TCF Reports Fourth Quarter 2019 Results

TCF also announces quarterly cash dividends on common and preferred stock

DETROIT–(BUSINESS WIRE)–TCF Financial Corporation (NASDAQ: TCF):

Fourth Quarter Highlights

  • Quarterly net income of $112.4 million, or $0.72 per diluted share
  • Adjusted diluted earnings per common share of $1.04(1), excluding $49.2 million, or $0.32 per share, after-tax impact of merger-related expenses and notable items
  • Efficiency ratio of 73.49%; adjusted efficiency ratio of 58.51%(1)
  • Return on average common equity (“ROACE”) of 8.00%; return on average tangible common equity (“ROATCE”) of 11.35%(1); adjusted ROATCE of 16.25%(1)
  • Commercial loan and lease balances up $1.0 billion, or 4.5%, compared to September 30, 2019
  • Completed sale of $1.1 billion Legacy TCF auto finance portfolio
  • Net charge-off rate as a percentage of average loans and leases of 0.07%, annualized
  • Nonaccrual loans and leases of $169.7 million, or 0.49% of total loans and leases
  • Common equity Tier 1 capital ratio of 10.99%
  • Repurchased 657,817 common shares at a cost of $27.5 million
  • Declared quarterly cash dividends on common stock of $0.35 per share payable on March 2, 2020

Merger-related Expenses and Notable items in the Fourth Quarter(1)

  • Pre-tax merger-related expenses of $47.0 million, $36.1 million net of tax, or $0.24 per diluted common share for the fourth quarter
  • Pre-tax loss of $22.1 million, $13.1 million net of tax, or $0.08 per diluted common share related to notable items for the fourth quarter, see summary of notable items adjustments below

(1) Denotes a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures” tables and the following table detailing merger-related expenses and notable items.

Note: TCF’s financial results for periods ended prior to August 1, 2019 reflect Legacy TCF financial results only on a standalone basis. In addition, TCF’s reported financial results for the third quarter of 2019 and the year ended December 31, 2019 reflect Legacy TCF financial results for the period before August 1, 2019 and the post-merger combined TCF financial results on and after August 1, 2019, with the fourth quarter of 2019 financial results being solely of the post-merger combined TCF. As a result, TCF’s financial results for the fourth quarter, third quarter and year ended December 31, 2019 may not be directly comparable to prior reported periods. The number of shares issued and outstanding, earnings per share, additional paid-in-capital, dividends paid and all references to share quantities of TCF have been retrospectively restated to reflect the equivalent number of shares issued in the Merger as the Merger was treated as a reverse merger.

Summary of Financial Results(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At or For the Quarter Ended

 

Change From

 

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

Sep. 30,

Dec. 31,

(Dollars in thousands, except per share data)

2019

 

2019

 

2019

 

2019

 

2018

 

2019

2018

Financial Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to TCF

$

112,399

 

 

$

22,148

 

 

$

90,427

 

 

$

70,494

 

 

$

85,652

 

 

N.M.

%

31.2

 

%

Net interest income

 

408,753

 

 

 

371,793

 

 

 

254,057

 

 

 

254,429

 

 

 

253,153

 

 

9.9

 

61.5

 

 

Basic earnings per common share

$

0.72

 

 

$

0.15

 

 

$

1.07

 

 

$

0.83

 

 

$

1.00

 

 

N.M.

 

(28.0

)

 

Diluted earnings per common share

 

0.72

 

 

 

0.15

 

 

 

1.07

 

 

 

0.83

 

 

 

1.00

 

 

N.M.

 

(28.0

)

 

Return on average assets (“ROAA”)(3)

 

0.99

%

 

 

0.26

%

 

 

1.54

%

 

 

1.22

%

 

 

1.52

%

 

73

bps

(53

)

bps

ROACE(3)

 

8.00

 

 

 

1.75

 

 

 

14.27

 

 

 

11.40

 

 

 

14.30

 

 

625

 

(630

)

 

ROATCE (non-GAAP)(2)(3)

 

11.35

 

 

 

2.68

 

 

 

15.46

 

 

 

12.42

 

 

 

15.58

 

 

867

 

(423

)

 

Net interest margin

 

3.86

 

 

 

4.12

 

 

 

4.46

 

 

 

4.58

 

 

 

4.63

 

 

(26)

 

(77

)

 

Net interest margin (FTE)(2)(3)

 

3.89

 

 

 

4.14

 

 

 

4.49

 

 

 

4.61

 

 

 

4.67

 

 

(25)

 

(78

)

 

Net charge-offs as a percentage of average loans and leases(3)

 

0.07

 

 

 

0.39

 

 

 

0.29

 

 

 

0.39

 

 

 

0.46

 

 

(32)

 

(39

)

 

Nonperforming assets as a percentage of total loans and leases and other real estate owned

 

0.59

 

 

 

0.62

 

 

 

0.62

 

 

 

0.63

 

 

 

0.65

 

 

(3)

 

(6

)

 

Efficiency ratio

 

73.49

 

 

 

91.32

 

 

 

65.11

 

 

 

70.70

 

 

 

66.30

 

 

(1,783)

 

719

 

 

Adjusted Financial Results (non-GAAP)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income attributable to TCF(2)

$

161,581

 

 

$

128,301

 

 

$

93,650

 

 

$

77,700

 

 

$

85,652

 

 

25.9

%

88.6

 

%

Adjusted diluted earnings per common share(2)

$

1.04

 

 

$

0.98

 

 

$

1.11

 

 

$

0.91

 

 

$

1.00

 

 

6.1

 

4.0

 

 

Adjusted ROAA(2)(3)

 

1.42

%

 

 

1.34

%

 

 

1.59

%

 

 

1.34

%

 

 

1.52

%

 

8

bps

(10

)

bps

Adjusted ROACE(2)(3)

 

11.57

 

 

 

11.21

 

 

 

14.79

 

 

 

12.61

 

 

 

14.30

 

 

36

 

(273

)

 

Adjusted ROATCE(2)(3)

 

16.25

 

 

 

14.96

 

 

 

16.02

 

 

 

13.72

 

 

 

15.58

 

 

129

 

67

 

 

Adjusted efficiency ratio(2)

 

58.51

 

 

 

58.74

 

 

 

61.48

 

 

 

65.67

 

 

 

63.89

 

 

(23)

 

(538

)

 

N.M. Not meaningful

(1) Financial results for any periods ended prior to August 1, 2019 reflect Legacy TCF financials on a standalone basis. Certain reclassifications have been made to prior period financial information to conform to the current period presentation.

(2) Denotes a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures” tables.

(3) Annualized.

The following table includes merger-related expenses and notable items used to arrive at adjusted net income in the Adjusted Financial Results (non-GAAP) (see Reconciliation of Non-GAAP Financial Measures).

 

For the Quarter Ended December 31, 2019

 

Pre-tax income

 

After-tax benefit

 

 

(Dollars in thousands, except per share data)

(loss)

 

(loss)(1)

 

Per Share

Merger-related expenses

$

(47,025

)

 

$

(36,059

)

 

$

(0.24

)

Notable items:

 

 

 

 

 

Sale of Legacy TCF auto finance portfolio(2)

(12,864

)

 

(9,865

)

 

(0.06

)

Branch exit costs(3)

(3,494

)

 

(2,679

)

 

(0.02

)

Loan servicing rights impairment recovery(4)

638

 

 

490

 

 

 

Pension fair valuation adjustment(3)

(6,341

)

 

(4,862

)

 

(0.03

)

Tax basis adjustment benefit(5)

 

 

3,793

 

 

0.03

 

Total notable items

(22,061

)

 

(13,123

)

 

(0.08

)

Total merger-related and notable items

$

(69,086

)

 

$

(49,182

)

 

$

(0.32

)

(1) Net of tax benefit at TCF’s normal tax rate and other tax benefits.

(2) Included within net (loss) gain on sales of loans and leases ($8.2 million), other noninterest expense ($2.2 million), occupancy and equipment ($1.5 million) and compensation and employee benefits ($0.9 million).

(3) Included within Other noninterest expense.

(4) Included within Other noninterest income.

(5) Included within Income tax expense (benefit).

TCF Financial Corporation (“TCF” or the “Corporation”) (NASDAQ: TCF) today reported net income of $112.4 million and diluted earnings per common share of $0.72 for the fourth quarter of 2019. Adjusted net income was $161.6 million, or $1.04 per diluted common share, for the fourth quarter of 2019, excluding merger-related expenses and notable items of $0.32 per common share (see “Reconciliation of GAAP to Non-GAAP Financial Measures” tables).

“We closed out the year with our first full quarter as a combined organization following our merger of equals and we produced strong business results, driven by robust loan growth led by our commercial businesses, strong credit quality, and continued progress on our integration roadmap,” said Craig R. Dahl, president and chief executive officer. “We continued to execute on our business strategies, including completing the sale of the legacy auto finance portfolio, adding key talent to our commercial banking teams, and ensuring we maintain our business momentum as we go into 2020. We remained focused on executing on our targeted expense synergies and integration activities throughout the year. Our strong capital position allows us to continue to pursue organic growth opportunities and leverage our scale and product breadth created by our strategic partnership. I am confident in our opportunities in 2020, and we will continue to focus on our commitment to delivering value for our shareholders.”

Net Interest Income and Net Interest Margin

Net interest income was $408.8 million for the fourth quarter of 2019. Purchase accounting accretion and amortization included in net interest income was $30.5 million. Net interest income, excluding purchase accounting accretion and amortization, was $378.3 million. Net interest margin was 3.86% for the fourth quarter of 2019 while net interest margin on a fully tax-equivalent basis (FTE) was 3.89%. Net interest margin FTE, excluding purchase accounting accretion and amortization, was 3.60% (see “Reconciliation of GAAP to Non-GAAP Financial Measures” tables).

Noninterest Income

Noninterest income was $158.1 million for the fourth quarter of 2019. Noninterest income included the following notable items: an $8.2 million loss related to the sale of the Legacy TCF auto finance portfolio, included in net gains (losses) on sales of loans and leases, and a $0.6 million recovery of prior loan servicing rights impairment, included in other noninterest income. Adjusted noninterest income for the fourth quarter of 2019 was $165.6 million (see “Reconciliation of GAAP to Non-GAAP Financial Measures” tables). The fourth quarter of 2019 also included a $3.7 million gain on sale of loans and leases related to a nonaccrual and TDR loan sale, included in net gains (losses) on sales of loans and leases and a $2.4 million favorable interest rate swap mark-to-market adjustment resulting from changes in the interest rate environment, included in other noninterest income.

Noninterest Expense

Noninterest expense was $416.6 million for the fourth quarter of 2019 and included $47.0 million of merger-related expenses. Noninterest expense also included the following notable items: $6.3 million of expense related to pension fair valuation adjustment on plans with previously announced terminations, included in other noninterest expense, $4.6 million of expense related to the sale of the Legacy TCF auto finance portfolio ($2.2 million in other noninterest expense, $1.5 million in occupancy and equipment expense and $0.9 million in compensation and employee benefits) and $3.5 million of expense related to branch exit costs, included in other noninterest expense. Excluding merger-related expenses and notable items, adjusted noninterest expense was $355.0 million (see “Reconciliation of GAAP to Non-GAAP Financial Measures” tables). The fourth quarter of 2019 also included $4.0 million of impairment related to federal historic tax credits placed into service, included in other noninterest expense, and a $1.3 million impairment charge recognized on a branch we intend to sell in the future, included within occupancy and equipment expense. The $4.0 million of impairment related to federal historic tax credits placed into service was more than offset by an income tax benefit of $3.6 million related to the same tax credits.

Income Tax Expense

Income tax expense for the fourth quarter of 2019 was $21.4 million. In addition to the $3.6 million historic tax credit benefit noted above, the fourth quarter of 2019 also included a $3.8 million tax basis adjustment benefit.

Credit Quality

Provision for credit losses Provision for credit losses was $14.4 million for the fourth quarter of 2019. Provision for credit losses for the fourth quarter of 2019 was reduced by $4.7 million of recoveries of previous charge-offs related to the sale of consumer nonaccrual and TDR loans.

Net charge-off rate The annualized net charge-offs as a percentage of average loans and leases was 0.07% for the fourth quarter of 2019. Net charge-offs for the fourth quarter of 2019 were reduced by $4.7 million of recoveries of previous charge-offs related to the sale of consumer nonaccrual and TDR loans. The annualized net charge-off rate excluding this recovery was 0.13% (see “Reconciliation of GAAP to Non-GAAP Financial Measures” tables).

Allowance for Loan and Lease Losses Allowance for loan and lease losses was $113.1 million, or 0.33% of total loans and leases, at December 31, 2019, down from $121.2 million, or 0.36%, at September 30, 2019.

Nonaccrual loans and leases Nonaccrual loans and leases were $169.7 million at December 31, 2019 and represented 0.49% of total loans and leases, compared to $181.8 million, or 0.54% of total loans and leases, at September 30, 2019. The decrease of nonaccrual loans and leases from September 30, 2019 was primarily due to $17.3 million of consumer nonaccrual loans sold in the fourth quarter of 2019.

Balance Sheet

Loans and leases Loans and leases were $34.5 billion at December 31, 2019, an increase of $986.7 million compared to $33.5 billion at September 30, 2019. The increase from September 30, 2019 was primarily due to growth in the commercial and industrial and commercial real estate portfolios. During the fourth quarter of 2019, TCF completed the sale of the $1.1 billion Legacy TCF auto finance portfolio, which had been included within loans held-for-sale at September 30, 2019.

Investment securities The investment securities portfolio was $6.9 billion at December 31, 2019, compared to $5.7 billion at September 30, 2019. The increase from September 30, 2019 was primarily due to the continued reinvestment into the investment securities portfolio following repositioning actions taken in the third quarter of 2019.

Deposits Deposits were $34.5 billion at December 31, 2019, compared to $35.3 billion at September 30, 2019. The decrease from September 30, 2019 was primarily due to the run-off of $930.4 million of certificates of deposit, which included $402.3 million of brokered certificates of deposit.

Capital The common equity Tier 1 capital ratio was 10.99% at December 31, 2019.

TCF repurchased $27.5 million of its common stock during the fourth quarter of 2019 and had the authority to repurchase an additional $122.5 million in aggregate value of shares as of December 31, 2019 pursuant to its share repurchase program.

TCF’s board of directors also declared a regular quarterly cash dividend of $0.35 per common share payable on March 2, 2020 to shareholders of record at the close of business on February 14, 2020. In addition, the board of directors declared a quarterly cash dividend of $0.35625 per depositary share payable on March 2, 2020 to shareholders of record of the depositary shares, representing a 1/1,000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock, at the close of business on February 14, 2020.

Conference Call Details TCF will host a conference call to discuss fourth quarter 2019 results on Tuesday, January 28, 2020 at 10:00 a.m. Eastern Time. The conference call will be available via a live webcast on the Investor Relations section of TCF’s website, ir.tcfbank.com, and archived for replay. The conference call can also be accessed by dialing (844) 512-2926 and entering access code 7648346. To listen to the replay via phone, please dial (877) 344-7529 and enter access code 10138016. The replay begins approximately one hour after the call is completed on Tuesday, January 28, 2020 and will be available through Tuesday, February 4, 2020.

TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $47 billion in total assets at December 31, 2019 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit 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 Corporation’s businesses and their respective markets, such as projections of future performance, targets, guidance, statements of the Corporation’s plans and objectives, forecasts of market trends and other matters are forward-looking statements based on the Corporation’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 Corporation’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 Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018 under the heading “Risk Factors” 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.

Use of Non-GAAP Financial Measures

Management uses the adjusted net income, adjusted diluted earnings per common share, adjusted ROAA, adjusted ROACE, ROATCE, adjusted ROATCE, adjusted efficiency ratio, adjusted net interest income, net interest margin (FTE), adjusted net interest margin (FTE), adjusted noninterest income, adjusted noninterest expense, tangible book value per common share and tangible common equity to tangible assets internally to measure performance and believes that these financial measures not recognized under generally accepted accounting principles in the United States (“GAAP”) (i.e. non-GAAP) provide meaningful information to investors that will permit them to assess the Corporation’s capital and ability to withstand unexpected market or economic conditions and to assess the performance of the Corporation in relation to other banking institutions on the same basis as that applied by management, analysts and banking regulators. TCF adjusts certain results to exclude merger-related expenses and notable items in addition to presenting net interest income and net interest margin (FTE) excluding purchase accounting accretion and amortization. Management believes these measures are useful to investors in understanding TCF’s business and operating results.

These non-GAAP financial measures are not defined by GAAP and other entities may calculate them differently than TCF does. Non-GAAP financial measures have inherent limitations and are not required to be uniformly applied. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a corporation, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes selected items does not represent the amount that effectively accrues directly to shareholders.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change From

(Dollars in thousands)

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

Sep. 30, 2019

12/31/2018

2019

 

2019

 

2019

 

2019

 

2018

 

$

%

$

%

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

491,787

 

 

$

586,060

 

 

$

294,566

 

 

$

283,659

 

 

$

279,267

 

 

$

(94,273

)

(16.1

)%

$

212,520

 

76.1

%

Interest-bearing deposits with other banks

 

736,584

 

 

 

736,954

 

 

 

260,705

 

 

 

180,163

 

 

 

307,790

 

 

 

(370

)

(0.1

)

 

428,794

 

139.3

 

Total cash and cash equivalents

 

1,228,371

 

 

 

1,323,014

 

 

 

555,271

 

 

 

463,822

 

 

 

587,057

 

 

 

(94,643

)

(7.2

)

 

641,314

 

109.2

 

Federal Home Loan Bank and Federal Reserve Bank stocks, at cost

 

442,440

 

 

 

290,238

 

 

 

105,659

 

 

 

103,644

 

 

 

91,654

 

 

 

152,202

 

52.4

 

 

350,786

 

N.M.

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale, at fair value

 

6,720,001

 

 

 

5,579,835

 

 

 

3,109,803

 

 

 

2,945,342

 

 

 

2,470,065

 

 

 

1,140,166

 

20.4

 

 

4,249,936

 

172.1

 

Held-to-maturity, at amortized cost

 

139,445

 

 

 

144,000

 

 

 

144,919

 

 

 

148,024

 

 

 

148,852

 

 

 

(4,555

)

(3.2

)

 

(9,407

)

(6.3

)

Total investment securities

 

6,859,446

 

 

 

5,723,835

 

 

 

3,254,722

 

 

 

3,093,366

 

 

 

2,618,917

 

 

 

1,135,611

 

19.8

 

 

4,240,529

 

161.9

 

Loans and leases held-for-sale

 

199,786

 

 

 

1,436,069

 

 

 

74,410

 

 

 

64,468

 

 

 

90,664

 

 

 

(1,236,283

)

(86.1)

 

 

109,122

 

120.4

 

Loans and leases

 

34,497,464

 

 

 

33,510,752

 

 

 

19,185,137

 

 

 

19,384,210

 

 

 

19,073,020

 

 

 

986,712

 

2.9

 

 

15,424,444

 

80.9

 

Allowance for loan and lease losses

 

(113,052

)

 

 

(121,218

)

 

 

(146,503

)

 

 

(147,972

)

 

 

(157,446

)

 

 

8,166

 

6.7

 

 

44,394

 

28.2

 

Loans and leases, net

 

34,384,412

 

 

 

33,389,534

 

 

 

19,038,634

 

 

 

19,236,238

 

 

 

18,915,574

 

 

 

994,878

 

3.0

 

 

15,468,838

 

81.8

 

Premises and equipment, net

 

533,138

 

 

 

554,194

 

 

 

432,751

 

 

 

429,711

 

 

 

427,534

 

 

 

(21,056

)

(3.8

)

 

105,604

 

24.7

 

Goodwill

 

1,299,878

 

 

 

1,265,111

 

 

 

154,757

 

 

 

154,757

 

 

 

154,757

 

 

 

34,767

 

2.7

 

 

1,145,121

 

N.M.

 

Other intangible assets, net

 

168,368

 

 

 

215,910

 

 

 

18,885

 

 

 

19,684

 

 

 

20,496

 

 

 

(47,542

)

(22.0)

 

 

147,872

 

N.M.

 

Loan servicing rights

 

56,313

 

 

 

55,301

 

 

 

19

 

 

 

20

 

 

 

23

 

 

 

1,012

 

1.8

 

 

56,290

 

N.M.

 

Other assets

 

1,479,401

 

 

 

1,439,305

 

 

 

991,722

 

 

 

853,005

 

 

 

792,936

 

 

 

40,096

 

2.8

 

 

686,465

 

86.6

 

Total assets

$

46,651,553

 

 

$

45,692,511

 

 

$

24,626,830

 

 

$

24,418,715

 

 

$

23,699,612

 

 

$

959,042

 

2.1

 

$

22,951,941

 

96.8

 

LIABILITIES AND EQUITY:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

$

7,970,590

 

 

$

7,979,900

 

 

$

4,062,912

 

 

$

4,104,652

 

 

$

3,936,155

 

 

$

(9,310

)

(0.1)%

 

$

4,034,435

 

102.5

%

Interest-bearing

 

26,497,873

 

 

 

27,306,174

 

 

 

15,049,475

 

 

 

14,919,459

 

 

 

14,967,531

 

 

 

(808,301

)

(3.0)

 

 

11,530,342

 

77.0

 

Total deposits

 

34,468,463

 

 

 

35,286,074

 

 

 

19,112,387

 

 

 

19,024,111

 

 

 

18,903,686

 

 

 

(817,611

)

(2.3)

 

 

15,564,777

 

82.3

 

Short-term borrowings

 

2,669,145

 

 

 

2,607,300

 

 

 

350,764

 

 

 

355,992

 

 

 

 

 

61,845

 

2.4

 

 

2,669,145

 

N.M.

 

Long-term borrowings

 

2,354,448

 

 

 

860,482

 

 

 

1,617,531

 

 

 

1,411,426

 

 

 

1,449,472

 

 

 

1,493,966

 

173.6

 

 

904,976

 

62.4

 

Other liabilities

 

1,432,256

 

 

 

1,245,238

 

 

 

835,630

 

 

 

981,341

 

 

 

790,194

 

 

 

187,018

 

15.0

 

 

642,062

 

81.3

 

Total liabilities

 

40,924,312

 

 

 

39,999,094

 

 

 

21,916,312

 

 

 

21,772,870

 

 

 

21,143,352

 

 

 

925,218

 

2.3

 

 

19,780,960

 

93.6

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

169,302

 

 

 

169,302

 

 

 

169,302

 

 

 

169,302

 

 

 

169,302

 

 

 

 

 

 

Common stock

 

152,966

 

 

 

153,571

 

 

 

87,944

 

 

 

88,063

 

 

 

88,198

 

 

 

(605

)

(0.4)

 

 

64,768

 

73.4

 

Additional paid-in capital

 

3,462,080

 

 

 

3,478,159

 

 

 

781,788

 

 

 

789,467

 

 

 

798,627

 

 

 

(16,079

)

(0.5)

 

 

2,663,453

 

N.M.

 

Retained earnings

 

1,896,427

 

 

 

1,840,214

 

 

 

1,874,308

 

 

 

1,810,701

 

 

 

1,766,994

 

 

 

56,213

 

3.1

 

 

129,433

 

7.3

 

Accumulated other comprehensive income (loss)

 

54,277

 

 

 

56,228

 

 

 

37,334

 

 

 

5,481

 

 

 

(33,138

)

 

 

(1,951

)

(3.5)

 

 

87,415

 

N.M.

 

Treasury stock at cost and other

 

(28,037

)

 

 

(27,370

)

 

 

(265,016

)

 

 

(246,621

)

 

 

(252,182

)

 

 

(667

)

(2.4)

 

 

224,145

 

88.9

 

Total TCF Financial Corporation shareholders’ equity

 

5,707,015

 

 

 

5,670,104

 

 

 

2,685,660

 

 

 

2,616,393

 

 

 

2,537,801

 

 

 

36,911

 

0.7

 

 

3,169,214

 

124.9

 

Non-controlling interest

 

20,226

 

 

 

23,313

 

 

 

24,858

 

 

 

29,452

 

 

 

18,459

 

 

 

(3,087

)

(13.2)

 

 

1,767

 

9.6

 

Total equity

 

5,727,241

 

 

 

5,693,417

 

 

 

2,710,518

 

 

 

2,645,845

 

 

 

2,556,260

 

 

 

33,824

 

0.6

 

 

3,170,981

 

124.0

 

Total liabilities and equity

$

46,651,553

 

 

$

45,692,511

 

 

$

24,626,830

 

 

$

24,418,715

 

 

$

23,699,612

 

 

$

959,042

 

2.1

 

$

22,951,941

 

96.8

 

Contacts

Tom Wennerberg

(248) 498-2872

news@tcfbank.com
(Media)

Timothy Sedabres

(952) 745-2766

investor@tcfbank.com
(Investors)

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