SECOND QUARTER HIGHLIGHTS
- Revenue of $330.9 million, up 3.6 percent from the second quarter of
2015
- Non-interest expense of $227.3 million, up 1.9 percent from the second
quarter of 2015
- Efficiency ratio of 68.7 percent, down 115 basis points from the
second quarter of 2015
- Period-end loans and leases of $17.5 billion, up 3.5 percent from
June 30, 2015
- Loan and lease originations of $4.3 billion, up 8.4 percent from the
second quarter of 2015
- Average deposits of $17.3 billion, up 9.0 percent from the second
quarter of 2015
- Non-accrual loans and leases of $195.5 million, down 4.9 percent from
June 30, 2015
- Net charge-offs as a percentage of average loans and leases of 0.23
percent, down 18 basis points from the second quarter of 2015
- Earnings per share of 31 cents, up 6.9 percent from the second quarter
of 2015
Company Website:
http://tcfbank.com
WAYZATA, Minn. -- (Business Wire)
TCF Financial Corporation (NYSE: TCB):
|
Summary of Financial Results |
|
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|
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| Table 1 |
|
|
| |
|
| |
|
| |
|
| Percent Change |
|
| |
|
| |
|
| |
(Dollars in thousands, except per-share data)
| | | 2Q | | | 1Q | | | 2Q | | | 2Q16 vs |
|
| 2Q16 vs | | | YTD | | | YTD | | | Percent |
| | | 2016 |
|
| 2016 |
|
| 2015 |
|
| 1Q16 |
|
| 2Q15 |
|
| 2016 |
|
| 2015 |
|
| Change |
Net income attributable to TCF
| | |
$
|
57,694
| | | |
$
|
48,046
| | | |
$
|
52,255
| | | |
20.1
|
%
| | |
10.4
|
%
| | |
$
|
105,740
| | | |
$
|
92,056
| | | |
14.9
|
%
|
Net interest income
| | |
212,984
| | | |
211,658
| | | |
206,029
| | | |
0.6
| | | |
3.4
| | | |
424,642
| | | |
409,449
| | | |
3.7
| |
Diluted earnings per common share
| | |
0.31
| | | |
0.26
| | | |
0.29
| | | |
19.2
| | | |
6.9
| | | |
0.57
| | | |
0.50
| | | |
14.0
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Ratios(1) | | | | | | | | | | | | | | | | | | | | | | | | |
Pre-tax pre-provision return on average assets(2) | | |
1.95
|
%
| | |
1.83
|
%
| | |
1.94
|
%
| | | | | | | | |
1.89
|
%
| | |
1.76
|
%
| | | |
Return on average assets
| | |
1.14
| | | |
0.96
| | | |
1.11
| | | | | | | | | |
1.05
| | | |
0.98
| | | | |
Return on average common equity
| | |
10.09
| | | |
8.45
| | | |
9.93
| | | | | | | | | |
9.28
| | | |
8.71
| | | | |
Return on average tangible common equity(3) | | |
11.38
| | | |
9.57
| | | |
11.34
| | | | | | | | | |
10.49
| | | |
9.98
| | | | |
Net interest margin
| | |
4.35
| | | |
4.37
| | | |
4.44
| | | | | | | | | |
4.36
| | | |
4.47
| | | | |
Net charge-offs as a percentage of average loans and leases
| | |
0.23
| | | |
0.27
| | | |
0.41
| | | | | | | | | |
0.25
| | | |
0.34
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
(1) Annualized.
|
(2) Pre-tax pre-provision profit is calculated as total revenues
less non-interest expense.
|
(3) See "Reconciliation of GAAP to Non-GAAP Financial Measures"
table.
|
|
TCF Financial Corporation ("TCF" or the "Company") (NYSE: TCB) today
reported net income of $57.7 million for the second quarter of 2016,
compared with net income of $52.3 million for the second quarter of
2015, and net income of $48.0 million for the first quarter of 2016.
Diluted earnings per common share was 31 cents for the second quarter of
2016, compared with 29 cents for the second quarter of 2015, and 26
cents for the first quarter of 2016.
TCF reported net income of $105.7 million for the first six months of
2016, compared with net income of $92.1 million for the same period in
2015. Diluted earnings per common share was 57 cents for the first six
months of 2016, compared with 50 cents for the same period in 2015.
"TCF had a strong second quarter as year-over-year revenue growth
continued to outpace expense growth," said Craig R. Dahl, president and
chief executive officer. "Operating leverage, one of TCF’s four
strategic pillars, remained in focus during the quarter as we generated
strong non-interest income from our national lending businesses while
continuing to manage our overall expense base. Despite the ongoing
headwinds from the rate environment, we managed to sustain our loan
yields and manage our deposit costs during the quarter. Our
diversification strategy continues to drive good outcomes with strong
loan and lease originations taking place while maintaining stable credit
quality across all business units.
"Our business results indicate true progress against our four strategic
pillars: diversification, profitable growth, operating leverage and core
funding. As we move to the second half of 2016 and beyond, the team at
TCF is focused on improving the experience of our customer and
accelerating value creation for our shareholders."
|
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| |
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| |
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| |
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| |
Revenue | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table 2 |
| | | | | | | | | | | | Percent Change | | | | | | | | | |
(Dollars in thousands)
| | | 2Q | | | 1Q | | | 2Q | | | 2Q16 vs | | | 2Q16 vs | | | YTD | | | YTD | | | Percent |
| | | 2016 |
|
| 2016 |
|
| 2015 |
|
| 1Q16 |
|
| 2Q15 |
|
| 2016 |
|
| 2015 |
|
| Change |
Net interest income
| | |
$
|
212,984
|
|
|
|
$
|
211,658
|
|
|
|
$
|
206,029
|
| | |
0.6
|
%
| | |
3.4
|
%
| | |
$
|
424,642
|
|
|
|
$
|
409,449
|
| | |
3.7
|
%
|
Non-interest income:
| | | | | | | | | | | | | | | | | | | | | | | | |
Fees and service charges
| | |
34,622
| | | |
32,817
| | | |
36,295
| | | |
5.5
| | | |
(4.6
|
)
| | |
67,439
| | | |
70,267
| | | |
(4.0
|
)
|
Card revenue
| | |
14,083
| | | |
13,363
| | | |
13,902
| | | |
5.4
| | | |
1.3
| | | |
27,446
| | | |
26,803
| | | |
2.4
| |
ATM revenue
| | |
5,288
|
|
|
|
5,021
|
|
|
|
5,540
|
| | |
5.3
| | | |
(4.5
|
)
| | |
10,309
|
|
|
|
10,662
|
| | |
(3.3
|
)
|
Subtotal
| | |
53,993
| | | |
51,201
| | | |
55,737
| | | |
5.5
| | | |
(3.1
|
)
| | |
105,194
| | | |
107,732
| | | |
(2.4
|
)
|
Gains on sales of auto loans, net
| | |
10,143
| | | |
11,920
| | | |
10,756
| | | |
(14.9
|
)
| | |
(5.7
|
)
| | |
22,063
| | | |
17,021
| | | |
29.6
| |
Gains on sales of consumer real estate loans, net
| | |
10,839
| | | |
9,384
| | | |
11,954
| | | |
15.5
| | | |
(9.3
|
)
| | |
20,223
| | | |
20,717
| | | |
(2.4
|
)
|
Servicing fee income
| | |
9,502
|
|
|
|
8,883
|
|
|
|
7,216
|
| | |
7.0
| | | |
31.7
| | | |
18,385
|
|
|
|
14,558
|
| | |
26.3
| |
Subtotal
| | |
30,484
| | | |
30,187
| | | |
29,926
| | | |
1.0
| | | |
1.9
| | | |
60,671
| | | |
52,296
| | | |
16.0
| |
Leasing and equipment finance
| | |
31,074
| | | |
28,487
| | | |
26,385
| | | |
9.1
| | | |
17.8
| | | |
59,561
| | | |
48,609
| | | |
22.5
| |
Other
| | |
2,405
|
|
|
|
2,843
|
|
|
|
1,460
|
| | |
(15.4
|
)
| | |
64.7
| | | |
5,248
|
|
|
|
5,587
|
| | |
(6.1
|
)
|
Fees and other revenue
| | |
117,956
| | | |
112,718
| | | |
113,508
| | | |
4.6
| | | |
3.9
| | | |
230,674
| | | |
214,224
| | | |
7.7
| |
Gains (losses) on securities, net
| | |
—
|
|
|
|
(116
|
)
|
|
|
(59
|
)
| | |
(100.0
|
)
| | |
(100.0
|
)
| | |
(116
|
)
|
|
|
(137
|
)
| | |
15.3
| |
Total non-interest income
| | |
117,956
|
|
|
|
112,602
|
|
|
|
113,449
|
| | |
4.8
| | | |
4.0
| | | |
230,558
|
|
|
|
214,087
|
| | |
7.7
| |
Total revenue
| | |
$
|
330,940
|
|
|
|
$
|
324,260
|
|
|
|
$
|
319,478
|
| | |
2.1
| | | |
3.6
| | | |
$
|
655,200
|
|
|
|
$
|
623,536
|
| | |
5.1
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Net interest margin(1) | | |
4.35
|
%
| | |
4.37
|
%
| | |
4.44
|
%
| | | | | | | | |
4.36
|
%
| | |
4.47
|
%
| | | |
Total non-interest income as a percentage of total revenue
| | |
35.6
| | | |
34.7
| | | |
35.5
| | | | | | | | | |
35.2
| | | |
34.3
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
(1) Annualized.
|
| | | | | | | | | | | |
|
Net Interest Income
-
Net interest income for the second quarter of 2016 increased $7.0
million, or 3.4 percent, compared with the second quarter of 2015. The
increase was primarily due to higher average loan and lease balances
in the auto finance and inventory finance portfolios and higher
average balances of securities available for sale and loans and leases
held for sale. The increase was partially offset by the run-off of
consumer real estate first mortgage lien loan balances, overall net
margin compression and higher promotional rates paid on certificates
of deposit.
-
Net interest income for the second quarter of 2016 increased $1.3
million, or 0.6 percent, compared with the first quarter of 2016. The
increase was primarily due to higher average loan balances in the
inventory finance portfolio driven by peak seasonality balances during
the first two months of the second quarter of 2016 and higher average
balances of loans and leases held for sale, securities available for
sale from growth of the municipal securities portfolio and loans in
the auto finance portfolio due to maturation of the business model.
The increase was partially offset by lower average consumer real
estate loan balances due to the run-off of consumer real estate first
mortgage lien loan balances and a net decrease in consumer real estate
junior lien loan balances.
-
Net interest margin for the second quarter of 2016 was 4.35 percent,
compared with 4.44 percent for the second quarter of 2015 and 4.37
percent for the first quarter of 2016. The decrease compared with the
second quarter of 2015 was primarily due to higher rates paid on
certificates of deposit and margin compression resulting from the
impact of the ongoing low interest rate environment. The decrease
compared with the first quarter of 2016 was primarily due to the
run-off of consumer real estate first mortgage lien loan balances and
higher rates paid on certificates of deposit.
Non-interest Income
-
Fees and service charges in the second quarter of 2016 were $34.6
million, down $1.7 million, or 4.6 percent, from the second quarter of
2015 and up $1.8 million, or 5.5 percent, from the first quarter of
2016. The decrease compared with the second quarter of 2015 was
primarily due to ongoing consumer behavior changes, as well as higher
average checking account balances per customer. The increase compared
with the first quarter of 2016 was primarily due to seasonality
resulting in an increase in transaction activity.
-
TCF sold $533.4 million, $436.4 million and $444.3 million of auto
loans during the second quarters of 2016 and 2015, and the first
quarter of 2016, respectively, resulting in net gains in each period.
-
TCF sold $344.6 million, $364.9 million and $321.4 million of consumer
real estate loans during the second quarters of 2016 and 2015, and the
first quarter of 2016, respectively, resulting in net gains in each
period. TCF has two consumer real estate loan sale programs; one that
sells nationally originated junior lien loans and the other that
originates first mortgage lien loans in our primary banking markets
and sells the loans through a correspondent relationship.
-
Servicing fee income was $9.5 million on $4.7 billion of average loans
and leases serviced for others during the second quarter of 2016,
compared with $7.2 million on $3.7 billion for the second quarter of
2015 and $8.9 million on $4.4 billion for the first quarter of 2016.
The increases from both periods were primarily due to the cumulative
effect of the increase in the portfolio of auto and consumer real
estate loans sold with servicing retained by TCF.
|
|
| |
|
| |
|
| |
Loans and Leases | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-End and Average Loans and Leases |
|
|
|
|
|
|
| Table 3 |
|
|
| |
|
| |
|
| |
|
| Percent Change | | | | | | | | | |
(Dollars in thousands)
| | | 2Q | | | 1Q | | | 2Q | | | 2Q16 vs | |
| 2Q16 vs | | | YTD | | | YTD | | | Percent |
| | | 2016 |
|
| 2016 |
|
| 2015 |
|
| 1Q16 |
|
| 2Q15 |
|
| 2016 |
|
| 2015 |
|
| Change |
Period-End: | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | | | | | | | |
First mortgage lien
| | |
$
|
2,409,320
| | | |
$
|
2,521,492
| | | |
$
|
2,865,911
| | | |
(4.4
|
)%
| | |
(15.9
|
)%
| | | | | | | | | |
Junior lien
| | |
2,677,522
|
|
|
|
2,729,075
|
|
|
|
2,678,118
|
| | |
(1.9
|
)
| | |
—
| | | | | | | | | | |
Total consumer real estate
| | |
5,086,842
| | | |
5,250,567
| | | |
5,544,029
| | | |
(3.1
|
)
| | |
(8.2
|
)
| | | | | | | | | |
Commercial
| | |
3,096,046
| | | |
3,114,594
| | | |
3,112,344
| | | |
(0.6
|
)
| | |
(0.5
|
)
| | | | | | | | | |
Leasing and equipment finance
| | |
4,120,359
| | | |
4,005,934
| | | |
3,791,215
| | | |
2.9
| | | |
8.7
| | | | | | | | | | |
Inventory finance
| | |
2,334,893
| | | |
2,676,675
| | | |
2,106,087
| | | |
(12.8
|
)
| | |
10.9
| | | | | | | | | | |
Auto finance
| | |
2,812,807
| | | |
2,786,731
| | | |
2,301,714
| | | |
0.9
| | | |
22.2
| | | | | | | | | | |
Other
| | |
20,890
|
|
|
|
18,940
|
|
|
|
21,852
|
| | |
10.3
| | | |
(4.4
|
)
| | | | | | | | | |
Total
| | |
$
|
17,471,837
|
|
|
|
$
|
17,853,441
|
|
|
|
$
|
16,877,241
|
| | |
(2.1
|
)
| | |
3.5
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Average: | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | | | | | | | |
First mortgage lien
| | |
$
|
2,464,692
| | | |
$
|
2,573,915
| | | |
$
|
2,936,793
| | | |
(4.2
|
)%
| | |
(16.1
|
)%
| | |
$
|
2,519,303
| | | |
$
|
3,006,411
| | | |
(16.2
|
)%
|
Junior lien
| | |
2,794,035
|
|
|
|
2,884,859
|
|
|
|
2,650,894
|
| | |
(3.1
|
)
| | |
5.4
| | | |
2,839,448
|
|
|
|
2,632,816
|
| | |
7.8
| |
Total consumer real estate
| | |
5,258,727
| | | |
5,458,774
| | | |
5,587,687
| | | |
(3.7
|
)
| | |
(5.9
|
)
| | |
5,358,751
| | | |
5,639,227
| | | |
(5.0
|
)
|
Commercial
| | |
3,109,946
| | | |
3,158,101
| | | |
3,148,272
| | | |
(1.5
|
)
| | |
(1.2
|
)
| | |
3,134,023
| | | |
3,151,124
| | | |
(0.5
|
)
|
Leasing and equipment finance
| | |
4,032,112
| | | |
3,992,678
| | | |
3,751,776
| | | |
1.0
| | | |
7.5
| | | |
4,012,395
| | | |
3,740,691
| | | |
7.3
| |
Inventory finance
| | |
2,564,648
| | | |
2,433,534
| | | |
2,292,481
| | | |
5.4
| | | |
11.9
| | | |
2,499,091
| | | |
2,201,183
| | | |
13.5
| |
Auto finance
| | |
2,751,679
| | | |
2,703,880
| | | |
2,211,014
| | | |
1.8
| | | |
24.5
| | | |
2,727,779
| | | |
2,116,604
| | | |
28.9
| |
Other
| | |
9,585
|
|
|
|
10,018
|
|
|
|
10,734
|
| | |
(4.3
|
)
| | |
(10.7
|
)
| | |
9,802
|
|
|
|
11,173
|
| | |
(12.3
|
)
|
Total
| | |
$
|
17,726,697
|
|
|
|
$
|
17,756,985
|
|
|
|
$
|
17,001,964
|
| | |
(0.2
|
)
| | |
4.3
| | | |
$
|
17,741,841
|
|
|
|
$
|
16,860,002
|
| | |
5.2
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
-
Period-end loans and leases were $17.5 billion at June 30, 2016, an
increase of $0.6 billion, or 3.5 percent, compared with June 30, 2015
and a decrease of $0.4 billion, or 2.1 percent, compared with
March 31, 2016. Average loans and leases were $17.7 billion for the
second quarter of 2016, an increase of $0.7 billion, or 4.3 percent,
compared with the second quarter of 2015 and consistent with the first
quarter of 2016.
The increases from June 30, 2015 were
primarily due to the maturation of the business model in auto finance
and an increase in the leasing and equipment finance portfolio due to
strong originations, as well as expansion of the lawn and garden
segment of inventory finance, partially offset by run-off in the
consumer real estate first mortgage lien portfolio. The decrease from
March 31, 2016 for period-end loans and leases was primarily due to
seasonal decreases in the inventory finance portfolio and run-off in
the consumer real estate first mortgage lien portfolio, partially
offset by an increase in the leasing and equipment finance portfolio
due to strong originations.
-
Loan and lease originations were $4.3 billion for the second quarter
of 2016, an increase of $0.3 billion, or 8.4 percent, compared with
the second quarter of 2015 and an increase of $0.2 billion, or 6.1
percent, compared with the first quarter of 2016. The increase from
the second quarter of 2015 was primarily due to strong growth in the
lawn and garden segment of inventory finance and increases in auto
finance and leasing and equipment finance originations, partially
offset by a decrease in consumer real estate originations. The
increase from the first quarter of 2016 was primarily due to increases
in consumer real estate and leasing and equipment finance
originations, partially offset by a decrease in inventory finance
originations.
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Credit Quality | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Trends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table 4 |
| | | | | | | | | | | | | | | | | | Change |
(Dollars in thousands)
| | | 2Q | | | 1Q | | | 4Q | | | 3Q | | | 2Q | | | 2Q16 vs | | | 2Q16 vs |
| | | 2016 |
|
| 2016 |
|
| 2015 |
|
| 2015 |
|
| 2015 |
|
| 1Q16 |
|
| 2Q15 |
Over 60-day delinquencies as a percentage of period-end loans and
leases(1) | | |
0.12
|
%
| | |
0.10
|
%
| | |
0.11
|
%
| | |
0.17
|
%
| | |
0.10
|
%
| | |
2
|
bps
| | |
2
|
bps
|
Net charge-offs as a percentage of average loans and leases(2) | | |
0.23
| | | |
0.27
| | | |
0.29
| | | |
0.23
| | | |
0.41
| | | |
(4
|
)
| | |
(18
|
)
|
Non-accrual loans and leases and other real estate owned
| | |
$
|
232,334
| | | |
$
|
241,090
| | | |
$
|
250,448
| | | |
$
|
264,694
| | | |
$
|
263,717
| | | |
(3.6
|
)%
| | |
(11.9
|
)%
|
Provision for credit losses
| | |
13,250
| | | |
18,842
| | | |
17,607
| | | |
10,018
| | | |
12,528
| | | |
(29.7
|
)
| | |
5.8
| |
|
(1) Excludes acquired portfolios and non-accrual loans and leases.
|
(2) Annualized.
|
|
-
The over 60-day delinquency rate, excluding acquired portfolios and
non-accrual loans and leases, was 0.12 percent at June 30, 2016, up
from 0.10 percent at both June 30, 2015 and March 31, 2016. The
increases from both periods were primarily driven by delinquencies in
the commercial real estate portfolio.
-
The net charge-off rate was 0.23 percent for the second quarter of
2016, down from 0.41 percent for the second quarter of 2015, and down
from 0.27 percent for the first quarter of 2016. The decreases from
both periods were primarily due to improved credit quality in the
consumer real estate portfolio.
-
Non-accrual loans and leases and other real estate owned was $232.3
million at June 30, 2016, a decrease of $31.4 million, or 11.9
percent, from June 30, 2015, and a decrease of $8.8 million, or 3.6
percent, from March 31, 2016. The decrease from June 30, 2015 was
primarily due to sales of consumer real estate and commercial
properties, improving credit quality trends and continued efforts to
actively work out problem loans in the commercial real estate
portfolio. The decrease from March 31, 2016 was primarily due to sales
of consumer real estate properties outpacing additions and improving
credit quality trends in the consumer real estate portfolio.
Non-accrual loans and leases and other real estate owned at
June 30, 2016 was the lowest balance since the third quarter of 2008.
-
Provision for credit losses was $13.3 million for the second quarter
of 2016, an increase of $0.7 million, or 5.8 percent, from the second
quarter of 2015, and a decrease of $5.6 million, or 29.7 percent, from
the first quarter of 2016. The increase from the second quarter of
2015 was primarily due to increased reserve requirements related to
growth in the auto finance, leasing and equipment finance and
inventory finance portfolios as well as increased reserve requirements
related to changes in economic outlook, partially offset by decreased
net charge-offs and improved credit quality in the consumer real
estate and commercial portfolios. The decrease from the first quarter
of 2016 was primarily due to lower net charge-offs and reduced reserve
requirements in the consumer real estate portfolio.
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Deposits | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table 5 |
| | | | | | | | | | | | Percent Change | | | | | | | | | |
(Dollars in thousands)
| | | 2Q | | | 1Q | | | 2Q | | | 2Q16 vs | | | 2Q16 vs | | | YTD | | | YTD | | | Percent |
| | | 2016 |
|
| 2016 |
|
| 2015 |
|
| 1Q16 |
|
| 2Q15 |
|
| 2016 |
|
| 2015 |
|
| Change |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Checking
| | |
$
|
5,727,147
| | | |
$
|
5,593,300
| | | |
$
|
5,428,419
| | | |
2.4
|
%
| | |
5.5
|
%
| | |
$
|
5,660,223
| | | |
$
|
5,364,911
| | | |
5.5
|
%
|
Savings
| | |
4,690,376
| | | |
4,713,765
| | | |
5,048,053
| | | |
(0.5
|
)
| | |
(7.1
|
)
| | |
4,702,072
| | | |
5,104,561
| | | |
(7.9
|
)
|
Money market
| | |
2,557,897
| | | |
2,472,751
| | | |
2,261,567
| | | |
3.4
| | | |
13.1
| | | |
2,515,324
| | | |
2,205,764
| | | |
14.0
| |
Certificates of deposit
| | |
4,308,367
|
|
|
|
4,104,951
|
|
|
|
3,116,718
|
| | |
5.0
| | | |
38.2
| | | |
4,206,659
|
|
|
|
3,079,461
|
| | |
36.6
| |
Total average deposits
| | |
$
|
17,283,787
|
|
|
|
$
|
16,884,767
|
|
|
|
$
|
15,854,757
|
| | |
2.4
| | | |
9.0
| | | |
$
|
17,084,278
|
|
|
|
$
|
15,754,697
|
| | |
8.4
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Average interest rate on deposits(1) | | |
0.37
|
%
| | |
0.36
|
%
| | |
0.28
|
%
| | | | | | | | |
0.36
|
%
| | |
0.28
|
%
| | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
(1) Annualized.
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
-
Total average deposits for the second quarter of 2016 increased
$1.4 billion, or 9.0 percent, from the second quarter of 2015 and
increased $0.4 billion, or 2.4 percent, from the first quarter of
2016. The increases from both periods were primarily due to special
campaigns for certificates of deposit as well as growth in checking
and money market balances.
-
The average interest rate on deposits for the second quarter of 2016
was 0.37 percent, up 9 basis points from the second quarter of 2015
and up 1 basis point from the first quarter of 2016. The increases
from both periods were primarily due to increased average interest
rates resulting from promotions for certificates of deposit.
|
Non-interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table 6 |
|
|
| |
|
| |
|
| |
|
| Change |
|
| |
|
| |
|
| |
(Dollars in thousands)
| | | 2Q | | | 1Q | | | 2Q | | | 2Q16 vs |
|
| 2Q16 vs | | | YTD | | | YTD | | | Percent |
| | | 2016 |
|
| 2016 |
|
| 2015 |
|
| 1Q16 |
|
| 2Q15 |
|
| 2016 |
|
| 2015 |
|
| Change |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Compensation and employee benefits
| | |
$
|
118,093
| | | |
$
|
124,473
| | | |
$
|
116,159
| | | |
(5.1
|
)%
| | |
1.7
|
%
| | |
$
|
242,566
| | | |
$
|
231,974
| | | |
4.6
|
%
|
Occupancy and equipment
| | |
36,884
| | | |
37,008
| | | |
36,152
| | | |
(0.3
|
)
| | |
2.0
| | | |
73,892
| | | |
72,979
| | | |
1.3
| |
FDIC insurance
| | |
3,751
| | | |
4,113
| | | |
4,864
| | | |
(8.8
|
)
| | |
(22.9
|
)
| | |
7,864
| | | |
10,257
| | | |
(23.3
|
)
|
Advertising and marketing
| | |
5,678
| | | |
5,887
| | | |
5,150
| | | |
(3.6
|
)
| | |
10.3
| | | |
11,565
| | | |
11,673
| | | |
(0.9
|
)
|
Other
| | |
49,987
|
|
|
|
43,348
|
|
|
|
45,887
|
| | |
15.3
| | | |
8.9
| | | |
93,335
|
|
|
|
94,020
|
| | |
(0.7
|
)
|
Subtotal
| | |
214,393
| | | |
214,829
| | | |
208,212
| | | |
(0.2
|
)
| | |
3.0
| | | |
429,222
| | | |
420,903
| | | |
2.0
| |
Operating lease depreciation
| | |
9,842
| | | |
9,573
| | | |
8,582
| | | |
2.8
| | | |
14.7
| | | |
19,415
| | | |
16,316
| | | |
19.0
| |
Foreclosed real estate and repossessed assets, net
| | |
3,135
| | | |
3,920
| | | |
6,377
| | | |
(20.0
|
)
| | |
(50.8
|
)
| | |
7,055
| | | |
12,573
| | | |
(43.9
|
)
|
Other credit costs, net
| | |
(54
|
)
|
|
|
12
|
|
|
|
(62
|
)
| | |
N.M.
| | |
12.9
| | | |
(42
|
)
|
|
|
84
|
| | |
N.M.
|
Total non-interest expense
| | |
$
|
227,316
|
|
|
|
$
|
228,334
|
|
|
|
$
|
223,109
|
| | |
(0.4
|
)
| | |
1.9
| | | |
$
|
455,650
|
|
|
|
$
|
449,876
|
| | |
1.3
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Efficiency ratio
| | |
68.69
|
%
| | |
70.42
|
%
| | |
69.84
|
%
| | |
(173
|
) bps
| | |
(115
|
) bps
| | |
69.54
|
%
| | |
72.15
|
%
| | |
(261
|
) bps
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
N.M. Not Meaningful.
|
|
-
Compensation and employee benefits expense increased $1.9 million, or
1.7 percent, from the second quarter of 2015 and decreased $6.4
million, or 5.1 percent, from the first quarter of 2016. The increase
from the second quarter of 2015 was primarily due to higher incentives
based on production results. The decrease from the first quarter of
2016 was primarily due to seasonality of payroll taxes.
-
Branch realignment expense of $2.9 million during the second quarter
of 2016 relating to the pending closure of two traditional branches
was included within other non-interest expense. There was no branch
realignment expense during 2015.
-
Operating lease depreciation is a transactional cost that is typically
more than offset by increases in leasing and equipment finance
non-interest income.
-
Foreclosed real estate and repossessed assets, net, decreased $3.2
million, or 50.8 percent from the second quarter of 2015 and decreased
$0.8 million, or 20.0 percent, from the first quarter of 2016. The
decrease from the second quarter of 2015 was primarily due to lower
write-downs on existing foreclosed commercial properties and lower
operating costs associated with maintaining fewer consumer and
commercial properties, partially offset by higher repossessed asset
expense. The decrease from the first quarter of 2016 was primarily due
to lower write-downs on existing foreclosed consumer and commercial
properties and lower operating costs associated with maintaining fewer
consumer properties.
|
|
| |
|
| |
Capital | | | | | | |
|
|
|
|
|
|
|
Capital Information |
|
| Table 7 |
| | | | | |
|
(Dollars in thousands, except per-share data)
| | | 2Q 2016 | | | 4Q 2015 |
Total equity
| | |
$
|
2,419,758
| | | |
$
|
2,306,917
| |
Book value per common share
| | |
12.48
| | | |
11.94
| |
Tangible book value per common share(1) | | |
11.15
| | | |
10.59
| |
Common equity to assets
| | |
10.13
|
%
| | |
9.80
|
%
|
Tangible common equity to tangible assets(1) | | |
9.15
| | | |
8.79
| |
Capital accumulation rate(2) | | |
8.98
| | | |
10.44
| |
| | | | | |
|
Regulatory Capital: | | | 2Q 2016(3) | | | 4Q 2015 |
Common equity Tier 1 capital
| | |
$
|
1,895,936
| | | |
$
|
1,814,442
| |
Tier 1 capital
| | |
2,177,700
| | | |
2,092,195
| |
Total capital
| | |
2,563,277
| | | |
2,487,060
| |
| | | | | |
|
Regulatory Capital Ratios: | | | | | | |
Common equity Tier 1 capital ratio
| | |
10.16
|
%
| | |
10.00
|
%
|
Tier 1 risk-based capital ratio
| | |
11.67
| | | |
11.54
| |
Total risk-based capital ratio
| | |
13.73
| | | |
13.71
| |
Tier 1 leverage ratio
| | |
10.38
| | | |
10.46
| |
| | | | | |
|
(1) See "Reconciliation of GAAP to Non-GAAP Financial Measures"
table.
|
(2) Calculated as the change in annualized year-to-date common
equity Tier 1 capital as a percentage of prior year end common
equity Tier 1 capital.
|
(3) The regulatory capital ratios for 2Q 2016 are preliminary
pending completion and filing of the Company's regulatory reports.
|
|
-
TCF maintained strong capital ratios as the Company accumulates
capital through earnings. The decrease in the Tier 1 leverage ratio
from the fourth quarter of 2015 was primarily the result of asset
growth.
-
On July 20, 2016, TCF's Board of Directors declared a regular
quarterly cash dividend of 7.5 cents per common share, payable on
September 1, 2016, to stockholders of record at the close of business
on August 15, 2016. TCF also declared dividends on the 7.50% Series A
and 6.45% Series B Non-Cumulative Perpetual Preferred Stock, both
payable on September 1, 2016, to stockholders of record at the close
of business on August 15, 2016.
Webcast Information
A live webcast of TCF's conference call
to discuss the second quarter earnings will be hosted at TCF's website, http://ir.tcfbank.com,
on July 22, 2016 at 9:00 a.m. CDT. A slide presentation for the call
will be available on the website prior to the call. Additionally, the
webcast will be available for replay on TCF's website after the
conference call. The website also includes free access to company news
releases, TCF's annual report, investor presentations and SEC filings.
|
TCF is a Wayzata, Minnesota-based national bank holding
company. As of June 30, 2016, TCF had $21.1 billion in total
assets and 342 branches in Illinois, Minnesota, Michigan,
Colorado, Wisconsin, Arizona and South Dakota providing retail and
commercial banking services. TCF, through its subsidiaries, also
conducts commercial leasing, equipment finance, and auto finance
business in all 50 states and commercial inventory finance
business in all 50 states and Canada. For more information about
TCF, please visit http://ir.tcfbank.com. |
|
Cautionary Statements for Purposes of the Safe Harbor Provisions
of the Securities Litigation Reform Act
Any statements contained in this earnings release regarding the
outlook for the Company's businesses and their respective markets, such
as projections of future performance, guidance, statements of the
Company's plans and objectives, forecasts of market trends and other
matters, are forward-looking statements based on the Company's
assumptions and beliefs. Such statements may be identified by such words
or phrases as "will likely result," "are expected to," "will continue,"
"outlook," "will benefit," "is anticipated," "estimate," "project,"
"management believes" or similar expressions. These forward-looking
statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from those discussed in such
statements and no assurance can be given that the results in any
forward-looking statement will be achieved. For these statements, TCF
claims the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995. Any
forward-looking statement speaks only as of the date on which it is
made, and we disclaim any obligation to subsequently revise any
forward-looking statement to reflect events or circumstances after such
date or to reflect the occurrence of anticipated or unanticipated events.
Certain factors could cause the Company's future results to differ
materially from those expressed or implied in any forward-looking
statements contained herein. These factors include the factors discussed
in Part I, Item 1A of the Company's Annual Report on Form 10-K for the
year ended December 31, 2015 under the heading "Risk Factors", the
factors discussed below and any other cautionary statements, written or
oral, which may be made or referred to in connection with any such
forward-looking statements. Since it is not possible to foresee all such
factors, these factors should not be considered as complete or
exhaustive.
Adverse Economic or Business Conditions;
Competitive Conditions; Credit and Other Risks. Deterioration
in general economic and banking industry conditions, including those
arising from government shutdowns, defaults, anticipated defaults or
rating agency downgrades of sovereign debt (including debt of the U.S.),
or increases in unemployment; adverse economic, business and competitive
developments such as shrinking interest margins, reduced demand for
financial services and loan and lease products, deposit outflows,
increased deposit costs due to competition for deposit growth and
evolving payment system developments, deposit account attrition or an
inability to increase the number of deposit accounts; customers
completing financial transactions without using a bank; adverse changes
in credit quality and other risks posed by TCF's loan, lease,
investment, securities held to maturity and securities available for
sale portfolios, including declines in commercial or residential real
estate values, changes in the allowance for loan and lease losses
dictated by new market conditions or regulatory requirements, or the
inability of home equity line borrowers to make increased payments
caused by increased interest rates or amortization of principal;
deviations from estimates of prepayment rates and fluctuations in
interest rates that result in decreases in the value of assets such as
interest-only strips that arise in connection with TCF's loan sales
activity; interest rate risks resulting from fluctuations in prevailing
interest rates or other factors that result in a mismatch between yields
earned on TCF's interest-earning assets and the rates paid on its
deposits and borrowings; foreign currency exchange risks; counterparty
risk, including the risk of defaults by our counterparties or diminished
availability of counterparties who satisfy our credit quality
requirements; decreases in demand for the types of equipment that TCF
leases or finances; the effect of any negative publicity.
Legislative and Regulatory Requirements. New
consumer protection and supervisory requirements and regulations,
including those resulting from action by the Consumer Financial
Protection Bureau and changes in the scope of Federal preemption of
state laws that could be applied to national banks and their
subsidiaries; the imposition of requirements that adversely impact TCF's
deposit, lending, loan collection and other business activities such as
mortgage foreclosure moratorium laws, further regulation of financial
institution campus banking programs, use by municipalities of eminent
domain on property securing troubled residential mortgage loans, or
imposition of underwriting or other limitations that impact the ability
to offer certain variable-rate products; changes affecting customer
account charges and fee income, including changes to interchange rates;
regulatory actions or changes in customer opt-in preferences with
respect to overdrafts, which may have an adverse impact on TCF; changes
to bankruptcy laws which would result in the loss of all or part of
TCF's security interest due to collateral value declines; deficiencies
in TCF's compliance under the Bank Secrecy Act in past or future
periods, which may result in regulatory enforcement action including
monetary penalties; increased health care costs resulting from Federal
health care reform; regulatory criticism and resulting enforcement
actions or other adverse consequences such as increased capital
requirements, higher deposit insurance assessments or monetary damages
or penalties; heightened regulatory practices, requirements or
expectations, including, but not limited to, requirements related to
enterprise risk management, the Bank Secrecy Act and anti-money
laundering compliance activity.
Earnings/Capital Risks and Constraints,
Liquidity Risks. Limitations on TCF's ability to pay
dividends or to increase dividends because of financial performance
deterioration, regulatory restrictions or limitations; increased deposit
insurance premiums, special assessments or other costs related to
adverse conditions in the banking industry; the impact on banks of
regulatory reform, including additional capital, leverage, liquidity and
risk management requirements or changes in the composition of qualifying
regulatory capital; adverse changes in securities markets directly or
indirectly affecting TCF's ability to sell assets or to fund its
operations; diminished unsecured borrowing capacity resulting from TCF
credit rating downgrades or unfavorable conditions in the credit markets
that restrict or limit various funding sources; costs associated with
new regulatory requirements or interpretive guidance relating to
liquidity; uncertainties relating to future retail deposit account
changes, including limitations on TCF's ability to predict customer
behavior and the impact on TCF's fee revenues.
Branching Risk; Growth Risks. Adverse
developments affecting TCF's supermarket banking relationships or any of
the supermarket chains in which TCF maintains supermarket branches;
costs related to closing underperforming branches; inability to timely
close underperforming branches due to long-term lease obligations;
slower than anticipated growth in existing or acquired businesses;
inability to successfully execute on TCF's growth strategy through
acquisitions or cross-selling opportunities; failure to expand or
diversify TCF's balance sheet through new or expanded programs or
opportunities; failure to successfully attract and retain new customers,
including the failure to attract and retain manufacturers and dealers to
expand the inventory finance business; failure to effectuate, and risks
of claims related to, sales and securitizations of loans; risks related
to new product additions and addition of distribution channels (or entry
into new markets) for existing products.
Technological and Operational Matters. Technological
or operational difficulties, loss or theft of information, cyber-attacks
and other security breaches, counterparty failures and the possibility
that deposit account losses (fraudulent checks, etc.) may increase;
failure to keep pace with technological change, including the failure to
develop and maintain technology necessary to satisfy customer demands;
ability to attract and retain employees given competitive conditions.
Litigation Risks. Results of
litigation or government enforcement actions, including class action
litigation or enforcement actions concerning TCF's lending or deposit
activities, including account opening/origination, servicing practices,
fees or charges, employment practices, or checking account overdraft
program "opt in" requirements; and possible increases in indemnification
obligations for certain litigation against Visa U.S.A.
Accounting, Audit, Tax and Insurance Matters.
Changes in accounting standards or interpretations of existing
standards; federal or state monetary, fiscal or tax policies, including
adoption of state legislation that would increase state taxes;
ineffective internal controls; adverse federal, state or foreign tax
assessments or findings in tax audits; lack of or inadequate insurance
coverage for claims against TCF; potential for claims and legal action
related to TCF's fiduciary responsibilities.
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(Dollars in thousands, except per-share data)
|
(Unaudited)
|
|
|
| |
|
| |
|
| |
|
| |
| | | Three Months Ended June 30, | | | Change |
| | | 2016 | | | 2015 | | | $ | | | % |
Interest income: | | | | | | | | | | | | |
Loans and leases
| | |
$
|
214,128
| | | |
$
|
207,164
| | | |
$
|
6,964
| | | |
3.4
|
%
|
Securities available for sale
| | |
6,396
| | | |
3,543
| | | |
2,853
| | | |
80.5
| |
Securities held to maturity
| | |
1,116
| | | |
1,384
| | | |
(268
|
)
| | |
(19.4
|
)
|
Investments and other
| | |
12,364
|
| | |
10,990
|
| | |
1,374
|
| | |
12.5
| |
Total interest income
| | |
234,004
|
| | |
223,081
|
| | |
10,923
|
| | |
4.9
| |
Interest expense: | | | | | | | | | | | | |
Deposits
| | |
15,893
| | | |
11,080
| | | |
4,813
| | | |
43.4
| |
Borrowings
| | |
5,127
|
| | |
5,972
|
| | |
(845
|
)
| | |
(14.1
|
)
|
Total interest expense
| | |
21,020
|
| | |
17,052
|
| | |
3,968
|
| | |
23.3
| |
Net interest income
| | |
212,984
| | | |
206,029
| | | |
6,955
| | | |
3.4
| |
Provision for credit losses
| | |
13,250
|
| | |
12,528
|
| | |
722
|
| | |
5.8
| |
Net interest income after provision for credit losses
| | |
199,734
|
| | |
193,501
|
| | |
6,233
|
| | |
3.2
| |
Non-interest income: | | | | | | | | | | | | |
Fees and service charges
| | |
34,622
| | | |
36,295
| | | |
(1,673
|
)
| | |
(4.6
|
)
|
Card revenue
| | |
14,083
| | | |
13,902
| | | |
181
| | | |
1.3
| |
ATM revenue
| | |
5,288
|
| | |
5,540
|
| | |
(252
|
)
| | |
(4.5
|
)
|
Subtotal
| | |
53,993
| | | |
55,737
| | | |
(1,744
|
)
| | |
(3.1
|
)
|
Gains on sales of auto loans, net
| | |
10,143
| | | |
10,756
| | | |
(613
|
)
| | |
(5.7
|
)
|
Gains on sales of consumer real estate loans, net
| | |
10,839
| | | |
11,954
| | | |
(1,115
|
)
| | |
(9.3
|
)
|
Servicing fee income
| | |
9,502
|
| | |
7,216
|
| | |
2,286
|
| | |
31.7
| |
Subtotal
| | |
30,484
| | | |
29,926
| | | |
558
| | | |
1.9
| |
Leasing and equipment finance
| | |
31,074
| | | |
26,385
| | | |
4,689
| | | |
17.8
| |
Other
| | |
2,405
|
| | |
1,460
|
| | |
945
|
| | |
64.7
| |
Fees and other revenue
| | |
117,956
| | | |
113,508
| | | |
4,448
| | | |
3.9
| |
Gains (losses) on securities, net
| | |
—
|
| | |
(59
|
)
| | |
59
|
| | |
(100.0
|
)
|
Total non-interest income
| | |
117,956
|
| | |
113,449
|
| | |
4,507
|
| | |
4.0
| |
Non-interest expense: | | | | | | | | | | | | |
Compensation and employee benefits
| | |
118,093
| | | |
116,159
| | | |
1,934
| | | |
1.7
| |
Occupancy and equipment
| | |
36,884
| | | |
36,152
| | | |
732
| | | |
2.0
| |
FDIC insurance
| | |
3,751
| | | |
4,864
| | | |
(1,113
|
)
| | |
(22.9
|
)
|
Advertising and marketing
| | |
5,678
| | | |
5,150
| | | |
528
| | | |
10.3
| |
Other
| | |
49,987
|
| | |
45,887
|
| | |
4,100
|
| | |
8.9
| |
Subtotal
| | |
214,393
| | | |
208,212
| | | |
6,181
| | | |
3.0
| |
Operating lease depreciation
| | |
9,842
| | | |
8,582
| | | |
1,260
| | | |
14.7
| |
Foreclosed real estate and repossessed assets, net
| | |
3,135
| | | |
6,377
| | | |
(3,242
|
)
| | |
(50.8
|
)
|
Other credit costs, net
| | |
(54
|
)
| | |
(62
|
)
| | |
8
|
| | |
12.9
| |
Total non-interest expense
| | |
227,316
|
| | |
223,109
|
| | |
4,207
|
| | |
1.9
| |
Income before income tax expense
| | |
90,374
| | | |
83,841
| | | |
6,533
| | | |
7.8
| |
Income tax expense
| | |
29,706
|
| | |
28,902
|
| | |
804
|
| | |
2.8
| |
Income after income tax expense
| | |
60,668
| | | |
54,939
| | | |
5,729
| | | |
10.4
| |
Income attributable to non-controlling interest
| | |
2,974
|
| | |
2,684
|
| | |
290
|
| | |
10.8
| |
Net income attributable to TCF Financial Corporation | | |
57,694
|
| | |
52,255
|
| | |
5,439
|
| | |
10.4
| |
Preferred stock dividends
| | |
4,847
|
| | |
4,847
|
| | |
—
|
| | |
—
| |
Net income available to common stockholders | | |
$
|
52,847
|
| | |
$
|
47,408
|
| | |
$
|
5,439
|
| | |
11.5
| |
| | | | | | | | | | | |
|
Net income per common share: | | | | | | | | | | | | |
Basic
| | |
$
|
0.32
| | | |
$
|
0.29
| | | |
$
|
0.03
| | | |
10.3
|
%
|
Diluted
| | |
0.31
| | | |
0.29
| | | |
0.02
| | | |
6.9
| |
| | | | | | | | | | | |
|
Dividends declared per common share | | |
$
|
0.075
| | | |
$
|
0.05
| | | |
$
|
0.025
| | | |
50.0
|
%
|
| | | | | | | | | | | |
|
Average common and common equivalent shares outstanding (in
thousands): | | | | | | | | | | | | |
Basic
| | |
167,334
| | | |
165,589
| | | |
1,745
| | | |
1.1
|
%
|
Diluted
| | |
167,849
| | | |
166,118
| | | |
1,731
| | | |
1.0
| |
| | | | | | | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(Dollars in thousands, except per-share data)
|
(Unaudited)
|
|
|
| |
|
| |
|
| |
|
| |
| | | Six Months Ended June 30, | | | Change |
| | | 2016 | | | 2015 | | | $ | | | % |
Interest income: | | | | | | | | | | | | |
Loans and leases
| | |
$
|
428,933
| | | |
$
|
413,140
| | | |
$
|
15,793
| | | |
3.8
|
%
|
Securities available for sale
| | |
11,894
| | | |
6,623
| | | |
5,271
| | | |
79.6
| |
Securities held to maturity
| | |
2,435
| | | |
2,789
| | | |
(354
|
)
| | |
(12.7
|
)
|
Investments and other
| | |
23,084
|
| | |
20,323
|
| | |
2,761
|
| | |
13.6
| |
Total interest income
| | |
466,346
|
| | |
442,875
|
| | |
23,471
|
| | |
5.3
| |
Interest expense: | | | | | | | | | | | | |
Deposits
| | |
30,884
| | | |
22,152
| | | |
8,732
| | | |
39.4
| |
Borrowings
| | |
10,820
|
| | |
11,274
|
| | |
(454
|
)
| | |
(4.0
|
)
|
Total interest expense
| | |
41,704
|
| | |
33,426
|
| | |
8,278
|
| | |
24.8
| |
Net interest income
| | |
424,642
| | | |
409,449
| | | |
15,193
| | | |
3.7
| |
Provision for credit losses
| | |
32,092
|
| | |
25,319
|
| | |
6,773
|
| | |
26.8
| |
Net interest income after provision for credit losses
| | |
392,550
|
| | |
384,130
|
| | |
8,420
|
| | |
2.2
| |
Non-interest income: | | | | | | | | | | | | |
Fees and service charges
| | |
67,439
| | | |
70,267
| | | |
(2,828
|
)
| | |
(4.0
|
)
|
Card revenue
| | |
27,446
| | | |
26,803
| | | |
643
| | | |
2.4
| |
ATM revenue
| | |
10,309
|
| | |
10,662
|
| | |
(353
|
)
| | |
(3.3
|
)
|
Subtotal
| | |
105,194
| | | |
107,732
| | | |
(2,538
|
)
| | |
(2.4
|
)
|
Gains on sales of auto loans, net
| | |
22,063
| | | |
17,021
| | | |
5,042
| | | |
29.6
| |
Gains on sales of consumer real estate loans, net
| | |
20,223
| | | |
20,717
| | | |
(494
|
)
| | |
(2.4
|
)
|
Servicing fee income
| | |
18,385
|
| | |
14,558
|
| | |
3,827
|
| | |
26.3
| |
Subtotal
| | |
60,671
| | | |
52,296
| | | |
8,375
| | | |
16.0
| |
Leasing and equipment finance
| | |
59,561
| | | |
48,609
| | | |
10,952
| | | |
22.5
| |
Other
| | |
5,248
|
| | |
5,587
|
| | |
(339
|
)
| | |
(6.1
|
)
|
Fees and other revenue
| | |
230,674
| | | |
214,224
| | | |
16,450
| | | |
7.7
| |
Gains (losses) on securities, net
| | |
(116
|
)
| | |
(137
|
)
| | |
21
|
| | |
15.3
| |
Total non-interest income
| | |
230,558
|
| | |
214,087
|
| | |
16,471
|
| | |
7.7
| |
Non-interest expense: | | | | | | | | | | | | |
Compensation and employee benefits
| | |
242,566
| | | |
231,974
| | | |
10,592
| | | |
4.6
| |
Occupancy and equipment
| | |
73,892
| | | |
72,979
| | | |
913
| | | |
1.3
| |
FDIC insurance
| | |
7,864
| | | |
10,257
| | | |
(2,393
|
)
| | |
(23.3
|
)
|
Advertising and marketing
| | |
11,565
| | | |
11,673
| | | |
(108
|
)
| | |
(0.9
|
)
|
Other
| | |
93,335
|
| | |
94,020
|
| | |
(685
|
)
| | |
(0.7
|
)
|
Subtotal
| | |
429,222
| | | |
420,903
| | | |
8,319
| | | |
2.0
| |
Operating lease depreciation
| | |
19,415
| | | |
16,316
| | | |
3,099
| | | |
19.0
| |
Foreclosed real estate and repossessed assets, net
| | |
7,055
| | | |
12,573
| | | |
(5,518
|
)
| | |
(43.9
|
)
|
Other credit costs, net
| | |
(42
|
)
| | |
84
|
| | |
(126
|
)
| | |
N.M.
|
Total non-interest expense
| | |
455,650
|
| | |
449,876
|
| | |
5,774
|
| | |
1.3
| |
Income before income tax expense
| | |
167,458
| | | |
148,341
| | | |
19,117
| | | |
12.9
| |
Income tax expense
| | |
56,509
|
| | |
51,730
|
| | |
4,779
|
| | |
9.2
| |
Income after income tax expense
| | |
110,949
| | | |
96,611
| | | |
14,338
| | | |
14.8
| |
Income attributable to non-controlling interest
| | |
5,209
|
| | |
4,555
|
| | |
654
|
| | |
14.4
| |
Net income attributable to TCF Financial Corporation | | |
105,740
|
| | |
92,056
|
| | |
13,684
|
| | |
14.9
| |
Preferred stock dividends
| | |
9,694
|
| | |
9,694
|
| | |
—
|
| | |
—
| |
Net income available to common stockholders | | |
$
|
96,046
|
| | |
$
|
82,362
|
| | |
$
|
13,684
|
| | |
16.6
| |
| | | | | | | | | | | |
|
Net income per common share: | | | | | | | | | | | | |
Basic
| | |
$
|
0.57
| | | |
$
|
0.50
| | | |
$
|
0.07
| | | |
14.0
|
%
|
Diluted
| | |
0.57
| | | |
0.50
| | | |
0.07
| | | |
14.0
| |
| | | | | | | | | | | |
|
Dividends declared per common share | | |
$
|
0.15
| | | |
$
|
0.10
| | | |
$
|
0.05
| | | |
50.0
|
%
|
| | | | | | | | | | | |
|
Average common and common equivalent shares outstanding (in
thousands): | | | | | | | | | | | | |
Basic
| | |
167,111
| | | |
165,219
| | | |
1,892
| | | |
1.1
|
%
|
Diluted
| | |
167,638
| | | |
165,744
| | | |
1,894
| | | |
1.1
| |
| | | | | | | | | | | | | | | |
|
N.M. Not Meaningful.
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
(Dollars in thousands)
|
(Unaudited)
|
|
|
| |
|
| |
|
| |
|
| |
| | | Three Months Ended June 30, | | | Change |
| | | 2016 | | | 2015 | | | $ | | | % |
Net income attributable to TCF Financial Corporation | | |
$
|
57,694
|
| | |
$
|
52,255
|
| | |
$
|
5,439
|
| | |
10.4
|
%
|
Other comprehensive income (loss): | | | | | | | | | | | | |
Securities available for sale:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | |
21,128
| | | |
(11,140
|
)
| | |
32,268
| | | |
N.M.
|
Reclassification of net (gains) losses to net income
| | |
749
| | | |
286
| | | |
463
| | | |
161.9
| |
Net investment hedges:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | |
(338
|
)
| | |
(674
|
)
| | |
336
| | | |
49.9
| |
Foreign currency translation adjustment:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | |
339
| | | |
617
| | | |
(278
|
)
| | |
(45.1
|
)
|
Recognized postretirement prior service cost:
| | | | | | | | | | | | |
Reclassification of net (gains) losses to net income
| | |
(11
|
)
| | |
(11
|
)
| | |
—
| | | |
—
| |
Income tax (expense) benefit
| | |
(8,177
|
)
| | |
4,358
|
| | |
(12,535
|
)
| | |
N.M.
|
Total other comprehensive income (loss)
| | |
13,690
|
| | |
(6,564
|
)
| | |
20,254
|
| | |
N.M.
|
Comprehensive income | | |
$
|
71,384
|
| | |
$
|
45,691
|
| | |
$
|
25,693
|
| | |
56.2
| |
| | | | | | | | | | | |
|
| | | | | | | | | | | |
|
| | | Six Months Ended June 30, | | | Change |
| | | 2016 | | | 2015 | | | $ | | | % |
Net income attributable to TCF Financial Corporation | | |
$
|
105,740
|
| | |
$
|
92,056
|
| | |
$
|
13,684
|
| | |
14.9
|
%
|
Other comprehensive income (loss): | | | | | | | | | | | | |
Securities available for sale:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | |
40,263
| | | |
(7,001
|
)
| | |
47,264
| | | |
N.M.
|
Reclassification of net (gains) losses to net income
| | |
1,023
| | | |
590
| | | |
433
| | | |
73.4
| |
Net investment hedges:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | |
(3,595
|
)
| | |
2,914
| | | |
(6,509
|
)
| | |
N.M.
|
Foreign currency translation adjustment:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | |
3,748
| | | |
(3,269
|
)
| | |
7,017
| | | |
N.M.
|
Recognized postretirement prior service cost:
| | | | | | | | | | | | |
Reclassification of net (gains) losses to net income
| | |
(23
|
)
| | |
(23
|
)
| | |
—
| | | |
—
| |
Income tax (expense) benefit
| | |
(14,307
|
)
| | |
1,329
|
| | |
(15,636
|
)
| | |
N.M.
|
Total other comprehensive income (loss)
| | |
27,109
|
| | |
(5,460
|
)
| | |
32,569
|
| | |
N.M.
|
Comprehensive income | | |
$
|
132,849
|
| | |
$
|
86,596
|
| | |
$
|
46,253
|
| | |
53.4
| |
| | | | | | | | | | | | | | | | | | |
|
N.M. Not Meaningful.
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
(Dollars in thousands, except per-share data)
|
(Unaudited)
|
|
|
| |
|
| |
|
| |
|
| |
| | | At Jun. 30, | | | At Dec. 31, | | | Change |
| | | 2016 | | | 2015 | | | $ | | | % |
ASSETS: | | | | | | | | | | | | |
Cash and due from banks
| | |
$
|
667,994
| | | |
$
|
889,337
| | | |
$
|
(221,343
|
)
| | |
(24.9
|
)%
|
Investments
| | |
61,644
| | | |
70,537
| | | |
(8,893
|
)
| | |
(12.6
|
)
|
Securities held to maturity
| | |
192,662
| | | |
201,920
| | | |
(9,258
|
)
| | |
(4.6
|
)
|
Securities available for sale
| | |
1,338,638
| | | |
888,885
| | | |
449,753
| | | |
50.6
| |
Loans and leases held for sale
| | |
358,806
| | | |
157,625
| | | |
201,181
| | | |
127.6
| |
Loans and leases:
| | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | |
First mortgage lien
| | |
2,409,320
| | | |
2,624,956
| | | |
(215,636
|
)
| | |
(8.2
|
)
|
Junior lien
| | |
2,677,522
|
| | |
2,839,316
|
| | |
(161,794
|
)
| | |
(5.7
|
)
|
Total consumer real estate
| | |
5,086,842
| | | |
5,464,272
| | | |
(377,430
|
)
| | |
(6.9
|
)
|
Commercial
| | |
3,096,046
| | | |
3,145,832
| | | |
(49,786
|
)
| | |
(1.6
|
)
|
Leasing and equipment finance
| | |
4,120,359
| | | |
4,012,248
| | | |
108,111
| | | |
2.7
| |
Inventory finance
| | |
2,334,893
| | | |
2,146,754
| | | |
188,139
| | | |
8.8
| |
Auto finance
| | |
2,812,807
| | | |
2,647,596
| | | |
165,211
| | | |
6.2
| |
Other
| | |
20,890
|
| | |
19,297
|
| | |
1,593
|
| | |
8.3
| |
Total loans and leases
| | |
17,471,837
| | | |
17,435,999
| | | |
35,838
| | | |
0.2
| |
Allowance for loan and lease losses
| | |
(158,572
|
)
| | |
(156,054
|
)
| | |
(2,518
|
)
| | |
(1.6
|
)
|
Net loans and leases
| | |
17,313,265
| | | |
17,279,945
| | | |
33,320
| | | |
0.2
| |
Premises and equipment, net
| | |
428,490
| | | |
445,934
| | | |
(17,444
|
)
| | |
(3.9
|
)
|
Goodwill
| | |
225,640
| | | |
225,640
| | | |
—
| | | |
—
| |
Other assets
| | |
482,371
|
| | |
529,786
|
| | |
(47,415
|
)
| | |
(8.9
|
)
|
Total assets
| | |
$
|
21,069,510
|
| | |
$
|
20,689,609
|
| | |
$
|
379,901
|
| | |
1.8
| |
| | | | | | | | | | | |
|
LIABILITIES AND EQUITY: | | | | | | | | | | | | |
Deposits:
| | | | | | | | | | | | |
Checking
| | |
$
|
5,644,518
| | | |
$
|
5,690,559
| | | |
$
|
(46,041
|
)
| | |
(0.8
|
)%
|
Savings
| | |
4,676,715
| | | |
4,717,457
| | | |
(40,742
|
)
| | |
(0.9
|
)
|
Money market
| | |
2,534,034
| | | |
2,408,180
| | | |
125,854
| | | |
5.2
| |
Certificates of deposit
| | |
4,337,094
|
| | |
3,903,793
|
| | |
433,301
|
| | |
11.1
| |
Total deposits
| | |
17,192,361
|
| | |
16,719,989
|
| | |
472,372
|
| | |
2.8
| |
Short-term borrowings
| | |
4,695
| | | |
5,381
| | | |
(686
|
)
| | |
(12.7
|
)
|
Long-term borrowings
| | |
743,733
|
| | |
1,034,557
|
| | |
(290,824
|
)
| | |
(28.1
|
)
|
Total borrowings
| | |
748,428
| | | |
1,039,938
| | | |
(291,510
|
)
| | |
(28.0
|
)
|
Accrued expenses and other liabilities
| | |
708,963
|
| | |
622,765
|
| | |
86,198
|
| | |
13.8
| |
Total liabilities
| | |
18,649,752
|
| | |
18,382,692
|
| | |
267,060
|
| | |
1.5
| |
Equity:
| | | | | | | | | | | | |
Preferred stock, par value $0.01 per share, 30,000,000 shares
authorized; 4,006,900 shares issued
| | |
263,240
| | | |
263,240
| | | |
—
| | | |
—
| |
Common stock, par value $0.01 per share, 280,000,000 shares
authorized; 171,048,518 and 169,887,030 shares issued, respectively
| | |
1,710
| | | |
1,699
| | | |
11
| | | |
0.6
| |
Additional paid-in capital
| | |
862,226
| | | |
851,836
| | | |
10,390
| | | |
1.2
| |
Retained earnings, subject to certain restrictions
| | |
1,311,325
| | | |
1,240,347
| | | |
70,978
| | | |
5.7
| |
Accumulated other comprehensive income (loss)
| | |
11,763
| | | |
(15,346
|
)
| | |
27,109
| | | |
N.M.
|
Treasury stock at cost, 42,566 shares, and other
| | |
(52,166
|
)
| | |
(50,860
|
)
| | |
(1,306
|
)
| | |
(2.6
|
)
|
Total TCF Financial Corporation stockholders' equity
| | |
2,398,098
| | | |
2,290,916
| | | |
107,182
| | | |
4.7
| |
Non-controlling interest in subsidiaries
| | |
21,660
|
| | |
16,001
|
| | |
5,659
|
| | |
35.4
| |
Total equity
| | |
2,419,758
|
| | |
2,306,917
|
| | |
112,841
|
| | |
4.9
| |
Total liabilities and equity
| | |
$
|
21,069,510
|
| | |
$
|
20,689,609
|
| | |
$
|
379,901
|
| | |
1.8
| |
| | | | | | | | | | | | | | | | | | |
|
N.M. Not Meaningful.
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
SUMMARY OF CREDIT QUALITY DATA |
(Dollars in thousands)
|
(Unaudited)
|
|
Over 60-Day Delinquencies as a Percentage
of Portfolio(1) |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | |
| | |
| | | At | | | At | | | At | | | At | | | At | | | Change from | |
| | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, | | | Jun. 30, | | | Mar. 31, | | | Jun. 30, | |
| | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2015 | | | 2016 | | | 2015 | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | | | | | |
First mortgage lien
| | |
0.34
|
%
| | |
0.38
|
%
| | |
0.46
|
%
| | |
0.36
|
%
| | |
0.38
|
%
| | |
(4
|
)
|
bps
| |
(4
|
)
|
bps
|
Junior lien
| | |
0.03
| | | |
0.05
| | | |
0.05
| | | |
0.08
| | | |
0.08
| | | |
(2
|
)
| | |
(5
|
)
| |
Total consumer real estate
| | |
0.17
| | | |
0.20
| | | |
0.23
| | | |
0.21
| | | |
0.22
| | | |
(3
|
)
| | |
(5
|
)
| |
Commercial
| | |
0.11
| | | |
—
| | | |
—
| | | |
0.25
| | | |
—
| | | |
11
| | | |
11
| | |
Leasing and equipment finance
| | |
0.13
| | | |
0.12
| | | |
0.06
| | | |
0.19
| | | |
0.06
| | | |
1
| | | |
7
| | |
Inventory finance
| | |
—
| | | |
—
| | | |
0.01
| | | |
0.01
| | | |
—
| | | |
—
| | | |
—
| | |
Auto finance
| | |
0.13
| | | |
0.09
| | | |
0.14
| | | |
0.11
| | | |
0.11
| | | |
4
| | | |
2
| | |
Other
| | |
0.40
| | | |
0.16
| | | |
0.13
| | | |
0.17
| | | |
0.11
| | | |
24
| | | |
29
| | |
Subtotal
| | |
0.12
| | | |
0.10
| | | |
0.11
| | | |
0.17
| | | |
0.10
| | | |
2
| | | |
2
| | |
Acquired portfolios
| | |
0.41
| | | |
0.41
| | | |
0.41
| | | |
0.37
| | | |
0.28
| | | |
—
| | | |
13
| | |
Total delinquencies
| | |
0.12
| | | |
0.10
| | | |
0.11
| | | |
0.17
| | | |
0.10
| | | |
2
| | | |
2
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(1) Excludes non-accrual loans and leases.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Charge-Offs as a Percentage of
Average Loans and Leases |
|
|
| |
|
| | |
| | | Quarter Ended(1) | | | Change from | |
| | | Jun. 30, |
|
| Mar. 31, |
|
| Dec. 31, |
|
| Sep. 30, |
|
| Jun. 30, | | | Mar. 31, | |
| Jun. 30, | |
| | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2015 | | | 2016 | | | 2015 | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | | | | | |
First mortgage lien
| | |
0.35
|
%
| | |
0.55
|
%
| | |
0.54
|
%
| | |
0.53
|
%
| | |
0.79
|
%
| | |
(20
|
)
|
bps
| |
(44
|
)
|
bps
|
Junior lien
| | |
0.05
| | | |
0.17
| | | |
0.17
| | | |
0.11
| | | |
0.59
| | | |
(12
|
)
| | |
(54
|
)
| |
Total consumer real estate
| | |
0.19
| | | |
0.35
| | | |
0.34
| | | |
0.32
| | | |
0.69
| | | |
(16
|
)
| | |
(50
|
)
| |
Commercial
| | |
0.08
| | | |
(0.02
|
)
| | |
0.05
| | | |
—
| | | |
0.21
| | | |
10
| | | |
(13
|
)
| |
Leasing and equipment finance
| | |
0.11
| | | |
0.13
| | | |
0.16
| | | |
0.09
| | | |
0.16
| | | |
(2
|
)
| | |
(5
|
)
| |
Inventory finance
| | |
0.09
| | | |
0.04
| | | |
0.05
| | | |
0.03
| | | |
0.11
| | | |
5
| | | |
(2
|
)
| |
Auto finance
| | |
0.69
| | | |
0.81
| | | |
0.75
| | | |
0.62
| | | |
0.66
| | | |
(12
|
)
| | |
3
| | |
Other
| | |
N.M.
| | |
N.M.
| | |
N.M.
| | |
N.M.
| | |
N.M.
| | |
N.M.
| | |
N.M.
| |
Total
| | |
0.23
| | | |
0.27
| | | |
0.29
| | | |
0.23
| | | |
0.41
| | | |
(4
|
)
| | |
(18
|
)
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
N.M. Not Meaningful.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) Annualized.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Non-Accrual Loans and Leases Rollforward |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| | | Quarter Ended | | | Change from |
| | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, | | | Jun. 30, | | | Mar. 31, | | | Jun. 30, |
| | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2015 | | | 2016 | | | 2015 |
Balance, beginning of period
| | |
$
|
198,649
| | | |
$
|
200,466
| | | |
$
|
206,110
| | | |
$
|
205,710
| | | |
$
|
222,143
| | | |
$
|
(1,817
|
)
| | |
$
|
(23,494
|
)
|
Additions
| | |
35,280
| | | |
38,029
| | | |
44,387
| | | |
48,505
| | | |
40,846
| | | |
(2,749
|
)
| | |
(5,566
|
)
|
Charge-offs
| | |
(5,475
|
)
| | |
(7,436
|
)
| | |
(9,002
|
)
| | |
(7,055
|
)
| | |
(14,050
|
)
| | |
1,961
| | | |
8,575
| |
Transfers to other assets
| | |
(10,310
|
)
| | |
(12,342
|
)
| | |
(13,612
|
)
| | |
(16,400
|
)
| | |
(17,738
|
)
| | |
2,032
| | | |
7,428
| |
Return to accrual status
| | |
(6,687
|
)
| | |
(7,698
|
)
| | |
(9,282
|
)
| | |
(10,190
|
)
| | |
(10,298
|
)
| | |
1,011
| | | |
3,611
| |
Payments received
| | |
(17,774
|
)
| | |
(15,551
|
)
| | |
(20,103
|
)
| | |
(14,721
|
)
| | |
(15,543
|
)
| | |
(2,223
|
)
| | |
(2,231
|
)
|
Sales
| | |
(900
|
)
| | |
—
| | | |
(775
|
)
| | |
(705
|
)
| | |
(353
|
)
| | |
(900
|
)
| | |
(547
|
)
|
Other, net
| | |
2,759
|
| | |
3,181
|
| | |
2,743
|
| | |
966
|
| | |
703
|
| | |
(422
|
)
| | |
2,056
|
|
Balance, end of period
| | |
$
|
195,542
|
| | |
$
|
198,649
|
| | |
$
|
200,466
|
| | |
$
|
206,110
|
| | |
$
|
205,710
|
| | |
$
|
(3,107
|
)
| | |
$
|
(10,168
|
)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
SUMMARY OF CREDIT QUALITY DATA, CONTINUED |
(Dollars in thousands)
|
(Unaudited)
|
|
Other Real Estate Owned Rollforward |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| | | Quarter Ended | | | Change from |
| | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, | | | Jun. 30, | | | Mar. 31, | | | Jun. 30, |
| | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2015 | | | 2016 | | | 2015 |
Balance, beginning of period
| | |
$
|
42,441
| | | |
$
|
49,982
| | | |
$
|
58,584
| | | |
$
|
58,007
| | | |
$
|
62,398
| | | |
$
|
(7,541
|
)
| | |
$
|
(19,957
|
)
|
Transferred in
| | |
9,661
| | | |
10,575
| | | |
12,626
| | | |
15,087
| | | |
15,359
| | | |
(914
|
)
| | |
(5,698
|
)
|
Sales
| | |
(16,058
|
)
| | |
(18,885
|
)
| | |
(19,174
|
)
| | |
(13,442
|
)
| | |
(17,164
|
)
| | |
2,827
| | | |
1,106
| |
Writedowns
| | |
(2,027
|
)
| | |
(2,744
|
)
| | |
(2,130
|
)
| | |
(2,868
|
)
| | |
(4,003
|
)
| | |
717
| | | |
1,976
| |
Other, net
| | |
2,775
|
| | |
3,513
|
| | |
76
|
| | |
1,800
|
| | |
1,417
|
| | |
(738
|
)
| | |
1,358
|
|
Balance, end of period
| | |
$
|
36,792
|
| | |
$
|
42,441
|
| | |
$
|
49,982
|
| | |
$
|
58,584
|
| | |
$
|
58,007
|
| | |
$
|
(5,649
|
)
| | |
$
|
(21,215
|
)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Allowance for Loan and Lease Losses |
|
|
| |
|
| | |
|
| |
|
| | |
|
| |
|
| | |
|
| |
|
| | |
|
| |
|
| |
| | | At | | | At | | | At | | | At | | | At |
| | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, | | | Jun. 30, |
| | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2015 |
| | | | | | % of | | | | | | % of | | | | | | % of | | | | | | % of | | | | | | % of |
| | | Balance | | | Portfolio | | | Balance | | | Portfolio | | | Balance | | | Portfolio | | | Balance | | | Portfolio | | | Balance | | | Portfolio |
Consumer real estate
| | |
$
|
64,765
| | | |
1.27
|
%
| | |
$
|
66,728
| | | |
1.27
|
%
| | |
$
|
67,992
| | | |
1.24
|
%
| | |
$
|
70,329
| | | |
1.25
|
%
| | |
$
|
74,687
| | | |
1.35
|
%
|
Commercial
| | |
31,161
| | | |
1.01
| | | |
31,547
| | | |
1.01
| | | |
30,185
| | | |
0.96
| | | |
30,006
| | | |
0.96
| | | |
30,205
| | | |
0.97
| |
Leasing and equipment finance
| | |
20,124
| | | |
0.49
| | | |
19,454
| | | |
0.49
| | | |
19,018
| | | |
0.47
| | | |
18,177
| | | |
0.47
| | | |
17,669
| | | |
0.47
| |
Inventory finance
| | |
12,084
| | | |
0.52
| | | |
13,306
| | | |
0.50
| | | |
11,128
| | | |
0.52
| | | |
11,121
| | | |
0.52
| | | |
10,879
| | | |
0.52
| |
Auto finance
| | |
29,772
| | | |
1.06
| | | |
28,535
| | | |
1.02
| | | |
26,486
| | | |
1.00
| | | |
23,722
| | | |
0.98
| | | |
22,061
| | | |
0.96
| |
Other
| | |
666
|
| | |
3.19
| | | |
504
|
| | |
2.66
| | | |
1,245
|
| | |
6.45
| | | |
607
|
| | |
2.94
| | | |
614
|
| | |
2.81
| |
Total
| | |
$
|
158,572
|
| | |
0.91
| | | |
$
|
160,074
|
| | |
0.90
| | | |
$
|
156,054
|
| | |
0.90
| | | |
$
|
153,962
|
| | |
0.90
| | | |
$
|
156,115
|
| | |
0.93
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Changes in Allowance for Loan and Lease
Losses |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| | | Quarter Ended | | | Change from |
| | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, | | | Jun. 30, | | | Mar. 31, | | | Jun. 30, |
| | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2015 | | | 2016 | | | 2015 |
Balance, beginning of period
| | |
$
|
160,074
| | | |
$
|
156,054
| | | |
$
|
153,962
| | | |
$
|
156,115
| | | |
$
|
163,799
| | | |
$
|
4,020
| | | |
$
|
(3,725
|
)
|
Charge-offs
| | |
(14,723
|
)
| | |
(16,667
|
)
| | |
(18,101
|
)
| | |
(15,338
|
)
| | |
(22,984
|
)
| | |
1,944
| | | |
8,261
| |
Recoveries
| | |
4,592
|
| | |
4,761
|
| | |
5,523
|
| | |
5,397
|
| | |
5,506
|
| | |
(169
|
)
| | |
(914
|
)
|
Net (charge-offs) recoveries
| | |
(10,131
|
)
| | |
(11,906
|
)
| | |
(12,578
|
)
| | |
(9,941
|
)
| | |
(17,478
|
)
| | |
1,775
| | | |
7,347
| |
Provision for credit losses
| | |
13,250
| | | |
18,842
| | | |
17,607
| | | |
10,018
| | | |
12,528
| | | |
(5,592
|
)
| | |
722
| |
Other
| | |
(4,621
|
)
| | |
(2,916
|
)
| | |
(2,937
|
)
| | |
(2,230
|
)
| | |
(2,734
|
)
| | |
(1,705
|
)
| | |
(1,887
|
)
|
Balance, end of period
| | |
$
|
158,572
|
| | |
$
|
160,074
|
| | |
$
|
156,054
|
| | |
$
|
153,962
|
| | |
$
|
156,115
|
| | |
$
|
(1,502
|
)
| | |
$
|
2,457
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES |
(Dollars in thousands)
|
(Unaudited)
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| | | Three Months Ended June 30, |
| | | 2016 | | | 2015 |
| | | Average | | | | | | Yields and | | | Average | | | | | | Yields and |
| | | Balance | | | Interest(1) | | | Rates(1)(2) | | | Balance | | | Interest(1) | | | Rates(1)(2) |
ASSETS: | | | | | | | | | | | | | | | | | | |
Investments and other
| | |
$
|
322,477
| | | |
$
|
2,396
| | | |
2.99
|
%
| | |
$
|
551,630
| | | |
$
|
3,216
| | | |
2.34
|
%
|
Securities held to maturity
| | |
194,693
| | | |
1,116
| | | |
2.29
| | | |
209,834
| | | |
1,384
| | | |
2.64
| |
Securities available for sale(3) | | | | | | | | | | | | | | | | | | |
Taxable
| | |
697,902
| | | |
3,853
| | | |
2.21
| | | |
566,499
| | | |
3,501
| | | |
2.47
| |
Tax-exempt(4) | | |
481,246
| | | |
3,912
| | | |
3.25
| | | |
7,420
| | | |
65
| | | |
3.50
| |
Loans and leases held for sale
| | |
497,797
| | | |
9,968
| | | |
8.05
| | | |
340,912
| | | |
7,774
| | | |
9.15
| |
Loans and leases:(5) | | | | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | |
Fixed-rate
| | |
2,327,409
| | | |
33,143
| | | |
5.73
| | | |
2,776,177
| | | |
39,696
| | | |
5.73
| |
Variable-rate
| | |
2,931,318
|
| | |
38,773
|
| | |
5.32
| | | |
2,811,510
|
| | |
35,973
|
| | |
5.13
| |
Total consumer real estate
| | |
5,258,727
| | | |
71,916
| | | |
5.50
| | | |
5,587,687
| | | |
75,669
| | | |
5.43
| |
Commercial:
| | | | | | | | | | | | | | | | | | |
Fixed-rate
| | |
982,914
| | | |
12,129
| | | |
4.96
| | | |
1,193,011
| | | |
14,954
| | | |
5.03
| |
Variable- and adjustable-rate
| | |
2,127,032
|
| | |
21,143
|
| | |
4.00
| | | |
1,955,261
|
| | |
18,765
|
| | |
3.85
| |
Total commercial
| | |
3,109,946
| | | |
33,272
| | | |
4.30
| | | |
3,148,272
| | | |
33,719
| | | |
4.30
| |
Leasing and equipment finance
| | |
4,032,112
| | | |
44,824
| | | |
4.45
| | | |
3,751,776
| | | |
43,738
| | | |
4.66
| |
Inventory finance
| | |
2,564,648
| | | |
36,598
| | | |
5.74
| | | |
2,292,481
| | | |
32,064
| | | |
5.61
| |
Auto finance
| | |
2,751,679
| | | |
28,660
| | | |
4.19
| | | |
2,211,014
| | | |
22,633
| | | |
4.11
| |
Other
| | |
9,585
|
| | |
135
|
| | |
5.77
| | | |
10,734
|
| | |
185
|
| | |
6.92
| |
Total loans and leases
| | |
17,726,697
|
| | |
215,405
|
| | |
4.88
| | | |
17,001,964
|
| | |
208,008
|
| | |
4.90
| |
Total interest-earning assets
| | |
19,920,812
| | | |
236,650
| | | |
4.77
| | | |
18,678,259
| | | |
223,948
| | | |
4.81
| |
Other assets(6) | | |
1,286,506
|
| | | | | | | | |
1,209,514
|
| | | | | | |
Total assets
| | |
$
|
21,207,318
|
| | | | | | | | |
$
|
19,887,773
|
| | | | | | |
LIABILITIES AND EQUITY: | | | | | | | | | | | | | | | | | | |
Non-interest bearing deposits:
| | | | | | | | | | | | | | | | | | |
Retail
| | |
$
|
1,817,734
| | | | | | | | | |
$
|
1,699,668
| | | | | | | |
Small business
| | |
861,394
| | | | | | | | | |
822,683
| | | | | | | |
Commercial and custodial
| | |
582,041
|
| | | | | | | | |
497,883
|
| | | | | | |
Total non-interest bearing deposits
| | |
3,261,169
| | | | | | | | | |
3,020,234
| | | | | | | |
Interest-bearing deposits:
| | | | | | | | | | | | | | | | | | |
Checking
| | |
2,478,673
| | | |
92
| | | |
0.02
| | | |
2,422,909
| | | |
137
| | | |
0.02
| |
Savings
| | |
4,677,681
| | | |
336
| | | |
0.03
| | | |
5,033,329
| | | |
800
| | | |
0.06
| |
Money market
| | |
2,557,897
| | | |
4,033
| | | |
0.63
| | | |
2,261,567
| | | |
3,450
| | | |
0.61
| |
Certificates of deposit
| | |
4,308,367
|
| | |
11,432
|
| | |
1.07
| | | |
3,116,718
|
| | |
6,693
|
| | |
0.86
| |
Total interest-bearing deposits
| | |
14,022,618
|
| | |
15,893
|
| | |
0.46
| | | |
12,834,523
|
| | |
11,080
|
| | |
0.35
| |
Total deposits
| | |
17,283,787
|
| | |
15,893
|
| | |
0.37
| | | |
15,854,757
|
| | |
11,080
|
| | |
0.28
| |
Borrowings:
| | | | | | | | | | | | | | | | | | |
Short-term borrowings
| | |
9,100
| | | |
16
| | | |
0.71
| | | |
8,246
| | | |
12
| | | |
0.63
| |
Long-term borrowings
| | |
840,739
|
| | |
5,111
|
| | |
2.43
| | | |
1,234,205
|
| | |
5,960
|
| | |
1.93
| |
Total borrowings
| | |
849,839
|
| | |
5,127
|
| | |
2.42
| | | |
1,242,451
|
| | |
5,972
|
| | |
1.92
| |
Total interest-bearing liabilities
| | |
14,872,457
|
| | |
21,020
|
| | |
0.57
| | | |
14,076,974
|
| | |
17,052
|
| | |
0.49
| |
Total deposits and borrowings
| | |
18,133,626
| | | |
21,020
| | | |
0.47
| | | |
17,097,208
| | | |
17,052
| | | |
0.40
| |
Other liabilities
| | |
690,363
|
| | | | | | | | |
594,352
|
| | | | | | |
Total liabilities
| | |
18,823,989
|
| | | | | | | | |
17,691,560
|
| | | | | | |
Total TCF Financial Corp. stockholders' equity
| | |
2,357,509
| | | | | | | | | |
2,173,699
| | | | | | | |
Non-controlling interest in subsidiaries
| | |
25,820
|
| | | | | | | | |
22,514
|
| | | | | | |
Total equity
| | |
2,383,329
|
| | | | | | | | |
2,196,213
|
| | | | | | |
Total liabilities and equity
| | |
$
|
21,207,318
|
| | | | | | | | |
$
|
19,887,773
|
| | | | | | |
Net interest income and margin | | | | | |
$
|
215,630
|
| | |
4.35
| | | | | | |
$
|
206,896
|
| | |
4.44
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
(1) Interest and yields are presented on a fully tax-equivalent
basis.
|
(2) Annualized.
|
(3) Average balances and yields of securities available for sale are
based upon historical amortized cost and exclude equity securities.
|
(4) The yield on tax-exempt securities available for sale is
computed on a tax-equivalent basis using a statutory federal income
tax rate of 35% for all periods presented.
|
(5) Average balances of loans and leases include non-accrual loans
and leases and are presented net of unearned income.
|
(6) Includes leased equipment and related initial direct costs under
operating leases of $131.9 million and $96.0 million for the second
quarter of 2016 and 2015, respectively.
|
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES |
(Dollars in thousands)
|
(Unaudited)
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| | | Six Months Ended June 30, |
| | | 2016 | | | 2015 |
| | | Average | | | | | | Yields and | | | Average | | | | | | Yields and |
| | | Balance | | | Interest(1) | | | Rates(1)(2) | | | Balance | | | Interest(1) | | | Rates(1)(2) |
ASSETS: | | | | | | | | | | | | | | | | | | |
Investments and other
| | |
$
|
335,778
| | | |
$
|
4,612
| | | |
2.76
|
%
| | |
$
|
608,303
| | | |
$
|
6,713
| | | |
2.22
|
%
|
Securities held to maturity
| | |
196,998
| | | |
2,435
| | | |
2.47
| | | |
210,735
| | | |
2,789
| | | |
2.65
| |
Securities available for sale(3) | | | | | | | | | | | | | | | | | | |
Taxable
| | |
669,349
| | | |
7,671
| | | |
2.29
| | | |
520,851
| | | |
6,581
| | | |
2.53
| |
Tax-exempt(4) | | |
400,337
| | | |
6,496
| | | |
3.25
| | | |
3,731
| | | |
65
| | | |
3.48
| |
Loans and leases held for sale
| | |
432,741
| | | |
18,472
| | | |
8.58
| | | |
308,709
| | | |
13,610
| | | |
8.89
| |
Loans and leases:(5) | | | | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | |
Fixed-rate
| | |
2,379,091
| | | |
68,345
| | | |
5.78
| | | |
2,843,979
| | | |
83,056
| | | |
5.89
| |
Variable-rate
| | |
2,979,660
|
| | |
78,829
|
| | |
5.32
| | | |
2,795,248
|
| | |
71,189
|
| | |
5.14
| |
Total consumer real estate
| | |
5,358,751
| | | |
147,174
| | | |
5.52
| | | |
5,639,227
| | | |
154,245
| | | |
5.51
| |
Commercial:
| | | | | | | | | | | | | | | | | | |
Fixed-rate
| | |
997,892
| | | |
24,558
| | | |
4.95
| | | |
1,233,186
| | | |
30,684
| | | |
5.02
| |
Variable- and adjustable-rate
| | |
2,136,131
|
| | |
42,480
|
| | |
4.00
| | | |
1,917,938
|
| | |
37,014
|
| | |
3.89
| |
Total commercial
| | |
3,134,023
| | | |
67,038
| | | |
4.30
| | | |
3,151,124
| | | |
67,698
| | | |
4.33
| |
Leasing and equipment finance
| | |
4,012,395
| | | |
89,478
| | | |
4.46
| | | |
3,740,691
| | | |
87,223
| | | |
4.66
| |
Inventory finance
| | |
2,499,091
| | | |
70,968
| | | |
5.71
| | | |
2,201,183
| | | |
61,756
| | | |
5.66
| |
Auto finance
| | |
2,727,779
| | | |
56,497
| | | |
4.17
| | | |
2,116,604
| | | |
43,484
| | | |
4.14
| |
Other
| | |
9,802
|
| | |
277
|
| | |
5.70
| | | |
11,173
|
| | |
398
|
| | |
7.19
| |
Total loans and leases
| | |
17,741,841
|
| | |
431,432
|
| | |
4.88
| | | |
16,860,002
|
| | |
414,804
|
| | |
4.95
| |
Total interest-earning assets
| | |
19,777,044
| | | |
471,118
| | | |
4.78
| | | |
18,512,331
| | | |
444,562
| | | |
4.83
| |
Other assets(6) | | |
1,291,993
|
| | | | | | | | |
1,221,633
|
| | | | | | |
Total assets
| | |
$
|
21,069,037
|
| | | | | | | | |
$
|
19,733,964
|
| | | | | | |
LIABILITIES AND EQUITY: | | | | | | | | | | | | | | | | | | |
Non-interest bearing deposits:
| | | | | | | | | | | | | | | | | | |
Retail
| | |
$
|
1,784,722
| | | | | | | | | |
$
|
1,673,364
| | | | | | | |
Small business
| | |
857,519
| | | | | | | | | |
813,554
| | | | | | | |
Commercial and custodial
| | |
571,513
|
| | | | | | | | |
493,590
|
| | | | | | |
Total non-interest bearing deposits
| | |
3,213,754
| | | | | | | | | |
2,980,508
| | | | | | | |
Interest-bearing deposits:
| | | | | | | | | | | | | | | | | | |
Checking
| | |
2,459,618
| | | |
173
| | | |
0.01
| | | |
2,400,957
| | | |
288
| | | |
0.02
| |
Savings
| | |
4,688,923
| | | |
682
| | | |
0.03
| | | |
5,088,007
| | | |
1,901
| | | |
0.08
| |
Money market
| | |
2,515,324
| | | |
7,840
| | | |
0.63
| | | |
2,205,764
| | | |
7,017
| | | |
0.64
| |
Certificates of deposit
| | |
4,206,659
|
| | |
22,189
|
| | |
1.06
| | | |
3,079,461
|
| | |
12,946
|
| | |
0.85
| |
Total interest-bearing deposits
| | |
13,870,524
|
| | |
30,884
|
| | |
0.45
| | | |
12,774,189
|
| | |
22,152
|
| | |
0.35
| |
Total deposits
| | |
17,084,278
|
| | |
30,884
|
| | |
0.36
| | | |
15,754,697
|
| | |
22,152
|
| | |
0.28
| |
Borrowings:
| | | | | | | | | | | | | | | | | | |
Short-term borrowings
| | |
7,331
| | | |
23
| | | |
0.64
| | | |
8,124
| | | |
30
| | | |
0.75
| |
Long-term borrowings
| | |
951,626
|
| | |
10,797
|
| | |
2.27
| | | |
1,206,019
|
| | |
11,244
|
| | |
1.87
| |
Total borrowings
| | |
958,957
|
| | |
10,820
|
| | |
2.26
| | | |
1,214,143
|
| | |
11,274
|
| | |
1.86
| |
Total interest-bearing liabilities
| | |
14,829,481
|
| | |
41,704
|
| | |
0.56
| | | |
13,988,332
|
| | |
33,426
|
| | |
0.48
| |
Total deposits and borrowings
| | |
18,043,235
| | | |
41,704
| | | |
0.46
| | | |
16,968,840
| | | |
33,426
| | | |
0.40
| |
Other liabilities
| | |
670,635
|
| | | | | | | | |
591,463
|
| | | | | | |
Total liabilities
| | |
18,713,870
|
| | | | | | | | |
17,560,303
|
| | | | | | |
Total TCF Financial Corp. stockholders' equity
| | |
2,332,645
| | | | | | | | | |
2,153,851
| | | | | | | |
Non-controlling interest in subsidiaries
| | |
22,522
|
| | | | | | | | |
19,810
|
| | | | | | |
Total equity
| | |
2,355,167
|
| | | | | | | | |
2,173,661
|
| | | | | | |
Total liabilities and equity
| | |
$
|
21,069,037
|
| | | | | | | | |
$
|
19,733,964
|
| | | | | | |
Net interest income and margin | | | | | |
$
|
429,414
|
| | |
4.36
| | | | | | |
$
|
411,136
|
| | |
4.47
| |
|
(1) Interest and yields are presented on a fully tax-equivalent
basis.
|
(2) Annualized.
|
(3) Average balances and yields of securities available for sale are
based upon historical amortized cost and exclude equity securities.
|
(4) The yield on tax-exempt securities available for sale is
computed on a tax-equivalent basis using a statutory federal income
tax rate of 35% for all periods presented.
|
(5) Average balances of loans and leases include non-accrual loans
and leases and are presented net of unearned income.
|
(6) Includes leased equipment and related initial direct costs under
operating leases of $132.7 million and $92.4 million for the six
months ended June 30, 2016 and 2015, respectively.
|
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME AND FINANCIAL HIGHLIGHTS |
(Dollars in thousands, except per-share data)
|
(Unaudited)
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
| | | Three Months Ended |
| | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, | | | Jun. 30, |
| | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2015 |
Interest income: | | | | | | | | | | | | | | | |
Loans and leases
| | |
$
|
214,128
| | | |
$
|
214,805
| | | |
$
|
212,346
| | | |
$
|
207,250
| | | |
$
|
207,164
| |
Securities available for sale
| | |
6,396
| | | |
5,498
| | | |
4,864
| | | |
4,161
| | | |
3,543
| |
Securities held to maturity
| | |
1,116
| | | |
1,319
| | | |
1,336
| | | |
1,361
| | | |
1,384
| |
Investments and other
| | |
12,364
|
| | |
10,720
|
| | |
6,905
|
| | |
10,832
|
| | |
10,990
|
|
Total interest income
| | |
234,004
|
| | |
232,342
|
| | |
225,451
|
| | |
223,604
|
| | |
223,081
|
|
Interest expense: | | | | | | | | | | | | | | | |
Deposits
| | |
15,893
| | | |
14,991
| | | |
13,772
| | | |
12,302
| | | |
11,080
| |
Borrowings
| | |
5,127
|
| | |
5,693
|
| | |
6,010
|
| | |
6,032
|
| | |
5,972
|
|
Total interest expense
| | |
21,020
|
| | |
20,684
|
| | |
19,782
|
| | |
18,334
|
| | |
17,052
|
|
Net interest income
| | |
212,984
| | | |
211,658
| | | |
205,669
| | | |
205,270
| | | |
206,029
| |
Provision for credit losses
| | |
13,250
|
| | |
18,842
|
| | |
17,607
|
| | |
10,018
|
| | |
12,528
|
|
Net interest income after provision for credit losses
| | |
199,734
|
| | |
192,816
|
| | |
188,062
|
| | |
195,252
|
| | |
193,501
|
|
Non-interest income: | | | | | | | | | | | | | | | |
Fees and service charges
| | |
34,622
| | | |
32,817
| | | |
37,741
| | | |
36,991
| | | |
36,295
| |
Card revenue
| | |
14,083
| | | |
13,363
| | | |
13,781
| | | |
13,803
| | | |
13,902
| |
ATM revenue
| | |
5,288
|
| | |
5,021
|
| | |
5,143
|
| | |
5,739
|
| | |
5,540
|
|
Subtotal
| | |
53,993
| | | |
51,201
| | | |
56,665
| | | |
56,533
| | | |
55,737
| |
Gains on sales of auto loans, net
| | |
10,143
| | | |
11,920
| | | |
3,136
| | | |
10,423
| | | |
10,756
| |
Gains on sales of consumer real estate loans, net
| | |
10,839
| | | |
9,384
| | | |
13,104
| | | |
7,143
| | | |
11,954
| |
Servicing fee income
| | |
9,502
|
|
| |
8,883
|
|
| |
8,622
|
|
| |
8,049
|
|
| |
7,216
|
|
Subtotal
| | |
30,484
| | | |
30,187
| | | |
24,862
| | | |
25,615
| | | |
29,926
| |
Leasing and equipment finance
| | |
31,074
| | | |
28,487
| | | |
32,355
| | | |
27,165
| | | |
26,385
| |
Other
| | |
2,405
|
| | |
2,843
|
| | |
1,806
|
| | |
3,070
|
| | |
1,460
|
|
Fees and other revenue
| | |
117,956
| | | |
112,718
| | | |
115,688
| | | |
112,383
| | | |
113,508
| |
Gains (losses) on securities, net
| | |
—
|
| | |
(116
|
)
| | |
(29
|
)
| | |
(131
|
)
| | |
(59
|
)
|
Total non-interest income
| | |
117,956
|
| | |
112,602
|
| | |
115,659
|
| | |
112,252
|
| | |
113,449
|
|
Non-interest expense: | | | | | | | | | | | | | | | |
Compensation and employee benefits
| | |
118,093
| | | |
124,473
| | | |
109,061
| | | |
116,708
| | | |
116,159
| |
Occupancy and equipment
| | |
36,884
| | | |
37,008
| | | |
37,824
| | | |
34,159
| | | |
36,152
| |
FDIC insurance
| | |
3,751
| | | |
4,113
| | | |
5,173
| | | |
4,832
| | | |
4,864
| |
Advertising and marketing
| | |
5,678
| | | |
5,887
| | | |
5,316
| | | |
5,793
| | | |
5,150
| |
Other
| | |
49,987
|
| | |
43,348
|
| | |
46,441
|
| | |
45,750
|
| | |
45,887
|
|
Subtotal
| | |
214,393
| | | |
214,829
| | | |
203,815
| | | |
207,242
| | | |
208,212
| |
Operating lease depreciation
| | |
9,842
| | | |
9,573
| | | |
13,608
| | | |
9,485
| | | |
8,582
| |
Foreclosed real estate and repossessed assets, net
| | |
3,135
| | | |
3,920
| | | |
4,940
| | | |
5,680
| | | |
6,377
| |
Other credit costs, net
| | |
(54
|
)
| | |
12
|
| | |
224
|
| | |
(123
|
)
| | |
(62
|
)
|
Total non-interest expense
| | |
227,316
|
| | |
228,334
|
| | |
222,587
|
| | |
222,284
|
| | |
223,109
|
|
Income before income tax expense
| | |
90,374
| | | |
77,084
| | | |
81,134
| | | |
85,220
| | | |
83,841
| |
Income tax expense
| | |
29,706
|
| | |
26,803
|
| | |
26,614
|
| | |
30,528
|
| | |
28,902
|
|
Income after income tax expense
| | |
60,668
| | | |
50,281
| | | |
54,520
| | | |
54,692
| | | |
54,939
| |
Income attributable to non-controlling interest
| | |
2,974
|
| | |
2,235
|
| | |
2,028
|
| | |
2,117
|
| | |
2,684
|
|
Net income attributable to TCF Financial Corporation | | |
57,694
|
| | |
48,046
|
| | |
52,492
|
| | |
52,575
|
| | |
52,255
|
|
Preferred stock dividends
| | |
4,847
|
| | |
4,847
|
| | |
4,847
|
| | |
4,847
|
| | |
4,847
|
|
Net income available to common stockholders | | |
$
|
52,847
|
| | |
$
|
43,199
|
| | |
$
|
47,645
|
| | |
$
|
47,728
|
| | |
$
|
47,408
|
|
| | | | | | | | | | | | | | |
|
Net income per common share: | | | | | | | | | | | | | | | |
Basic
| | |
$
|
0.32
| | | |
$
|
0.26
| | | |
$
|
0.29
| | | |
$
|
0.29
| | | |
$
|
0.29
| |
Diluted
| | |
0.31
| | | |
0.26
| | | |
0.29
| | | |
0.29
| | | |
0.29
| |
| | | | | | | | | | | | | | |
|
Dividends declared per common share | | |
$
|
0.075
| | | |
$
|
0.075
| | | |
$
|
0.075
| | | |
$
|
0.05
| | | |
$
|
0.05
| |
| | | | | | | | | | | | | | |
|
Financial highlights: | | | | | | | | | | | | | | | |
Pre-tax pre-provision profit(1) | | |
$
|
103,624
| | | |
$
|
95,926
| | | |
$
|
98,741
| | | |
$
|
95,238
| | | |
$
|
96,369
| |
Return on average assets(2) | | |
1.14
|
%
| | |
0.96
|
%
| | |
1.08
|
%
| | |
1.10
|
%
| | |
1.11
|
%
|
Return on average common equity(2) | | |
10.09
| | | |
8.45
| | | |
9.53
| | | |
9.76
| | | |
9.93
| |
Net interest margin(2) | | |
4.35
| | | |
4.37
| | | |
4.35
| | | |
4.40
| | | |
4.44
| |
| | | | | | | | | | | | | | | | | | | |
|
(1) Pre-tax pre-provision profit is calculated as total revenues
less non-interest expense.
|
(2) Annualized.
|
| | | | | | | | | | | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS |
(In thousands)
|
(Unaudited)
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
| | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, | | | Jun. 30, |
| | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2015 |
ASSETS: | | | | | | | | | | | | | | | |
Investments and other
| | |
$
|
322,477
| | | |
$
|
349,079
| | | |
$
|
405,252
| | | |
$
|
463,312
| | | |
$
|
551,630
|
Securities held to maturity
| | |
194,693
| | | |
199,303
| | | |
201,944
| | | |
205,264
| | | |
209,834
|
Securities available for sale:(1) | | | | | | | | | | | | | | | |
Taxable
| | |
697,902
| | | |
640,796
| | | |
611,816
| | | |
601,889
| | | |
566,499
|
Tax-exempt
| | |
481,246
| | | |
319,427
| | | |
221,113
| | | |
92,484
| | | |
7,420
|
Loans and leases held for sale
| | |
497,797
| | | |
367,686
| | | |
180,278
| | | |
348,215
| | | |
340,912
|
Loans and leases:(2) | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | |
Fixed-rate
| | |
2,327,409
| | | |
2,430,773
| | | |
2,520,567
| | | |
2,637,875
| | | |
2,776,177
|
Variable-rate
| | |
2,931,318
|
| | |
3,028,001
|
| | |
3,083,957
|
| | |
2,968,507
|
| | |
2,811,510
|
Total consumer real estate
| | |
5,258,727
| | | |
5,458,774
| | | |
5,604,524
| | | |
5,606,382
| | | |
5,587,687
|
Commercial:
| | | | | | | | | | | | | | | |
Fixed-rate
| | |
982,914
| | | |
1,012,870
| | | |
1,090,001
| | | |
1,137,744
| | | |
1,193,011
|
Variable- and adjustable-rate
| | |
2,127,032
|
| | |
2,145,231
|
| | |
2,027,982
|
| | |
1,980,280
|
| | |
1,955,261
|
Total commercial
| | |
3,109,946
| | | |
3,158,101
| | | |
3,117,983
| | | |
3,118,024
| | | |
3,148,272
|
Leasing and equipment finance
| | |
4,032,112
| | | |
3,992,678
| | | |
3,911,025
| | | |
3,821,590
| | | |
3,751,776
|
Inventory finance
| | |
2,564,648
| | | |
2,433,534
| | | |
2,180,534
| | | |
2,036,054
| | | |
2,292,481
|
Auto finance
| | |
2,751,679
| | | |
2,703,880
| | | |
2,514,923
| | | |
2,361,057
| | | |
2,211,014
|
Other
| | |
9,585
|
| | |
10,018
|
| | |
9,060
|
| | |
9,833
|
| | |
10,734
|
Total loans and leases
| | |
17,726,697
|
| | |
17,756,985
|
| | |
17,338,049
|
| | |
16,952,940
|
| | |
17,001,964
|
Total interest-earning assets
| | |
19,920,812
| | | |
19,633,276
| | | |
18,958,452
| | | |
18,664,104
| | | |
18,678,259
|
Other assets(3) | | |
1,286,506
|
| | |
1,297,479
|
| | |
1,245,751
|
| | |
1,217,396
|
| | |
1,209,514
|
Total assets
| | |
$
|
21,207,318
|
| | |
$
|
20,930,755
|
| | |
$
|
20,204,203
|
| | |
$
|
19,881,500
|
| | |
$
|
19,887,773
|
| | | | | | | | | | | | | | |
|
LIABILITIES AND EQUITY: | | | | | | | | | | | | | | | |
Non-interest-bearing deposits:
| | | | | | | | | | | | | | | |
Retail
| | |
$
|
1,817,734
| | | |
$
|
1,751,710
| | | |
$
|
1,639,550
| | | |
$
|
1,649,995
| | | |
$
|
1,699,668
|
Small business
| | |
861,394
| | | |
853,645
| | | |
874,892
| | | |
852,211
| | | |
822,683
|
Commercial and custodial
| | |
582,041
|
| | |
560,983
|
| | |
525,692
|
| | |
516,461
|
| | |
497,883
|
Total non-interest bearing deposits
| | |
3,261,169
| | | |
3,166,338
| | | |
3,040,134
| | | |
3,018,667
| | | |
3,020,234
|
Interest-bearing deposits:
| | | | | | | | | | | | | | | |
Checking
| | |
2,478,673
| | | |
2,440,563
| | | |
2,384,452
| | | |
2,399,119
| | | |
2,422,909
|
Savings
| | |
4,677,681
| | | |
4,700,164
| | | |
4,721,571
| | | |
4,860,509
| | | |
5,033,329
|
Money market
| | |
2,557,897
| | | |
2,472,751
| | | |
2,349,127
| | | |
2,297,893
| | | |
2,261,567
|
Certificates of deposit
| | |
4,308,367
|
| | |
4,104,951
|
| | |
3,793,653
|
| | |
3,400,282
|
| | |
3,116,718
|
Total interest-bearing deposits
| | |
14,022,618
|
| | |
13,718,429
|
| | |
13,248,803
|
| | |
12,957,803
|
| | |
12,834,523
|
Total deposits
| | |
17,283,787
|
| | |
16,884,767
|
| | |
16,288,937
|
| | |
15,976,470
|
| | |
15,854,757
|
Borrowings:
| | | | | | | | | | | | | | | |
Short-term borrowings
| | |
9,100
| | | |
5,562
| | | |
28,364
| | | |
30,326
| | | |
8,246
|
Long-term borrowings
| | |
840,739
|
| | |
1,062,513
|
| | |
1,009,591
|
| | |
1,057,903
|
| | |
1,234,205
|
Total borrowings
| | |
849,839
|
| | |
1,068,075
|
| | |
1,037,955
|
| | |
1,088,229
|
| | |
1,242,451
|
Total interest-bearing liabilities
| | |
14,872,457
|
| | |
14,786,504
|
| | |
14,286,758
|
| | |
14,046,032
|
| | |
14,076,974
|
Total deposits and borrowings
| | |
18,133,626
| | | |
17,952,842
| | | |
17,326,892
| | | |
17,064,699
| | | |
17,097,208
|
Other liabilities
| | |
690,363
|
| | |
650,908
|
| | |
595,317
|
| | |
578,718
|
| | |
594,352
|
Total liabilities
| | |
18,823,989
|
| | |
18,603,750
|
| | |
17,922,209
|
| | |
17,643,417
|
| | |
17,691,560
|
Total TCF Financial Corporation stockholders' equity
| | |
2,357,509
| | | |
2,307,781
| | | |
2,263,018
| | | |
2,218,614
| | | |
2,173,699
|
Non-controlling interest in subsidiaries
| | |
25,820
|
| | |
19,224
|
| | |
18,976
|
| | |
19,469
|
| | |
22,514
|
Total equity
| | |
2,383,329
|
| | |
2,327,005
|
| | |
2,281,994
|
| | |
2,238,083
|
| | |
2,196,213
|
Total liabilities and equity
| | |
$
|
21,207,318
|
| | |
$
|
20,930,755
|
| | |
$
|
20,204,203
|
| | |
$
|
19,881,500
|
| | |
$
|
19,887,773
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
(1) Average balances of securities available for sale are based upon
historical amortized cost and exclude equity securities.
|
(2) Average balances of loans and leases include non-accrual loans
and leases and are presented net of unearned income.
|
(3) Includes leased equipment and related initial direct costs under
operating leases of $131.9 million, $133.6 million, $123.8 million,
$107.5 million and $96.0 million for the second quarter and first
quarter of 2016, and for the fourth quarter, third quarter and
second quarter of 2015, respectively.
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED QUARTERLY YIELDS AND RATES(1)(2) |
(Unaudited)
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
| | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, | | | Jun. 30, |
| | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2015 |
ASSETS: | | | | | | | | | | | | | | | |
Investments and other
| | |
2.99
|
%
| | |
2.55
|
%
| | |
2.59
|
%
| | |
2.52
|
%
| | |
2.34
|
%
|
Securities held to maturity
| | |
2.29
| | | |
2.65
| | | |
2.64
| | | |
2.65
| | | |
2.64
| |
Securities available for sale:(3) | | | | | | | | | | | | | | | |
Taxable
| | |
2.21
| | | |
2.38
| | | |
2.41
| | | |
2.43
| | | |
2.47
| |
Tax-exempt(4) | | |
3.25
| | | |
3.24
| | | |
3.26
| | | |
3.35
| | | |
3.50
| |
Loans and leases held for sale
| | |
8.05
| | | |
9.30
| | | |
9.38
| | | |
9.00
| | | |
9.15
| |
Loans and leases:
| | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | |
Fixed-rate
| | |
5.73
| | | |
5.82
| | | |
5.73
| | | |
5.72
| | | |
5.73
| |
Variable-rate
| | |
5.32
| | | |
5.32
| | | |
5.18
| | | |
5.12
| | | |
5.13
| |
Total consumer real estate
| | |
5.50
| | | |
5.54
| | | |
5.43
| | | |
5.40
| | | |
5.43
| |
Commercial:
| | | | | | | | | | | | | | | |
Fixed-rate
| | |
4.96
| | | |
4.94
| | | |
5.05
| | | |
5.05
| | | |
5.03
| |
Variable- and adjustable-rate
| | |
4.00
| | | |
4.00
| | | |
4.05
| | | |
3.80
| | | |
3.85
| |
Total commercial
| | |
4.30
| | | |
4.30
| | | |
4.40
| | | |
4.26
| | | |
4.30
| |
Leasing and equipment finance
| | |
4.45
| | | |
4.47
| | | |
4.55
| | | |
4.59
| | | |
4.66
| |
Inventory finance
| | |
5.74
| | | |
5.68
| | | |
5.66
| | | |
5.83
| | | |
5.61
| |
Auto finance
| | |
4.19
| | | |
4.14
| | | |
4.17
| | | |
4.13
| | | |
4.11
| |
Other
| | |
5.77
| | | |
5.63
| | | |
6.88
| | | |
6.31
| | | |
6.92
| |
Total loans and leases
| | |
4.88
| | | |
4.89
| | | |
4.89
| | | |
4.88
| | | |
4.90
| |
| | | | | | | | | | | | | | |
|
Total interest-earning assets
| | |
4.77
| | | |
4.80
| | | |
4.76
| | | |
4.79
| | | |
4.81
| |
| | | | | | | | | | | | | | |
|
LIABILITIES: | | | | | | | | | | | | | | | |
Interest-bearing deposits:
| | | | | | | | | | | | | | | |
Checking
| | |
0.02
| | | |
0.01
| | | |
0.02
| | | |
0.02
| | | |
0.02
| |
Savings
| | |
0.03
| | | |
0.03
| | | |
0.04
| | | |
0.05
| | | |
0.06
| |
Money market
| | |
0.63
| | | |
0.62
| | | |
0.62
| | | |
0.62
| | | |
0.61
| |
Certificates of deposit
| | |
1.07
| | | |
1.05
| | | |
1.00
| | | |
0.93
| | | |
0.86
| |
Total interest-bearing deposits
| | |
0.46
| | | |
0.44
| | | |
0.41
| | | |
0.38
| | | |
0.35
| |
Total deposits
| | |
0.37
| | | |
0.36
| | | |
0.34
| | | |
0.31
| | | |
0.28
| |
Borrowings:
| | | | | | | | | | | | | | | |
Short-term borrowings
| | |
0.71
| | | |
0.53
| | | |
0.09
| | | |
0.22
| | | |
0.63
| |
Long-term borrowings
| | |
2.43
| | | |
2.14
| | | |
2.37
| | | |
2.27
| | | |
1.93
| |
Total borrowings
| | |
2.42
| | | |
2.13
| | | |
2.31
| | | |
2.21
| | | |
1.92
| |
| | | | | | | | | | | | | | |
|
Total interest-bearing liabilities
| | |
0.57
| | | |
0.56
| | | |
0.55
| | | |
0.52
| | | |
0.49
| |
| | | | | | | | | | | | | | |
|
Net interest margin | | |
4.35
| | | |
4.37
| | | |
4.35
| | | |
4.40
| | | |
4.44
| |
| | | | | | | | | | | | | | | | | | | |
|
(1) Annualized.
|
(2) Yields are presented on a fully tax-equivalent basis.
|
(3) Average yields of securities available for sale are based upon
historical amortized cost and exclude equity securities.
|
(4) The yield on tax-exempt securities available for sale is
computed on a tax-equivalent basis using a statutory federal income
tax rate of 35% for all periods presented.
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(1) |
(Dollars in thousands)
|
(Unaudited)
|
|
| |
| At Jun. 30, |
|
| At Dec. 31, |
| | | | 2016 | | | 2015 |
Computation of tangible common equity to
tangible assets and tangible book value per common share: | |
Total equity
| | | |
$
|
2,419,758
| | | |
$
|
2,306,917
| |
Less: Non-controlling interest in subsidiaries
| | | |
21,660
|
| | |
16,001
|
|
Total TCF Financial Corporation stockholders' equity
| | | |
2,398,098
| | | |
2,290,916
| |
Less: Preferred stock
| | | |
263,240
|
| | |
263,240
|
|
Total common stockholders' equity
| |
(a)
| |
2,134,858
| | | |
2,027,676
| |
Less:
| | | | | | | |
Goodwill
| | | |
225,640
| | | |
225,640
| |
Other intangibles
| | | |
2,394
|
| | |
3,126
|
|
Tangible common equity
| |
(b)
| |
$
|
1,906,824
|
| | |
$
|
1,798,910
|
|
| | | | | | |
|
Total assets
| |
(c)
| |
$
|
21,069,510
| | | |
$
|
20,689,609
| |
Less:
| | | | | | | |
Goodwill
| | | |
225,640
| | | |
225,640
| |
Other intangibles
| | | |
2,394
|
| | |
3,126
|
|
Tangible assets
| |
(d)
| |
$
|
20,841,476
|
| | |
$
|
20,460,843
|
|
| | | | | | |
|
Common stock shares outstanding
| |
(e)
| |
171,005,952
| | | |
169,844,464
| |
| | | | | | |
|
Common equity to assets
| |
(a) / (c)
| |
10.13
|
%
| | |
9.80
|
%
|
Tangible common equity to tangible assets
| |
(b) / (d)
| |
9.15
|
%
| | |
8.79
|
%
|
| | | | | | |
|
Book value per common share
| |
(a) / (e)
| |
$
|
12.48
| | | |
$
|
11.94
| |
Tangible book value per common share
| |
(b) / (e)
| |
$
|
11.15
| | | |
$
|
10.59
| |
| | | | | | | | | | |
|
|
| |
| Three Months Ended |
|
| Six Months Ended |
| | | | Jun. 30, |
|
| Mar. 31, |
|
| Jun. 30, | | | Jun. 30, |
|
| Jun. 30, |
| | | | 2016 | | | 2016 | | | 2015 | | | 2016 | | | 2015 |
Computation of return on average tangible
common equity: | | | | | | | | | | | | | | |
Net income available to common stockholders
| |
(f)
| |
$
|
52,847
| | | |
$
|
43,199
| | | |
$
|
47,408
| | | |
$
|
96,046
| | | |
$
|
82,362
| |
Plus: Other intangibles amortization
| | | |
366
| | | |
366
| | | |
389
| | | |
732
| | | |
778
| |
Less: Income tax expense attributable to other intangibles
amortization
| | | |
129
|
| | |
131
|
| | |
143
|
| | |
258
|
| | |
287
|
|
Adjusted net income available to common stockholders
| |
(g)
| |
$
|
53,084
|
| | |
$
|
43,434
|
| | |
$
|
47,654
|
| | |
$
|
96,520
|
| | |
$
|
82,853
|
|
| | | | | | | | | | | | | | | |
|
Average balances:
| | | | | | | | | | | | | | | | |
Total equity
| | | |
$
|
2,383,329
| | | |
$
|
2,327,005
| | | |
$
|
2,196,213
| | | |
$
|
2,355,167
| | | |
$
|
2,173,661
| |
Less: Non-controlling interest in subsidiaries
| | | |
25,820
|
| | |
19,224
|
| | |
22,514
|
| | |
22,522
|
| | |
19,810
|
|
Total TCF Financial Corporation stockholders' equity
| | | |
2,357,509
| | | |
2,307,781
| | | |
2,173,699
| | | |
2,332,645
| | | |
2,153,851
| |
Less: Preferred stock
| | | |
263,240
|
| | |
263,240
|
| | |
263,240
|
| | |
263,240
|
| | |
263,240
|
|
Average total common stockholders' equity
| |
(h)
| |
2,094,269
| | | |
2,044,541
| | | |
1,910,459
| | | |
2,069,405
| | | |
1,890,611
| |
Less:
| | | | | | | | | | | | | | | | |
Goodwill
| | | |
225,640
| | | |
225,640
| | | |
225,640
| | | |
225,640
| | | |
225,640
| |
Other intangibles
| | | |
2,596
|
| | |
2,966
|
| | |
4,110
|
| | |
2,781
|
| | |
4,291
|
|
Average tangible common equity
| |
(i)
| |
$
|
1,866,033
|
| | |
$
|
1,815,935
|
| | |
$
|
1,680,709
|
| | |
$
|
1,840,984
|
| | |
$
|
1,660,680
|
|
| | | | | | | | | | | | | | | |
|
Return on average common equity(2) | |
(f) / (h)
| |
10.09
|
%
| | |
8.45
|
%
| | |
9.93
|
%
| | |
9.28
|
%
| | |
8.71
|
%
|
Return on average tangible common equity(2) | |
(g) / (i)
| |
11.38
|
%
| | |
9.57
|
%
| | |
11.34
|
%
| | |
10.49
|
%
| | |
9.98
|
%
|
| | | | | | | | | | | | | | | | | | | | |
|
(1) When evaluating capital adequacy and utilization, management
considers financial measures such as tangible common equity to
tangible assets, tangible book value per common share and return
on average tangible common equity. These measures are non-GAAP
financial measures and are viewed by management as useful
indicators of capital levels available to withstand unexpected
market or economic conditions and also provide investors,
regulators and other users with information to be viewed in
relation to other banking institutions.
|
(2) Annualized.
|
| | | | | | | | | | | | | | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160722005339/en/
Contacts:
TCF Financial Corporation
Media:
Mark Goldman,
952-475-7050
news@tcfbank.com
or
Investors:
Jason
Korstange, 952-745-2755
investor@tcfbank.com
Source: TCF Financial Corporation
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