TFS FINANCIAL CORP, DEF 14A filed on 1/10/2025
Proxy Statement (definitive)
v3.24.4
Cover
 12 Months Ended
Sep. 30, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name TFS FINANCIAL CORPORATION
Entity Central Index Key 0001381668
v3.24.4
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2021
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Fiscal Year ending September 30, Summary Compensation Table Total for PEO ($) (1)CAP to PEO ($) (1)Average Summary Compensation Table Total for Other NEOs
($) (1)		Average CAP to Other NEOs ($) (1) Value of Initial Fixed $100 Investment Based On: Net Income ($)Adjusted Net Income ($) (3)
Total Shareholder Return ($)Peer Group Total Shareholder Return ($) (2)
(in millions)
20244,650,050 4,925,156 1,274,030 1,350,651 118 200 79.6 79.6 
20234,819,359 4,543,329 1,272,653 1,296,624 100 135 75.3 77.3 
20224,629,883 4,124,760 1,013,108 931,815 100 140 74.6 80.6 
20214,751,324 4,964,860 1,287,802 1,626,262 137 182 81.0 67.7 
      
Company Selected Measure Name Adjusted Net Income      
Named Executive Officers, Footnote The PEO for each of the fiscal years 2024, 2023, 2022, and 2021 is Mr. Stefanski. For 2024 and 2023, our other NEOs include Mses. Weil and Zbanek and Messrs. Mulhern and Rubino. For 2022, our other NEOs include Paul J. Huml, Messrs. Mulhern and Rubino and Mses. Weil and Zbanek. For 2021, our other NEOs include Paul J. Huml, Anna Maria Motta and Mses. Weil and Zbanek. A reconciliation between the Summary Compensation Table Total and CAP is included below in this section.      
Peer Group Issuers, Footnote Peer Group Total Shareholder Return represents the cumulative Total Shareholder Return of the S&P U.S. BMI Banks Index.      
PEO Total Compensation Amount $ 4,650,050 $ 4,819,359 $ 4,629,883 $ 4,751,324
PEO Actually Paid Compensation Amount $ 4,925,156 4,543,329 4,124,760 4,964,860
Adjustment To PEO Compensation, Footnote
CAP to our NEOs represents the compensation reported in the total column of the Summary Compensation Table for the applicable fiscal year, adjusted as follows:

Principal Executive Officer
Fiscal Year ending September 30,
Summary Compensation Table
  Total for PEO
($)
Minus: Change in Present Value of Pension and Non-Qualified Deferred Compensation Earnings ($)
Plus: Pension Service Costs Attributable to this Applicable YearMinus: Grant Date Fair Value of Equity Awards Granted During Applicable Year
Plus: Year-End Fair Value of Equity Awards Granted During Applicable Year
Plus: Change in Fair Value as of Year-End of Any Prior Year Awards that Remain Unvested as of Year-End
Plus: Change in Fair Value as of Vesting Date of Any Awards that Vested During Applicable Year
CAP
20244,650,050 4,339 — 790,634 795,584 199,883 74,612 4,925,156 
20234,819,359 124,200 — 1,100,676 903,996 (11,953)56,803 4,543,329 
20224,629,883 27,084 — 758,280 589,967 (276,407)(33,319)4,124,760 
20214,751,324 357,120 — 831,636 931,460 363,802 107,030 4,964,860 
      
Non-PEO NEO Average Total Compensation Amount $ 1,274,030 1,272,653 1,013,108 1,287,802
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,350,651 1,296,624 931,815 1,626,262
Adjustment to Non-PEO NEO Compensation Footnote
Average of Other Named Executive Officers
Fiscal Year ending September 30,
Summary Compensation Table
 Total for NEO
($)
Minus: Change in Present Value of Pension and Non-Qualified Deferred Compensation Earnings ($)Plus: Pension Service Costs Attributable to this Applicable YearMinus: Grant Date Fair Value of Equity Awards Granted During Applicable Year
Plus: Year-End Fair Value of Equity Awards Granted During Applicable Year
Plus: Change in Fair Value as of Year-End of Any Prior Year Awards that Remain Unvested as of Year-End
Plus: Change in Fair Value as of Vesting Date of Any Awards that Vested During Applicable Year
CAP
20241,274,030 35,044 — 265,917 260,819 76,269 40,494 1,350,651 
20231,272,653 10,210 — 351,833 281,553 89,031 15,430 1,296,624 
20221,013,108 3,371 — 236,384 183,915 (7,035)(18,418)931,815 
20211,287,802 22,843 — 336,742 370,579 188,260 139,206 1,626,262 
      
Compensation Actually Paid vs. Total Shareholder Return
The following chart sets forth the relationship between CAP to our PEO, the average CAP to our other NEOs and the cumulative TSR of the Company and the S&P U.S. BMI Banks Index over the four most recently completed fiscal years. TSR amounts reported in the graph assume an initial fixed investment of $100, and that all dividends, if any, were reinvested.

2046
      
Compensation Actually Paid vs. Net Income
2050
As described in greater detail in the Compensation Discussion and Analysis section of this Proxy Statement ("the CD&A"), the Committee considers many factors in determining the mix and amounts of executive officer compensation, only a few of which are presented in the Pay Versus Performance tables. Additionally, long term incentives, also described in the CD&A, seek to link executive compensation with the Company's financial performance over the long term and, as such, may not align with the Company's performance measures for a particular fiscal year. The graphs above demonstrate that over the measurement period, CAP for the PEO and other NEOs generally trended directionally with the Company’s cumulative TSR, net income and adjusted net income. Changes in CAP are largely attributable to moderate changes in grant values, as well as the fluctuation in value of outstanding equity awards, which correlate with increases and decreases in stock price and cumulative TSR. 		     
Compensation Actually Paid vs. Company Selected Measure
2050
As described in greater detail in the Compensation Discussion and Analysis section of this Proxy Statement ("the CD&A"), the Committee considers many factors in determining the mix and amounts of executive officer compensation, only a few of which are presented in the Pay Versus Performance tables. Additionally, long term incentives, also described in the CD&A, seek to link executive compensation with the Company's financial performance over the long term and, as such, may not align with the Company's performance measures for a particular fiscal year. The graphs above demonstrate that over the measurement period, CAP for the PEO and other NEOs generally trended directionally with the Company’s cumulative TSR, net income and adjusted net income. Changes in CAP are largely attributable to moderate changes in grant values, as well as the fluctuation in value of outstanding equity awards, which correlate with increases and decreases in stock price and cumulative TSR. 		     
Tabular List, Table
We believe the following performance measures represent the most important financial and non-financial performance measures used by us to link CAP to our NEOs for the fiscal year ended September 30, 2024, as further described in the CD&A:
a.Adjusted Net Income
b.Return on Average Assets
c.Total Shareholder Return, and
d.Enterprise-Wide Risk Assessment
      
Total Shareholder Return Amount $ 118 100 100 137
Net Income (Loss) $ 79,600,000 $ 75,300,000 $ 74,600,000 $ 81,000,000.0
Company Selected Measure Amount 79,600,000 77,300,000 80,600,000 67,700,000
PEO Name Mr. Stefanski      
Additional 402(v) Disclosure Adjusted Net Income is a non-GAAP measure. Adjusted Net Income is described under Annual Performance-based Cash Bonuses for Named Executive Officers starting on page 19 of this proxy.      
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted Net Income      
Measure:: 2        
Pay vs Performance Disclosure        
Name Return on Average Assets      
Measure:: 3        
Pay vs Performance Disclosure        
Name Total Shareholder Return      
Measure:: 4        
Pay vs Performance Disclosure        
Name Enterprise-Wide Risk Assessment      
S&P U.S. BMI Banks Index [Member]        
Pay vs Performance Disclosure        
Peer Group Total Shareholder Return Amount $ 200 $ 135 $ 140 $ 182
PEO | Change in Present Value of Pension and Non-Qualified Deferred Compensation Earnings [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (4,339) (124,200) (27,084) (357,120)
PEO | Grant Date Fair Value of Equity Awards Granted During Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (790,634) (1,100,676) (758,280) (831,636)
PEO | Pension Service Costs Attributable to this Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Year-End Fair Value of Equity Awards Granted During Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 795,584 903,996 589,967 931,460
PEO | Change in Fair Value as of Year-End of Any Prior Year Awards that Remain Unvested as of Year-End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 199,883 (11,953) (276,407) 363,802
PEO | Change in Fair Value as of Vesting Date of Any Prior Year Awards that Vested During Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 74,612 56,803 (33,319) 107,030
Non-PEO NEO | Grant Date Fair Value of Equity Awards Granted During Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (265,917) (351,833) (236,384) (336,742)
Non-PEO NEO | Pension Service Costs Attributable to this Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Year-End Fair Value of Equity Awards Granted During Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 260,819 281,553 183,915 370,579
Non-PEO NEO | Change in Fair Value as of Year-End of Any Prior Year Awards that Remain Unvested as of Year-End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 76,269 89,031 (7,035) 188,260
Non-PEO NEO | Change in Fair Value as of Vesting Date of Any Prior Year Awards that Vested During Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 40,494 15,430 (18,418) 139,206
Non-PEO NEO | Change in Present Value of Pension [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (35,044) $ (10,210) $ (3,371) $ (22,843)