TCF Financial reported that average leasing and equipment finance balances in the third quarter 2011 increased $63.5 million, or 2.1%, from the third quarter last year. TCF said the increase was primarily due to growth in the middle market segment, partially offset by runoff of portfolios acquired during 2008, 2009 and 2010.

The company said leasing and equipment finance originations of $1 billion during the first nine months of 2011 represented an increase of $119.6 million, or 13.5%, compared to the first nine months of 2010.

Leasing and equipment finance average balances for the first nine months of 2011 were $3.085 billion with interest income of $139.8 million (annualized yield @ 6.04%) compared to $3.022 billion with interest income of $147.4 million (annualized yield @ 6.50%).

Leasing and equipment finance net charge-offs for the quarter ended September 30, 2001 were $2.78 million, or 0.36% of the average loans and leases, down from $8.7 million, or 1.16% in the same quarter last year. Year-to-date was 0.39%, on the same basis, compared to 1.01% for the same period in 2010.

TCF said its overall provision for credit losses was $52.3 million, down from $59.3 million in the third quarter 2010. The company noted that the decrease was primarily due to decreased net charge-offs in the commercial and leasing and equipment finance portfolios as customer performance improved.

To read the full TCF Financial news release PDF click here.