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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 March 31, 2022
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 May 5, 2022, there were 280,797,116 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.


TFS Financial Corporation
INDEX
  Page
PART l – FINANCIAL INFORMATION
Item 1.
March 31, 2022 and September 30, 2021
Three and Six Months Ended March 31, 2022 and 2021
Three and Six Months Ended March 31, 2022 and 2021
Three and Six Months Ended March 31, 2022 and 2021
Six Months Ended March 31, 2022 and 2021
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

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



3

Item 1. Financial Statements
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION (unaudited)
(In thousands, except share data)
March 31,
2022
September 30,
2021
ASSETS
Cash and due from banks$24,395 $27,346 
Other interest-earning cash equivalents346,276 460,980 
Cash and cash equivalents370,671 488,326 
Investment securities available for sale (amortized cost $464,077 and $420,542, respectively)
443,222 421,783 
Mortgage loans held for sale ($0 and $0 measured at fair value, respectively)
 8,848 
Loans held for investment, net:
Mortgage loans13,150,338 12,525,687 
Other loans2,589 2,778 
Deferred loan expenses, net47,372 44,859 
Allowance for credit losses on loans(64,324)(64,289)
Loans, net13,135,975 12,509,035 
Mortgage loan servicing rights, net8,464 8,941 
Federal Home Loan Bank stock, at cost162,783 162,783 
Real estate owned, net131 289 
Premises, equipment, and software, net35,417 37,420 
Accrued interest receivable30,908 31,107 
Bank owned life insurance contracts300,268 297,332 
Other assets93,050 91,586 
TOTAL ASSETS$14,580,889 $14,057,450 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits$9,008,347 $8,993,605 
Borrowed funds3,555,325 3,091,815 
Borrowers’ advances for insurance and taxes95,199 109,633 
Principal, interest, and related escrow owed on loans serviced33,034 41,476 
Accrued expenses and other liabilities93,236 88,641 
Total liabilities12,785,141 12,325,170 
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; 280,830,738 and 280,761,299 outstanding at March 31, 2022 and September 30, 2021, respectively
3,323 3,323 
Paid-in capital1,748,589 1,746,887 
Treasury stock, at cost; 51,488,012 and 51,557,451 shares at March 31, 2022 and September 30, 2021, respectively
(768,304)(768,035)
Unallocated ESOP shares(33,584)(35,751)
Retained earnings—substantially restricted856,555 853,657 
Accumulated other comprehensive loss(10,831)(67,801)
Total shareholders’ equity1,795,748 1,732,280 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$14,580,889 $14,057,450 
See accompanying notes to unaudited interim consolidated financial statements.
4

TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share and per share data)
 For the Three Months EndedFor the Six Months Ended
March 31,March 31,
 2022202120222021
INTEREST AND DIVIDEND INCOME:
Loans, including fees$91,125 $96,175 $181,244 $196,301 
Investment securities available for sale1,355 966 2,315 1,953 
Other interest and dividend earning assets981 814 1,992 1,630 
Total interest and dividend income93,461 97,955 185,551 199,884 
INTEREST EXPENSE:
Deposits16,896 24,545 36,147 52,241 
Borrowed funds13,824 14,999 28,819 30,489 
Total interest expense30,720 39,544 64,966 82,730 
NET INTEREST INCOME62,741 58,411 120,585 117,154 
PROVISION (RELEASE) FOR CREDIT LOSSES(1,000)(4,000)(3,000)(6,000)
NET INTEREST INCOME AFTER PROVISION (RELEASE) FOR CREDIT LOSSES63,741 62,411 123,585 123,154 
NON-INTEREST INCOME:
Fees and service charges, net of amortization2,568 2,460 4,972 4,955 
Net gain on the sale of loans113 8,911 2,300 25,354 
Increase in and death benefits from bank owned life insurance contracts2,222 3,807 5,133 5,454 
Other688 530 1,340 1,406 
Total non-interest income5,591 15,708 13,745 37,169 
NON-INTEREST EXPENSE:
Salaries and employee benefits26,862 26,672 53,377 55,010 
Marketing services6,551 5,325 12,177 11,058 
Office property, equipment and software6,824 6,395 13,463 12,830 
Federal insurance premium and assessments2,276 2,323 4,288 4,713 
State franchise tax1,237 1,159 2,461 2,310 
Other expenses6,225 6,936 11,882 14,618 
Total non-interest expense49,975 48,810 97,648 100,539 
INCOME BEFORE INCOME TAXES19,357 29,309 39,682 59,784 
INCOME TAX EXPENSE3,512 6,300 7,697 11,773 
NET INCOME$15,845 $23,009 $31,985 $48,011 
Earnings per share—basic and diluted$0.06 $0.08 $0.11 $0.17 
Weighted average shares outstanding
Basic277,423,493 276,716,978 277,323,217 276,464,037 
Diluted278,819,539 278,593,303 278,864,945 278,291,638 

See accompanying notes to unaudited interim consolidated financial statements.
5

TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
(In thousands)
For the Three Months EndedFor the Six Months Ended
March 31,March 31,
2022202120222021
Net income$15,845 $23,009 $31,985 $48,011 
Other comprehensive income (loss), net of tax:
Net change in unrealized (loss) on securities available for sale(14,061)(485)(17,144)(1,858)
Net change in cash flow hedges53,287 33,989 73,936 45,288 
Net change in defined benefit plan obligation82 466 178 932 
Total other comprehensive income39,308 33,970 56,970 44,362 
Total comprehensive income$55,153 $56,979 $88,955 $92,373 
See accompanying notes to unaudited interim consolidated financial statements.
6

TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited)
(In thousands, except share and per share data)
For the Three Months Ended March 31, 2021
 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 December 31, 2020$3,323 $1,739,178 $(764,774)$(39,000)$840,678 $(121,573)$1,657,832 
Net income— — — — 23,009 — 23,009 
Other comprehensive income (loss), net of tax— — — —  33,970 33,970 
ESOP shares allocated or committed to be released— 1,018 — 1,083 — — 2,101 
Compensation costs for equity incentive plans— 1,547 — —  — 1,547 
Treasury stock allocated to equity incentive plan— 938 (1,633)—  — (695)
Dividends declared to common shareholders ($0.28 per common share)
— — — — (14,293)— (14,293)
Balance at March 31, 2021$3,323 $1,742,681 $(766,407)$(37,917)$849,394 $(87,603)$1,703,471 
For the Three Months Ended March 31, 2022
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 December 31, 2021$3,323 $1,746,992 $(767,457)$(34,667)$855,318 $(50,139)$1,753,370 
Net income— — — — 15,845 — 15,845 
Other comprehensive income (loss), net of tax— — — —  39,308 39,308 
ESOP shares allocated or committed to be released— 782 — 1,083 — — 1,865 
Compensation costs for equity incentive plans— 933 — —  — 933 
Purchase of treasury stock (53,059 shares)
— — (905)— — — (905)
Treasury stock allocated to equity incentive plan— (118)58 —  — (60)
Dividends declared to common shareholders ($0.2825 per common share)
— — — — (14,608)— (14,608)
Balance at March 31, 2022$3,323 $1,748,589 $(768,304)$(33,584)$856,555 $(10,831)$1,795,748 
7

For the Six Months Ended March 31, 2021
 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 principle, net of tax1
— — — — (35,763)— (35,763)
Net income— — — — 48,011 — 48,011 
Other comprehensive income (loss), net of tax— — — —  44,362 44,362 
ESOP shares allocated or committed to be released— 1,736 — 2,167 — — 3,903 
Compensation costs for equity incentive plans— 3,113 — —  — 3,113 
Treasury stock allocated to equity incentive plan— (4,882)1,242 —  — (3,640)
Dividends declared to common shareholders ($0.56 per common share)
— — — — (28,368)— (28,368)
Balance at March 31, 2021$3,323 $1,742,681 $(766,407)$(37,917)$849,394 $(87,603)$1,703,471 
1Related to ASU 2016-13 adopted October 1, 2020.
For the Six Months Ended March 31, 2022
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, 2021$3,323 $1,746,887 $(768,035)$(35,751)$853,657 $(67,801)$1,732,280 
Net income— — — — 31,985 — 31,985 
Other comprehensive income (loss), net of tax— — — —  56,970 56,970 
ESOP shares allocated or committed to be released— 1,767 — 2,167 — — 3,934 
Compensation costs for equity incentive plans— 1,959 — —  — 1,959 
Purchase of treasury stock (69,059 shares)
— — (1,190)— — — (1,190)
Treasury stock allocated to equity incentive plan— (2,024)921 —  — (1,103)
Dividends declared to common shareholders ($0.5650 per common share)
— — — — (29,087)— (29,087)
Balance at March 31, 2022$3,323 $1,748,589 $(768,304)$(33,584)$856,555 $(10,831)$1,795,748 
See accompanying notes to unaudited interim consolidated financial statements.


8

TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands)
 For the Six Months Ended March 31,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$31,985 $48,011 
Adjustments to reconcile net income to net cash provided by operating activities:
ESOP and stock-based compensation expense5,893 7,016 
Depreciation and amortization14,108 20,307 
Deferred income taxes (459)386 
Provision (release) for credit losses(3,000)(6,000)
Net gain on the sale of loans(2,300)(25,354)
Other net (gains) losses199 393 
Proceeds from sales of loans held for sale