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

TCF Financial Corporation (NYSE:TCB):

THIRD QUARTER HIGHLIGHTS

  • Earnings per share of 23 cents, up 17 cents from the third quarter of 2012
  • Core revenue (1) of $305.9 million, up 2.1 percent from the third quarter of 2012
  • Provision for credit losses of $24.6 million, down 74.4 percent from the third quarter of 2012
  • Non-accrual loans and leases of $282.9 million, down 32.9 percent from the third quarter of 2012
  • Loan and lease originations increased $595.5 million, or 23.9 percent, from the third quarter of 2012
  • Average deposits increased $758.2 million, or 5.6 percent, from the third quarter of 2012
  • Announced common and preferred stock dividend payments payable November 29, 2013 and December 2, 2013, respectively
                                   
Summary of Financial Results                           Table 1
(Dollars in thousands, except per-share data)           Percent Change      
3Q 2Q 3Q

 

3Q13 vs

  3Q13 vs YTD YTD Percent
2013     2013     2012     2Q13     3Q12     2013    

2012 (2)

Change
Net income (loss) $ 37,948 $ 34,057 $ 9,322 11.4 % N.M. % $ 97,455 $ (242,041 ) N.M. %
Net interest income 199,627 202,044 200,559 (1.2 ) (0.5 ) 600,762 578,956 3.8
Diluted earnings (loss) per common share .23 .21 .06 9.5 N.M. .60 (1.52 ) N.M.
 

Financial Ratios (3)

Pre-tax pre-provision profit return on average assets (4)

2.04 % 2.04 % 2.61 % 2.00 % (1.32 ) %
Return on average assets .97

 

.90

 

.30

 

.86

 

(1.73 )

 

Return on average common equity 9.28 8.39 2.36 8.03 (19.50 )
Net interest margin 4.62 4.72 4.85 4.69 4.61

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

.71 .70 2.74 .82 1.67
 
N.M. Not Meaningful                                                  
 
(1)  

Core revenue is calculated as total revenue less gains (losses) on sales of securities of $(80) thousand and $13 million at September 30, 2013 and September 30, 2012, respectively.

(2) Includes a net, after-tax charge of $295.8 million, or $1.87 per common share, related to the balance sheet repositioning.
(3) Annualized.
(4)

Pre-tax pre-provision profit (''PTPP'') is calculated as total revenues less non-interest expense. Year-to-date 2012 PTPP excludes the non-recurring net loss of $473.8 million related to the balance sheet repositioning completed in the first quarter of 2012.

 

TCF Financial Corporation (“TCF” or the “Company”) (NYSE:TCB) today reported net income for the third quarter of 2013 of $37.9 million, compared with $9.3 million for the third quarter of 2012, and $34.1 million for the second quarter of 2013. Diluted earnings per common share was 23 cents for the third quarter of 2013, compared with 6 cents for the third quarter of 2012, and 21 cents for the second quarter of 2013.

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