TCF FINL CORP
SymbolTCB

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TCF Reports 58th Consecutive Quarter of Net Income – Earns $17.5 Million

2009-10-21 08:30 ET - News Release

THIRD QUARTER HIGHLIGHTS

  • Diluted earnings per common share was 14 cents
  • Net income of $17.5 million
  • Net interest margin of 3.92 percent
  • Average loans and leases increased by $995 million, or 7.7 percent
  • Average deposits increased by $1.6 billion, or 16.1 percent
  • Announced quarterly cash dividend of five cents per common share, payable November 30, 2009


WAYZATA, Minn. -- (Business Wire)

TCF Financial Corporation (NYSE:TCB):

   
Earnings SummaryTable 1
($ in thousands, except per-share data) Percent Change

3Q
2009

2Q
2009

3Q
2008

3Q09 vs
2Q09

3Q09 vs
3Q08

YTD
2009

YTD
2008

Percent
Change

Net income $ 17,451 $ 23,543 $ 30,126 (25.9 ) (42.1 ) $ 67,641 $ 101,254 (33.2 )
Diluted earnings per common share .14 .08 .24 75.0 (41.7 ) .39 .81 (51.9 )
 

Financial Ratios (1)

Return on average assets .39 % .53 % .73 % .52 % .83 %

Return on average common equity(2)

 6.03 7.82 11.11 7.13 12.29
Net interest margin 3.92 3.80 3.97 3.80 3.94

Net charge-offs as a percentage of average loans and leases

1.52 1.43 .82 1.33 .70
 
(1) Annualized
(2) Excludes non-cash deemed preferred stock dividend of $12,025 in the second quarter and year-to-date of 2009. Including this amount, the return on average common equity was 3.61% and 5.73% for the second quarter and year-to-date of 2009, respectively.

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