Company Quick10K Filing
TFS Financial
Price18.05 EPS0
Shares280 P/E63
MCap5,053 P/FCF49
Net Debt-275 EBIT323
TEV4,778 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
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8-K 2020-11-19
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8-K 2018-02-22
8-K 2018-01-30

TFSL 10Q Quarterly Report

Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6.
EX-31.1 tfslfy21decex311.htm
EX-31.2 tfslfy21decex312.htm
EX-32 tfslfy21decex32.htm

TFS Financial Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________
FORM 10-Q
________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended December 31, 2020
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For transition period from              to             
Commission File Number 001-33390
________________________________________
TFS FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
________________________________________
United States of America 52-2054948
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
7007 Broadway Avenue
Cleveland,Ohio 44105
(Address of Principal Executive Offices) (Zip Code)
(216) 441-6000
Registrant’s telephone number, including area code:
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
________________________________________
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange in which registered
Common Stock, par value $0.01 per shareTFSLThe NASDAQ Stock Market, LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer x  Accelerated filer ¨
Non-accelerated filer o  Smaller Reporting Company 
Emerging Growth Company
If an emerging company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  x
As of February 4, 2021, there were 280,579,029 shares of the Registrant’s common stock, par value $0.01 per share, outstanding, of which 227,119,132 shares, or 80.9% of the Registrant’s common stock, were held by Third Federal Savings and Loan Association of Cleveland, MHC, the Registrant’s mutual holding company.


Table of Contents

TFS Financial Corporation
INDEX
  Page
PART l – FINANCIAL INFORMATION
Item 1.
December 31, 2020 and September 30, 2020
Three Months Ended December 31, 2020 and 2019
Three Months Ended December 31, 2020 and 2019
Three Months Ended December 31, 2020 and 2019
Three Months Ended December 31, 2020 and 2019
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

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.
ACT: Tax Cuts and Jobs Act
FHFA: Federal Housing Finance Agency
AOCI: Accumulated Other Comprehensive Income
FHLB: Federal Home Loan Bank
ARM: Adjustable Rate Mortgage
FICO: Financing Corporation
ASC: Accounting Standards Codification
FRB-Cleveland: Federal Reserve Bank of Cleveland
ASU: Accounting Standards Update
Freddie Mac: Federal Home Loan Mortgage Corporation
Association: Third Federal Savings and Loan
FRS: Board of Governors of the Federal Reserve System
Association of Cleveland
GAAP: Generally Accepted Accounting Principles
BOLI: Bank Owned Life Insurance
Ginnie Mae: Government National Mortgage Association
CARES Act: Coronavirus Aid, Relief and Economic Security
GVA: General Valuation Allowances
Act
HPI: Home Price Index
CDs: Certificates of Deposit
IRR: Interest Rate Risk
CECL: Current Expected Credit Losses
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
LIP: Loans-in-Process
subsidiaries
LTV: Loan-to-Value
DFA: Dodd-Frank Wall Street Reform and Consumer
MGIC: Mortgage Guaranty Insurance Corporation
Protection Act
OCC: Office of the Comptroller of the Currency
EaR: Earnings at Risk
OCI: Other Comprehensive Income
EPS: Earnings per Share
PMI: Private Mortgage Insurance
ESOP: Third Federal Employee (Associate) Stock
PMIC: PMI Mortgage Insurance Co.
Ownership Plan
REMICs: Real Estate Mortgage Investment Conduits
EVE: Economic Value of Equity
SEC: United States Securities and Exchange Commission
Fannie Mae: Federal National Mortgage Association
TDR: Troubled Debt Restructuring
FASB: Financial Accounting Standards Board
Third Federal Savings, MHC: Third Federal Savings
FDIC: Federal Deposit Insurance Corporation
and Loan Association of Cleveland, MHC



3

Table of Contents

Item 1. Financial Statements
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION (unaudited)
(In thousands, except share data)
December 31,
2020
September 30,
2020
ASSETS
Cash and due from banks$29,512 $25,270 
Other interest-earning cash equivalents470,408 472,763 
Cash and cash equivalents499,920 498,033 
Investment securities available for sale (amortized cost $443,328 and $447,384, respectively)447,609 453,438 
Mortgage loans held for sale ($107,978 and $36,078 measured at fair value, respectively)111,288 36,871 
Loans held for investment, net:
Mortgage loans12,925,023 13,104,959 
Other loans2,637 2,581 
Deferred loan expenses, net42,138 42,459 
Allowance for credit losses on loans(70,290)(46,937)
Loans, net12,899,508 13,103,062 
Mortgage loan servicing rights, net8,230 7,860 
Federal Home Loan Bank stock, at cost136,793 136,793 
Real estate owned, net102 185 
Premises, equipment, and software, net40,770 41,594 
Accrued interest receivable34,840 36,634 
Bank owned life insurance contracts294,565 222,919 
Other assets99,208 104,832 
TOTAL ASSETS$14,572,833 $14,642,221 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits$9,190,600 $9,225,554 
Borrowed funds3,444,998 3,521,745 
Borrowers’ advances for insurance and taxes142,248 111,536 
Principal, interest, and related escrow owed on loans serviced50,866 45,895 
Accrued expenses and other liabilities86,289 65,638 
Total liabilities12,915,001 12,970,368 
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; 280,564,920 and 280,150,006 outstanding at December 31, 2020 and September 30, 2020, respectively3,323 3,323 
Paid-in capital1,739,178 1,742,714 
Treasury stock, at cost; 51,753,830 and 52,168,744 shares at December 31, 2020 and September 30, 2020, respectively(764,774)(767,649)
Unallocated ESOP shares(39,000)(40,084)
Retained earnings—substantially restricted840,678 865,514 
Accumulated other comprehensive loss(121,573)(131,965)
Total shareholders’ equity1,657,832 1,671,853 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$14,572,833 $14,642,221 
See accompanying notes to unaudited interim consolidated financial statements.
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TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share and per share data)
 For the Three Months Ended
December 31,
 20202019
INTEREST AND DIVIDEND INCOME:
Loans, including fees$100,126 $115,225 
Investment securities available for sale987 2,864 
Other interest and dividend earning assets816 1,963 
Total interest and dividend income101,929 120,052 
INTEREST EXPENSE:
Deposits27,696 38,316 
Borrowed funds15,490 17,551 
Total interest expense43,186 55,867 
NET INTEREST INCOME58,743 64,185 
PROVISION (RELEASE) FOR CREDIT LOSSES(2,000)(3,000)
NET INTEREST INCOME AFTER PROVISION (RELEASE) FOR CREDIT LOSSES60,743 67,185 
NON-INTEREST INCOME:
Fees and service charges, net of amortization2,495 2,146 
Net gain on the sale of loans16,443 2,925 
Increase in and death benefits from bank owned life insurance contracts1,647 1,561 
Other876 5,298 
Total non-interest income21,461 11,930 
NON-INTEREST EXPENSE:
Salaries and employee benefits28,338 25,885 
Marketing services5,733 4,461 
Office property, equipment and software6,435 6,446 
Federal insurance premium and assessments2,390 2,619 
State franchise tax1,151 1,132 
Other expenses7,682 6,777 
Total non-interest expense51,729 47,320 
INCOME BEFORE INCOME TAXES30,475 31,795 
INCOME TAX EXPENSE5,473 6,153 
NET INCOME$25,002 $25,642 
Earnings per share—basic and diluted$0.09 $0.09 
Weighted average shares outstanding
Basic276,216,596 275,578,184 
Diluted278,028,072 277,888,588 

See accompanying notes to unaudited interim consolidated financial statements.
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TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
(In thousands)
For the Three Months Ended
December 31,
20202019
Net income$25,002 $25,642 
Other comprehensive income (loss), net of tax:
Net change in unrealized gain (losses) on securities available for sale(1,373)2,923 
Net change in cash flow hedges11,299 15,205 
Net change in defined benefit plan obligation466 452 
Total other comprehensive income10,392 18,580 
Total comprehensive income$35,394 $44,222 
See accompanying notes to unaudited interim consolidated financial statements.
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TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited)
(In thousands, except share and per share data)
For the Three Months Ended December 31, 2019
 Common
stock
Paid-in
capital
Treasury
stock
Unallocated
common stock
held by ESOP
Retained
earnings
Accumulated other
comprehensive
income (loss)
Total
shareholders’
equity
Balance at September 30, 2019$3,323 $1,734,154 $(764,589)$(44,417)$837,662 $(69,379)$1,696,754 
Net income— — — — 25,642 — 25,642 
Other comprehensive income (loss), net of tax— — — —  18,580 18,580 
ESOP shares allocated or committed to be released— 1,011 — 1,083 — — 2,094 
Compensation costs for equity incentive plans— 1,189 — —  — 1,189 
Purchase of treasury stock (19,500 shares)— — (359)— — — (359)
Treasury stock allocated to equity incentive plan— (32)(1,544)—  — (1,576)
Dividends paid to common shareholders ($0.27 per common share)— — — — (13,375)— (13,375)
Balance at December 31, 2019$3,323 $1,736,322 $(766,492)$(43,334)$849,929 $(50,799)$1,728,949 
For the Three Months Ended December 31, 2020
Common
stock
Paid-in
capital
Treasury
stock
Unallocated
common stock
held by ESOP
Retained
earnings
Accumulated other
comprehensive
income (loss)
Total
shareholders’
equity
Balance at September 30, 2020$3,323 $1,742,714 $(767,649)$(40,084)$865,514 $(131,965)$1,671,853 
Cumulative effect from changes in accounting principle1
— — — — (35,763)— (35,763)
Net income— — — — 25,002 — 25,002 
Other comprehensive income (loss), net of tax— — — —  10,392 10,392 
ESOP shares allocated or committed to be released— 718 — 1,084 — — 1,802 
Compensation costs for equity incentive plans— 1,566 — —  — 1,566 
Treasury stock allocated to equity incentive plan— (5,820)2,875 —  — (2,945)
Dividends paid to common shareholders ($0.28 per common share)— — — — (14,075)— (14,075)
Balance at December 31, 2020$3,323 $1,739,178 $(764,774)$(39,000)$840,678 $(121,573)$1,657,832 
1See Note 14. RECENT ACCOUNTING PRONOUNCEMENTS, ASU 2016-13 Adopted during 3 months ended December 31, 2020
See accompanying notes to unaudited interim consolidated financial statements.

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TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands)
 For the Three Months Ended December 31,
 20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$25,002 $25,642 
Adjustments to reconcile net income to net cash provided by operating activities:
ESOP and stock-based compensation expense3,368 3,283 
Depreciation and amortization9,831 7,794 
Deferred income taxes (237)(64)
Provision (release) for credit losses(2,000)(3,000)
Net gain on the sale of loans(16,443)(2,925)
Net gain on sale of commercial property (4,257)
Other net (gains) losses5 (13)
Proceeds from sales of loans held for sale11,569 9,753 
Loans originated for sale(16,079)(15,606)
Increase in bank owned life insurance contracts(1,662)(1,577)
Net decrease (increase) in interest receivable and other assets11,695 (5,705)
Net (decrease) increase in accrued expenses and other liabilities(871)16,066 
Net cash provided by operating activities24,178 29,391 
CASH FLOWS FROM INVESTING ACTIVITIES:
Loans originated(1,471,386)(1,055,571)
Principal repayments on loans1,371,385 583,081 
Proceeds from principal repayments and maturities of:
Securities available for sale94,915 52,574 
Proceeds from sale of:
Loans221,277 200,923 
Real estate owned82 635 
Premises, equipment and other Assets 23,512 
Purchases of:
Bank-owned life insurance(70,000) 
Securities available for sale(92,964)(56,377)
Premises and equipment(518)(537)
Other29 16 
Net cash provided by (used in) investing activities52,820 (