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TFS Financial Corporation Announces Fiscal Quarter Ended June 30, 2010 Financial Results

CLEVELAND, Aug. 4, 2010 (GLOBE NEWSWIRE) -- TFS Financial Corporation (Nasdaq:TFSL) (the "Company"), the holding company for Third Federal Savings and Loan Association of Cleveland (the "Association"), today announced results for the three and nine month periods ended June 30, 2010. The Company also will not be declaring a cash dividend for the current quarter and has suspended its stock repurchase program.

The Company reported net income of $10.2 million for the three months ended June 30, 2010, compared to net income of $10.0 million for the three months ended June 30, 2009. An increase in the net gain on the sale of loans of $10.3 million during the current quarter, as compared to the quarter ended June 30, 2009, was essentially offset by a $10 million increase in the provision for loan losses in the current quarter, as compared to the quarter ended June 30, 2009. Net income of $22.1 million was reported for the nine months ended June 30, 2010, compared to net income of $27.3 million for the nine months ended June 30, 2009. The decrease was attributable to a $13 million increase in the provision for loan losses in the current nine month period, as compared to the nine months ended June 30, 2009.

The Company recorded a provision for loan losses of $30.0 million for the three months ended June 30, 2010, compared to $20.0 million for the three months ended June 30, 2009. The provision recorded for the quarter ended June 30, 2010 exceeded net charge-offs of $16.0 million, whereas the net charge-offs of $23.8 million exceeded the provision recorded for the three months ended June 30, 2009. The provision for loan losses was $71.0 million for the nine months ended June 30, 2010 compared to $58.0 million for the nine months ended June 30, 2009. The provisions exceeded net charge-offs of $47.8 million and $45.9 million for the nine months ended June 30, 2010 and 2009, respectively. Of the $47.8 million of net charge-offs for the nine months ended June 30, 2010, $35.0 million occurred in the equity loans and lines of credit portfolio. The allowance for loan losses was $118.4 million, or 1.33% of total loans receivable at June 30, 2010, compared to $95.2 million, or 1.02% of total loans receivable at September 30, 2009, and further compared to $55.9 million, or 0.59%, of total loans receivable at June 30, 2009. 

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