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Company Links |
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Company Strategy |
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The Company was organized in 1997 as the mid-tier stock holding company for Third Federal Savings and Loan, and its ownership of Third Federal Savings and Loan is currently its primary business activity. |
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Product/Services Portfolio |
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The Company’s principal lending activity is the origination of first mortgage loans to purchase or refinance one- to four-family residential real estate. The Company also originates a significant amount of home equity loans and home equity lines of credit, and, to a lesser extent, residential construction loans.
The Company’s primary lending activity is the origination of one- to four-family residential real estate mortgage loans. The Company offers conforming and non-conforming, fixed-rate and adjustable-rate residential real estate mortgage loans with maturities of up to 30 years and maximum loan amounts generally of up to $2.0 million.
The Company currently offers fixed-rate conventional mortgage loans with terms of up to 30 years that are fully amortizing with monthly loan payments, and adjustable-rate mortgage loans that provide an initial fixed interest rate for one, three, five or seven years and that amortize over a period up to 30 years.
The Company also offers “interest only” loans, where the borrower pays interest for an initial period (one, three or five years), after which the loan converts to a fully amortizing loan.
The Company currently offers several adjustable-rate mortgage loans secured by residential properties with interest rates that are fixed for an initial period ranging from one year to seven years. The Company offers adjustable-rate mortgage loans that are fully-amortizing, including “interest-only” loans that provide for the repayment of interest, and not principal, during an initial period.
The Company also offers home equity loans and home equity lines of credit, which are primarily secured by a second mortgage on one- to four-family residences. The Company recently introduced a home equity lending product that is secured by a third mortgage.
The Company also originates construction loans for the purchase of developed lots and for the construction of single-family residences.
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Investment Analysis |
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Net income decreased $21.0 million, or 32.5%, to $43.5 million for the fiscal year ended September 30, 2006 from $64.5 million for the fiscal year ended September 30, 2005.
Interest income increased $67.0 million, or 16.0%, to $485.8 million for the fiscal year ended September 30, 2006 from $418.8 million for the fiscal year ended September 30, 2005.
Interest expense increased $61.5 million, or 27.0%, to $289.1 million for the fiscal year ended September 30, 2006 from $227.6 million for the fiscal year ended September 30, 2005.
Net interest income increased by $5.5 million, or 2.9%, to $196.7 million for the fiscal year ended September 30, 2006 from $191.1 million for the fiscal year ended September 30, 2005.
Non-interest income (loss) decreased $41.5 million to a loss of $6.4 million for the fiscal year ended September 30, 2006 from income of $35.1 million for the fiscal year ended September 30, 2005.
Non-interest expense decreased $693,000, or 0.6%, to $122.5 million for the fiscal year ended September 30, 2006 from $123.2 million for the fiscal year ended September 30, 2005.
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Income Data (Thousand $ Except EPS) |
| Year |
Revenues |
Costs |
Oper Income |
Taxes |
Net Income |
EPS |
| 2004
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0.00 |
0.00 |
0.00 |
26,326 |
55,467 |
0.00 |
| 2005
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0.00 |
0.00 |
0.00 |
32,502 |
64,508 |
0.00 |
| 2006
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0.00 |
0.00 |
0.00 |
18,170 |
43,539 |
0.00 |
| *As of period ended September 30, 2006
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Balance Sheet Data
(Thousand $) |
Year |
Cash |
Acct Recv. |
Inventory |
Total Cur Assets |
Total Cur Liability |
PPE |
Total Assets |
LT Debt |
SH Equity |
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2005 |
120,320 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
8,913,820 |
0.00 |
973,874 |
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2006 |
252,927 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
8,595,567 |
0.00 |
1,012,594 |
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*As of September 30, 2005 and 2006
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| Cash
Flow Summary
(Thousand $) |
Year |
Net Cash-Ops |
Net Cash-Inv |
Net Cash-Fin |
Net Change |
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2004 |
-53,587 |
-246,563 |
76,199 |
-223,951 |
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2005 |
-95,719 |
-315,326 |
366,196 |
-44,849 |
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2006 |
356,150 |
129,999 |
-353,542 |
132,607 |
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*As of period ended September 30, 2006
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- Value Gap 
- Short-Term Growth
- Long-Term Growth 
- Long-Term Value 