TFS Financial Corp (TFSL), the holding company for Third Federal Savings and Loan Association of Cleveland, said Wednesday that second quarter profit declined from last year, hurt by higher loan loss provision and non-interest expenses.
The company reported net income of $5.8 million or $0.02 per share for the second quarter, down from $14.8 million or $0.05 per share in the prior year quarter.
Net interest income increased 13% to $60.0 million from $53.1 million in the same quarter of last year, due to a decrease in the interest received on interest-earning assets.
Non-interest income soared 58% to $17.1 million from $10.8 million in the year-ago quarter, due to an increase of $15.1 million in net gain on the sale of loans.
The company recorded a provision for loan losses of $28.0 million for the second quarter, up from $4.5 million in the previous year quarter.
During the quarter, the company repurchased about 2.2 million shares and completed its third repurchase program. In March, the company's board approved a fourth repurchase program to buy back up to 3.3 million additional shares.
For the first half of 2009, net income was $17.2 million or $0.06 per share, down from $33.6 million or $0.10 per share in the year-ago period.
Net interest income rose 9% to $115.5 million from $106.0 million in the prior year period, while non-interest income grew to $29.1 million from $23.8 million in the preceding year period.
TFSL closed Wednesday's regular trading session at $12.33, up 31 cents or 2.58%. However, in the after-hours, the shares lost 33 cents or 2.68%.
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