TCF Reports Q1 Drop in Earnings



TCF Financial reported net income for Q1/15 was $39.8 million, down 11% from $44.8 million in Q1/14. TCF said revenue of $304.1 million was flat to the first quarter of 2014.

Highlights from the news release included:

  • Loan and lease originations of $3.6 billion, up 14.9% percent from the first quarter of 2014
  • Q1/15 period-end leasing and equipment finance loans and leases of $3,729 million were up 7.9% from $3,457 million a year earlier
  • Return on average assets of 0.85%, down 15 basis points from the first quarter of 2014
  • Net interest margin, annualized was 4.50%, down from 4.66% a year earlier

“Following the sale of consumer troubled debt restructuring loans in the fourth quarter of 2014, TCF experienced continued credit quality improvement in the first quarter of 2015 as net charge-offs and consumer real estate non-accruals declined,” said William A. Cooper, chairman and chief executive officer. “Loan and lease balances grew meaningfully as strong originations continued. As discussed in the fourth quarter, we began investing the proceeds from the sale of consumer troubled debt restructuring loans in our core businesses by holding more loans on the balance sheet during the quarter.

“Last month, TCF announced the promotion of Craig Dahl to president with expanded responsibilities. This further demonstrates our commitment to growing and developing strong executives who provide the continuity and background necessary to lead TCF into the future. I am very excited about this change as Craig has the experience and leadership skills necessary to excel in this new role and to help drive the next phase of TCF’s strategic plan.”

To view the full TCF Financial news release, click here.


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