THIRD QUARTER HIGHLIGHTS
- Revenue of $331.7 million, up 4.5 percent from the third quarter of
2015
- Non-interest expense of $228.9 million, up 3.0 percent from the third
quarter of 2015
- Efficiency ratio of 69.0 percent, down 101 basis points from the third
quarter of 2015
- Period-end loans and leases of $17.4 billion, up 1.1 percent from
September 30, 2015
- Loan and lease originations of $4.2 billion, up 8.7 percent from the
third quarter of 2015
- Average deposits of $17.1 billion, up 7.3 percent from the third
quarter of 2015
- Non-accrual loans and leases of $190.0 million, down 7.8 percent from
September 30, 2015
- Net charge-offs as a percentage of average loans and leases of 0.26
percent, up 3 basis points from the third quarter of 2015
- Earnings per share of 31 cents, up 6.9 percent from the third quarter
of 2015
Company Website:
http://ir.tcfbank.com
WAYZATA, Minn. -- (Business Wire)
TCF Financial Corporation (NYSE: TCB):
|
Summary of Financial Results |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
| Table 1 |
|
|
| |
|
| |
|
| |
|
| Percent Change |
|
| |
|
| |
|
| |
(Dollars in thousands, except per-share data)
| | | 3Q | | | 2Q | | | 3Q | | | 3Q16 vs |
|
| 3Q16 vs | | | YTD | | | YTD | | | Percent |
| | | 2016 |
|
| 2016 |
|
| 2015 |
|
| 2Q16 |
|
| 3Q15 |
|
| 2016 |
|
| 2015 |
|
| Change |
Net income attributable to TCF
| | |
$
|
56,292
| | | |
$
|
57,694
| | | |
$
|
52,575
| | | |
(2.4
|
)%
| | |
7.1
|
%
| | |
$
|
162,032
| | | |
$
|
144,631
| | | |
12.0
|
%
|
Net interest income
| | | |
212,018
| | | | |
212,984
| | | | |
205,270
| | | |
(0.5
|
)
| | |
3.3
| | | | |
636,660
| | | | |
614,719
| | | |
3.6
| |
Diluted earnings per common share
| | | |
0.31
| | | | |
0.31
| | | | |
0.29
| | | |
—
| | | |
6.9
| | | | |
0.88
| | | | |
0.78
| | | |
12.8
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Ratios(1) | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets
| | | |
1.12
|
%
| | | |
1.14
|
%
| | | |
1.10
|
%
| | | | | | | | | |
1.07
|
%
| | | |
1.02
|
%
| | | |
Return on average common equity
| | | |
9.59
| | | | |
10.09
| | | | |
9.76
| | | | | | | | | | |
9.39
| | | | |
9.07
| | | | |
Return on average tangible common equity(2) | | | |
10.78
| | | | |
11.38
| | | | |
11.12
| | | | | | | | | | |
10.58
| | | | |
10.37
| | | | |
Net interest margin
| | | |
4.34
| | | | |
4.35
| | | | |
4.40
| | | | | | | | | | |
4.35
| | | | |
4.45
| | | | |
Net charge-offs as a percentage of average loans and leases
| | | |
0.26
| | | | |
0.23
| | | | |
0.23
| | | | | | | | | | |
0.25
| | | | |
0.31
| | | | |
|
(1) Annualized.
| | | | | | | | | |
(2) See "Reconciliation of GAAP to Non-GAAP Financial Measures"
table.
|
|
|
|
|
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|
| | | | | | | | |
|
TCF Financial Corporation ("TCF" or the "Company") (NYSE:TCB) today
reported net income of $56.3 million for the third quarter of 2016,
compared with $52.6 million for the third quarter of 2015 and $57.7
million for the second quarter of 2016. Diluted earnings per common
share was 31 cents for the third quarter of 2016, compared with 29 cents
for the third quarter of 2015 and 31 cents for the second quarter of
2016.
TCF reported net income of $162.0 million for the first nine months of
2016, compared with $144.6 million for the same period in 2015. Diluted
earnings per common share was 88 cents for the first nine months of
2016, compared with 78 cents for the same period in 2015.
"TCF reported another good quarter of financial results demonstrating
consistent performance and revenue growth year-over-year," said Craig R.
Dahl, president and chief executive officer. "During the third quarter,
loan and lease originations remained strong, credit stabilization
continued, deposit costs remained flat and capital levels increased –
all of which position us for consistent profitability and continued
value creation for shareholders.
"Despite a slow growth economy and persistent rate headwinds, we
successfully achieved profitable growth and positive operating leverage,
while at the same time reinvesting in our businesses to enhance our
ability to meet the evolving needs of our customers. I am encouraged by
the enterprise-wide commitment TCF has shown toward serving our
customers while executing on our four strategic pillars of
diversification, profitable growth, operating leverage and core funding."
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table 2 |
|
|
| |
|
| |
|
| |
|
| Percent Change |
|
| |
|
| |
|
| |
(Dollars in thousands)
| | | 3Q | | | 2Q | | | 3Q | | | 3Q16 vs |
|
| 3Q16 vs | | | YTD | | | YTD | | | Percent |
| | | 2016 |
|
| 2016 |
|
| 2015 |
|
| 2Q16 |
|
| 3Q15 |
|
| 2016 |
|
| 2015 |
|
| Change |
Net interest income
| | |
$
|
212,018
|
|
|
|
$
|
212,984
|
|
|
|
$
|
205,270
|
| | |
(0.5
|
)%
| | |
3.3
|
%
| | |
$
|
636,660
|
|
|
|
$
|
614,719
|
| | |
3.6
|
%
|
Non-interest income:
| | | | | | | | | | | | | | | | | | | | | | | | |
Fees and service charges
| | | |
35,093
| | | | |
34,622
| | | | |
36,991
| | | |
1.4
| | | |
(5.1
|
)
| | | |
102,532
| | | | |
107,258
| | | |
(4.4
|
)
|
Card revenue
| | | |
13,747
| | | | |
14,083
| | | | |
13,803
| | | |
(2.4
|
)
| | |
(0.4
|
)
| | | |
41,193
| | | | |
40,606
| | | |
1.4
| |
ATM revenue
| | |
|
5,330
|
|
|
|
|
5,288
|
|
|
|
|
5,739
|
| | |
0.8
| | | |
(7.1
|
)
| | |
|
15,639
|
|
|
|
|
16,401
|
| | |
(4.6
|
)
|
Subtotal
| | | |
54,170
| | | | |
53,993
| | | | |
56,533
| | | |
0.3
| | | |
(4.2
|
)
| | | |
159,364
| | | | |
164,265
| | | |
(3.0
|
)
|
Gains on sales of auto loans, net
| | | |
11,624
| | | | |
10,143
| | | | |
10,423
| | | |
14.6
| | | |
11.5
| | | | |
33,687
| | | | |
27,444
| | | |
22.7
| |
Gains on sales of consumer real estate loans, net
| | | |
13,528
| | | | |
10,839
| | | | |
7,143
| | | |
24.8
| | | |
89.4
| | | | |
33,751
| | | | |
27,860
| | | |
21.1
| |
Servicing fee income
| | |
|
10,393
|
|
|
|
|
9,502
|
|
|
|
|
8,049
|
| | |
9.4
| | | |
29.1
| | | |
|
28,778
|
|
|
|
|
22,607
|
| | |
27.3
| |
Subtotal
| | | |
35,545
| | | | |
30,484
| | | | |
25,615
| | | |
16.6
| | | |
38.8
| | | | |
96,216
| | | | |
77,911
| | | |
23.5
| |
Leasing and equipment finance
| | | |
28,289
| | | | |
31,074
| | | | |
27,165
| | | |
(9.0
|
)
| | |
4.1
| | | | |
87,850
| | | | |
75,774
| | | |
15.9
| |
Other
| | |
|
2,270
|
|
|
|
|
2,405
|
|
|
|
|
3,070
|
| | |
(5.6
|
)
| | |
(26.1
|
)
| | |
|
7,518
|
|
|
|
|
8,657
|
| | |
(13.2
|
)
|
Fees and other revenue
| | | |
120,274
| | | | |
117,956
| | | | |
112,383
| | | |
2.0
| | | |
7.0
| | | | |
350,948
| | | | |
326,607
| | | |
7.5
| |
Gains (losses) on securities, net
| | |
|
(600
|
)
|
|
|
|
—
|
|
|
|
|
(131
|
)
| | |
N.M.
| | |
N.M.
| | |
|
(716
|
)
|
|
|
|
(268
|
)
| | |
(167.2
|
)
|
Total non-interest income
| | |
|
119,674
|
|
|
|
|
117,956
|
|
|
|
|
112,252
|
| | |
1.5
| | | |
6.6
| | | |
|
350,232
|
|
|
|
|
326,339
|
| | |
7.3
| |
Total revenue
| | |
$
|
331,692
|
|
|
|
$
|
330,940
|
|
|
|
$
|
317,522
|
| | |
0.2
| | | |
4.5
| | | |
$
|
986,892
|
|
|
|
$
|
941,058
|
| | |
4.9
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Net interest margin(1) | | | |
4.34
|
%
| | | |
4.35
|
%
| | | |
4.40
|
%
| | | | | | | | | |
4.35
|
%
| | | |
4.45
|
%
| | | |
Total non-interest income as a percentage of total revenue
| | | |
36.1
| | | | |
35.6
| | | | |
35.4
| | | | | | | | | | |
35.5
| | | | |
34.7
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
N.M. Not Meaningful.
| | | | | | | | | | | | | | | | | | | | | | | | |
(1) Annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
-
Net interest income for the third quarter of 2016 increased $6.7
million, or 3.3 percent, compared with the third quarter of 2015. The
increase was primarily due to higher interest income from inventory
finance loans and higher average balances of loans and leases held for
sale, securities available for sale, auto finance loans, and leasing
and equipment finance loans and leases. These increases were partially
offset by lower interest income from consumer real estate first
mortgage lien loan balances and higher interest expense on
certificates of deposit.
-
Net interest margin for the third quarter of 2016 was 4.34 percent,
compared with 4.40 percent for the third quarter of 2015. The decrease
was primarily due to higher average interest rates resulting from
promotions for certificates of deposit.
Non-interest Income
-
Fees and service charges for the third quarter of 2016 were $35.1
million, down $1.9 million, or 5.1 percent, from the third quarter of
2015. The decrease was primarily due to ongoing consumer behavior
changes, as well as higher average checking account balances per
customer.
-
Gains on sales of auto loans, net for the third quarter of 2016 were
$11.6 million, up $1.2 million, or 11.5 percent, from the third
quarter of 2015 and up $1.5 million, or 14.6 percent, from the second
quarter of 2016. TCF sold $614.9 million, $436.6 million and $533.4
million of auto loans during the third quarters of 2016 and 2015 and
the second quarter of 2016, respectively.
-
Gains on sales of consumer real estate loans, net for the third
quarter of 2016 were $13.5 million, up $6.4 million, or 89.4 percent,
from the third quarter of 2015 and up $2.7 million, or 24.8 percent,
from the second quarter of 2016. TCF sold $437.1 million, $246.0
million and $344.6 million of consumer real estate loans during the
third quarters of 2016 and 2015 and the second quarter of 2016,
respectively.
-
Servicing fee income was $10.4 million on $5.1 billion of average
loans and leases serviced for others for the third quarter of 2016,
compared with $8.0 million on $4.0 billion for the third quarter of
2015 and $9.5 million on $4.7 billion for the second 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)
| | | 3Q | | 2Q | | | 3Q | | | 3Q16 vs | |
| 3Q16 vs | | | YTD | | | YTD | | | Percent |
| | | 2016 |
| 2016 |
|
| 2015 |
|
| 2Q16 |
|
| 3Q15 |
|
| 2016 |
|
| 2015 |
|
| Change |
Period-End: | | | | | | | | | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | | | | | | |
First mortgage lien
| | |
$
|
2,313,044
| |
$
|
2,409,320
| | |
$
|
2,724,594
| | |
(4.0
|
)%
| | |
(15.1
|
)%
| | | | | | | | | |
Junior lien
| | |
|
2,674,280
|
|
|
2,677,522
|
|
|
|
2,889,120
| | |
(0.1
|
)
| | |
(7.4
|
)
| | | | | | | | | |
Total consumer real estate
| | | |
4,987,324
| | |
5,086,842
| | | |
5,613,714
| | |
(2.0
|
)
| | |
(11.2
|
)
| | | | | | | | | |
Commercial
| | | |
3,150,199
| | |
3,096,046
| | | |
3,112,325
| | |
1.7
| | | |
1.2
| | | | | | | | | | |
Leasing and equipment finance
| | | |
4,236,224
| | |
4,120,359
| | | |
3,873,581
| | |
2.8
| | | |
9.4
| | | | | | | | | | |
Inventory finance
| | | |
2,261,086
| | |
2,334,893
| | | |
2,153,385
| | |
(3.2
|
)
| | |
5.0
| | | | | | | | | | |
Auto finance
| | | |
2,731,900
| | |
2,812,807
| | | |
2,427,367
| | |
(2.9
|
)
| | |
12.5
| | | | | | | | | | |
Other
| | |
|
17,886
|
|
|
20,890
|
|
|
|
20,674
| | |
(14.4
|
)
| | |
(13.5
|
)
| | | | | | | | | |
Total
| | |
$
|
17,384,619
|
|
$
|
17,471,837
|
|
|
$
|
17,201,046
| | |
(0.5
|
)
| | |
1.1
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
|
Average: | | | | | | | | | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | | | | | | |
First mortgage lien
| | |
$
|
2,353,097
| |
$
|
2,464,692
| | |
$
|
2,793,129
| | |
(4.5
|
)%
| | |
(15.8
|
)%
| | |
$
|
2,463,497
| | |
$
|
2,934,536
| | |
(16.1
|
)%
|
Junior lien
| | |
|
2,782,479
|
|
|
2,794,035
|
|
|
|
2,813,253
| | |
(0.4
|
)
| | |
(1.1
|
)
| | |
|
2,820,319
|
|
|
|
2,693,623
| | |
4.7
| |
Total consumer real estate
| | | |
5,135,576
| | |
5,258,727
| | | |
5,606,382
| | |
(2.3
|
)
| | |
(8.4
|
)
| | | |
5,283,816
| | | |
5,628,159
| | |
(6.1
|
)
|
Commercial
| | | |
3,092,115
| | |
3,109,946
| | | |
3,118,024
| | |
(0.6
|
)
| | |
(0.8
|
)
| | | |
3,119,952
| | | |
3,139,969
| | |
(0.6
|
)
|
Leasing and equipment finance
| | | |
4,147,488
| | |
4,032,112
| | | |
3,821,590
| | |
2.9
| | | |
8.5
| | | | |
4,057,755
| | | |
3,767,954
| | |
7.7
| |
Inventory finance
| | | |
2,272,409
| | |
2,564,648
| | | |
2,036,054
| | |
(11.4
|
)
| | |
11.6
| | | | |
2,422,979
| | | |
2,145,535
| | |
12.9
| |
Auto finance
| | | |
2,670,272
| | |
2,751,679
| | | |
2,361,057
| | |
(3.0
|
)
| | |
13.1
| | | | |
2,708,470
| | | |
2,198,983
| | |
23.2
| |
Other
| | |
|
9,252
|
|
|
9,585
|
|
|
|
9,833
| | |
(3.5
|
)
| | |
(5.9
|
)
| | |
|
9,617
|
|
|
|
10,721
| | |
(10.3
|
)
|
Total
| | |
$
|
17,327,112
|
|
$
|
17,726,697
|
|
|
$
|
16,952,940
| | |
(2.3
|
)
| | |
2.2
| | | |
$
|
17,602,589
|
|
|
$
|
16,891,321
| | |
4.2
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Period-end loans and leases were $17.4 billion at September 30, 2016,
an increase of $0.2 billion, or 1.1 percent, compared with
September 30, 2015 and a decrease of $0.1 billion, or 0.5 percent,
compared with June 30, 2016. Average loans and leases were $17.3
billion for the third quarter of 2016, an increase of $0.4 billion, or
2.2 percent, compared with the third quarter of 2015 and a decrease of
$0.4 billion, or 2.3 percent, compared with the second quarter of 2016.
The
increases from September 30, 2015 were primarily due to an increase in
the leasing and equipment finance portfolio due to strong
originations, the maturation of the business model in auto finance and
the expansion of the number of active dealers in inventory finance,
partially offset by run-off in the consumer real estate first mortgage
lien portfolio. The decrease from the second quarter of 2016 for
average loans and leases was primarily due to the seasonal decrease 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 $4.2 billion for the third quarter of
2016, an increase of $0.3 billion, or 8.7 percent, compared with the
third quarter of 2015 and consistent with the second quarter of 2016.
The increase from the third quarter of 2015 was primarily due to
increased originations in auto finance, inventory finance and consumer
real estate.
|
Credit Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Trends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table 4 |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| Change |
(Dollars in thousands)
| | | 3Q | | | 2Q | | | 1Q | | | 4Q | | | 3Q | | | 3Q16 vs |
|
| 3Q16 vs |
| | | 2016 |
|
| 2016 |
|
| 2016 |
|
| 2015 |
|
| 2015 |
|
| 2Q16 |
|
| 3Q15 |
Over 60-day delinquencies as a percentage of period-end loans and
leases(1) | | | |
0.11
|
%
| | | |
0.12
|
%
| | | |
0.10
|
%
| | | |
0.11
|
%
| | | |
0.17
|
%
| | |
(1
|
) bps
| | |
(6
|
) bps
|
Net charge-offs as a percentage of average loans and leases(2) | | | |
0.26
| | | | |
0.23
| | | | |
0.27
| | | | |
0.29
| | | | |
0.23
| | | |
3
| | | |
3
| |
Non-accrual loans and leases and other real estate owned
| | |
$
|
223,759
| | | |
$
|
232,334
| | | |
$
|
241,090
| | | |
$
|
250,448
| | | |
$
|
264,694
| | | |
(3.7
|
)%
| | |
(15.5
|
)%
|
Provision for credit losses
| | | |
13,894
| | | | |
13,250
| | | | |
18,842
| | | | |
17,607
| | | | |
10,018
| | | |
4.9
| | | |
38.7
| |
|
(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 0.11 percent at September 30, 2016,
down from 0.17 percent at September 30, 2015, and down from 0.12
percent at June 30, 2016. The decreases from both periods were
primarily driven by improved delinquencies in the commercial real
estate portfolio, partially offset by an increase in delinquencies in
the auto finance portfolio.
-
The net charge-off rate was 0.26 percent for the third quarter of
2016, up from 0.23 percent for both the third quarter of 2015 and the
second quarter of 2016. The increases from both periods were primarily
due to increased net charge-offs in the auto finance portfolio,
partially offset by improved credit quality in the consumer real
estate portfolio.
-
Non-accrual loans and leases and other real estate owned was $223.8
million at September 30, 2016, a decrease of $40.9 million, or 15.5
percent, from September 30, 2015, and a decrease of $8.6 million, or
3.7 percent, from June 30, 2016. The decreases from both periods were
primarily due to improving credit quality trends in the consumer and
commercial real estate portfolios and sales of other real estate owned
outpacing additions. Total non-accrual loans and leases and other real
estate owned at September 30, 2016 was the lowest balance since the
third quarter of 2008.
-
Provision for credit losses was $13.9 million for the third quarter of
2016, an increase of $3.9 million, or 38.7 percent, from the third
quarter of 2015, and an increase of $0.6 million, or 4.9 percent, from
the second quarter of 2016. The increase from the third quarter of
2015 was primarily due to increased reserve requirements related to
growth and higher net charge-offs in the auto finance and leasing and
equipment finance portfolios. The increase from the second quarter of
2016 was primarily due to higher net charge-offs and growth in the
leasing and equipment finance portfolio.
|
Deposits |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table 5 |
| | | | | | | | | | | | Percent Change | | | | | | | | | |
(Dollars in thousands)
| | | 3Q | | | 2Q | | | 3Q | | | 3Q16 vs | | | 3Q16 vs | | | YTD | | | YTD | | | Percent |
| | | 2016 |
|
| 2016 |
|
| 2015 |
|
| 2Q16 |
|
| 3Q15 |
|
| 2016 |
|
| 2015 |
|
| Change |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Checking
| | |
$
|
5,673,888
| | | |
$
|
5,727,147
| | | |
$
|
5,405,442
| | | |
(0.9
|
)%
| | |
5.0
|
%
| | |
$
|
5,664,812
| | | |
$
|
5,378,571
| | | |
5.3
|
%
|
Savings
| | | |
4,672,642
| | | | |
4,690,376
| | | | |
4,872,853
| | | |
(0.4
|
)
| | |
(4.1
|
)
| | | |
4,692,189
| | | | |
5,026,475
| | | |
(6.7
|
)
|
Money market
| | | |
2,496,590
| | | | |
2,557,897
| | | | |
2,297,893
| | | |
(2.4
|
)
| | |
8.6
| | | | |
2,509,033
| | | | |
2,236,811
| | | |
12.2
| |
Certificates of deposit
| | |
|
4,304,990
|
|
|
|
|
4,308,367
|
|
|
|
|
3,400,282
|
| | |
(0.1
|
)
| | |
26.6
| | | |
|
4,239,676
|
|
|
|
|
3,187,577
|
| | |
33.0
| |
Total average deposits
| | |
$
|
17,148,110
|
|
|
|
$
|
17,283,787
|
|
|
|
$
|
15,976,470
|
| | |
(0.8
|
)
| | |
7.3
| | | |
$
|
17,105,710
|
|
|
|
$
|
15,829,434
|
| | |
8.1
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Average interest rate on deposits(1) | | | |
0.37
|
%
| | | |
0.37
|
%
| | | |
0.31
|
%
| | | | | | | | | |
0.36
|
%
| | | |
0.29
|
%
| | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
(1) Annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Total average deposits for the third quarter of 2016 increased
$1.2 billion, or 7.3 percent, from the third quarter of 2015,
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 third quarter of 2016
was 0.37 percent, up 6 basis points from the third quarter of 2015,
primarily due to higher average interest rates resulting from
promotions for certificates of deposit.
|
Non-interest Expense |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table 6 |
|
|
| | | | | | | | | | Change | | | | | | | | | |
(Dollars in thousands)
| | | 3Q | | | 2Q | | | 3Q | | | 3Q16 vs | | | 3Q16 vs | | | YTD | | | YTD | | | Percent |
| | | 2016 |
|
| 2016 |
|
| 2015 |
|
| 2Q16 |
|
| 3Q15 |
|
| 2016 |
|
| 2015 |
|
| Change |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Compensation and employee benefits
| | |
$
|
117,155
| | | |
$
|
118,093
| | | |
$
|
116,708
| | | |
(0.8
|
)%
| | |
0.4
|
%
| | |
$
|
359,721
| | | |
$
|
348,682
| | | |
3.2
|
%
|
Occupancy and equipment
| | | |
37,938
| | | | |
36,884
| | | | |
34,159
| | | |
2.9
| | | |
11.1
| | | | |
111,830
| | | | |
107,138
| | | |
4.4
| |
FDIC insurance
| | | |
4,082
| | | | |
3,751
| | | | |
4,832
| | | |
8.8
| | | |
(15.5
|
)
| | | |
11,946
| | | | |
15,089
| | | |
(20.8
|
)
|
Advertising and marketing
| | | |
5,488
| | | | |
5,678
| | | | |
5,793
| | | |
(3.3
|
)
| | |
(5.3
|
)
| | | |
17,053
| | | | |
17,466
| | | |
(2.4
|
)
|
Other
| | |
|
49,851
|
|
|
|
|
49,987
|
|
|
|
|
45,750
|
| | |
(0.3
|
)
| | |
9.0
| | | |
|
143,186
|
|
|
|
|
139,770
|
| | |
2.4
| |
Subtotal
| | | |
214,514
| | | | |
214,393
| | | | |
207,242
| | | |
0.1
| | | |
3.5
| | | | |
643,736
| | | | |
628,145
| | | |
2.5
| |
Operating lease depreciation
| | | |
10,038
| | | | |
9,842
| | | | |
9,485
| | | |
2.0
| | | |
5.8
| | | | |
29,453
| | | | |
25,801
| | | |
14.2
| |
Foreclosed real estate and repossessed assets, net
| | | |
4,243
| | | | |
3,135
| | | | |
5,680
| | | |
35.3
| | | |
(25.3
|
)
| | | |
11,298
| | | | |
18,253
| | | |
(38.1
|
)
|
Other credit costs, net
| | |
|
83
|
|
|
|
|
(54
|
)
|
|
|
|
(123
|
)
| | |
N.M.
| | |
N.M.
| | |
|
41
|
|
|
|
|
(39
|
)
| | |
N.M.
|
Total non-interest expense
| | |
$
|
228,878
|
|
|
|
$
|
227,316
|
|
|
|
$
|
222,284
|
| | |
0.7
| | | |
3.0
| | | |
$
|
684,528
|
|
|
|
$
|
672,160
|
| | |
1.8
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Efficiency ratio
| | | |
69.00
|
%
| | | |
68.69
|
%
| | | |
70.01
|
%
| | |
31
|
bps
| | |
(101
|
) bps
| | | |
69.36
|
%
| | | |
71.43
|
%
| | |
(207
|
) bps
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
N.M. Not Meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Total non-interest expense for the third quarter of 2016 increased
$6.6 million, or 3.0 percent, compared with the third quarter of 2015
and increased $1.6 million, or 0.7 percent compared with the second
quarter of 2016. The increase from the third quarter of 2015 was
primarily due to increases in other non-interest expense and occupancy
and equipment expense, partially offset by a decrease in foreclosed
real estate and repossessed assets, net expense. The increase from the
second quarter of 2016 was primarily due to increases in foreclosed
real estate and repossessed assets, net expense and occupancy and
equipment expense, partially offset by a decrease in compensation and
employee benefits expense.
-
Net expenses related to foreclosed real estate and repossessed assets
decreased $1.4 million, or 25.3 percent, from the third quarter of
2015 and increased $1.1 million, or 35.3 percent, from the second
quarter of 2016. The decrease from the third quarter of 2015 was
primarily due to lower operating costs associated with maintaining
fewer consumer and commercial properties and lower write-downs on
existing foreclosed consumer properties, partially offset by lower
gains on sales of consumer and commercial properties and higher
repossessed asset expense. The increase from the second quarter of
2016 was primarily due to lower gains on sales of consumer and
commercial properties.
|
Capital |
|
| |
|
| |
|
|
|
|
|
|
|
Capital Information |
|
|
|
|
| Table 7 |
|
|
|
|
|
|
|
| | | At Sep. 30, | | | At Dec. 31, |
(Dollars in thousands, except per-share data)
| | | 2016 | | | 2015 |
Total equity
| | |
$
|
2,452,380
| | | |
$
|
2,306,917
| |
Book value per common share
| | | |
12.69
| | | | |
11.94
| |
Tangible book value per common share(1) | | | |
11.36
| | | | |
10.59
| |
Common equity to assets
| | | |
10.29
|
%
| | | |
9.80
|
%
|
Tangible common equity to tangible assets(1) | | | |
9.31
| | | | |
8.79
| |
Capital accumulation rate(2) | | | |
8.93
| | | | |
10.44
| |
| | | | | |
|
| | | At Sep. 30, | | | At Dec. 31, |
Regulatory Capital: | | | 2016(3) | | | 2015 |
Common equity Tier 1 capital
| | |
$
|
1,936,029
| | | |
$
|
1,814,442
| |
Tier 1 capital
| | | |
2,215,312
| | | | |
2,092,195
| |
Total capital
| | | |
2,596,697
| | | | |
2,487,060
| |
| | | | | |
|
Regulatory Capital Ratios: | | | | | | |
Common equity Tier 1 capital ratio
| | | |
10.35
|
%
| | | |
10.00
|
%
|
Tier 1 risk-based capital ratio
| | | |
11.85
| | | | |
11.54
| |
Total risk-based capital ratio
| | | |
13.89
| | | | |
13.71
| |
Tier 1 leverage ratio
| | | |
10.66
| | | | |
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 3Q 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.
-
On October 19, 2016, TCF's Board of Directors declared a regular
quarterly cash dividend of 7.5 cents per common share, payable on
December 1, 2016, to stockholders of record at the close of business
on November 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 December 1, 2016, to stockholders of record at the close of
business on November 15, 2016.
Webcast Information
A live webcast of TCF's conference call to discuss the third quarter
earnings will be hosted at TCF's website, http://ir.tcfbank.com,
on October 21, 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 September 30, 2016, TCF had $21.1 billion in total assets
and 341 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 September 30, |
|
| Change |
| | | 2016 |
|
| 2015 | | | $ |
|
| % |
Interest income: | | | | | | | | | | | | |
Loans and leases
| | |
$
|
210,765
| | | |
$
|
207,250
| | | |
$
|
3,515
| | | |
1.7
|
%
|
Securities available for sale
| | | |
7,126
| | | | |
4,161
| | | | |
2,965
| | | |
71.3
| |
Securities held to maturity
| | | |
1,049
| | | | |
1,361
| | | | |
(312
|
)
| | |
(22.9
|
)
|
Investments and other
| | |
|
13,786
|
| | |
|
10,832
|
| | |
|
2,954
|
| | |
27.3
| |
Total interest income
| | |
|
232,726
|
| | |
|
223,604
|
| | |
|
9,122
|
| | |
4.1
| |
Interest expense: | | | | | | | | | | | | |
Deposits
| | | |
15,851
| | | | |
12,302
| | | | |
3,549
| | | |
28.8
| |
Borrowings
| | |
|
4,857
|
| | |
|
6,032
|
| | |
|
(1,175
|
)
| | |
(19.5
|
)
|
Total interest expense
| | |
|
20,708
|
| | |
|
18,334
|
| | |
|
2,374
|
| | |
12.9
| |
Net interest income
| | | |
212,018
| | | | |
205,270
| | | | |
6,748
| | | |
3.3
| |
Provision for credit losses
| | |
|
13,894
|
| | |
|
10,018
|
| | |
|
3,876
|
| | |
38.7
| |
Net interest income after provision for credit losses
| | |
|
198,124
|
| | |
|
195,252
|
| | |
|
2,872
|
| | |
1.5
| |
Non-interest income: | | | | | | | | | | | | |
Fees and service charges
| | | |
35,093
| | | | |
36,991
| | | | |
(1,898
|
)
| | |
(5.1
|
)
|
Card revenue
| | | |
13,747
| | | | |
13,803
| | | | |
(56
|
)
| | |
(0.4
|
)
|
ATM revenue
| | |
|
5,330
|
| | |
|
5,739
|
| | |
|
(409
|
)
| | |
(7.1
|
)
|
Subtotal
| | | |
54,170
| | | | |
56,533
| | | | |
(2,363
|
)
| | |
(4.2
|
)
|
Gains on sales of auto loans, net
| | | |
11,624
| | | | |
10,423
| | | | |
1,201
| | | |
11.5
| |
Gains on sales of consumer real estate loans, net
| | | |
13,528
| | | | |
7,143
| | | | |
6,385
| | | |
89.4
| |
Servicing fee income
| | |
|
10,393
|
| | |
|
8,049
|
| | |
|
2,344
|
| | |
29.1
| |
Subtotal
| | | |
35,545
| | | | |
25,615
| | | | |
9,930
| | | |
38.8
| |
Leasing and equipment finance
| | | |
28,289
| | | | |
27,165
| | | | |
1,124
| | | |
4.1
| |
Other
| | |
|
2,270
|
| | |
|
3,070
|
| | |
|
(800
|
)
| | |
(26.1
|
)
|
Fees and other revenue
| | | |
120,274
| | | | |
112,383
| | | | |
7,891
| | | |
7.0
| |
Gains (losses) on securities, net
| | |
|
(600
|
)
| | |
|
(131
|
)
| | |
|
(469
|
)
| | |
N.M.
|
Total non-interest income
| | |
|
119,674
|
| | |
|
112,252
|
| | |
|
7,422
|
| | |
6.6
| |
Non-interest expense: | | | | | | | | | | | | |
Compensation and employee benefits
| | | |
117,155
| | | | |
116,708
| | | | |
447
| | | |
0.4
| |
Occupancy and equipment
| | | |
37,938
| | | | |
34,159
| | | | |
3,779
| | | |
11.1
| |
FDIC insurance
| | | |
4,082
| | | | |
4,832
| | | | |
(750
|
)
| | |
(15.5
|
)
|
Advertising and marketing
| | | |
5,488
| | | | |
5,793
| | | | |
(305
|
)
| | |
(5.3
|
)
|
Other
| | |
|
49,851
|
| | |
|
45,750
|
| | |
|
4,101
|
| | |
9.0
| |
Subtotal
| | | |
214,514
| | | | |
207,242
| | | | |
7,272
| | | |
3.5
| |
Operating lease depreciation
| | | |
10,038
| | | | |
9,485
| | | | |
553
| | | |
5.8
| |
Foreclosed real estate and repossessed assets, net
| | | |
4,243
| | | | |
5,680
| | | | |
(1,437
|
)
| | |
(25.3
|
)
|
Other credit costs, net
| | |
|
83
|
| | |
|
(123
|
)
| | |
|
206
|
| | |
N.M.
|
Total non-interest expense
| | |
|
228,878
|
| | |
|
222,284
|
| | |
|
6,594
|
| | |
3.0
| |
Income before income tax expense
| | | |
88,920
| | | | |
85,220
| | | | |
3,700
| | | |
4.3
| |
Income tax expense
| | |
|
30,257
|
| | |
|
30,528
|
| | |
|
(271
|
)
| | |
(0.9
|
)
|
Income after income tax expense
| | | |
58,663
| | | | |
54,692
| | | | |
3,971
| | | |
7.3
| |
Income attributable to non-controlling interest
| | |
|
2,371
|
| | |
|
2,117
|
| | |
|
254
|
| | |
12.0
| |
Net income attributable to TCF Financial Corporation | | |
|
56,292
|
| | |
|
52,575
|
| | |
|
3,717
|
| | |
7.1
| |
Preferred stock dividends
| | |
|
4,847
|
| | |
|
4,847
|
| | |
|
—
|
| | |
—
| |
Net income available to common stockholders | | |
$
|
51,445
|
| | |
$
|
47,728
|
| | |
$
|
3,717
|
| | |
7.8
| |
| | | | | | | | | | | |
|
Net income per common share: | | | | | | | | | | | | |
Basic
| | |
$
|
0.31
| | | |
$
|
0.29
| | | |
$
|
0.02
| | | |
6.9
|
%
|
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
| | | |
167,366
| | | | |
165,990
| | | | |
1,376
| | | |
0.8
|
%
|
Diluted
| | | |
167,968
| | | | |
166,556
| | | | |
1,412
| | | |
0.8
| |
|
N.M. Not Meaningful.
|
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(Dollars in thousands, except per-share data)
|
(Unaudited)
|
|
|
|
| Nine Months Ended September 30, |
|
| Change |
| | | 2016 |
|
| 2015 | | | $ |
|
| % |
Interest income: | | | | | | | | | | | | |
Loans and leases
| | |
$
|
639,698
| | | |
$
|
620,390
| | | |
$
|
19,308
| | | |
3.1
|
%
|
Securities available for sale
| | | |
19,020
| | | | |
10,784
| | | | |
8,236
| | | |
76.4
| |
Securities held to maturity
| | | |
3,484
| | | | |
4,150
| | | | |
(666
|
)
| | |
(16.0
|
)
|
Investments and other
| | |
|
36,870
|
| | |
|
31,155
|
| | |
|
5,715
|
| | |
18.3
| |
Total interest income
| | |
|
699,072
|
| | |
|
666,479
|
| | |
|
32,593
|
| | |
4.9
| |
Interest expense: | | | | | | | | | | | | |
Deposits
| | | |
46,735
| | | | |
34,454
| | | | |
12,281
| | | |
35.6
| |
Borrowings
| | |
|
15,677
|
| | |
|
17,306
|
| | |
|
(1,629
|
)
| | |
(9.4
|
)
|
Total interest expense
| | |
|
62,412
|
| | |
|
51,760
|
| | |
|
10,652
|
| | |
20.6
| |
Net interest income
| | | |
636,660
| | | | |
614,719
| | | | |
21,941
| | | |
3.6
| |
Provision for credit losses
| | |
|
45,986
|
| | |
|
35,337
|
| | |
|
10,649
|
| | |
30.1
| |
Net interest income after provision for credit losses
| | |
|
590,674
|
| | |
|
579,382
|
| | |
|
11,292
|
| | |
1.9
| |
Non-interest income: | | | | | | | | | | | | |
Fees and service charges
| | | |
102,532
| | | | |
107,258
| | | | |
(4,726
|
)
| | |
(4.4
|
)
|
Card revenue
| | | |
41,193
| | | | |
40,606
| | | | |
587
| | | |
1.4
| |
ATM revenue
| | |
|
15,639
|
| | |
|
16,401
|
| | |
|
(762
|
)
| | |
(4.6
|
)
|
Subtotal
| | | |
159,364
| | | | |
164,265
| | | | |
(4,901
|
)
| | |
(3.0
|
)
|
Gains on sales of auto loans, net
| | | |
33,687
| | | | |
27,444
| | | | |
6,243
| | | |
22.7
| |
Gains on sales of consumer real estate loans, net
| | | |
33,751
| | | | |
27,860
| | | | |
5,891
| | | |
21.1
| |
Servicing fee income
| | |
|
28,778
|
| | |
|
22,607
|
| | |
|
6,171
|
| | |
27.3
| |
Subtotal
| | | |
96,216
| | | | |
77,911
| | | | |
18,305
| | | |
23.5
| |
Leasing and equipment finance
| | | |
87,850
| | | | |
75,774
| | | | |
12,076
| | | |
15.9
| |
Other
| | |
|
7,518
|
| | |
|
8,657
|
| | |
|
(1,139
|
)
| | |
(13.2
|
)
|
Fees and other revenue
| | | |
350,948
| | | | |
326,607
| | | | |
24,341
| | | |
7.5
| |
Gains (losses) on securities, net
| | |
|
(716
|
)
| | |
|
(268
|
)
| | |
|
(448
|
)
| | |
(167.2
|
)
|
Total non-interest income
| | |
|
350,232
|
| | |
|
326,339
|
| | |
|
23,893
|
| | |
7.3
| |
Non-interest expense: | | | | | | | | | | | | |
Compensation and employee benefits
| | | |
359,721
| | | | |
348,682
| | | | |
11,039
| | | |
3.2
| |
Occupancy and equipment
| | | |
111,830
| | | | |
107,138
| | | | |
4,692
| | | |
4.4
| |
FDIC insurance
| | | |
11,946
| | | | |
15,089
| | | | |
(3,143
|
)
| | |
(20.8
|
)
|
Advertising and marketing
| | | |
17,053
| | | | |
17,466
| | | | |
(413
|
)
| | |
(2.4
|
)
|
Other
| | |
|
143,186
|
| | |
|
139,770
|
| | |
|
3,416
|
| | |
2.4
| |
Subtotal
| | | |
643,736
| | | | |
628,145
| | | | |
15,591
| | | |
2.5
| |
Operating lease depreciation
| | | |
29,453
| | | | |
25,801
| | | | |
3,652
| | | |
14.2
| |
Foreclosed real estate and repossessed assets, net
| | | |
11,298
| | | | |
18,253
| | | | |
(6,955
|
)
| | |
(38.1
|
)
|
Other credit costs, net
| | |
|
41
|
| | |
|
(39
|
)
| | |
|
80
|
| | |
N.M.
|
Total non-interest expense
| | |
|
684,528
|
| | |
|
672,160
|
| | |
|
12,368
|
| | |
1.8
| |
Income before income tax expense
| | | |
256,378
| | | | |
233,561
| | | | |
22,817
| | | |
9.8
| |
Income tax expense
| | |
|
86,766
|
| | |
|
82,258
|
| | |
|
4,508
|
| | |
5.5
| |
Income after income tax expense
| | | |
169,612
| | | | |
151,303
| | | | |
18,309
| | | |
12.1
| |
Income attributable to non-controlling interest
| | |
|
7,580
|
| | |
|
6,672
|
| | |
|
908
|
| | |
13.6
| |
Net income attributable to TCF Financial Corporation | | |
|
162,032
|
| | |
|
144,631
|
| | |
|
17,401
|
| | |
12.0
| |
Preferred stock dividends
| | |
|
14,541
|
| | |
|
14,541
|
| | |
|
—
|
| | |
—
| |
Net income available to common stockholders | | |
$
|
147,491
|
| | |
$
|
130,090
|
| | |
$
|
17,401
|
| | |
13.4
| |
| | | | | | | | | | | |
|
Net income per common share: | | | | | | | | | | | | |
Basic
| | |
$
|
0.88
| | | |
$
|
0.79
| | | |
$
|
0.09
| | | |
11.4
|
%
|
Diluted
| | | |
0.88
| | | | |
0.78
| | | | |
0.10
| | | |
12.8
| |
| | | | | | | | | | | |
|
Dividends declared per common share | | |
$
|
0.225
| | | |
$
|
0.15
| | | |
$
|
0.075
| | | |
50.0
|
%
|
| | | | | | | | | | | |
|
Average common and common equivalent shares | | | | | | | | | | | | |
outstanding (in thousands): | | | | | | | | | | | | |
Basic
| | | |
167,155
| | | | |
165,479
| | | | |
1,676
| | | |
1.0
|
%
|
Diluted
| | | |
167,708
| | | | |
166,013
| | | | |
1,695
| | | |
1.0
| |
|
N.M. Not Meaningful.
|
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
| Three Months Ended September 30, |
|
| Change |
| | | 2016 |
|
| 2015 | | | $ |
|
| % |
Net income attributable to TCF Financial Corporation | | |
$
|
56,292
|
| | |
$
|
52,575
|
| | |
$
|
3,717
|
| | |
7.1
|
%
|
Other comprehensive income (loss): | | | | | | | | | | | | |
Securities available for sale and interest-only strips:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
(7,624
|
)
| | | |
9,972
| | | | |
(17,596
|
)
| | |
N.M.
|
Reclassification of net (gains) losses to net income
| | | |
425
| | | | |
281
| | | | |
144
| | | |
51.2
| |
Net investment hedges:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
904
| | | | |
2,858
| | | | |
(1,954
|
)
| | |
(68.4
|
)
|
Foreign currency translation adjustment:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
(957
|
)
| | | |
(3,049
|
)
| | | |
2,092
| | | |
68.6
| |
Recognized postretirement prior service cost:
| | | | | | | | | | | | |
Reclassification of net (gains) losses to net income
| | | |
(12
|
)
| | | |
(12
|
)
| | | |
—
| | | |
—
| |
Income tax (expense) benefit
| | |
|
2,396
|
| | |
|
(4,947
|
)
| | |
|
7,343
|
| | |
N.M.
|
Total other comprehensive income (loss)
| | |
|
(4,868
|
)
| | |
|
5,103
|
| | |
|
(9,971
|
)
| | |
N.M.
|
Comprehensive income | | |
$
|
51,424
|
| | |
$
|
57,678
|
| | |
$
|
(6,254
|
)
| | |
(10.8
|
)
|
| | | | | | | | | | | |
|
| | | | | | | | | | | |
|
| | | Nine Months Ended September 30, | | | Change |
| | | 2016 | | | 2015 | | | $ | | | % |
Net income attributable to TCF Financial Corporation | | |
$
|
162,032
|
| | |
$
|
144,631
|
| | |
$
|
17,401
|
| | |
12.0
|
%
|
Other comprehensive income (loss): | | | | | | | | | | | | |
Securities available for sale and interest-only strips:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
32,639
| | | | |
2,971
| | | | |
29,668
| | | |
N.M.
|
Reclassification of net (gains) losses to net income
| | | |
1,448
| | | | |
871
| | | | |
577
| | | |
66.2
| |
Net investment hedges:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
(2,691
|
)
| | | |
5,772
| | | | |
(8,463
|
)
| | |
N.M.
|
Foreign currency translation adjustment:
| | | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
2,791
| | | | |
(6,318
|
)
| | | |
9,109
| | | |
N.M.
|
Recognized postretirement prior service cost:
| | | | | | | | | | | | |
Reclassification of net (gains) losses to net income
| | | |
(35
|
)
| | | |
(35
|
)
| | | |
—
| | | |
—
| |
Income tax (expense) benefit
| | |
|
(11,911
|
)
| | |
|
(3,618
|
)
| | |
|
(8,293
|
)
| | |
N.M.
|
Total other comprehensive income (loss)
| | |
|
22,241
|
| | |
|
(357
|
)
| | |
|
22,598
|
| | |
N.M.
|
Comprehensive income | | |
$
|
184,273
|
| | |
$
|
144,274
|
| | |
$
|
39,999
|
| | |
27.7
| |
|
N.M. Not Meaningful.
|
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
(Dollars in thousands, except per-share data)
|
(Unaudited)
|
|
|
|
| At Sep. 30, |
|
| At Dec. 31, |
|
| Change |
| | | 2016 | | | 2015 | | | $ |
|
| % |
ASSETS: | | | | | | | | | | | | |
Cash and due from banks
| | |
$
|
656,481
| | | |
$
|
889,337
| | | |
$
|
(232,856
|
)
| | |
(26.2
|
)%
|
Investments
| | | |
59,707
| | | | |
70,537
| | | | |
(10,830
|
)
| | |
(15.4
|
)
|
Securities held to maturity
| | | |
185,230
| | | | |
201,920
| | | | |
(16,690
|
)
| | |
(8.3
|
)
|
Securities available for sale
| | | |
1,419,821
| | | | |
888,885
| | | | |
530,936
| | | |
59.7
| |
Loans and leases held for sale
| | | |
386,673
| | | | |
157,625
| | | | |
229,048
| | | |
145.3
| |
Loans and leases:
| | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | |
First mortgage lien
| | | |
2,313,044
| | | | |
2,624,956
| | | | |
(311,912
|
)
| | |
(11.9
|
)
|
Junior lien
| | |
|
2,674,280
|
| | |
|
2,839,316
|
| | |
|
(165,036
|
)
| | |
(5.8
|
)
|
Total consumer real estate
| | | |
4,987,324
| | | | |
5,464,272
| | | | |
(476,948
|
)
| | |
(8.7
|
)
|
Commercial
| | | |
3,150,199
| | | | |
3,145,832
| | | | |
4,367
| | | |
0.1
| |
Leasing and equipment finance
| | | |
4,236,224
| | | | |
4,012,248
| | | | |
223,976
| | | |
5.6
| |
Inventory finance
| | | |
2,261,086
| | | | |
2,146,754
| | | | |
114,332
| | | |
5.3
| |
Auto finance
| | | |
2,731,900
| | | | |
2,647,596
| | | | |
84,304
| | | |
3.2
| |
Other
| | |
|
17,886
|
| | |
|
19,297
|
| | |
|
(1,411
|
)
| | |
(7.3
|
)
|
Total loans and leases
| | | |
17,384,619
| | | | |
17,435,999
| | | | |
(51,380
|
)
| | |
(0.3
|
)
|
Allowance for loan and lease losses
| | |
|
(155,841
|
)
| | |
|
(156,054
|
)
| | |
|
213
|
| | |
0.1
| |
Net loans and leases
| | | |
17,228,778
| | | | |
17,279,945
| | | | |
(51,167
|
)
| | |
(0.3
|
)
|
Premises and equipment, net
| | | |
424,456
| | | | |
445,934
| | | | |
(21,478
|
)
| | |
(4.8
|
)
|
Goodwill
| | | |
225,640
| | | | |
225,640
| | | | |
—
| | | |
—
| |
Other assets
| | |
|
497,370
|
| | |
|
529,786
|
| | |
|
(32,416
|
)
| | |
(6.1
|
)
|
Total assets
| | |
$
|
21,084,156
|
| | |
$
|
20,689,609
|
| | |
$
|
394,547
|
| | |
1.9
| |
| | | | | | | | | | | |
|
LIABILITIES AND EQUITY: | | | | | | | | | | | | |
Deposits:
| | | | | | | | | | | | |
Checking
| | |
$
|
5,830,057
| | | |
$
|
5,690,559
| | | |
$
|
139,498
| | | |
2.5
|
%
|
Savings
| | | |
4,670,281
| | | | |
4,717,457
| | | | |
(47,176
|
)
| | |
(1.0
|
)
|
Money market
| | | |
2,450,576
| | | | |
2,408,180
| | | | |
42,396
| | | |
1.8
| |
Certificates of deposit
| | |
|
4,283,292
|
| | |
|
3,903,793
|
| | |
|
379,499
|
| | |
9.7
| |
Total deposits
| | |
|
17,234,206
|
| | |
|
16,719,989
|
| | |
|
514,217
|
| | |
3.1
| |
Short-term borrowings
| | | |
1,514
| | | | |
5,381
| | | | |
(3,867
|
)
| | |
(71.9
|
)
|
Long-term borrowings
| | |
|
713,996
|
| | |
|
1,034,557
|
| | |
|
(320,561
|
)
| | |
(31.0
|
)
|
Total borrowings
| | | |
715,510
| | | | |
1,039,938
| | | | |
(324,428
|
)
| | |
(31.2
|
)
|
Accrued expenses and other liabilities
| | |
|
682,060
|
| | |
|
622,765
|
| | |
|
59,295
|
| | |
9.5
| |
Total liabilities
| | |
|
18,631,776
|
| | |
|
18,382,692
|
| | |
|
249,084
|
| | |
1.4
| |
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; 170,993,800 and 169,887,030 shares issued, respectively
| | | |
1,710
| | | | |
1,699
| | | | |
11
| | | |
0.6
| |
Additional paid-in capital
| | | |
860,487
| | | | |
851,836
| | | | |
8,651
| | | |
1.0
| |
Retained earnings, subject to certain restrictions
| | | |
1,350,215
| | | | |
1,240,347
| | | | |
109,868
| | | |
8.9
| |
Accumulated other comprehensive income (loss)
| | | |
6,895
| | | | |
(15,346
|
)
| | | |
22,241
| | | |
N.M.
|
Treasury stock at cost, 42,566 shares, and other
| | |
|
(49,093
|
)
| | |
|
(50,860
|
)
| | |
|
1,767
|
| | |
3.5
| |
Total TCF Financial Corporation stockholders' equity
| | | |
2,433,454
| | | | |
2,290,916
| | | | |
142,538
| | | |
6.2
| |
Non-controlling interest in subsidiaries
| | |
|
18,926
|
| | |
|
16,001
|
| | |
|
2,925
|
| | |
18.3
| |
Total equity
| | |
|
2,452,380
|
| | |
|
2,306,917
|
| | |
|
145,463
|
| | |
6.3
| |
Total liabilities and equity
| | |
$
|
21,084,156
|
| | |
$
|
20,689,609
|
| | |
$
|
394,547
|
| | |
1.9
| |
|
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 | |
| | | Sep. 30, | | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, | | | Jun. 30, | |
| Sep. 30, | |
| | | 2016 | | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2016 | | | 2015 | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | | | | | |
First mortgage lien
| | |
0.33
|
%
| | |
0.34
|
%
| | |
0.38
|
%
| | |
0.46
|
%
| | |
0.36
|
%
| | |
(1
|
)
|
bps
| |
(3
|
)
|
bps
|
Junior lien
| | |
0.03
| | | |
0.03
| | | |
0.05
| | | |
0.05
| | | |
0.08
| | | |
—
| | | |
(5
|
)
| |
Total consumer real estate
| | |
0.16
| | | |
0.17
| | | |
0.20
| | | |
0.23
| | | |
0.21
| | | |
(1
|
)
| | |
(5
|
)
| |
Commercial
| | |
0.01
| | | |
0.11
| | | |
—
| | | |
—
| | | |
0.25
| | | |
(10
|
)
| | |
(24
|
)
| |
Leasing and equipment finance
| | |
0.14
| | | |
0.13
| | | |
0.12
| | | |
0.06
| | | |
0.19
| | | |
1
| | | |
(5
|
)
| |
Inventory finance
| | |
0.01
| | | |
—
| | | |
—
| | | |
0.01
| | | |
0.01
| | | |
1
| | | |
—
| | |
Auto finance
| | |
0.20
| | | |
0.13
| | | |
0.09
| | | |
0.14
| | | |
0.11
| | | |
7
| | | |
9
| | |
Other
| | |
0.06
| | | |
0.40
| | | |
0.16
| | | |
0.13
| | | |
0.17
| | | |
(34
|
)
| | |
(11
|
)
| |
Subtotal
| | |
0.11
| | | |
0.12
| | | |
0.10
| | | |
0.11
| | | |
0.17
| | | |
(1
|
)
| | |
(6
|
)
| |
Acquired portfolios
| | |
0.48
| | | |
0.41
| | | |
0.41
| | | |
0.41
| | | |
0.37
| | | |
7
| | | |
11
| | |
Total delinquencies
| | |
0.12
| | | |
0.12
| | | |
0.10
| | | |
0.11
| | | |
0.17
| | | |
—
| | | |
(5
|
)
| |
|
(1) Excludes non-accrual loans and leases.
|
|
Net Charge-Offs as a Percentage of
Average Loans and Leases |
|
|
|
| Quarter Ended(1) |
|
| Change from | |
| | | Sep. 30, |
|
| Jun. 30, |
|
| Mar. 31, |
|
| Dec. 31, |
|
| Sep. 30, | | | Jun. 30, | |
| Sep. 30, | |
| | | 2016 | | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2016 | | | 2015 | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | | | | | |
First mortgage lien
| | |
0.34
|
%
| | |
0.35
|
%
| | |
0.55
|
%
| | |
0.54
|
%
| | |
0.53
|
%
| | |
(1
|
)
|
bps
| |
(19
|
)
|
bps
|
Junior lien
| | |
0.04
| | | |
0.05
| | | |
0.17
| | | |
0.17
| | | |
0.11
| | | |
(1
|
)
| | |
(7
|
)
| |
Total consumer real estate
| | |
0.17
| | | |
0.19
| | | |
0.35
| | | |
0.34
| | | |
0.32
| | | |
(2
|
)
| | |
(15
|
)
| |
Commercial
| | |
(0.01
|
)
| | |
0.08
| | | |
(0.02
|
)
| | |
0.05
| | | |
—
| | | |
(9
|
)
| | |
(1
|
)
| |
Leasing and equipment finance
| | |
0.18
| | | |
0.11
| | | |
0.13
| | | |
0.16
| | | |
0.09
| | | |
7
| | | |
9
| | |
Inventory finance
| | |
0.10
| | | |
0.09
| | | |
0.04
| | | |
0.05
| | | |
0.03
| | | |
1
| | | |
7
| | |
Auto finance
| | |
0.86
| | | |
0.69
| | | |
0.81
| | | |
0.75
| | | |
0.62
| | | |
17
| | | |
24
| | |
Other
| | |
N.M.
| | |
N.M.
| | |
N.M.
| | |
N.M.
| | |
N.M.
| | |
N.M.
| | |
N.M.
| |
Total
| | |
0.26
| | | |
0.23
| | | |
0.27
| | | |
0.29
| | | |
0.23
| | | |
3
| | | |
3
| | |
|
N.M. Not Meaningful.
|
(1) Annualized.
|
|
Non-Accrual Loans and Leases Rollforward |
|
|
|
| Quarter Ended |
|
| Change from |
| | | Sep. 30, |
|
| Jun. 30, |
|
| Mar. 31, |
|
| Dec. 31, |
|
| Sep. 30, | | | Jun. 30, |
|
| Sep. 30, |
| | | 2016 | | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2016 | | | 2015 |
Balance, beginning of period
| | |
$
|
195,542
| | | |
$
|
198,649
| | | |
$
|
200,466
| | | |
$
|
206,110
| | | |
$
|
205,710
| | | |
$
|
(3,107
|
)
| | |
$
|
(10,168
|
)
|
Additions
| | | |
28,697
| | | | |
35,280
| | | | |
38,029
| | | | |
44,387
| | | | |
48,505
| | | | |
(6,583
|
)
| | | |
(19,808
|
)
|
Charge-offs
| | | |
(5,670
|
)
| | | |
(5,475
|
)
| | | |
(7,436
|
)
| | | |
(9,002
|
)
| | | |
(7,055
|
)
| | | |
(195
|
)
| | | |
1,385
| |
Transfers to other assets
| | | |
(11,687
|
)
| | | |
(10,310
|
)
| | | |
(12,342
|
)
| | | |
(13,612
|
)
| | | |
(16,400
|
)
| | | |
(1,377
|
)
| | | |
4,713
| |
Return to accrual status
| | | |
(5,447
|
)
| | | |
(6,687
|
)
| | | |
(7,698
|
)
| | | |
(9,282
|
)
| | | |
(10,190
|
)
| | | |
1,240
| | | | |
4,743
| |
Payments received
| | | |
(13,845
|
)
| | | |
(17,774
|
)
| | | |
(15,551
|
)
| | | |
(20,103
|
)
| | | |
(14,721
|
)
| | | |
3,929
| | | | |
876
| |
Sales
| | | |
—
| | | | |
(900
|
)
| | | |
—
| | | | |
(775
|
)
| | | |
(705
|
)
| | | |
900
| | | | |
705
| |
Other, net
| | |
|
2,457
|
| | |
|
2,759
|
| | |
|
3,181
|
| | |
|
2,743
|
| | |
|
966
|
| | |
|
(302
|
)
| | |
|
1,491
|
|
Balance, end of period
| | |
$
|
190,047
|
| | |
$
|
195,542
|
| | |
$
|
198,649
|
| | |
$
|
200,466
|
| | |
$
|
206,110
|
| | |
$
|
(5,495
|
)
| | |
$
|
(16,063
|
)
|
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
SUMMARY OF CREDIT QUALITY DATA, CONTINUED |
(Dollars in thousands)
|
(Unaudited)
|
|
Other Real Estate Owned Rollforward |
|
|
|
| Quarter Ended |
|
| Change from |
| | | Sep. 30, |
|
| Jun. 30, |
|
| Mar. 31, |
|
| Dec. 31, |
|
| Sep. 30, | | | Jun. 30, |
|
| Sep. 30, |
| | | 2016 | | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2016 | | | 2015 |
Balance, beginning of period
| | |
$
|
36,792
| | | |
$
|
42,441
| | | |
$
|
49,982
| | | |
$
|
58,584
| | | |
$
|
58,007
| | | |
$
|
(5,649
|
)
| | |
$
|
(21,215
|
)
|
Transferred in
| | | |
10,124
| | | | |
9,661
| | | | |
10,575
| | | | |
12,626
| | | | |
15,087
| | | | |
463
| | | | |
(4,963
|
)
|
Sales
| | | |
(12,997
|
)
| | | |
(16,058
|
)
| | | |
(18,885
|
)
| | | |
(19,174
|
)
| | | |
(13,442
|
)
| | | |
3,061
| | | | |
445
| |
Writedowns
| | | |
(1,984
|
)
| | | |
(2,027
|
)
| | | |
(2,744
|
)
| | | |
(2,130
|
)
| | | |
(2,868
|
)
| | | |
43
| | | | |
884
| |
Other, net
| | |
|
1,777
|
| | |
|
2,775
|
| | |
|
3,513
|
| | |
|
76
|
| | |
|
1,800
|
| | |
|
(998
|
)
| | |
|
(23
|
)
|
Balance, end of period
| | |
$
|
33,712
|
| | |
$
|
36,792
|
| | |
$
|
42,441
|
| | |
$
|
49,982
|
| | |
$
|
58,584
|
| | |
$
|
(3,080
|
)
| | |
$
|
(24,872
|
)
|
|
Allowance for Loan and Lease Losses |
|
|
|
| At |
|
| At |
|
| At |
|
| At |
|
| At |
| | | Sep. 30, | | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, |
| | | 2016 | | | 2016 | | | 2016 | | | 2015 | | | 2015 |
| | | |
|
| % of | | | |
|
| % of | | | |
|
| % of | | | |
|
| % of | | | |
|
| % of |
| | | Balance | | | Portfolio | | | Balance | | | Portfolio | | | Balance | | | Portfolio | | | Balance | | | Portfolio | | | Balance | | | Portfolio |
Consumer real estate
| | |
$
|
62,092
| | | |
1.24
|
%
| | |
$
|
64,765
| | | |
1.27
|
%
| | |
$
|
66,728
| | | |
1.27
|
%
| | |
$
|
67,992
| | | |
1.24
|
%
| | |
$
|
70,329
| | | |
1.25
|
%
|
Commercial
| | | |
31,648
| | | |
1.00
| | | | |
31,161
| | | |
1.01
| | | | |
31,547
| | | |
1.01
| | | | |
30,185
| | | |
0.96
| | | | |
30,006
| | | |
0.96
| |
Leasing and equipment finance
| | | |
20,649
| | | |
0.49
| | | | |
20,124
| | | |
0.49
| | | | |
19,454
| | | |
0.49
| | | | |
19,018
| | | |
0.47
| | | | |
18,177
| | | |
0.47
| |
Inventory finance
| | | |
11,807
| | | |
0.52
| | | | |
12,084
| | | |
0.52
| | | | |
13,306
| | | |
0.50
| | | | |
11,128
| | | |
0.52
| | | | |
11,121
| | | |
0.52
| |
Auto finance
| | | |
29,115
| | | |
1.07
| | | | |
29,772
| | | |
1.06
| | | | |
28,535
| | | |
1.02
| | | | |
26,486
| | | |
1.00
| | | | |
23,722
| | | |
0.98
| |
Other
| | |
|
530
|
| | |
2.96
| | | |
|
666
|
| | |
3.19
| | | |
|
504
|
| | |
2.66
| | | |
|
1,245
|
| | |
6.45
| | | |
|
607
|
| | |
2.94
| |
Total
| | |
$
|
155,841
|
| | |
0.90
| | | |
$
|
158,572
|
| | |
0.91
| | | |
$
|
160,074
|
| | |
0.90
| | | |
$
|
156,054
|
| | |
0.90
| | | |
$
|
153,962
|
| | |
0.90
| |
|
|
Changes in Allowance for Loan and Lease
Losses |
|
|
|
| Quarter Ended |
|
| Change from |
| | | Sep. 30, |
|
| Jun. 30, |
|
| Mar. 31, |
|
| Dec. 31, |
|
| Sep. 30, | | | Jun. 30, |
|
| Sep. 30, |
| | | 2016 | | | 2016 | | | 2016 | | | 2015 | | | 2015 | | | 2016 | | | 2015 |
Balance, beginning of period
| | |
$
|
158,572
| | | |
$
|
160,074
| | | |
$
|
156,054
| | | |
$
|
153,962
| | | |
$
|
156,115
| | | |
$
|
(1,502
|
)
| | |
$
|
2,457
| |
Charge-offs
| | | |
(16,244
|
)
| | | |
(14,723
|
)
| | | |
(16,667
|
)
| | | |
(18,101
|
)
| | | |
(15,338
|
)
| | | |
(1,521
|
)
| | | |
(906
|
)
|
Recoveries
| | |
|
4,779
|
| | |
|
4,592
|
| | |
|
4,761
|
| | |
|
5,523
|
| | |
|
5,397
|
| | |
|
187
|
| | |
|
(618
|
)
|
Net (charge-offs) recoveries
| | | |
(11,465
|
)
| | | |
(10,131
|
)
| | | |
(11,906
|
)
| | | |
(12,578
|
)
| | | |
(9,941
|
)
| | | |
(1,334
|
)
| | | |
(1,524
|
)
|
Provision for credit losses
| | | |
13,894
| | | | |
13,250
| | | | |
18,842
| | | | |
17,607
| | | | |
10,018
| | | | |
644
| | | | |
3,876
| |
Other
| | |
|
(5,160
|
)
| | |
|
(4,621
|
)
| | |
|
(2,916
|
)
| | |
|
(2,937
|
)
| | |
|
(2,230
|
)
| | |
|
(539
|
)
| | |
|
(2,930
|
)
|
Balance, end of period
| | |
$
|
155,841
|
| | |
$
|
158,572
|
| | |
$
|
160,074
|
| | |
$
|
156,054
|
| | |
$
|
153,962
|
| | |
$
|
(2,731
|
)
| | |
$
|
1,879
|
|
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES |
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
| Three Months Ended September 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
| | |
$
|
331,107
| | | |
$
|
2,380
| | | |
2.86
|
%
| | |
$
|
463,312
| | | |
$
|
2,937
| | | |
2.52
|
%
|
Securities held to maturity
| | | |
187,414
| | | | |
1,049
| | | |
2.24
| | | | |
205,264
| | | | |
1,361
| | | |
2.65
| |
Securities available for sale:(3) | | | | | | | | | | | | | | | | | | |
Taxable
| | | |
747,890
| | | | |
4,167
| | | |
2.23
| | | | |
601,889
| | | | |
3,658
| | | |
2.43
| |
Tax-exempt(4) | | | |
570,013
| | | | |
4,553
| | | |
3.19
| | | | |
92,484
| | | | |
774
| | | |
3.35
| |
Loans and leases held for sale
| | | |
558,649
| | | | |
11,406
| | | |
8.12
| | | | |
348,215
| | | | |
7,895
| | | |
9.00
| |
Loans and leases:(5) | | | | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | |
Fixed-rate
| | | |
2,216,945
| | | | |
32,041
| | | |
5.75
| | | | |
2,637,875
| | | | |
37,988
| | | |
5.72
| |
Variable-rate
| | |
|
2,918,631
|
| | |
|
38,796
|
| | |
5.29
| | | |
|
2,968,507
|
| | |
|
38,287
|
| | |
5.12
| |
Total consumer real estate
| | | |
5,135,576
| | | | |
70,837
| | | |
5.49
| | | | |
5,606,382
| | | | |
76,275
| | | |
5.40
| |
Commercial:
| | | | | | | | | | | | | | | | | | |
Fixed-rate
| | | |
944,347
| | | | |
11,675
| | | |
4.92
| | | | |
1,137,744
| | | | |
14,484
| | | |
5.05
| |
Variable- and adjustable-rate
| | |
|
2,147,768
|
| | |
|
21,121
|
| | |
3.91
| | | |
|
1,980,280
|
| | |
|
18,958
|
| | |
3.80
| |
Total commercial
| | | |
3,092,115
| | | | |
32,796
| | | |
4.22
| | | | |
3,118,024
| | | | |
33,442
| | | |
4.26
| |
Leasing and equipment finance
| | | |
4,147,488
| | | | |
46,422
| | | |
4.48
| | | | |
3,821,590
| | | | |
43,863
| | | |
4.59
| |
Inventory finance
| | | |
2,272,409
| | | | |
34,665
| | | |
6.07
| | | | |
2,036,054
| | | | |
29,915
| | | |
5.83
| |
Auto finance
| | | |
2,670,272
| | | | |
27,251
| | | |
4.06
| | | | |
2,361,057
| | | | |
24,557
| | | |
4.13
| |
Other
| | |
|
9,252
|
| | |
|
136
|
| | |
5.85
| | | |
|
9,833
|
| | |
|
157
|
| | |
6.31
| |
Total loans and leases
| | |
|
17,327,112
|
| | |
|
212,107
|
| | |
4.88
| | | |
|
16,952,940
|
| | |
|
208,209
|
| | |
4.88
| |
Total interest-earning assets
| | | |
19,722,185
| | | | |
235,662
| | | |
4.76
| | | | |
18,664,104
| | | | |
224,834
| | | |
4.79
| |
Other assets(6) | | |
|
1,303,670
|
| | | | | | | | |
|
1,217,396
|
| | | | | | |
Total assets
| | |
$
|
21,025,855
|
| | | | | | | | |
$
|
19,881,500
|
| | | | | | |
LIABILITIES AND EQUITY: | | | | | | | | | | | | | | | | | | |
Non-interest bearing deposits:
| | | | | | | | | | | | | | | | | | |
Retail
| | |
$
|
1,771,840
| | | | | | | | | |
$
|
1,649,995
| | | | | | | |
Small business
| | | |
894,761
| | | | | | | | | | |
852,211
| | | | | | | |
Commercial and custodial
| | |
|
583,430
|
| | | | | | | | |
|
516,461
|
| | | | | | |
Total non-interest bearing deposits
| | | |
3,250,031
| | | | | | | | | | |
3,018,667
| | | | | | | |
Interest-bearing deposits:
| | | | | | | | | | | | | | | | | | |
Checking
| | | |
2,434,934
| | | | |
88
| | | |
0.01
| | | | |
2,399,119
| | | | |
135
| | | |
0.02
| |
Savings
| | | |
4,661,565
| | | | |
399
| | | |
0.03
| | | | |
4,860,509
| | | | |
638
| | | |
0.05
| |
Money market
| | | |
2,496,590
| | | | |
3,823
| | | |
0.61
| | | | |
2,297,893
| | | | |
3,571
| | | |
0.62
| |
Certificates of deposit
| | |
|
4,304,990
|
| | |
|
11,541
|
| | |
1.07
| | | |
|
3,400,282
|
| | |
|
7,958
|
| | |
0.93
| |
Total interest-bearing deposits
| | |
|
13,898,079
|
| | |
|
15,851
|
| | |
0.45
| | | |
|
12,957,803
|
| | |
|
12,302
|
| | |
0.38
| |
Total deposits
| | |
|
17,148,110
|
| | |
|
15,851
|
| | |
0.37
| | | |
|
15,976,470
|
| | |
|
12,302
|
| | |
0.31
| |
Borrowings:
| | | | | | | | | | | | | | | | | | |
Short-term borrowings
| | | |
8,485
| | | | |
19
| | | |
0.86
| | | | |
30,326
| | | | |
17
| | | |
0.22
| |
Long-term borrowings
| | |
|
729,737
|
| | |
|
4,838
|
| | |
2.65
| | | |
|
1,057,903
|
| | |
|
6,015
|
| | |
2.27
| |
Total borrowings
| | |
|
738,222
|
| | |
|
4,857
|
| | |
2.63
| | | |
|
1,088,229
|
| | |
|
6,032
|
| | |
2.21
| |
Total interest-bearing liabilities
| | |
|
14,636,301
|
| | |
|
20,708
|
| | |
0.56
| | | |
|
14,046,032
|
| | |
|
18,334
|
| | |
0.52
| |
Total deposits and borrowings
| | | |
17,886,332
| | | | |
20,708
| | | |
0.46
| | | | |
17,064,699
| | | | |
18,334
| | | |
0.43
| |
Other liabilities
| | |
|
708,048
|
| | | | | | | | |
|
578,718
|
| | | | | | |
Total liabilities
| | |
|
18,594,380
|
| | | | | | | | |
|
17,643,417
|
| | | | | | |
Total TCF Financial Corp. stockholders' equity
| | | |
2,409,312
| | | | | | | | | | |
2,218,614
| | | | | | | |
Non-controlling interest in subsidiaries
| | |
|
22,163
|
| | | | | | | | |
|
19,469
|
| | | | | | |
Total equity
| | |
|
2,431,475
|
| | | | | | | | |
|
2,238,083
|
| | | | | | |
Total liabilities and equity
| | |
$
|
21,025,855
|
| | | | | | | | |
$
|
19,881,500
|
| | | | | | |
Net interest income and margin | | | | | |
$
|
214,954
|
| | |
4.34
| | | | | | |
$
|
206,500
|
| | |
4.40
| |
|
(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 $138.2 million and $107.5 million for the third
quarters of 2016 and 2015, respectively.
|
| | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES |
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
| Nine Months Ended September 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
| | |
$
|
334,210
| | | |
$
|
6,992
| | | |
2.79
|
%
| | |
$
|
559,443
| | | |
$
|
9,650
| | | |
2.31
|
%
|
Securities held to maturity
| | | |
193,780
| | | | |
3,484
| | | |
2.40
| | | | |
208,891
| | | | |
4,150
| | | |
2.65
| |
Securities available for sale:(3) | | | | | | | | | | | | | | | | | | |
Taxable
| | | |
695,721
| | | | |
11,838
| | | |
2.27
| | | | |
548,161
| | | | |
10,239
| | | |
2.49
| |
Tax-exempt(4) | | | |
457,308
| | | | |
11,049
| | | |
3.22
| | | | |
33,640
| | | | |
839
| | | |
3.33
| |
Loans and leases held for sale
| | | |
475,017
| | | | |
29,878
| | | |
8.40
| | | | |
322,022
| | | | |
21,505
| | | |
8.93
| |
Loans and leases:(5) | | | | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | |
Fixed-rate
| | | |
2,324,648
| | | | |
100,386
| | | |
5.77
| | | | |
2,774,523
| | | | |
121,044
| | | |
5.83
| |
Variable-rate
| | |
|
2,959,168
|
| | |
|
117,625
|
| | |
5.31
| | | |
|
2,853,636
|
| | |
|
109,476
|
| | |
5.13
| |
Total consumer real estate
| | | |
5,283,816
| | | | |
218,011
| | | |
5.51
| | | | |
5,628,159
| | | | |
230,520
| | | |
5.48
| |
Commercial:
| | | | | | | | | | | | | | | | | | |
Fixed-rate
| | | |
979,913
| | | | |
36,233
| | | |
4.94
| | | | |
1,201,022
| | | | |
45,168
| | | |
5.03
| |
Variable- and adjustable-rate
| | |
|
2,140,039
|
| | |
|
63,601
|
| | |
3.97
| | | |
|
1,938,947
|
| | |
|
55,972
|
| | |
3.86
| |
Total commercial
| | | |
3,119,952
| | | | |
99,834
| | | |
4.27
| | | | |
3,139,969
| | | | |
101,140
| | | |
4.31
| |
Leasing and equipment finance
| | | |
4,057,755
| | | | |
135,900
| | | |
4.47
| | | | |
3,767,954
| | | | |
131,086
| | | |
4.64
| |
Inventory finance
| | | |
2,422,979
| | | | |
105,633
| | | |
5.82
| | | | |
2,145,535
| | | | |
91,671
| | | |
5.71
| |
Auto finance
| | | |
2,708,470
| | | | |
83,748
| | | |
4.13
| | | | |
2,198,983
| | | | |
68,041
| | | |
4.14
| |
Other
| | |
|
9,617
|
| | |
|
413
|
| | |
5.75
| | | |
|
10,721
|
| | |
|
555
|
| | |
6.92
| |
Total loans and leases
| | |
|
17,602,589
|
| | |
|
643,539
|
| | |
4.88
| | | |
|
16,891,321
|
| | |
|
623,013
|
| | |
4.93
| |
Total interest-earning assets
| | | |
19,758,625
| | | | |
706,780
| | | |
4.78
| | | | |
18,563,478
| | | | |
669,396
| | | |
4.82
| |
Other assets(6) | | |
|
1,295,913
|
| | | | | | | | |
|
1,220,205
|
| | | | | | |
Total assets
| | |
$
|
21,054,538
|
| | | | | | | | |
$
|
19,783,683
|
| | | | | | |
LIABILITIES AND EQUITY: | | | | | | | | | | | | | | | | | | |
Non-interest bearing deposits:
| | | | | | | | | | | | | | | | | | |
Retail
| | |
$
|
1,780,397
| | | | | | | | | |
$
|
1,665,489
| | | | | | | |
Small business
| | | |
870,024
| | | | | | | | | | |
826,581
| | | | | | | |
Commercial and custodial
| | |
|
575,513
|
| | | | | | | | |
|
501,297
|
| | | | | | |
Total non-interest bearing deposits
| | | |
3,225,934
| | | | | | | | | | |
2,993,367
| | | | | | | |
Interest-bearing deposits:
| | | | | | | | | | | | | | | | | | |
Checking
| | | |
2,451,330
| | | | |
261
| | | |
0.01
| | | | |
2,400,338
| | | | |
423
| | | |
0.02
| |
Savings
| | | |
4,679,737
| | | | |
1,081
| | | |
0.03
| | | | |
5,011,341
| | | | |
2,539
| | | |
0.07
| |
Money market
| | | |
2,509,033
| | | | |
11,663
| | | |
0.62
| | | | |
2,236,811
| | | | |
10,588
| | | |
0.63
| |
Certificates of deposit
| | |
|
4,239,676
|
| | |
|
33,730
|
| | |
1.06
| | | |
|
3,187,577
|
| | |
|
20,904
|
| | |
0.88
| |
Total interest-bearing deposits
| | |
|
13,879,776
|
| | |
|
46,735
|
| | |
0.45
| | | |
|
12,836,067
|
| | |
|
34,454
|
| | |
0.36
| |
Total deposits
| | |
|
17,105,710
|
| | |
|
46,735
|
| | |
0.36
| | | |
|
15,829,434
|
| | |
|
34,454
|
| | |
0.29
| |
Borrowings:
| | | | | | | | | | | | | | | | | | |
Short-term borrowings
| | | |
7,718
| | | | |
42
| | | |
0.72
| | | | |
15,606
| | | | |
47
| | | |
0.40
| |
Long-term borrowings
| | |
|
877,123
|
| | |
|
15,635
|
| | |
2.38
| | | |
|
1,156,104
|
| | |
|
17,259
|
| | |
1.99
| |
Total borrowings
| | |
|
884,841
|
| | |
|
15,677
|
| | |
2.36
| | | |
|
1,171,710
|
| | |
|
17,306
|
| | |
1.97
| |
Total interest-bearing liabilities
| | |
|
14,764,617
|
| | |
|
62,412
|
| | |
0.56
| | | |
|
14,007,777
|
| | |
|
51,760
|
| | |
0.49
| |
Total deposits and borrowings
| | | |
17,990,551
| | | | |
62,412
| | | |
0.46
| | | | |
17,001,144
| | | | |
51,760
| | | |
0.41
| |
Other liabilities
| | |
|
683,198
|
| | | | | | | | |
|
587,168
|
| | | | | | |
Total liabilities
| | |
|
18,673,749
|
| | | | | | | | |
|
17,588,312
|
| | | | | | |
Total TCF Financial Corp. stockholders' equity
| | | |
2,358,387
| | | | | | | | | | |
2,175,676
| | | | | | | |
Non-controlling interest in subsidiaries
| | |
|
22,402
|
| | | | | | | | |
|
19,695
|
| | | | | | |
Total equity
| | |
|
2,380,789
|
| | | | | | | | |
|
2,195,371
|
| | | | | | |
Total liabilities and equity
| | |
$
|
21,054,538
|
| | | | | | | | |
$
|
19,783,683
|
| | | | | | |
Net interest income and margin | | | | | |
$
|
644,368
|
| | |
4.35
| | | | | | |
$
|
617,636
|
| | |
4.45
| |
|
(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 $134.6 million and $97.5 million for the nine
months ended September 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 |
| | | Sep. 30, |
|
| Jun. 30, |
|
| Mar. 31, |
|
| Dec. 31, |
|
| Sep. 30, |
| | | 2016 | | | 2016 | | | 2016 | | | 2015 | | | 2015 |
Interest income: | | | | | | | | | | | | | | | |
Loans and leases
| | |
$
|
210,765
| | | |
$
|
214,128
| | | |
$
|
214,805
| | | |
$
|
212,346
| | | |
$
|
207,250
| |
Securities available for sale
| | | |
7,126
| | | | |
6,396
| | | | |
5,498
| | | | |
4,864
| | | | |
4,161
| |
Securities held to maturity
| | | |
1,049
| | | | |
1,116
| | | | |
1,319
| | | | |
1,336
| | | | |
1,361
| |
Investments and other
| | |
|
13,786
|
| | |
|
12,364
|
| | |
|
10,720
|
| | |
|
6,905
|
| | |
|
10,832
|
|
Total interest income
| | |
|
232,726
|
| | |
|
234,004
|
| | |
|
232,342
|
| | |
|
225,451
|
| | |
|
223,604
|
|
Interest expense: | | | | | | | | | | | | | | | |
Deposits
| | | |
15,851
| | | | |
15,893
| | | | |
14,991
| | | | |
13,772
| | | | |
12,302
| |
Borrowings
| | |
|
4,857
|
| | |
|
5,127
|
| | |
|
5,693
|
| | |
|
6,010
|
| | |
|
6,032
|
|
Total interest expense
| | |
|
20,708
|
| | |
|
21,020
|
| | |
|
20,684
|
| | |
|
19,782
|
| | |
|
18,334
|
|
Net interest income
| | | |
212,018
| | | | |
212,984
| | | | |
211,658
| | | | |
205,669
| | | | |
205,270
| |
Provision for credit losses
| | |
|
13,894
|
| | |
|
13,250
|
| | |
|
18,842
|
| | |
|
17,607
|
| | |
|
10,018
|
|
Net interest income after provision for credit losses
| | |
|
198,124
|
| | |
|
199,734
|
| | |
|
192,816
|
| | |
|
188,062
|
| | |
|
195,252
|
|
Non-interest income: | | | | | | | | | | | | | | | |
Fees and service charges
| | | |
35,093
| | | | |
34,622
| | | | |
32,817
| | | | |
37,741
| | | | |
36,991
| |
Card revenue
| | | |
13,747
| | | | |
14,083
| | | | |
13,363
| | | | |
13,781
| | | | |
13,803
| |
ATM revenue
| | |
|
5,330
|
| | |
|
5,288
|
| | |
|
5,021
|
| | |
|
5,143
|
| | |
|
5,739
|
|
Subtotal
| | | |
54,170
| | | | |
53,993
| | | | |
51,201
| | | | |
56,665
| | | | |
56,533
| |
Gains on sales of auto loans, net
| | | |
11,624
| | | | |
10,143
| | | | |
11,920
| | | | |
3,136
| | | | |
10,423
| |
Gains on sales of consumer real estate loans, net
| | | |
13,528
| | | | |
10,839
| | | | |
9,384
| | | | |
13,104
| | | | |
7,143
| |
Servicing fee income
| | |
|
10,393
|
|
|
|
|
9,502
|
|
|
|
|
8,883
|
|
|
|
|
8,622
|
|
|
|
|
8,049
|
|
Subtotal
| | | |
35,545
| | | | |
30,484
| | | | |
30,187
| | | | |
24,862
| | | | |
25,615
| |
Leasing and equipment finance
| | | |
28,289
| | | | |
31,074
| | | | |
28,487
| | | | |
32,355
| | | | |
27,165
| |
Other
| | |
|
2,270
|
| | |
|
2,405
|
| | |
|
2,843
|
| | |
|
1,806
|
| | |
|
3,070
|
|
Fees and other revenue
| | | |
120,274
| | | | |
117,956
| | | | |
112,718
| | | | |
115,688
| | | | |
112,383
| |
Gains (losses) on securities, net
| | |
|
(600
|
)
| | |
|
—
|
| | |
|
(116
|
)
| | |
|
(29
|
)
| | |
|
(131
|
)
|
Total non-interest income
| | |
|
119,674
|
| | |
|
117,956
|
| | |
|
112,602
|
| | |
|
115,659
|
| | |
|
112,252
|
|
Non-interest expense: | | | | | | | | | | | | | | | |
Compensation and employee benefits
| | | |
117,155
| | | | |
118,093
| | | | |
124,473
| | | | |
109,061
| | | | |
116,708
| |
Occupancy and equipment
| | | |
37,938
| | | | |
36,884
| | | | |
37,008
| | | | |
37,824
| | | | |
34,159
| |
FDIC insurance
| | | |
4,082
| | | | |
3,751
| | | | |
4,113
| | | | |
5,173
| | | | |
4,832
| |
Advertising and marketing
| | | |
5,488
| | | | |
5,678
| | | | |
5,887
| | | | |
5,316
| | | | |
5,793
| |
Other
| | |
|
49,851
|
| | |
|
49,987
|
| | |
|
43,348
|
| | |
|
46,441
|
| | |
|
45,750
|
|
Subtotal
| | | |
214,514
| | | | |
214,393
| | | | |
214,829
| | | | |
203,815
| | | | |
207,242
| |
Operating lease depreciation
| | | |
10,038
| | | | |
9,842
| | | | |
9,573
| | | | |
13,608
| | | | |
9,485
| |
Foreclosed real estate and repossessed assets, net
| | | |
4,243
| | | | |
3,135
| | | | |
3,920
| | | | |
4,940
| | | | |
5,680
| |
Other credit costs, net
| | |
|
83
|
| | |
|
(54
|
)
| | |
|
12
|
| | |
|
224
|
| | |
|
(123
|
)
|
Total non-interest expense
| | |
|
228,878
|
| | |
|
227,316
|
| | |
|
228,334
|
| | |
|
222,587
|
| | |
|
222,284
|
|
Income before income tax expense
| | | |
88,920
| | | | |
90,374
| | | | |
77,084
| | | | |
81,134
| | | | |
85,220
| |
Income tax expense
| | |
|
30,257
|
| | |
|
29,706
|
| | |
|
26,803
|
| | |
|
26,614
|
| | |
|
30,528
|
|
Income after income tax expense
| | | |
58,663
| | | | |
60,668
| | | | |
50,281
| | | | |
54,520
| | | | |
54,692
| |
Income attributable to non-controlling interest
| | |
|
2,371
|
| | |
|
2,974
|
| | |
|
2,235
|
| | |
|
2,028
|
| | |
|
2,117
|
|
Net income attributable to TCF Financial Corporation | | |
|
56,292
|
| | |
|
57,694
|
| | |
|
48,046
|
| | |
|
52,492
|
| | |
|
52,575
|
|
Preferred stock dividends
| | |
|
4,847
|
| | |
|
4,847
|
| | |
|
4,847
|
| | |
|
4,847
|
| | |
|
4,847
|
|
Net income available to common stockholders | | |
$
|
51,445
|
| | |
$
|
52,847
|
| | |
$
|
43,199
|
| | |
$
|
47,645
|
| | |
$
|
47,728
|
|
| | | | | | | | | | | | | | |
|
Net income per common share: | | | | | | | | | | | | | | | |
Basic
| | |
$
|
0.31
| | | |
$
|
0.32
| | | |
$
|
0.26
| | | |
$
|
0.29
| | | |
$
|
0.29
| |
Diluted
| | | |
0.31
| | | | |
0.31
| | | | |
0.26
| | | | |
0.29
| | | | |
0.29
| |
| | | | | | | | | | | | | | |
|
Dividends declared per common share | | |
$
|
0.075
| | | |
$
|
0.075
| | | |
$
|
0.075
| | | |
$
|
0.075
| | | |
$
|
0.05
| |
| | | | | | | | | | | | | | |
|
Financial highlights: | | | | | | | | | | | | | | | |
Pre-tax pre-provision profit(1) | | |
$
|
102,814
| | | |
$
|
103,624
| | | |
$
|
95,926
| | | |
$
|
98,741
| | | |
$
|
95,238
| |
Return on average assets(2) | | | |
1.12
|
%
| | | |
1.14
|
%
| | | |
0.96
|
%
| | | |
1.08
|
%
| | | |
1.10
|
%
|
Return on average common equity(2) | | | |
9.59
| | | | |
10.09
| | | | |
8.45
| | | | |
9.53
| | | | |
9.76
| |
Net interest margin(2) | | | |
4.34
| | | | |
4.35
| | | | |
4.37
| | | | |
4.35
| | | | |
4.40
| |
|
(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)
|
|
|
|
| Sep. 30, |
|
| Jun. 30, |
|
| Mar. 31, |
|
| Dec. 31, |
|
| Sep. 30, |
| | | 2016 | | | 2016 | | | 2016 | | | 2015 | | | 2015 |
ASSETS: | | | | | | | | | | | | | | | |
Investments and other
| | |
$
|
331,107
| | | |
$
|
322,477
| | | |
$
|
349,079
| | | |
$
|
405,252
| | | |
$
|
463,312
|
Securities held to maturity
| | | |
187,414
| | | | |
194,693
| | | | |
199,303
| | | | |
201,944
| | | | |
205,264
|
Securities available for sale:(1) | | | | | | | | | | | | | | | |
Taxable
| | | |
747,890
| | | | |
697,902
| | | | |
640,796
| | | | |
611,816
| | | | |
601,889
|
Tax-exempt
| | | |
570,013
| | | | |
481,246
| | | | |
319,427
| | | | |
221,113
| | | | |
92,484
|
Loans and leases held for sale
| | | |
558,649
| | | | |
497,797
| | | | |
367,686
| | | | |
180,278
| | | | |
348,215
|
Loans and leases:(2) | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | |
Fixed-rate
| | | |
2,216,945
| | | | |
2,327,409
| | | | |
2,430,773
| | | | |
2,520,567
| | | | |
2,637,875
|
Variable-rate
| | |
|
2,918,631
|
| | |
|
2,931,318
|
| | |
|
3,028,001
|
| | |
|
3,083,957
|
| | |
|
2,968,507
|
Total consumer real estate
| | | |
5,135,576
| | | | |
5,258,727
| | | | |
5,458,774
| | | | |
5,604,524
| | | | |
5,606,382
|
Commercial:
| | | | | | | | | | | | | | | |
Fixed-rate
| | | |
944,347
| | | | |
982,914
| | | | |
1,012,870
| | | | |
1,090,001
| | | | |
1,137,744
|
Variable- and adjustable-rate
| | |
|
2,147,768
|
| | |
|
2,127,032
|
| | |
|
2,145,231
|
| | |
|
2,027,982
|
| | |
|
1,980,280
|
Total commercial
| | | |
3,092,115
| | | | |
3,109,946
| | | | |
3,158,101
| | | | |
3,117,983
| | | | |
3,118,024
|
Leasing and equipment finance
| | | |
4,147,488
| | | | |
4,032,112
| | | | |
3,992,678
| | | | |
3,911,025
| | | | |
3,821,590
|
Inventory finance
| | | |
2,272,409
| | | | |
2,564,648
| | | | |
2,433,534
| | | | |
2,180,534
| | | | |
2,036,054
|
Auto finance
| | | |
2,670,272
| | | | |
2,751,679
| | | | |
2,703,880
| | | | |
2,514,923
| | | | |
2,361,057
|
Other
| | |
|
9,252
|
| | |
|
9,585
|
| | |
|
10,018
|
| | |
|
9,060
|
| | |
|
9,833
|
Total loans and leases
| | |
|
17,327,112
|
| | |
|
17,726,697
|
| | |
|
17,756,985
|
| | |
|
17,338,049
|
| | |
|
16,952,940
|
Total interest-earning assets
| | | |
19,722,185
| | | | |
19,920,812
| | | | |
19,633,276
| | | | |
18,958,452
| | | | |
18,664,104
|
Other assets(3) | | |
|
1,303,670
|
| | |
|
1,286,506
|
| | |
|
1,297,479
|
| | |
|
1,245,751
|
| | |
|
1,217,396
|
Total assets
| | |
$
|
21,025,855
|
| | |
$
|
21,207,318
|
| | |
$
|
20,930,755
|
| | |
$
|
20,204,203
|
| | |
$
|
19,881,500
|
| | | | | | | | | | | | | | |
|
LIABILITIES AND EQUITY: | | | | | | | | | | | | | | | |
Non-interest-bearing deposits:
| | | | | | | | | | | | | | | |
Retail
| | |
$
|
1,771,840
| | | |
$
|
1,817,734
| | | |
$
|
1,751,710
| | | |
$
|
1,639,550
| | | |
$
|
1,649,995
|
Small business
| | | |
894,761
| | | | |
861,394
| | | | |
853,645
| | | | |
874,892
| | | | |
852,211
|
Commercial and custodial
| | |
|
583,430
|
| | |
|
582,041
|
| | |
|
560,983
|
| | |
|
525,692
|
| | |
|
516,461
|
Total non-interest bearing deposits
| | | |
3,250,031
| | | | |
3,261,169
| | | | |
3,166,338
| | | | |
3,040,134
| | | | |
3,018,667
|
Interest-bearing deposits:
| | | | | | | | | | | | | | | |
Checking
| | | |
2,434,934
| | | | |
2,478,673
| | | | |
2,440,563
| | | | |
2,384,452
| | | | |
2,399,119
|
Savings
| | | |
4,661,565
| | | | |
4,677,681
| | | | |
4,700,164
| | | | |
4,721,571
| | | | |
4,860,509
|
Money market
| | | |
2,496,590
| | | | |
2,557,897
| | | | |
2,472,751
| | | | |
2,349,127
| | | | |
2,297,893
|
Certificates of deposit
| | |
|
4,304,990
|
| | |
|
4,308,367
|
| | |
|
4,104,951
|
| | |
|
3,793,653
|
| | |
|
3,400,282
|
Total interest-bearing deposits
| | |
|
13,898,079
|
| | |
|
14,022,618
|
| | |
|
13,718,429
|
| | |
|
13,248,803
|
| | |
|
12,957,803
|
Total deposits
| | |
|
17,148,110
|
| | |
|
17,283,787
|
| | |
|
16,884,767
|
| | |
|
16,288,937
|
| | |
|
15,976,470
|
Borrowings:
| | | | | | | | | | | | | | | |
Short-term borrowings
| | | |
8,485
| | | | |
9,100
| | | | |
5,562
| | | | |
28,364
| | | | |
30,326
|
Long-term borrowings
| | |
|
729,737
|
| | |
|
840,739
|
| | |
|
1,062,513
|
| | |
|
1,009,591
|
| | |
|
1,057,903
|
Total borrowings
| | |
|
738,222
|
| | |
|
849,839
|
| | |
|
1,068,075
|
| | |
|
1,037,955
|
| | |
|
1,088,229
|
Total interest-bearing liabilities
| | |
|
14,636,301
|
| | |
|
14,872,457
|
| | |
|
14,786,504
|
| | |
|
14,286,758
|
| | |
|
14,046,032
|
Total deposits and borrowings
| | | |
17,886,332
| | | | |
18,133,626
| | | | |
17,952,842
| | | | |
17,326,892
| | | | |
17,064,699
|
Other liabilities
| | |
|
708,048
|
| | |
|
690,363
|
| | |
|
650,908
|
| | |
|
595,317
|
| | |
|
578,718
|
Total liabilities
| | |
|
18,594,380
|
| | |
|
18,823,989
|
| | |
|
18,603,750
|
| | |
|
17,922,209
|
| | |
|
17,643,417
|
Total TCF Financial Corporation stockholders' equity
| | | |
2,409,312
| | | | |
2,357,509
| | | | |
2,307,781
| | | | |
2,263,018
| | | | |
2,218,614
|
Non-controlling interest in subsidiaries
| | |
|
22,163
|
| | |
|
25,820
|
| | |
|
19,224
|
| | |
|
18,976
|
| | |
|
19,469
|
Total equity
| | |
|
2,431,475
|
| | |
|
2,383,329
|
| | |
|
2,327,005
|
| | |
|
2,281,994
|
| | |
|
2,238,083
|
Total liabilities and equity
| | |
$
|
21,025,855
|
| | |
$
|
21,207,318
|
| | |
$
|
20,930,755
|
| | |
$
|
20,204,203
|
| | |
$
|
19,881,500
|
|
(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 $138.2 million, $131.9 million, $133.6 million,
$123.8 million and $107.5 million for the third quarter, second
quarter and first quarter of 2016, and for the fourth quarter and
third quarter of 2015, respectively.
|
| | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED QUARTERLY YIELDS AND RATES(1)(2) |
(Unaudited)
|
|
|
|
| Sep. 30, |
|
| Jun. 30, |
|
| Mar. 31, |
|
| Dec. 31, |
|
| Sep. 30, |
| | | 2016 | | | 2016 | | | 2016 |
|
| 2015 | | | 2015 |
ASSETS: | | | | | | | | | | | |
Investments and other
| | |
2.86
|
%
| | |
2.99
|
%
| | |
2.55
|
%
| | |
2.59
|
%
| | |
2.52
|
%
|
Securities held to maturity
| | |
2.24
| | | |
2.29
| | | |
2.65
| | | |
2.64
| | | |
2.65
| |
Securities available for sale:(3) | | | | | | | | | | | | | | | |
Taxable
| | |
2.23
| | | |
2.21
| | | |
2.38
| | | |
2.41
| | | |
2.43
| |
Tax-exempt(4) | | |
3.19
| | | |
3.25
| | | |
3.24
| | | |
3.26
| | | |
3.35
| |
Loans and leases held for sale
| | |
8.12
| | | |
8.05
| | | |
9.30
| | | |
9.38
| | | |
9.00
| |
Loans and leases:
| | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | |
Fixed-rate
| | |
5.75
| | | |
5.73
| | | |
5.82
| | | |
5.73
| | | |
5.72
| |
Variable-rate
| | |
5.29
| | | |
5.32
| | | |
5.32
| | | |
5.18
| | | |
5.12
| |
Total consumer real estate
| | |
5.49
| | | |
5.50
| | | |
5.54
| | | |
5.43
| | | |
5.40
| |
Commercial:
| | | | | | | | | | | | | | | |
Fixed-rate
| | |
4.92
| | | |
4.96
| | | |
4.94
| | | |
5.05
| | | |
5.05
| |
Variable- and adjustable-rate
| | |
3.91
| | | |
4.00
| | | |
4.00
| | | |
4.05
| | | |
3.80
| |
Total commercial
| | |
4.22
| | | |
4.30
| | | |
4.30
| | | |
4.40
| | | |
4.26
| |
Leasing and equipment finance
| | |
4.48
| | | |
4.45
| | | |
4.47
| | | |
4.55
| | | |
4.59
| |
Inventory finance
| | |
6.07
| | | |
5.74
| | | |
5.68
| | | |
5.66
| | | |
5.83
| |
Auto finance
| | |
4.06
| | | |
4.19
| | | |
4.14
| | | |
4.17
| | | |
4.13
| |
Other
| | |
5.85
| | | |
5.77
| | | |
5.63
| | | |
6.88
| | | |
6.31
| |
Total loans and leases
| | |
4.88
| | | |
4.88
| | | |
4.89
| | | |
4.89
| | | |
4.88
| |
| | | | | | | | | | | | | | |
|
Total interest-earning assets
| | |
4.76
| | | |
4.77
| | | |
4.80
| | | |
4.76
| | | |
4.79
| |
| | | | | | | | | | | | | | |
|
LIABILITIES: | | | | | | | | | | | | | | | |
Interest-bearing deposits:
| | | | | | | | | | | | | | | |
Checking
| | |
0.01
| | | |
0.02
| | | |
0.01
| | | |
0.02
| | | |
0.02
| |
Savings
| | |
0.03
| | | |
0.03
| | | |
0.03
| | | |
0.04
| | | |
0.05
| |
Money market
| | |
0.61
| | | |
0.63
| | | |
0.62
| | | |
0.62
| | | |
0.62
| |
Certificates of deposit
| | |
1.07
| | | |
1.07
| | | |
1.05
| | | |
1.00
| | | |
0.93
| |
Total interest-bearing deposits
| | |
0.45
| | | |
0.46
| | | |
0.44
| | | |
0.41
| | | |
0.38
| |
Total deposits
| | |
0.37
| | | |
0.37
| | | |
0.36
| | | |
0.34
| | | |
0.31
| |
Borrowings:
| | | | | | | | | | | | | | | |
Short-term borrowings
| | |
0.86
| | | |
0.71
| | | |
0.53
| | | |
0.09
| | | |
0.22
| |
Long-term borrowings
| | |
2.65
| | | |
2.43
| | | |
2.14
| | | |
2.37
| | | |
2.27
| |
Total borrowings
| | |
2.63
| | | |
2.42
| | | |
2.13
| | | |
2.31
| | | |
2.21
| |
| | | | | | | | | | | | | | |
|
Total interest-bearing liabilities
| | |
0.56
| | | |
0.57
| | | |
0.56
| | | |
0.55
| | | |
0.52
| |
| | | | | | | | | | | | | | |
|
Net interest margin | | |
4.34
| | | |
4.35
| | | |
4.37
| | | |
4.35
| | | |
4.40
| |
|
(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 Sep. 30, |
|
| At Dec. 31, |
| | | | | | 2016 | | | 2015 |
Computation of tangible common equity to
tangible assets and tangible book value per common share: |
Total equity
| | | | | |
$
|
2,452,380
| | | |
$
|
2,306,917
| |
Less: Non-controlling interest in subsidiaries
| | | | | |
|
18,926
|
| | |
|
16,001
|
|
Total TCF Financial Corporation stockholders' equity
| | | | | | |
2,433,454
| | | | |
2,290,916
| |
Less: Preferred stock
| | | | | |
|
263,240
|
| | |
|
263,240
|
|
Total common stockholders' equity
| | |
(a)
| | | |
2,170,214
| | | | |
2,027,676
| |
Less:
| | | | | | | | | |
Goodwill
| | | | | | |
225,640
| | | | |
225,640
| |
Other intangibles
| | | | | |
|
2,028
|
| | |
|
3,126
|
|
Tangible common equity
| | |
(b)
| | |
$
|
1,942,546
|
| | |
$
|
1,798,910
|
|
| | | | | | | | |
|
Total assets
| | |
(c)
| | |
$
|
21,084,156
| | | |
$
|
20,689,609
| |
Less:
| | | | | | | | | |
Goodwill
| | | | | | |
225,640
| | | | |
225,640
| |
Other intangibles
| | | | | |
|
2,028
|
| | |
|
3,126
|
|
Tangible assets
| | |
(d)
| | |
$
|
20,856,488
|
| | |
$
|
20,460,843
|
|
| | | | | | | | |
|
Common stock shares outstanding
| | |
(e)
| | | |
170,951,234
| | | | |
169,844,464
| |
| | | | | | | | |
|
Common equity to assets
| | |
(a) / (c)
| | | |
10.29
|
%
| | | |
9.80
|
%
|
Tangible common equity to tangible assets
| | |
(b) / (d)
| | | |
9.31
|
%
| | | |
8.79
|
%
|
| | | | | | | | |
|
Book value per common share
| | |
(a) / (e)
| | |
$
|
12.69
| | | |
$
|
11.94
| |
Tangible book value per common share
| | |
(b) / (e)
| | |
$
|
11.36
| | | |
$
|
10.59
| |
|
|
|
|
| |
|
| Three Months Ended |
|
| Nine Months Ended |
| | | | | | Sep. 30, |
|
| Jun. 30, |
|
| Sep. 30, | | | Sep. 30, |
|
| Sep. 30, |
| | | | | | 2016 | | | 2016 | | | 2015 | | | 2016 | | | 2015 |
Computation of return on average tangible
common equity: | | | | | | | | | | | | | | | |
Net income available to common stockholders
| | |
(f)
| | |
$
|
51,445
| | | |
$
|
52,847
| | | |
$
|
47,728
| | | |
$
|
147,491
| | | |
$
|
130,090
| |
Plus: Other intangibles amortization
| | | | | |
366
| | | |
366
| | | |
392
| | | |
1,098
| | | |
1,170
| |
Less: Income tax expense attributable to other intangibles
amortization
| | | | | |
128
|
| | |
129
|
| | |
144
|
| | |
385
|
| | |
431
|
|
Adjusted net income available to common stockholders
| | |
(g)
| | |
$
|
51,683
|
| | |
$
|
53,084
|
| | |
$
|
47,976
|
| | |
$
|
148,204
|
| | |
$
|
130,829
|
|
| | | | | | | | | | | | | | | | | |
|
Average balances:
| | | | | | | | | | | | | | | | | | |
Total equity
| | | | | |
$
|
2,431,475
| | | |
$
|
2,383,329
| | | |
$
|
2,238,083
| | | |
$
|
2,380,789
| | | |
$
|
2,195,371
| |
Less: Non-controlling interest in subsidiaries
| | | | | |
22,163
|
| | |
25,820
|
| | |
19,469
|
| | |
22,402
|
| | |
19,695
|
|
Total TCF Financial Corporation stockholders' equity
| | | | | |
2,409,312
| | | |
2,357,509
| | | |
2,218,614
| | | |
2,358,387
| | | |
2,175,676
| |
Less: Preferred stock
| | | | | |
263,240
|
| | |
263,240
|
| | |
263,240
|
| | |
263,240
|
| | |
263,240
|
|
Average total common stockholders' equity
| | |
(h)
| | |
2,146,072
| | | |
2,094,269
| | | |
1,955,374
| | | |
2,095,147
| | | |
1,912,436
| |
Less:
| | | | | | | | | | | | | | | | | | |
Goodwill
| | | | | |
225,640
| | | |
225,640
| | | |
225,640
| | | |
225,640
| | | |
225,640
| |
Other intangibles
| | | | | |
2,233
|
| | |
2,596
|
| | |
3,738
|
| | |
2,597
|
| | |
4,104
|
|
Average tangible common equity
| | |
(i)
| | |
$
|
1,918,199
|
| | |
$
|
1,866,033
|
| | |
$
|
1,725,996
|
| | |
$
|
1,866,910
|
| | |
$
|
1,682,692
|
|
| | | | | | | | | | | | | | | | | |
|
Return on average common equity(2) | | |
(f) / (h)
| | |
9.59
|
%
| | |
10.09
|
%
| | |
9.76
|
%
| | |
9.39
|
%
| | |
9.07
|
%
|
Return on average tangible common equity(2) | | |
(g) / (i)
| | |
10.78
|
%
| | |
11.38
|
%
| | |
11.12
|
%
| | |
10.58
|
%
| | |
10.37
|
%
|
|
(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/20161021005429/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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