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Contact : Jennifer Rosa For release April 29 , 2021 ( 216 ) 429-5037 Exhibit 99.1 Loan Originations Continue to Drive TFS Financial Corporation Results ( Cleveland , OH - April 29 , 2021 ) - TFS Financial Corporation ( NASDAQ : TFSL ) ( the " Company " ) , the holding company for Third Federal Savings and Loan Association of Cleveland ( the " Association " ) , today announced results for the three months and six months ended March 31 , 2021 . The Company reported net income of $ 23.0 million for the quarter ended March 31 , 2021 compared to net income of $ 17.3 million for the quarter ended March 31 , 2020. Net income of $ 48.0 million was reported for the six months ended March 31 , 2021 compared to net income of $ 42.9 million for the six months ended March 31 , 2020. The increase in net income for the quarter and six month periods is primarily the result of higher net gain on the sale of loans and releases from the allowance for credit losses , partially offset by a decrease in net interest income and an increased income tax provision . Other changes include a decrease in other non - interest income and an increase in general and administrative expenses when comparing the fiscal year - to - date periods . " At Third Federal , we're seeing sunshine and blue skies ahead as our nation begins to emerge from the pandemic , ” said Chairman and CEO Marc A. Stefanski . " Our loan pipeline is strong with refinances , home equities , and the signs of a hot home buying season , while forbearances are half of what they were at year - end . " Loan originations , mainly refinances , continued at an active pace . We sold , or committed to sell , $ 517.5 million of fixed - rate loans and recorded related gains of $ 25.4 million during the six months ended March 31 , 2021 , as we took advantage of the high origination levels , low interest rates and attractive Fannie Mae loan sale prices , while also managing our interest rate risk . Net interest income was $ 58.4 million for the quarter ended March 31 , 2021 compared to $ 58.7 million for the quarter ended December 31 , 2020 and $ 65.0 million for the quarter ended March 31 , 2020. Net interest income decreased by $ 12.0 million , or 9.29 % , to $ 117.2 million , for the six months ended March 31 , 2021 from $ 129.2 million for the six months ended March 31 , 2020. The interest rate spread was 1.54 % for the quarter ended March 31 , 2021 compared to 1.51 % for the quarter ended December 31 , 2020 and 1.64 % for the quarter ended March 31 , 2020. Funding costs were lowered through a reduction in the average balance of borrowed funds , including the early termination of above - market priced Federal Home Loan Bank ( " FHLB " ) advances and their related swap contracts during the quarter ended September 30 , 2020 ; through the repricing of certificates of deposit to market rates of interest , as they mature ; and through the migration from certificates of deposit to lower - priced non - maturity deposit accounts . The interest rate spread was 1.53 % for the six months ended March 31 , 2021 compared to 1.63 % for the six months ended March 31 , 2020. The net interest margin was 1.67 % for both the quarter and six months ended March 31 , 2021 , respectively , compared to 1.81 % for the quarter and six months ended March 31 , 2020 , respectively . A credit of $ 4.0 million was recorded to the allowance for credit losses during the quarter ended March 31 , 2021 compared to a provision of $ 6.0 million for the quarter ended March 31 , 2020 and a credit of $ 6.0 million was recorded for the six months ended March 31 , 2021 compared to a provision of $ 3.0 million for the six months ended March 31 , 2020. Releases from the allowance for credit losses during the current year reflected improvements in the economic trends and forecasts used to estimate losses for the reasonable and supportable period and decreases in pandemic forbearance balances . On October 1 , 2020 , the Company adopted the Current Expected Credit Loss ( " CECL " ) methodology and recognized a $ 46.2 million increase to the allowance for credit losses and a related $ 35.8 million reduction to retained earnings , net of tax . The Company recorded $ 1.4 million and $ 2.6 million of net loan recoveries for the quarter and six months ended March 31 , 2021 , respectively , compared to $ 1.1 million and $ 2.5 million of net loan recoveries for the quarter and six months ended March 31 , 2020 , respectively . Gross loan charge - offs were $ 1.4 million for the quarter ended March 31 , 2021 and $ 1.3 million for the quarter ended March 31 , 2020 , while loan recoveries were $ 2.7 million in the current quarter and $ 2.4 million in the prior year quarter . The allowance for credit losses was $ 89.7 million , or 0.70 % of total loans receivable , at March 31 , 2021 , compared to $ 92.3 million , or 0.71 % of total loans receivable , at December 31 , 2020 and $ 46.9 million , or 0.36 % of total loans receivable , at September 30 , 2020. The allowance for credits losses at both March 31 , 2021 and December 31 , 2020 included a $ 22.0 million liability for unfunded commitments , primarily undrawn equity line of credit commitments . Total loan delinquencies decreased $ 1.2 million to $ 27.0 million , or 0.21 % of total loans receivable , at March 31 , 2021 from $ 28.2 million , or 0.21 % of total loans receivable , at September 30 , 2020. Delinquencies at March 31 , 2021 included a $ 0.6 million decrease in delinquencies on core residential mortgages , a $ 0.8 million decrease on home today residential mortgages and a $ 0.2 million increase on home equity loans and lines of credit when compared to September 30 , 2020 . Non - accrual loans