TCF Financial reported net income of $58.7 million for Q2/18 compared with $60.4 million for Q2/17 and $73.8 million for Q1/18. TCF noted a settlement with the Bureau of Consumer Financial Protection and of the Office of the Currency resulted in a per-tax charge, including related expenses, of $32.0 million.
The following highlights on leasing and equipment finance were excerpted from the TCF Financial earnings report:
“Our performance in the second quarter was highlighted by strong revenue growth driven by net interest margin expansion, as well as enhanced capital efficiency and the continued reduction of the risk profile of the Company,” Craig R. Dahl, TCF chairman and CEO, said. “With strong revenue growth and well-controlled core expense growth, we delivered improved core operating leverage while making investments in people and technology that support our strategic initiatives.
“We benefited from our asset sensitivity again this quarter as higher earning asset yields exceeded increases to our cost of deposits – demonstrating the true value of our core retail deposit franchise as interest rates continue to rise. We continued to run-off our auto finance portfolio as planned, while overall credit metrics improved with lower non-performing asset levels. We also remain focused on driving improved returns on capital and maintaining a disciplined capital management strategy, including our announcement of an additional $150 million share repurchase program. Finally, the resolution of our outstanding litigation with the BCFP removes legacy risk and uncertainty and allows us to remain fully focused on executing our strategy and pursuing business growth opportunities.”
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