tfsl-2022033100013816689/302022Q2FALSEP5Y00013816682021-10-012022-03-3100013816682022-05-05xbrli:shares00013816682022-03-31iso4217:USD00013816682021-09-300001381668us-gaap:MortgageReceivablesMember2022-03-310001381668us-gaap:MortgageReceivablesMember2021-09-300001381668tfsl:OtherLoansMember2022-03-310001381668tfsl:OtherLoansMember2021-09-30iso4217:USDxbrli:shares00013816682022-01-012022-03-3100013816682021-01-012021-03-3100013816682020-10-012021-03-310001381668us-gaap:BankingMember2022-01-012022-03-310001381668us-gaap:BankingMember2021-01-012021-03-310001381668us-gaap:BankingMember2021-10-012022-03-310001381668us-gaap:BankingMember2020-10-012021-03-310001381668us-gaap:CommonStockMember2020-12-310001381668us-gaap:AdditionalPaidInCapitalMember2020-12-310001381668us-gaap:TreasuryStockMember2020-12-310001381668us-gaap:DeferredCompensationShareBasedPaymentsMember2020-12-310001381668us-gaap:RetainedEarningsMember2020-12-310001381668us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-3100013816682020-12-310001381668us-gaap:RetainedEarningsMember2021-01-012021-03-310001381668us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001381668us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001381668us-gaap:DeferredCompensationShareBasedPaymentsMember2021-01-012021-03-310001381668us-gaap:TreasuryStockMember2021-01-012021-03-310001381668us-gaap:CommonStockMember2021-03-310001381668us-gaap:AdditionalPaidInCapitalMember2021-03-310001381668us-gaap:TreasuryStockMember2021-03-310001381668us-gaap:DeferredCompensationShareBasedPaymentsMember2021-03-310001381668us-gaap:RetainedEarningsMember2021-03-310001381668us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100013816682021-03-310001381668us-gaap:CommonStockMember2021-12-310001381668us-gaap:AdditionalPaidInCapitalMember2021-12-310001381668us-gaap:TreasuryStockMember2021-12-310001381668us-gaap:DeferredCompensationShareBasedPaymentsMember2021-12-310001381668us-gaap:RetainedEarningsMember2021-12-310001381668us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-3100013816682021-12-310001381668us-gaap:RetainedEarningsMember2022-01-012022-03-310001381668us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001381668us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001381668us-gaap:DeferredCompensationShareBasedPaymentsMember2022-01-012022-03-310001381668us-gaap:TreasuryStockMember2022-01-012022-03-310001381668us-gaap:CommonStockMember2022-03-310001381668us-gaap:AdditionalPaidInCapitalMember2022-03-310001381668us-gaap:TreasuryStockMember2022-03-310001381668us-gaap:DeferredCompensationShareBasedPaymentsMember2022-03-310001381668us-gaap:RetainedEarningsMember2022-03-310001381668us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001381668us-gaap:CommonStockMember2020-09-300001381668us-gaap:AdditionalPaidInCapitalMember2020-09-300001381668us-gaap:TreasuryStockMember2020-09-300001381668us-gaap:DeferredCompensationShareBasedPaymentsMember2020-09-300001381668us-gaap:RetainedEarningsMember2020-09-300001381668us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-3000013816682020-09-300001381668us-gaap:AccountingStandardsUpdate201613Memberus-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-09-300001381668us-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-09-300001381668us-gaap:RetainedEarningsMember2020-10-012021-03-310001381668us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-012021-03-310001381668us-gaap:AdditionalPaidInCapitalMember2020-10-012021-03-310001381668us-gaap:DeferredCompensationShareBasedPaymentsMember2020-10-012021-03-310001381668us-gaap:TreasuryStockMember2020-10-012021-03-310001381668us-gaap:CommonStockMember2021-09-300001381668us-gaap:AdditionalPaidInCapitalMember2021-09-300001381668us-gaap:TreasuryStockMember2021-09-300001381668us-gaap:DeferredCompensationShareBasedPaymentsMember2021-09-300001381668us-gaap:RetainedEarningsMember2021-09-300001381668us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001381668us-gaap:RetainedEarningsMember2021-10-012022-03-310001381668us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-012022-03-310001381668us-gaap:AdditionalPaidInCapitalMember2021-10-012022-03-310001381668us-gaap:DeferredCompensationShareBasedPaymentsMember2021-10-012022-03-310001381668us-gaap:TreasuryStockMember2021-10-012022-03-310001381668us-gaap:DepositsMember2021-10-012022-03-310001381668us-gaap:DepositsMember2020-10-012021-03-310001381668us-gaap:DebtMember2021-10-012022-03-310001381668us-gaap:DebtMember2020-10-012021-03-310001381668us-gaap:InterestRateSwapMember2021-10-012022-03-310001381668us-gaap:InterestRateSwapMember2020-10-012021-03-310001381668us-gaap:CommonStockMembertfsl:ThirdFederalSavingsMHCMember2022-03-31xbrli:pure0001381668us-gaap:EmployeeStockOptionMember2022-01-012022-03-310001381668us-gaap:EmployeeStockOptionMember2021-01-012021-03-310001381668us-gaap:EmployeeStockOptionMember2021-10-012022-03-310001381668us-gaap:EmployeeStockOptionMember2020-10-012021-03-310001381668tfsl:RestrictedAndPerformanceStockUnitsMember2022-01-012022-03-310001381668tfsl:RestrictedAndPerformanceStockUnitsMember2021-01-012021-03-310001381668tfsl:RestrictedAndPerformanceStockUnitsMember2021-10-012022-03-310001381668tfsl:RestrictedAndPerformanceStockUnitsMember2020-10-012021-03-310001381668us-gaap:SecuritiesInvestmentMember2022-03-310001381668us-gaap:SecuritiesInvestmentMember2021-09-300001381668us-gaap:CollateralizedMortgageObligationsMember2022-03-310001381668us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2022-03-310001381668us-gaap:USTreasurySecuritiesMember2022-03-310001381668us-gaap:CollateralizedMortgageObligationsMember2021-09-300001381668us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2021-09-300001381668us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMember2021-09-300001381668us-gaap:ResidentialRealEstateMember2022-03-310001381668us-gaap:ResidentialRealEstateMember2021-09-300001381668us-gaap:LoansMember2022-03-310001381668us-gaap:LoansMember2021-09-300001381668tfsl:ResidentialCoreHomeTodayandConstructionLoansMemberstpr:OH2021-09-300001381668tfsl:ResidentialCoreHomeTodayandConstructionLoansMemberstpr:OH2022-03-310001381668stpr:FLtfsl:ResidentialCoreHomeTodayandConstructionLoansMember2021-09-300001381668stpr:FLtfsl:ResidentialCoreHomeTodayandConstructionLoansMember2022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMemberstpr:OH2022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMemberstpr:OH2021-09-300001381668stpr:FLtfsl:EquityLoansAndLinesOfCreditMember2022-03-310001381668stpr:FLtfsl:EquityLoansAndLinesOfCreditMember2021-09-300001381668tfsl:EquityLoansAndLinesOfCreditMemberstpr:CA2022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMemberstpr:CA2021-09-300001381668us-gaap:AdjustableRateResidentialMortgageMembertfsl:ResidentialNonHomeTodayMember2022-03-310001381668us-gaap:AdjustableRateResidentialMortgageMembertfsl:ResidentialNonHomeTodayMember2021-09-300001381668tfsl:HomeTodayLoansOriginatedAfterSeptember2016Member2022-03-310001381668tfsl:ResidentialHomeTodayMember2022-03-310001381668tfsl:ResidentialHomeTodayMember2021-09-300001381668tfsl:PMICProvidedPrivateMortgageInsuranceMember2021-10-012022-03-310001381668tfsl:PMICProvidedPrivateMortgageInsuranceMember2022-03-310001381668tfsl:PMICProvidedPrivateMortgageInsuranceMember2021-09-300001381668us-gaap:FinancialAssetNotPastDueMembertfsl:PMICProvidedPrivateMortgageInsuranceMember2022-03-310001381668us-gaap:FinancialAssetNotPastDueMembertfsl:PMICProvidedPrivateMortgageInsuranceMember2021-09-300001381668tfsl:MGICProvidedPrivateMortgageInsuranceMember2022-03-310001381668tfsl:MGICProvidedPrivateMortgageInsuranceMember2021-09-300001381668us-gaap:FinancialAssetNotPastDueMembertfsl:MGICProvidedPrivateMortgageInsuranceMember2022-03-310001381668us-gaap:FinancialAssetNotPastDueMembertfsl:MGICProvidedPrivateMortgageInsuranceMember2021-09-30tfsl:loans0001381668tfsl:LTV85PercentMembersrt:MaximumMembertfsl:ConstructionPermanentLoansMember2022-03-310001381668tfsl:ActiveForbearancePlansMember2022-03-310001381668tfsl:ActiveForbearancePlansMember2021-09-300001381668tfsl:LoanSalesMember2022-01-012022-03-310001381668tfsl:LoanSalesMember2021-10-012022-03-310001381668tfsl:LoanSalesMember2021-01-012021-03-310001381668tfsl:LoanSalesMember2020-10-012021-03-310001381668tfsl:LoanSalesInContractsPendingSettlementMember2020-10-012021-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMembertfsl:ResidentialNonHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMemberus-gaap:FinancialAssetPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetNotPastDueMembertfsl:ResidentialNonHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMembertfsl:ResidentialHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMembertfsl:ResidentialHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertfsl:ResidentialHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMemberus-gaap:FinancialAssetPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetNotPastDueMembertfsl:ResidentialHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMembertfsl:EquityLoansAndLinesOfCreditMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMemberus-gaap:FinancialAssetPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetNotPastDueMembertfsl:EquityLoansAndLinesOfCreditMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConstructionLoansMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConstructionLoansMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConstructionLoansMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2022-03-310001381668us-gaap:FinancingReceivables30To59DaysPastDueMembertfsl:OtherLoansMember2022-03-310001381668us-gaap:FinancingReceivables60To89DaysPastDueMembertfsl:OtherLoansMember2022-03-310001381668us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertfsl:OtherLoansMember2022-03-310001381668tfsl:OtherLoansMemberus-gaap:FinancialAssetPastDueMember2022-03-310001381668us-gaap:FinancialAssetNotPastDueMembertfsl:OtherLoansMember2022-03-310001381668us-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310001381668us-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001381668us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001381668us-gaap:FinancialAssetPastDueMember2022-03-310001381668us-gaap:FinancialAssetNotPastDueMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMembertfsl:ResidentialNonHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMemberus-gaap:FinancialAssetPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetNotPastDueMembertfsl:ResidentialNonHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMembertfsl:ResidentialHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMembertfsl:ResidentialHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertfsl:ResidentialHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMemberus-gaap:FinancialAssetPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetNotPastDueMembertfsl:ResidentialHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMembertfsl:EquityLoansAndLinesOfCreditMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMemberus-gaap:FinancialAssetPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetNotPastDueMembertfsl:EquityLoansAndLinesOfCreditMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConstructionLoansMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConstructionLoansMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConstructionLoansMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetPastDueMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2021-09-300001381668us-gaap:FinancingReceivables30To59DaysPastDueMembertfsl:OtherLoansMember2021-09-300001381668us-gaap:FinancingReceivables60To89DaysPastDueMembertfsl:OtherLoansMember2021-09-300001381668us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertfsl:OtherLoansMember2021-09-300001381668tfsl:OtherLoansMemberus-gaap:FinancialAssetPastDueMember2021-09-300001381668us-gaap:FinancialAssetNotPastDueMembertfsl:OtherLoansMember2021-09-300001381668us-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300001381668us-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001381668us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001381668us-gaap:FinancialAssetPastDueMember2021-09-300001381668us-gaap:FinancialAssetNotPastDueMember2021-09-300001381668us-gaap:PerformingFinancingReceivableMember2022-03-310001381668us-gaap:PerformingFinancingReceivableMember2021-09-300001381668tfsl:PerformingFinancingReceivableChapter7BankruptcyMember2022-03-310001381668tfsl:PerformingFinancingReceivableChapter7BankruptcyMember2021-09-300001381668tfsl:TroubledDebtRestructuringMembertfsl:PresentValueOfCashFlowsMember2022-03-310001381668tfsl:TroubledDebtRestructuringMembertfsl:PresentValueOfCashFlowsMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMember2021-12-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMember2022-01-012022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMember2021-12-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMember2022-01-012022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMember2021-12-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMember2022-01-012022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMember2021-12-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMember2022-01-012022-03-310001381668us-gaap:ResidentialRealEstateMember2021-12-310001381668us-gaap:ResidentialRealEstateMember2022-01-012022-03-310001381668us-gaap:UnfundedLoanCommitmentMember2021-12-310001381668us-gaap:UnfundedLoanCommitmentMember2022-01-012022-03-310001381668us-gaap:UnfundedLoanCommitmentMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMember2020-12-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMember2021-01-012021-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMember2021-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMember2020-12-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMember2021-01-012021-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMember2021-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMember2020-12-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMember2021-01-012021-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMember2021-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMember2020-12-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMember2021-01-012021-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMember2021-03-310001381668us-gaap:ResidentialRealEstateMember2020-12-310001381668us-gaap:ResidentialRealEstateMember2021-01-012021-03-310001381668us-gaap:ResidentialRealEstateMember2021-03-310001381668us-gaap:UnfundedLoanCommitmentMember2020-12-310001381668us-gaap:UnfundedLoanCommitmentMember2021-01-012021-03-310001381668us-gaap:UnfundedLoanCommitmentMember2021-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMember2021-10-012022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMember2021-10-012022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMember2021-10-012022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMember2021-10-012022-03-310001381668us-gaap:ResidentialRealEstateMember2021-10-012022-03-310001381668us-gaap:UnfundedLoanCommitmentMember2021-09-300001381668us-gaap:UnfundedLoanCommitmentMember2021-10-012022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMember2020-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:AccountingStandardsUpdate201613Membertfsl:ResidentialNonHomeTodayMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialNonHomeTodayMember2020-10-012021-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMember2020-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:AccountingStandardsUpdate201613Membertfsl:ResidentialHomeTodayMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:ResidentialHomeTodayMember2020-10-012021-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMember2020-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:AccountingStandardsUpdate201613Membertfsl:EquityLoansAndLinesOfCreditMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMember2020-10-012021-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMember2020-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:ConstructionLoansMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:ConstructionLoansMember2020-10-012021-03-310001381668us-gaap:ResidentialRealEstateMember2020-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-09-300001381668us-gaap:ResidentialRealEstateMember2020-10-012021-03-310001381668us-gaap:UnfundedLoanCommitmentMember2020-09-300001381668us-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-09-300001381668us-gaap:UnfundedLoanCommitmentMember2020-10-012021-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:SpecialMentionMembertfsl:ResidentialHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:SpecialMentionMembertfsl:ResidentialHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:SubstandardMemberus-gaap:ConstructionLoansMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:SubstandardMemberus-gaap:ConstructionLoansMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:SpecialMentionMemberus-gaap:ConstructionLoansMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:PassMembertfsl:ResidentialNonHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:SpecialMentionMembertfsl:ResidentialNonHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:SubstandardMembertfsl:ResidentialNonHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:PassMembertfsl:ResidentialHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:SubstandardMembertfsl:ResidentialHomeTodayMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:PassMembertfsl:EquityLoansAndLinesOfCreditMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMemberus-gaap:SpecialMentionMember2022-03-310001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMemberus-gaap:SubstandardMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:PassMemberus-gaap:ConstructionLoansMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:PassMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:SpecialMentionMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:SubstandardMember2022-03-310001381668us-gaap:ResidentialRealEstateMemberus-gaap:PassMembertfsl:ResidentialNonHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:SpecialMentionMembertfsl:ResidentialNonHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:SubstandardMembertfsl:ResidentialNonHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:PassMembertfsl:ResidentialHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:SubstandardMembertfsl:ResidentialHomeTodayMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:PassMembertfsl:EquityLoansAndLinesOfCreditMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMemberus-gaap:SpecialMentionMember2021-09-300001381668us-gaap:ResidentialRealEstateMembertfsl:EquityLoansAndLinesOfCreditMemberus-gaap:SubstandardMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:PassMemberus-gaap:ConstructionLoansMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:SpecialMentionMemberus-gaap:ConstructionLoansMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:PassMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:SpecialMentionMember2021-09-300001381668us-gaap:ResidentialRealEstateMemberus-gaap:SubstandardMember2021-09-300001381668us-gaap:PassMembertfsl:TroubledDebtRestructuringMemberus-gaap:PerformingFinancingReceivableMember2022-03-310001381668us-gaap:PassMembertfsl:TroubledDebtRestructuringMemberus-gaap:PerformingFinancingReceivableMember2021-09-300001381668us-gaap:SpecialMentionMembertfsl:ResidentialMortgageLoansAndHomeEquityLinesOfCreditMember2022-03-310001381668us-gaap:SpecialMentionMembertfsl:ResidentialMortgageLoansAndHomeEquityLinesOfCreditMember2021-09-300001381668us-gaap:NonperformingFinancingReceivableMembertfsl:OtherLoansMember2022-03-310001381668us-gaap:NonperformingFinancingReceivableMembertfsl:OtherLoansMember2021-09-300001381668tfsl:InitialRestructuringMembertfsl:ResidentialNonHomeTodayMember2022-03-310001381668tfsl:ResidentialNonHomeTodayMembertfsl:MultipleRestructuringsMember2022-03-310001381668tfsl:ResidentialNonHomeTodayMembertfsl:Chapter7BankruptcyDischargedMember2022-03-310001381668tfsl:ResidentialNonHomeTodayMember2022-03-310001381668tfsl:InitialRestructuringMembertfsl:ResidentialHomeTodayMember2022-03-310001381668tfsl:ResidentialHomeTodayMembertfsl:MultipleRestructuringsMember2022-03-310001381668tfsl:Chapter7BankruptcyDischargedMembertfsl:ResidentialHomeTodayMember2022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:InitialRestructuringMember2022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:MultipleRestructuringsMember2022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:Chapter7BankruptcyDischargedMember2022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMember2022-03-310001381668tfsl:InitialRestructuringMember2022-03-310001381668tfsl:MultipleRestructuringsMember2022-03-310001381668tfsl:Chapter7BankruptcyDischargedMember2022-03-310001381668tfsl:InitialRestructuringMembertfsl:ResidentialNonHomeTodayMember2021-09-300001381668tfsl:ResidentialNonHomeTodayMembertfsl:MultipleRestructuringsMember2021-09-300001381668tfsl:ResidentialNonHomeTodayMembertfsl:Chapter7BankruptcyDischargedMember2021-09-300001381668tfsl:ResidentialNonHomeTodayMember2021-09-300001381668tfsl:InitialRestructuringMembertfsl:ResidentialHomeTodayMember2021-09-300001381668tfsl:ResidentialHomeTodayMembertfsl:MultipleRestructuringsMember2021-09-300001381668tfsl:Chapter7BankruptcyDischargedMembertfsl:ResidentialHomeTodayMember2021-09-300001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:InitialRestructuringMember2021-09-300001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:MultipleRestructuringsMember2021-09-300001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:Chapter7BankruptcyDischargedMember2021-09-300001381668tfsl:EquityLoansAndLinesOfCreditMember2021-09-300001381668tfsl:InitialRestructuringMember2021-09-300001381668tfsl:MultipleRestructuringsMember2021-09-300001381668tfsl:Chapter7BankruptcyDischargedMember2021-09-300001381668tfsl:InitialRestructuringMembertfsl:ResidentialNonHomeTodayMember2022-01-012022-03-310001381668tfsl:ResidentialNonHomeTodayMembertfsl:MultipleRestructuringsMember2022-01-012022-03-310001381668tfsl:ResidentialNonHomeTodayMembertfsl:Chapter7BankruptcyDischargedMember2022-01-012022-03-310001381668tfsl:ResidentialNonHomeTodayMember2022-01-012022-03-310001381668tfsl:InitialRestructuringMembertfsl:ResidentialHomeTodayMember2022-01-012022-03-310001381668tfsl:ResidentialHomeTodayMembertfsl:MultipleRestructuringsMember2022-01-012022-03-310001381668tfsl:Chapter7BankruptcyDischargedMembertfsl:ResidentialHomeTodayMember2022-01-012022-03-310001381668tfsl:ResidentialHomeTodayMember2022-01-012022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:InitialRestructuringMember2022-01-012022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:MultipleRestructuringsMember2022-01-012022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:Chapter7BankruptcyDischargedMember2022-01-012022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMember2022-01-012022-03-310001381668tfsl:InitialRestructuringMember2022-01-012022-03-310001381668tfsl:MultipleRestructuringsMember2022-01-012022-03-310001381668tfsl:Chapter7BankruptcyDischargedMember2022-01-012022-03-310001381668tfsl:InitialRestructuringMembertfsl:ResidentialNonHomeTodayMember2021-01-012021-03-310001381668tfsl:ResidentialNonHomeTodayMembertfsl:MultipleRestructuringsMember2021-01-012021-03-310001381668tfsl:ResidentialNonHomeTodayMembertfsl:Chapter7BankruptcyDischargedMember2021-01-012021-03-310001381668tfsl:ResidentialNonHomeTodayMember2021-01-012021-03-310001381668tfsl:InitialRestructuringMembertfsl:ResidentialHomeTodayMember2021-01-012021-03-310001381668tfsl:ResidentialHomeTodayMembertfsl:MultipleRestructuringsMember2021-01-012021-03-310001381668tfsl:Chapter7BankruptcyDischargedMembertfsl:ResidentialHomeTodayMember2021-01-012021-03-310001381668tfsl:ResidentialHomeTodayMember2021-01-012021-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:InitialRestructuringMember2021-01-012021-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:MultipleRestructuringsMember2021-01-012021-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:Chapter7BankruptcyDischargedMember2021-01-012021-03-310001381668tfsl:EquityLoansAndLinesOfCreditMember2021-01-012021-03-310001381668tfsl:InitialRestructuringMember2021-01-012021-03-310001381668tfsl:MultipleRestructuringsMember2021-01-012021-03-310001381668tfsl:Chapter7BankruptcyDischargedMember2021-01-012021-03-310001381668tfsl:InitialRestructuringMembertfsl:ResidentialNonHomeTodayMember2021-10-012022-03-310001381668tfsl:ResidentialNonHomeTodayMembertfsl:MultipleRestructuringsMember2021-10-012022-03-310001381668tfsl:ResidentialNonHomeTodayMembertfsl:Chapter7BankruptcyDischargedMember2021-10-012022-03-310001381668tfsl:ResidentialNonHomeTodayMember2021-10-012022-03-310001381668tfsl:InitialRestructuringMembertfsl:ResidentialHomeTodayMember2021-10-012022-03-310001381668tfsl:ResidentialHomeTodayMembertfsl:MultipleRestructuringsMember2021-10-012022-03-310001381668tfsl:Chapter7BankruptcyDischargedMembertfsl:ResidentialHomeTodayMember2021-10-012022-03-310001381668tfsl:ResidentialHomeTodayMember2021-10-012022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:InitialRestructuringMember2021-10-012022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:MultipleRestructuringsMember2021-10-012022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:Chapter7BankruptcyDischargedMember2021-10-012022-03-310001381668tfsl:EquityLoansAndLinesOfCreditMember2021-10-012022-03-310001381668tfsl:InitialRestructuringMember2021-10-012022-03-310001381668tfsl:MultipleRestructuringsMember2021-10-012022-03-310001381668tfsl:Chapter7BankruptcyDischargedMember2021-10-012022-03-310001381668tfsl:InitialRestructuringMembertfsl:ResidentialNonHomeTodayMember2020-10-012021-03-310001381668tfsl:ResidentialNonHomeTodayMembertfsl:MultipleRestructuringsMember2020-10-012021-03-310001381668tfsl:ResidentialNonHomeTodayMembertfsl:Chapter7BankruptcyDischargedMember2020-10-012021-03-310001381668tfsl:ResidentialNonHomeTodayMember2020-10-012021-03-310001381668tfsl:InitialRestructuringMembertfsl:ResidentialHomeTodayMember2020-10-012021-03-310001381668tfsl:ResidentialHomeTodayMembertfsl:MultipleRestructuringsMember2020-10-012021-03-310001381668tfsl:Chapter7BankruptcyDischargedMembertfsl:ResidentialHomeTodayMember2020-10-012021-03-310001381668tfsl:ResidentialHomeTodayMember2020-10-012021-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:InitialRestructuringMember2020-10-012021-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:MultipleRestructuringsMember2020-10-012021-03-310001381668tfsl:EquityLoansAndLinesOfCreditMembertfsl:Chapter7BankruptcyDischargedMember2020-10-012021-03-310001381668tfsl:EquityLoansAndLinesOfCreditMember2020-10-012021-03-310001381668tfsl:InitialRestructuringMember2020-10-012021-03-310001381668tfsl:MultipleRestructuringsMember2020-10-012021-03-310001381668tfsl:Chapter7BankruptcyDischargedMember2020-10-012021-03-31tfsl:contracts0001381668tfsl:SavingsAccountsRangeexcludingMMAPercentageMember2022-03-310001381668tfsl:SavingsAccountsRangeexcludingMMAPercentageMember2021-09-300001381668us-gaap:MoneyMarketFundsMember2022-03-310001381668us-gaap:MoneyMarketFundsMember2021-09-300001381668us-gaap:CertificatesOfDepositMember2022-03-310001381668us-gaap:CertificatesOfDepositMember2021-09-300001381668us-gaap:DemandDepositsMember2022-03-310001381668us-gaap:DemandDepositsMember2021-09-300001381668srt:MaximumMember2021-10-012022-03-310001381668us-gaap:FederalHomeLoanBankAdvancesMember2022-01-012022-03-310001381668us-gaap:FederalHomeLoanBankAdvancesMember2021-10-012022-03-310001381668us-gaap:FederalHomeLoanBankAdvancesMember2021-01-012021-03-310001381668us-gaap:FederalHomeLoanBankAdvancesMember2020-10-012021-03-310001381668us-gaap:InterestRateSwapMember2022-03-310001381668tfsl:EffectiveMaturityYear1Memberus-gaap:InterestRateSwapMember2022-03-310001381668tfsl:EffectiveMaturityYear2Memberus-gaap:InterestRateSwapMember2022-03-310001381668tfsl:EffectiveMaturityYear3Memberus-gaap:InterestRateSwapMember2022-03-310001381668us-gaap:InterestRateSwapMembertfsl:EffectiveMaturityYear4Member2022-03-310001381668tfsl:EffectiveMaturityYear5Memberus-gaap:InterestRateSwapMember2022-03-310001381668tfsl:EffectiveMaturityAfterYear5Memberus-gaap:InterestRateSwapMember2022-03-310001381668us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001381668us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-12-310001381668us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001381668us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001381668us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-12-310001381668us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001381668us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310001381668us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-01-012022-03-310001381668us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310001381668us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310001381668us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-03-310001381668us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001381668us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310001381668us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-03-310001381668us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310001381668us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310001381668us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-03-310001381668us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310001381668us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-09-300001381668us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-09-300001381668us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-09-300001381668us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-09-300001381668us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-09-300001381668us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-300001381668us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-10-012022-03-310001381668us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-10-012022-03-310001381668us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-10-012022-03-310001381668us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-10-012021-03-310001381668us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-10-012021-03-310001381668us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-012021-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-10-012022-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-10-012021-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:InterestRateContractMember2022-01-012022-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:InterestRateContractMember2021-01-012021-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:InterestRateContractMember2021-10-012022-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:InterestRateContractMember2020-10-012021-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-01-012022-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-10-012022-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-10-012021-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-01-012022-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-01-012021-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-10-012022-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2020-10-012021-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-10-012022-03-310001381668us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-012021-03-310001381668us-gaap:RestrictedStockUnitsRSUMember2021-12-012021-12-310001381668us-gaap:PerformanceSharesMember2021-12-012021-12-310001381668us-gaap:PerformanceSharesMember2021-10-012022-03-310001381668us-gaap:EmployeeStockOptionMember2022-01-012022-03-310001381668us-gaap:EmployeeStockOptionMember2021-01-012021-03-310001381668us-gaap:EmployeeStockOptionMember2021-10-012022-03-310001381668us-gaap:EmployeeStockOptionMember2020-10-012021-03-310001381668us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001381668us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-310001381668us-gaap:RestrictedStockUnitsRSUMember2021-10-012022-03-310001381668us-gaap:RestrictedStockUnitsRSUMember2020-10-012021-03-310001381668us-gaap:PerformanceSharesMember2022-01-012022-03-310001381668us-gaap:PerformanceSharesMember2021-01-012021-03-310001381668us-gaap:PerformanceSharesMember2020-10-012021-03-310001381668us-gaap:RestrictedStockUnitsRSUMember2022-03-310001381668us-gaap:PerformanceSharesMember2022-03-310001381668us-gaap:RestrictedStockUnitsRSUMember2022-03-012022-03-310001381668srt:MinimumMember2021-10-012022-03-310001381668tfsl:LoanOriginationCommitmentsFixedRateMember2022-03-310001381668tfsl:LoanOriginationCommitmentsVariableRateMember2022-03-310001381668tfsl:LoanOriginationCommitmentsEquityLoansandLinesofCreditIncludingBridgeLoansMember2022-03-310001381668us-gaap:LoanOriginationCommitmentsMember2022-03-310001381668tfsl:UnfundedCommitmentsEquityLinesofCreditMember2022-03-310001381668tfsl:UnfundedCommitmentsConstructionLoansMember2022-03-310001381668tfsl:UnfundedCommitmentsMember2022-03-310001381668tfsl:UnfundedCommitmentsEquityLinesOfCreditIncludingSuspendedAccountsMember2022-03-310001381668tfsl:LoansHeldForSaleSubjectToPendingAgencyContractsMember2022-03-310001381668tfsl:LoansHeldForSaleSubjectToPendingAgencyContractsMember2021-09-300001381668tfsl:LoansHeldForSaleSubjectToPendingAgencyContractsMember2021-10-012022-03-310001381668tfsl:LoansHeldForSaleSubjectToPendingAgencyContractsMember2022-01-012022-03-310001381668tfsl:LoansHeldForSaleSubjectToPendingAgencyContractsMember2021-01-012021-03-310001381668tfsl:LoansHeldForSaleSubjectToPendingAgencyContractsMember2020-10-012021-03-310001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2022-03-310001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2021-09-300001381668tfsl:CarriedAtCostMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-03-310001381668tfsl:CarriedAtCostMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668tfsl:PresentValueOfCashFlowsMembertfsl:TroubledDebtRestructuringMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:PerformingFinancingReceivableMember2022-03-310001381668tfsl:PresentValueOfCashFlowsMembertfsl:TroubledDebtRestructuringMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:PerformingFinancingReceivableMember2021-09-300001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2022-03-310001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2021-09-300001381668tfsl:OriginalOrAdjustedCostBasisMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2022-03-310001381668tfsl:OriginalOrAdjustedCostBasisMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2021-09-300001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2022-03-310001381668us-gaap:FairValueMeasurementsRecurringMember2022-03-310001381668us-gaap:FairValueMeasurementsRecurringMember2021-09-300001381668us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001381668us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001381668us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001381668us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310001381668us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001381668us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001381668us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001381668us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryNotesSecuritiesMember2022-03-310001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryNotesSecuritiesMember2022-03-310001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryNotesSecuritiesMember2022-03-310001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryNotesSecuritiesMember2022-03-310001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310001381668us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001381668us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001381668us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001381668us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001381668us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMember2021-09-300001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel1Member2021-09-300001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2020-12-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2020-09-300001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherIncomeMember2022-01-012022-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherIncomeMember2021-01-012021-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherIncomeMember2021-10-012022-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherIncomeMember2020-10-012021-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2021-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2021-10-012022-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2020-10-012021-03-310001381668us-gaap:FairValueMeasurementsNonrecurringMembertfsl:CollateralDependentLoansNetMember2022-03-310001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Membertfsl:CollateralDependentLoansNetMember2022-03-310001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membertfsl:CollateralDependentLoansNetMember2022-03-310001381668us-gaap:FairValueMeasurementsNonrecurringMembertfsl:MeasurementInputDiscountedAppraisedValueMemberus-gaap:FairValueInputsLevel3Membertfsl:CollateralValueMembertfsl:CollateralDependentLoansNetMember2022-03-310001381668tfsl:RealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-03-310001381668tfsl:RealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001381668tfsl:RealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001381668tfsl:RealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310001381668us-gaap:FairValueMeasurementsNonrecurringMember2022-03-310001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310001381668us-gaap:FairValueMeasurementsNonrecurringMembertfsl:CollateralDependentLoansNetMember2021-09-300001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Membertfsl:CollateralDependentLoansNetMember2021-09-300001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membertfsl:CollateralDependentLoansNetMember2021-09-300001381668us-gaap:FairValueMeasurementsNonrecurringMembertfsl:MeasurementInputDiscountedAppraisedValueMemberus-gaap:FairValueInputsLevel3Membertfsl:CollateralValueMembertfsl:CollateralDependentLoansNetMember2021-09-300001381668tfsl:RealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-300001381668tfsl:RealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001381668tfsl:RealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668tfsl:RealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:FairValueMeasurementsNonrecurringMember2021-09-300001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668tfsl:MeasurementInputDiscountedAppraisedValueMemberus-gaap:FairValueInputsLevel3Membertfsl:CollateralValueMembertfsl:CollateralDependentLoansNetMember2022-03-310001381668tfsl:MeasurementInputDiscountedAppraisedValueMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMembertfsl:CollateralValueMember2022-03-310001381668srt:MaximumMembertfsl:MeasurementInputDiscountedAppraisedValueMemberus-gaap:FairValueInputsLevel3Membertfsl:CollateralValueMember2022-03-310001381668srt:WeightedAverageMembertfsl:MeasurementInputDiscountedAppraisedValueMemberus-gaap:FairValueInputsLevel3Membertfsl:CollateralValueMember2022-03-310001381668tfsl:MeasurementInputDiscountedAppraisedValueMemberus-gaap:FairValueInputsLevel3Membertfsl:CollateralValueMembertfsl:CollateralDependentLoansNetMember2021-09-300001381668tfsl:MeasurementInputDiscountedAppraisedValueMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMembertfsl:CollateralValueMember2021-09-300001381668srt:MaximumMembertfsl:MeasurementInputDiscountedAppraisedValueMemberus-gaap:FairValueInputsLevel3Membertfsl:CollateralValueMember2021-09-300001381668srt:WeightedAverageMembertfsl:MeasurementInputDiscountedAppraisedValueMemberus-gaap:FairValueInputsLevel3Membertfsl:CollateralValueMember2021-09-300001381668tfsl:SecondaryMarketPricingMembertfsl:MeasurementInputClosureRateMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668tfsl:SecondaryMarketPricingMembertfsl:MeasurementInputClosureRateMemberus-gaap:InterestRateLockCommitmentsMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668tfsl:SecondaryMarketPricingMembertfsl:MeasurementInputClosureRateMembersrt:MaximumMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668tfsl:SecondaryMarketPricingMembertfsl:MeasurementInputClosureRateMembersrt:WeightedAverageMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:CashMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001381668us-gaap:CashMember2022-03-310001381668us-gaap:CashMemberus-gaap:FairValueInputsLevel1Member2022-03-310001381668us-gaap:CashMemberus-gaap:FairValueInputsLevel2Member2022-03-310001381668us-gaap:CashMemberus-gaap:FairValueInputsLevel3Member2022-03-310001381668us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CashEquivalentsMember2022-03-310001381668us-gaap:CashEquivalentsMember2022-03-310001381668us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2022-03-310001381668us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2022-03-310001381668us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2022-03-310001381668us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001381668us-gaap:FairValueInputsLevel1Member2022-03-310001381668us-gaap:FairValueInputsLevel2Member2022-03-310001381668us-gaap:FairValueInputsLevel3Member2022-03-310001381668us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MortgageReceivablesMember2022-03-310001381668us-gaap:MortgageReceivablesMember2022-03-310001381668us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageReceivablesMember2022-03-310001381668us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageReceivablesMember2022-03-310001381668us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageReceivablesMember2022-03-310001381668tfsl:OtherLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001381668tfsl:OtherLoansMember2022-03-310001381668tfsl:OtherLoansMemberus-gaap:FairValueInputsLevel1Member2022-03-310001381668tfsl:OtherLoansMemberus-gaap:FairValueInputsLevel2Member2022-03-310001381668tfsl:OtherLoansMemberus-gaap:FairValueInputsLevel3Member2022-03-310001381668tfsl:AccruedInterestReceivableMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001381668tfsl:AccruedInterestReceivableMember2022-03-310001381668tfsl:AccruedInterestReceivableMemberus-gaap:FairValueInputsLevel1Member2022-03-310001381668tfsl:AccruedInterestReceivableMemberus-gaap:FairValueInputsLevel2Member2022-03-310001381668tfsl:AccruedInterestReceivableMemberus-gaap:FairValueInputsLevel3Member2022-03-310001381668us-gaap:DemandDepositsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001381668us-gaap:DemandDepositsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001381668us-gaap:DemandDepositsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001381668us-gaap:DemandDepositsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001381668us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CertificatesOfDepositMember2022-03-310001381668us-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMember2022-03-310001381668us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2022-03-310001381668us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMember2022-03-310001381668tfsl:AdvancePaymentsbyBorrowersforTaxesAndInsuranceMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001381668tfsl:AdvancePaymentsbyBorrowersforTaxesAndInsuranceMember2022-03-310001381668us-gaap:FairValueInputsLevel1Membertfsl:AdvancePaymentsbyBorrowersforTaxesAndInsuranceMember2022-03-310001381668us-gaap:FairValueInputsLevel2Membertfsl:AdvancePaymentsbyBorrowersforTaxesAndInsuranceMember2022-03-310001381668us-gaap:FairValueInputsLevel3Membertfsl:AdvancePaymentsbyBorrowersforTaxesAndInsuranceMember2022-03-310001381668tfsl:PrincipalInterestAndRelatedEscrowOwedOnLoansServicedMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001381668tfsl:PrincipalInterestAndRelatedEscrowOwedOnLoansServicedMember2022-03-310001381668tfsl:PrincipalInterestAndRelatedEscrowOwedOnLoansServicedMemberus-gaap:FairValueInputsLevel1Member2022-03-310001381668tfsl:PrincipalInterestAndRelatedEscrowOwedOnLoansServicedMemberus-gaap:FairValueInputsLevel2Member2022-03-310001381668tfsl:PrincipalInterestAndRelatedEscrowOwedOnLoansServicedMemberus-gaap:FairValueInputsLevel3Member2022-03-310001381668us-gaap:CashMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300001381668us-gaap:CashMember2021-09-300001381668us-gaap:CashMemberus-gaap:FairValueInputsLevel1Member2021-09-300001381668us-gaap:CashMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668us-gaap:CashMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CashEquivalentsMember2021-09-300001381668us-gaap:CashEquivalentsMember2021-09-300001381668us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2021-09-300001381668us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2021-09-300001381668us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2021-09-300001381668us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300001381668us-gaap:FairValueInputsLevel1Member2021-09-300001381668us-gaap:FairValueInputsLevel2Member2021-09-300001381668us-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MortgageReceivablesMember2021-09-300001381668us-gaap:MortgageReceivablesMember2021-09-300001381668us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageReceivablesMember2021-09-300001381668us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageReceivablesMember2021-09-300001381668us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageReceivablesMember2021-09-300001381668tfsl:OtherLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300001381668tfsl:OtherLoansMember2021-09-300001381668tfsl:OtherLoansMemberus-gaap:FairValueInputsLevel1Member2021-09-300001381668tfsl:OtherLoansMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668tfsl:OtherLoansMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668tfsl:AccruedInterestReceivableMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300001381668tfsl:AccruedInterestReceivableMember2021-09-300001381668tfsl:AccruedInterestReceivableMemberus-gaap:FairValueInputsLevel1Member2021-09-300001381668tfsl:AccruedInterestReceivableMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668tfsl:AccruedInterestReceivableMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:DemandDepositsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300001381668us-gaap:DemandDepositsMemberus-gaap:FairValueInputsLevel1Member2021-09-300001381668us-gaap:DemandDepositsMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668us-gaap:DemandDepositsMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CertificatesOfDepositMember2021-09-300001381668us-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMember2021-09-300001381668us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2021-09-300001381668us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMember2021-09-300001381668tfsl:AdvancePaymentsbyBorrowersforTaxesAndInsuranceMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300001381668tfsl:AdvancePaymentsbyBorrowersforTaxesAndInsuranceMember2021-09-300001381668us-gaap:FairValueInputsLevel1Membertfsl:AdvancePaymentsbyBorrowersforTaxesAndInsuranceMember2021-09-300001381668us-gaap:FairValueInputsLevel2Membertfsl:AdvancePaymentsbyBorrowersforTaxesAndInsuranceMember2021-09-300001381668us-gaap:FairValueInputsLevel3Membertfsl:AdvancePaymentsbyBorrowersforTaxesAndInsuranceMember2021-09-300001381668tfsl:PrincipalInterestAndRelatedEscrowOwedOnLoansServicedMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300001381668tfsl:PrincipalInterestAndRelatedEscrowOwedOnLoansServicedMember2021-09-300001381668tfsl:PrincipalInterestAndRelatedEscrowOwedOnLoansServicedMemberus-gaap:FairValueInputsLevel1Member2021-09-300001381668tfsl:PrincipalInterestAndRelatedEscrowOwedOnLoansServicedMemberus-gaap:FairValueInputsLevel2Member2021-09-300001381668tfsl:PrincipalInterestAndRelatedEscrowOwedOnLoansServicedMemberus-gaap:FairValueInputsLevel3Member2021-09-300001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2021-10-012022-03-310001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2020-10-012021-09-300001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2021-09-300001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMember2022-03-310001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMember2021-09-300001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMember2022-03-310001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMember2021-09-300001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2022-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2021-09-300001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2022-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2021-09-300001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherComprehensiveIncomeMember2022-01-012022-03-310001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherComprehensiveIncomeMember2021-01-012021-03-310001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherComprehensiveIncomeMember2021-10-012022-03-310001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherComprehensiveIncomeMember2020-10-012021-03-310001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2022-01-012022-03-310001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2021-01-012021-03-310001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2021-10-012022-03-310001381668us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2020-10-012021-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:OtherIncomeMemberus-gaap:NondesignatedMember2022-01-012022-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:OtherIncomeMemberus-gaap:NondesignatedMember2021-01-012021-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:OtherIncomeMemberus-gaap:NondesignatedMember2021-10-012022-03-310001381668us-gaap:InterestRateLockCommitmentsMemberus-gaap:OtherIncomeMemberus-gaap:NondesignatedMember2020-10-012021-03-310001381668tfsl:NetGainLossOnSaleOfMortgageLoansMembertfsl:ForwardCommitmentsForSaleOfMortgageLoansMemberus-gaap:NondesignatedMember2022-01-012022-03-310001381668tfsl:NetGainLossOnSaleOfMortgageLoansMembertfsl:ForwardCommitmentsForSaleOfMortgageLoansMemberus-gaap:NondesignatedMember2021-01-012021-03-310001381668tfsl:NetGainLossOnSaleOfMortgageLoansMembertfsl:ForwardCommitmentsForSaleOfMortgageLoansMemberus-gaap:NondesignatedMember2021-10-012022-03-310001381668tfsl:NetGainLossOnSaleOfMortgageLoansMembertfsl:ForwardCommitmentsForSaleOfMortgageLoansMemberus-gaap:NondesignatedMember2020-10-012021-03-31
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 class | | Trading Symbol(s) | | Name of each exchange in which registered |
Common Stock, par value $0.01 per share | | TFSL | | The 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. | | |
| |
| |
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 |
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 equivalents | 346,276 | | | 460,980 | |
Cash and cash equivalents | 370,671 | | | 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 loans | 13,150,338 | | | 12,525,687 | |
Other loans | 2,589 | | | 2,778 | |
Deferred loan expenses, net | 47,372 | | | 44,859 | |
Allowance for credit losses on loans | (64,324) | | | (64,289) | |
Loans, net | 13,135,975 | | | 12,509,035 | |
Mortgage loan servicing rights, net | 8,464 | | | 8,941 | |
Federal Home Loan Bank stock, at cost | 162,783 | | | 162,783 | |
Real estate owned, net | 131 | | | 289 | |
Premises, equipment, and software, net | 35,417 | | | 37,420 | |
Accrued interest receivable | 30,908 | | | 31,107 | |
Bank owned life insurance contracts | 300,268 | | | 297,332 | |
Other assets | 93,050 | | | 91,586 | |
TOTAL ASSETS | $ | 14,580,889 | | | $ | 14,057,450 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
Deposits | $ | 9,008,347 | | | $ | 8,993,605 | |
Borrowed funds | 3,555,325 | | | 3,091,815 | |
Borrowers’ advances for insurance and taxes | 95,199 | | | 109,633 | |
Principal, interest, and related escrow owed on loans serviced | 33,034 | | | 41,476 | |
Accrued expenses and other liabilities | 93,236 | | | 88,641 | |
Total liabilities | 12,785,141 | | | 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 capital | 1,748,589 | | | 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 restricted | 856,555 | | | 853,657 | |
Accumulated other comprehensive loss | (10,831) | | | (67,801) | |
Total shareholders’ equity | 1,795,748 | | | 1,732,280 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 14,580,889 | | | $ | 14,057,450 | |
See accompanying notes to unaudited interim consolidated financial statements.
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended | | For the Six Months Ended |
| March 31, | | March 31, |
| 2022 | | 2021 | | 2022 | | 2021 |
INTEREST AND DIVIDEND INCOME: | | | | | | | |
Loans, including fees | $ | 91,125 | | | $ | 96,175 | | | $ | 181,244 | | | $ | 196,301 | |
Investment securities available for sale | 1,355 | | | 966 | | | 2,315 | | | 1,953 | |
| | | | | | | |
Other interest and dividend earning assets | 981 | | | 814 | | | 1,992 | | | 1,630 | |
Total interest and dividend income | 93,461 | | | 97,955 | | | 185,551 | | | 199,884 | |
INTEREST EXPENSE: | | | | | | | |
Deposits | 16,896 | | | 24,545 | | | 36,147 | | | 52,241 | |
Borrowed funds | 13,824 | | | 14,999 | | | 28,819 | | | 30,489 | |
Total interest expense | 30,720 | | | 39,544 | | | 64,966 | | | 82,730 | |
NET INTEREST INCOME | 62,741 | | | 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 LOSSES | 63,741 | | | 62,411 | | | 123,585 | | | 123,154 | |
NON-INTEREST INCOME: | | | | | | | |
Fees and service charges, net of amortization | 2,568 | | | 2,460 | | | 4,972 | | | 4,955 | |
Net gain on the sale of loans | 113 | | | 8,911 | | | 2,300 | | | 25,354 | |
Increase in and death benefits from bank owned life insurance contracts | 2,222 | | | 3,807 | | | 5,133 | | | 5,454 | |
| | | | | | | |
Other | 688 | | | 530 | | | 1,340 | | | 1,406 | |
Total non-interest income | 5,591 | | | 15,708 | | | 13,745 | | | 37,169 | |
NON-INTEREST EXPENSE: | | | | | | | |
Salaries and employee benefits | 26,862 | | | 26,672 | | | 53,377 | | | 55,010 | |
Marketing services | 6,551 | | | 5,325 | | | 12,177 | | | 11,058 | |
Office property, equipment and software | 6,824 | | | 6,395 | | | 13,463 | | | 12,830 | |
Federal insurance premium and assessments | 2,276 | | | 2,323 | | | 4,288 | | | 4,713 | |
State franchise tax | 1,237 | | | 1,159 | | | 2,461 | | | 2,310 | |
Other expenses | 6,225 | | | 6,936 | | | 11,882 | | | 14,618 | |
Total non-interest expense | 49,975 | | | 48,810 | | | 97,648 | | | 100,539 | |
INCOME BEFORE INCOME TAXES | 19,357 | | | 29,309 | | | 39,682 | | | 59,784 | |
INCOME TAX EXPENSE | 3,512 | | | 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 | | | | | | | |
Basic | 277,423,493 | | | 276,716,978 | | | 277,323,217 | | | 276,464,037 | |
Diluted | 278,819,539 | | | 278,593,303 | | | 278,864,945 | | | 278,291,638 | |
See accompanying notes to unaudited interim consolidated financial statements.
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended | | For the Six Months Ended |
| March 31, | | March 31, |
| 2022 | | 2021 | | 2022 | | 2021 |
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 hedges | 53,287 | | | 33,989 | | | 73,936 | | | 45,288 | |
Net change in defined benefit plan obligation | 82 | | | 466 | | | 178 | | | 932 | |
Total other comprehensive income | 39,308 | | | 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.
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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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.
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands)
| | | | | | | | | | | | | | |
| | For the Six Months Ended March 31, |
| | 2022 | | 2021 |
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 expense | | 5,893 | | | 7,016 | |
Depreciation and amortization | | 14,108 | | | 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) losses | | 199 | | | 393 | |
Proceeds from sales of loans held for sale | | |