TCF Reports Q3 Earnings up 42.5% on Higher Revenue, Lower Losses
OCT 23, 2018 - 6:45 am
TCF’s reported Q3/18 net income was $86.2 million, up 42.5% from $60.5 million for the same quarter in 2017. TCF’s noted revenue of $365.6 million was up 6.5% from Q3/17 and the Q3/18 provision for credit losses of $2.3 million was down 84.4% from $12.3 million a year earlier.
The following highlights on Leasing and Equipment Finance and Inventory Finance were excerpted from the TCF release:
The Leasing and Equipment Finance period ending balance of $4,601.9 million was down 2.7% from $4,730.9 million a year earlier.
The Inventory Finance period ending balance of $2,889.4 million was up 11.8% from $2,576.1 million a year earlier.
“Our strong third quarter financial results were highlighted by positive year-over-year operating leverage and improving returns on capital,” said Craig R. Dahl, chairman and CEO. “We produced strong revenue growth with disciplined expense management while continuing to lower the risk profile of the Company. Credit trends remained stable, the auto finance portfolio run-off performed as expected and our mix of interest-earning assets improved as we continued to shift toward increasingly more capital efficient assets. Our commitment to increasing return on capital has shown through in our results and we remain focused on delivering value for shareholders.”
Eric Freeman began his equipment finance career in 2003 at a small independent in Southern California. Given a cubicle and a list of old leads to cold call, his manager instructed him to find some business. “I picked [up] the... read more
David Lee began his career as an investment banker and evolved into the private equity space, culminating in the management of a large alternative investment hedge fund. In 2012, his investor group acquired Equilease and rebranded it North Mill Equipment... read more