TF FINANCIAL CORPORATION
3 PENNS TRAIL
NEWTON, PENNSYLVANIA 18940
For immediate release October 14, 1997
TF Financial Corporation Announces Third Quarter Earnings
Newtown, Pennsylvania, October 14, 1997 - - TF Financial Corporation (NASDAQ: THRD), the holding
company for Third Federal Savings Bank ("The Bank"), announces third quarter earnings and quarterly dividend.
TF Financial Corporation today reported that the consolidated net income for the three months ended September
30, 1997 was $1.4 million or $.33 per share, compared to a loss of $209 thousand or ($.05) per share for the
same quarter of 1996. Results for the first nine months of 1997 showed consolidated net income of $3.8 million
or $.93 per share compared to $2.3 million or $.54 per share for the same period in 1996.
In announcing earings for this quarter, John R. Stranford, President and Chief Executive Officer, stated that he
was pleased to report that the Corporation's quarterly earnings reflected an increase over earnings for the same
quarter of 1996 even after excluding a $2.2 million expense from the third quarter of 1996. The third quarter of
1996 included a one time assessment of $2.2 million by the FDIC mandated by Federal legislation in order to
recapitalize the Savings Association Insurance Fund. The exclusion of this one-time charge would have resulted in
earnings of $1,109 thousand or $.26 per share. President Stranford remarked that core earnings (net interest
income) have increased 7.2% from $4.6 million to $4.9 million when comparing the two quarters.
President Stranford stated that it was also his pleasure to announce that the Board of Directors has declared a
$.10 per share dividend to be paid on November 24, 1997, to shareholders of record as of November 14,
1997. This is the twelfth consecutive quarterly dividend declared by the Company since the conversion to stock
form in July of 1994.
On September 26, 1997, the Company