TCF Reports Q4/2018 Net Income of $85.7MM, Annual Income of $304.4MM



TCF Financial reported net income of $85.7 million for the fourth quarter of 2018, compared with $101.4 million for the fourth quarter of 2017 and $86.2 million for the third quarter of 2018.

Diluted earnings per common share was 51 cents for the fourth quarter of 2018, compared with 57 cents for the fourth quarter of 2017 and 51 cents for the third quarter of 2018.

“Our strong results in the fourth quarter capped off a successful year in which we remixed the balance sheet while we reduced our risk profile, improved efficiencies and enhanced return on capital, all of which drove record net income for the company in 2018,” said Craig R. Dahl, TCF chairman and CEO. “By continuing to build customer relationships, we drove growth in our core, retail deposit base and in our loan and lease portfolio excluding auto finance. Our improved capital efficiency, coupled with strong financial performance, allowed us to return over 100 percent of earnings to shareholders in the form of dividends and share repurchases throughout the year. Based on the execution of our business strategies and the investments we are making across the organization, I believe we are well-positioned to continue providing an exceptional customer experience while enhancing shareholder value.”

Net interest income was $248.9 million for the fourth quarter of 2018, an increase of $7.0 million, or 2.9%, from the fourth quarter of 2017 and a decrease of $0.2 million, or 0.1%, from the third quarter of 2018. Net interest margin was 4.60% for the fourth quarter of 2018, up 3 basis points from the fourth quarter of 2017 and down 6 basis points from the third quarter of 2018.

Non-interest income was $128.1 million for the fourth quarter of 2018, an increase of $7.2 million, or 6.0%, from the fourth quarter of 2017 and an increase of $11.7 million, or 10.0%, from the third quarter of 2018. The increases from both periods were primarily due to increased leasing and equipment finance non-interest income and increased fees and service charges. The increase from the fourth quarter of 2017 was partially offset by decreased gains on sales of loans and decreased servicing fee income.

Average loans and leases were $18.6 billion for the fourth quarter of 2018, a decrease of $636.8 million, or 3.3%, from the fourth quarter of 2017 and an increase of $139.1 million, or 0.8%, from the third quarter of 2018. Average loans and leases excluding auto finance were $16.4 billion for the fourth quarter of 2018, an increase of $509.1 million, or 3.2%, from the fourth quarter of 2017 and an increase of $453.0 million, or 2.8%, from the third quarter of 2018.


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