer Financial Protection Bureau IVA: Individual Valuation Allowance CLTV: Combined Loan-to-Value LIHTC: Low Income Housing Tax Credit Company: TFS Financial Corporation and its subsidiaries LIP: Loans-in-Process CRA: Community Reinvestment Act LTV: Loan-to-Value DFA: Dodd-Frank Wall Street Reform and Consumer NII: Net Interest Income Protection Act OCC: Office of the Comptroller of the Currency DIF: Deposit Insurance Fund OCI: Other Comprehensive Income EPS: Earnings per Share PCAOB: Public Company Accounting Oversight Board ESOP: Third Federal Employee (Associate) Stock REMICs: Real Estate Mortgage Investment Conduits EVE: Economic Value of Equity SEC: United States Securities and Exchange Commission Fannie Mae: Federal National Mortgage Association SOFR: Secured Overnight Financing Rate FASB: Financial Accounting Standar

Financial Statements

Item 1. Financial Statements TFS FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CONDITION (unaudited) (In thousands, except share data) December 31, 2024 September 30, 2024 ASSETS Cash and due from banks $ 32,582 $ 26,287 Other interest-earning cash equivalents 433,349 437,431 Cash and cash equivalents 465,931 463,718 Investment securities available for sale (amortized cost $ 542,155 and $ 553,559 , respectively) 507,710 526,251 Mortgage loans held for sale ($ 829 and $ 10,713 measured at fair value, respectively) 829 17,775 Loans held for investment, net: Mortgage loans 15,340,842 15,321,400 Other loans 6,746 5,705 Deferred loan expenses, net 65,880 64,956 Allowance for credit loss on loans ( 70,559 ) ( 70,002 ) Loans, net 15,342,909 15,322,059 Mortgage loan servicing rights, net 7,721 7,627 Federal Home Loan Bank stock, at cost 223,972 228,494 Real estate owned, net — 174 Premises, equipment, and software, net 32,693 33,187 Accrued interest receivable 57,521 59,398 Bank owned life insurance contracts 320,032 317,977 Other assets 98,268 114,125 TOTAL ASSETS $ 17,057,586 $ 17,090,785 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $ 10,207,257 $ 10,195,079 Borrowed funds 4,656,323 4,792,847 Borrowers' advances for insurance and taxes 140,011 113,637 Principal, interest, and related escrow owed on loans serviced 39,418 28,753 Accrued expenses and other liabilities 100,300 97,845 Total liabilities 15,143,309 15,228,161 Commitments and contingent liabilities Preferred stock, $ 0.01 par value, 100,000,000 shares authorized, none issued and outstanding — — Common stock, $ 0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 280,799,401 and 280,710,854 outstanding at December 31, 2024 and September 30, 2024, respectively 3,323 3,323 Paid-in capital 1,754,241 1,754,365 Treasury stock, at cost; 51,519,349 and 51,607,896 shares at December 31, 2024 and September 30, 2024, respectively ( 771,5

View Full Filing

View this 10-Q filing on SEC EDGAR