TFS Financial Corporation

NasdaqGS:TFSL Lagerbericht

Marktkapitalisierung: US$4.4b

TFS Financial Management

Management Kriterienprüfungen 4/4

TFS Financial CEO ist Marc Stefanski , ernannt in Jan 1997, hat eine Amtszeit von 29.33 Jahren. Die jährliche Gesamtvergütung beträgt $5.21M , bestehend aus 28.8% Gehalt und 71.2% Boni, einschließlich Aktien und Optionen des Unternehmens. besitzt direkt 0.12% der Aktien des Unternehmens, im Wert von $5.34M . Die durchschnittliche Betriebszugehörigkeit des Managementteams und des Verwaltungsrats beträgt 2.3 Jahre bzw. 13.6 Jahre.

Wichtige Informationen

Marc Stefanski

Geschäftsführender

US$5.2m

Gesamtvergütung

Prozentsatz des Geschäftsführergehalts28.80%
Amtszeit als Geschäftsführer29.3yrs
Eigentum des Geschäftsführers0.1%
Durchschnittliche Amtszeit des Managements2.3yrs
Durchschnittliche Amtszeit der Vorstandsmitglieder13.6yrs

Jüngste Management Updates

Recent updates

Seeking Alpha • Nov 17

TFS Financial: Huge Bargain At 7x Earnings With An 8%+ Dividend Yield

Summary TFS Financial (TFSL) is deeply undervalued, trading at 7x earnings and 39% of book value, with a robust 8.3% dividend yield. TFSL's earnings have been pressured by rising rates and expensive funding, but falling rates and lower deposit costs could significantly boost EPS. The mutual holding company structure limits risk of a dilutive second step, and management has resumed buybacks, signaling confidence in future growth. With stable underwriting, conservative management, and potential for EPS growth to $2.60+, TFSL could double if rates fall and loan demand rebounds. Read the full article on Seeking Alpha
Seeking Alpha • Mar 28

TFS Financial Corp: A Long Forgotten Second Step Thrift Conversion Can Still Provide Value

Summary TFS Financial Corporation (TFSL) offers a steady 9%+ dividend yield, making it an attractive option for income-focused investors despite its complex share structure. The company's consistent performance through various economic cycles and interest rate environments highlights its resilience and strong management. TFSL's valuation is convoluted due to its split ownership, but its public float trades at a very cheap price-to-book ratio of 0.34x. Potential risks include the possibility of a second-step conversion and dividend cuts, but the strong management and high reserves mitigate these concerns. Read the full article on Seeking Alpha
Seeking Alpha • Dec 28

TFS Financial: Prioritizing Stability For Dividend Investors

Summary TFS Financial Corporation's unique ownership structure results in dividends being well-covered and the stock trading at a discount to book value per minority share. Approximately 81% of shares are owned by a mutual holding company, with dividends paid only to minority shareholders, ensuring strong dividend coverage. With earnings per minority share at $1.49 and dividends at $1.13, the dividend yield is attractively covered. I rate TFSL as a buy due to its strong track record, capital strength, stable deposits, and conservative underwriting, making it a solid income play. Read the full article on Seeking Alpha
Seeking Alpha • Jun 28

TFS Financial Stock: Carefully Navigating Uncertain Times

Summary TFS Financial Corporation has a unique ownership structure with majority owners not receiving dividends, making the high payout ratio misleading. Rising interest rates had mixed effects on TFSL, increasing interest income but reducing demand for new loans and refinancing deals. TFSL offers a 9% dividend yield, fully supported by income, but has not raised dividends in 4 years, leading to mixed investor reactions. Moving forward, the bank will have to be very careful about how it navigates these uncertain times we are in right now. Read the full article on Seeking Alpha
Seeking Alpha • Apr 12

TFS Financial: An Unreasonably High Price

Summary TFS Financial Corporation originates and services residential mortgage loans. The company is well-capitalized and its stock price results in a high dividend yield. However, profitability doesn't appear promising and the shares aren't trading low enough to reflect an opportunity here. Read the full article on Seeking Alpha
Seeking Alpha • Aug 25

TFS Financial Corporation: Bouncing Back And Returning To The Right Track

Summary TFS Financial Corporation is rebounding with solid revenue growth and margin expansion. But, liquidity remains a concern as inflationary pressure intensifies. The dividend payout ratio is now 94% vs 96% in my previous article. TFS Financial Corporation's stock price is now in an uptrend but remains undervalued. The TFS Financial Corporation (TFSL) is a Cleveland-based holding company that provides retail consumer banking products and services. Its primary services include real estate mortgage lending and refinancing and home construction lending. Deposit products include savings, checking, retirement plan, and money market. It has a market capitalization of over $4 billion, making it as large as some S&P 400 components. But, over 80% of its stocks are held by MHC, a federally chartered mutually holding company. I have been keeping an eye on this company since 1Q 2022. In my previous article, it was still a bit slow-moving. Even so, its financials and growth prospects were already promising, matched with its undervalued stock price. Now, the stock has regained its footing amidst the sustained inflation. It also generates enough income to cover dividends and sustain its operating capacity. Yet, it has to keep an eye on its interest-sensitive portfolio to improve liquidity. It must be more careful even if its capitalization on earning assets continues to pay off. Meanwhile, investors may enjoy the current stock price that remains undervalued. Company Performance TFS Financial Corporation has not averted the impact of economic downturns. Its growth had been hampered in the last two years. Now that interest and mortgage rates are rising, its portfolio yields higher returns. It appears to be more interest-sensitive, given its high concentration on loans. That is why it increases its capitalization on loans rather than securities. At $102 million, TFS Financial has an 8% year-over-year growth. It is also 10% higher than in 2Q 2022. We can also see that in three quarters, interest income is increasing. So, it is safe to assume that its rebound started in the previous quarter. Indeed, its returns are moving in parallel with the interest and mortgage rates. Its securities increase their value as the interest and mortgage rates increase. Its prudent asset management and portfolio diversification are paying off. But, it must still be careful since a massive chunk of its assets is from mortgage loans. It may be both a primary growth driver and a problem. We will discuss more of this part in the next section. The impact of its strategy also extends to a low-interest expense. In one year, organic loan growth has outpaced deposit growth. That may be the reason for the faster increase in interest income than an expense. Also, there are adjustments in the interest rates in the components of borrowings that have a partial offsetting impact. Given this, the net interest margin is 68% vs 67% in 2Q 2022 and 61% in 3Q 2021. If we disregard loan provisions, it will be higher at 69%. Note that loan provisions may be normalized this year, given the increased interest and mortgage rates. Unlike in the previous year, provisions may be more of an expense than a writeback. Interest Income and Interest Expense (MarketWatch) Meanwhile, the operating margin is almost unchanged. It can be attributed to the increase in labor expenses. The operating capacity is increasing in line with the increase in employees. Another factor that affects the operating margin is provisions. Even so, the actual operating income is an uptrend. If we disregard provisions, the operating margin will be higher at 25% vs 20% in 3Q 2021. Operating Margin (MarketWatch) In the second half, I expect its sustained rebound. I adhere to my projection in my previous article. The quality of its portfolio, especially loans may drive its continued growth. Both loans and deposits are increasing, showing the demand for its products and services. Its efforts and strategies may pay off as TFSL remains sensitive to interest rate changes. Higher interest rates may entice more deposits and investments. Potential Risks And Opportunities TFS Financial Corporation is a durable company in a challenging market landscape. Its viability and stability are evident despite inflationary pressures. Even better, the quality of its earning assets is impressive, which yields more returns. Loans have been expanding due to increased borrowers, interest rates, and mortgage rates. This quarter, their yield is 2.95% vs 2.83% in the previous quarter. Also, 48% of loans are using fixed rates, making them stable amidst interest and mortgage rate changes. Meanwhile, its-bearing liabilities yield 0.98% vs 1%. The decrease may be the reason for lower interest expenses. It is proof that its interest-sensitive assets are yielding more returns in a high-interest environment. Now, the inflation rate is 8.5%, a lull from 9.1% in June. But, the pent-up demand, slow improvement in port congestion, and geopolitical unrest in Europe may cause more changes in the market. As such, I project the inflation rate to peak at 9.6-9.8%. Meanwhile, the interest rate is about to exceed the initial estimation. Last month, the Fed raised the Fed Funds Rate by 75 basis points. That is why borrowers and lenders must watch out for interest rate hikes. Likewise, the mortgage rate is skyrocketing at 5.7%, which is already higher than the initial estimation of 5.1-5.3%. So, it may not be a surprise if the interest and mortgage rate increase to 3-3.4% and 6.8-7%. Inflation Rate, Interest Rate, and Mortgage Rate (MarketWatch) It may be a good opportunity to maintain its current interest-sensitive portfolio. That is why the increase in loans leads to increased returns. Yet, it must be more careful since loans, particularly mortgage loans, comprise 90% of total assets. Also, the loan-to-deposit ratio continues to increase from 138% to 152%. Although it may drive an increase in interest income, it increases the risk in operations. Excessive loans mean lower reserves in case of defaults or delinquencies. Another thing to consider is the lower percentage of cash and investments to borrowings at 24%. Loans, Deposits, and Loan-to-Deposit Ratio (MarketWatch) Cash and Cash Equivalents and Borrowings (MarketWatch) Fortunately, the quality of TFS Financial's loans is impressive. Its loans have a 2.95% yield with only 0.10% average delinquency. Also, almost half of loans are fixed so they are more stable. Note that its loans are backed by collateral although the fair value of assets may either be higher or lower. Many of its loans will also mature this year, which may yield by 3-3.4%. Likewise, its investment securities realize more yields, making its portfolio more durable. Cash levels are increasing as returns increase. Meanwhile, 57% of its borrowings will mature in at least thirteen months. So, it has more time and means to cover them. The economy may stabilize in the following years, making its growth prospects more enticing. Stock Price Assessment The stock price has been in an uptrend in the last month although it has had a slight decline in the last two weeks. At $14.82, it is still 15% lower than the starting price, but it has already increased by 8% from my previous article. It appears expensive as shown by the P/E Ratio. But note that over 80% of the shares are owned by MHC. If we divide the net income by the true common shares, the EPS TTM will increase from $0.24 to $1.16. So, the P/E Ratio will be 12.76. Likewise, the PTBV Ratio will be as low as 0.44 if we use the true common shares to compute the BVPS.
Seeking Alpha • Jun 15

TFS Financial: Buy This 8.3% Yielding Bank At A Steep Discount

TFS Financial is a regional bank offering a greater than 8% dividend yield and which trades for less than half of book value. This value exists primarily because the bank is structured as a mutual holding company "MHC". I see this as a great income stock today with meaningful share price appreciation possibilities as well once the fixed income market turns the corner.
Seeking Alpha • Mar 11

TFS Financial Corporation: Dividend Increase Provides Stable Opportunity

As a result of excellent financial management, the company recently announced an increase in the quarterly cash dividend. The company has drastically reduced operating income since 2017 while at the same time creating a substantial operating income margin, which is good for shareholders. The United States financial services market is one of the most economically stable and profitable industry sectors.

Analyse der Geschäftsführervergütung

Wie hat sich die Vergütung von Marc Stefanski im Vergleich zu den Einnahmen von TFS Financial verändert?
DatumGesamtvergütungGehaltUnternehmensgewinne
Mar 31 2026n/an/a

US$92m

Dec 31 2025n/an/a

US$89m

Sep 30 2025US$5mUS$2m

US$90m

Jun 30 2025n/an/a

US$82m

Mar 31 2025n/an/a

US$80m

Dec 31 2024n/an/a

US$80m

Sep 30 2024US$5mUS$2m

US$78m

Jun 30 2024n/an/a

US$79m

Mar 31 2024n/an/a

US$77m

Dec 31 2023n/an/a

US$72m

Sep 30 2023US$5mUS$2m

US$74m

Jun 30 2023n/an/a

US$80m

Mar 31 2023n/an/a

US$79m

Dec 31 2022n/an/a

US$79m

Sep 30 2022US$5mUS$2m

US$73m

Jun 30 2022n/an/a

US$65m

Mar 31 2022n/an/a

US$64m

Dec 31 2021n/an/a

US$71m

Sep 30 2021US$5mUS$2m

US$79m

Jun 30 2021n/an/a

US$76m

Mar 31 2021n/an/a

US$87m

Dec 31 2020n/an/a

US$81m

Sep 30 2020US$5mUS$2m

US$82m

Jun 30 2020n/an/a

US$90m

Mar 31 2020n/an/a

US$81m

Dec 31 2019n/an/a

US$84m

Sep 30 2019US$5mUS$2m

US$79m

Vergütung im Vergleich zum Markt: MarcDie Gesamtvergütung ($USD5.21M) liegt im Durchschnitt der Unternehmen ähnlicher Größe auf dem Markt US ($USD7.05M).

Entschädigung vs. Einkommen: MarcDie Vergütung des Vorstandsvorsitzenden entsprach im vergangenen Jahr der Unternehmensleistung.

Geschäftsführer

Marc Stefanski (71 yo)

29.3yrs
Amtszeit
US$5,208,728
Vergütung

Mr. Marc A. Stefanski has been the Chairman and Chief Executive Officer of TFS Financial Corporation since 1997 and has been its President since January 2000 and serves as its Director since 1987. He serve...

Führungsteam

NamePositionAmtszeitVergütungEigentümerschaft
Marc Stefanski
Chairman29.3yrsUS$5.21m0.12%
$ 5.3m
Meredith Weil
CFO, Corporate Secretary2.3yrsUS$1.90m0.019%
$ 850.8k
Andrew Rubino
VP & COOless than a yearUS$1.14m0.013%
$ 558.0k
Cathy Zbanek
VP & Chief Synergy Officer of Third Federal Savings and Loan Association of Cleveland6.3yrsUS$1.63m0.032%
$ 1.4m
Bradley Stefanski
VP & Chief Strategy Officer of Third Federal Savings and Loan4.2yrsUS$930.44k0.024%
$ 1.1m
Susanne Miller
Chief Accounting Officer5.8yrskeine Datenkeine Daten
Timothy Mulhern
VP & Chief Innovation Officer of Third Federal Savings and Loan Association of Cleveland2.3yrsUS$913.48k0.016%
$ 704.8k
Gavin Stefanski
Chief Experience Officer of Third Federal Savings and Loan4.2yrskeine Datenkeine Daten
Deborah Hand
Chief Risk Officer1.9yrskeine Datenkeine Daten
Sandra Long
Chief Consumer Banking Officer of Third Federal Savings and Loan Association of Cleveland1.5yrskeine Daten0.012%
$ 530.6k
Michael Carfagna
Chief Information Officer of Third Federal Savings & Loan Association of Clevelandless than a yearkeine Daten0.0079%
$ 350.7k
2.3yrs
Durchschnittliche Betriebszugehörigkeit
52yo
Durchschnittliches Alter

Erfahrenes Management: TFSLDas Führungsteam des Unternehmens gilt als erfahren (2.3 Jahre durchschnittliche Betriebszugehörigkeit).

Vorstandsmitglieder

NamePositionAmtszeitVergütungEigentümerschaft
Marc Stefanski
Chairman39.3yrsUS$5.21m0.12%
$ 5.3m
Meredith Weil
CFO, Corporate Secretary12yrsUS$1.90m0.019%
$ 850.8k
William Mulligan
Independent Director19.3yrsUS$149.66k0.025%
$ 1.1m
Terrence Bauer
Independent Director1.6yrsUS$513.14k0.0026%
$ 114.5k
Terrence Ozan
Independent Director15.2yrsUS$140.66k0.033%
$ 1.4m
John Ringenbach
Independent Director10.7yrsUS$145.16k0.020%
$ 883.9k
Robert Fiala
Independent Director21.3yrsUS$145.66k0.027%
$ 1.2m
Martin Cohen
Independent Director20.3yrsUS$132.16k0.046%
$ 2.0m
Anthony Asher
Independent Director18.1yrsUS$128.16k0.018%
$ 782.2k
Ashley Williams
Vice Chairman7.6yrsUS$180.11k0.034%
$ 1.5m
Barbara Anderson
Independent Director5.3yrsUS$128.16k0.0022%
$ 98.2k
Daniel Weir
Independent Director3.9yrsUS$133.16k0.028%
$ 1.2m
13.6yrs
Durchschnittliche Betriebszugehörigkeit
72yo
Durchschnittliches Alter

Erfahrener Vorstand: TFSLDie Vorstandsmitglieder sind sehr erfahren ( 13.6 ).

Unternehmensanalyse und Finanzdaten Status

DatenZuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse2026/05/22 11:02
Aktienkurs zum Tagesende2026/05/22 00:00
Gewinne2026/03/31
Jährliche Einnahmen2025/09/30

Datenquellen

Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.

PaketDatenZeitrahmenBeispiel US-Quelle *
Finanzdaten des Unternehmens10 Jahre
  • Gewinn- und Verlustrechnung
  • Kapitalflussrechnung
  • Bilanz
Konsensschätzungen der Analysten+3 Jahre
  • Finanzielle Vorausschau
  • Kursziele der Analysten
Marktpreise30 Jahre
  • Aktienkurse
  • Dividenden, Splits und Aktionen
Eigentümerschaft10 Jahre
  • Top-Aktionäre
  • Insiderhandel
Verwaltung10 Jahre
  • Das Führungsteam
  • Direktorium
Wichtige Entwicklungen10 Jahre
  • Ankündigungen des Unternehmens

* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.

Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.

Analysemodell und Schneeflocke

Einzelheiten zu dem Analysemodell, mit dem dieser Bericht erstellt wurde, finden Sie auf unserer Github-Seite. Außerdem bieten wir Leitfäden zur Verwendung unserer Berichte und Tutorials auf YouTube an.

Erfahren Sie mehr über das Weltklasse-Team, das das Simply Wall St-Analysemodell entworfen und entwickelt hat.

Metriken für Industrie und Sektor

Unsere Branchen- und Sektionskennzahlen werden alle 6 Stunden von Simply Wall St berechnet. Details zu unserem Verfahren finden Sie auf Github.

Analysten-Quellen

TFS Financial Corporation wird von 3 Analysten beobachtet. 2 dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.

AnalystEinrichtung
Damon DelMonteKeefe, Bruyette, & Woods
Christopher Whitbread NolanMaxim Group
Adam KrollPiper Sandler Companies