TFS Financial Corporation announced its financial results for the fourth quarter and fiscal year ended September 30, 2024. For the fiscal year, net income increased by $4.3 million, or approximately 6%, to $79.6 million compared to $75.3 million in the prior fiscal year. This improvement was primarily driven by an increase in non-interest income and a decrease in non-interest expense, despite a slight decrease in net interest income.
For the fourth quarter ended September 30, 2024, net income was $18.2 million, a decrease from $20.0 million in the preceding quarter. Net interest income for the quarter decreased by $0.6 million, or 0.9%, to $68.7 million, mainly due to an increase in the average balance of interest-bearing liabilities, particularly certificates of deposit. The company reported a $1.0 million provision for credit losses in the fourth quarter, compared to a $0.5 million release in the prior quarter.
Total assets increased by $55.8 million to $17.09 billion at September 30, 2024, driven by a $132.1 million increase in loans held for investment, net. Deposits grew by $169.1 million, or 2%, to $10.20 billion during the quarter, with fiscal year-end deposits up $745.3 million, or 8%, from the prior year. The company's Tier 1 capital ratio stood at nearly 11%, indicating a strong capital position.
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