Dallas, Texas 04/29/2014 (ustradevoice) – TFS Financial Corporation (NASDAQ:TFSL) is on the rise driven by strong earnings announced by its last Friday. The company, which is a subsidiary of Third Federal Savings and Loan Association of Cleveland, declared its financial results for the three months and six months ended on March 31, 2014.
Lift Of MOU
During the quarter, TFS Financial Corporation (NASDAQ:TFSL) posted a net income of $16.4 million as against $12.8 million in the previous year’s quarter. The growth in the net income was majorly driven by lower provision for loan losses, which came down to $5 million as the loan performance indicator continues to improve. On a half-yearly basis, net income grew from $23.9 million from a year ago period to $32.4 million as of March 31, 2014. The company’s chairman and CEO, Marc A. Stefanski, said that since the Federal Reserve has lifted Memorandum of Understanding, the company is now in a position to adopt a three-dimensional approach to return greater value to its stakeholders. The company is, therefore, looking at share buybacks and commencement of regular dividends.
Moreover, reporting the recent development, the company said that it is expanding its offering HELOC to new states and anticipate extending it to 17 states before the end of the next quarter.
Shareholder Equity Climbed
Total shareholders’ equity climbed $12.7 million; that is 1%, to $1.88 billion as of March 31, 2014 from $1.87 billion as on September 30, 2013. The activity represents $32.4 million of net income in the current fiscal year decreased by $26.1 million on account of share repurchases and further impacted by a combination of adjustments in connection with the company’s stock compensation plan, ESOP and accumulated comprehensive loss. TFS Financial Corporation (NASDAQ:TFSL) reported that a total of 2,156,250 shares was bought back at an aggregate price of $12.09 per share during the quarter ended December 31, 2013.
