TCF Financial reported net income for the third quarter of 2012 of $9.3 million, compared with net income of $32.3 million in the third
quarter 2011. TCF said its provision for credit losses of $96.3 million, which included $31.5 million related to bankruptcy-related regulatory guidance, was up $44 million from the same quarter in 2011.

TCF said net charge offs of $104.5 million were up $51.1 million from the same quarter in 2011 and included the charge off of “one large lease exposure.”

For the first nine months, TCF reported a net loss of $242 million compared with net income of $93 million for the same period in 2011.
The net loss for the first nine months of 2012 included a net, after-tax charge of $295.8 million related to a balance sheet repositioning involving certain investments and borrowings as well as the charge related to the aforementioned implementation of clarifying bankruptcy-related regulatory guidance.

Commenting on third quarter results, William A. Cooper, chairman and chief executive said, “TCF’s results were impacted by incremental charge-offs reported in accordance with regulatory guidance and by increased provision in the commercial portfolio as we aggressively addressed credit issues in the area.”