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

TCF Financial Corporation (NYSE:TCB):

2013 HIGHLIGHTS
  • Net interest margin of 4.68 percent, up 3 basis points from 2012
  • Core revenue (1) of $1.2 billion, up 3.2 percent from 2012
  • Provision for credit losses of $118.4 million, down 52.2 percent from 2012
  • Non-accrual loans and leases of $277 million, down 27 percent from 2012
  • Loan and lease originations increased $1.3 billion, or 12.4 percent, from 2012
  • Average deposits increased $1 billion, or 8 percent, from 2012

FOURTH QUARTER HIGHLIGHTS
  • Earnings per share of 22 cents, up 7 cents from the fourth quarter of 2012
  • Core revenue (1) of $306.2 million, up 1.5 percent from the fourth quarter of 2012
  • Provision for credit losses of $22.8 million, down 53 percent from the fourth quarter of 2012
  • Loan and lease originations increased $213.4 million, or 7.4 percent, from the fourth quarter of 2012
  • Average deposits increased $603.5 million, or 4.4 percent, from the fourth quarter of 2012
  • Announced that the OCC has lifted the regulatory order related to TCF’s BSA compliance program
  • Branch realignment after-tax charge of $5.6 million, or 3 cents per share, related to 46 branches to be consolidated in the first quarter of 2014
                                             
Summary of Financial Results                                           Table 1
(Dollars in thousands, except per-share data)     Percent Change
    4Q     3Q     4Q

 

4Q13 vs
  4Q13 vs     YTD     YTD Percent
2013       2013         2012      

3Q13
      4Q12       2013        

2012 (2)
Change
Net income (loss) $ 35,148 $ 37,948 $ 23,551   (7.4 ) %   49.2 % $ 132,603 $ (218,490 )     N.M. %
Net interest income 201,862 199,627 201,063 1.1 .4 802,624 780,019 2.9

Diluted earnings (loss) per common share
.22 .23 .15 (4.3 ) 46.7 .82 (1.37 ) N.M.
 

Financial Ratios (3)

Pre-tax pre-provision return on average assets (4)
1.90 % 2.04 % 1.94 % 1.98 % (.51 ) %
Return on average assets .90 .97 .63 .87 (1.14 )
Return on average common equity 8.39 9.28 5.93 8.12 (13.33 )
Net interest margin 4.67 4.62 4.79 4.68 4.65

Net charge-offs as a percentage of average loans and leases
.76 .71 1.18 .81 1.54
 
N.M. Not Meaningful                                                                      
(1)   Core revenue is calculated as total revenue less gains (losses) on sales of securities of $1 million and $(528) thousand for the three months ended December 31, 2013 and 2012, respectively, and $964 thousand and $102.2 million for the year ended December 31, 2013 and 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.
 

TCF Financial Corporation (“TCF” or the “Company”) (NYSE: TCB) today reported net income of $35.1 million for the fourth quarter of 2013, compared with net income of $23.6 million for the fourth quarter of 2012, and net income of $37.9 million for the third quarter of 2013. Diluted earnings per common share was 22 cents for the fourth quarter of 2013 (inclusive of a net after-tax charge of $5.6 million, or 3 cents per common share, related to the realignment of 46 branches), compared with 15 cents for the fourth quarter of 2012, and 23 cents for the third quarter of 2013.

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