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

TCF Financial Corporation (NYSE: TCB):


  • Net interest margin of 4.85 percent, up 89 bps from third quarter 2011
  • Pre-tax pre-provision profit of $115.8 million, up 10.3 percent from third quarter 2011
  • Over 60-day accruing delinquent loans improved by $10.4 million from the second quarter of 2012
  • Provision for credit losses of $96.3 million includes $31.5 million related to regulatory guidance
  • Total loans and leases of $15.2 billion, increase of 6.1 percent from September 30, 2011
  • Announced common and preferred stock dividend payments, payable November 30, 2012 and December 3, 2012, respectively
Summary of Financial Results                                                  



Table 1

($ in thousands, except per-share data)         Percent Change      
3Q 2Q


3Q12 vs

  3Q12 vs














2012 (3)





Net income (loss) $ 9,322 $ 31,531 $ 32,255 (70.4 ) % (71.1 ) % $ (242,041 ) $ 92,951 N.M. %
Net interest income 200,559 198,224 176,064 1.2 13.9 578,956 526,254 10.0
Pre-tax pre-provision profit (1) 115,809 108,117 104,972 7.1 10.3 371,471 295,480 25.72
Diluted earnings (loss) per common share .06 .20 .20 (70.0 ) (70.0 ) (1.52 ) .60 N.M.

Financial Ratios (2)

Return on average assets .30 % .76 % .71 % (1.73 ) % .69 %
Return on average common equity 2.36 8.13 7.12 (19.50 ) 7.33
Net interest margin 4.85 4.86 3.96 4.61 4.01

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

2.74 1.18 1.48 1.67 1.39
N.M. = Not meaningful.

(1) Pre-tax pre-provision profit ("PTPP") is calculated as total revenues less non-interest expense. 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 third quarter of 2012 of $9.3 million, compared with net income of $32.3 million in the third quarter of 2011 and net income of $31.5 million for the second quarter of 2012. Net income for the third quarter of 2012 included a net after-tax charge of $20.6 million, or 13 cents per common share, related to the implementation of clarifying regulatory guidance requiring loans subject to a borrower’s discharge from personal liability following Chapter 7 bankruptcy, to be reported as non-accrual loans, and written down to the estimated collateral value, regardless of delinquency status. Of these loans, 93 percent were less than 60 days past due on their payments as of September 30, 2012. Diluted earnings per common share was 6 cents for the third quarter of 2012, compared with diluted earnings per common share of 20 cents in both the third quarter of 2011 and the second quarter of 2012.

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