TCF Financial reported Q3/15 net income of $52.6 million compared to $52.3 million in the same year-ago quarter. Total revenue of $317.5 million was down from $320.3 million in Q3/14. While net interest income of $205.3 million was up marginally from $204.2 million a year earlier, non-interest income of $56.5 million was down from $59.1 million in Q3/14 primarily as a result of a year/year drop in fees and service charges of $3.3 million.

The following highlights were excerpted from the TCF news release:

• Q3/15 leasing and equipment finance revenue of $27.2 million was up 11.4% from $24.4 million a year earlier.
• Q3/15 period end leasing and equipment finance of $3.87 billion was up 6.6% from $3.63 billion at period end Q3/14.
• Loan and lease originations of $3.9 billion were up 11.9% from Q3/14
• Provision for credit losses of $10.0 million was down 36.3% from $15.7 million in Q3/14
• Net interest margin in Q3/15 was 4.40%, down from 4.60% a year earlier.

“During the third quarter, TCF continued to demonstrate its ability to originate high quality loans and leases and generate strong and diversified revenue, despite a persistently low interest rate environment,” said William A. Cooper, chairman and chief executive officer. “In addition, TCF strengthened its commitment to drive shareholder value by recently announcing its first common stock dividend increase since 2008.

“As I turn the role of chief executive officer over to Craig Dahl in January 2016, I am confident in the strategies we have developed and the team we have in place. Our success will be driven by a focus on diversification, emphasizing profitable growth, improving operating leverage and maintaining our core funding sources, all within a strong enterprise risk management and credit culture.”