Company Quick10K Filing
TFS Financial
Price18.05 EPS0
Shares280 P/E63
MCap5,053 P/FCF49
Net Debt-275 EBIT323
TEV4,778 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
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8-K 2020-08-27 Other Events
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8-K 2020-06-01
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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 tfslfy20junex311.htm
EX-31.2 tfslfy20junex312.htm
EX-32 tfslfy20junex32.htm

TFS Financial Earnings 2020-06-30

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

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________
FORM 10-Q
________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2020
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For transition period from              to             
Commission File Number 001-33390
________________________________________
TFS FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
________________________________________
United States of America 52-2054948
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
7007 Broadway Avenue
Cleveland,Ohio 44105
(Address of Principal Executive Offices) (Zip Code)
(216) 441-6000
Registrant’s telephone number, including area code:
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
________________________________________
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange in which registered
Common Stock, par value $0.01 per shareTFSLThe NASDAQ Stock Market, LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 August 5, 2020, there were 280,149,431 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.


Table of Contents

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

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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



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Item 1. Financial Statements
TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION (unaudited)
(In thousands, except share data)
June 30,
2020
September 30,
2019
ASSETS
Cash and due from banks$32,777  $31,728  
Other interest-earning cash equivalents296,502  243,415  
Cash and cash equivalents329,279  275,143  
Investment securities available for sale (amortized cost $506,734 and $550,605, respectively)514,330  547,864  
Mortgage loans held for sale ($45,231 and $0 measured at fair value, respectively)51,139  3,666  
Loans held for investment, net:
Mortgage loans13,373,506  13,189,516  
Other loans2,720  3,166  
Deferred loan expenses, net44,776  41,976  
Allowance for loan losses(45,564) (38,913) 
Loans, net13,375,438  13,195,745  
Mortgage loan servicing rights, net7,656  8,080  
Federal Home Loan Bank stock, at cost136,793  101,858  
Real estate owned, net1,395  2,163  
Premises, equipment, and software, net42,697  61,577  
Accrued interest receivable37,680  40,822  
Bank owned life insurance contracts221,327  217,481  
Other assets117,009  87,957  
TOTAL ASSETS$14,834,743  $14,542,356  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits$9,230,111  $8,766,384  
Borrowed funds3,759,148  3,902,981  
Borrowers’ advances for insurance and taxes91,104  103,328  
Principal, interest, and related escrow owed on loans serviced43,193  32,909  
Accrued expenses and other liabilities55,711  40,000  
Total liabilities13,179,267  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; 280,149,431 and 279,962,777 outstanding at June 30, 2020 and September 30, 2019, respectively3,323  3,323  
Paid-in capital1,741,003  1,734,154  
Treasury stock, at cost; 52,169,319 and 52,355,973 shares at June 30, 2020 and September 30, 2019, respectively(767,655) (764,589) 
Unallocated ESOP shares(41,167) (44,417) 
Retained earnings—substantially restricted865,965  837,662  
Accumulated other comprehensive loss(145,993) (69,379) 
Total shareholders’ equity1,655,476  1,696,754  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$14,834,743  $14,542,356  
See accompanying notes to unaudited interim consolidated financial statements.
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TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share and per share data)
 For the Three Months EndedFor the Nine Months Ended
June 30,June 30,
 2020201920202019
INTEREST AND DIVIDEND INCOME:
Loans, including fees$106,839  $115,129  $337,267  $341,926  
Investment securities available for sale2,397  3,389  8,172  10,007  
Other interest and dividend earning assets722  2,525  4,097  7,841  
Total interest and dividend income109,958  121,043  349,536  359,774  
INTEREST EXPENSE:
Deposits33,064  37,159  108,863  104,998  
Borrowed funds14,015  18,366  48,571  53,685  
Total interest expense47,079  55,525  157,434  158,683  
NET INTEREST INCOME62,879  65,518  192,102  201,091  
PROVISION (CREDIT) FOR LOAN LOSSES
  (2,000) 3,000  (8,000) 
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES62,879  67,518  189,102  209,091  
NON-INTEREST INCOME:
Fees and service charges, net of amortization2,170  1,773  6,435  5,344  
Net gain on the sale of loans10,844  543  16,907  1,105  
Increase in and death benefits from bank owned life insurance contracts1,559  1,703  5,581  5,124  
Other749  1,064  7,276  3,092  
Total non-interest income15,322  5,083  36,199  14,665  
NON-INTEREST EXPENSE:
Salaries and employee benefits24,940  26,149  78,041  77,665  
Marketing services3,673  6,063  12,163  17,579  
Office property, equipment and software5,877  6,806  18,857  20,053  
Federal insurance premium and assessments2,800  2,669  8,187  7,805  
State franchise tax1,191  1,265  3,514  3,809  
Other expenses6,352  6,916  20,949  21,664  
Total non-interest expense44,833  49,868  141,711  148,575  
INCOME BEFORE INCOME TAXES33,368  22,733  83,590  75,181  
INCOME TAX EXPENSE6,528  4,476  13,851  16,461  
NET INCOME$26,840  $18,257  $69,739  $58,720  
Earnings per share—basic and diluted$0.10  $0.06  $0.25  $0.21  
Weighted average shares outstanding
Basic275,956,011  275,384,635  275,789,040  275,373,426  
Diluted277,521,881  277,398,486  277,842,653  277,269,555  

See accompanying notes to unaudited interim consolidated financial statements.
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TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
(In thousands)
For the Three Months EndedFor the Nine Months Ended
June 30,June 30,
2020201920202019
Net income$26,840  $18,257  $69,739  $58,720  
Other comprehensive income (loss), net of tax:
Net change in unrealized gain (losses) on securities available for sale(4,010) 4,133  8,166  12,611  
Net change in cash flow hedges(11,571) (36,844) (86,135) (82,602) 
Net change in defined benefit plan obligation451  264  1,355  792  
Total other comprehensive income (loss)(15,130) (32,447) (76,614) (69,199) 
Total comprehensive income (loss)$11,710  $(14,190) $(6,875) $