TCF Financial reported Q2/16 net income of $57.7 million was up 10.4% compared with net income of $52.3 million for Q2/15. Deluded earnings per common share was $0.31 compared with $0.29 for the second quarter of 2015. Analysts polled by Thomson Reuters expected Q2/16 EPS of $0.29.
The following highlights were excerpted from the news release:
“TCF had a strong second quarter as year-over-year revenue growth continued to outpace expense growth,” said Craig R. Dahl, president and CEO. “Operating leverage, one of TCF’s four strategic pillars, remained in focus during the quarter as we generated strong non-interest income from our national lending businesses while continuing to manage our overall expense base. Despite the ongoing headwinds from the rate environment, we managed to sustain our loan yields and manage our deposit costs during the quarter. Our diversification strategy continues to drive good outcomes with strong loan and lease originations taking place while maintaining stable credit quality across all business units.
“Our business results indicate true progress against our four strategic pillars: diversification, profitable growth, operating leverage and core funding. As we move to the second half of 2016 and beyond, the team at TCF is focused on improving the experience of our customer and accelerating value creation for our shareholders.”
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!