2015 HIGHLIGHTS
-
Loan and lease originations of $15.3 billion, up 13.1 percent from 2014
-
Period-end loans and leases of $17.4 billion, up 6.3 percent from 2014
-
Non-accrual loans and leases of $200.5 million, down 7.5 percent from
2014
-
Average deposits of $15.9 billion, up 6.7 percent from 2014
-
Revenue of $1.3 billion, up 1.1 percent from 2014
-
Provision for credit losses of $52.9 million, down 44.7 percent from
2014
-
Earnings per share of $1.07, up 13.8 percent from 2014
FOURTH QUARTER HIGHLIGHTS
-
Loan and lease originations of $3.8 billion, up 11.2 percent from the
fourth quarter of 2014
-
Average deposits of $16.3 billion, up 6.4 percent from the fourth
quarter of 2014
-
Revenue of $321.3 million, up 2.4 percent from the fourth quarter of
2014
-
Provision for credit losses of $17.6 million, down 68.3 percent from
the fourth quarter of 2014
-
Earnings per share of 29 cents, up 141.7 percent from the fourth
quarter of 2014
Company Website:
http://tcfbank.com
WAYZATA, Minn. -- (Business Wire)
TCF Financial Corporation (NYSE:TCB):
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Summary of Financial Results |
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| Table 1 |
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| Percent Change |
| |
| |
| |
(Dollars in thousands, except per-share data)
| | | | 4Q | | 3Q | | 4Q | | 4Q15 vs |
| 4Q15 vs | | YTD | | YTD | | Percent |
| | | | 2015 |
| 2015 |
| 2014 |
| 3Q15 |
| 4Q14 |
| 2015 |
| 2014 |
| Change |
Net income attributable to TCF
| | | |
$
|
52,492
| | |
$
|
52,575
| | |
$
|
23,988
| | |
(0.2
|
)%
| |
118.8
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%
| |
$
|
197,123
| | |
$
|
174,187
| | |
13.2
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%
|
Net interest income
| | | |
205,669
| | |
205,270
| | |
204,074
| | |
0.2
| | |
0.8
| | |
820,388
| | |
815,629
| | |
0.6
| |
Diluted earnings per common share
| | | |
0.29
| | |
0.29
| | |
0.12
| | |
—
| | |
141.7
| | |
1.07
| | |
0.94
| | |
13.8
| |
| | | | | | | | | | | | | | | | | |
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Financial Ratios(1) | | | | | | | | | | | | | | | | | | |
Pre-tax pre-provision return on average assets(2) | | | |
1.95
|
%
| |
1.92
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%
| |
1.91
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%
| | | | | |
1.85
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%
| |
2.00
|
%
| | |
Return on average assets
| | | |
1.08
| | |
1.10
| | |
0.53
| | | | | | |
1.03
| | |
0.96
| | | |
Return on average common equity
| | | |
9.53
| | |
9.76
| | |
4.15
| | | | | | |
9.19
| | |
8.71
| | | |
Return on average tangible common equity(3) | | | |
10.82
| | |
11.12
| | |
4.80
| | | | | | |
10.48
| | |
10.08
| | | |
Net interest margin
| | | |
4.35
| | |
4.40
| | |
4.49
| | | | | | |
4.42
| | |
4.61
| | | |
Net charge-offs as a percentage of average loans and leases
| | | |
0.29
| | |
0.23
| | |
0.40
| | | | | | |
0.30
| | |
0.49
| | | |
| | | | | | | | | | | | | | | | | |
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(1) Annualized.
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(2) Pre-tax pre-provision profit is calculated as total revenues
less non-interest expense.
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(3) 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 $52.5 million for the fourth quarter of 2015,
compared with net income of $24.0 million for the fourth quarter of
2014, and net income of $52.6 million for the third quarter of 2015.
Diluted earnings per common share was 29 cents for the fourth quarter of
2015, compared with 12 cents for the fourth quarter of 2014, and 29
cents for the third quarter of 2015.
TCF reported net income of $197.1 million for the year ended
December 31, 2015, compared with net income of $174.2 million for the
same period in 2014. Diluted earnings per common share was $1.07 for the
year ended December 31, 2015, compared with 94 cents for the same period
in 2014.
"TCF experienced another successful year in 2015 as earnings per share
increased 13.8 percent while return on average tangible common equity
improved by 40 basis points," said Craig R. Dahl, chief executive
officer. "Meanwhile, loan and lease originations increased 13.1 percent
during the year which led to additional revenue growth and
diversification. Fourth quarter results were highlighted by continued
progress toward improving operating leverage and continued strong
performance on credit results.
"As I begin my new role, I look forward to building on TCF's historical
track record of delivering sustained growth and returns for our
shareholders by executing against our four strategic pillars:
diversification, profitable growth, operating leverage and core funding.
As we entered the new year, we implemented several leadership changes
that align the expertise of our senior management team with these core
priorities. I am confident we have a strong team in place to execute our
strategy and build on TCF's long history of delivering business results.
With a well-positioned balance sheet and business model for rising
interest rates, and continued strong credit performance, we are poised
to drive shareholder value in 2016 and beyond."
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Revenue | | | | | | | | | | | | | | | | | | |
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Total Revenue |
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| Table 2 |
| | | | | | | | | | Percent Change | | | | | | |
(Dollars in thousands)
| | | | 4Q | | 3Q | | 4Q | | 4Q15 vs | | 4Q15 vs | | YTD | | YTD | | Percent |
| | | | 2015 |
| 2015 |
| 2014 |
| 3Q15 |
| 4Q14 |
| 2015 |
| 2014 |
| Change |
Net interest income
| | | |
$
|
205,669
|
|
|
$
|
205,270
|
|
|
$
|
204,074
|
| |
0.2
|
%
| |
0.8
|
%
| |
$
|
820,388
|
|
|
$
|
815,629
|
| |
0.6
|
%
|
Non-interest income:
| | | | | | | | | | | | | | | | | | |
Fees and service charges
| | | |
37,741
| | |
36,991
| | |
39,477
| | |
2.0
| | |
(4.4
|
)
| |
144,999
| | |
154,386
| | |
(6.1
|
)
|
Card revenue
| | | |
13,781
| | |
13,803
| | |
12,830
| | |
(0.2
|
)
| |
7.4
| | |
54,387
| | |
51,323
| | |
6.0
| |
ATM revenue
| | | |
5,143
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|
|
5,739
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|
5,249
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(10.4
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)
| |
(2.0
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)
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21,544
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22,225
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(3.1
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)
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Subtotal
| | | |
56,665
| | |
56,533
| | |
57,556
| | |
0.2
| | |
(1.5
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)
| |
220,930
| | |
227,934
| | |
(3.1
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)
|
Gains on sales of auto loans, net
| | | |
3,136
| | |
10,423
| | |
12,962
| | |
(69.9
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)
| |
(75.8
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)
| |
30,580
| | |
43,565
| | |
(29.8
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)
|
Gains on sales of consumer real estate loans, net
| | | |
13,104
| | |
7,143
| | |
6,175
| | |
83.5
| | |
112.2
| | |
40,964
| | |
34,794
| | |
17.7
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Servicing fee income
| | | |
8,622
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|
8,049
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6,365
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7.1
| | |
35.5
| | |
31,229
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21,444
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45.6
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Subtotal
| | | |
24,862
| | |
25,615
| | |
25,502
| | |
(2.9
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)
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(2.5
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)
| |
102,773
| | |
99,803
| | |
3.0
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Leasing and equipment finance
| | | |
32,355
| | |
27,165
| | |
24,367
| | |
19.1
| | |
32.8
| | |
108,129
| | |
93,799
| | |
15.3
| |
Other
| | | |
1,806
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|
|
3,070
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|
|
2,363
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| |
(41.2
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)
| |
(23.6
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)
| |
10,463
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|
|
10,704
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| |
(2.3
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)
|
Fees and other revenue
| | | |
115,688
| | |
112,383
| | |
109,788
| | |
2.9
| | |
5.4
| | |
442,295
| | |
432,240
| | |
2.3
| |
Gains (losses) on securities, net
| | | |
(29
|
)
|
|
(131
|
)
|
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(20
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)
| |
77.9
| | |
(45.0
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)
| |
(297
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)
|
|
1,027
|
| |
N.M.
|
Total non-interest income
| | | |
115,659
|
|
|
112,252
|
|
|
109,768
|
| |
3.0
| | |
5.4
| | |
441,998
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|
|
433,267
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| |
2.0
| |
Total revenue
| | | |
$
|
321,328
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|
|
$
|
317,522
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|
|
$
|
313,842
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| |
1.2
| | |
2.4
| | |
$
|
1,262,386
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$
|
1,248,896
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| |
1.1
| |
| | | | | | | | | | | | | | | | | |
|
Net interest margin(1) | | | |
4.35
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%
| |
4.40
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%
| |
4.49
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%
| | | | | |
4.42
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%
| |
4.61
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%
| | |
Total non-interest income as a percentage of total revenue
| | | |
36.0
| | |
35.4
| | |
35.0
| | | | | | |
35.0
| | |
34.7
| | | |
| | | | | | | | | | | | | | | | | |
|
N.M. Not Meaningful.
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
(1) Annualized.
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| | | | | | | | | | | | | | | | | |
|
Net Interest Income
-
Net interest income for the fourth quarter of 2015 increased $1.6
million, or 0.8 percent, compared with the fourth quarter of 2014 and
increased $0.4 million, or 0.2 percent, compared with the third
quarter of 2015. The increases from both periods were primarily due to
higher average loan and lease balances in the auto finance, inventory
finance and leasing and equipment finance portfolios, partially offset
by the run-off of consumer real estate first mortgage lien balances
and overall net margin compression.
-
Net interest margin for the fourth quarter of 2015 was 4.35 percent,
compared with 4.49 percent for the fourth quarter of 2014 and 4.40
percent for the third quarter of 2015. The decreases from both periods
were primarily due to margin compression resulting from the impact of
the competitive low interest rate environment on the asset composition
and higher rates on total deposits, driven primarily by certificates
of deposits, acquired at market rates to fund asset growth.
Non-interest Income
-
Fees and service charges in the fourth quarter of 2015 were $37.7
million, down $1.7 million, or 4.4 percent, from the fourth quarter of
2014 and consistent with the third quarter of 2015. The decrease from
the fourth quarter of 2014 was primarily due to consumer behavior
changes, as well as higher average checking account balances per
customer.
-
TCF sold $271.1 million, $367.0 million and $436.6 million of auto
loans during the fourth quarters of 2015 and 2014, and the third
quarter of 2015, respectively, resulting in net gains in each
respective period. TCF executed another auto loan securitization in
the four quarter of 2015.
-
TCF sold $389.1 million, $613.7 million and $246.0 million of consumer
real estate loans during the fourth quarters of 2015 and 2014, and the
third quarter of 2015, respectively, resulting in net gains in each
respective period. TCF has two consumer real estate loan sale
programs; one that sells nationally originated junior lien loans and
the other that originates first mortgage lien loans in our primary
banking markets and sells the loans through a correspondent
relationship. Included in consumer real estate loans sold (servicing
released) for the fourth quarter of 2014 is $405.9 million related to
the portfolio sale of consumer real estate loans, primarily troubled
debt restructuring ("TDR") loans, the proceeds of which were
reinvested in our core businesses in 2015.
-
Servicing fee income was $8.6 million on $4.2 billion of average loans
and leases serviced for others during the fourth quarter of 2015
compared with $6.4 million on $3.3 billion for the fourth quarter of
2014 and $8.0 million on $4.0 billion for the third quarter of 2015.
The increases from both periods were primarily due to the cumulative
effect of an increase in the portfolio of auto and consumer real
estate loans sold with servicing retained by TCF.
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| |
Loans and Leases | | | | | | | | | | |
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|
Period-End and Average Loans and Leases |
| Table 3 |
| | | | |
| |
| |
| Percent Change | | | | | | |
(Dollars in thousands)
| | | | 4Q | | 3Q | | 4Q | | 4Q15 vs |
| 4Q15 vs | | YTD | | YTD | | Percent |
| | | | 2015 |
| 2015 |
| 2014 |
| 3Q15 |
| 4Q14 |
| 2015 |
| 2014 |
| Change |
Period-End: | | | | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | |
First mortgage lien
| | | |
$
|
2,624,956
| | |
$
|
2,724,594
| | |
$
|
3,139,152
| | |
(3.7
|
)%
| |
(16.4
|
)%
| | | | | | |
Junior lien
| | | |
2,839,316
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|
|
2,889,120
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|
|
2,543,212
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(1.7
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)
| |
11.6
| | | | | | | |
Total consumer real estate
| | | |
5,464,272
| | |
5,613,714
| | |
5,682,364
| | |
(2.7
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)
| |
(3.8
|
)
| | | | | | |
Commercial
| | | |
3,145,832
| | |
3,112,325
| | |
3,157,665
| | |
1.1
| | |
(0.4
|
)
| | | | | | |
Leasing and equipment finance
| | | |
4,012,248
| | |
3,873,581
| | |
3,745,322
| | |
3.6
| | |
7.1
| | | | | | | |
Inventory finance
| | | |
2,146,754
| | |
2,153,385
| | |
1,877,090
| | |
(0.3
|
)
| |
14.4
| | | | | | | |
Auto finance
| | | |
2,647,596
| | |
2,427,367
| | |
1,915,061
| | |
9.1
| | |
38.3
| | | | | | | |
Other
| | | |
19,297
|
|
|
20,674
|
|
|
24,144
|
| |
(6.7
|
)
| |
(20.1
|
)
| | | | | | |
Total
| | | |
$
|
17,435,999
|
|
|
$
|
17,201,046
|
|
|
$
|
16,401,646
|
| |
1.4
| | |
6.3
| | | | | | | |
| | | | | | | | | | | | | | | | | |
|
Average: | | | | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | |
First mortgage lien
| | | |
$
|
2,670,355
| | |
$
|
2,793,129
| | |
$
|
3,447,447
| | |
(4.4
|
)%
| |
(22.5
|
)%
| |
$
|
2,867,948
| | |
$
|
3,567,088
| | |
(19.6
|
)%
|
Junior lien
| | | |
2,934,169
|
|
|
2,813,253
|
|
|
2,611,709
|
| |
4.3
| | |
12.3
| | |
2,754,253
|
|
|
2,581,464
|
| |
6.7
| |
Total consumer real estate
| | | |
5,604,524
| | |
5,606,382
| | |
6,059,156
| | |
—
| | |
(7.5
|
)
| |
5,622,201
| | |
6,148,552
| | |
(8.6
|
)
|
Commercial
| | | |
3,117,983
| | |
3,118,024
| | |
3,143,614
| | |
—
| | |
(0.8
|
)
| |
3,134,428
| | |
3,135,367
| | |
—
| |
Leasing and equipment finance
| | | |
3,911,025
| | |
3,821,590
| | |
3,611,557
| | |
2.3
| | |
8.3
| | |
3,804,015
| | |
3,531,256
| | |
7.7
| |
Inventory finance
| | | |
2,180,534
| | |
2,036,054
| | |
1,891,504
| | |
7.1
| | |
15.3
| | |
2,154,357
| | |
1,888,080
| | |
14.1
| |
Auto finance
| | | |
2,514,923
| | |
2,361,057
| | |
1,817,024
| | |
6.5
| | |
38.4
| | |
2,278,617
| | |
1,567,904
| | |
45.3
| |
Other
| | | |
9,060
|
|
|
9,833
|
|
|
11,396
|
| |
(7.9
|
)
| |
(20.5
|
)
| |
10,303
|
|
|
12,071
|
| |
(14.6
|
)
|
Total
| | | |
$
|
17,338,049
|
|
|
$
|
16,952,940
|
|
|
$
|
16,534,251
|
| |
2.3
| | |
4.9
| | |
$
|
17,003,921
|
|
|
$
|
16,283,230
|
| |
4.4
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
-
Period-end loans and leases were $17.4 billion at December 31, 2015,
an increase of $1.0 billion, or 6.3 percent, compared with
December 31, 2014 and an increase of $0.2 billion, or 1.4 percent,
compared with September 30, 2015. Average loans and leases were $17.3
billion for the fourth quarter of 2015, an increase of $0.8 billion,
or 4.9 percent, compared with the fourth quarter of 2014 and an
increase of $0.4 billion, or 2.3 percent, compared with the third
quarter of 2015.
The increases from both periods for
period-end loans and leases and for average loans and leases were
primarily due to the continued growth of the auto finance portfolio as
TCF expands the number of active dealers in its network, partially
offset by run-off in the consumer real estate first mortgage lien
portfolio. The increases from the fourth quarter of 2014 for
period-end loans and leases and from both periods for average loans
and leases were also due to increases in the inventory finance and the
leasing and equipment finance portfolios. The increase from the third
quarter of 2015 for period-end loans and leases was also due to an
increase in the leasing and equipment finance portfolio due to strong
fourth quarter originations.
-
Loan and lease originations were $3.8 billion for the fourth quarter
of 2015, an increase of $0.4 billion, or 11.2 percent, compared with
the fourth quarter of 2014 and a decrease of $0.1 billion, or 1.3
percent, compared with the third quarter of 2015. The increase in
originations from the fourth quarter of 2014 was primarily due to an
increase in commercial originations and continued growth in auto
finance. The decrease in originations from the third quarter of 2015
was primarily due to seasonality of inventory finance originations and
a decrease in consumer real estate originations, partially offset by
an increase in commercial and leasing and equipment finance
originations.
|
|
|
| |
| |
| |
| |
| |
|
| |
| |
Credit Quality | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Trends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table 4 |
| | | | | | | | | | | | | | | Change |
(Dollars in thousands)
| | | | 4Q | | 3Q | | 2Q | | 1Q | | 4Q | | | 4Q15 vs | | 4Q15 vs |
| | | | 2015 |
| 2015 |
| 2015 |
| 2015 |
| 2014 |
|
| 3Q15 |
| 4Q14 |
Over 60-day delinquencies as a percentage of portfolio(1) | | | |
0.11
|
%
| |
0.17
|
%
| |
0.10
|
%
| |
0.14
|
%
| |
0.14
|
%
| | |
(6
|
) bps
| |
(3
|
) bps
|
Net charge-offs as a percentage of portfolio(2) | | | |
0.29
| | |
0.23
| | |
0.41
| | |
0.28
| | |
0.40
| | | |
6
| | |
(11
|
)
|
Non-accrual loans and leases and other real estate owned
| | | |
$
|
250,448
| | |
$
|
264,694
| | |
$
|
263,717
| | |
$
|
284,541
| | |
$
|
282,384
| | | |
(5.4
|
)%
| |
(11.3
|
)%
|
Provision for credit losses
| | | |
17,607
| | |
10,018
| | |
12,528
| | |
12,791
| | |
55,597
| | | |
75.8
| | |
(68.3
|
)
|
|
(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 December 31, 2015,
down from 0.14 percent at December 31, 2014, and down from 0.17
percent at September 30, 2015. The decrease from December 31, 2014 was
primarily a result of the stabilization of the consumer real estate
portfolio as economic conditions improved in our markets. The decrease
from September 30, 2015 was primarily driven by delinquencies in the
commercial and leasing and equipment finance portfolios at
September 30, 2015 that have been brought current.
-
The net charge-off rate was 0.29 percent for the fourth quarter of
2015, down from 0.40 percent for the fourth quarter of 2014, and up
from 0.23 percent for the third quarter of 2015. The decrease from the
fourth quarter of 2014 was primarily due to improved credit quality in
the consumer real estate and commercial portfolios. The increase from
the third quarter of 2015 was due to increased net charge-offs of
loans in the auto finance portfolio as a result of seasonality,
increased net charge-offs in the leasing and equipment finance
portfolio and net recoveries in the commercial portfolio during the
third quarter of 2015.
-
Non-accrual loans and leases and other real estate owned was $250.4
million at December 31, 2015, a decrease of $31.9 million, or 11.3
percent, from December 31, 2014, and a decrease of $14.2 million, or
5.4 percent, from September 30, 2015. The decreases from both periods
were primarily due to the improving credit quality trends and
continued efforts to actively work out problem loans in the commercial
portfolio.
-
Provision for credit losses was $17.6 million for the fourth quarter
of 2015, a decrease of $38.0 million, or 68.3 percent, from the fourth
quarter of 2014, and an increase of $7.6 million, or 75.8 percent,
from the third quarter of 2015. The decrease from the fourth quarter
of 2014 was primarily due to provision expense recorded in the fourth
quarter of 2014 related to the TDR loan sale in that period. The
increase from the third quarter of 2015 was due to increased reserve
requirements related to asset growth and increased net charge-offs of
loans in the auto finance portfolio driven by seasonality.
|
|
|
| |
| |
| |
| |
| |
| |
| |
| |
Deposits | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table 5 |
| | | | | | | | | | Percent Change | | | | | | |
(Dollars in thousands)
| | | | 4Q | | 3Q | | 4Q | | 4Q15 vs | | 4Q15 vs | | YTD | | YTD | | Percent |
| | | | 2015 |
| 2015 |
| 2014 |
| 3Q15 |
| 4Q14 |
| 2015 |
| 2014 |
| Change |
| | | | | | | | | | | | | | | | | |
|
Checking
| | | |
$
|
5,412,454
| | |
$
|
5,405,442
| | |
$
|
5,109,465
| | |
0.1
|
%
| |
5.9
|
%
| |
$
|
5,387,112
| | |
$
|
5,075,759
| | |
6.1
|
%
|
Savings
| | | |
4,733,703
| | |
4,872,853
| | |
5,289,435
| | |
(2.9
|
)
| |
(10.5
|
)
| |
4,952,680
| | |
5,713,389
| | |
(13.3
|
)
|
Money market
| | | |
2,349,127
| | |
2,297,893
| | |
1,869,350
| | |
2.2
| | |
25.7
| | |
2,265,121
| | |
1,312,483
| | |
72.6
| |
Certificates of deposit
| | | |
3,793,653
|
|
|
3,400,282
|
|
|
3,041,722
|
| |
11.6
| | |
24.7
| | |
3,340,341
|
|
|
2,840,922
|
| |
17.6
| |
Total average deposits
| | | |
$
|
16,288,937
|
|
|
$
|
15,976,470
|
|
|
$
|
15,309,972
|
| |
2.0
| | |
6.4
| | |
$
|
15,945,254
|
|
|
$
|
14,942,553
|
| |
6.7
| |
| | | | | | | | | | | | | | | | | |
|
Average interest rate on deposits(1) | | | |
0.34
|
%
| |
0.31
|
%
| |
0.28
|
%
| | | | | |
0.30
|
%
| |
0.26
|
%
| | |
| | | | | | | | | | | | | | | | | |
|
(1) Annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
|
-
Total average deposits for the fourth quarter of 2015 increased
$1.0 billion, or 6.4 percent, from the fourth quarter of 2014 and
increased $0.3 billion, or 2.0 percent, from the third quarter of
2015. The increases from both periods were primarily due to special
campaigns for certificates of deposit and money market accounts.
-
The average interest rate on deposits for the fourth quarter of 2015
was 0.34 percent, up 6 basis points from the fourth quarter of 2014
and up 3 basis points from the third quarter of 2015. The increases
from both periods were primarily due to increased average interest
rates resulting from promotions for certificates of deposit.
|
|
|
| |
| |
| |
| |
| |
| |
| |
| |
Non-interest Expense | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table 6 |
| | | | | | | | | | Percent Change | | | | | | |
(Dollars in thousands)
| | | | 4Q | | 3Q | | 4Q | | 4Q15 vs | | 4Q15 vs | | YTD | | YTD | | Percent |
| | | | 2015 |
| 2015 |
| 2014 |
| 3Q15 |
| 4Q14 |
| 2015 |
| 2014 |
| Change |
| | | | | | | | | | | | | | | | | |
|
Compensation and employee benefits
| | | |
$
|
109,061
| | |
$
|
116,708
| | |
$
|
115,796
| | |
(6.6
|
)%
| |
(5.8
|
)%
| |
$
|
457,743
| | |
$
|
452,942
| | |
1.1
|
%
|
Occupancy and equipment
| | | |
37,824
| | |
34,159
| | |
35,747
| | |
10.7
| | |
5.8
| | |
144,962
| | |
139,023
| | |
4.3
| |
FDIC insurance
| | | |
5,173
| | |
4,832
| | |
2,643
| | |
7.1
| | |
95.7
| | |
20,262
| | |
25,123
| | |
(19.3
|
)
|
Advertising and marketing
| | | |
5,316
| | |
5,793
| | |
5,146
| | |
(8.2
|
)
| |
3.3
| | |
22,782
| | |
22,943
| | |
(0.7
|
)
|
Other
| | | |
46,441
|
|
|
45,750
|
|
|
48,063
|
| |
1.5
| | |
(3.4
|
)
| |
186,211
|
|
|
179,904
|
| |
3.5
| |
Subtotal
| | | |
203,815
| | |
207,242
| | |
207,395
| | |
(1.7
|
)
| |
(1.7
|
)
| |
831,960
| | |
819,935
| | |
1.5
| |
Operating lease depreciation
| | | |
13,608
| | |
9,485
| | |
6,878
| | |
43.5
| | |
97.8
| | |
39,409
| | |
27,152
| | |
45.1
| |
Foreclosed real estate and repossessed assets, net
| | | |
4,940
| | |
5,680
| | |
7,441
| | |
(13.0
|
)
| |
(33.6
|
)
| |
23,193
| | |
24,567
| | |
(5.6
|
)
|
Other credit costs, net
| | | |
224
|
|
|
(123
|
)
|
|
44
|
| |
N.M.
| |
N.M.
| |
185
|
|
|
123
|
| |
50.4
| |
Total non-interest expense
| | | |
$
|
222,587
|
|
|
$
|
222,284
|
|
|
$
|
221,758
|
| |
0.1
| | |
0.4
| | |
$
|
894,747
|
|
|
$
|
871,777
|
| |
2.6
| |
| | | | | | | | | | | | | | | | | |
|
N.M. Not Meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
|
-
Compensation and employee benefits expense decreased $6.7 million, or
5.8 percent, from the fourth quarter of 2014 and decreased $7.6
million, or 6.6 percent, from the third quarter of 2015. The decreases
from both periods were primarily due to non-recurring items, including
the annual pension plan valuation adjustment resulting from an
increase to the discount rate.
-
FDIC insurance expense increased $2.5 million, or 95.7 percent, from
the fourth quarter of 2014 and remained consistent with the third
quarter of 2015. The increase from the fourth quarter of 2014 was
primarily due to a non-recurring assessment rate catch-up in the
fourth quarter of 2014.
-
Foreclosed real estate and repossessed assets, net expense decreased
$2.5 million, or 33.6 percent, from the fourth quarter of 2014 and
decreased $0.7 million, or 13.0 percent from the third quarter of
2015. The decreases from both periods were due to a reduction in
write-downs of existing foreclosed commercial and consumer real estate
properties. The other real estate owned balance was $50.0 million at
December 31, 2015, the lowest level since the first quarter of 2008.
|
|
|
| |
| | |
Capital | | | | | | | |
|
|
|
|
|
|
|
|
Capital Information |
|
|
|
|
| Table 7 |
| | | | | |
|
(Dollars in thousands, except per-share data)
| | | | 4Q 2015 | | 4Q 2014 |
Total equity
| | | |
$
|
2,306,917
| | |
$
|
2,135,364
| |
Book value per common share
| | | |
11.94
| | |
11.10
| |
Tangible book value per common share(1) | | | |
10.59
| | |
9.72
| |
Tangible common equity to tangible assets(1) | | | |
8.79
|
%
| |
8.50
|
%
|
Capital accumulation rate(2) | | | |
10.44
| | |
10.36
| |
| | | | | | |
|
| | | | 4Q 2015(3) | | 4Q 2014 |
Regulatory Capital: | | | |
Under Basel III
| |
Under Basel I
|
Common equity Tier 1 capital
| | | |
$
|
1,814,442
| | |
N.A.
| |
Tier 1 capital
| | | |
2,092,195
| | |
$
|
1,919,887
| |
Total capital
| | | |
2,487,060
| | |
2,209,999
| |
| | | | | | |
|
Regulatory Capital Ratios: | | | | | | | |
Common equity Tier 1 capital ratio
| | | |
10.00
|
%
| |
N.A.
| |
Tier 1 risk-based capital ratio
| | | |
11.54
| | |
11.76
|
%
|
Total risk-based capital ratio
| | | |
13.71
| | |
13.54
| |
Tier 1 leverage ratio
| | | |
10.46
| | |
10.07
| |
| | | | | | |
|
N.A. Not Applicable.
| | | | | | | |
(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 4Q 2015 are preliminary
pending completion and filing of the Company's regulatory reports.
|
|
|
-
TCF maintained strong capital ratios as the Company accumulates
capital through earnings. The decrease in the Tier 1 risk-based
capital ratio from the fourth quarter of 2014 was primarily the result
of strong asset growth.
-
On January 22, 2016, TCF's Board of Directors declared a regular
quarterly cash dividend of 7.5 cents per common share, payable on
March 1, 2016, to stockholders of record at the close of business on
February 12, 2016. TCF also declared dividends on the 7.50% Series A
and 6.45% Series B Non-Cumulative Perpetual Preferred Stock, both
payable on March 1, 2016, to stockholders of record at the close of
business on February 12, 2016.
Webcast Information
A live webcast of TCF's conference call to discuss the fourth quarter
earnings will be hosted at TCF's website, http://ir.tcfbank.com,
on January 28, 2016 at 9:00 a.m. CST. 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 December 31, 2015, TCF had $20.7 billion in total assets and 375
branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona,
South Dakota and Indiana, 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, 2014, 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's fee
revenue; 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; 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 and
the impact of consolidating facilities.
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 December 31, | | | Change |
| | | | 2015 | | 2014 | | | $ | | % |
Interest income: | | | | | | | | | | | |
Loans and leases
| | | |
$
|
212,346
| | |
$
|
205,507
| | | |
$
|
6,839
| | |
3.3
|
%
|
Securities available for sale
| | | |
4,864
| | |
3,053
| | | |
1,811
| | |
59.3
| |
Securities held to maturity
| | | |
1,336
| | |
1,429
| | | |
(93
|
)
| |
(6.5
|
)
|
Investments and other
| | | |
6,905
|
| |
9,819
|
| | |
(2,914
|
)
| |
(29.7
|
)
|
Total interest income
| | | |
225,451
|
| |
219,808
|
| | |
5,643
|
| |
2.6
| |
Interest expense: | | | | | | | | | | | |
Deposits
| | | |
13,772
| | |
10,760
| | | |
3,012
| | |
28.0
| |
Borrowings
| | | |
6,010
|
| |
4,974
|
| | |
1,036
|
| |
20.8
| |
Total interest expense
| | | |
19,782
|
| |
15,734
|
| | |
4,048
|
| |
25.7
| |
Net interest income
| | | |
205,669
| | |
204,074
| | | |
1,595
| | |
0.8
| |
Provision for credit losses
| | | |
17,607
|
| |
55,597
|
| | |
(37,990
|
)
| |
(68.3
|
)
|
Net interest income after provision for credit losses
| | | |
188,062
|
| |
148,477
|
| | |
39,585
|
| |
26.7
| |
Non-interest income: | | | | | | | | | | | |
Fees and service charges
| | | |
37,741
| | |
39,477
| | | |
(1,736
|
)
| |
(4.4
|
)
|
Card revenue
| | | |
13,781
| | |
12,830
| | | |
951
| | |
7.4
| |
ATM revenue
| | | |
5,143
|
| |
5,249
|
| | |
(106
|
)
| |
(2.0
|
)
|
Subtotal
| | | |
56,665
| | |
57,556
| | | |
(891
|
)
| |
(1.5
|
)
|
Gains on sales of auto loans, net
| | | |
3,136
| | |
12,962
| | | |
(9,826
|
)
| |
(75.8
|
)
|
Gains on sales of consumer real estate loans, net
| | | |
13,104
| | |
6,175
| | | |
6,929
| | |
112.2
| |
Servicing fee income
| | | |
8,622
|
| |
6,365
|
| | |
2,257
|
| |
35.5
| |
Subtotal
| | | |
24,862
| | |
25,502
| | | |
(640
|
)
| |
(2.5
|
)
|
Leasing and equipment finance
| | | |
32,355
| | |
24,367
| | | |
7,988
| | |
32.8
| |
Other
| | | |
1,806
|
| |
2,363
|
| | |
(557
|
)
| |
(23.6
|
)
|
Fees and other revenue
| | | |
115,688
| | |
109,788
| | | |
5,900
| | |
5.4
| |
Gains (losses) on securities, net
| | | |
(29
|
)
| |
(20
|
)
| | |
(9
|
)
| |
(45.0
|
)
|
Total non-interest income
| | | |
115,659
|
| |
109,768
|
| | |
5,891
|
| |
5.4
| |
Non-interest expense: | | | | | | | | | | | |
Compensation and employee benefits
| | | |
109,061
| | |
115,796
| | | |
(6,735
|
)
| |
(5.8
|
)
|
Occupancy and equipment
| | | |
37,824
| | |
35,747
| | | |
2,077
| | |
5.8
| |
FDIC insurance
| | | |
5,173
| | |
2,643
| | | |
2,530
| | |
95.7
| |
Advertising and marketing
| | | |
5,316
| | |
5,146
| | | |
170
| | |
3.3
| |
Other
| | | |
46,441
|
| |
48,063
|
| | |
(1,622
|
)
| |
(3.4
|
)
|
Subtotal
| | | |
203,815
| | |
207,395
| | | |
(3,580
|
)
| |
(1.7
|
)
|
Operating lease depreciation
| | | |
13,608
| | |
6,878
| | | |
6,730
| | |
97.8
| |
Foreclosed real estate and repossessed assets, net
| | | |
4,940
| | |
7,441
| | | |
(2,501
|
)
| |
(33.6
|
)
|
Other credit costs, net
| | | |
224
|
| |
44
|
| | |
180
|
| |
N.M.
|
Total non-interest expense
| | | |
222,587
|
| |
221,758
|
| | |
829
|
| |
0.4
| |
Income before income tax expense
| | | |
81,134
| | |
36,487
| | | |
44,647
| | |
122.4
| |
Income tax expense
| | | |
26,614
|
| |
11,011
|
| | |
15,603
|
| |
141.7
| |
Income after income tax expense
| | | |
54,520
| | |
25,476
| | | |
29,044
| | |
114.0
| |
Income attributable to non-controlling interest
| | | |
2,028
|
| |
1,488
|
| | |
540
|
| |
36.3
| |
Net income attributable to TCF Financial Corporation | | | |
52,492
|
| |
23,988
|
| | |
28,504
|
| |
118.8
| |
Preferred stock dividends
| | | |
4,847
|
| |
4,847
|
| | |
—
|
| |
—
| |
Net income available to common stockholders | | | |
$
|
47,645
|
| |
$
|
19,141
|
| | |
$
|
28,504
|
| |
148.9
| |
| | | | | | | | | | |
|
Net income per common share: | | | | | | | | | | | |
Basic
| | | |
$
|
0.29
| | |
$
|
0.12
| | | |
$
|
0.17
| | |
141.7
|
%
|
Diluted
| | | |
0.29
| | |
0.12
| | | |
0.17
| | |
141.7
| |
| | | | | | | | | | |
|
Dividends declared per common share | | | |
$
|
0.075
| | |
$
|
0.05
| | | |
$
|
0.025
| | |
50.0
|
%
|
| | | | | | | | | | |
|
Average common and common equivalent shares outstanding (in
thousands): | | | | | | | | | | | |
Basic
| | | |
166,343
| | |
164,384
| | | |
1,959
| | |
1.2
|
%
|
Diluted
| | | |
166,942
| | |
164,869
| | | |
2,073
| | |
1.3
| |
| | | | | | | | | | |
|
N.M. Not Meaningful.
| | | | | | | | | | | |
| | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(Dollars in thousands, except per-share data)
|
(Unaudited)
|
|
|
|
| |
| |
|
| |
| |
| | | | Year Ended December 31, | | | Change |
| | | | 2015 | | 2014 | | | $ | | % |
Interest income: | | | | | | | | | | | |
Loans and leases
| | | |
$
|
832,736
| | |
$
|
820,436
| | | |
$
|
12,300
| | |
1.5
|
%
|
Securities available for sale
| | | |
15,648
| | |
11,994
| | | |
3,654
| | |
30.5
| |
Securities held to maturity
| | | |
5,486
| | |
5,281
| | | |
205
| | |
3.9
| |
Investments and other
| | | |
38,060
|
| |
36,518
|
| | |
1,542
|
| |
4.2
| |
Total interest income
| | | |
891,930
|
| |
874,229
|
| | |
17,701
|
| |
2.0
| |
Interest expense: | | | | | | | | | | | |
Deposits
| | | |
48,226
| | |
38,385
| | | |
9,841
| | |
25.6
| |
Borrowings
| | | |
23,316
|
| |
20,215
|
| | |
3,101
|
| |
15.3
| |
Total interest expense
| | | |
71,542
|
| |
58,600
|
| | |
12,942
|
| |
22.1
| |
Net interest income
| | | |
820,388
| | |
815,629
| | | |
4,759
| | |
0.6
| |
Provision for credit losses
| | | |
52,944
|
| |
95,737
|
| | |
(42,793
|
)
| |
(44.7
|
)
|
Net interest income after provision for credit losses
| | | |
767,444
|
| |
719,892
|
| | |
47,552
|
| |
6.6
| |
Non-interest income: | | | | | | | | | | | |
Fees and service charges
| | | |
144,999
| | |
154,386
| | | |
(9,387
|
)
| |
(6.1
|
)
|
Card revenue
| | | |
54,387
| | |
51,323
| | | |
3,064
| | |
6.0
| |
ATM revenue
| | | |
21,544
|
| |
22,225
|
| | |
(681
|
)
| |
(3.1
|
)
|
Subtotal
| | | |
220,930
| | |
227,934
| | | |
(7,004
|
)
| |
(3.1
|
)
|
Gains on sales of auto loans, net
| | | |
30,580
| | |
43,565
| | | |
(12,985
|
)
| |
(29.8
|
)
|
Gains on sales of consumer real estate loans, net
| | | |
40,964
| | |
34,794
| | | |
6,170
| | |
17.7
| |
Servicing fee income
| | | |
31,229
|
| |
21,444
|
| | |
9,785
|
| |
45.6
| |
Subtotal
| | | |
102,773
| | |
99,803
| | | |
2,970
| | |
3.0
| |
Leasing and equipment finance
| | | |
108,129
| | |
93,799
| | | |
14,330
| | |
15.3
| |
Other
| | | |
10,463
|
| |
10,704
|
| | |
(241
|
)
| |
(2.3
|
)
|
Fees and other revenue
| | | |
442,295
| | |
432,240
| | | |
10,055
| | |
2.3
| |
Gains (losses) on securities, net
| | | |
(297
|
)
| |
1,027
|
| | |
(1,324
|
)
| |
N.M.
|
Total non-interest income
| | | |
441,998
|
| |
433,267
|
| | |
8,731
|
| |
2.0
| |
Non-interest expense: | | | | | | | | | | | |
Compensation and employee benefits
| | | |
457,743
| | |
452,942
| | | |
4,801
| | |
1.1
| |
Occupancy and equipment
| | | |
144,962
| | |
139,023
| | | |
5,939
| | |
4.3
| |
FDIC insurance
| | | |
20,262
| | |
25,123
| | | |
(4,861
|
)
| |
(19.3
|
)
|
Advertising and marketing
| | | |
22,782
| | |
22,943
| | | |
(161
|
)
| |
(0.7
|
)
|
Other
| | | |
186,211
|
| |
179,904
|
| | |
6,307
|
| |
3.5
| |
Subtotal
| | | |
831,960
| | |
819,935
| | | |
12,025
| | |
1.5
| |
Operating lease depreciation
| | | |
39,409
| | |
27,152
| | | |
12,257
| | |
45.1
| |
Foreclosed real estate and repossessed assets, net
| | | |
23,193
| | |
24,567
| | | |
(1,374
|
)
| |
(5.6
|
)
|
Other credit costs, net
| | | |
185
|
| |
123
|
| | |
62
|
| |
50.4
| |
Total non-interest expense
| | | |
894,747
|
| |
871,777
|
| | |
22,970
|
| |
2.6
| |
Income before income tax expense
| | | |
314,695
| | |
281,382
| | | |
33,313
| | |
11.8
| |
Income tax expense
| | | |
108,872
|
| |
99,766
|
| | |
9,106
|
| |
9.1
| |
Income after income tax expense
| | | |
205,823
| | |
181,616
| | | |
24,207
| | |
13.3
| |
Income attributable to non-controlling interest
| | | |
8,700
|
| |
7,429
|
| | |
1,271
|
| |
17.1
| |
Net income attributable to TCF Financial Corporation | | | |
197,123
|
| |
174,187
|
| | |
22,936
|
| |
13.2
| |
Preferred stock dividends
| | | |
19,388
|
| |
19,388
|
| | |
—
|
| |
—
| |
Net income available to common stockholders | | | |
$
|
177,735
|
| |
$
|
154,799
|
| | |
$
|
22,936
|
| |
14.8
| |
| | | | | | | | | | |
|
Net income per common share: | | | | | | | | | | | |
Basic
| | | |
$
|
1.07
| | |
$
|
0.95
| | | |
$
|
0.12
| | |
12.6
|
%
|
Diluted
| | | |
1.07
| | |
0.94
| | | |
0.13
| | |
13.8
| |
| | | | | | | | | | |
|
Dividends declared per common share | | | |
$
|
0.225
| | |
$
|
0.20
| | | |
$
|
0.025
| | |
12.5
|
%
|
| | | | | | | | | | |
|
Average common and common equivalent shares outstanding (in
thousands): | | | | | | | | | | | |
Basic
| | | |
165,697
| | |
163,581
| | | |
2,116
| | |
1.3
|
%
|
Diluted
| | | |
166,242
| | |
164,085
| | | |
2,157
| | |
1.3
| |
| | | | | | | | | | |
|
N.M. Not Meaningful.
| | | | | | | | | | | |
| | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
| |
| |
|
| |
| |
| | | | Three Months Ended December 31, | | | Change |
| | | | 2015 | | 2014 | | | $ | | % |
Net income attributable to TCF Financial Corporation | | | |
$
|
52,492
|
| |
$
|
23,988
|
| | |
$
|
28,504
|
| |
118.8
|
%
|
Other comprehensive income (loss): | | | | | | | | | | | |
Securities available for sale:
| | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
(5,494
|
)
| |
9,419
| | | |
(14,913
|
)
| |
N.M.
|
Reclassification of net (gains) losses to net income
| | | |
288
| | |
299
| | | |
(11
|
)
| |
(3.7
|
)
|
Net investment hedges:
| | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
1,841
| | |
1,449
| | | |
392
| | |
27.1
| |
Foreign currency translation adjustment:
| | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
(1,986
|
)
| |
(1,661
|
)
| | |
(325
|
)
| |
(19.6
|
)
|
Recognized postretirement prior service cost:
| | | | | | | | | | | |
Reclassification of net (gains) losses to net income
| | | |
(11
|
)
| |
(12
|
)
| | |
1
| | |
8.3
| |
Income tax (expense) benefit
| | | |
1,283
|
| |
(4,188
|
)
| | |
5,471
|
| |
N.M.
|
Total other comprehensive income (loss)
| | | |
(4,079
|
)
| |
5,306
|
| | |
(9,385
|
)
| |
N.M.
|
Comprehensive income | | | |
$
|
48,413
|
| |
$
|
29,294
|
| | |
$
|
19,119
|
| |
65.3
| |
| | | | | | | | | | |
|
| | | | | | | | | | |
|
| | | | Year Ended December 31, | | | Change |
| | | | 2015 | | 2014 | | | $ | | % |
Net income attributable to TCF Financial Corporation | | | |
$
|
197,123
|
| |
$
|
174,187
|
| | |
$
|
22,936
|
| |
13.2
|
%
|
Other comprehensive income (loss): | | | | | | | | | | | |
Securities available for sale:
| | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
(2,523
|
)
| |
29,071
| | | |
(31,594
|
)
| |
N.M.
|
Reclassification of net (gains) losses to net income
| | | |
1,159
| | |
(76
|
)
| | |
1,235
| | |
N.M.
|
Net investment hedges:
| | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
7,613
| | |
3,126
| | | |
4,487
| | |
143.5
| |
Foreign currency translation adjustment:
| | | | | | | | | | | |
Unrealized gains (losses) arising during the period
| | | |
(8,304
|
)
| |
(3,704
|
)
| | |
(4,600
|
)
| |
(124.2
|
)
|
Recognized postretirement prior service cost:
| | | | | | | | | | | |
Reclassification of net (gains) losses to net income
| | | |
(46
|
)
| |
(47
|
)
| | |
1
| | |
2.1
| |
Income tax (expense) benefit
| | | |
(2,335
|
)
| |
(12,067
|
)
| | |
9,732
|
| |
80.6
| |
Total other comprehensive income (loss)
| | | |
(4,436
|
)
| |
16,303
|
| | |
(20,739
|
)
| |
N.M.
|
Comprehensive income | | | |
$
|
192,687
|
| |
$
|
190,490
|
| | |
$
|
2,197
|
| |
1.2
| |
| | | | | | | | | | |
|
N.M. Not Meaningful.
| | | | | | | | | | | |
| | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
(Dollars in thousands, except per-share data)
|
(Unaudited)
|
|
|
|
| |
| |
|
| |
| |
| | | | At Dec. 31, | | | Change |
| | | | 2015 | | 2014 | | | $ | | % |
ASSETS: | | | | | | | | | | | |
Cash and due from banks
| | | |
$
|
889,337
| | |
$
|
1,115,250
| | | |
$
|
(225,913
|
)
| |
(20.3
|
)%
|
Investments
| | | |
70,537
| | |
85,492
| | | |
(14,955
|
)
| |
(17.5
|
)
|
Securities held to maturity
| | | |
201,920
| | |
214,454
| | | |
(12,534
|
)
| |
(5.8
|
)
|
Securities available for sale
| | | |
888,885
| | |
463,294
| | | |
425,591
| | |
91.9
| |
Loans and leases held for sale
| | | |
157,625
| | |
132,266
| | | |
25,359
| | |
19.2
| |
Loans and leases:
| | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | |
First mortgage lien
| | | |
2,624,956
| | |
3,139,152
| | | |
(514,196
|
)
| |
(16.4
|
)
|
Junior lien
| | | |
2,839,316
|
| |
2,543,212
|
| | |
296,104
|
| |
11.6
| |
Total consumer real estate
| | | |
5,464,272
| | |
5,682,364
| | | |
(218,092
|
)
| |
(3.8
|
)
|
Commercial
| | | |
3,145,832
| | |
3,157,665
| | | |
(11,833
|
)
| |
(0.4
|
)
|
Leasing and equipment finance
| | | |
4,012,248
| | |
3,745,322
| | | |
266,926
| | |
7.1
| |
Inventory finance
| | | |
2,146,754
| | |
1,877,090
| | | |
269,664
| | |
14.4
| |
Auto finance
| | | |
2,647,596
| | |
1,915,061
| | | |
732,535
| | |
38.3
| |
Other
| | | |
19,297
|
| |
24,144
|
| | |
(4,847
|
)
| |
(20.1
|
)
|
Total loans and leases
| | | |
17,435,999
| | |
16,401,646
| | | |
1,034,353
| | |
6.3
| |
Allowance for loan and lease losses
| | | |
(156,054
|
)
| |
(164,169
|
)
| | |
8,115
|
| |
4.9
| |
Net loans and leases
| | | |
17,279,945
| | |
16,237,477
| | | |
1,042,468
| | |
6.4
| |
Premises and equipment, net
| | | |
445,934
| | |
436,361
| | | |
9,573
| | |
2.2
| |
Goodwill
| | | |
225,640
| | |
225,640
| | | |
—
| | |
—
| |
Other assets
| | | |
531,881
|
| |
484,377
|
| | |
47,504
|
| |
9.8
| |
Total assets
| | | |
$
|
20,691,704
|
| |
$
|
19,394,611
|
| | |
$
|
1,297,093
|
| |
6.7
| |
| | | | | | | | | | |
|
LIABILITIES AND EQUITY: | | | | | | | | | | | |
Deposits:
| | | | | | | | | | | |
Checking
| | | |
$
|
5,690,559
| | |
$
|
5,195,243
| | | |
$
|
495,316
| | |
9.5
| |
Savings
| | | |
4,717,457
| | |
5,212,320
| | | |
(494,863
|
)
| |
(9.5
|
)
|
Money market
| | | |
2,408,180
| | |
1,993,130
| | | |
415,050
| | |
20.8
| |
Certificates of deposit
| | | |
3,903,793
|
| |
3,049,189
|
| | |
854,604
|
| |
28.0
| |
Total deposits
| | | |
16,719,989
|
| |
15,449,882
|
| | |
1,270,107
|
| |
8.2
| |
Short-term borrowings
| | | |
5,381
| | |
4,425
| | | |
956
| | |
21.6
| |
Long-term borrowings
| | | |
1,036,652
|
| |
1,232,065
|
| | |
(195,413
|
)
| |
(15.9
|
)
|
Total borrowings
| | | |
1,042,033
| | |
1,236,490
| | | |
(194,457
|
)
| |
(15.7
|
)
|
Accrued expenses and other liabilities
| | | |
622,765
|
| |
572,875
|
| | |
49,890
|
| |
8.7
| |
Total liabilities
| | | |
18,384,787
|
| |
17,259,247
|
| | |
1,125,540
|
| |
6.5
| |
Equity:
| | | | | | | | | | | |
Preferred stock, par value $0.01 per share, 30,000,000 shares
authorized; 4,006,900 shares issued
| | | |
263,240
| | |
263,240
| | | |
—
| | |
—
| |
Common stock, par value $0.01 per share, 280,000,000 shares
authorized; 169,887,030 and 167,503,568 shares issued, respectively
| | | |
1,699
| | |
1,675
| | | |
24
| | |
1.4
| |
Additional paid-in capital
| | | |
851,836
| | |
817,130
| | | |
34,706
| | |
4.2
| |
Retained earnings, subject to certain restrictions
| | | |
1,240,347
| | |
1,099,914
| | | |
140,433
| | |
12.8
| |
Accumulated other comprehensive income (loss)
| | | |
(15,346
|
)
| |
(10,910
|
)
| | |
(4,436
|
)
| |
(40.7
|
)
|
Treasury stock at cost, 42,566 shares, and other
| | | |
(50,860
|
)
| |
(49,400
|
)
| | |
(1,460
|
)
| |
(3.0
|
)
|
Total TCF Financial Corporation stockholders' equity
| | | |
2,290,916
| | |
2,121,649
| | | |
169,267
| | |
8.0
| |
Non-controlling interest in subsidiaries
| | | |
16,001
|
| |
13,715
|
| | |
2,286
|
| |
16.7
| |
Total equity
| | | |
2,306,917
|
| |
2,135,364
|
| | |
171,553
|
| |
8.0
| |
Total liabilities and equity
| | | |
$
|
20,691,704
|
| |
$
|
19,394,611
|
| | |
$
|
1,297,093
|
| |
6.7
| |
| | | | | | | | | | | | | | | | | |
|
|
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 |
|
| | | | Dec. 31, | | Sep. 30, | | Jun. 30, | | Mar. 31, | | Dec. 31, | | | Sep. 30, | | | Dec. 31, | |
| | | | 2015 | | 2015 | | 2015 | | 2015 | | 2014 | | | 2015 | | | 2014 | |
Consumer real estate:
| | | | | | | | | | | | | | | | | | | |
First mortgage lien
| | | |
0.46
|
%
| |
0.36
|
%
| |
0.38
|
%
| |
0.53
|
%
| |
0.49
|
%
| | |
10
| |
bps
| |
(3
|
)
|
bps
|
Junior lien
| | | |
0.05
| | |
0.08
| | |
0.08
| | |
0.11
| | |
0.08
| | | |
(3
|
)
| | |
(3
|
)
| |
Total consumer real estate
| | | |
0.23
| | |
0.21
| | |
0.22
| | |
0.32
| | |
0.30
| | | |
2
| | | |
(7
|
)
| |
Commercial
| | | |
—
| | |
0.25
| | |
—
| | |
—
| | |
—
| | | |
(25
|
)
| | |
—
| | |
Leasing and equipment finance
| | | |
0.06
| | |
0.19
| | |
0.06
| | |
0.09
| | |
0.07
| | | |
(13
|
)
| | |
(1
|
)
| |
Inventory finance
| | | |
0.01
| | |
0.01
| | |
—
| | |
—
| | |
—
| | | |
—
| | | |
1
| | |
Auto finance
| | | |
0.14
| | |
0.11
| | |
0.11
| | |
0.16
| | |
0.22
| | | |
3
| | | |
(8
|
)
| |
Other
| | | |
0.13
| | |
0.17
| | |
0.11
| | |
0.02
| | |
—
| | | |
(4
|
)
| | |
13
| | |
Subtotal
| | | |
0.11
| | |
0.17
| | |
0.10
| | |
0.14
| | |
0.14
| | | |
(6
|
)
| | |
(3
|
)
| |
Acquired portfolios
| | | |
0.41
| | |
0.37
| | |
0.28
| | |
0.21
| | |
0.03
| | | |
4
| | | |
38
| | |
Total delinquencies
| | | |
0.11
| | |
0.17
| | |
0.10
| | |
0.14
| | |
0.14
| | | |
(6
|
)
| | |
(3
|
)
| |
| | | | | | | | | | | | | | | | | | |
|
(1) Excludes non-accrual loans and leases.
|
| | | | | | | | | | | | | | | | | | |
|
| | | | | | |
|
Net Charge-Offs as a Percentage of
Average Loans and Leases |
|
|
|
| | | | | | |
|
| | | | |
| | | | Quarter Ended(1) | | | Change from |
| | | | Dec. 31, |
| Sep. 30, |
| Jun. 30, |
| Mar. 31, |
| Dec. 31, | | | Sep. 30, | |
| Dec. 31, |
| | | | 2015 | | 2015 | | 2015 | | 2015 | | 2014 | | | 2015 | | | 2014 |
Consumer real estate:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
First mortgage lien
| | | |
0.54
|
%
| |
0.53
|
%
| |
0.79
|
%
| |
0.62
|
%
| |
0.80
|
%
| | |
1
| |
bps
| |
(26
|
)
|
bps
|
Junior lien
| | | |
0.17
| | |
0.11
| | |
0.59
| | |
0.38
| | |
0.46
| | | |
6
| | | |
(29
|
)
| |
Total consumer real estate
| | | |
0.34
| | |
0.32
| | |
0.69
| | |
0.51
| | |
0.66
| | | |
2
| | | |
(32
|
)
| |
Commercial
| | | |
0.05
| | |
—
| | |
0.21
| | |
(0.07
|
)
| |
0.12
| | | |
5
|
|
| |
(7
|
)
| |
Leasing and equipment finance
| | | |
0.16
| | |
0.09
| | |
0.16
| | |
0.10
| | |
0.08
| | | |
7
| | | |
8
| | |
Inventory finance
| | | |
0.05
| | |
0.03
| | |
0.11
| | |
0.08
| | |
0.12
| | | |
2
| | | |
(7
|
)
| |
Auto finance
| | | |
0.75
| | |
0.62
| | |
0.66
| | |
0.66
| | |
0.83
| | | |
13
| | | |
(8
|
)
| |
Other
| | | |
N.M.
| | |
N.M.
| | |
N.M.
| | |
N.M.
| | |
N.M.
| | | |
N.M.
| | | |
N.M.
| | |
Total
| | | |
0.29
| | |
0.23
| | |
0.41
| | |
0.28
| | |
0.40
| | | |
6
| | | |
(11
|
)
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
N.M. Not Meaningful.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) Annualized.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
Non-Accrual Loans and Leases Rollforward |
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| |
| | | | Quarter Ended | | | Change from |
| | | | Dec. 31, | | | Sep. 30, | | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, | | Dec. 31, |
| | | | 2015 | | | 2015 | | | 2015 | | | 2015 | | | 2014 | | | 2015 | | 2014 |
Balance, beginning of period
| | | |
$
|
206,110
| | | |
$
|
205,710
| | | |
$
|
222,143
| | | |
$
|
216,734
| | | |
$
|
275,111
| | | |
$
|
400
| | |
$
|
(69,001
|
)
|
Additions
| | | |
44,387
| | | |
48,505
| | | |
40,846
| | | |
51,647
| | | |
44,626
| | | |
(4,118
|
)
| |
(239
|
)
|
Charge-offs
| | | |
(9,002
|
)
| | |
(7,055
|
)
| | |
(14,050
|
)
| | |
(8,921
|
)
| | |
(14,456
|
)
| | |
(1,947
|
)
| |
5,454
| |
Transfers to other assets
| | | |
(13,612
|
)
| | |
(16,400
|
)
| | |
(17,738
|
)
| | |
(16,781
|
)
| | |
(18,471
|
)
| | |
2,788
| | |
4,859
| |
Return to accrual status
| | | |
(9,282
|
)
| | |
(10,190
|
)
| | |
(10,298
|
)
| | |
(7,668
|
)
| | |
(8,280
|
)
| | |
908
| | |
(1,002
|
)
|
Payments received
| | | |
(20,103
|
)
| | |
(14,721
|
)
| | |
(15,543
|
)
| | |
(10,974
|
)
| | |
(21,859
|
)
| | |
(5,382
|
)
| |
1,756
| |
Sales
| | | |
(775
|
)
| | |
(705
|
)
| | |
(353
|
)
| | |
(2,250
|
)
| | |
(40,354
|
)
| | |
(70
|
)
| |
39,579
| |
Other, net
| | | |
2,743
|
| | |
966
|
| | |
703
|
| | |
356
|
| | |
417
|
| | |
1,777
|
| |
2,326
|
|
Balance, end of period
| | | |
$
|
200,466
|
| | |
$
|
206,110
|
| | |
$
|
205,710
|
| | |
$
|
222,143
|
| | |
$
|
216,734
|
| | |
$
|
(5,644
|
)
| |
$
|
(16,268
|
)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
SUMMARY OF CREDIT QUALITY DATA, CONTINUED |
(Dollars in thousands)
|
(Unaudited)
|
|
Other Real Estate Owned Rollforward |
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| |
| | | | Quarter Ended | | | Change from |
| | | | Dec. 31, | | | Sep. 30, | | | Jun. 30, | | | Mar. 31, | | | Dec. 31, | | | Sep. 30, | | Dec. 31, |
| | | | 2015 | | | 2015 | | | 2015 | | | 2015 | | | 2014 | | | 2015 | | 2014 |
Balance, beginning of period
| | | |
$
|
58,584
| | | |
$
|
58,007
| | | |
$
|
62,398
| | | |
$
|
65,650
| | | |
$
|
67,614
| | | |
$
|
577
| | |
$
|
(9,030
|
)
|
Transferred in
| | | |
12,626
| | | |
15,087
| | | |
15,359
| | | |
15,513
| | | |
18,220
| | | |
(2,461
|
)
| |
(5,594
|
)
|
Sales
| | | |
(19,174
|
)
| | |
(13,442
|
)
| | |
(17,164
|
)
| | |
(15,399
|
)
| | |
(13,766
|
)
| | |
(5,732
|
)
| |
(5,408
|
)
|
Writedowns
| | | |
(2,130
|
)
| | |
(2,868
|
)
| | |
(4,003
|
)
| | |
(3,424
|
)
| | |
(5,753
|
)
| | |
738
| | |
3,623
| |
Other, net
| | | |
76
|
| | |
1,800
|
| | |
1,417
|
| | |
58
|
| | |
(665
|
)
| | |
(1,724
|
)
| |
741
|
|
Balance, end of period
| | | |
$
|
49,982
|
| | |
$
|
58,584
|
| | |
$
|
58,007
|
| | |
$
|
62,398
|
| | |
$
|
65,650
|
| | |
$
|
(8,602
|
)
| |
$
|
(15,668
|
)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Allowance for Loan and Lease Losses | |
|
|
|
| |
| |
|
| |
| |
|
| |
| |
|
| | |
| | |
| | | | At December 31, | | | At September 30, | | | At December 31, | | | | |
| | | | 2015 | | | 2015 | | | 2014 | | | Change from | |
| | | | | | % of | | | | | % of | | | | | % of | | | Sep. 30, | | | Dec. 31, | |
| | | | Balance | | Portfolio | | | Balance | | Portfolio | | | Balance | | Portfolio | | | 2015 | | | 2014 | |
Consumer real estate
| | | |
$
|
67,992
| | |
1.24
|
%
| | |
$
|
70,329
| | |
1.25
|
%
| | |
$
|
85,361
| | |
1.50
|
%
| | |
(1
|
)
|
bps
| |
(26
|
)
|
bps
|
Commercial
| | | |
30,185
| | |
0.96
| | | |
30,006
| | |
0.96
| | | |
31,367
| | |
0.99
| | | |
—
| | | |
(3
|
)
| |
Leasing and equipment finance
| | | |
19,018
| | |
0.47
| | | |
18,177
| | |
0.47
| | | |
18,446
| | |
0.49
| | | |
—
| | | |
(2
|
)
| |
Inventory finance
| | | |
11,128
| | |
0.52
| | | |
11,121
| | |
0.52
| | | |
10,020
| | |
0.53
| | | |
—
| | | |
(1
|
)
| |
Auto finance
| | | |
26,486
| | |
1.00
| | | |
23,722
| | |
0.98
| | | |
18,230
| | |
0.95
| | | |
2
| | | |
5
| | |
Other
| | | |
1,245
|
| |
6.45
| | | |
607
|
| |
2.94
| | | |
745
|
| |
3.09
| | | |
351
| | | |
336
| | |
Total
| | | |
$
|
156,054
|
| |
0.90
| | | |
$
|
153,962
|
| |
0.90
| | | |
$
|
164,169
|
| |
1.00
| | | |
—
| | | |
(10
|
)
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES |
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
| |
| |
| |
|
| |
| |
| |
| | | | Three Months Ended December 31, |
| | | | 2015 | | | 2014 |
| | | | Average | | | | Yields and | | | Average | | | | Yields and |
| | | | Balance | | Interest(1) | | Rates(1)(2) | | | Balance | | Interest(1) | | Rates(1)(2) |
ASSETS: | | | | | | | | | | | | | | | |
Investments and other
| | | |
$
|
405,252
| | |
$
|
2,644
| | |
2.59
|
%
| | |
$
|
611,286
| | |
$
|
3,551
| | |
2.31
|
%
|
Securities held to maturity
| | | |
201,944
| | |
1,336
| | |
2.64
| | | |
215,039
| | |
1,429
| | |
2.66
| |
Securities available for sale(3) | | | | | | | | | | | | | | | |
Taxable
| | | |
611,816
| | |
3,691
| | |
2.41
| | | |
465,676
| | |
3,053
| | |
2.62
| |
Tax-exempt(4) | | | |
221,113
| | |
1,804
| | |
3.26
| | | |
—
| | |
—
| | |
—
| |
Loans and leases held for sale
| | | |
180,278
| | |
4,261
| | |
9.38
| | | |
297,474
| | |
6,268
| | |
8.36
| |
Loans and leases:(5) | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | |
Fixed-rate
| | | |
2,520,567
| | |
36,384
| | |
5.73
| | | |
3,257,428
| | |
46,848
| | |
5.71
| |
Variable-rate
| | | |
3,083,957
|
| |
40,294
|
| |
5.18
| | | |
2,801,728
|
| |
36,302
|
| |
5.14
| |
Total consumer real estate
| | | |
5,604,524
| | |
76,678
| | |
5.43
| | | |
6,059,156
| | |
83,150
| | |
5.45
| |
Commercial:
| | | | | | | | | | | | | | | |
Fixed-rate
| | | |
1,090,001
| | |
13,869
| | |
5.05
| | | |
1,362,306
| | |
16,883
| | |
4.92
| |
Variable- and adjustable-rate
| | | |
2,027,982
|
| |
20,705
|
| |
4.05
| | | |
1,781,308
|
| |
17,334
|
| |
3.86
| |
Total commercial
| | | |
3,117,983
| | |
34,574
| | |
4.40
| | | |
3,143,614
| | |
34,217
| | |
4.32
| |
Leasing and equipment finance
| | | |
3,911,025
| | |
44,479
| | |
4.55
| | | |
3,611,557
| | |
42,789
| | |
4.74
| |
Inventory finance
| | | |
2,180,534
| | |
31,128
| | |
5.66
| | | |
1,891,504
| | |
26,515
| | |
5.56
| |
Auto finance
| | | |
2,514,923
| | |
26,422
| | |
4.17
| | | |
1,817,024
| | |
19,437
| | |
4.24
| |
Other
| | | |
9,060
|
| |
157
|
| |
6.88
| | | |
11,396
|
| |
228
|
| |
7.93
| |
Total loans and leases
| | | |
17,338,049
|
| |
213,438
|
| |
4.89
| | | |
16,534,251
|
| |
206,336
|
| |
4.96
| |
Total interest-earning assets
| | | |
18,958,452
| | |
227,174
| | |
4.76
| | | |
18,123,726
| | |
220,637
| | |
4.84
| |
Other assets(6) | | | |
1,247,875
|
| | | | | | |
1,132,112
|
| | | | |
Total assets
| | | |
$
|
20,206,327
|
| | | | | | |
$
|
19,255,838
|
| | | | |
LIABILITIES AND EQUITY: | | | | | | | | | | | | | | | |
Non-interest bearing deposits:
| | | | | | | | | | | | | | | |
Retail
| | | |
$
|
1,639,550
| | | | | | | |
$
|
1,528,579
| | | | | |
Small business
| | | |
874,892
| | | | | | | |
842,004
| | | | | |
Commercial and custodial
| | | |
525,692
|
| | | | | | |
455,086
|
| | | | |
Total non-interest bearing deposits
| | | |
3,040,134
| | | | | | | |
2,825,669
| | | | | |
Interest-bearing deposits:
| | | | | | | | | | | | | | | |
Checking
| | | |
2,384,452
| | |
124
| | |
0.02
| | | |
2,301,035
| | |
163
| | |
0.03
| |
Savings
| | | |
4,721,571
| | |
466
| | |
0.04
| | | |
5,272,196
| | |
1,320
| | |
0.10
| |
Money market
| | | |
2,349,127
| | |
3,649
| | |
0.62
| | | |
1,869,350
| | |
3,071
| | |
0.65
| |
Certificates of deposit
| | | |
3,793,653
|
| |
9,533
|
| |
1.00
| | | |
3,041,722
|
| |
6,206
|
| |
0.81
| |
Total interest-bearing deposits
| | | |
13,248,803
|
| |
13,772
|
| |
0.41
| | | |
12,484,303
|
| |
10,760
|
| |
0.34
| |
Total deposits
| | | |
16,288,937
|
| |
13,772
|
| |
0.34
| | | |
15,309,972
|
| |
10,760
|
| |
0.28
| |
Borrowings:
| | | | | | | | | | | | | | | |
Short-term borrowings
| | | |
28,364
| | |
6
| | |
0.09
| | | |
9,383
| | |
13
| | |
0.56
| |
Long-term borrowings
| | | |
1,011,715
|
| |
6,004
|
| |
2.37
| | | |
1,326,591
|
| |
4,961
|
| |
1.49
| |
Total borrowings
| | | |
1,040,079
|
| |
6,010
|
| |
2.31
| | | |
1,335,974
|
| |
4,974
|
| |
1.49
| |
Total interest-bearing liabilities
| | | |
14,288,882
|
| |
19,782
|
| |
0.55
| | | |
13,820,277
|
| |
15,734
|
| |
0.45
| |
Total deposits and borrowings
| | | |
17,329,016
| | |
19,782
| | |
0.45
| | | |
16,645,946
| | |
15,734
| | |
0.38
| |
Other liabilities
| | | |
595,317
|
| | | | | | |
485,655
|
| | | | |
Total liabilities
| | | |
17,924,333
|
| | | | | | |
17,131,601
|
| | | | |
Total TCF Financial Corp. stockholders' equity
| | | |
2,263,018
| | | | | | | |
2,109,402
| | | | | |
Non-controlling interest in subsidiaries
| | | |
18,976
|
| | | | | | |
14,835
|
| | | | |
Total equity
| | | |
2,281,994
|
| | | | | | |
2,124,237
|
| | | | |
Total liabilities and equity
| | | |
$
|
20,206,327
|
| | | | | | |
$
|
19,255,838
|
| | | | |
Net interest income and margin | | | | | |
$
|
207,392
|
| |
4.35
| | | | | |
$
|
204,903
|
| |
4.49
| |
| | | | | | | | | | | | | | |
|
(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 operating leases.
|
| |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES |
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
| |
| |
| |
|
| |
| |
| |
| | | | Year Ended December 31, |
| | | | 2015 | | | 2014 |
| | | | Average | | | | Yields and | | | Average | | | | Yields and |
| | | | Balance | | Interest(1) | | Rates(1)(2) | | | Balance | | Interest(1) | | Rates(1)(2) |
ASSETS: | | | | | | | | | | | | | | | |
Investments and other
| | | |
$
|
520,577
| | |
$
|
12,294
| | |
2.36
|
%
| | |
$
|
586,803
| | |
$
|
15,390
| | |
2.62
|
%
|
Securities held to maturity
| | | |
207,140
| | |
5,486
| | |
2.65
| | | |
197,943
| | |
5,281
| | |
2.67
| |
Securities available for sale(3) | | | | | | | | | | | | | | | |
Taxable
| | | |
564,205
| | |
13,930
| | |
2.47
| | | |
447,016
| | |
11,994
| | |
2.68
| |
Tax-exempt(4) | | | |
80,894
| | |
2,643
| | |
3.27
| | | |
—
| | |
—
| | |
—
| |
Loans and leases held for sale
| | | |
286,295
| | |
25,766
| | |
9.00
| | | |
259,186
| | |
21,128
| | |
8.15
| |
Loans and leases:(5) | | | | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | | | | |
Fixed-rate
| | | |
2,710,512
| | |
157,428
| | |
5.81
| | | |
3,359,670
| | |
190,973
| | |
5.68
| |
Variable-rate
| | | |
2,911,689
|
| |
149,770
|
| |
5.14
| | | |
2,788,882
|
| |
143,431
|
| |
5.14
| |
Total consumer real estate
| | | |
5,622,201
| | |
307,198
| | |
5.46
| | | |
6,148,552
| | |
334,404
| | |
5.44
| |
Commercial:
| | | | | | | | | | | | | | | |
Fixed-rate
| | | |
1,173,039
| | |
59,037
| | |
5.03
| | | |
1,469,579
| | |
73,752
| | |
5.02
| |
Variable- and adjustable-rate
| | | |
1,961,389
|
| |
76,677
|
| |
3.91
| | | |
1,665,788
|
| |
66,450
|
| |
3.99
| |
Total commercial
| | | |
3,134,428
| | |
135,714
| | |
4.33
| | | |
3,135,367
| | |
140,202
| | |
4.47
| |
Leasing and equipment finance
| | | |
3,804,015
| | |
175,565
| | |
4.62
| | | |
3,531,256
| | |
166,974
| | |
4.73
| |
Inventory finance
| | | |
2,154,357
| | |
122,799
| | |
5.70
| | | |
1,888,080
| | |
112,603
| | |
5.96
| |
Auto finance
| | | |
2,278,617
| | |
94,463
| | |
4.15
| | | |
1,567,904
| | |
68,595
| | |
4.37
| |
Other
| | | |
10,303
|
| |
712
|
| |
6.91
| | | |
12,071
|
| |
931
|
| |
7.71
| |
Total loans and leases
| | | |
17,003,921
|
| |
836,451
|
| |
4.92
| | | |
16,283,230
|
| |
823,709
|
| |
5.06
| |
Total interest-earning assets
| | | |
18,663,032
| | |
896,570
| | |
4.80
| | | |
17,774,178
| | |
877,502
| | |
4.94
| |
Other assets(6) | | | |
1,228,651
|
| | | | | | |
1,124,226
|
| | | | |
Total assets
| | | |
$
|
19,891,683
|
| | | | | | |
$
|
18,898,404
|
| | | | |
LIABILITIES AND EQUITY: | | | | | | | | | | | | | | | |
Non-interest bearing deposits:
| | | | | | | | | | | | | | | |
Retail
| | | |
$
|
1,658,951
| | | | | | | |
$
|
1,546,453
| | | | | |
Small business
| | | |
838,758
| | | | | | | |
806,649
| | | | | |
Commercial and custodial
| | | |
507,446
|
| | | | | | |
413,893
|
| | | | |
Total non-interest bearing deposits
| | | |
3,005,155
| | | | | | | |
2,766,995
| | | | | |
Interest-bearing deposits:
| | | | | | | | | | | | | | | |
Checking
| | | |
2,396,334
| | |
547
| | |
0.02
| | | |
2,328,402
| | |
921
| | |
0.04
| |
Savings
| | | |
4,938,303
| | |
3,005
| | |
0.06
| | | |
5,693,751
| | |
8,343
| | |
0.15
| |
Money market
| | | |
2,265,121
| | |
14,237
| | |
0.63
| | | |
1,312,483
| | |
7,032
| | |
0.54
| |
Certificates of deposit
| | | |
3,340,341
|
| |
30,437
|
| |
0.91
| | | |
2,840,922
|
| |
22,089
|
| |
0.78
| |
Total interest-bearing deposits
| | | |
12,940,099
|
| |
48,226
|
| |
0.37
| | | |
12,175,558
|
| |
38,385
|
| |
0.32
| |
Total deposits
| | | |
15,945,254
|
| |
48,226
|
| |
0.30
| | | |
14,942,553
|
| |
38,385
|
| |
0.26
| |
Borrowings:
| | | | | | | | | | | | | | | |
Short-term borrowings
| | | |
18,822
| | |
53
| | |
0.28
| | | |
83,673
| | |
261
| | |
0.31
| |
Long-term borrowings
| | | |
1,121,181
|
| |
23,263
|
| |
2.07
| | | |
1,311,176
|
| |
19,954
|
| |
1.52
| |
Total borrowings
| | | |
1,140,003
|
| |
23,316
|
| |
2.05
| | | |
1,394,849
|
| |
20,215
|
| |
1.45
| |
Total interest-bearing liabilities
| | | |
14,080,102
|
| |
71,542
|
| |
0.51
| | | |
13,570,407
|
| |
58,600
|
| |
0.43
| |
Total deposits and borrowings
| | | |
17,085,257
| | |
71,542
| | |
0.42
| | | |
16,337,402
| | |
58,600
| | |
0.36
| |
Other liabilities
| | | |
589,222
|
| | | | | | |
502,560
|
| | | | |
Total liabilities
| | | |
17,674,479
|
| | | | | | |
16,839,962
|
| | | | |
Total TCF Financial Corp. stockholders' equity
| | | |
2,197,690
| | | | | | | |
2,041,428
| | | | | |
Non-controlling interest in subsidiaries
| | | |
19,514
|
| | | | | | |
17,014
|
| | | | |
Total equity
| | | |
2,217,204
|
| | | | | | |
2,058,442
|
| | | | |
Total liabilities and equity
| | | |
$
|
19,891,683
|
| | | | | | |
$
|
18,898,404
|
| | | | |
Net interest income and margin | | | | | |
$
|
825,028
|
| |
4.42
| | | | | |
$
|
818,902
|
| |
4.61
| |
| | | | | | | | | | | | | | |
|
(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 operating leases.
|
| |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME AND FINANCIAL HIGHLIGHTS |
(Dollars in thousands, except per-share data)
|
(Unaudited)
|
|
|
|
| |
| |
| |
| |
| |
| | | | Three Months Ended |
| | | | Dec. 31, | | Sep. 30, | | Jun. 30, | | Mar. 31, | | Dec. 31, |
| | | | 2015 | | 2015 | | 2015 | | 2015 | | 2014 |
Interest income: | | | | | | | | | | | | |
Loans and leases
| | | |
$
|
212,346
| | |
$
|
207,250
| | |
$
|
207,164
| | |
$
|
205,976
| | |
$
|
205,507
| |
Securities available for sale
| | | |
4,864
| | |
4,161
| | |
3,543
| | |
3,080
| | |
3,053
| |
Securities held to maturity
| | | |
1,336
| | |
1,361
| | |
1,384
| | |
1,405
| | |
1,429
| |
Investments and other
| | | |
6,905
|
| |
10,832
|
| |
10,990
|
| |
9,333
|
| |
9,819
|
|
Total interest income
| | | |
225,451
|
| |
223,604
|
| |
223,081
|
| |
219,794
|
| |
219,808
|
|
Interest expense: | | | | | | | | | | | | |
Deposits
| | | |
13,772
| | |
12,302
| | |
11,080
| | |
11,072
| | |
10,760
| |
Borrowings
| | | |
6,010
|
| |
6,032
|
| |
5,972
|
| |
5,302
|
| |
4,974
|
|
Total interest expense
| | | |
19,782
|
| |
18,334
|
| |
17,052
|
| |
16,374
|
| |
15,734
|
|
Net interest income
| | | |
205,669
| | |
205,270
| | |
206,029
| | |
203,420
| | |
204,074
| |
Provision for credit losses
| | | |
17,607
|
| |
10,018
|
| |
12,528
|
| |
12,791
|
| |
55,597
|
|
Net interest income after provision for credit losses
| | | |
188,062
|
| |
195,252
|
| |
193,501
|
| |
190,629
|
| |
148,477
|
|
Non-interest income: | | | | | | | | | | | | |
Fees and service charges
| | | |
37,741
| | |
36,991
| | |
36,295
| | |
33,972
| | |
39,477
| |
Card revenue
| | | |
13,781
| | |
13,803
| | |
13,902
| | |
12,901
| | |
12,830
| |
ATM revenue
| | | |
5,143
|
| |
5,739
|
| |
5,540
|
| |
5,122
|
| |
5,249
|
|
Subtotal
| | | |
56,665
| | |
56,533
| | |
55,737
| | |
51,995
| | |
57,556
| |
Gains on sales of auto loans, net
| | | |
3,136
| | |
10,423
| | |
10,756
| | |
6,265
| | |
12,962
| |
Gains on sales of consumer real estate loans, net
| | | |
13,104
| | |
7,143
| | |
11,954
| | |
8,763
| | |
6,175
| |
Servicing fee income
| | | |
8,622
|
|
|
8,049
|
|
|
7,216
|
|
|
7,342
|
|
|
6,365
|
|
Subtotal
| | | |
24,862
| | |
25,615
| | |
29,926
| | |
22,370
| | |
25,502
| |
Leasing and equipment finance
| | | |
32,355
| | |
27,165
| | |
26,385
| | |
22,224
| | |
24,367
| |
Other
| | | |
1,806
|
| |
3,070
|
| |
1,460
|
| |
4,127
|
| |
2,363
|
|
Fees and other revenue
| | | |
115,688
| | |
112,383
| | |
113,508
| | |
100,716
| | |
109,788
| |
Gains (losses) on securities, net
| | | |
(29
|
)
| |
(131
|
)
| |
(59
|
)
| |
(78
|
)
| |
(20
|
)
|
Total non-interest income
| | | |
115,659
|
| |
112,252
|
| |
113,449
|
| |
100,638
|
| |
109,768
|
|
Non-interest expense: | | | | | | | | | | | | |
Compensation and employee benefits
| | | |
109,061
| | |
116,708
| | |
116,159
| | |
115,815
| | |
115,796
| |
Occupancy and equipment
| | | |
37,824
| | |
34,159
| | |
36,152
| | |
36,827
| | |
35,747
| |
FDIC insurance
| | | |
5,173
| | |
4,832
| | |
4,864
| | |
5,393
| | |
2,643
| |
Advertising and marketing
| | | |
5,316
| | |
5,793
| | |
5,150
| | |
6,523
| | |
5,146
| |
Other
| | | |
46,441
|
| |
45,750
|
| |
45,887
|
| |
48,133
|
| |
48,063
|
|
Subtotal
| | | |
203,815
| | |
207,242
| | |
208,212
| | |
212,691
| | |
207,395
| |
Operating lease depreciation
| | | |
13,608
| | |
9,485
| | |
8,582
| | |
7,734
| | |
6,878
| |
Foreclosed real estate and repossessed assets, net
| | | |
4,940
| | |
5,680
| | |
6,377
| | |
6,196
| | |
7,441
| |
Other credit costs, net
| | | |
224
|
| |
(123
|
)
| |
(62
|
)
| |
146
|
| |
44
|
|
Total non-interest expense
| | | |
222,587
|
| |
222,284
|
| |
223,109
|
| |
226,767
|
| |
221,758
|
|
Income before income tax expense
| | | |
81,134
| | |
85,220
| | |
83,841
| | |
64,500
| | |
36,487
| |
Income tax expense
| | | |
26,614
|
| |
30,528
|
| |
28,902
|
| |
22,828
|
| |
11,011
|
|
Income after income tax expense
| | | |
54,520
| | |
54,692
| | |
54,939
| | |
41,672
| | |
25,476
| |
Income attributable to non-controlling interest
| | | |
2,028
|
| |
2,117
|
| |
2,684
|
| |
1,871
|
| |
1,488
|
|
Net income attributable to TCF Financial Corporation | | | |
52,492
|
| |
52,575
|
| |
52,255
|
| |
39,801
|
| |
23,988
|
|
Preferred stock dividends
| | | |
4,847
|
| |
4,847
|
| |
4,847
|
| |
4,847
|
| |
4,847
|
|
Net income available to common stockholders | | | |
$
|
47,645
|
| |
$
|
47,728
|
| |
$
|
47,408
|
| |
$
|
34,954
|
| |
$
|
19,141
|
|
| | | | | | | | | | | |
|
Net income per common share: | | | | | | | | | | | | |
Basic
| | | |
$
|
0.29
| | |
$
|
0.29
| | |
$
|
0.29
| | |
$
|
0.21
| | |
$
|
0.12
| |
Diluted
| | | |
0.29
| | |
0.29
| | |
0.29
| | |
0.21
| | |
0.12
| |
| | | | | | | | | | | |
|
Dividends declared per common share | | | |
$
|
0.075
| | |
$
|
0.05
| | |
$
|
0.05
| | |
$
|
0.05
| | |
$
|
0.05
| |
| | | | | | | | | | | |
|
Financial highlights: | | | | | | | | | | | | |
Pre-tax pre-provision profit(1) | | | |
$
|
98,741
| | |
$
|
95,238
| | |
$
|
96,369
| | |
$
|
77,291
| | |
$
|
92,084
| |
Return on average assets(2) | | | |
1.08
|
%
| |
1.10
|
%
| |
1.10
|
%
| |
0.85
|
%
| |
0.53
|
%
|
Return on average common equity(2) | | | |
9.53
| | |
9.76
| | |
9.93
| | |
7.47
| | |
4.15
| |
Net interest margin(2) | | | |
4.35
| | |
4.40
| | |
4.44
| | |
4.50
| | |
4.49
| |
| | | | | | | | | | | |
|
(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)
|
|
|
|
| |
| |
| |
| |
| |
| | | | Dec. 31, 2015 | | Sep. 30, 2015 | | Jun. 30, 2015 | | Mar. 31, 2015 | | Dec. 31, 2014 |
ASSETS: | | | | | | | | | | | | |
Investments and other
| | | |
$
|
405,252
| | |
$
|
463,312
| | |
$
|
551,630
| | |
$
|
665,606
| | |
$
|
611,286
|
Securities held to maturity
| | | |
201,944
| | |
205,264
| | |
209,834
| | |
211,646
| | |
215,039
|
Securities available for sale:(1) | | | | | | | | | | | | |
Taxable
| | | |
611,816
| | |
601,889
| | |
566,499
| | |
474,697
| | |
465,676
|
Tax-exempt
| | | |
221,113
| | |
92,484
| | |
7,420
| | |
—
| | |
—
|
Loans and leases held for sale
| | | |
180,278
| | |
348,215
| | |
340,912
| | |
276,149
| | |
297,474
|
Loans and leases:(2) | | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | |
Fixed-rate
| | | |
2,520,567
| | |
2,637,875
| | |
2,776,177
| | |
2,912,535
| | |
3,257,428
|
Variable-rate
| | | |
3,083,957
|
| |
2,968,507
|
| |
2,811,510
|
| |
2,778,805
|
| |
2,801,728
|
Total consumer real estate
| | | |
5,604,524
| | |
5,606,382
| | |
5,587,687
| | |
5,691,340
| | |
6,059,156
|
Commercial:
| | | | | | | | | | | | |
Fixed-rate
| | | |
1,090,001
| | |
1,137,744
| | |
1,193,011
| | |
1,273,806
| | |
1,362,306
|
Variable- and adjustable-rate
| | | |
2,027,982
|
| |
1,980,280
|
| |
1,955,261
|
| |
1,880,202
|
| |
1,781,308
|
Total commercial
| | | |
3,117,983
| | |
3,118,024
| | |
3,148,272
| | |
3,154,008
| | |
3,143,614
|
Leasing and equipment finance
| | | |
3,911,025
| | |
3,821,590
| | |
3,751,776
| | |
3,729,481
| | |
3,611,557
|
Inventory finance
| | | |
2,180,534
| | |
2,036,054
| | |
2,292,481
| | |
2,108,871
| | |
1,891,504
|
Auto finance
| | | |
2,514,923
| | |
2,361,057
| | |
2,211,014
| | |
2,021,144
| | |
1,817,024
|
Other
| | | |
9,060
|
| |
9,833
|
| |
10,734
|
| |
11,616
|
| |
11,396
|
Total loans and leases
| | | |
17,338,049
|
| |
16,952,940
|
| |
17,001,964
|
| |
16,716,460
|
| |
16,534,251
|
Total interest-earning assets
| | | |
18,958,452
| | |
18,664,104
| | |
18,678,259
| | |
18,344,558
| | |
18,123,726
|
Other assets(3) | | | |
1,247,875
|
| |
1,219,585
|
| |
1,211,774
|
| |
1,235,328
|
| |
1,132,112
|
Total assets
| | | |
$
|
20,206,327
|
| |
$
|
19,883,689
|
| |
$
|
19,890,033
|
| |
$
|
19,579,886
|
| |
$
|
19,255,838
|
| | | | | | | | | | | |
|
LIABILITIES AND EQUITY: | | | | | | | | | | | | |
Non-interest-bearing deposits:
| | | | | | | | | | | | |
Retail
| | | |
$
|
1,639,550
| | |
$
|
1,649,995
| | |
$
|
1,699,668
| | |
$
|
1,646,769
| | |
$
|
1,528,579
|
Small business
| | | |
874,892
| | |
852,211
| | |
822,683
| | |
804,323
| | |
842,004
|
Commercial and custodial
| | | |
525,692
|
| |
516,461
|
| |
497,883
|
| |
489,248
|
| |
455,086
|
Total non-interest bearing deposits
| | | |
3,040,134
| | |
3,018,667
| | |
3,020,234
| | |
2,940,340
| | |
2,825,669
|
Interest-bearing deposits:
| | | | | | | | | | | | |
Checking
| | | |
2,384,452
| | |
2,399,119
| | |
2,422,909
| | |
2,378,761
| | |
2,301,035
|
Savings
| | | |
4,721,571
| | |
4,860,509
| | |
5,033,329
| | |
5,143,295
| | |
5,272,196
|
Money market
| | | |
2,349,127
| | |
2,297,893
| | |
2,261,567
| | |
2,149,340
| | |
1,869,350
|
Certificates of deposit
| | | |
3,793,653
|
| |
3,400,282
|
| |
3,116,718
|
| |
3,041,790
|
| |
3,041,722
|
Total interest-bearing deposits
| | | |
13,248,803
|
| |
12,957,803
|
| |
12,834,523
|
| |
12,713,186
|
| |
12,484,303
|
Total deposits
| | | |
16,288,937
|
| |
15,976,470
|
| |
15,854,757
|
| |
15,653,526
|
| |
15,309,972
|
Borrowings:
| | | | | | | | | | | | |
Short-term borrowings
| | | |
28,364
| | |
30,326
| | |
8,246
| | |
7,999
| | |
9,383
|
Long-term borrowings
| | | |
1,011,715
|
| |
1,060,092
|
| |
1,236,465
|
| |
1,178,962
|
| |
1,326,591
|
Total borrowings
| | | |
1,040,079
|
| |
1,090,418
|
| |
1,244,711
|
| |
1,186,961
|
| |
1,335,974
|
Total interest-bearing liabilities
| | | |
14,288,882
|
| |
14,048,221
|
| |
14,079,234
|
| |
13,900,147
|
| |
13,820,277
|
Total deposits and borrowings
| | | |
17,329,016
| | |
17,066,888
| | |
17,099,468
| | |
16,840,487
| | |
16,645,946
|
Other liabilities
| | | |
595,317
|
| |
578,718
|
| |
594,352
|
| |
588,541
|
| |
485,655
|
Total liabilities
| | | |
17,924,333
|
| |
17,645,606
|
| |
17,693,820
|
| |
17,429,028
|
| |
17,131,601
|
Total TCF Financial Corporation stockholders' equity
| | | |
2,263,018
| | |
2,218,614
| | |
2,173,699
| | |
2,133,781
| | |
2,109,402
|
Non-controlling interest in subsidiaries
| | | |
18,976
|
| |
19,469
|
| |
22,514
|
| |
17,077
|
| |
14,835
|
Total equity
| | | |
2,281,994
|
| |
2,238,083
|
| |
2,196,213
|
| |
2,150,858
|
| |
2,124,237
|
Total liabilities and equity
| | | |
$
|
20,206,327
|
| |
$
|
19,883,689
|
| |
$
|
19,890,033
|
| |
$
|
19,579,886
|
| |
$
|
19,255,838
|
| | | | | | | | | | | | | | | | | | | | |
|
(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 operating leases.
|
| |
|
|
TCF FINANCIAL CORPORATION AND SUBSIDIARIES |
CONSOLIDATED QUARTERLY YIELDS AND RATES(1)(2) |
(Unaudited)
|
|
|
|
| |
| |
| |
| |
| |
| | | | Dec. 31, 2015 | | Sep. 30, 2015 | | Jun. 30, 2015 | | Mar. 31, 2015 | | Dec. 31, 2014 |
ASSETS: | | | | | | | | | | |
Investments and other
| | | |
2.59
|
%
| |
2.52
|
%
| |
2.34
|
%
| |
2.13
|
%
| |
2.31
|
%
|
Securities held to maturity
| | | |
2.64
| | |
2.65
| | |
2.64
| | |
2.66
| | |
2.66
| |
Securities available for sale:(3) | | | | | | | | | | | | |
Taxable
| | | |
2.41
| | |
2.43
| | |
2.47
| | |
2.60
| | |
2.62
| |
Tax-exempt(4) | | | |
3.26
| | |
3.35
| | |
3.50
| | |
—
| | |
—
| |
Loans and leases held for sale
| | | |
9.38
| | |
9.00
| | |
9.15
| | |
8.57
| | |
8.36
| |
Loans and leases:
| | | | | | | | | | | | |
Consumer real estate:
| | | | | | | | | | | | |
Fixed-rate
| | | |
5.73
| | |
5.72
| | |
5.73
| | |
6.03
| | |
5.71
| |
Variable-rate
| | | |
5.18
| | |
5.12
| | |
5.13
| | |
5.14
| | |
5.14
| |
Total consumer real estate
| | | |
5.43
| | |
5.40
| | |
5.43
| | |
5.60
| | |
5.45
| |
Commercial:
| | | | | | | | | | | | |
Fixed-rate
| | | |
5.05
| | |
5.05
| | |
5.03
| | |
5.01
| | |
4.92
| |
Variable- and adjustable-rate
| | | |
4.05
| | |
3.80
| | |
3.85
| | |
3.94
| | |
3.86
| |
Total commercial
| | | |
4.40
| | |
4.26
| | |
4.30
| | |
4.37
| | |
4.32
| |
Leasing and equipment finance
| | | |
4.55
| | |
4.59
| | |
4.66
| | |
4.66
| | |
4.74
| |
Inventory finance
| | | |
5.66
| | |
5.83
| | |
5.61
| | |
5.71
| | |
5.56
| |
Auto finance
| | | |
4.17
| | |
4.13
| | |
4.11
| | |
4.18
| | |
4.24
| |
Other
| | | |
6.88
| | |
6.31
| | |
6.92
| | |
7.44
| | |
7.93
| |
Total loans and leases
| | | |
4.89
| | |
4.88
| | |
4.90
| | |
5.00
| | |
4.96
| |
| | | | | | | | | | | |
|
Total interest-earning assets
| | | |
4.76
| | |
4.79
| | |
4.81
| | |
4.86
| | |
4.84
| |
| | | | | | | | | | | |
|
LIABILITIES: | | | | | | | | | | | | |
Interest-bearing deposits:
| | | | | | | | | | | | |
Checking
| | | |
0.02
| | |
0.02
| | |
0.02
| | |
0.03
| | |
0.03
| |
Savings
| | | |
0.04
| | |
0.05
| | |
0.06
| | |
0.09
| | |
0.10
| |
Money market
| | | |
0.62
| | |
0.62
| | |
0.61
| | |
0.67
| | |
0.65
| |
Certificates of deposit
| | | |
1.00
| | |
0.93
| | |
0.86
| | |
0.83
| | |
0.81
| |
Total interest-bearing deposits
| | | |
0.41
| | |
0.38
| | |
0.35
| | |
0.35
| | |
0.34
| |
Total deposits
| | | |
0.34
| | |
0.31
| | |
0.28
| | |
0.29
| | |
0.28
| |
Borrowings:
| | | | | | | | | | | | |
Short-term borrowings
| | | |
0.09
| | |
0.22
| | |
0.63
| | |
0.89
| | |
0.56
| |
Long-term borrowings
| | | |
2.37
| | |
2.27
| | |
1.93
| | |
1.80
| | |
1.49
| |
Total borrowings
| | | |
2.31
| | |
2.21
| | |
1.92
| | |
1.79
| | |
1.49
| |
| | | | | | | | | | | |
|
Total interest-bearing liabilities
| | | |
0.55
| | |
0.52
| | |
0.49
| | |
0.48
| | |
0.45
| |
| | | | | | | | | | | |
|
Net interest margin | | | |
4.35
| | |
4.40
| | |
4.44
| | |
4.50
| | |
4.49
| |
| | | | | | | | | | | | | | | | |
|
(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 Dec. 31, | | At Dec. 31, |
| | | | 2015 | | 2014 |
Computation of tangible common equity to
tangible assets: | | | | | | |
Total equity
| | | |
$
|
2,306,917
| | |
$
|
2,135,364
| |
Less: Non-controlling interest in subsidiaries
| | | |
16,001
|
| |
13,715
|
|
Total TCF Financial Corporation stockholders' equity
| | | |
2,290,916
| | |
2,121,649
| |
Less:
| | | | | | |
Preferred stock
| | | |
263,240
| | |
263,240
| |
Goodwill
| | | |
225,640
| | |
225,640
| |
Other intangibles
| | | |
3,126
|
| |
4,641
|
|
Tangible common equity
| | | |
$
|
1,798,910
|
| |
$
|
1,628,128
|
|
| | | | | |
|
Total assets
| | | |
$
|
20,691,704
| | |
$
|
19,394,611
| |
Less:
| | | | | | |
Goodwill
| | | |
225,640
| | |
225,640
| |
Other intangibles
| | | |
3,126
|
| |
4,641
|
|
Tangible assets
| | | |
$
|
20,462,938
|
| |
$
|
19,164,330
|
|
| | | | | |
|
Tangible common equity to tangible assets
| | | |
8.79
|
%
| |
8.50
|
%
|
| | | | | |
|
| | | | At Dec. 31, | | At Dec. 31, |
| | | | 2015 | | 2014 |
Computation of tangible book value per
common share: | | | | | | |
Tangible common equity
| | | |
$
|
1,798,910
| | |
$
|
1,628,128
| |
Common stock shares outstanding
| | | |
169,844,464
| | |
167,461,002
| |
| | | | | |
|
Tangible book value per common share
| | | |
$
|
10.59
| | |
$
|
9.72
| |
| | | | | | | | | |
|
|
|
|
| Three Months Ended |
| Year Ended |
| | | | Dec. 31, |
| Sep. 30, |
| Dec. 31, | | Dec. 31, |
| Dec. 31, |
| | | | 2015 | | 2015 | | 2014 | | 2015 | | 2014 |
Computation of return on average tangible
common equity: | | | | | | | | | | | | |
Net income available to common stockholders
| | | |
$
|
47,645
| | |
$
|
47,728
| | |
$
|
19,141
| | |
$
|
177,735
| | |
$
|
154,799
| |
Other intangibles amortization, net of tax
| | | |
251
|
| |
248
|
| |
266
|
| |
1,000
|
| |
1,062
|
|
Adjusted net income available to common stockholders
| | | |
$
|
47,896
|
| |
$
|
47,976
|
| |
$
|
19,407
|
| |
$
|
178,735
|
| |
$
|
155,861
|
|
| | | | | | | | | | | |
|
Average balances:
| | | | | | | | | | | | |
Total equity
| | | |
$
|
2,281,994
| | |
$
|
2,238,083
| | |
$
|
2,124,237
| | |
$
|
2,217,204
| | |
$
|
2,058,442
| |
Less: Non-controlling interest in subsidiaries
| | | |
18,976
|
| |
19,469
|
| |
14,835
|
| |
19,514
|
| |
17,014
|
|
Total TCF Financial Corporation stockholders' equity
| | | |
2,263,018
| | |
2,218,614
| | |
2,109,402
| | |
2,197,690
| | |
2,041,428
| |
Less:
| | | | | | | | | | | | |
Preferred stock
| | | |
263,240
| | |
263,240
| | |
263,240
| | |
263,240
| | |
263,240
| |
Goodwill
| | | |
225,640
| | |
225,640
| | |
225,640
| | |
225,640
| | |
225,640
| |
Other intangibles
| | | |
3,342
|
| |
3,738
|
| |
4,874
|
| |
3,913
|
| |
5,498
|
|
Average tangible common equity
| | | |
$
|
1,770,796
|
| |
$
|
1,725,996
|
| |
$
|
1,615,648
|
| |
$
|
1,704,897
|
| |
$
|
1,547,050
|
|
| | | | | | | | | | | |
|
Return on average tangible common equity(2) | | | |
10.82
|
%
| |
11.12
|
%
| |
4.80
|
%
| |
10.48
|
%
| |
10.08
|
%
|
| | | | | | | | | | | | | | | | |
|
(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/20160128005684/en/
Contacts:
TCF Financial Corporation
Mark Goldman, 952-475-7050 (Media)
news@tcfbank.com
Jason
Korstange, 952-745-2755 (Investors)
investor@tcfbank.com
Source: TCF Financial Corporation
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