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Section 1: 8-K/A (AMENDMENT TO FORM 8-K 07.19.12)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

FORM 8-K/A

 

 

CURRENT REPORT 

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

July 19, 2012

 

 

 

 

 

TCF FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Delaware

(State or other jurisdiction of

incorporation)

001-10253

(Commission File Number)

41-1591444

(IRS Employer Identification No.)

 

200 Lake Street East, Mail Code EX0-03-A, Wayzata, Minnesota 55391-1693

(Address of principal executive offices, including Zip Code)

 

(952) 745-2760

 (Registrant’s telephone number, including area code)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[ ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[ ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[ ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[ ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

.


 

Item 2.02 Results of Operations and Financial Condition

The following information, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as may be expressly set forth by specific reference in such a filing.

On July 19, 2012 TCF Financial Corporation (“the Company”) issued a press release discussing the results for the quarter ended June 30, 2012 and filed that press release with the U.S. Securities and Exchange Commission on a Current Report on Form 8-K.  The press release included a schedule which incorrectly reported the dollar and percent changes of certain items in the Consolidated Statements of Comprehensive Income for the six months ended June 30, 2012 and 2011. There is no impact to reported earnings of the Company as only the dollar and percent variance between periods for certain items has been revised.  The Consolidated Statements of Comprehensive Income for the six months ended June 30, 2012 and 2011, as revised, is attached as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits.

99.1 Consolidated Statements of Comprehensive Income for the six months ended June 30, 2012 and 2011, as revised.

 

2


 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

TCF FINANCIAL CORPORATION

 

 

 

 

 

 

/s/ William A. Cooper

 

William A. Cooper,

Chairman and Chief Executive Officer

(Principal Executive Officer)

 

 

 

/s/ Michael S. Jones

 

Michael S. Jones, Executive Vice President and

Chief Financial Officer

(Principal Financial Officer)

 

 

 

 

/s/ David M. Stautz

 

David M. Stautz, Senior Vice President,

Controller and Managing Director of

Corporate Development

(Principal Accounting Officer)

 

Dated:    July 19, 2012

 

 

 

3

 


 
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Section 2: EX-99 (EXHIBIT 99.1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 99.1

 

18 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands, except per-share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

Change

 

 

 

 

 

 

 

2012 

 

 

2011 

 

 

$

 

 

%

 

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases

$

 414,750 

 

$

 428,496 

 

$

 (13,746) 

 

 

 (3.2) 

%

 

 

Securities available for sale

 

 24,928 

 

 

 40,068 

 

 

 (15,140) 

 

 

 (37.8) 

 

 

 

Investments and other

 

 6,066 

 

 

 3,637 

 

 

 2,429 

 

 

 66.8 

*

 

 

 

Total interest income

 

 445,744 

 

 

 472,201 

 

 

 (26,457) 

 

 

 (5.6) 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 19,258 

 

 

 23,434 

 

 

 (4,176) 

 

 

 (17.8) 

 

 

 

Borrowings

 

 48,089 

 

 

 98,577 

 

 

 (50,488) 

 

 

 (51.2) 

 

 

 

 

Total interest expense

 

 67,347 

 

 

 122,011 

 

 

 (54,664) 

 

 

 (44.8) 

 

 

 

 

 

Net interest income

 

 378,397 

 

 

 350,190 

 

 

 28,207 

 

 

 8.1 

 

 

Provision for credit losses

 

 102,648 

 

 

 89,279 

 

 

 13,369 

 

 

 15.0 

 

 

 

 

Net interest income after provision for

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

credit losses

 

 275,749 

 

 

 260,911 

 

 

 14,838 

 

 

 5.7 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges

 

 89,946 

 

 

 109,909 

 

 

 (19,963) 

 

 

 (18.2) 

 

 

 

Card revenue

 

 26,737 

 

 

 54,803 

 

 

 (28,066) 

 

 

 (51.2) 

 

 

 

ATM revenue

 

 12,475 

 

 

 13,796 

 

 

 (1,321) 

 

 

 (9.6) 

 

 

 

 

Subtotal

 

 129,158 

 

 

 178,508 

 

 

 (49,350) 

 

 

 (27.6) 

 

 

 

Leasing and equipment finance

 

 46,074 

 

 

 49,029 

 

 

 (2,955) 

 

 

 (6.0) 

 

 

 

Gains on sales of auto loans

 

 7,746 

 

 

 - 

 

 

 7,746 

*

 

N.M.

*

 

 

Other

 

 5,523 

 

 

 1,078 

 

 

 4,445 

*

 

N.M.

*

 

 

 

Fees and other revenue

 

 188,501 

 

 

 228,615 

 

 

 (40,114) 

*

 

 (17.5) 

*

 

 

Gains (losses) on securities, net

 

 89,727 

 

 

 (227) 

 

 

 89,954 

*

 

N.M.

*

 

 

 

Total non-interest income

 

 278,228 

 

 

 228,388 

 

 

 49,840 

*

 

 21.8 

*

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and employee benefits

 

 193,754 

 

 

 178,439 

 

 

 15,315 

*

 

 8.6 

*

 

 

Occupancy and equipment

 

 64,977 

 

 

 62,942 

 

 

 2,035 

*

 

 3.2 

*

 

 

FDIC insurance

 

 14,855 

 

 

 14,737 

 

 

 118 

*

 

 0.8 

*

 

 

Advertising and marketing

 

 8,021 

 

 

 6,639 

 

 

 1,382 

*

 

 20.8 

*

 

 

Deposit account premiums

 

 7,661 

 

 

 9,364 

 

 

 (1,703) 

*

 

 (18.2) 

*

 

 

Other

 

 74,252 

 

 

 71,633 

 

 

 2,619 

*

 

 3.7 

*

 

 

 

Subtotal

 

 363,520 

 

 

 343,754 

 

 

 19,766 

*

 

 5.8 

*

 

 

Loss on termination of debt

 

 550,735 

 

 

 - 

 

 

 550,735 

*

 

N.M.

*

 

 

Foreclosed real estate and repossessed assets, net

 

 23,106 

 

 

 25,485 

 

 

 (2,379) 

*

 

 (9.3) 

*

 

 

Operating lease depreciation

 

 13,148 

 

 

 15,787 

 

 

 (2,639) 

*

 

 (16.7) 

*

 

 

Other credit costs, net

 

 1,188 

 

 

 3,044 

 

 

 (1,856) 

*

 

 (61.0) 

*

 

 

 

Total non-interest expense

 

 951,697 

 

 

 388,070 

 

 

 563,627 

*

 

 145.2 

*

 

 

 

 

(Loss) income before income tax expense

 

 (397,720) 

 

 

 101,229 

 

 

 (498,949) 

*

 

N.M.

*

 

Income tax (benefit) expense

 

 (149,702) 

 

 

 37,858 

 

 

 (187,560) 

*

 

N.M.

*

 

 

 

 

(Loss) income after income tax expense

 

 (248,018) 

 

 

 63,371 

 

 

 (311,389) 

*

 

N.M.

*

 

 

Income attributable to non-controlling interest

 

 3,345 

 

 

 2,675 

 

 

 670 

*

 

 25.0 

*

 

Net (loss) income available to common stockholders

$

 (251,363) 

 

$

 60,696 

 

$

 (312,059) 

*

 

N.M.

*

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for securities gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

included in net income

 

 (76,967) 

 

 

 - 

 

 

 (76,967) 

 

 

N.M.

 

 

 

Unrealized holding gains arising during the

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

period on securities available for sale

 

 12,100 

 

 

 10,014 

 

 

 2,086 

 

 

 20.8 

 

 

 

Foreign currency hedge

 

 (136) 

 

 

 (600) 

 

 

 464 

 

 

 (77.3) 

 

 

 

Foreign currency translation adjustment

 

 61 

 

 

 534 

 

 

 (473) 

 

 

 (88.6) 

 

 

 

Recognized postretirement actuarial service cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and transition obligation

 

 (14) 

 

 

 2 

 

 

 (16) 

 

 

N.M.

 

 

 

Income tax benefit (expense)

 

 23,833 

 

 

 (3,458) 

 

 

 27,291 

 

 

N.M.

 

 

 

 

Total other comprehensive (loss) income

 

 (41,123) 

 

 

 6,492 

 

 

 (47,615) 

 

 

N.M.

 

 

Comprehensive (loss) income

$

 (292,486) 

 

$

 67,188 

 

$

 (359,674) 

 

 

N.M.

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

 (1.58) 

 

$

 .40 

 

$

 (1.98) 

 

 

N.M.

 

 

 

Diluted

 

 (1.58) 

 

 

 .40 

 

 

 (1.98) 

 

 

N.M.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

 .10 

 

$

 .10 

 

$

 - 

 

 

 - 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common and common equivalent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 158,810 

 

 

 150,765 

 

 

 8,045 

 

 

 5.3 

 

 

 

 

Diluted

 

 158,810 

 

 

 151,136 

 

 

 7,674 

*

 

 5.1 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Updated to correct number originally reported in earnings release dated July 19, 2012.

 

N.M.

Not meaningful. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 
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