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

TCF Financial Corporation (NYSE: TCB):

SECOND QUARTER HIGHLIGHTS

- Total revenue of $301.8 million, up 3.4 percent from the first quarter of 2013

- Pre-tax pre-provision profit of $93.3 million, up 6.3 percent from the first quarter of 2013

- Net interest margin maintained at 4.72 percent annualized

- Provision for credit losses of $32.6 million, down 15.1 percent from the first quarter of 2013

- Non-accrual loans and leases and other real estate owned decreased $70.4 million, or 17 percent, from the first quarter of 2013

- Announced common and preferred stock dividend payments payable August 30, 2013 and September 3, 2013, respectively
                                                       
Summary of Financial Results                                               Table 1
(Dollars in thousands, except per-share data)         Percent Change      
2Q 1Q 2Q

 

2Q13 vs
  2Q13 vs YTD YTD

 

Percent
2013     2013       2012    

1Q13
    2Q12     2013      

2012 (1)

 
 

Change
Net income (loss) $ 34,057 $ 25,450 $ 31,531 33.8 % 8.0 % $ 59,507 $ (251,363 ) N.M. %
Net interest income 202,044 199,091 198,224 1.5 1.9 401,135 378,397 6.0
Pre-tax pre-provision profit (2) 93,311 87,742 108,118 6.3 (13.7 ) 181,053 178,696 1.3
Diluted earnings (loss) per common share .21 .16 .20 31.3 5.0 .37 (1.58 ) N.M.
 

Financial Ratios (3)
Return on average assets .90 % .70 % .76 % .80 % (2.71 ) %
Return on average common equity 8.39 6.36 8.13 7.39 (29.84 )
Net interest margin 4.72 4.72 4.86 4.72 4.49

Net charge-offs as a percentage of average loans and leases
.70 1.06 1.18 .88 1.12
 
(1) Includes a net, after-tax charge of $295.8 million, or $1.87 per common share, related to the balance sheet repositioning.
(2) 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.
(3) Annualized.
N.M. Not Meaningful.

TCF Financial Corporation (“TCF” or the “Company”) (NYSE: TCB) today reported net income for the second quarter of 2013 of $34.1 million, compared with net income of $31.5 million for the second quarter of 2012 (inclusive of a net after-tax gain of $8.2 million from the sale of Visa® Class B stock), and compared with net income of $25.5 million for the first quarter of 2013. Diluted earnings per common share was 21 cents for the second quarter of 2013, compared with diluted earnings per common share of 20 cents for the second quarter of 2012 (inclusive of a net after-tax gain of 5 cents per common share related to the sale of Visa Class B stock) and diluted earnings per common share of 16 cents for the first quarter of 2013.

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