# TFS Financial CORP

Summary updated: 2026-10-02T13:20:48.838988Z
Canonical: https://finbar.com/research/companies/tfs-financial-corp

## Overview

TFS Financial Corp. is a savings-and-loan holding company whose principal business, through Third Federal Savings and Loan Association, is residential mortgage lending and consumer deposits. Its core products include home-purchase and refinance mortgages, home-equity loans and lines of credit, and residential construction loans. [1](https://app.finbar.com/go?id=P109153784)[2](https://app.finbar.com/go?id=P7135631)

The company’s stated mission is to help people achieve home ownership and financial security. Organized in 1938, it is headquartered in Cleveland, Ohio, and lends in 28 states and the District of Columbia; its branch network is concentrated in Ohio and Florida. [1](https://app.finbar.com/go?id=P109153784)[2](https://app.finbar.com/go?id=P7135631)[3](https://app.finbar.com/go?id=P96938079)

As of June 30, 2026, TFS Financial reported total assets of approximately $18.1 billion. It reported 958 associates at September 30, 2025. [4](https://app.finbar.com/go?id=T16581483)[5](https://app.finbar.com/go?id=P48529203)
[1](https://app.finbar.com/go?id=P109153784)[2](https://app.finbar.com/go?id=P7135631)[3](https://app.finbar.com/go?id=P96938079)[4](https://app.finbar.com/go?id=T16581483)[5](https://app.finbar.com/go?id=P48529203)

## Products & services

TFS Financial offers residential first-mortgage loans for home purchase or refinancing, including fixed-rate and adjustable-rate mortgages with terms of up to 30 years. Its Smart Rate ARM has an initial fixed period of three or five years, followed by annual rate adjustments generally linked to the WSJ Prime Rate. Eligible borrowers may re-lock into a new three- or five-year fixed period, subject to conditions; the option does not extend the loan term or provide additional funds. Smart Rate loans accounted for 99.6% of the company’s adjustable-rate mortgage portfolio in the 2025 annual report. [6](https://app.finbar.com/go?id=P80429649)[7](https://app.finbar.com/go?id=P150289368)

Other lending products include home-equity loans and lines of credit, adjustable-rate HELOCs indexed to Prime, and construction loans for personal residences built with a qualified builder. The company also offers HomeReady mortgages for low- and moderate-income buyers, designed to be eligible for sale to Fannie Mae under its HomeReady program. At September 30, 2025, first mortgages represented 69.1% of loans, HELOCs 25.9%, home-equity and bridge loans 4.8%, and construction loans 0.2%. [2](https://app.finbar.com/go?id=P7135631)[8](https://app.finbar.com/go?id=P17833420)[9](https://app.finbar.com/go?id=P33642362)

Deposit products include checking, savings, money-market accounts and certificates of deposit; CDs represented 81.1% of deposits at September 30, 2025. Customer services include online and mobile banking, with account management, card controls, CD maintenance and alerts. [10](https://app.finbar.com/go?id=P107678244)[11](https://www.thirdfederal.com/deposits)[12](https://www.thirdfederal.com/online-mobile-banking) Mortgage origination channels include in-house loan representatives, direct mail, referrals, builders and brokers, a telephone call center, internet applications and correspondent lending. [13](https://app.finbar.com/go?id=P106869558)
[6](https://app.finbar.com/go?id=P80429649)[7](https://app.finbar.com/go?id=P150289368)[2](https://app.finbar.com/go?id=P7135631)[8](https://app.finbar.com/go?id=P17833420)[9](https://app.finbar.com/go?id=P33642362)[10](https://app.finbar.com/go?id=P107678244)[13](https://app.finbar.com/go?id=P106869558)[11](https://www.thirdfederal.com/deposits)[12](https://www.thirdfederal.com/online-mobile-banking)

## Geographic presence

TFS Financial lends in 28 states and Washington, D.C.; its listed lending states are Ohio, Florida, Arizona, California, Colorado, Connecticut, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, and Wisconsin. [2](https://app.finbar.com/go?id=P7135631)[14](https://www.thirdfederal.com/company-information/news-company-info) Its physical branch network is concentrated in Ohio and Florida: the company reports 21 branches in Northeast Ohio and 14 in Florida. The FY2025 filing also describes loan-production offices in the Columbus and Cincinnati areas. [14](https://www.thirdfederal.com/company-information/news-company-info)[3](https://app.finbar.com/go?id=P96938079)

Ohio and Florida are the principal geographic concentrations in the loan portfolio. As of June 30, 2026, those states accounted for 59% and 16%, respectively, of Residential Core, Residential Home Today, and construction loans; home-equity lending also had significant concentrations in California. [15](https://app.finbar.com/go?id=P150289130) The reviewed disclosures provide geographic detail for lending and branch locations, but not revenue or employee distributions by region. [16](https://app.finbar.com/go?id=P56283049)
[2](https://app.finbar.com/go?id=P7135631)[14](https://www.thirdfederal.com/company-information/news-company-info)[3](https://app.finbar.com/go?id=P96938079)[15](https://app.finbar.com/go?id=P150289130)[16](https://app.finbar.com/go?id=P56283049)[14](https://www.thirdfederal.com/company-information/news-company-info)

## Business segments

TFS Financial reports one operating and reportable segment. It provides residential mortgage loans and deposit products to customers in the United States; its mortgage and deposit offerings are not reported as separate segments. The chief operating decision maker evaluates performance and allocates resources on a consolidated basis, using net income, and segment assets are reported as consolidated total assets. [17](https://app.finbar.com/go?id=P150289096)[18](https://app.finbar.com/go?id=P73368062)[19](https://app.finbar.com/go?id=P117507086)

Because the company reports a single segment, it represents 100% of reported segment results. In FY2025, consolidated net income was $90.959 million and total assets were $17.456 billion, both attributable to that single segment. The filings do not provide separate segment-level revenue figures. [20](https://app.finbar.com/go?id=T10215495)[20](https://app.finbar.com/go?id=T10215495)
[17](https://app.finbar.com/go?id=P150289096)[18](https://app.finbar.com/go?id=P73368062)[19](https://app.finbar.com/go?id=P117507086)[20](https://app.finbar.com/go?id=T10215495)[20](https://app.finbar.com/go?id=T10215495)[21](https://www.sec.gov/Archives/edgar/data/1381668/000138166825000106/tfsl-20250930.htm)

## Company history

Third Federal was founded in Cleveland on May 7, 1938, by Ben and Gerome Stefanski, opening its first office on Broadway Avenue. It expanded across the Cleveland area in the following decades; six mergers in the 1970s added about $200 million in assets. [22](https://www.thirdfederal.com/docs/default-document-library/third-federal-75th-anniversary-timeline-web.pdf?sfvrsn=2) [23](https://case.edu/ech/articles/t/third-federal-savings-and-loan-assn-cleveland)

Marc A. Stefanski joined the company in 1982 and succeeded Ben Stefanski as president and CEO in 1987. During the 1990s, Third Federal added branches and loan-production offices in Ohio, then entered Florida in 1999 through the Oceanmark Bank transaction. [22](https://www.thirdfederal.com/docs/default-document-library/third-federal-75th-anniversary-timeline-web.pdf?sfvrsn=2) [24](https://www.occ.gov/static/ots/directors-orders/do-1999-43.pdf)

TFS Financial Corporation was organized in 1997 as the mid-tier stock holding company for Third Federal Savings and Loan Association. In 2007, it completed its initial public offering and began trading on Nasdaq, while its mutual holding company retained majority ownership. [25](https://app.finbar.com/go?id=P94315425)
[25](https://app.finbar.com/go?id=P94315425)[22](https://www.thirdfederal.com/docs/default-document-library/third-federal-75th-anniversary-timeline-web.pdf?sfvrsn=2)[23](https://case.edu/ech/articles/t/third-federal-savings-and-loan-assn-cleveland)[24](https://www.occ.gov/static/ots/directors-orders/do-1999-43.pdf)

## Sources

1. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P109153784)
2. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P7135631)
3. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P96938079)
4. [TFS Financial CORP — Press release (2026 Q 3)](https://app.finbar.com/go?id=T16581483)
5. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P48529203)
6. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P80429649)
7. [TFS Financial CORP — Full financial report (2026 Q 3)](https://app.finbar.com/go?id=P150289368)
8. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P17833420)
9. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P33642362)
10. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P107678244)
11. [www.thirdfederal.com](https://www.thirdfederal.com/deposits)
12. [www.thirdfederal.com](https://www.thirdfederal.com/online-mobile-banking)
13. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P106869558)
14. [www.thirdfederal.com](https://www.thirdfederal.com/company-information/news-company-info)
15. [TFS Financial CORP — Full financial report (2026 Q 3)](https://app.finbar.com/go?id=P150289130)
16. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P56283049)
17. [TFS Financial CORP — Full financial report (2026 Q 3)](https://app.finbar.com/go?id=P150289096)
18. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P73368062)
19. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P117507086)
20. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=T10215495)
21. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1381668/000138166825000106/tfsl-20250930.htm)
22. [www.thirdfederal.com](https://www.thirdfederal.com/docs/default-document-library/third-federal-75th-anniversary-timeline-web.pdf?sfvrsn=2)
23. [case.edu](https://case.edu/ech/articles/t/third-federal-savings-and-loan-assn-cleveland)
24. [www.occ.gov](https://www.occ.gov/static/ots/directors-orders/do-1999-43.pdf)
25. [TFS Financial CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P94315425)

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