Contact: Jennifer Rosa         (216) 429-5037 Exhibit 99.1
For release July 30, 2025

TFS Financial Reports Third Quarter and 2025 Fiscal Year-To-Date Results
(Cleveland, OH - July 30, 2025) - TFS Financial Corporation (NASDAQ: TFSL) (the "Company", "we", "our"), the holding company for Third Federal Savings and Loan Association of Cleveland (the "Association"), today announced results for the quarter and nine months ended June 30, 2025.
“This quarter’s performance further reinforces my optimism for this year,” said Chairman and CEO Marc A. Stefanski. “Equity lines of credit originations have grown 17% from 2024, and our net interest margin improved six basis points this quarter to 1.81%, a nine quarter high. Our purchase mortgage activity is strong as we navigate a weaker-than-typical home buying season. Originations and acquired mortgage loans have totaled almost $700 million year-to-date. Our Tier 1 capital ratio of nearly 11% shows that we are well capitalized, and further demonstrates our strength and stability.”
Operating Results for the Quarter Ended June 30, 2025
The Company reported net income of $21.5 million for the quarter ended June 30, 2025 compared to net income of $21.0 million for the quarter ended March 31, 2025. The increase was mainly attributable to an increase in net interest income, partially offset by an increase in non-interest expense.
Net interest income increased $3.0 million, or 4.2%, to $75.0 million for the quarter ended June 30, 2025 from $72.0 million for the quarter ended March 31, 2025. The increase was primarily due to a ten basis point increase in the weighted average yield of interest-bearing assets, primarily loans, partially offset by a five basis point increase in the weighted average cost of interest-bearing liabilities. Residential mortgage loans originated during a lower interest rate environment continue to amortize and be replaced with higher-yielding residential loans, including mortgage loans and equity loans and lines of credit. The interest rate spread for the quarter ended June 30, 2025 increased five basis points from the previous quarter, to 1.50%, and the net interest margin increased six basis points during the quarter to 1.81%.
The Company recorded a provision for credit losses of $1.5 million for both the quarter ended June 30, 2025 and the quarter ended March 31, 2025. The total allowance for credit losses increased $2.4 million during the quarter to $102.4 million, or 0.66% of total loans receivable, from $99.9 million, or 0.65% of total loans receivable, at March 31, 2025. The increase was primarily due to growth in the equity loans and lines of credit portfolios and a slight deterioration in economic factors utilized in estimating losses. The allowance for unfunded commitments, included in other liabilities, increased $0.4 million, to $29.8 million at June 30, 2025, from $29.4 million at March 31, 2025. Net recoveries were $0.9 million for the quarter ended June 30, 2025 compared to $0.7 million for the previous quarter.
Total non-interest expense increased $2.1 million, or 4.1%, to $53.2 million for the quarter ended June 30, 2025 from $51.1 million for the quarter ended March 31, 2025. The change included increases of $1.2 million in marketing services and $1.0 million in other expenses. Other expenses increased primarily due to a $1.0 million increase in costs related to originating loans, including appraisal and credit report fees and down payment assistance.
Financial Condition at June 30, 2025 compared to March 31, 2025
Total assets increased by $263.9 million to $17.38 billion at June 30, 2025 from $17.11 billion at March 31, 2025. The increase was mainly due to increases in loans held for investment and loans held for sale.
Loans held for investment, net of allowance and deferred loan expenses, increased $235.9 million, or 1.5%, to $15.60 billion at June 30, 2025 from $15.36 billion at March 31, 2025. During the quarter ended June 30, 2025, the combined balances of home equity loans and lines of credit increased $260.9 million to $4.58 billion and residential core mortgage loans decreased $25.0 million to $10.97 billion. Loans held for sale increased $25.2 million to $31.0 million at June 30, 2025, from $5.8 million at March 31, 2025, due to an increase in loans committed to future delivery contracts with Fannie Mae.
Deposits decreased $56.1 million, or less than 1%, to $10.34 billion at June 30, 2025, compared to $10.40 billion at March 31, 2025, consisting of a $20.4 million increase in certificates of deposit ("CDs") and decreases of $16.4 million in money market deposit accounts, $16.9 million in checking accounts, and $38.8 million in savings accounts.
Borrowed funds increased $295.7 million to $4.88 billion at June 30, 2025 from $4.59 billion at March 31, 2025. The increase was primarily used to fund growth in the loan portfolio. The total balance of borrowed funds at June 30, 2025, all from the FHLB, included $435.0 million of overnight advances, $1.51 billion of term advances with a weighted average maturity of approximately 1.8 years, and $2.93 billion of term advances aligned with interest rate swap contracts, with a remaining weighted average effective maturity of approximately 2.7 years. Additional borrowing capacity at the FHLB was $1.77 billion at June 30, 2025.


Operating Results for the Nine months ended June 30, 2025
The Company reported net income of $65.0 million for the nine months ended June 30, 2025, an increase of $3.6 million compared to net income of $61.4 million for the nine months ended June 30, 2024. The increase was primarily due to increases in net interest income and non-interest income and a decrease in non-interest expense, partially offset by an increase in the provision for credit losses.
Net interest income increased $5.7 million, or 2.7%, to $215.4 million for the nine months ended June 30, 2025 compared to $209.7 million for the nine months ended June 30, 2024. The yield on interest-earning assets for the nine months ended June 30, 2025 increased 15 basis points compared to the same period a year ago, while the cost of interest-bearing liabilities increased 11 basis points. The interest rate spread was 1.43% for the nine months ended June 30, 2025 compared to 1.39% for the nine months ended June 30, 2024. The net interest margin was 1.74% for the nine months ended June 30, 2025 and 1.69% for the nine months ended June 30, 2024.
During the nine months ended June 30, 2025, there was a $1.5 million provision for credit losses compared to a $2.5 million release of provision for the nine months ended June 30, 2024. Net loan recoveries totaled $3.1 million for the nine months ended June 30, 2025 and $3.6 million for the same period in the prior year.
Due to the combined effect of the provision for credit losses and net loan recoveries during the nine months ended June 30, 2025, the total allowance for credit losses increased $4.6 million to $102.4 million, or 0.66% of total loans receivable, from $97.8 million, or 0.64% of total loans receivable, at September 30, 2024. The increase was primarily related to increases in the equity lines of credit portfolio and commitments to originate both residential mortgage loans and equity loans and lines of credit. Also contributing to the increase was a slight deterioration in economic factors utilized to estimate losses. The allowance for credit losses included $29.8 million and $27.8 million in liabilities for unfunded commitments at June 30, 2025 and September 30, 2024, respectively. Total loan delinquencies increased to $34.3 million, or 0.22% of total loans receivable, at June 30, 2025 from $31.9 million, or 0.21% of total loans receivable, at September 30, 2024. Non-accrual loans totaled $37.3 million, or 0.24% of total loans receivable, at June 30, 2025, compared to $33.6 million, or 0.22% of total loans receivable, at September 30, 2024.
Total non-interest income increased $2.3 million, or 12.6%, to $20.6 million for the nine months ended June 30, 2025, from $18.3 million for the nine months ended June 30, 2024, primarily due to a $1.2 million increase in fees and service charges, net of amortization, and a $1.4 million increase in net gain on the sale of loans. The increase in fees and service charges was mainly due to an increase in fee income earned on equity lines of credit.
Total non-interest expense decreased $1.1 million, or 0.7%, to $152.2 million for the nine months ended June 30, 2025, from $153.3 million for the nine months ended June 30, 2024. The decrease was mainly due to a decrease of $1.6 million in other expenses, partially offset by a $0.9 million increase in office property, equipment and software expenses. The decrease in other expenses included a $1.3 million positive change in net benefit related to the defined benefit plan.
Financial Condition at June 30, 2025 compared to September 30, 2024
Total assets increased $284.9 million, or 1.7%, to $17.38 billion at June 30, 2025 from $17.09 billion at September 30, 2024. The increase was mainly the result of an increase in loans held for investment.
Loans held for investment, net of allowance and deferred loan expenses, increased $273.9 million, or 1.8%, to $15.60 billion at June 30, 2025 from $15.32 billion at September 30, 2024. Home equity loans and lines of credit increased $690.8 million to $4.58 billion and the residential core mortgage loan portfolio decreased $415.2 million to $10.97 billion. Loans held for sale increased $13.2 million to $31.0 million at June 30, 2025 from $17.8 million at September 30, 2024. Loans originated and acquired during the nine months ended June 30, 2025 included $760.2 million of residential mortgage loans and $1.87 billion of equity loans and lines of credit compared to $598.7 million of residential mortgage loans and $1.62 billion of equity loans and lines of credit originated or acquired during the nine months ended June 30, 2024. Of the mortgage loans originated during the nine months ended June 30, 2025, 86% were purchases and 12% were adjustable rate loans.
Deposits increased $146.4 million, or 1.4%, to $10.34 billion at June 30, 2025 from $10.20 billion at September 30, 2024. The increase was the result of a $250.5 million increase in primarily retail certificates of deposit, partially offset by decreases of $26.7 million in savings accounts, $19.3 million in checking accounts and $49.7 million in money market deposit accounts. There were $976.5 million in brokered deposits at June 30, 2025 compared to $1.22 billion at September 30, 2024. The increase in retail certificate of deposit accounts was achieved through competitive rates and enhanced product offerings, supported by marketing efforts.
Borrowed funds increased $90.1 million, or 1.9%, to $4.88 billion at June 30, 2025 from $4.79 billion at September 30, 2024. The increase was primarily used to fund loan growth.


Total shareholders' equity increased $25.4 million, or 1.4%, to $1.89 billion at June 30, 2025 from $1.86 billion at September 30, 2024. Activity reflects $65.0 million of net income, dividends paid of $44.7 million, $0.7 million in repurchases of the Company's common stock, a $0.4 million net decrease in accumulated other comprehensive income and net positive adjustments of $6.3 million related to our stock compensation and employee stock ownership plans. The change in accumulated other comprehensive income was primarily due to a net decrease in unrealized gains on swap contracts. During the nine months ended June 30, 2025, a total of 57,500 shares of the Company's common stock were repurchased at an average cost of $12.87 per share. The Company's eighth stock repurchase program allows for a total of 10,000,000 shares to be repurchased, with 5,134,451 remaining shares authorized for repurchase at June 30, 2025.
The Company declared and paid a quarterly dividend of $0.2825 per share during each of the first three fiscal quarters of 2025. As a result of a mutual member vote, Third Federal Savings and Loan Association of Cleveland, MHC (the "MHC"), the mutual holding company that owns approximately 81% of the outstanding stock of the Company, was able to waive its receipt of its share of the dividends paid. Under Federal Reserve regulations, the MHC is required to obtain the approval of its members every 12 months for the MHC to waive its right to receive dividends. At a July 8, 2025 special meeting of members of the MHC, the members (depositors and certain loan customers of the Association) voted to approve the MHC’s proposed waiver of dividends, aggregating up to $1.13 per share, to be declared on the Company’s common stock during the twelve months subsequent to the members’ approval (i.e., through July 8, 2026). The MHC has filed a notice with, and a request for non-objection from, the Federal Reserve Bank of Cleveland for the proposed dividend waivers. Both the non-objection from the Federal Reserve Bank and the timing of the non-objection are unknown at this point. The MHC has conducted the member vote to approve the dividend waiver each of the past twelve years under Federal Reserve regulations and for each of those twelve years, approximately 97% of the votes cast were in favor of the waiver.
The Company operates under the capital requirements for the standardized approach of the Basel III capital framework
for U.S. banking organizations (“Basel III Rules”). At June 30, 2025 all of the Company's capital ratios exceed the amounts required for the Company to be considered "well capitalized" for regulatory capital purposes. The Company's Tier 1 leverage ratio was 10.86%, its Common Equity Tier 1 and Tier 1 ratios were each 17.75% and its total capital ratio was 18.61%.
Presentation slides as of June 30, 2025 will be available on the Company's website, thirdfederal.com, under the Investor Relations link under the "Latest Presentation" heading, beginning July 31, 2025. The Company will not be hosting a conference call to discuss its operating results.
Third Federal Savings and Loan Association is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security while creating value for our customers, communities, associates and shareholders. It became part of a public company in 2007 and celebrated its 85th anniversary in May 2023. Third Federal, which lends in 27 states and the District of Columbia, is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northeast Ohio, two lending offices in Central and Southern Ohio, and 16 full service branches throughout Florida. As of June 30, 2025, the Company’s assets totaled $17.38 billion.


Forward Looking Statements
This report contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include, among other things:
●statements of our goals, intentions and expectations;
●statements regarding our business plans and prospects and growth and operating strategies;
●
statements concerning trends in our provision for credit losses and charge-offs on loans and off-balance sheet exposures;
●statements regarding the trends in factors affecting our financial condition and results of operations, including credit quality of our loan and investment portfolios; and
●estimates of our risks and future costs and benefits.
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:
●significantly increased competition among depository and other financial institutions, including with respect to our ability to charge overdraft fees;
●inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments, or our ability to originate loans;
●general economic conditions, either globally, nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected;
●
the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact on the credit quality of our loans and other assets, and changes in estimates of the allowance for credit losses;
●decreased demand for our products and services and lower revenue and earnings because of a recession or other events;
●changes in consumer spending, borrowing and savings habits, including repayment speeds on loans;
●adverse changes and volatility in the securities markets, credit markets or real estate markets;
●our ability to manage market risk, credit risk, liquidity risk, reputational risk, regulatory risk and compliance risk;
●our ability to access cost-effective funding;
●legislative or regulatory changes that adversely affect our business, including changes in regulatory costs and capital requirements and changes related to our ability to pay dividends and the ability of Third Federal Savings, MHC to waive dividends;
●changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the FASB or the PCAOB;
●the adoption of implementing regulations by a number of different regulatory bodies, and uncertainty in the exact nature, extent and timing of such regulations and the impact they will have on us;
●our ability to enter new markets successfully and take advantage of growth opportunities;
●future adverse developments concerning Fannie Mae or Freddie Mac;
●changes in monetary and fiscal policy of the U.S. Government, including policies of the U.S. Treasury, the Federal Reserve System, Fannie Mae, the OCC, FDIC, and others, and the effects of tariffs and retaliatory actions;
●the ability of the U.S. Government to remain open, function properly and manage federal debt limits;
●the continuing governmental efforts to restructure the U.S. financial and regulatory system;
●changes in policy and/or assessment rates of taxing authorities that adversely affect us or our customers;
●changes in accounting and tax estimates;
●
changes in our organization and changes in expense trends, including but not limited to trends affecting non-performing assets, charge-offs and provisions for credit losses;
●the inability of third-party providers to perform their obligations to us;
●changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio;
●the effects of global or national war, conflict or acts of terrorism;
●our ability to retain key employees;
●
civil unrest;
●
cyber-attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems; and
●the impact of a wide-spread pandemic, and related government action, on our business and the economy.
     Because of these and other uncertainties, our actual future results may be materially different from the results indicated by any forward-looking statements. Any forward-looking statement made by us in this report speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.





TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION (unaudited)
(In thousands, except share data)
June 30,
2025		March 31,
2025		September 30,
2024
ASSETS
Cash and due from banks$28,788 $36,429 $26,287 
Other interest-earning cash equivalents423,793 427,154 437,431 
Cash and cash equivalents452,581 463,583 463,718 
Investment securities available for sale525,212 533,923 526,251 
Mortgage loans held for sale 30,977 5,803 17,775 
Loans held for investment, net:
Mortgage loans15,591,275 15,356,569 15,321,400 
Other loans7,745 6,992 5,705 
Deferred loan expenses, net69,517 67,128 64,956 
Allowance for credit losses on loans(72,540)(70,546)(70,002)
Loans, net15,595,997 15,360,143 15,322,059 
Mortgage loan servicing rights, net7,771 7,833 7,627 
Federal Home Loan Bank stock, at cost232,538 219,231 228,494 
Real estate owned, net1,240 — 174 
Premises, equipment, and software, net39,061 38,500 33,187 
Accrued interest receivable60,434 58,050 59,398 
Bank owned life insurance contracts322,595 320,728 317,977 
Other assets107,260 103,926 114,125 
TOTAL ASSETS$17,375,666 $17,111,720 $17,090,785 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits$10,341,499 $10,397,645 $10,195,079 
Borrowed funds4,882,993 4,587,327 4,792,847 
Borrowers’ advances for insurance and taxes117,899 100,263 113,637 
Principal, interest, and related escrow owed on loans serviced30,237 27,249 28,753 
Accrued expenses and other liabilities115,032 102,579 97,845 
Total liabilities15,487,660 15,215,063 15,228,161 
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 issued3,323 3,323 3,323 
Paid-in capital1,756,307 1,755,054 1,754,365 
Treasury stock, at cost(771,861)(771,123)(772,195)
Unallocated ESOP shares(19,500)(20,584)(22,750)
Retained earnings—substantially restricted935,742 929,195 915,489 
Accumulated other comprehensive income (16,005)792 (15,608)
Total shareholders’ equity1,888,006 1,896,657 1,862,624 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$17,375,666 $17,111,720 $17,090,785 



TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share and per share data)
For the Three Months Ended
 June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
INTEREST AND DIVIDEND INCOME:
Loans, including fees$177,493 $171,506 $172,152 $172,412 $166,268 
Investment securities available for sale4,816 4,755 4,455 4,694 4,663 
Other interest and dividend earning assets9,098 9,691 10,161 11,410 13,975 
Total interest and dividend income191,407 185,952 186,768 188,516 184,906 
INTEREST EXPENSE:
Deposits76,803 75,379 77,942 80,196 75,521 
Borrowed funds39,610 38,524 40,498 39,605 40,112 
Total interest expense116,413 113,903 118,440 119,801 115,633 
NET INTEREST INCOME74,994 72,049 68,328 68,715 69,273 
PROVISION (RELEASE) FOR CREDIT LOSSES1,500 1,500 (1,500)1,000 (500)
NET INTEREST INCOME AFTER PROVISION (RELEASE) FOR CREDIT LOSSES73,494 70,549 69,828 67,715 69,773 
NON-INTEREST INCOME:
Fees and service charges, net of amortization2,467 2,221 2,224 2,379 2,097 
Net gain (loss) on the sale of loans726 1,187 1,115 1,101 723 
Increase in and death benefits from bank owned life insurance contracts2,733 2,680 2,682 2,361 2,254 
Other1,122 980 482 579 1,171 
Total non-interest income7,048 7,068 6,503 6,420 6,245 
NON-INTEREST EXPENSE:
Salaries and employee benefits27,651 27,666 26,606 26,320 26,845 
Marketing services5,810 4,632 3,654 5,334 4,867 
Office property, equipment and software7,653 7,617 6,844 7,158 7,008 
Federal insurance premium and assessments3,519 3,673 3,585 3,522 3,258 
State franchise tax1,204 1,199 1,047 1,086 1,244 
Other expenses7,348 6,301 6,205 7,664 7,566 
Total non-interest expense53,185 51,088 47,941 51,084 50,788 
INCOME BEFORE INCOME TAXES27,357 26,529 28,390 23,051 25,230 
INCOME TAX EXPENSE5,844 5,508 5,964 4,836 5,277 
NET INCOME$21,513 $21,021 $22,426 $18,215 $19,953 
Earnings per share - basic and diluted $0.08 $0.07 $0.08 $0.06 $0.07 
Weighted average shares outstanding
Basic278,832,875 278,729,388 278,538,110 278,399,318 278,291,376 
Diluted279,873,274 279,719,382 279,578,652 279,404,704 279,221,360 



TFS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share and per share data)
 For the Nine Months Ended
June 30,
 20252024
INTEREST AND DIVIDEND INCOME:
Loans, including fees$521,151 $491,273 
Investment securities available for sale14,026 13,534 
Other interest and dividend earning assets28,950 40,751 
Total interest and dividend income564,127 545,558 
INTEREST EXPENSE:
Deposits230,124 212,532 
Borrowed funds118,632 123,283 
Total interest expense348,756 335,815 
NET INTEREST INCOME215,371 209,743 
PROVISION (RELEASE) FOR CREDIT LOSSES1,500 (2,500)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES213,871 212,243 
NON-INTEREST INCOME:
Fees and service charges, net of amortization6,912 5,690 
Net gain on the sale of loans3,028 1,646 
Increase in and death benefits from bank owned life insurance contracts8,095 7,638 
Other2,584 3,308 
Total non-interest income20,619 18,282 
NON-INTEREST EXPENSE:
Salaries and employee benefits81,923 81,462 
Marketing services14,096 14,397 
Office property, equipment and software22,114 21,156 
Federal insurance premium and assessments10,777 11,049 
State franchise tax3,450 3,658 
Other expenses19,854 21,541 
Total non-interest expense152,214 153,263 
INCOME BEFORE INCOME TAXES82,276 77,262 
INCOME TAX EXPENSE17,316 15,889 
NET INCOME$64,960 $61,373 
Earnings per share


Basic$0.23 $0.22 
Diluted$0.23 $0.22 
Weighted average shares outstanding
Basic278,699,423 278,104,352 
Diluted279,716,745 279,072,087 


TFS FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS (unaudited)
Three Months EndedThree Months EndedThree Months Ended
June 30, 2025March 31, 2025June 30, 2024
 Average
Balance		Interest
Income/
Expense		Yield/
Cost (1)		Average
Balance		Interest
Income/
Expense		Yield/
Cost (1)		Average
Balance		Interest
Income/
Expense		Yield/
Cost (1)
 (Dollars in thousands)
Interest-earning assets:
  Interest-earning cash
equivalents		$388,694 $4,354 4.48 %$416,911 $4,578 4.39 %$618,986 $8,500 5.49 %
  Investment securities54,074 550 4.07 %54,105 552 4.08 %72,161 906 5.02 %
  Mortgage-backed securities474,245 4,266 3.60 %466,617 4,203 3.60 %452,224 3,757 3.32 %
  Loans (2)15,476,380 177,493 4.59 %15,351,040 171,506 4.47 %15,175,535 166,268 4.38 %
  Federal Home Loan Bank stock221,693 4,744 8.56 %219,813 5,113 9.30 %235,755 5,475 9.29 %
Total interest-earning assets16,615,086 191,407 4.61 %16,508,486 185,952 4.51 %16,554,661 184,906 4.47 %
Noninterest-earning assets548,257 534,285 513,931 
Total assets$17,163,343 $17,042,771 $17,068,592 
Interest-bearing liabilities:
  Checking accounts$810,566 88 0.04 %$822,059 89 0.04 %$866,170 94 0.04 %
  Savings accounts1,260,067 3,373 1.07 %1,219,188 2,722 0.89 %1,437,406 4,967 1.38 %
  Certificates of deposit8,311,629 73,342 3.53 %8,292,210 72,568 3.50 %7,654,612 70,460 3.68 %
  Borrowed funds4,595,818 39,610 3.45 %4,542,318 38,524 3.39 %4,892,621 40,112 3.28 %
Total interest-bearing liabilities14,978,080 116,413 3.11 %14,875,775 113,903 3.06 %14,850,809 115,633 3.11 %
Noninterest-bearing liabilities270,184 235,601 261,741 
Total liabilities15,248,264 15,111,376 15,112,550 
Shareholders’ equity1,915,079 1,931,395 1,956,042 
Total liabilities and shareholders’ equity$17,163,343 $17,042,771 $17,068,592 
Net interest income$74,994 $72,049 $69,273 
Interest rate spread (1)(3)1.50 %1.45 %1.36 %
Net interest-earning assets (4)$1,637,006 $1,632,711 $1,703,852 
Net interest margin (1)(5)1.81 %1.75 %1.67 %
Average interest-earning assets to average interest-bearing liabilities110.93 %110.98 %111.47 %
Selected performance ratios:
Return on average assets (1)0.50 %0.49 %0.47 %
Return on average equity (1)4.49 %4.35 %4.08 %
Average equity to average assets11.16 %11.33 %11.46 %
(1)Annualized.
(2)Loans include both mortgage loans held for sale and loans held for investment.
(3)Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(4)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)Net interest margin represents net interest income divided by total interest-earning assets.








TFS FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS (unaudited)
Nine Months EndedNine Months Ended
June 30, 2025June 30, 2024
Average
Balance		Interest
Income/
Expense		Yield/
Cost (1)		Average
Balance		Interest
Income/
Expense		Yield/
Cost (1)
 (Dollars in thousands)
Interest-earning assets:
  Interest-earning cash
  equivalents		$409,905 $13,881 4.52 %$579,383 $23,543 5.42 %
Investment securities56,121 1,776 4.22 %69,677 2,663 5.10 %
Mortgage-backed securities465,065 12,250 3.51 %448,429 10,871 3.23 %
  Loans (2)15,384,513 521,151 4.52 %15,190,356 491,273 4.31 %
  Federal Home Loan Bank stock222,495 15,069 9.03 %250,285 17,208 9.17 %
Total interest-earning assets16,538,099 564,127 4.55 %16,538,130 545,558 4.40 %
Noninterest-earning assets535,725 524,179 
Total assets$17,073,824 $17,062,309 
Interest-bearing liabilities:
  Checking accounts$819,669 267 0.04 %$897,190 310 0.05 %
  Savings accounts1,256,348 9,448 1.00 %1,573,401 17,477 1.48 %
  Certificates of deposit8,220,860 220,409 3.57 %7,350,136 194,745 3.53 %
  Borrowed funds4,597,155 118,632 3.44 %5,051,371 123,283 3.25 %
Total interest-bearing liabilities14,894,032 348,756 3.12 %14,872,098 335,815 3.01 %
Noninterest-bearing liabilities259,143 250,916 
Total liabilities15,153,175 15,123,014 
Shareholders’ equity1,920,650 1,939,295 
Total liabilities and shareholders’ equity$17,073,825 $17,062,309 
Net interest income$215,371 $209,743 
Interest rate spread (1)(3)1.43 %1.39 %
Net interest-earning assets (4)$1,644,067 $1,666,032 
Net interest margin (1)(5)1.74 %1.69 %
Average interest-earning assets to average interest-bearing liabilities111.04 %111.20 %
Selected performance ratios:
Return on average assets (1)0.51 %0.48 %
Return on average equity (1)4.51 %4.22 %
Average equity to average assets11.25 %11.37 %


(1)Annualized.
(2)Loans include both mortgage loans held for sale and loans held for investment.
(3)Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(4)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)Net interest margin represents net interest income divided by total interest-earning assets.