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Table 4 - Credit Trends (Graphic: TCF Financial Corporation)

TCF Financial Corporation (“TCF”) (NYSE:TCB):

SECOND QUARTER HIGHLIGHTS
  • Net interest margin of 4.86 percent, up 84 bps from June 30, 2011
  • Pre-tax pre-provision profit of $108.1 million, up 13.6% from June 30, 2011
  • Total delinquent loans declined $23.7 million from March 31, 2012
  • Total loans and leases of $15.2 billion, increase of 4.1 percent from $14.6 billion at June 30, 2011
  • Completed $172.5 million preferred stock offering
  • Issued $110 million of subordinated notes
  • Acquired $778 million of deposits from Prudential Bank & Trust, FSB
  • Announced common and preferred stock dividend payments, payable August 31, 2012 and September 4, 2012, respectively
                                                                 
Summary of Financial Results     Table 1  
($ in thousands, except per-share data)         Percent Change      

 

2Q

 

1Q
2Q

 

2Q12 vs
   

2Q12 vs

 

YTD
YTD

Percent

 

2012
   

 

2012 (3)

 
      2011     1Q12       2Q11    

 

2012
        2011    

Change
 
Net income (loss) $ 31,531 $ (282,894 ) $ 30,424 N.M. % 3.6 % $ (251,363 ) $ 60,696 N.M. %
Pre-tax pre-provision profit (1) 108,118

70,578

 
95,201

53.2

13.6

178,696

 
190,508

(6.2

)
Diluted earnings (loss) per common share .20 (1.78 ) .19 N.M. 5.3 (1.58 ) .40 N.M.
 

Financial Ratios (2)
Return on average assets .76 % (5.96 ) % .68 % (2.71 ) % .68 %
Return on average common equity 8.13 (63.38 ) 7.00 (29.84 ) 7.46
Net interest margin 4.86 4.14 4.02 4.49 4.04

Net charge-offs as a percentage of average loans and leases
1.18 1.06 1.19 1.12 1.35
 
N.M. = Not meaningful.

(1) Pre-tax pre-provision profit ("PTPP") is calculated as total revenues less non-interest expense. First quarter and year-to-date 2012 PTPP excludes the net loss of $473.8 million related to the balance sheet repositioning completed in the first quarter of 2012.
(2) Annualized.

(3) Includes a net, after-tax charge of $295.8 million, or $1.87 per share, related to repositioning certain investments and borrowings.
 
 

TCF Financial Corporation (“TCF”) (NYSE:TCB) today reported net income for the second quarter of 2012 of $31.5 million, compared with net income of $30.4 million in the second quarter of 2011 and a net loss of $282.9 million for the first quarter of 2012. The net loss for the first quarter of 2012 included a net, after-tax charge of $295.8 million, or $1.87 per share, related to a balance sheet repositioning involving certain investments and borrowings. Diluted earnings per common share was 20 cents for the second quarter of 2012, compared with diluted earnings per common share of 19 cents in the second quarter of 2011 and diluted loss per common share of $1.78 in the first quarter of 2012.

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