TF Financial Corporation Announces 1st Quarter Earnings And Dividend Declaration

Apr 19, 2001, 01:00 ET from TF Financial Corporation

    NEWTOWN, Pa., April 19 /PRNewswire/ --
     TF Financial Corporation (Nasdaq:   THRD) today reported net income of
 $1,258,000 ($0.48 per diluted share) for the first quarter of 2001, an
 increase of 23.1% on a diluted per share basis over the first quarter of 2000.
 During the first quarter of 2000 the Corporation's net income was $1,029,000
 ($0.39 per diluted share).
     The Corporation's Board of Directors also announced the declaration of a
 $0.14 per share quarterly dividend, payable on May 15, 2001 to shareholders of
 record on May 1, 2001.
     Growth in diluted earnings per share was the combined result of net income
 growth and the 122,767 or 4.8% reduction in the number of shares outstanding
 since the end of the first quarter of 2000.  The reduction in shares was the
 result of several, board-approved share repurchase programs, the most recent
 of which leaves approximately 45,000 remaining shares to be repurchased.  The
 Corporation's book value per share and tangible book value per share were
 $22.05 and $19.76, respectively, at March 31, 2001 while the Corporation
 repurchased shares for an average price of $16.46 during the quarter.
     Net income grew 22.3% or $229,000 due to an 8.0% or $389,000 increase in
 net interest income.  The Corporation's net interest margin was 3.08% during
 the first quarter of 2001 compared with 2.82% during the first quarter of
 2000, due mainly to a 25.0% increase in average loans outstanding.
     TF Financial Corporation is a holding company whose principal subsidiary
 is Third Federal Savings Bank, which operates 14 full-service retail and
 commercial banking offices in Philadelphia and Bucks County, Pennsylvania and
 in Mercer County, New Jersey.  In addition, the Bank's website can be found at
 www.thirdfedbank.com.
 
                             T F FINANCIAL CORPORATION
                               FINANCIAL INFORMATION
                    (dollars in thousands except per share data)
 
                                                 THREE MONTHS         INC
                                            3/31/01       3/31/00    (DEC)
 
     EARNINGS SUMMARY
 
     Interest Income                        $12,330       $12,029     2.5%
     Interest expense                         7,091         7,179    -1.2%
     Net interest income                      5,239         4,850     8.0%
     Loan loss provision                        125            44   184.1%
     Non-interest income                        435           374    16.3%
     Non-interest expense                     3,846         3,624     6.1%
     Income taxes                               445           527   -15.6%
     Net income                              $1,258        $1,029    22.3%
 
 
     PER SHARE INFORMATION
 
     Earnings per share, basic                $0.51         $0.40    27.5%
     Earnings per share, diluted              $0.48         $0.39    23.1%
     Dividends paid                           $0.14         $0.13     7.7%
 
 
     FINANCIAL RATIOS
 
     Annualized return on average assets      0.71%         0.58%    23.6%
     Annualized return on average equity      9.52%         8.66%    10.0%
     Efficiency ratio                        69.31%        69.96%    -0.9%
 
 
     AVERAGE BALANCES
 
     Loans                                 $362,020      $289,660    25.0%
     Mortgage-backed securities             232,319       292,754   -20.6%
     Investment securities                   83,824       101,928   -17.8%
     Other interest-earning assets           10,687         7,454    43.4%
     Total earning assets                   688,850       691,796    -0.4%
     Non-earning assets                      28,503        27,622     3.2%
     Total assets                           717,353       719,418    -0.3%
 
     Deposits                               404,512       404,091     0.1%
     FHLB advances and other borrowings     251,405       259,676    -3.2%
     Total interest bearing liabilities     655,917       663,767    -1.2%
     Non-interest bearing liabilities         7,859         7,840     0.2%
     Stockholders' equity                    53,577        47,811    12.1%
     Total liabilities &
      stockholders' equity                 $717,353      $719,418    -0.3%
 
 
     SPREAD AND MARGIN ANALYSIS
 
     Average yield on:
     Loans                                    8.03%         7.71%
     Mortgage-backed securities               6.60%         6.69%
     Investment securities                    5.99%         6.04%
     Other interest-earning assets            5.50%         3.88%
     Average cost of:
     Deposits                                 3.60%         3.56%
     FHLB advances and other borrowings       5.65%         5.58%
 
     Interest rate spread                     2.87%         2.64%
     Net interest margin                      3.08%         2.82%
 
 
                             T F FINANCIAL CORPORATION
                               FINANCIAL INFORMATION
                    (dollars in thousands except per share data)
 
                                                 THREE MONTHS         INC
                                            3/31/01       3/31/00    (DEC)
 
     NON-INTEREST INCOME
     Retail banking fees                        450           374    20.3%
     Gain on sales of securities,
      loans and investment property             (15)            -     0.0%
 
     NON-INTEREST EXPENSE
     Salaries and benefits                    1,936         1,827     6.0%
     Occupancy                                  680           626     8.6%
     Deposit insurance                           21            22    -4.5%
     Professional fees                          193           187     3.2%
     Goodwill amortization                      180           194    -7.2%
     Advertising                                126           170   -25.9%
     Other                                      710           598    18.7%
 
 
                                               AT           AT        INC
                                            3/31/01      12/31/00    (DEC)
     DEPOSIT INFORMATION
 
     Non-interest checking                   17,081        12,156    40.5%
     Interest checking                       47,035        48,130    -2.3%
     Money market                            32,581        31,320     4.0%
     Savings                                154,954       155,612    -0.4%
     CD's                                   151,318       153,633    -1.5%
 
 
     OTHER PERIOD ENDING INFORMATION
 
     Per Share
     Book value (A)                          $22.05        $21.32
     Tangible book value (A)                 $19.76        $18.99
     Closing market price                    $17.22        $16.75
 
     Balance sheet
     Loans, net                            $357,906      $361,806    -1.1%
     Cash and cash equivalents               51,013        10,618   380.4%
     Mortgage-backed securities             219,973       233,056    -5.6%
     Investment securities                   49,784        95,559   -47.9%
     Total assets                           699,064       723,297    -3.4%
     FHLB advances and other borrowings     232,359       259,821   -10.6%
     Stockholders' equity                    54,114        53,109     1.9%
 
     ASSET QUALITY
     Non-performing loans                     1,302         1,478   -11.9%
     Loan loss reserves                       1,777         1,714     3.7%
     Reserves to gross loans                  0.49%         0.47%     4.8%
     Non-performing loans to gross loans      0.36%         0.41%   -11.0%
     Non-performing loans to total assets     0.19%         0.20%    -8.9%
     Foreclosed property                        176           176     0.0%
     Foreclosed property to total assets      0.03%         0.02%     3.5%
     Non-performing assets to total assets    0.21%         0.23%    -7.5%
 
     OTHER STATISTICAL INFORMATION
     Shares outstanding (000's) (A)           2,454         2,491
     Number of branch offices                    14            15
     Full time equivalent employees             162           156
 
     (A) Excludes 261,419 and 264,458 unearned ESOP shares at March 31, 2001,
         and December 31, 2000, respectively.
 
 

SOURCE TF Financial Corporation
    NEWTOWN, Pa., April 19 /PRNewswire/ --
     TF Financial Corporation (Nasdaq:   THRD) today reported net income of
 $1,258,000 ($0.48 per diluted share) for the first quarter of 2001, an
 increase of 23.1% on a diluted per share basis over the first quarter of 2000.
 During the first quarter of 2000 the Corporation's net income was $1,029,000
 ($0.39 per diluted share).
     The Corporation's Board of Directors also announced the declaration of a
 $0.14 per share quarterly dividend, payable on May 15, 2001 to shareholders of
 record on May 1, 2001.
     Growth in diluted earnings per share was the combined result of net income
 growth and the 122,767 or 4.8% reduction in the number of shares outstanding
 since the end of the first quarter of 2000.  The reduction in shares was the
 result of several, board-approved share repurchase programs, the most recent
 of which leaves approximately 45,000 remaining shares to be repurchased.  The
 Corporation's book value per share and tangible book value per share were
 $22.05 and $19.76, respectively, at March 31, 2001 while the Corporation
 repurchased shares for an average price of $16.46 during the quarter.
     Net income grew 22.3% or $229,000 due to an 8.0% or $389,000 increase in
 net interest income.  The Corporation's net interest margin was 3.08% during
 the first quarter of 2001 compared with 2.82% during the first quarter of
 2000, due mainly to a 25.0% increase in average loans outstanding.
     TF Financial Corporation is a holding company whose principal subsidiary
 is Third Federal Savings Bank, which operates 14 full-service retail and
 commercial banking offices in Philadelphia and Bucks County, Pennsylvania and
 in Mercer County, New Jersey.  In addition, the Bank's website can be found at
 www.thirdfedbank.com.
 
                             T F FINANCIAL CORPORATION
                               FINANCIAL INFORMATION
                    (dollars in thousands except per share data)
 
                                                 THREE MONTHS         INC
                                            3/31/01       3/31/00    (DEC)
 
     EARNINGS SUMMARY
 
     Interest Income                        $12,330       $12,029     2.5%
     Interest expense                         7,091         7,179    -1.2%
     Net interest income                      5,239         4,850     8.0%
     Loan loss provision                        125            44   184.1%
     Non-interest income                        435           374    16.3%
     Non-interest expense                     3,846         3,624     6.1%
     Income taxes                               445           527   -15.6%
     Net income                              $1,258        $1,029    22.3%
 
 
     PER SHARE INFORMATION
 
     Earnings per share, basic                $0.51         $0.40    27.5%
     Earnings per share, diluted              $0.48         $0.39    23.1%
     Dividends paid                           $0.14         $0.13     7.7%
 
 
     FINANCIAL RATIOS
 
     Annualized return on average assets      0.71%         0.58%    23.6%
     Annualized return on average equity      9.52%         8.66%    10.0%
     Efficiency ratio                        69.31%        69.96%    -0.9%
 
 
     AVERAGE BALANCES
 
     Loans                                 $362,020      $289,660    25.0%
     Mortgage-backed securities             232,319       292,754   -20.6%
     Investment securities                   83,824       101,928   -17.8%
     Other interest-earning assets           10,687         7,454    43.4%
     Total earning assets                   688,850       691,796    -0.4%
     Non-earning assets                      28,503        27,622     3.2%
     Total assets                           717,353       719,418    -0.3%
 
     Deposits                               404,512       404,091     0.1%
     FHLB advances and other borrowings     251,405       259,676    -3.2%
     Total interest bearing liabilities     655,917       663,767    -1.2%
     Non-interest bearing liabilities         7,859         7,840     0.2%
     Stockholders' equity                    53,577        47,811    12.1%
     Total liabilities &
      stockholders' equity                 $717,353      $719,418    -0.3%
 
 
     SPREAD AND MARGIN ANALYSIS
 
     Average yield on:
     Loans                                    8.03%         7.71%
     Mortgage-backed securities               6.60%         6.69%
     Investment securities                    5.99%         6.04%
     Other interest-earning assets            5.50%         3.88%
     Average cost of:
     Deposits                                 3.60%         3.56%
     FHLB advances and other borrowings       5.65%         5.58%
 
     Interest rate spread                     2.87%         2.64%
     Net interest margin                      3.08%         2.82%
 
 
                             T F FINANCIAL CORPORATION
                               FINANCIAL INFORMATION
                    (dollars in thousands except per share data)
 
                                                 THREE MONTHS         INC
                                            3/31/01       3/31/00    (DEC)
 
     NON-INTEREST INCOME
     Retail banking fees                        450           374    20.3%
     Gain on sales of securities,
      loans and investment property             (15)            -     0.0%
 
     NON-INTEREST EXPENSE
     Salaries and benefits                    1,936         1,827     6.0%
     Occupancy                                  680           626     8.6%
     Deposit insurance                           21            22    -4.5%
     Professional fees                          193           187     3.2%
     Goodwill amortization                      180           194    -7.2%
     Advertising                                126           170   -25.9%
     Other                                      710           598    18.7%
 
 
                                               AT           AT        INC
                                            3/31/01      12/31/00    (DEC)
     DEPOSIT INFORMATION
 
     Non-interest checking                   17,081        12,156    40.5%
     Interest checking                       47,035        48,130    -2.3%
     Money market                            32,581        31,320     4.0%
     Savings                                154,954       155,612    -0.4%
     CD's                                   151,318       153,633    -1.5%
 
 
     OTHER PERIOD ENDING INFORMATION
 
     Per Share
     Book value (A)                          $22.05        $21.32
     Tangible book value (A)                 $19.76        $18.99
     Closing market price                    $17.22        $16.75
 
     Balance sheet
     Loans, net                            $357,906      $361,806    -1.1%
     Cash and cash equivalents               51,013        10,618   380.4%
     Mortgage-backed securities             219,973       233,056    -5.6%
     Investment securities                   49,784        95,559   -47.9%
     Total assets                           699,064       723,297    -3.4%
     FHLB advances and other borrowings     232,359       259,821   -10.6%
     Stockholders' equity                    54,114        53,109     1.9%
 
     ASSET QUALITY
     Non-performing loans                     1,302         1,478   -11.9%
     Loan loss reserves                       1,777         1,714     3.7%
     Reserves to gross loans                  0.49%         0.47%     4.8%
     Non-performing loans to gross loans      0.36%         0.41%   -11.0%
     Non-performing loans to total assets     0.19%         0.20%    -8.9%
     Foreclosed property                        176           176     0.0%
     Foreclosed property to total assets      0.03%         0.02%     3.5%
     Non-performing assets to total assets    0.21%         0.23%    -7.5%
 
     OTHER STATISTICAL INFORMATION
     Shares outstanding (000's) (A)           2,454         2,491
     Number of branch offices                    14            15
     Full time equivalent employees             162           156
 
     (A) Excludes 261,419 and 264,458 unearned ESOP shares at March 31, 2001,
         and December 31, 2000, respectively.
 
 SOURCE  TF Financial Corporation