TCF Financial reported Q3/14 net income of $52.3 million, up 22.2% compared with net income of $42.8 million for Q3/13. The company said net income of $150.2 million for the first nine months of 2014 was up 34.5% compared with net income of $111.7 million for the same period in 2013.
Highlights from the TCF Financial news release:
“TCF reported another steady quarter of profitability, with earnings of 29 cents per share and a strong return on average assets of 1.15% and return on average tangible common equity of 12.11%, while maintaining an industry-leading net interest margin of 4.60%,” said William A. Cooper, chairman and chief executive officer.
“TCF’s growth is driven by a unique loan and lease origination capability funded by an increasing, low-cost deposit base. Strong loan and lease originations during the quarter continued to provide a growing source of non-interest income through loan sales and servicing revenue, as well as TCF’s first auto loan securitization completed in July. I believe TCF’s ability to generate national loan and lease growth while developing a diversified revenue base positions us to deliver long-term shareholder value.”
To view the full TCF Financial news release, click here.
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