TFS Financial Corporation Announces Fourth Quarter And Year Ended September 30, 2010 Financial Results
CLEVELAND, Nov. 10, 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 quarterly and fiscal year results for the periods ended September 30, 2010.
The Company reported net income of $11.3 million for the year ended September 30, 2010, compared to net income of $14.4 million for the year ended September 30, 2009. This change was attributed to decreases in both net interest income and non-interest income partially offset by a decrease in the provision for loan losses. The Company reported a net loss of $10.7 million for the three months ended September 30, 2010, compared to a net loss of $12.9 million for the three months ended September 30, 2009. This change was mainly attributed to a decrease in the provision for loan losses, partially offset by an increase in non-interest expense and a decrease in non-interest income.
The Company recorded a provision for loan losses of $106.0 million for the year ended September 30, 2010 and $115.0 million for the year ended September 30, 2009. The provisions recorded exceeded net charge-offs of $68.0 million and $63.5 million for the fiscal years ended September 30, 2010 and 2009, respectively. The Company recorded a provision for loan losses of $35.0 million for the three months ended September 30, 2010 and $57.0 million for the three months ended September 30, 2009. The provisions exceeded net charge-offs of $20.2 million and $17.6 million for the three months ended September 30, 2010 and 2009, respectively. The level of charge-offs in the portfolio remains elevated. As delinquencies in the portfolio have been resolved through pay-off, short sale or foreclosure, or management determines the collateral is not sufficient to satisfy the loan, uncollected balances have been charged against the allowance for loan losses previously provided. The allowance for loan losses was $133.2 million, or 1.42% of total loans receivable, at September 30, 2010, compared to $95.2 million, or 1.02% of total loans receivable, at September 30, 2009.
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