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Press Release

TCF Reports 61st Consecutive Quarter of Net Income – Earns $.32 Per Share

Company Release - 7/15/2010 8:00 AM ET

SECOND QUARTER HIGHLIGHTS

  • Diluted earnings per common share of 32 cents
  • Net income of $45 million, up 91.2 percent
  • Total revenue increased by $15.6 million, or 5.2 percent
  • Core operating expenses decreased $6.9 million, or 4 percent
  • Net interest margin of 4.18 percent, up from 3.80 percent
  • Average deposits increased by $56.7 million, or .5 percent

WAYZATA, Minn.--(BUSINESS WIRE)-- TCF Financial Corporation (NYSE:TCB):

Earnings Summary   Table 1
($ in thousands, except per-share data)     Percent Change  
 

2Q
2010

 

1Q
2010

 

2Q
2009

 

2Q10
vs
1Q10

 

2Q10
vs
2Q09

 

YTD
2010

 

YTD
2009

 

Percent
Change

Net income $ 45,025 $ 33,921   $ 23,543 32.7 %   91.2 % $ 78,946   $ 50,190   57.3 %
Diluted earnings per common share (1) .32 .26 .08 23.1 N.M. .58 .25 132.0
 

Financial Ratios (2)

Return on average assets 1.02 % .76 % .53 % .89 % .58 %
Return on average common equity (1) 12.71 10.68 3.61 11.75 5.59
Net interest margin 4.18 4.20 3.80 4.19 3.73

Net charge-offs as a percentage of average loans and leases

1.30 1.22 1.43 1.26 1.24
 
(1) Includes a non-cash deemed preferred stock dividend of $12,025 recorded in the second quarter and year-to-date 2009. Excluding this amount, diluted earnings per common share was $.18 and $.35 and the return on average common equity was 7.82% and 7.70% for the second quarter and year-to-date 2009, respectively.
(2) Annualized.

TCF Financial Corporation (“TCF”) (NYSE:TCB) today reported diluted earnings per common share of 32 cents for the second quarter of 2010, compared with 8 cents in the second quarter of 2009 and 26 cents in the first quarter of 2010. Diluted earnings per common share in the second quarter of 2009 was 18 cents excluding the non-cash deemed preferred stock dividend recorded in that period. Net income for the second quarter of 2010 was $45 million, compared with $23.5 million in the second quarter of 2009 and $33.9 million in the first quarter of 2010.

Diluted earnings per common share for the first six months of 2010 was 58 cents, compared with 25 cents for the same 2009 period. Diluted earnings per common share for the first six months of 2009 was 35 cents excluding the non-cash deemed preferred stock dividend. Net income for the first six months of 2010 was $78.9 million, compared with $50.2 million for the same 2009 period.

Chairman’s Statement

“We are pleased to report TCF’s 61st consecutive profitable quarter. Our improving financial results are fueled by both increased revenues and decreased expenses, including a decrease in credit costs,” said William A. Cooper, TCF Chairman and CEO. “While the economy remains battered by slow growth and high unemployment, TCF’s credit quality remains both stable and better than most of our competitors. TCF is closely watching potential and actual regulatory changes coming out of Washington. We are taking a proactive approach in adjusting our products and programs to comply with these changes. TCF has remained profitable during this turbulent period by sticking to our conservative banking philosophy and I believe we are well positioned for success.”

Total Revenue   Table 2
  Percent Change      
($ in thousands)  

2Q
2010

 

1Q
2010

 

2Q
2009

 

2Q10
vs
1Q10

 

2Q10
vs
2Q09

 

YTD
2010

 

YTD
2009

 

Percent
Change

Net interest income $ 176,499     $ 174,662     $ 156,463   1.1 %   12.8 % $ 351,161     $ 301,876   16.3 %
Fees and other revenue:    
Fees and service charges 77,845 66,172 77,536 17.6 .4 144,017 134,600 7.0
Card revenue 28,591 27,072 26,604 5.6 7.5 55,663 51,564 7.9
ATM revenue   7,844       7,022       7,973   11.7 (1.6 )   14,866       15,571   (4.5 )
Total banking fees 114,280 100,266 112,113 14.0 1.9 214,546 201,735 6.4

Leasing and equipment finance

20,528 20,352 16,881 .9 21.6 40,880 29,532 38.4
Other   1,235       2,455       820   (49.7 ) 50.6   3,690       1,278   188.7
Total fees and other revenue 136,043 123,073 129,814 10.5 4.8 259,116 232,545 11.4
Gains (losses) on securities, net   (137 )     (430 )     10,556   68.1 N.M.   (567 )     22,104   N.M.
Total non-interest income   135,906       122,643       140,370   10.8 (3.2 )   258,549       254,649   1.5
Total revenue $ 312,405     $ 297,305     $ 296,833   5.1 5.2 $ 609,710     $ 556,525