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TCF Financial Corp. (TCB) filed Quarterly Report for the period ended 2011-09-30.
Tcf Financial Corp. has a market cap of $1.75 billion; its shares were traded at around $10.95 with a P/E ratio of 13.5 and P/S ratio of 1.2. The dividend yield of Tcf Financial Corp. stocks is 1.9%. Tcf Financial Corp. had an annual average earning growth of 0.1% over the past 10 years.
This is the annual revenues and earnings per share of TCB over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of TCB.
Highlight of Business Operations:
Within TCF’s $365.8 million acquired loan and lease portfolios at September 30, 2011, there are certain loans which had experienced deterioration in credit quality at the time of acquisition. These loans had outstanding principal balances of $8.5 million and $13.7 million at September 30, 2011 and December 31, 2010, respectively. The non-accretable discount on loans acquired with deteriorated credit quality was $749 thousand and $769 thousand at September 30, 2011 and December 31, 2010, respectively. The remaining accretion to be recognized in income for these loans was $115 thousand at September 30, 2011 and $207 thousand at December 31, 2010. Accretion of $26 thousand and $40 thousand was recorded to income during the three months ended September 30, 2011 and September 30, 2010, respectively. Accretion of $92 thousand and $125 thousand was recorded to income during the nine months ended September 30, 2011 and September 30, 2010, respectively.TCF held consumer real estate loan TDRs of $423.8 million and $367.9 million at September 30, 2011 and December 31, 2010, respectively, of which $378.8 million and $337.4 million were accruing at September 30, 2011 and December 31, 2010, respectively. TCF also held $132.6 million and $66.3 million of commercial loan TDRs at September 30, 2011 and December 31, 2010, respectively, of which $87.6 million and $48.8 million were accruing at September 30, 2011 and December 31, 2010, respectively. The amount of additional funds committed to borrowers in TDR status was $7.3 million and $2.2 million at September 30, 2011 and December 31, 2010, respectively.
Retail Banking non-interest income totaled $91.8 million for the third quarter of 2011, down 10.3% from $102.4 million for the same 2010 period. Retail Banking non-interest income totaled $268.2 million for the first nine months of 2011, down 14.8% from $314.8 million for the same 2010 period. The decrease in non-interest income from the third quarter and first nine months of 2010 is primarily due to decreased activity-based fee revenue as a result of overdraft fee regulations that began in August 2010 and lower monthly maintenance fees as more customers qualify for fee waivers. Retail Banking activity based fee revenue, which totaled $47.5 million during the third quarter, has grown throughout 2011. During the third quarter of 2011 activity based fee revenues grew 3% compared with the second quarter of 2011 and grew 14.9% compared with the first quarter of 2011.
WHOLESALE BANKING, consisting of commercial banking, leasing and equipment finance and inventory finance, reported net income of $21 million and $62.7 million for the third quarter and first nine months of 2011, respectively, compared with $12.5 million and $36.8 million for the same 2010 periods. Net interest income for the third quarter and first nine months of 2011 was $69.5 million and $206.1 million, respectively, compared with $62.2 million and $186.2 million for the same 2010 periods. The increase in net interest income for both periods from 2010 was primarily due to growth in inventory finance.
The provision for credit losses for this operating segment was $5.8 million and $21.2 million for the third quarter and first nine months of 2011, respectively, compared with $22.7 million and $57.1 million for the same 2010 periods. Wholesale Banking net charge-offs totaled $8.2 million and $37 million during the third quarter and first nine months of 2011, compared with $21.5 million and $52.8 million during the same 2010 periods. The decrease in net charge-offs for the third quarter of 2011, compared with the third quarter of 2010, was primarily due to decreased commercial banking net charge-offs in Illinois and Michigan and decreased equipment finance net charge-offs in the middle market and small ticket segments. The decrease in net charge-offs for the nine months ended September 30, 2011, compared with the prior year period, was primarily due to decreased commercial banking net charge-offs in Michigan and decreased equipment finance net charge-offs in the middle market segment, as customer performance improved.
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