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Press Release

TCF Reports Quarterly Net Income of $35.1 Million, or 22 Cents Per Share and Annual Net Income of $132.6 Million, or 82 Cents Per Share

Company Release - 1/29/2014 8:00 AM ET

WAYZATA, Minn.--(BUSINESS WIRE)--

TCF Financial Corporation (NYSE:TCB):

2013 HIGHLIGHTS

  • Net interest margin of 4.68 percent, up 3 basis points from 2012
  • Core revenue(1) of $1.2 billion, up 3.2 percent from 2012
  • Provision for credit losses of $118.4 million, down 52.2 percent from 2012
  • Non-accrual loans and leases of $277 million, down 27 percent from 2012
  • Loan and lease originations increased $1.3 billion, or 12.4 percent, from 2012
  • Average deposits increased $1 billion, or 8 percent, from 2012

FOURTH QUARTER HIGHLIGHTS

  • Earnings per share of 22 cents, up 7 cents from the fourth quarter of 2012
  • Core revenue(1) of $306.2 million, up 1.5 percent from the fourth quarter of 2012
  • Provision for credit losses of $22.8 million, down 53 percent from the fourth quarter of 2012
  • Loan and lease originations increased $213.4 million, or 7.4 percent, from the fourth quarter of 2012
  • Average deposits increased $603.5 million, or 4.4 percent, from the fourth quarter of 2012
  • Announced that the OCC has lifted the regulatory order related to TCF’s BSA compliance program
  • Branch realignment after-tax charge of $5.6 million, or 3 cents per share, related to 46 branches to be consolidated in the first quarter of 2014
                                             
Summary of Financial Results                                           Table 1
(Dollars in thousands, except per-share data)     Percent Change
    4Q     3Q     4Q

 

4Q13 vs

  4Q13 vs     YTD     YTD Percent
2013       2013         2012      

3Q13

      4Q12       2013        

2012 (2)

Change
Net income (loss) $ 35,148 $ 37,948 $ 23,551   (7.4 ) %   49.2 % $ 132,603 $ (218,490 )     N.M. %
Net interest income 201,862 199,627 201,063 1.1 .4 802,624 780,019 2.9

Diluted earnings (loss) per common share

.22 .23 .15 (4.3 ) 46.7 .82 (1.37 ) N.M.
 

Financial Ratios (3)

Pre-tax pre-provision return on average assets (4)

1.90 % 2.04 % 1.94 %