TFS Financial Corp (TFSL) is the holding company of Third Federal Savings and Loan Association of Cleveland, whose business consists of originating and servicing residential real estate mortgage loans and accepting retail savings deposits. The company’s earnings have recently declined, and we expect them to continue to decline through FY20. Our expectation is attributable to a rise in non-interest based expense, which will negate the effect of slight improvement in net interest income on TFSL’s profits. Due to our expectation of a decline in earnings, we expect the company to pause its trend