TCF Financial reported Q1/16 net income of $48.0 million, up 20.7% from net income of $39.8 million a year earlier. TCF said revenue of $324.3 million was up 6.6% from the first quarter of 2015.

The following highlights were excerpted from the news release:

• Net interest income of $211.7 million was up 4.0% from $203.4 million a year earlier
• The net interest margin of 4.37% in Q1/16 compared to 4.50% in the same quarter in 2015.
• Leasing and equipment finance revenue in Q1/16 of $28.5 million was up 28.2% from $22.2 million a year earlier.
• The Q1/16 period-end leasing and equipment finance balance of $4.01 billion was up 7.4% from $3.73 billion for the same quarter in 2015.  
• Lease and loan originations of $4.0 billion in Q1/16 were up 13.1% compared to Q1/15.
• The Q1/16 period-end inventory finance balance of $2.68 billion was up 14.6% from $2.34 billion in the same 2015 quarter.

“TCF reported strong first quarter results as we continued to emphasize our four strategic pillars of diversification, profitable growth, operating leverage and core funding, in all areas of the organization,” said Craig R. Dahl, president and CEO. “Our consistent and sustainable loan and lease origination capabilities, funded by a growing deposit base, continued to drive revenue growth and diversification. Meanwhile, credit quality showed additional improvement as net charge-offs, delinquencies as a percentage of portfolio and non-performing assets all decreased during the quarter. Finally, we took another step toward improving our operating efficiencies by announcing, as part of extending our retail banking relationship with Jewel-Osco, plans to close 33 in-store branches in Chicago, replacing them with full function, image-enabled ATMs. Based on these results, I am more encouraged than ever by the strategies and teams we have in place. We will continue to execute on our strategic pillars with the ultimate goal of accelerating value creation for our shareholders.”