Attached files
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8-K - 8-K - TCF FINANCIAL CORP | a11-10517_18k.htm |
Exhibit 99.1
NEWS RELEASE
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CONTACT: |
Jason Korstange |
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(952) 745-2755 |
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www.tcfbank.com |
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FOR IMMEDIATE RELEASE |
TCF FINANCIAL CORPORATION 200 Lake Street East, Wayzata, MN 55391-1693
TCF Reports 64th Consecutive Quarter of Net Income Earns $.20 Per Share
FIRST QUARTER HIGHLIGHTS
· Diluted earnings per common share of 20 cents
· Net income of $29.7 million
· Net interest margin of 4.06 percent
· Average deposits increased $257.3 million, or 2.2 percent, from the fourth quarter of 2010
· Over 60-day delinquency rate decreased 10 bps from December 31, 2010
· Total non-performing assets decreased $25.1 million, or 5.2 percent, from December 31, 2010
· Completed a $230 million common stock public offering
· Announced quarterly cash dividend of 5 cents per common share, payable May 31, 2011
Earnings Summary |
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Table 1 |
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($ in thousands, except per-share data) |
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Percent Change |
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1Q |
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4Q |
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1Q |
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1Q11 vs |
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1Q11 vs |
| |
Net income |
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$29,686 |
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$30,725 |
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$33,921 |
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(3.4) % |
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(12.5) % |
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Diluted earnings per common share |
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.20 |
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.22 |
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.26 |
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(9.1) |
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(23.1) |
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Financial Ratios(1) |
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Return on average assets |
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.66 |
% |
.68 |
% |
.76 |
% |
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Return on average common equity |
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7.84 |
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8.25 |
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10.68 |
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Net interest margin |
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4.06 |
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4.05 |
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4.21 |
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Net charge-offs as a percentage of |
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1.51 |
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1.75 |
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1.22 |
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(1) Annualized.
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-more-
WAYZATA, MN, April 21, 2011 TCF Financial Corporation (TCF) (NYSE: TCB) today reported diluted earnings per common share of 20 cents for the first quarter of 2011, compared with 26 cents in the first quarter of 2010. Net income for the first quarter of 2011 was $29.7 million, compared with $33.9 million in the first quarter of 2010.
TCF declared a quarterly cash dividend of five cents per common share payable on May 31, 2011 to stockholders of record at the close of business on April 29, 2011.
Chairmans Statement
TCFs 64th consecutive quarter of profitability was highlighted by significant credit quality improvements including decreases in non-performing assets, net charge-offs and delinquencies. In fact, delinquencies, a leading indicator, have fallen to levels not seen in the last couple of years, said William A. Cooper, TCF Chairman and Chief Executive Officer. In addition to these positive signs on the credit quality front, we are also pleased with the support shown by members of Congress, bank regulators, banks and other non-financial organizations and consumer advocacy groups in favor of the bipartisan bills introduced by the Senate and House of Representatives to delay and study the impact of the Durbin Amendment. The outcome of the debit card interchange issue is uncertain but we remain optimistic that a favorable outcome can be achieved.
-more-
Total Revenue |
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Table 2 |
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Percent Change |
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($ in thousands)
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1Q |
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4Q |
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1Q |
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1Q11 vs |
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1Q11 vs |
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Net interest income |
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$174,040 |
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$174,286 |
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$174,662 |
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(.1 |
) % |
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(.4 |
) % |
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Fees and other revenue: |
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Fees and service charges |
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53,513 |
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61,480 |
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66,172 |
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(13.0 |
) |
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(19.1 |
) |
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Card revenue |
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26,584 |
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27,625 |
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27,072 |
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(3.8 |
) |
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(1.8 |
) |
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ATM revenue |
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6,705 |
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6,985 |
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7,022 |
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(4.0 |
) |
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(4.5 |
) |
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Total banking fees |
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86,802 |
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96,090 |
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100,266 |
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(9.7 |
) |
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(13.4 |
) |
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Leasing and equipment finance |
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26,750 |
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23,402 |
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20,352 |
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14.3 |
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31.4 |
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Other |
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694 |
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817 |
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2,455 |
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(15.1 |
) |
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(71.7 |
) |
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Total fees and other revenue |
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114,246 |
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120,309 |
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123,073 |
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(5.0 |
) |
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(7.2 |
) |
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Subtotal |
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288,286 |
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294,595 |
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297,735 |
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(2.1 |
) |
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(3.2 |
) |
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Gains (losses) on securities, net |
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- |
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21,185 |
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(430) |
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(100.0 |
) |
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100.0 |
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Total revenue |
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$288,286 |
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$315,780 |
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$297,305 |
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(8.7 |
) |
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(3.0 |
) |
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Net interest margin(1) |
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4.06 |
% |
4.05 |
% |
4.21 |
% |
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Fees and other revenue as a % of total revenue |
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39.63 |
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38.10 |
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41.40 |
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(1) Annualized.
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Net Interest Income
· The slight decrease in net interest income from the first quarter of 2010 was primarily due to repositioning the mix of higher yielding fixed-rate consumer real estate loans to lower yielding variable-rate consumer real estate loans. This was partially offset by growth in the higher-yielding inventory finance portfolio and lower average cost of savings deposits and long-term borrowings.
· Net interest margin in the first quarter of 2011 was 4.06 percent, compared with 4.21 percent in the first quarter of 2010 and 4.05 percent in the fourth quarter of 2010. The decrease in net interest margin from the first quarter of 2010 was primarily due to increased asset liquidity and lower yielding loans and leases as a result of the lower interest rate environment and the mix of fixed- and variable- rate consumer loans, partially offset by lower average cost of deposits and long-term borrowings.
· During the first quarter of 2011, TCF increased its asset liquidity, including interest-bearing deposits held at the Federal Reserve and unencumbered securities, to $836 million, an increase of $413 million from the first quarter of 2010 and an increase of $329 million from the fourth quarter of 2010.
· TCF has been repositioning its balance sheet for an eventual increase in interest rates. While this has negatively impacted the net interest margin rate in the short term, TCFs balance sheet was in an asset sensitive position, based on TCFs interest rate gap assumptions, of 5.4 percent of total assets as of March 31, 2011, up from an asset sensitive position of 2.8 percent of total assets as of December 31, 2010.
-more-
Non-interest Income
· Banking fees and service charges in the first quarter of 2011 were $53.5 million, down $12.7 million, or 19.1 percent, from the first quarter of 2010 and down $8 million, or 13 percent, from the fourth quarter of 2010. The decrease in banking fees and services charges from the first quarter of 2010 was primarily due to decreased activity-based fee revenue as a result of a change in overdraft fee regulations in the third quarter of 2010 and a decrease in the number of checking accounts, partially offset by monthly service fee income as TCF began new monthly account fees in March 2010. The decrease in banking fees and service charges from the fourth quarter of 2010 was primarily due to customers maintaining higher average deposit balances, lower seasonal activity and lower monthly maintenance fees as more customers qualified for fee waivers.
· Card revenues were $26.6 million in the first quarter of 2011, down $488 thousand, or 1.8 percent, from the first quarter of 2010 and down $1 million, or 3.8 percent, from the fourth quarter of 2010. The decrease in card revenue from the first quarter of 2010 was primarily attributable to a decrease in volume, partially offset by an increase in average spending per account. The decrease in card revenue from the fourth quarter of 2010 was primarily due to seasonal decreases in sales volume.
· Leasing and equipment revenues were $26.8 million in the first quarter of 2011, up $6.4 million, or 31.4 percent, from the first quarter of 2010 and up $3.3 million, or 14.3 percent, from the fourth quarter of 2010. The increase from both the first and fourth quarters of 2010 was due to customer initiated lease activity.
-more-
Loans and Leases
Average Loans and Leases |
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Table 3 |
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Percent Change |
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($ in thousands)
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1Q |
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4Q |
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1Q |
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1Q11 vs |
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1Q11 vs |
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Consumer real estate |
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First mortgage lien |
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$4,863,679 |
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$4,924,399 |
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$4,946,473 |
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(1.2 |
) % |
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(1.7 |
) % |
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Junior lien |
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2,238,280 |
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2,272,857 |
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2,312,332 |
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(1.5 |
) |
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(3.2 |
) |
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Total |
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7,101,959 |
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7,197,256 |
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7,258,805 |
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(1.3 |
) |
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(2.2 |
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Consumer other |
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21,757 |
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23,283 |
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30,406 |
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(6.6 |
) |
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(28.4 |
) |
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Total consumer |
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7,123,716 |
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7,220,539 |
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7,289,211 |
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(1.3 |
) |
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(2.3 |
) |
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Commercial |
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3,623,463 |
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3,650,906 |
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3,702,235 |
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(.8 |
) |
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(2.1 |
) |
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Leasing and equipment finance |
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3,119,669 |
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3,155,472 |
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3,043,664 |
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(1.1 |
) |
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2.5 |
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Inventory finance |
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872,785 |
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803,157 |
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553,095 |
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8.7 |
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57.8 |
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Total |
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$14,739,633 |
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$14,830,074 |
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$14,588,205 |
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(.6 |
) |
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1.0 |
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· Average consumer real estate loan balances decreased $156.8 million, or 2.2 percent, from the first quarter of 2010 and decreased $95.3 million, or 1.3 percent, from the fourth quarter of 2010. Decreases from both periods reflect low consumer demand for financing.
· Variable-rate consumer real estate loans increased $396.2 million from March 31, 2010 and $44.7 million from December 31, 2010, while fixed-rate consumer real estate loans decreased $553 million from March 31, 2010 and $140 million from December 31, 2010. Variable-rate loans comprised 33.6 percent of total consumer real estate loans at March 31, 2011, up from 27.9 percent at March 31, 2010 and 33 percent at December 31, 2010.
· At March 31, 2011, 74.1 percent of the consumer real estate loan portfolio was secured by first liens.
· Average commercial loan balances in the first quarter of 2011 decreased $78.8 million, or 2.1 percent, from the first quarter of 2010 and decreased $27.4 million, or .8 percent, from the fourth quarter of 2010. The decreases for both periods were primarily due to higher levels of repayments, partially offset by an increase in loan originations of $8.8 million, or 18 percent, and $6.5 million, or 12.6 percent, from the first and fourth quarters of 2010, respectively.
· Originations of leasing and equipment finance loans and leases for the quarter ended March 31, 2011 increased $43.4 million, or 16.2 percent, from the quarter ended March 31, 2010. The backlog of approved transactions was $429.6 million at March 31, 2011, compared with $402.6 million at December 31, 2010 and $361.6 million at March 31, 2010.
-more-
· Average inventory finance loans in the first quarter of 2011 increased $319.7 million, or 57.8 percent, from the first quarter of 2010 and increased $69.6 million, or 8.7 percent, from the fourth quarter of 2010. The increase from the first quarter of 2010 was primarily due to TCFs entrance into the power sports industry in the third quarter of 2010. The increase from the fourth quarter of 2010 was primarily due to seasonal growth in the lawn and garden programs. As of March 31, 2011, inventory finance loans totaled $1 billion.
Credit Quality
· Favorable trends in credit quality are highlighted by the fact that the first quarter of 2011 was the first time in two years that the level of non-accrual loans and leases, net charge-offs and over 60-day delinquencies all decreased over the prior quarter.
Credit Quality Summary of Performing and Underperforming Loans and Leases |
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Table 5 |
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60+ Days |
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Non-accrual |
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(In thousands) |
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Performing Loans and Leases |
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Delinquent and |
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Accruing |
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Loans and |
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Total Loans |
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March 31, 2011: |
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Non-classified |
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Classified(1) |
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Total |
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Accruing(2) |
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TDRs |
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Leases |
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and Leases |
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Consumer real estate and other |
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$ 6,532,544 |
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$ - |
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$ 6,532,544 |
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$ 67,409 |
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$ 341,989 |
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$ 155,233 |
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$ 7,097,175 |
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Commercial |
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3,053,296 |
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407,978 |
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3,461,274 |
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1,864 |
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17,473 |
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127,745 |
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3,608,356 |
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Leasing and equipment finance |
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3,001,249 |
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34,443 |
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3,035,692 |
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9,640 |
|
- |
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34,634 |
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3,079,966 |
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Inventory finance |
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1,005,837 |
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3,496 |
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1,009,333 |
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274 |
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- |
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1,437 |
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1,011,044 |
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Total loans and leases |
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$ 13,592,926 |
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$ 445,917 |
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$ 14,038,843 |
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$ 79,187 |
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$ 359,462 |
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$ 319,049 |
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$ 14,796,541 |
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Percent of total loans and leases |
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91.9 |
% |
3.0 |
% |
94.9 |
% |
.5 |
% |
2.4 |
% |
2.2 |
% |
100.0 |
% |
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60+ Days |
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Non-accrual |
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Performing Loans and Leases |
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Delinquent and |
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Accruing |
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Loans and |
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Total Loans |
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December 31, 2010: |
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Non-classified |
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Classified(1) |
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Total |
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Accruing(2) |
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TDRs |
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Leases |
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and Leases |
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Consumer real estate and other |
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$ 6,613,610 |
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$ - |
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$ 6,613,610 |
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$ 76,711 |
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$ 337,401 |
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$ 167,547 |
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$ 7,195,269 |
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Commercial |
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3,091,911 |
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354,185 |
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3,446,096 |
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9,021 |
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48,838 |
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142,248 |
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3,646,203 |
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Leasing and equipment finance |
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3,073,347 |
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35,695 |
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3,109,042 |
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11,029 |
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- |
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34,407 |
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3,154,478 |
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Inventory finance |
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785,245 |
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5,710 |
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790,955 |
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344 |
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- |
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1,055 |
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792,354 |
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Total loans and leases |
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$ 13,564,113 |
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$ 395,590 |
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$ 13,959,703 |
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$ 97,105 |
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$ 386,239 |
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$ 345,257 |
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$ 14,788,304 |
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Percent of total loans and leases |
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91.7 |
% |
2.7 |
% |
94.4 |
% |
.7 |
% |
2.6 |
% |
2.3 |
% |
100.0 |
% |
|
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(1) Excludes classified loans and leases that are 60+ days delinquent or accruing TDRs. |
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(2) Excludes accruing TDRs that are 60+ days delinquent. |
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· For the quarter ended March 31, 2011, the combined balance of performing classified loans and leases, over 60-day delinquent and accruing loans and leases, accruing TDRs and non-accrual loans and leases decreased $20.6 million from the fourth quarter of 2010. This was primarily due to a decrease in inflows of new non-accrual loans and leases.
At March 31, 2011:
· Performing classified commercial loans increased $53.8 million from December 31, 2010 as $34.9 million of loans were removed from accruing TDR status but remained classified in the quarter and $5.1 million of loans over 60 days delinquent became current but remained classified during the quarter. The remainder of the net increase was primarily in Michigan.
· Over 60-day delinquency rate was .69 percent, down from .82 percent at March 31, 2010 and down from .79 percent at December 31, 2010. The decrease from the first quarter of 2010 was primarily due to decreases in consumer and leasing and equipment finance delinquencies. The decrease from the fourth quarter of 2010 was primarily due to decreases in both commercial and consumer delinquencies.
· Non-accrual loans and leases increased $13.6 million, or 4.5 percent, from March 31, 2010 and decreased $26.2 million, or 7.6 percent, from December 31, 2010. The increase from the first quarter of 2010 was due primarily to increases in commercial loans placed on non-accrual status throughout 2010, partially offset by decreases in leasing and equipment finance loans placed on non-accrual status. The decrease from the fourth
-more-
quarter of 2010 was primarily due to a decrease in commercial loans placed on non-accrual status during the first quarter of 2011 and an increase in consumer real estate loans that returned to accrual status during the same period.
Allowance for Loan and Lease Losses
Allowance for Loan and Lease Losses |
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Table 6 |
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Percent Change |
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($ in thousands) |
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1Q |
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4Q |
|
1Q |
|
1Q11 vs |
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1Q11 vs |
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Allowance for Loan and Lease Losses |
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Balance at beginning of period |
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$ |
265,819 |
|
$ |
253,120 |
|
$ |
244,471 |
|
5.0 % |
|
8.7 % |
|
Charge-offs |
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(61,104 |
) |
(69,913 |
) |
(50,551 |
) |
(12.6) |
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20.9 |
| |||
Recoveries |
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5,292 |
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4,966 |
|
6,019 |
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6.6 |
|
(12.1) |
| |||
Net charge-offs |
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(55,812 |
) |
(64,947 |
) |
(44,532 |
) |
(14.1) |
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25.3 |
| |||
Provision for credit losses |
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45,274 |
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77,646 |
|
50,491 |
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(41.7) |
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(10.3) |
| |||
Other |
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27 |
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- |
|
- |
|
N.M. |
|
N.M. |
| |||
Balance at end of period |
|
$ |
255,308 |
|
$ |
265,819 |
|
$ |
250,430 |
|
(4.0) |
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1.9 |
|
|
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Net Charge-Offs as a Percentage of |
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| |||
Consumer real estate and other: |
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|
|
|
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|
| |||
First mortgage lien |
|
1.81 |
% |
1.88 |
% |
1.32 |
% |
(7) bps |
|
49 bps |
| |||
Junior lien |
|
2.39 |
|
2.37 |
|
2.25 |
|
2 |
|
14 |
| |||
Total consumer real estate |
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1.99 |
|
2.04 |
|
1.61 |
|
(5) |
|
38 |
| |||
Total consumer real estate and other |
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1.97 |
|
2.10 |
|
1.63 |
|
(13) |
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34 |
| |||
Commercial |
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1.96 |
|
2.04 |
|
.85 |
|
(8) |
|
111 |
| |||
Leasing and equipment finance |
|
.36 |
|
.99 |
|
.87 |
|
(63) |
|
(51) |
| |||
Inventory finance |
|
.10 |
|
.28 |
|
.31 |
|
(18) |
|
(21) |
| |||
Total |
|
1.51 |
|
1.75 |
|
1.22 |
|
(24) |
|
29 |
| |||
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| |||
Allowance as a percentage of period end loans and leases |
|
1.73 |
% |
1.80 |
% |
1.70 |
% |
|
|
|
| |||
Ratio of allowance to net charge-offs(1) |
|
1.1 |
X |
1.0 |
X |
1.4 |
X |
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| |||
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| |||
N.M. = Not meaningful. |
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(1) Annualized. |
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|
At March 31, 2011:
· Allowance for loan and lease losses was $255.3 million, or 1.73 percent of loans and leases, compared with $250.4 million, or 1.70 percent, at March 31, 2010 and $265.8 million, or 1.80 percent, at December 31, 2010. The decrease in the allowance in the first quarter of 2011 was due to charge-offs of commercial loans that previously had specific reserves established.
For the quarter ended March 31, 2011:
· Provision for credit losses was $45.3 million, down from $50.5 million in the first quarter of 2010 and down from $77.6 million recorded in the fourth quarter of 2010. The decrease from the first quarter of 2010 was primarily due to decreased charge-offs and reserves in the leasing and equipment finance portfolio, primarily in the small ticket and middle market segments, as the economic conditions continue to improve in these
-more-
areas. The decrease from the fourth quarter of 2010 was primarily due to decreased commercial real estate charge-offs, partially offset by increased commercial business charge-offs.
· Net loan and lease charge-offs were $55.8 million, or 1.51 percent, annualized, of average loans and leases, up from $44.5 million, or 1.22 percent, annualized, in the first quarter of 2010 and down from $64.9 million, or 1.75 percent, annualized, in the fourth quarter of 2010. The increase from the first quarter of 2010 was due primarily to increases in commercial loan charge-offs. The decrease from the fourth quarter of 2010 was due primarily to decreases in leasing and equipment finance charge-offs, primarily in the small ticket and middle market segments, as the economic conditions continue to improve in these areas.
Deposits
Average Deposits |
|
|
|
|
|
|
|
|
Table 7 |
| |||||
|
|
|
|
|
|
|
|
|
Percent Change |
| |||||
($ in thousands) |
|
1Q |
|
4Q |
|
1Q |
|
|
1Q11 vs |
|
1Q11 vs |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Checking |
|
$ |
4,501,931 |
|
$ |
4,358,771 |
|
$ |
4,406,807 |
|
|
3.3 % |
|
2.2 % |
|
Savings |
|
5,444,381 |
|
5,412,094 |
|
5,363,268 |
|
|
.6 |
|
1.5 |
| |||
Money market |
|
673,503 |
|
643,801 |
|
668,581 |
|
|
4.6 |
|
.7 |
| |||
Subtotal |
|
10,619,815 |
|
10,414,666 |
|
10,438,656 |
|
|
2.0 |
|
1.7 |
| |||
Certificates |
|
1,092,537 |
|
1,040,348 |
|
1,127,149 |
|
|
5.0 |
|
(3.1) |
| |||
Total deposits |
|
$ |
11,712,352 |
|
$ |
11,455,014 |
|
$ |
11,565,805 |
|
|
2.2 |
|
1.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Average interest rate on deposits |
|
.42% |
|
.46% |
|
.62% |
|
|
|
|
|
|
· Total average deposits increased $257.3 million from the fourth quarter of 2010 primarily due to various targeted marketing campaigns as well as some seasonal increases in checking and savings accounts. Total average deposits increased $146.5 million from the first quarter of 2010 primarily due to increases in average balance per retail checking account and increases in number and average balance per retail savings account.
· The average interest cost of deposits in the first quarter of 2011 was .42 percent, down 20 basis points from the first quarter of 2010 and down 4 basis points from the fourth quarter of 2010. Declines in the average interest cost of deposits were primarily due to pricing strategies on certain deposit products, mix changes and lower market interest rates. The weighted average interest rate on deposits was .41 percent at March 31, 2011.
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Non-interest Expense
Non-interest Expense |
|
|
|
|
|
|
|
|
|
|
Table 8 |
|
|
|
|
|
|
|
|
|
|
Percent Change |
| ||
($ in thousands) |
|
1Q |
|
4Q |
|
1Q |
|
|
1Q11 vs |
|
1Q11 vs |
|
Compensation and |
|
|
|
|
|
|
|
|
|
|
|
|
employee benefits |
|
$ 90,273 |
|
$ 87,371 |
|
$ 88,225 |
|
|
3.3 % |
|
2.3 % |
|
Occupancy and equipment |
|
32,159 |
|
30,968 |
|
32,181 |
|
|
3.8 |
|
(.1) |
|
FDIC insurance |
|
7,195 |
|
7,398 |
|
5,481 |
|
|
(2.7) |
|
31.3 |
|
Deposit account premiums |
|
3,198 |
|
1,688 |
|
6,798 |
|
|
89.5 |
|
(53.0) |
|
Advertising and marketing |
|
3,160 |
|
3,154 |
|
2,820 |
|
|
.2 |
|
12.1 |
|
Other |
|
34,566 |
|
37,309 |
|
34,410 |
|
|
(7.4) |
|
.5 |
|
Core operating expenses |
|
170,551 |
|
167,888 |
|
169,915 |
|
|
1.6 |
|
.4 |
|
Foreclosed real estate and |
|
|
|
|
|
|
|
|
|
|
|
|
repossessed assets, net |
|
12,868 |
|
12,781 |
|
9,260 |
|
|
.7 |
|
39.0 |
|
Operating lease depreciation |
|
7,928 |
|
8,289 |
|
10,040 |
|
|
(4.4) |
|
(21.0) |
|
Other credit costs, net |
|
2,548 |
|
1,542 |
|
2,587 |
|
|
65.2 |
|
(1.5) |
|
Total non-interest expense |
|
$ 193,895 |
|
$ 190,500 |
|
$ 191,802 |
|
|
1.8 |
|
1.1 |
|
N.M. = Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
· Compensation and employee benefits expense in the first quarter of 2011 increased $2 million, or 2.3 percent from the first quarter of 2010, and $2.9 million, or 3.3 percent, from the fourth quarter of 2010. The increase from the first quarter of 2010 was primarily due to production related compensation and an increase in payroll tax rates. The increase over the fourth quarter was primarily due to higher seasonal payroll tax expenses.
· FDIC insurance increased $1.7 million, or 31.3 percent, from the first quarter of 2010. The increase over the first quarter of 2010 was primarily due to higher deposit insurance rates and deposit growth. The Dodd-Frank Act required changes to a number of components of the FDIC insurance assessment, which were implemented on April 1, 2011 by the FDIC. As a result of these changes, TCFs FDIC insurance is expected to increase over 2010 by approximately $15 million beginning in the second quarter of 2011.
· Other non-interest expense increased $156 thousand, or .5 percent, from the first quarter of 2010, and decreased $2.7 million, or 7.4 percent, from the fourth quarter of 2010. The decrease from the fourth quarter of 2010 was primarily attributable to the reduction of consulting fees related to the administration of the companys Bank Secrecy Act program, partially offset by increased legal costs including costs associated with the constitutional challenge of the Durbin Amendment of the Dodd-Frank Act by TCF.
· Foreclosed real estate and repossessed asset expenses increased $3.6 million, or 39 percent, from the first quarter of 2010 and was relatively flat with the fourth quarter of 2010. The increase from the first quarter of
-more-
2010 was primarily due to an increase in the number of consumer real estate properties owned and the related expenses, continued valuation writedowns on both consumer and commercial real estate properties and increased property tax expenses.
Income Taxes
· Income tax expense was $18.4 million for the first quarter of 2011, or 37.5 percent of pre-tax income, compared with $20.8 million, or 37.8 percent of pre-tax income, for the first quarter of 2010 and $16 million, or 33.6 percent of pre-tax income, for the fourth quarter of 2010. The effective tax rate for the fourth quarter of 2010 included the effects of a year-to-date change in the annual effective income tax of $1.3 million, or 55 basis points. Excluding this change, the fourth quarter 2010 effective income tax rate would have been 37.7 percent.
-more-
Capital and Borrowing Capacity
Capital Information |
|
|
|
|
|
|
|
Table 9 |
|
At period end |
|
|
|
|
|
|
|
|
|
($ in thousands, except per-share data) |
|
1Q |
|
4Q |
| ||||
Total equity |
|
$1,724,484 |
|
|
|
$1,480,163 |
|
|
|
Total equity to total assets |
|
9.22 |
% |
|
|
8.02 |
% |
|
|
Book value per common share |
|
$ 10.74 |
|
|
|
$ 10.30 |
|
|
|
Tangible realized common equity to tangible assets(1) |
|
8.61 |
% |
|
|
7.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-based capital |
|
|
|
|
|
|
|
|
|
Tier 1 |
|
$1,732,554 |
|
12.41 % |
|
$1,475,525 |
|
10.59 % |
|
Total |
|
2,040,714 |
|
14.62 |
|
1,808,412 |
|
12.98 |
|
Excess over stated 10% well-capitalized requirement |
|
644,539 |
|
4.62 |
|
415,502 |
|
2.98 |
|
|
|
|
|
|
|
|
|
|
|
Tier 1 common capital(2) |
|
$1,601,014 |
|
11.47 % |
|
$1,352,025 |
|
9.71 % |
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes the impact of goodwill, other intangibles and accumulated other comprehensive income (loss) (see Reconciliation of GAAP to Non-GAAP Measures table). |
| ||||||||
(2) Excludes the effect of qualifying trust preferred securities and qualifying non-controlling interest in subsidiaries (see Reconciliation of GAAP to Non-GAAP Measures table). |
|
· In March of 2011, TCF completed a public offering of common stock which raised net proceeds of $219.7 million through the issuance of 15,081,968 common shares at $15.25 per share. As a result, TCF repaid its senior unsecured note at the holding company and has invested the remaining proceeds on a short-term basis in anticipation of calling its trust preferred securities upon the occurrence of a capital treatment event later in 2011.
· Total risk-based capital at March 31, 2011 of $2 billion, or 14.62 percent of risk-weighted assets, was $644.5 million in excess of the stated 10 percent well-capitalized requirement.
· On April 18, 2011, the Board of Directors of TCF declared a regular quarterly cash dividend of five cents per common share payable on May 31, 2011 to stockholders of record at the close of business on April 29, 2011.
· On April 1, 2011, the FHLB Des Moines changed its pledged collateral guidelines for all member banks. The impact to TCF was a $172 million reduction of unused borrowing capacity at the FHLB Des Moines to $1.7 billion at April 1, 2011.
-more-
Website Information
A live webcast of TCFs conference call to discuss first quarter earnings will be hosted at TCFs website, ir.tcfbank.com, on April 21, 2011 at 10:00 a.m. CT. Additionally, the webcast is available for replay at TCFs website after the conference call. The website also includes free access to company news releases, TCFs annual report, quarterly reports, investor presentations and SEC filings.
|
|
|
TCF is a Wayzata, Minnesota-based national bank holding company with $18.7 billion in total assets. TCF has 442 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in the U.S. and Canada. For more information about TCF, please visit www.tcfbank.com.
|
|
|
-more-
Forward-Looking Information
This earnings release and other reports issued by the Company, including reports filed with the SEC, may contain forward-looking statements that deal with future results, plans or performance. In addition, TCFs management may make such statements orally to the media, or to securities analysts, investors or others. Forward-looking statements deal with matters that do not relate strictly to historical facts. TCFs future results may differ materially from historical performance and forward-looking statements about TCFs expected financial results or other plans and are subject to a number of risks and uncertainties. These include, but are not limited to the following:
Adverse Economic or Business Conditions, Credit and Other Risks. Continued or deepening deterioration in general economic and banking industry conditions, or continued increases in unemployment in TCFs primary banking markets; adverse economic, business and competitive developments such as shrinking interest margins, deposit outflows, deposit account attrition, or an inability to increase the number of deposit accounts; adverse changes in credit and other risks posed by TCFs loan, lease, investment, and securities available for sale portfolios, including continuing declines in commercial or residential real estate values or changes in the allowance for loan and lease losses dictated by new market conditions or regulatory requirements; interest rate risks resulting from fluctuations in prevailing interest rates or other factors that result in a mismatch between yields earned on TCFs interest-earning assets and the rates paid on its deposits and borrowings; and foreign currency exchange risks.
Earnings/Capital Constraints, Liquidity Risks. Limitations on TCFs ability to pay dividends or to increase dividends in the future 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 economic impact on banks of the Dodd-Frank Act and other regulatory reform legislation; the impact of financial regulatory reform, including the phase out of trust preferred securities in tier 1 capital called for by the Dodd-Frank Act, or 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 TCFs ability to sell assets or to fund its operations; diminished unsecured borrowing capacity resulting from TCF credit rating downgrades and unfavorable conditions in the credit markets that restrict or limit various funding sources; possible regulatory and other changes to the Federal Home Loan Bank System that may affect TCFs borrowing capacity; costs associated with new regulatory requirements or interpretive guidance relating to liquidity.
Legislative and Regulatory Requirements. New consumer protection and supervisory requirements, including the Dodd-Frank Acts creation of a new Bureau of Consumer Financial Protection and limits on Federal preemption for state laws that could be applied to national banks; the imposition of requirements with an adverse impact relating to TCFs lending, loan collection and other business activities as a result of the Dodd-Frank Act, or other legislative or regulatory developments such as mortgage foreclosure moratorium laws or imposition of underwriting or other limitations that impact the ability to use certain variable-rate products; reduction of interchange revenue from debit card transactions resulting from the so-called Durbin Amendment to the Dodd-Frank Act, which limits debit card interchange fees to amounts that will only allow issuers to recover incremental costs of authorization, clearance and settlement of debit card transactions, plus possibly some costs relating to fraud prevention; impact of legislative, regulatory or other changes affecting customer account charges and fee income; changes to bankruptcy laws which would result in the loss of all or part of TCFs security interest due to collateral value declines (so-called cramdown provisions); any material failure of TCF to comply with the terms of its consent order with the Office of the Comptroller of the Currency relating to TCFs Bank Secrecy Act compliance, which may result in regulatory enforcement action including monetary penalties; increased health care costs resulting from recently enacted Federal health care reform legislation; adverse regulatory examinations and resulting enforcement actions or other adverse consequences such as increased capital requirements or higher deposit insurance assessments; heightened regulatory practices, requirements or expectations, including, but not limited to, requirements related to the Bank Secrecy Act and anti-money laundering compliance activity.
-more-
Other Risks Relating to Fee Income. Future effects on fee income following TCFs implementation of regulatory requirements that prohibit financial institutions from charging overdraft fees on point-of-sale and ATM transactions unless customers opt-in, including customer opt-in preferences which may have an adverse impact on TCFs fee revenue; and uncertainties relating to future retail deposit account changes such as charging a daily negative balance fee in lieu of per item overdraft fees or other significant changes, including limitations on TCFs ability to predict customer behavior and the impact on TCFs fee revenues.
Litigation Risks. Results of litigation, including class action litigation concerning TCFs lending or deposit activities including account servicing processes or fees or charges, or employment practices, and possible increases in indemnification obligations for certain litigation against Visa U.S.A. (covered litigation) and potential reductions in card revenues resulting from covered litigation or other litigation against Visa.
Competitive Conditions; Supermarket Branching Risk. Reduced demand for financial services and loan and lease products; adverse developments affecting TCFs supermarket banking relationships or any of the supermarket chains in which TCF maintains supermarket branches.
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; adverse state or Federal tax assessments or findings in tax audits; lack of or inadequate insurance coverage for claims against TCF.
Technological and Operational Matters. Technological, computer-related or operational difficulties or loss or theft of information and the possibility that deposit account losses (fraudulent checks, etc.) may increase.
Investors should consult TCFs Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K for additional important information about the Company.
-more-
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per-share data)
(Unaudited)
|
|
Three Months Ended |
|
|
|
|
| |||||
|
|
March 31, |
|
Change |
| |||||||
|
|
2011 |
|
2010 |
|
$ |
|
% |
| |||
Interest income: |
|
|
|
|
|
|
|
|
| |||
Loans and leases |
|
$ |
214,673 |
|
$ |
221,264 |
|
$ |
(6,591) |
|
(3.0) |
% |
Securities available for sale |
|
19,429 |
|
21,407 |
|
(1,978) |
|
(9.2) |
| |||
Investments and other |
|
1,801 |
|
1,141 |
|
660 |
|
57.8 |
| |||
Total interest income |
|
235,903 |
|
243,812 |
|
(7,909) |
|
(3.2) |
| |||
Interest expense: |
|
|
|
|
|
|
|
|
| |||
Deposits |
|
12,004 |
|
17,604 |
|
(5,600) |
|
(31.8) |
| |||
Borrowings |
|
49,859 |
|
51,546 |
|
(1,687) |
|
(3.3) |
| |||
Total interest expense |
|
61,863 |
|
69,150 |
|
(7,287) |
|
(10.5) |
| |||
Net interest income |
|
174,040 |
|
174,662 |
|
(622) |
|
(.4) |
| |||
Provision for credit losses |
|
45,274 |
|
50,491 |
|
(5,217) |
|
(10.3) |
| |||
Net interest income after provision for |
|
128,766 |
|
124,171 |
|
4,595 |
|
3.7 |
| |||
Non-interest income: |
|
|
|
|
|
|
|
|
| |||
Fees and service charges |
|
53,513 |
|
66,172 |
|
(12,659) |
|
(19.1) |
| |||
Card revenue |
|
26,584 |
|
27,072 |
|
(488) |
|
(1.8) |
| |||
ATM revenue |
|
6,705 |
|
7,022 |
|
(317) |
|
(4.5) |
| |||
Subtotal |
|
86,802 |
|
100,266 |
|
(13,464) |
|
(13.4) |
| |||
Leasing and equipment finance |
|
26,750 |
|
20,352 |
|
6,398 |
|
31.4 |
| |||
Other |
|
694 |
|
2,455 |
|
(1,761) |
|
(71.7) |
| |||
Fees and other revenue |
|
114,246 |
|
123,073 |
|
(8,827) |
|
(7.2) |
| |||
Gains (losses) on securities, net |
|
- |
|
(430) |
|
430 |
|
100.0 |
| |||
Total non-interest income |
|
114,246 |
|
122,643 |
|
(8,397) |
|
(6.8) |
| |||
Non-interest expense: |
|
|
|
|
|
|
|
|
| |||
Compensation and employee benefits |
|
90,273 |
|
88,225 |
|
2,048 |
|
2.3 |
| |||
Occupancy and equipment |
|
32,159 |
|
32,181 |
|
(22) |
|
(.1) |
| |||
FDIC insurance |
|
7,195 |
|
5,481 |
|
1,714 |
|
31.3 |
| |||
Deposit account premiums |
|
3,198 |
|
6,798 |
|
(3,600) |
|
(53.0) |
| |||
Advertising and marketing |
|
3,160 |
|
2,820 |
|
340 |
|
12.1 |
| |||
Other |
|
34,566 |
|
34,410 |
|
156 |
|
.5 |
| |||
Subtotal |
|
170,551 |
|
169,915 |
|
636 |
|
.4 |
| |||
Foreclosed real estate and repossessed assets, net |
|
12,868 |
|
9,260 |
|
3,608 |
|
39.0 |
| |||
Operating lease depreciation |
|
7,928 |
|
10,040 |
|
(2,112) |
|
(21.0) |
| |||
Other credit costs, net |
|
2,548 |
|
2,587 |
|
(39) |
|
(1.5) |
| |||
Total non-interest expense |
|
193,895 |
|
191,802 |
|
2,093 |
|
1.1 |
| |||
Income before income tax expense |
|
49,117 |
|
55,012 |
|
(5,895) |
|
(10.7) |
| |||
Income tax expense |
|
18,442 |
|
20,790 |
|
(2,348) |
|
(11.3) |
| |||
Income after income tax expense |
|
30,675 |
|
34,222 |
|
(3,547) |
|
(10.4) |
| |||
Income attributable to non-controlling interest |
|
989 |
|
301 |
|
688 |
|
N.M. |
| |||
Net income available to common stockholders |
|
$ |
29,686 |
|
$ |
33,921 |
|
$ |
(4,235) |
|
(12.5) |
|
|
|
|
|
|
|
|
|
|
| |||
Net income per common share: |
|
|
|
|
|
|
|
|
| |||
Basic |
|
$ |
.20 |
|
$ |
.26 |
|
$ |
(.06) |
|
(23.1) |
|
Diluted |
|
.20 |
|
.26 |
|
(.06) |
|
(23.1) |
| |||
|
|
|
|
|
|
|
|
|
| |||
Dividends declared per common share |
|
$ |
.05 |
|
$ |
.05 |
|
$ |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
| |||
Average common and common equivalent |
|
|
|
|
|
|
|
|
| |||
Basic |
|
144,395 |
|
132,343 |
|
12,052 |
|
9.1 |
| |||
Diluted |
|
144,739 |
|
132,419 |
|
12,320 |
|
9.3 |
| |||
|
|
|
|
|
|
|
|
|
| |||
N.M. Not meaningful. |
|
|
|
|
|
|
|
|
|
-more-
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except per-share data)
(Unaudited)
|
|
At |
|
At |
|
At |
|
% Change From |
| |||||
|
|
March 31, |
|
December 31, |
|
March 31, |
|
December 31, |
|
March 31, |
| |||
|
|
2011 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
| |||
ASSETS |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Cash and due from banks |
|
$ |
702,811 |
|
$ |
663,901 |
|
$ |
533,020 |
|
5.9 |
% |
31.9 |
% |
Investments |
|
166,381 |
|
179,768 |
|
154,625 |
|
(7.4) |
|
7.6 |
| |||
Securities available for sale |
|
2,172,017 |
|
1,931,174 |
|
1,899,825 |
|
12.5 |
|
14.3 |
| |||
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
| |||
Consumer real estate and other |
|
7,097,175 |
|
7,195,269 |
|
7,295,765 |
|
(1.4) |
|
(2.7) |
| |||
Commercial |
|
3,608,356 |
|
3,646,203 |
|
3,702,733 |
|
(1.0) |
|
(2.5) |
| |||
Leasing and equipment finance |
|
3,079,966 |
|
3,154,478 |
|
3,007,504 |
|
(2.4) |
|
2.4 |
| |||
Inventory finance |
|
1,011,044 |
|
792,354 |
|
700,421 |
|
27.6 |
|
44.3 |
| |||
Total loans and leases |
|
14,796,541 |
|
14,788,304 |
|
14,706,423 |
|
.1 |
|
.6 |
| |||
Allowance for loan and lease losses |
|
(255,308) |
|
(265,819) |
|
(250,430) |
|
(4.0) |
|
1.9 |
| |||
Net loans and leases |
|
14,541,233 |
|
14,522,485 |
|
14,455,993 |
|
.1 |
|
.6 |
| |||
Premises and equipment, net |
|
443,057 |
|
443,768 |
|
444,719 |
|
(.2) |
|
(.4) |
| |||
Goodwill |
|
152,599 |
|
152,599 |
|
152,599 |
|
- |
|
- |
| |||
Other assets |
|
534,051 |
|
571,330 |
|
546,533 |
|
(6.5) |
|
(2.3) |
| |||
Total assets |
|
$ |
18,712,149 |
|
$ |
18,465,025 |
|
$ |
18,187,314 |
|
1.3 |
|
2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Deposits: |
|
|
|
|
|
|
|
|
|
|
| |||
Checking |
|
$ |
4,651,762 |
|
$ |
4,530,064 |
|
$ |
4,601,984 |
|
2.7 |
|
1.1 |
|
Savings |
|
5,582,980 |
|
5,390,802 |
|
5,499,835 |
|
3.6 |
|
1.5 |
| |||
Money market |
|
695,884 |
|
635,922 |
|
672,894 |
|
9.4 |
|
3.4 |
| |||
Subtotal |
|
10,930,626 |
|
10,556,788 |
|
10,774,713 |
|
3.5 |
|
1.4 |
| |||
Certificates of deposit |
|
1,113,058 |
|
1,028,327 |
|
1,107,660 |
|
8.2 |
|
.5 |
| |||
Total deposits |
|
12,043,684 |
|
11,585,115 |
|
11,882,373 |
|
4.0 |
|
1.4 |
| |||
Short-term borrowings |
|
12,898 |
|
126,790 |
|
17,590 |
|
(89.8) |
|
(26.7) |
| |||
Long-term borrowings |
|
4,533,176 |
|
4,858,821 |
|
4,496,574 |
|
(6.7) |
|
.8 |
| |||
Total borrowings |
|
4,546,074 |
|
4,985,611 |
|
4,514,164 |
|
(8.8) |
|
.7 |
| |||
Accrued expenses and other liabilities |
|
397,907 |
|
414,136 |
|
397,160 |
|
(3.9) |
|
.2 |
| |||
Total liabilities |
|
16,987,665 |
|
16,984,862 |
|
16,793,697 |
|
N.M. |
|
1.2 |
| |||
Equity: |
|
|
|
|
|
|
|
|
|
|
| |||
Preferred stock, par value $.01 per share, |
|
- |
|
- |
|
- |
|
- |
|
- |
| |||
Common stock, par value $.01 per share, |
|
1,591 |
|
1,430 |
|
1,426 |
|
11.3 |
|
11.6 |
| |||
Additional paid-in capital |
|
695,856 |
|
459,884 |
|
455,608 |
|
51.3 |
|
52.7 |
| |||
Retained earnings, subject to certain restrictions |
|
1,087,576 |
|
1,064,978 |
|
973,513 |
|
2.1 |
|
11.7 |
| |||
Accumulated other comprehensive loss |
|
(44,172) |
|
(31,514) |
|
(11,836) |
|
40.2 |
|
N.M. |
| |||
Treasury stock at cost, 45,504, 51,160 |
|
(32,907) |
|
(23,115) |
|
(36,891) |
|
42.4 |
|
(10.8) |
| |||
Total TCF Financial Corp. stockholders equity |
|
1,707,944 |
|
1,471,663 |
|
1,381,820 |
|
16.1 |
|
23.6 |
| |||
Non-controlling interest in subsidiaries |
|
16,540 |
|
8,500 |
|
11,797 |
|
94.6 |
|
40.2 |
| |||
Total equity |
|
1,724,484 |
|
1,480,163 |
|
1,393,617 |
|
16.5 |
|
23.7 |
| |||
Total liabilities and equity |
|
$ |
18,712,149 |
|
$ |
18,465,025 |
|
$ |
18,187,314 |
|
1.3 |
|
2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
N.M. Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
-more-
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
SUMMARY OF CREDIT QUALITY DATA
(Dollars in thousands)
(Unaudited)
|
|
At |
|
At |
|
At |
|
At |
|
At |
|
Change from |
| |||||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Mar. 31, |
| |||||||
|
|
2011 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
| |||||||
Delinquency Data - Principal Balances (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
60 days or more: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
First mortgage lien |
|
$ |
70,024 |
|
$ |
73,848 |
|
$ |
80,795 |
|
$ |
85,581 |
|
$ |
80,883 |
|
$ |
(3,824) |
|
$ |
(10,859) |
|
Junior lien |
|
19,528 |
|
20,763 |
|
20,387 |
|
21,152 |
|
22,293 |
|
(1,235) |
|
(2,765) |
| |||||||
Total consumer real estate |
|
89,552 |
|
94,611 |
|
101,182 |
|
106,733 |
|
103,176 |
|
(5,059) |
|
(13,624) |
| |||||||
Consumer other |
|
78 |
|
39 |
|
61 |
|
131 |
|
105 |
|
39 |
|
(27) |
| |||||||
Total consumer real estate and other |
|
89,630 |
|
94,650 |
|
101,243 |
|
106,864 |
|
103,281 |
|
(5,020) |
|
(13,651) |
| |||||||
Commercial |
|
1,864 |
|
9,021 |
|
1,260 |
|
7,872 |
|
- |
|
(7,157) |
|
1,864 |
| |||||||
Leasing and equipment finance |
|
5,274 |
|
5,054 |
|
4,346 |
|
5,817 |
|
9,869 |
|
220 |
|
(4,595) |
| |||||||
Inventory finance |
|
240 |
|
318 |
|
255 |
|
178 |
|
674 |
|
(78) |
|
(434) |
| |||||||
Subtotal |
|
97,008 |
|
109,043 |
|
107,104 |
|
120,731 |
|
113,824 |
|
(12,035) |
|
(16,816) |
| |||||||
Acquired portfolios |
|
4,399 |
|
6,000 |
|
5,618 |
|
8,078 |
|
9,185 |
|
(1,601) |
|
(4,786) |
| |||||||
Total delinquencies |
|
$ |
101,407 |
|
$ |
115,043 |
|
$ |
112,722 |
|
$ |
128,809 |
|
$ |
123,009 |
|
$ |
(13,636) |
|
$ |
(21,602) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Delinquency Data - % of Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
60 days or more: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
First mortgage lien |
|
1.48 |
% |
1.55 |
% |
1.68 |
% |
1.78 |
% |
1.68 |
% |
(7) |
bps |
(20) |
bps | |||||||
Junior lien |
|
.89 |
|
.93 |
|
.90 |
|
.93 |
|
.98 |
|
(4) |
|
(9) |
| |||||||
Total consumer real estate |
|
1.30 |
|
1.35 |
|
1.43 |
|
1.51 |
|
1.45 |
|
(5) |
|
(15) |
| |||||||
Consumer other |
|
.22 |
|
.10 |
|
.14 |
|
.27 |
|
.22 |
|
12 |
|
- |
| |||||||
Total consumer real estate and other |
|
1.29 |
|
1.35 |
|
1.42 |
|
1.50 |
|
1.44 |
|
(6) |
|
(15) |
| |||||||
Commercial |
|
.05 |
|
.26 |
|
.04 |
|
.22 |
|
- |
|
(21) |
|
5 |
| |||||||
Leasing and equipment finance |
|
.20 |
|
.19 |
|
.17 |
|
.23 |
|
.39 |
|
1 |
|
(19) |
| |||||||
Inventory finance |
|
.03 |
|
.05 |
|
.04 |
|
.03 |
|
.10 |
|
(2) |
|
(7) |
| |||||||
Subtotal |
|
.69 |
|
.79 |
|
.78 |
|
.87 |
|
.82 |
|
(10) |
|
(13) |
| |||||||
Acquired portfolios |
|
.89 |
|
1.00 |
|
.79 |
|
1.92 |
|
2.03 |
|
(11) |
|
(114) |
| |||||||
Total delinquencies |
|
.70 |
|
.80 |
|
.78 |
|
.90 |
|
.85 |
|
(10) |
|
(15) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
(1) Excludes non-accrual loans and leases. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-more-
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
SUMMARY OF CREDIT QUALITY DATA, CONTINUED
(Dollars in thousands)
(Unaudited)
|
|
At |
|
At |
|
At |
|
At |
|
At |
|
Change from |
| |||||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Mar. 31, |
| |||||||
|
|
2011 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
| |||||||
Non-Accrual Loans and Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Non-accrual loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
First mortgage lien |
|
$ |
133,865 |
|
$ |
140,871 |
|
$ |
140,315 |
|
$ |
127,966 |
|
$ |
125,997 |
|
$ |
(7,006) |
|
$ |
7,868 |
|
Junior lien |
|
21,325 |
|
26,626 |
|
26,225 |
|
23,065 |
|
21,874 |
|
(5,301) |
|
(549) |
| |||||||
Total consumer real estate |
|
155,190 |
|
167,497 |
|
166,540 |
|
151,031 |
|
147,871 |
|
(12,307) |
|
7,319 |
| |||||||
Consumer other |
|
43 |
|
50 |
|
57 |
|
73 |
|
177 |
|
(7) |
|
(134) |
| |||||||
Total consumer real estate and other |
|
155,233 |
|
167,547 |
|
166,597 |
|
151,104 |
|
148,048 |
|
(12,314) |
|
7,185 |
| |||||||
Commercial |
|
127,745 |
|
142,248 |
|
161,889 |
|
129,266 |
|
102,368 |
|
(14,503) |
|
25,377 |
| |||||||
Leasing and equipment finance |
|
34,634 |
|
34,407 |
|
40,455 |
|
48,777 |
|
54,099 |
|
227 |
|
(19,465) |
| |||||||
Inventory finance |
|
1,437 |
|
1,055 |
|
871 |
|
1,035 |
|
886 |
|
382 |
|
551 |
| |||||||
Total non-accrual loans and leases |
|
$ |
319,049 |
|
$ |
345,257 |
|
$ |
369,812 |
|
$ |
330,182 |
|
$ |
305,401 |
|
$ |
(26,208) |
|
$ |
13,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Non-accrual loans and leases - rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Balance, beginning of period |
|
$ |
345,257 |
|
$ |
369,812 |
|
$ |
330,182 |
|
$ |
305,401 |
|
$ |
296,275 |
|
$ |
(24,555) |
|
$ |
48,982 |
|
Additions |
|
80,596 |
|
92,180 |
|
143,929 |
|
125,270 |
|
84,212 |
|
(11,584) |
|
(3,616) |
| |||||||
Charge-offs |
|
(37,417) |
|
(43,092) |
|
(36,371) |
|
(28,042) |
|
(23,510) |
|
5,675 |
|
(13,907) |
| |||||||
Transfers to other assets |
|
(33,541) |
|
(41,659) |
|
(39,072) |
|
(36,820) |
|
(29,601) |
|
8,118 |
|
(3,940) |
| |||||||
Return to accrual status |
|
(24,634) |
|
(17,989) |
|
(15,785) |
|
(12,593) |
|
(11,111) |
|
(6,645) |
|
(13,523) |
| |||||||
Payments received |
|
(12,881) |
|
(15,036) |
|
(15,653) |
|
(17,012) |
|
(13,036) |
|
2,155 |
|
155 |
| |||||||
Other, net |
|
1,669 |
|
1,041 |
|
2,582 |
|
(6,022) |
|
2,172 |
|
628 |
|
(503) |
| |||||||
Balance, end of period |
|
$ |
319,049 |
|
$ |
345,257 |
|
$ |
369,812 |
|
$ |
330,182 |
|
$ |
305,401 |
|
$ |
(26,208) |
|
$ |
13,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Charge-offs and allowance recorded on non-accrual loans and leases as a percentage of contractual balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer real estate |
|
24.5 |
% |
22.0 |
% |
20.7 |
% |
21.8 |
% |
20.5 |
% |
250 |
bps |
400 |
bps | |||||||
Commercial |
|
40.5 |
|
43.1 |
|
28.1 |
|
26.8 |
|
28.6 |
|
(260) |
|
1,190 |
| |||||||
Leasing and equipment finance |
|
23.6 |
|
24.3 |
|
28.6 |
|
32.0 |
|
28.7 |
|
(70) |
|
(510) |
| |||||||
Inventory finance |
|
7.1 |
|
17.5 |
|
19.5 |
|
19.6 |
|
2.9 |
|
(1,040) |
|
420 |
| |||||||
Total |
|
31.4 |
|
31.6 |
|
24.7 |
|
25.0 |
|
24.6 |
|
(20) |
|
680 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other Real Estate Owned |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other real estate owned: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer real estate |
|
$ |
97,976 |
|
$ |
90,115 |
|
$ |
88,303 |
|
$ |
81,895 |
|
$ |
65,301 |
|
$ |
7,861 |
|
$ |
32,675 |
|
Commercial real estate |
|
44,178 |
|
50,950 |
|
47,841 |
|
36,036 |
|
36,135 |
|
(6,772) |
|
8,043 |
| |||||||
Total other real estate owned |
|
$ |
142,154 |
|
$ |
141,065 |
|
$ |
136,144 |
|
$ |
117,931 |
|
$ |
101,436 |
|
$ |
1,089 |
|
$ |
40,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Ending number of properties owned |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer real estate |
|
809 |
|
813 |
|
740 |
|
657 |
|
569 |
|
(4) |
|
240 |
| |||||||
Commercial real estate |
|
29 |
|
31 |
|
33 |
|
41 |
|
39 |
|
(2) |
|
(10) |
| |||||||
Total |
|
838 |
|
844 |
|
773 |
|
698 |
|
608 |
|
(6) |
|
230 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other real estate owned - rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Balance, beginning of period |
|
$ |
141,065 |
|
$ |
136,144 |
|
$ |
117,931 |
|
$ |
101,436 |
|
$ |
105,768 |
|
$ |
4,921 |
|
$ |
35,297 |
|
Transferred in |
|
35,480 |
|
44,513 |
|
41,121 |
|
37,253 |
|
28,209 |
|
(9,033) |
|
7,271 |
| |||||||
Sales |
|
(31,328) |
|
(34,666) |
|
(18,674) |
|
(20,464) |
|
(25,171) |
|
3,338 |
|
(6,157) |
| |||||||
Writedowns |
|
(6,266) |
|
(6,220) |
|
(3,394) |
|
(2,998) |
|
(4,068) |
|
(46) |
|
(2,198) |
| |||||||
Other, net |
|
3,203 |
|
1,294 |
|
(840) |
|
2,704 |
|
(3,302) |
|
1,909 |
|
6,505 |
| |||||||
Balance, end of period |
|
$ |
142,154 |
|
$ |
141,065 |
|
$ |
136,144 |
|
$ |
117,931 |
|
$ |
101,436 |
|
$ |
1,089 |
|
$ |
40,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Charge-offs and writedowns recorded on other real estate owned as a percentage of contractual loan balance prior to non-performing status |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer |
|
32.2 |
% |
33.0 |
% |
30.9 |
% |
27.3 |
% |
29.9 |
% |
(80) |
bps |
230 |
bps | |||||||
Commercial |
|
24.5 |
|
26.6 |
|
30.9 |
|
34.6 |
|
34.2 |
|
(210) |
|
(970) |
| |||||||
Total |
|
30.0 |
|
30.8 |
|
30.9 |
|
29.7 |
|
31.5 |
|
(80) |
|
(150) |
|
-more-
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
SUMMARY OF CREDIT QUALITY DATA, CONTINUED
(Dollars in thousands)
(Unaudited)
Allowance for Loan and Lease Losses
|
|
At March 31, 2011 |
|
At December 31, 2010 |
|
At March 31, 2010 |
|
Change from |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, |
|
Mar. 31, |
| |||||
|
|
Balance |
|
% of Portfolio |
|
Balance |
|
% of Portfolio |
|
Balance |
|
% of Portfolio |
|
2010 |
|
2010 |
| |||||
Consumer real estate |
|
$ |
174,097 |
|
2.47 % |
|
$ |
172,850 |
|
2.42 % |
|
$ |
170,932 |
|
2.36 % |
|
5 |
bps |
|
11 |
bps |
|
Consumer other |
|
1,476 |
|
4.20 |
|
1,653 |
|
4.22 |
|
2,556 |
|
5.25 |
|
(2 |
) |
|
(105 |
) |
| |||
Total consumer real estate and other |
|
175,573 |
|
2.47 |
|
174,503 |
|
2.43 |
|
173,488 |
|
2.38 |
|
4 |
|
|
9 |
|
| |||
Commercial |
|
50,119 |
|
1.39 |
|
62,478 |
|
1.71 |
|
41,420 |
|
1.12 |
|
(32 |
) |
|
27 |
|
| |||
Leasing and equipment finance |
|
26,272 |
|
.85 |
|
26,301 |
|
.83 |
|
32,993 |
|
1.10 |
|
2 |
|
|
(25 |
) |
| |||
Inventory finance |
|
3,344 |
|
.33 |
|
2,537 |
|
.32 |
|
2,529 |
|
.36 |
|
1 |
|
|
(3 |
) |
| |||
Total |
|
$ |
255,308 |
|
1.73 |
|
$ |
265,819 |
|
1.80 |
|
$ |
250,430 |
|
1.70 |
|
(7 |
) |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit Loss Reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
At March 31, 2011 |
|
At December 31, 2010 |
|
At March 31, 2010 |
|
Change from |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, |
|
Mar. 31, |
| |||||
|
|
Balance |
|
% of Portfolio |
|
Balance |
|
% of Portfolio |
|
Balance |
|
% of Portfolio |
|
2010 |
|
2010 |
| |||||
Allowance for loan and lease losses |
|
$ |
255,308 |
|
1.73 % |
|
$ |
265,819 |
|
1.80 % |
|
$ |
250,430 |
|
1.70 % |
|
(7 |
) bps |
|
3 |
bps |
|
Reserves for unfunded commitments |
|
2,298 |
|
N.M. |
|
2,353 |
|
N.M. |
|
3,770 |
|
N.M. |
|
N.M. |
|
|
N.M. |
|
| |||
Total |
|
$ |
257,606 |
|
1.74 |
|
$ |
268,172 |
|
1.81 |
|
$ |
254,200 |
|
1.73 |
|
(7 |
) |
|
1 |
|
|
Net Charge-Offs (Recoveries)
|
|
|
|
|
|
|
|
|
|
|
|
Change from |
| |||||||||
|
|
Quarter Ended |
|
Quarter Ended |
| |||||||||||||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Mar. 31, |
| |||||||
|
|
2011 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
| |||||||
Consumer real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
First mortgage lien |
|
$ |
21,950 |
|
$ |
23,206 |
|
$ |
20,119 |
|
$ |
16,775 |
|
$ |
16,266 |
|
$ |
(1,256) |
|
$ |
5,684 |
|
Junior lien |
|
13,353 |
|
13,450 |
|
14,374 |
|
12,672 |
|
12,996 |
|
(97) |
|
357 |
| |||||||
Total consumer real estate |
|
35,303 |
|
36,656 |
|
34,493 |
|
29,447 |
|
29,262 |
|
(1,353) |
|
6,041 |
| |||||||
Consumer other |
|
(266) |
|
1,316 |
|
1,737 |
|
1,622 |
|
365 |
|
(1,582) |
|
(631) |
| |||||||
Total consumer real estate and other |
|
35,037 |
|
37,972 |
|
36,230 |
|
31,069 |
|
29,627 |
|
(2,935) |
|
5,410 |
| |||||||
Commercial |
|
17,778 |
|
18,596 |
|
12,826 |
|
9,143 |
|
7,837 |
|
(818) |
|
9,941 |
| |||||||
Leasing and equipment finance |
|
2,789 |
|
7,814 |
|
8,674 |
|
7,514 |
|
6,643 |
|
(5,025) |
|
(3,854) |
| |||||||
Inventory finance |
|
208 |
|
565 |
|
80 |
|
74 |
|
425 |
|
(357) |
|
(217) |
| |||||||
Total |
|
$ |
55,812 |
|
$ |
64,947 |
|
$ |
57,810 |
|
$ |
47,800 |
|
$ |
44,532 |
|
$ |
(9,135) |
|
$ |
11,280 |
|
Net Charge-Offs as a Percentage of Average Loans and Leases
|
|
|
|
|
|
|
|
|
|
|
|
Change from |
| ||
|
|
Quarter Ended (1) |
|
Quarter Ended |
| ||||||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Mar. 31, |
|
|
|
2011 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
|
Consumer real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First mortgage lien |
|
1.81 |
% |
1.88 |
% |
1.63 |
% |
1.36 |
% |
1.32 |
% |
(7) |
bps |
49 |
bps |
Junior lien |
|
2.39 |
|
2.37 |
|
2.50 |
|
2.20 |
|
2.25 |
|
2 |
|
14 |
|
Total consumer real estate |
|
1.99 |
|
2.04 |
|
1.91 |
|
1.63 |
|
1.61 |
|
(5) |
|
38 |
|
Total consumer real estate and other |
|
1.97 |
|
2.10 |
|
2.00 |
|
1.71 |
|
1.63 |
|
(13) |
|
34 |
|
Commercial |
|
1.96 |
|
2.04 |
|
1.40 |
|
.98 |
|
.85 |
|
(8) |
|
111 |
|
Leasing and equipment finance |
|
.36 |
|
.99 |
|
1.16 |
|
.99 |
|
.87 |
|
(63) |
|
(51) |
|
Inventory finance |
|
.10 |
|
.28 |
|
.05 |
|
.04 |
|
.31 |
|
(18) |
|
(21) |
|
Total |
|
1.51 |
|
1.75 |
|
1.58 |
|
1.30 |
|
1.22 |
|
(24) |
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-more-
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Dollars in thousands)
(Unaudited)
|
|
Three Months Ended March 31, |
| ||||||||||||||
|
|
2011 |
|
2010 |
| ||||||||||||
|
|
Average |
|
|
|
Yields and |
|
Average |
|
|
|
Yields and |
| ||||
|
|
Balance |
|
Interest |
|
Rates (1) |
|
Balance |
|
Interest |
|
Rates (1) |
| ||||
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investments and other |
|
$ |
578,064 |
|
$ |
1,801 |
|
1.26 % |
|
$ |
279,995 |
|
$ |
1,141 |
|
1.64 % |
|
U.S. Government sponsored entities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Mortgage-backed securities |
|
1,961,234 |
|
19,411 |
|
3.96 |
|
1,885,076 |
|
21,401 |
|
4.54 |
| ||||
U.S. Treasury Bills |
|
47,269 |
|
13 |
|
.11 |
|
- |
|
- |
|
- |
| ||||
Other securities |
|
387 |
|
5 |
|
5.21 |
|
477 |
|
6 |
|
5.08 |
| ||||
Total securities available for sale(2) |
|
2,008,890 |
|
19,429 |
|
3.87 |
|
1,885,553 |
|
21,407 |
|
4.54 |
| ||||
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Consumer real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fixed-rate |
|
4,734,618 |
|
71,806 |
|
6.15 |
|
5,287,660 |
|
81,496 |
|
6.25 |
| ||||
Variable-rate |
|
2,367,341 |
|
30,280 |
|
5.19 |
|
1,971,145 |
|
27,335 |
|
5.62 |
| ||||
Consumer - other |
|
21,757 |
|
476 |
|
8.87 |
|
30,406 |
|
635 |
|
8.47 |
| ||||
Total consumer real estate and other |
|
7,123,716 |
|
102,562 |
|
5.84 |
|
7,289,211 |
|
109,466 |
|
6.09 |
| ||||
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fixed- and adjustable-rate |
|
2,912,593 |
|
42,042 |
|
5.85 |
|
2,946,991 |
|
44,029 |
|
6.06 |
| ||||
Variable-rate |
|
710,870 |
|
7,657 |
|
4.37 |
|
755,244 |
|
7,866 |
|
4.22 |
| ||||
Total commercial |
|
3,623,463 |
|
49,699 |
|
5.56 |
|
3,702,235 |
|
51,895 |
|
5.68 |
| ||||
Leasing and equipment finance |
|
3,119,669 |
|
47,557 |
|
6.10 |
|
3,043,664 |
|
50,025 |
|
6.57 |
| ||||
Inventory finance |
|
872,785 |
|
15,325 |
|
7.12 |
|
553,095 |
|
10,138 |
|
7.33 |
| ||||
Total loans and leases |
|
14,739,633 |
|
215,143 |
|
5.90 |
|
14,588,205 |
|
221,524 |
|
6.13 |
| ||||
Total interest-earning assets |
|
17,326,587 |
|
236,373 |
|
5.51 |
|
16,753,753 |
|
244,072 |
|
5.88 |
| ||||
Other assets |
|
1,154,440 |
|
|
|
|
|
1,234,797 |
|
|
|
|
| ||||
Total assets |
|
$ |
18,481,027 |
|
|
|
|
|
$ |
17,988,550 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Non-interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Retail |
|
$ |
1,457,723 |
|
|
|
|
|
$ |
1,462,962 |
|
|
|
|
| ||
Small business |
|
668,316 |
|
|
|
|
|
597,249 |
|
|
|
|
| ||||
Commercial and custodial |
|
291,513 |
|
|
|
|
|
278,827 |
|
|
|
|
| ||||
Total non-interest bearing deposits |
|
2,417,552 |
|
|
|
|
|
2,339,038 |
|
|
|
|
| ||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Checking |
|
2,104,433 |
|
1,356 |
|
.26 |
|
2,085,175 |
|
1,806 |
|
.35 |
| ||||
Savings |
|
5,424,327 |
|
7,497 |
|
.56 |
|
5,345,862 |
|
11,531 |
|
.87 |
| ||||
Money market |
|
673,503 |
|
908 |
|
.55 |
|
668,581 |
|
1,250 |
|
.76 |
| ||||
Subtotal |
|
8,202,263 |
|
9,761 |
|
.48 |
|
8,099,618 |
|
14,587 |
|
.73 |
| ||||
Certificates of deposit |
|
1,092,537 |
|
2,244 |
|
.83 |
|
1,127,149 |
|
3,017 |
|
1.08 |
| ||||
Total interest-bearing deposits |
|
9,294,800 |
|
12,005 |
|
.52 |
|
9,226,767 |
|
17,604 |
|
.77 |
| ||||
Total deposits |
|
11,712,352 |
|
12,005 |
|
.42 |
|
11,565,805 |
|
17,604 |
|
.62 |
| ||||
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Short-term borrowings |
|
83,038 |
|
92 |
|
.45 |
|
197,319 |
|
102 |
|
.21 |
| ||||
Long-term borrowings |
|
4,702,729 |
|
49,766 |
|
4.28 |
|
4,500,285 |
|
51,444 |
|
4.63 |
| ||||
Total borrowings |
|
4,785,767 |
|
49,858 |
|
4.22 |
|
4,697,604 |
|
51,546 |
|
4.44 |
| ||||
Total interest-bearing liabilities |
|
14,080,567 |
|
61,863 |
|
1.78 |
|
13,924,371 |
|
69,150 |
|
2.01 |
| ||||
Total deposits and borrowings |
|
16,498,119 |
|
61,863 |
|
1.52 |
|
16,263,409 |
|
69,150 |
|
1.72 |
| ||||
Other liabilities |
|
460,434 |
|
|
|
|
|
448,233 |
|
|
|
|
| ||||
Total liabilities |
|
16,958,553 |
|
|
|
|
|
16,711,642 |
|
|
|
|
| ||||
Total TCF Financial Corp. stockholders equity |
|
1,514,579 |
|
|
|
|
|
1,270,057 |
|
|
|
|
| ||||
Non-controlling interest in subsidiaries |
|
7,895 |
|
|
|
|
|
6,851 |
|
|
|
|
| ||||
Total equity |
|
1,522,474 |
|
|
|
|
|
1,276,908 |
|
|
|
|
| ||||
Total liabilities and equity |
|
$ |
18,481,027 |
|
|
|
|
|
$ |
17,988,550 |
|
|
|
|
| ||
Net interest income and margin |
|
|
|
$ |
174,510 |
|
4.06 % |
|
|
|
$ |
174,922 |
|
4.21 % |
|
(1) Annualized.
(2) Average balances and yields of securities available for sale are based upon the historical amortized cost and excludes equity securities.
-more-
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME AND FINANCIAL RATIOS
(Dollars in thousands, except per-share data)
(Unaudited)
|
|
At or For the Three Months Ended |
| |||||||||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
| |||||
|
|
2011 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
| |||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
| |||||
Loans and leases |
|
$ |
214,673 |
|
$ |
220,772 |
|
$ |
219,974 |
|
$ |
221,913 |
|
$ |
221,264 |
|
Securities available for sale |
|
19,429 |
|
18,072 |
|
19,901 |
|
21,065 |
|
21,407 |
| |||||
Investments and other |
|
1,801 |
|
1,900 |
|
1,232 |
|
1,236 |
|
1,141 |
| |||||
Total interest income |
|
235,903 |
|
240,744 |
|
241,107 |
|
244,214 |
|
243,812 |
| |||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
| |||||
Deposits |
|
12,004 |
|
13,370 |
|
13,974 |
|
16,281 |
|
17,604 |
| |||||
Borrowings |
|
49,859 |
|
53,088 |
|
53,378 |
|
51,434 |
|
51,546 |
| |||||
Total interest expense |
|
61,863 |
|
66,458 |
|
67,352 |
|
67,715 |
|
69,150 |
| |||||
Net interest income |
|
174,040 |
|
174,286 |
|
173,755 |
|
176,499 |
|
174,662 |
| |||||
Provision for credit losses |
|
45,274 |
|
77,646 |
|
59,287 |
|
49,013 |
|
50,491 |
| |||||
Net interest income after provision for credit losses |
|
128,766 |
|
96,640 |
|
114,468 |
|
127,486 |
|
124,171 |
| |||||
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
| |||||
Fees and service charges |
|
53,513 |
|
61,480 |
|
67,684 |
|
77,845 |
|
66,172 |
| |||||
Card revenue |
|
26,584 |
|
27,625 |
|
27,779 |
|
28,591 |
|
27,072 |
| |||||
ATM revenue |
|
6,705 |
|
6,985 |
|
7,985 |
|
7,844 |
|
7,022 |
| |||||
Subtotal |
|
86,802 |
|
96,090 |
|
103,448 |
|
114,280 |
|
100,266 |
| |||||
Leasing and equipment finance |
|
26,750 |
|
23,402 |
|
24,912 |
|
20,528 |
|
20,352 |
| |||||
Other |
|
694 |
|
817 |
|
1,077 |
|
1,235 |
|
2,455 |
| |||||
Fees and other revenue |
|
114,246 |
|
120,309 |
|
129,437 |
|
136,043 |
|
123,073 |
| |||||
Gains (losses) on securities, net |
|
- |
|
21,185 |
|
8,505 |
|
(137) |
|
(430) |
| |||||
Total non-interest income |
|
114,246 |
|
141,494 |
|
137,942 |
|
135,906 |
|
122,643 |
| |||||
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
| |||||
Compensation and employee benefits |
|
90,273 |
|
87,371 |
|
90,282 |
|
86,983 |
|
88,225 |
| |||||
Occupancy and equipment |
|
32,159 |
|
30,968 |
|
32,091 |
|
31,311 |
|
32,181 |
| |||||
FDIC insurance |
|
7,195 |
|
7,398 |
|
5,486 |
|
5,219 |
|
5,481 |
| |||||
Deposit account premiums |
|
3,198 |
|
1,688 |
|
3,340 |
|
5,478 |
|
6,798 |
| |||||
Advertising and marketing |
|
3,160 |
|
3,154 |
|
3,354 |
|
3,734 |
|
2,820 |
| |||||
Other |
|
34,566 |
|
37,309 |
|
39,481 |
|
35,053 |
|
34,410 |
| |||||
Subtotal |
|
170,551 |
|
167,888 |
|
174,034 |
|
167,778 |
|
169,915 |
| |||||
Foreclosed real estate and repossessed assets, net |
|
12,868 |
|
12,781 |
|
9,588 |
|
8,756 |
|
9,260 |
| |||||
Operating lease depreciation |
|
7,928 |
|
8,289 |
|
8,965 |
|
9,812 |
|
10,040 |
| |||||
Other credit costs, net |
|
2,548 |
|
1,542 |
|
(834) |
|
2,723 |
|
2,587 |
| |||||
Total non-interest expense |
|
193,895 |
|
190,500 |
|
191,753 |
|
189,069 |
|
191,802 |
| |||||
Income before income tax expense |
|
49,117 |
|
47,634 |
|
60,657 |
|
74,323 |
|
55,012 |
| |||||
Income tax expense |
|
18,442 |
|
16,011 |
|
22,852 |
|
28,112 |
|
20,790 |
| |||||
Income after income tax expense |
|
30,675 |
|
31,623 |
|
37,805 |
|
46,211 |
|
34,222 |
| |||||
Income attributable to non-controlling interest |
|
989 |
|
898 |
|
912 |
|
1,186 |
|
301 |
| |||||
Net income available to common stockholders |
|
$ |
29,686 |
|
$ |
30,725 |
|
$ |
36,893 |
|
$ |
45,025 |
|
$ |
33,921 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Basic |
|
$ |
.20 |
|
$ |
.22 |
|
$ |
.26 |
|
$ |
.32 |
|
$ |
.26 |
|
Diluted |
|
.20 |
|
.22 |
|
.26 |
|
.32 |
|
.26 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dividends declared per common share |
|
$ |
.05 |
|
$ |
.05 |
|
$ |
.05 |
|
$ |
.05 |
|
$ |
.05 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Financial Ratios: (1) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average assets |
|
.66 |
% |
.68 |
% |
.84 |
% |
1.02 |
% |
.76 |
% | |||||
Return on average common equity |
|
7.84 |
|
8.25 |
|
9.95 |
|
12.71 |
|
10.68 |
| |||||
Net interest margin |
|
4.06 |
|
4.05 |
|
4.14 |
|
4.19 |
|
4.21 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
(1) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
-more-
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS
(In thousands)
(Unaudited)
|
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
| |||||
|
|
2011 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
677,695 |
|
$ |
506,244 |
|
$ |
420,674 |
|
$ |
458,598 |
|
$ |
388,969 |
|
Investments |
|
172,309 |
|
176,795 |
|
162,034 |
|
158,956 |
|
160,630 |
| |||||
U.S. Government sponsored entities: |
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgage-backed securities |
|
1,979,648 |
|
1,907,958 |
|
1,767,410 |
|
1,860,233 |
|
1,885,076 |
| |||||
U.S. Treasury Bills |
|
47,269 |
|
199,330 |
|
69,705 |
|
14,167 |
|
- |
| |||||
Other securities |
|
2,578 |
|
2,945 |
|
3,473 |
|
4,358 |
|
5,105 |
| |||||
Total securities available for sale |
|
2,029,495 |
|
2,110,233 |
|
1,840,588 |
|
1,878,758 |
|
1,890,181 |
| |||||
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer real estate: |
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed-rate |
|
4,734,618 |
|
4,874,633 |
|
5,019,925 |
|
5,152,954 |
|
5,287,660 |
| |||||
Variable-rate |
|
2,367,341 |
|
2,322,623 |
|
2,213,091 |
|
2,081,247 |
|
1,971,145 |
| |||||
Consumer - other |
|
21,757 |
|
23,283 |
|
25,130 |
|
27,584 |
|
30,406 |
| |||||
Total consumer real estate and other |
|
7,123,716 |
|
7,220,539 |
|
7,258,146 |
|
7,261,785 |
|
7,289,211 |
| |||||
Commercial: |
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed- and adjustable-rate |
|
2,912,593 |
|
2,947,137 |
|
2,955,954 |
|
2,976,721 |
|
2,946,991 |
| |||||
Variable-rate |
|
710,870 |
|
703,769 |
|
717,894 |
|
745,094 |
|
755,244 |
| |||||
Total commercial |
|
3,623,463 |
|
3,650,906 |
|
3,673,848 |
|
3,721,815 |
|
3,702,235 |
| |||||
Leasing and equipment finance |
|
3,119,669 |
|
3,155,472 |
|
3,002,714 |
|
3,021,532 |
|
3,043,664 |
| |||||
Inventory finance |
|
872,785 |
|
803,157 |
|
655,485 |
|
692,816 |
|
553,095 |
| |||||
Total loans and leases |
|
14,739,633 |
|
14,830,074 |
|
14,590,193 |
|
14,697,948 |
|
14,588,205 |
| |||||
Allowance for loan and lease losses |
|
(263,014) |
|
(251,904) |
|
(251,603) |
|
(249,553) |
|
(245,154) |
| |||||
Net loans and leases |
|
14,476,619 |
|
14,578,170 |
|
14,338,590 |
|
14,448,395 |
|
14,343,051 |
| |||||
Premises and equipment, net |
|
445,093 |
|
446,527 |
|
447,364 |
|
444,652 |
|
447,765 |
| |||||
Goodwill |
|
152,599 |
|
152,599 |
|
152,599 |
|
152,599 |
|
152,599 |
| |||||
Other assets |
|
527,217 |
|
638,987 |
|
672,573 |
|
592,381 |
|
605,355 |
| |||||
Total assets |
|
$ |
18,481,027 |
|
$ |
18,609,555 |
|
$ |
18,034,422 |
|
$ |
18,134,339 |
|
$ |
17,988,550 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
| |||||
Retail |
|
$ |
1,457,723 |
|
$ |
1,366,190 |
|
$ |
1,408,984 |
|
$ |
1,480,896 |
|
$ |
1,462,962 |
|
Small business |
|
668,316 |
|
676,670 |
|
659,165 |
|
631,495 |
|
597,249 |
| |||||
Commercial and custodial |
|
291,513 |
|
291,295 |
|
279,475 |
|
289,384 |
|
278,827 |
| |||||
Total non-interest bearing deposits |
|
2,417,552 |
|
2,334,155 |
|
2,347,624 |
|
2,401,775 |
|
2,339,038 |
| |||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
| |||||
Checking |
|
2,104,433 |
|
2,044,060 |
|
2,014,550 |
|
2,145,260 |
|
2,085,175 |
| |||||
Savings |
|
5,424,327 |
|
5,392,650 |
|
5,426,481 |
|
5,477,044 |
|
5,345,862 |
| |||||
Money market |
|
673,503 |
|
643,801 |
|
654,030 |
|
660,654 |
|
668,581 |
| |||||
Subtotal |
|
8,202,263 |
|
8,080,511 |
|
8,095,061 |
|
8,282,958 |
|
8,099,618 |
| |||||
Certificates of deposit |
|
1,092,537 |
|
1,040,348 |
|
1,006,685 |
|
1,044,008 |
|
1,127,149 |
| |||||
Total interest-bearing deposits |
|
9,294,800 |
|
9,120,859 |
|
9,101,746 |
|
9,326,966 |
|
9,226,767 |
| |||||
Total deposits |
|
11,712,352 |
|
11,455,014 |
|
11,449,370 |
|
11,728,741 |
|
11,565,805 |
| |||||
Borrowings: |
|
|
|
|
|
|
|
|
|
|
| |||||
Short-term borrowings |
|
83,038 |
|
235,219 |
|
40,646 |
|
26,665 |
|
197,319 |
| |||||
Long-term borrowings |
|
4,702,729 |
|
4,746,823 |
|
4,587,964 |
|
4,485,283 |
|
4,500,285 |
| |||||
Total borrowings |
|
4,785,767 |
|
4,982,042 |
|
4,628,610 |
|
4,511,948 |
|
4,697,604 |
| |||||
Accrued expenses and other liabilities |
|
460,434 |
|
674,827 |
|
463,492 |
|
464,276 |
|
448,233 |
| |||||
Total liabilities |
|
16,958,553 |
|
17,111,883 |
|
16,541,472 |
|
16,704,965 |
|
16,711,642 |
| |||||
Equity: |
|
|
|
|
|
|
|
|
|
|
| |||||
Preferred stock |
|
- |
|
- |
|
- |
|
- |
|
- |
| |||||
Common stock |
|
1,463 |
|
1,428 |
|
1,426 |
|
1,425 |
|
1,353 |
| |||||
Additional paid-in capital |
|
503,852 |
|
456,760 |
|
451,570 |
|
451,942 |
|
360,517 |
| |||||
Retained earnings, subject to certain restrictions |
|
1,073,924 |
|
1,052,092 |
|
1,025,631 |
|
990,018 |
|
957,596 |
| |||||
Accumulated other comprehensive income (loss) |
|
(41,699) |
|
3,089 |
|
28,861 |
|
3,854 |
|
(6,224) |
| |||||
Treasury stock at cost and other |
|
(22,961) |
|
(23,027) |
|
(23,923) |
|
(30,219) |
|
(43,185) |
| |||||
Total TCF Financial Corp. stockholders equity |
|
1,514,579 |
|
1,490,342 |
|
1,483,565 |
|
1,417,020 |
|
1,270,057 |
| |||||
Non-controlling interest in subsidiaries |
|
7,895 |
|
7,330 |
|
9,385 |
|
12,354 |
|
6,851 |
| |||||
Total equity |
|
1,522,474 |
|
1,497,672 |
|
1,492,950 |
|
1,429,374 |
|
1,276,908 |
| |||||
Total liabilities and equity |
|
$ |
18,481,027 |
|
$ |
18,609,555 |
|
$ |
18,034,422 |
|
$ |
18,134,339 |
|
$ |
17,988,550 |
|
-more-
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED QUARTERLY YIELDS AND RATES (1)
(Unaudited)
|
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
|
|
2011 |
|
2010 |
|
2010 |
|
2010 |
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and other |
|
1.26 |
% |
1.86 |
% |
1.59 |
% |
1.40 |
% |
1.64 |
% |
U.S. Government sponsored entities: |
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
3.96 |
|
4.16 |
|
4.43 |
|
4.53 |
|
4.54 |
|
U.S. Treasury Bills |
|
.11 |
|
.13 |
|
.13 |
|
.21 |
|
- |
|
Other securities |
|
.78 |
|
.54 |
|
.57 |
|
.46 |
|
.47 |
|
Total securities available for sale |
|
3.86 |
|
3.74 |
|
4.26 |
|
4.48 |
|
4.54 |
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
Consumer real estate: |
|
|
|
|
|
|
|
|
|
|
|
Fixed-rate |
|
6.15 |
|
6.10 |
|
6.16 |
|
6.16 |
|
6.25 |
|
Variable-rate |
|
5.19 |
|
5.25 |
|
5.36 |
|
5.49 |
|
5.62 |
|
Consumer - other |
|
8.87 |
|
9.15 |
|
8.92 |
|
8.23 |
|
8.47 |
|
Total consumer real estate and other |
|
5.84 |
|
5.84 |
|
5.93 |
|
5.98 |
|
6.09 |
|
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
Fixed- and adjustable-rate |
|
5.85 |
|
5.90 |
|
5.89 |
|
5.97 |
|
6.06 |
|
Variable-rate |
|
4.37 |
|
4.16 |
|
4.17 |
|
4.21 |
|
4.22 |
|
Total commercial |
|
5.56 |
|
5.57 |
|
5.55 |
|
5.61 |
|
5.68 |
|
Leasing and equipment finance |
|
6.10 |
|
6.24 |
|
6.41 |
|
6.52 |
|
6.57 |
|
Inventory finance |
|
7.12 |
|
7.19 |
|
7.57 |
|
7.34 |
|
7.33 |
|
Total loans and leases |
|
5.90 |
|
5.93 |
|
6.01 |
|
6.06 |
|
6.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
|
5.51 |
|
5.59 |
|
5.73 |
|
5.79 |
|
5.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
.26 |
|
.29 |
|
.29 |
|
.32 |
|
.35 |
|
Savings |
|
.56 |
|
.63 |
|
.66 |
|
.79 |
|
.87 |
|
Money market |
|
.55 |
|
.64 |
|
.65 |
|
.71 |
|
.76 |
|
Subtotal |
|
.48 |
|
.55 |
|
.57 |
|
.66 |
|
.73 |
|
Certificates of deposit |
|
.83 |
|
.86 |
|
.93 |
|
.99 |
|
1.08 |
|
Total interest-bearing deposits |
|
.52 |
|
.58 |
|
.61 |
|
.70 |
|
.77 |
|
Total deposits |
|
.42 |
|
.46 |
|
.48 |
|
.56 |
|
.62 |
|
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
.45 |
|
.35 |
|
.82 |
|
1.19 |
|
.21 |
|
Long-term borrowings |
|
4.28 |
|
4.42 |
|
4.61 |
|
4.59 |
|
4.63 |
|
Total borrowings |
|
4.22 |
|
4.23 |
|
4.58 |
|
4.57 |
|
4.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
1.78 |
|
1.87 |
|
1.95 |
|
1.96 |
|
2.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
4.06 |
% |
4.05 |
% |
4.14 |
% |
4.19 |
% |
4.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
-more-
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (1)
(Dollars in thousands)
(Unaudited)
|
|
At Mar. 31, |
|
At Dec. 31, |
| ||
|
|
2011 |
|
2010 |
| ||
Computation of total equity to total assets: |
|
|
|
|
| ||
Total equity |
|
$ |
1,724,484 |
|
$ |
1,480,163 |
|
Total assets |
|
$ |
18,712,149 |
|
$ |
18,465,025 |
|
Total equity to total assets |
|
9.22 |
% |
8.02 |
% | ||
|
|
|
|
|
| ||
Computation of tangible realized common equity to tangible assets: |
|
|
|
|
| ||
Total equity |
|
$ |
1,724,484 |
|
$ |
1,480,163 |
|
Less: Non-controlling interest in subsidiaries |
|
16,540 |
|
8,500 |
| ||
Total TCF Financial Corp. stockholders equity |
|
1,707,944 |
|
1,471,663 |
| ||
Less: |
|
|
|
|
| ||
Goodwill |
|
152,599 |
|
152,599 |
| ||
Other intangibles |
|
1,189 |
|
1,232 |
| ||
Add: |
|
|
|
|
| ||
Accumulated other comprehensive loss |
|
44,172 |
|
31,514 |
| ||
Tangible realized common equity |
|
$ |
1,598,328 |
|
$ |
1,349,346 |
|
|
|
|
|
|
| ||
Total assets |
|
$ |
18,712,149 |
|
$ |
18,465,025 |
|
Less: |
|
|
|
|
| ||
Goodwill |
|
152,599 |
|
152,599 |
| ||
Other intangibles |
|
1,189 |
|
1,232 |
| ||
Tangible assets |
|
$ |
18,558,361 |
|
$ |
18,311,194 |
|
|
|
|
|
|
| ||
Tangible realized common equity to tangible assets |
|
8.61 |
% |
7.37 |
% | ||
|
|
|
|
|
| ||
|
|
|
|
|
| ||
|
|
At Mar. 31, |
|
At Dec. 31, |
| ||
|
|
2011 |
|
2010 |
| ||
Computation of tier 1 risk-based capital ratio: |
|
|
|
|
| ||
Total tier 1 capital |
|
$ |
1,732,554 |
|
$ |
1,475,525 |
|
Total risk-weighted assets |
|
$ |
13,961,754 |
|
$ |
13,929,097 |
|
Total tier 1 risk-based capital ratio |
|
12.41 |
% |
10.59 |
% | ||
|
|
|
|
|
| ||
Computation of tier 1 common capital ratio: |
|
|
|
|
| ||
Total tier 1 capital |
|
$ |
1,732,554 |
|
$ |
1,475,525 |
|
Less: |
|
|
|
|
| ||
Qualifying trust preferred securities |
|
115,000 |
|
115,000 |
| ||
Qualifying non-controlling interest in subsidiaries |
|
16,540 |
|
8,500 |
| ||
Total tier 1 common capital |
|
$ |
1,601,014 |
|
$ |
1,352,025 |
|
|
|
|
|
|
| ||
Total tier 1 common capital ratio |
|
11.47 |
% |
9.71 |
% |
(1) In contrast to GAAP-basis and regulatory capital-basis measures, tangible realized common equity excludes the effect of goodwill, other intangibles and accumulated other comprehensive income (loss) and the total tier 1 common capital ratio excludes the effect of qualifying trust preferred securities and qualifying non-controlling interest in subsidiaries. Management reviews these ratios as ongoing measures and has included this information because of current interest in the industry. The methodology for calculating these ratios may vary between companies.
###