Company Quick10K Filing
TFS Financial
Price18.05 EPS0
Shares280 P/E63
MCap5,053 P/FCF49
Net Debt-275 EBIT323
TEV4,778 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-15
10-Q 2019-12-31 Filed 2020-02-06
10-K 2019-09-30 Filed 2019-11-26
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-Q 2018-12-31 Filed 2019-02-07
10-K 2018-09-30 Filed 2018-11-27
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-Q 2017-12-31 Filed 2018-02-08
10-K 2017-09-30 Filed 2017-11-22
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-05
10-Q 2016-12-31 Filed 2017-02-08
10-K 2016-09-30 Filed 2016-11-23
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-Q 2015-12-31 Filed 2016-02-08
10-K 2015-09-30 Filed 2015-11-25
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-Q 2014-12-31 Filed 2015-02-06
10-K 2014-09-30 Filed 2014-11-26
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-Q 2013-12-31 Filed 2014-02-07
10-K 2013-09-30 Filed 2013-11-27
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-Q 2012-12-31 Filed 2013-02-11
10-K 2012-09-30 Filed 2012-11-29
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-Q 2011-12-31 Filed 2012-02-09
10-K 2011-09-30 Filed 2011-11-29
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-09
10-Q 2010-12-31 Filed 2011-02-09
10-K 2010-09-30 Filed 2010-11-24
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-06
10-Q 2009-12-31 Filed 2010-02-05
8-K 2020-07-30 Earnings, Officers, Exhibits
8-K 2020-07-14 Other Events
8-K 2020-06-01
8-K 2020-05-28
8-K 2020-05-11
8-K 2020-04-30
8-K 2020-02-27
8-K 2020-02-27
8-K 2020-01-30
8-K 2019-11-21
8-K 2019-10-30
8-K 2019-08-22
8-K 2019-07-30
8-K 2019-07-16
8-K 2019-06-03
8-K 2019-05-30
8-K 2019-04-30
8-K 2019-02-21
8-K 2019-02-21
8-K 2019-01-30
8-K 2018-11-14
8-K 2018-10-29
8-K 2018-09-28
8-K 2018-08-30
8-K 2018-07-30
8-K 2018-07-11
8-K 2018-05-31
8-K 2018-05-29
8-K 2018-04-30
8-K 2018-02-22
8-K 2018-02-22
8-K 2018-01-30

TFSL 10Q Quarterly Report

Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6.
EX-31.1 tfslfy20marex311.htm
EX-31.2 tfslfy20marex312.htm
EX-32 tfslfy20marex32.htm

TFS Financial Earnings 2020-03-31

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

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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, 2020
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For transition period from              to             
Commission File Number 001-33390
________________________________________
TFS FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
________________________________________
United States of America
 
52-2054948
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
7007 Broadway Avenue
 
 
Cleveland,
Ohio
 
44105
(Address of Principal Executive Offices)
 
(Zip Code)
(216) 441-6000
Registrant’s telephone number, including area code:
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
________________________________________
Securities registered pursuant to Section 12(b) of the Act
Title of each 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, 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 13, 2020, there were 280,142,927 shares of the Registrant’s common stock, par value $0.01 per share, outstanding, of which 227,119,132 shares, or 81.1% 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, 2020 and September 30, 2019
 
 
 
 
 
 
Three and Six Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
Three and Six Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
Three and Six Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
Six Months Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 


2



GLOSSARY OF TERMS
TFS Financial Corporation provides the following list of acronyms and defined terms as a tool for the reader. The acronyms and defined terms identified below are used throughout the document.
ACT: Tax Cuts and Jobs Act
FHLB:  Federal Home Loan Bank
AOCI:  Accumulated Other Comprehensive Income
FICO:  Financing Corporation
ARM:  Adjustable Rate Mortgage
FRB-Cleveland:  Federal Reserve Bank of Cleveland
ASC: Accounting Standards Codification
Freddie Mac: Federal Home Loan Mortgage Corporation
ASU:  Accounting Standards Update
FRS:  Board of Governors of the Federal Reserve System
Association: Third Federal Savings and Loan
GAAP:  Generally Accepted Accounting Principles
Association of Cleveland
Ginnie Mae:  Government National Mortgage Association
BOLI:  Bank Owned Life Insurance
GVA:  General Valuation Allowances
CARES Act: Coronavirus Aid, Relief and Economic Security
HPI:  Home Price Index
Act
IRR:  Interest Rate Risk
CDs:  Certificates of Deposit
IRS:  Internal Revenue Service
CFPB:  Consumer Financial Protection Bureau
IVA:  Individual Valuation Allowance
CLTV:  Combined Loan-to-Value
LIHTC:  Low Income Housing Tax Credit
Company:  TFS Financial Corporation and its
LIP:  Loans-in-Process
subsidiaries
LTV:  Loan-to-Value
DFA:  Dodd-Frank Wall Street Reform and Consumer
MGIC:  Mortgage Guaranty Insurance Corporation
Protection Act
OCC:  Office of the Comptroller of the Currency
EaR:  Earnings at Risk
OCI:  Other Comprehensive Income
EPS: Earnings per Share
PMI:  Private Mortgage Insurance
ESOP:  Third Federal Employee (Associate) Stock
PMIC:  PMI Mortgage Insurance Co.
Ownership Plan
REMICs:  Real Estate Mortgage Investment Conduits
EVE:  Economic Value of Equity
SEC:  United States Securities and Exchange Commission
Fannie Mae:  Federal National Mortgage Association
TDR:  Troubled Debt Restructuring
FASB:  Financial Accounting Standards Board
Third Federal Savings, MHC:  Third Federal Savings
FDIC:  Federal Deposit Insurance Corporation
and Loan Association of Cleveland, MHC
FHFA:  Federal Housing Finance Agency
 
 
 
 
 




3



Item 1. Financial Statements
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION (unaudited)
(In thousands, except share data)
 
March 31,
2020
 
September 30,
2019
ASSETS
 
 
 
Cash and due from banks
$
27,803

 
$
31,728

Other interest-earning cash equivalents
284,678

 
243,415

Cash and cash equivalents
312,481

 
275,143

Investment securities available for sale (amortized cost $532,812 and $550,605, respectively)
545,484

 
547,864

Mortgage loans held for sale, at lower of cost or market (none measured at fair value)
2,337

 
3,666

Loans held for investment, net:
 
 
 
Mortgage loans
13,571,200

 
13,189,516

Other loans
2,700

 
3,166

Deferred loan expenses, net
44,941

 
41,976

Allowance for loan losses
(44,387
)
 
(38,913
)
Loans, net
13,574,454

 
13,195,745

Mortgage loan servicing rights, net
7,194

 
8,080

Federal Home Loan Bank stock, at cost
135,858

 
101,858

Real estate owned, net
2,728

 
2,163

Premises, equipment, and software, net
42,684

 
61,577

Accrued interest receivable
38,915

 
40,822

Bank owned life insurance contracts
219,768

 
217,481

Other assets
120,440

 
87,957

TOTAL ASSETS
$
15,002,343

 
$
14,542,356

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Deposits
$
9,087,811

 
$
8,766,384

Borrowed funds
4,082,951

 
3,902,981

Borrowers’ advances for insurance and taxes
93,225

 
103,328

Principal, interest, and related escrow owed on loans serviced
28,722

 
32,909

Accrued expenses and other liabilities
54,470

 
40,000

Total liabilities
13,347,179

 
12,845,602

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; 280,139,970 and 279,962,777 outstanding at March 31, 2020 and September 30, 2019, respectively
3,323

 
3,323

Paid-in capital
1,739,523

 
1,734,154

Treasury stock, at cost; 52,178,780 and 52,355,973 shares at March 31, 2020 and September 30, 2019, respectively
(767,723
)
 
(764,589
)
Unallocated ESOP shares
(42,251
)
 
(44,417
)
Retained earnings—substantially restricted
853,155

 
837,662

Accumulated other comprehensive loss
(130,863
)
 
(69,379
)
Total shareholders’ equity
1,655,164

 
1,696,754

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
15,002,343

 
$
14,542,356

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 Ended
 
For the Six Months Ended
 
March 31,
 
March 31,
 
2020
 
2019
 
2020
 
2019
INTEREST AND DIVIDEND INCOME:
 
 
 
 
 
 
 
Loans, including fees
$
115,203

 
$
114,306

 
$
230,428

 
$
226,797

Investment securities available for sale
2,911

 
3,494

 
5,775

 
6,618

Other interest and dividend earning assets
1,412

 
2,643

 
3,375

 
5,316

Total interest and dividend income
119,526

 
120,443

 
239,578

 
238,731

INTEREST EXPENSE:
 
 
 
 
 
 
 
Deposits
37,483

 
35,077

 
75,799

 
67,839

Borrowed funds
17,005

 
17,605

 
34,556

 
35,319

Total interest expense
54,488

 
52,682

 
110,355

 
103,158

NET INTEREST INCOME
65,038

 
67,761

 
129,223

 
135,573

PROVISION (CREDIT) FOR LOAN LOSSES

6,000

 
(4,000
)
 
3,000

 
(6,000
)
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES
59,038

 
71,761

 
126,223

 
141,573

NON-INTEREST INCOME:
 
 
 
 
 
 
 
Fees and service charges, net of amortization
2,119

 
1,795

 
4,265

 
3,571

Net gain on the sale of loans
3,138

 
451

 
6,063

 
562

Increase in and death benefits from bank owned life insurance contracts
2,461

 
1,874

 
4,022

 
3,421

Other
1,229

 
786

 
6,527

 
2,028

Total non-interest income
8,947

 
4,906

 
20,877

 
9,582

NON-INTEREST EXPENSE:
 
 
 
 
 
 
 
Salaries and employee benefits
27,216

 
26,152

 
53,101

 
51,516

Marketing services
4,029

 
6,719

 
8,490

 
11,516

Office property, equipment and software
6,534

 
6,261

 
12,980

 
13,247

Federal insurance premium and assessments
2,768

 
2,370

 
5,387

 
5,136

State franchise tax
1,191

 
1,282

 
2,323

 
2,544

Other expenses
7,820

 
7,943

 
14,597

 
14,748

Total non-interest expense
49,558

 
50,727

 
96,878

 
98,707

INCOME BEFORE INCOME TAXES
18,427

 
25,940

 
50,222

 
52,448

INCOME TAX EXPENSE
1,170

 
5,810

 
7,323

 
11,985

NET INCOME
$
17,257

 
$
20,130

 
$
42,899

 
$
40,463

Earnings per share—basic and diluted
$
0.06

 
$
0.07

 
$
0.15

 
$
0.14

Weighted average shares outstanding
 
 
 
 
 
 
 
Basic
275,835,243

 
275,359,201

 
275,706,011

 
275,367,821

Diluted
278,101,329

 
277,343,155

 
277,990,253

 
277,197,565


See accompanying notes to unaudited interim consolidated financial statements.

5



TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
(In thousands)
 
For the Three Months Ended
 
For the Six Months Ended
 
March 31,
 
March 31,
 
2020
 
2019
 
2020
 
2019
Net income
$
17,257

 
$
20,130

 
$
42,899

 
$
40,463

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net change in unrealized gain (losses) on securities available for sale
9,253

 
3,381

 
12,176

 
8,478

Net change in cash flow hedges
(89,769
)
 
(18,936
)
 
(74,564
)
 
(45,758
)
Net change in defined benefit plan obligation
452

 
264

 
904

 
528

Total other comprehensive income (loss)
(80,064
)
 
(15,291
)
 
(61,484
)
 
(36,752
)
Total comprehensive income (loss)
$
(62,807
)
 
$
4,839

 
$
(18,585
)
 
$
3,711

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, 2019
 
 
Common
stock
 
Paid-in
capital
 
Treasury
stock
 
Unallocated
common stock
held by ESOP
 
Retained
earnings
 
Accumulated other
comprehensive
income (loss)
 
Total
shareholders’
equity
Balance at December 31, 2018
 
$
3,323

 
$
1,727,909

 
$
(757,464
)
 
$
(47,667
)
 
$
815,918

 
$
1,761

 
$
1,743,780

Net income
 

 

 

 

 
20,130

 

 
20,130

Other comprehensive income (loss), net of tax
 

 

 

 

 

 
(15,291
)
 
(15,291
)
ESOP shares allocated or committed to be released
 

 
729

 

 
1,083

 

 

 
1,812

Compensation costs for equity incentive plans
 

 
1,146