TFS Financial Corporation reported net income of $22.4 million for the quarter ended December 31, 2024, an increase from $18.2 million in the prior quarter and $20.7 million in the same quarter a year ago. This improvement was mainly attributed to a release of provision for credit losses and a decrease in non-interest expense, partially offset by a slight decrease in net interest income.
Net interest income for the quarter was $68.3 million, a decrease of $0.4 million from the previous quarter, primarily due to a decline in the average balance and yield of interest-earning cash and cash equivalents. The company recorded a $1.5 million release of provision for credit losses during the quarter, compared to a $1.0 million provision in the prior quarter. Total non-interest expense decreased by $3.2 million, or 6.26%, from the previous quarter.
Total assets decreased slightly to $17.06 billion at December 31, 2024, while deposits increased by $12.2 million to $10.21 billion. A special certificate of deposit offering successfully attracted $350.0 million in deposits during December, contributing to retail deposit growth. The company maintained a strong capital position, with its Tier 1 leverage ratio at 10.89% and Common Equity Tier 1 ratio at 18.31%, both exceeding 'well capitalized' requirements.
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