CLEVELAND, Ohio -- TFS Financial Corp., parent company of Third Federal Savings and Loan, said today that its profit fell by half last quarter compared with a year ago.
The company made $2.9 million, or a penny a share, in the second quarter that ended March 31, compared with $5.8 million, or 2 cents a share, in last year's second quarter.
TFS Financial (Nasdaq: TFSL) blamed the decline on smaller gains from the sale of loans.
Seriously delinquent loans increased about 10 percent to $280 million, or 3 percent of total loans. Loan losses were $18 million, up from $17 million a year ago.
For the first six months, TFS Financial reported a profit of $11.8 million, or 4 cents a share, down 31 percent from a profit of $17.2 million, or 6 cents a share, in last year's first half.
The results were announced after the stock market closed. Third Federal shares declined 8 cents, or less than 1 percent, to close today at $14.13.