TFS Financial Corp. reported unaudited consolidated earnings results for the first quarter ended December 31, 2016. The company reported net income of $19.6 million for the quarter ended December 31, 2016, compared to net income of $17.9 million for the quarter ended December 31, 2015. The increase in net income for the quarter is the result of a combination of higher net interest income, lower non-interest expenses and a lower effective rate used to calculate income tax expense (in accordance with recently adopted accounting guidance), partially offset by the elimination of the negative provision for loan losses and a decrease in non-interest income. Net interest income was slightly higher than the prior year quarter, as the increase in interest income in the current period was more than the increase in interest expense. Interest income was higher as the increase in the average balance of interest-earning assets, mainly loans, more than offset the lower weighted average yield earned on those assets. Net interest income was $68.2 million for the quarter ended December 31, 2016 and $67.6 million for the quarter ended December 31, 2015. Total interest and dividend income was $98.214 million against $96.431 million a year ago. Income before income taxes was $28.336 million against $27.125 million a year ago. Net income was $19.610 million or $0.07 per basic and diluted share against $17.851 million or $0.06 per basic and diluted share a year ago.

The company reported $1.3 million of net loan charge-offs for each of the three months ended December 31, 2016 and December 31, 2015.