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Section 1: 8-K (8-K)

8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

 FORM 8-K
 
 CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):
January 28, 2016
 
 
 
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.
 
TCF Financial Corporation (the "Company") issued a press release dated January 28, 2016, attached to this Form 8-K as Exhibit 99.1, announcing its results of operations for the quarter ended December 31, 2015.
 
The earnings release is also available on the Investor Relations section of the Company’s web site at http://ir.tcfbank.com. The Company’s Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the Company.
 
Item 7.01 Regulation FD Disclosure.
 
Information is being furnished herein in Exhibit 99.2 with respect to the slide presentation prepared for use with the press release. This information includes selected financial and operational information through the fourth quarter of 2015 and does not represent a complete set of financial statements and related notes prepared in conformity with generally accepted accounting principles ("GAAP"). Most, but not all, of the selected financial information furnished herein is derived from the Company’s consolidated financial statements and related notes prepared in accordance with GAAP and management’s discussion and analysis of financial condition and results of operations included in the Company’s reports on Forms 10-K and 10-Q. The Company’s annual financial statements are subject to independent audit. These materials are dated January 28, 2016 and TCF does not undertake to update the materials after that date.
 
The presentation is also available on the Investor Relations section of the Company’s web site at http://ir.tcfbank.com. The Company’s Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the Company.
 
Information contained herein, including Exhibit 99.2, shall not be deemed filed for the purposes 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 shall be expressly set forth by specific reference in such a filing.
 
Item 9.01 Financial Statements and Exhibits.
 
(d)         Exhibits.

Exhibit No.        Description

99.1            Earnings Release of TCF Financial Corporation, dated January 28, 2016

99.2            Slide presentation prepared for use with the Earnings Release, dated January 28, 2016






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, thereunto duly authorized.
 
 
TCF FINANCIAL CORPORATION
 
 
 
 
 
/s/ Craig R. Dahl
 
Craig R. Dahl,
Vice Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer)

 
 
 
 
 
/s/ Brian W. Maass
 
Brian W. Maass,
Executive Vice President, Chief Financial Officer,
Treasurer and Chief Investment Officer
(Principal Financial Officer)
 
 
 
 
 
/s/ Susan D. Bode
 
Susan D. Bode,
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)
 
Dated:  January 28, 2016



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
Exhibit 99.1

NEWS RELEASE

TCF Financial Corporation • 200 Lake Street East • Wayzata MN 55391

FOR IMMEDIATE RELEASE
                                
Contact:
Mark Goldman        (952) 475-7050        [email protected]         (Media)
Jason Korstange        (952) 745-2755        [email protected]        (Investors)

TCF REPORTS QUARTERLY NET INCOME OF $52.5 MILLION, OR 29 CENTS PER SHARE
AND ANNUAL NET INCOME OF $197.1 MILLION, OR $1.07 PER SHARE

2015 HIGHLIGHTS
- Loan and lease originations of $15.3 billion, up 13.1 percent from 2014
- Period-end loans and leases of $17.4 billion, up 6.3 percent from 2014
- Non-accrual loans and leases of $200.5 million, down 7.5 percent from 2014
- Average deposits of $15.9 billion, up 6.7 percent from 2014
- Revenue of $1.3 billion, up 1.1 percent from 2014
- Provision for credit losses of $52.9 million, down 44.7 percent from 2014
- Earnings per share of $1.07, up 13.8 percent from 2014

FOURTH QUARTER HIGHLIGHTS
- Loan and lease originations of $3.8 billion, up 11.2 percent from the fourth quarter of 2014
- Average deposits of $16.3 billion, up 6.4 percent from the fourth quarter of 2014
- Revenue of $321.3 million, up 2.4 percent from the fourth quarter of 2014
- Provision for credit losses of $17.6 million, down 68.3 percent from the fourth quarter of 2014
- Earnings per share of 29 cents, up 141.7 percent from the fourth quarter of 2014

Summary of Financial Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 1

 
 
 
 
 
 
 
Percent Change
 
 
 
 
 
 
(Dollars in thousands, except per-share data)
4Q
 
3Q
 
4Q
 
4Q15 vs
 
4Q15 vs
 
YTD
 
YTD
 
Percent
 
2015
 
2015
 
2014
 
3Q15
 
4Q14
 
2015
 
2014
 
Change
Net income attributable to TCF
$
52,492

 
$
52,575

 
$
23,988

 
(0.2
)%
 
118.8
%
 
$
197,123

 
$
174,187

 
13.2
%
Net interest income
205,669

 
205,270

 
204,074

 
0.2

 
0.8

 
820,388

 
815,629

 
0.6

Diluted earnings per common share
0.29

 
0.29

 
0.12

 

 
141.7

 
1.07

 
0.94

 
13.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Ratios(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax pre-provision return
on average assets(2)
1.95
%
 
1.92
%
 
1.91
%
 
 
 
 
 
1.85
%
 
2.00
%
 
 
Return on average assets
1.08

 
1.10

 
0.53

 
 
 
 
 
1.03

 
0.96

 
 
Return on average common equity
9.53

 
9.76

 
4.15

 
 
 
 
 
9.19

 
8.71

 
 
Return on average tangible
common equity(3)
10.82

 
11.12

 
4.80

 
 
 
 
 
10.48

 
10.08

 
 
Net interest margin
4.35

 
4.40

 
4.49

 
 
 
 
 
4.42

 
4.61

 
 
Net charge-offs as a percentage of
average loans and leases
0.29

 
0.23

 
0.40

 
 
 
 
 
0.30

 
0.49

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annualized.
 
 
 
 
 
 
(2) Pre-tax pre-provision profit is calculated as total revenues less non-interest expense.
 
 
 
 
 
 
(3) See "Reconciliation of GAAP to Non-GAAP Financial Measures" table.
 
 
 
 
 
 




WAYZATA, Minn. (January 28, 2016) - TCF Financial Corporation ("TCF" or the "Company") (NYSE: TCB) today reported net income of $52.5 million for the fourth quarter of 2015, compared with net income of $24.0 million for the fourth quarter of 2014, and net income of $52.6 million for the third quarter of 2015. Diluted earnings per common share was 29 cents for the fourth quarter of 2015, compared with 12 cents for the fourth quarter of 2014, and 29 cents for the third quarter of 2015.

TCF reported net income of $197.1 million for the year ended December 31, 2015, compared with net income of $174.2 million for the same period in 2014. Diluted earnings per common share was $1.07 for the year ended December 31, 2015, compared with 94 cents for the same period in 2014.

"TCF experienced another successful year in 2015 as earnings per share increased 13.8 percent while return on average tangible common equity improved by 40 basis points," said Craig R. Dahl, chief executive officer. "Meanwhile, loan and lease originations increased 13.1 percent during the year which led to additional revenue growth and diversification. Fourth quarter results were highlighted by continued progress toward improving operating leverage and continued strong performance on credit results.

"As I begin my new role, I look forward to building on TCF's historical track record of delivering sustained growth and returns for our shareholders by executing against our four strategic pillars: diversification, profitable growth, operating leverage and core funding. As we entered the new year, we implemented several leadership changes that align the expertise of our senior management team with these core priorities. I am confident we have a strong team in place to execute our strategy and build on TCF's long history of delivering business results. With a well-positioned balance sheet and business model for rising interest rates, and continued strong credit performance, we are poised to drive shareholder value in 2016 and beyond."



2




Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 2
 
 
 
 
 
 
 
 
Percent Change
 
 
 
 
 
 
(Dollars in thousands)
4Q
 
3Q
 
4Q
 
4Q15 vs
 
4Q15 vs
 
YTD
 
YTD
 
Percent
 
2015
 
2015
 
2014
 
3Q15
 
4Q14
 
2015
 
2014
 
Change
Net interest income
$
205,669

 
$
205,270

 
$
204,074

 
0.2
 %
 
0.8
 %
 
$
820,388

 
$
815,629

 
0.6
 %
Non-interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fees and service charges
37,741

 
36,991

 
39,477

 
2.0

 
(4.4
)
 
144,999

 
154,386

 
(6.1
)
Card revenue
13,781

 
13,803

 
12,830

 
(0.2
)
 
7.4

 
54,387

 
51,323

 
6.0

ATM revenue
5,143

 
5,739

 
5,249

 
(10.4
)
 
(2.0
)
 
21,544

 
22,225

 
(3.1
)
Subtotal
56,665

 
56,533

 
57,556

 
0.2

 
(1.5
)
 
220,930

 
227,934

 
(3.1
)
Gains on sales of auto loans, net
3,136

 
10,423

 
12,962

 
(69.9
)
 
(75.8
)
 
30,580

 
43,565

 
(29.8
)
Gains on sales of consumer real
estate loans, net
13,104

 
7,143

 
6,175

 
83.5

 
112.2

 
40,964

 
34,794

 
17.7

Servicing fee income
8,622

 
8,049

 
6,365

 
7.1

 
35.5

 
31,229

 
21,444

 
45.6

Subtotal
24,862

 
25,615

 
25,502

 
(2.9
)
 
(2.5
)
 
102,773

 
99,803

 
3.0

Leasing and equipment finance
32,355

 
27,165

 
24,367

 
19.1

 
32.8

 
108,129

 
93,799

 
15.3

Other
1,806

 
3,070

 
2,363

 
(41.2
)
 
(23.6
)
 
10,463

 
10,704

 
(2.3
)
Fees and other revenue
115,688

 
112,383

 
109,788

 
2.9

 
5.4

 
442,295

 
432,240

 
2.3

Gains (losses) on securities, net
(29
)
 
(131
)
 
(20
)
 
77.9

 
(45.0
)
 
(297
)
 
1,027

 
N.M.

Total non-interest income
115,659

 
112,252

 
109,768

 
3.0

 
5.4

 
441,998

 
433,267

 
2.0

Total revenue
$
321,328

 
$
317,522

 
$
313,842

 
1.2

 
2.4

 
$
1,262,386

 
$
1,248,896

 
1.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin(1)
4.35
%
 
4.40
%
 
4.49
%
 
 
 
 
 
4.42
%
 
4.61
%
 
 
Total non-interest income as a percentage of total revenue
36.0

 
35.4

 
35.0

 
 
 
 
 
35.0

 
34.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N.M. Not Meaningful.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annualized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Net Interest Income
Net interest income for the fourth quarter of 2015 increased $1.6 million, or 0.8 percent, compared with the fourth quarter of 2014 and increased $0.4 million, or 0.2 percent, compared with the third quarter of 2015. The increases from both periods were primarily due to higher average loan and lease balances in the auto finance, inventory finance and leasing and equipment finance portfolios, partially offset by the run-off of consumer real estate first mortgage lien balances and overall net margin compression.

Net interest margin for the fourth quarter of 2015 was 4.35 percent, compared with 4.49 percent for the fourth quarter of 2014 and 4.40 percent for the third quarter of 2015. The decreases from both periods were primarily due to margin compression resulting from the impact of the competitive low interest rate environment on the asset composition and higher rates on total deposits, driven primarily by certificates of deposits, acquired at market rates to fund asset growth.


3




Non-interest Income
Fees and service charges in the fourth quarter of 2015 were $37.7 million, down $1.7 million, or 4.4 percent, from the fourth quarter of 2014 and consistent with the third quarter of 2015. The decrease from the fourth quarter of 2014 was primarily due to consumer behavior changes, as well as higher average checking account balances per customer.

TCF sold $271.1 million, $367.0 million and $436.6 million of auto loans during the fourth quarters of 2015 and 2014, and the third quarter of 2015, respectively, resulting in net gains in each respective period. TCF executed another auto loan securitization in the four quarter of 2015.

TCF sold $389.1 million, $613.7 million and $246.0 million of consumer real estate loans during the fourth quarters of 2015 and 2014, and the third quarter of 2015, respectively, resulting in net gains in each respective period. TCF has two consumer real estate loan sale programs; one that sells nationally originated junior lien loans and the other that originates first mortgage lien loans in our primary banking markets and sells the loans through a correspondent relationship. Included in consumer real estate loans sold (servicing released) for the fourth quarter of 2014 is $405.9 million related to the portfolio sale of consumer real estate loans, primarily troubled debt restructuring ("TDR") loans, the proceeds of which were reinvested in our core businesses in 2015.

Servicing fee income was $8.6 million on $4.2 billion of average loans and leases serviced for others during the fourth quarter of 2015 compared with $6.4 million on $3.3 billion for the fourth quarter of 2014 and $8.0 million on $4.0 billion for the third quarter of 2015. The increases from both periods were primarily due to the cumulative effect of an increase in the portfolio of auto and consumer real estate loans sold with servicing retained by TCF.


4




Loans and Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period-End and Average Loans and Leases
 
 
 
 
 
 
Table 3

 
 
 
 
 
 
 
Percent Change
 
 
 
 
 
 
(Dollars in thousands)
4Q
 
3Q
 
4Q
 
4Q15 vs
 
4Q15 vs
 
YTD
 
YTD
 
Percent
 
2015
 
2015
 
2014
 
3Q15
 
4Q14
 
2015
 
2014
 
Change
Period-End:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First mortgage lien
$
2,624,956

 
$
2,724,594

 
$
3,139,152

 
(3.7
)%
 
(16.4
)%
 
 
 
 
 
 
Junior lien
2,839,316

 
2,889,120

 
2,543,212

 
(1.7
)
 
11.6

 
 
 
 
 
 
Total consumer real estate
5,464,272

 
5,613,714

 
5,682,364

 
(2.7
)
 
(3.8
)
 
 
 
 
 
 
Commercial
3,145,832

 
3,112,325

 
3,157,665

 
1.1

 
(0.4
)
 
 
 
 
 
 
Leasing and equipment finance
4,012,248

 
3,873,581

 
3,745,322

 
3.6

 
7.1

 
 
 
 
 
 
Inventory finance
2,146,754

 
2,153,385

 
1,877,090

 
(0.3
)
 
14.4

 
 
 
 
 
 
Auto finance
2,647,596

 
2,427,367

 
1,915,061

 
9.1

 
38.3

 
 
 
 
 
 
Other
19,297

 
20,674

 
24,144

 
(6.7
)
 
(20.1
)
 
 
 
 
 
 
Total
$
17,435,999

 
$
17,201,046

 
$
16,401,646

 
1.4

 
6.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First mortgage lien
$
2,670,355

 
$
2,793,129

 
$
3,447,447

 
(4.4
)%
 
(22.5
)%
 
$
2,867,948

 
$
3,567,088

 
(19.6
)%
Junior lien
2,934,169

 
2,813,253

 
2,611,709

 
4.3

 
12.3

 
2,754,253

 
2,581,464

 
6.7

Total consumer real estate
5,604,524

 
5,606,382

 
6,059,156

 

 
(7.5
)
 
5,622,201

 
6,148,552

 
(8.6
)
Commercial
3,117,983

 
3,118,024

 
3,143,614

 

 
(0.8
)
 
3,134,428

 
3,135,367

 

Leasing and equipment finance
3,911,025

 
3,821,590

 
3,611,557

 
2.3

 
8.3

 
3,804,015

 
3,531,256

 
7.7

Inventory finance
2,180,534

 
2,036,054

 
1,891,504

 
7.1

 
15.3

 
2,154,357

 
1,888,080

 
14.1

Auto finance
2,514,923

 
2,361,057

 
1,817,024

 
6.5

 
38.4

 
2,278,617

 
1,567,904

 
45.3

Other
9,060

 
9,833

 
11,396

 
(7.9
)
 
(20.5
)
 
10,303

 
12,071

 
(14.6
)
Total
$
17,338,049

 
$
16,952,940

 
$
16,534,251

 
2.3

 
4.9

 
$
17,003,921

 
$
16,283,230

 
4.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Period-end loans and leases were $17.4 billion at December 31, 2015, an increase of $1.0 billion, or 6.3 percent, compared with December 31, 2014 and an increase of $0.2 billion, or 1.4 percent, compared with September 30, 2015. Average loans and leases were $17.3 billion for the fourth quarter of 2015, an increase of $0.8 billion, or 4.9 percent, compared with the fourth quarter of 2014 and an increase of $0.4 billion, or 2.3 percent, compared with the third quarter of 2015.

The increases from both periods for period-end loans and leases and for average loans and leases were primarily due to the continued growth of the auto finance portfolio as TCF expands the number of active dealers in its network, partially offset by run-off in the consumer real estate first mortgage lien portfolio. The increases from the fourth quarter of 2014 for period-end loans and leases and from both periods for average loans and leases were also due to increases in the inventory finance and the leasing and equipment finance portfolios. The increase from the third quarter of 2015 for period-end loans and leases was also due to an increase in the leasing and equipment finance portfolio due to strong fourth quarter originations.


5




Loan and lease originations were $3.8 billion for the fourth quarter of 2015, an increase of $0.4 billion, or 11.2 percent, compared with the fourth quarter of 2014 and a decrease of $0.1 billion, or 1.3 percent, compared with the third quarter of 2015. The increase in originations from the fourth quarter of 2014 was primarily due to an increase in commercial originations and continued growth in auto finance. The decrease in originations from the third quarter of 2015 was primarily due to seasonality of inventory finance originations and a decrease in consumer real estate originations, partially offset by an increase in commercial and leasing and equipment finance originations.

Credit Quality
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Trends
 
 
 
 
 
 
 
Table 4

 
 
 
 
 
 
 
Change
(Dollars in thousands)
4Q
3Q
2Q
1Q
4Q
 
4Q15 vs
4Q15 vs
 
2015
2015
2015
2015
2014
 
3Q15
4Q14
Over 60-day delinquencies as a percentage of portfolio(1)
0.11
%
0.17
%
0.10
%
0.14
%
0.14
%
 
(6) bps

(3) bps

Net charge-offs as a percentage of portfolio(2)
0.29

0.23

0.41

0.28

0.40

 
6

(11
)
Non-accrual loans and leases and other real estate owned
$
250,448

$
264,694

$
263,717

$
284,541

$
282,384

 
(5.4)%

(11.3)%

Provision for credit losses
17,607

10,018

12,528

12,791

55,597

 
75.8

(68.3
)
 
(1) Excludes acquired portfolios and non-accrual loans and leases.
(2) Annualized.

The over 60-day delinquency rate, excluding acquired portfolios and non-accrual loans and leases, was 0.11 percent at December 31, 2015, down from 0.14 percent at December 31, 2014, and down from 0.17 percent at September 30, 2015. The decrease from December 31, 2014 was primarily a result of the stabilization of the consumer real estate portfolio as economic conditions improved in our markets. The decrease from September 30, 2015 was primarily driven by delinquencies in the commercial and leasing and equipment finance portfolios at September 30, 2015 that have been brought current.

The net charge-off rate was 0.29 percent for the fourth quarter of 2015, down from 0.40 percent for the fourth quarter of 2014, and up from 0.23 percent for the third quarter of 2015. The decrease from the fourth quarter of 2014 was primarily due to improved credit quality in the consumer real estate and commercial portfolios. The increase from the third quarter of 2015 was due to increased net charge-offs of loans in the auto finance portfolio as a result of seasonality, increased net charge-offs in the leasing and equipment finance portfolio and net recoveries in the commercial portfolio during the third quarter of 2015.

Non-accrual loans and leases and other real estate owned was $250.4 million at December 31, 2015, a decrease of $31.9 million, or 11.3 percent, from December 31, 2014, and a decrease of $14.2 million, or 5.4 percent, from September 30, 2015. The decreases from both periods were primarily due to the improving credit quality trends and continued efforts to actively work out problem loans in the commercial portfolio.


6




Provision for credit losses was $17.6 million for the fourth quarter of 2015, a decrease of $38.0 million, or 68.3 percent, from the fourth quarter of 2014, and an increase of $7.6 million, or 75.8 percent, from the third quarter of 2015. The decrease from the fourth quarter of 2014 was primarily due to provision expense recorded in the fourth quarter of 2014 related to the TDR loan sale in that period. The increase from the third quarter of 2015 was due to increased reserve requirements related to asset growth and increased net charge-offs of loans in the auto finance portfolio driven by seasonality.

Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 5

 
 
 
 
 
 
 
Percent Change
 
 
 
 
 
 
(Dollars in thousands)
4Q
 
3Q
 
4Q
 
4Q15 vs
 
4Q15 vs
 
YTD
 
YTD
 
Percent
 
2015
 
2015
 
2014
 
3Q15
 
4Q14
 
2015
 
2014
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Checking
$
5,412,454

 
$
5,405,442

 
$
5,109,465

 
0.1
 %
 
5.9
 %
 
$
5,387,112

 
$
5,075,759

 
6.1
 %
Savings
4,733,703

 
4,872,853

 
5,289,435

 
(2.9
)
 
(10.5
)
 
4,952,680

 
5,713,389

 
(13.3
)
Money market
2,349,127

 
2,297,893

 
1,869,350

 
2.2

 
25.7

 
2,265,121

 
1,312,483

 
72.6

Certificates of deposit
3,793,653

 
3,400,282

 
3,041,722

 
11.6

 
24.7

 
3,340,341

 
2,840,922

 
17.6

Total average deposits
$
16,288,937

 
$
15,976,470

 
$
15,309,972

 
2.0

 
6.4

 
$
15,945,254

 
$
14,942,553

 
6.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average interest rate on deposits(1)
0.34
%
 
0.31
%
 
0.28
%
 
 
 
 
 
0.30
%
 
0.26
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annualized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Total average deposits for the fourth quarter of 2015 increased $1.0 billion, or 6.4 percent, from the fourth quarter of 2014 and increased $0.3 billion, or 2.0 percent, from the third quarter of 2015. The increases from both periods were primarily due to special campaigns for certificates of deposit and money market accounts.

The average interest rate on deposits for the fourth quarter of 2015 was 0.34 percent, up 6 basis points from the fourth quarter of 2014 and up 3 basis points from the third quarter of 2015. The increases from both periods were primarily due to increased average interest rates resulting from promotions for certificates of deposit.


7




Non-interest Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 6

 
 
 
 
 
 
 
 Percent Change
 
 
 
 
 
 
(Dollars in thousands)
4Q
 
3Q
 
4Q
 
4Q15 vs
 
4Q15 vs
 
YTD
 
YTD
 
Percent
 
2015
 
2015
 
2014
 
3Q15
 
4Q14
 
2015
 
2014
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation and employee benefits
$
109,061

 
$
116,708

 
$
115,796

 
(6.6
)%
 
(5.8
)%
 
$
457,743

 
$
452,942

 
1.1
 %
Occupancy and equipment
37,824

 
34,159

 
35,747

 
10.7

 
5.8

 
144,962

 
139,023

 
4.3

FDIC insurance
5,173

 
4,832

 
2,643

 
7.1

 
95.7

 
20,262

 
25,123

 
(19.3
)
Advertising and marketing
5,316

 
5,793

 
5,146

 
(8.2
)
 
3.3

 
22,782

 
22,943

 
(0.7
)
Other
46,441

 
45,750

 
48,063

 
1.5

 
(3.4
)
 
186,211

 
179,904

 
3.5

Subtotal
203,815

 
207,242

 
207,395

 
(1.7
)
 
(1.7
)
 
831,960

 
819,935

 
1.5

Operating lease depreciation
13,608

 
9,485

 
6,878

 
43.5

 
97.8

 
39,409

 
27,152

 
45.1

Foreclosed real estate and repossessed assets, net
4,940

 
5,680

 
7,441

 
(13.0
)
 
(33.6
)
 
23,193

 
24,567

 
(5.6
)
Other credit costs, net
224

 
(123
)
 
44

 
N.M.

 
N.M.

 
185

 
123

 
50.4

Total non-interest expense
$
222,587

 
$
222,284

 
$
221,758

 
0.1

 
0.4

 
$
894,747

 
$
871,777

 
2.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N.M. Not Meaningful.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Compensation and employee benefits expense decreased $6.7 million, or 5.8 percent, from the fourth quarter of 2014 and decreased $7.6 million, or 6.6 percent, from the third quarter of 2015. The decreases from both periods were primarily due to non-recurring items, including the annual pension plan valuation adjustment resulting from an increase to the discount rate.

FDIC insurance expense increased $2.5 million, or 95.7 percent, from the fourth quarter of 2014 and remained consistent with the third quarter of 2015. The increase from the fourth quarter of 2014 was primarily due to a non-recurring assessment rate catch-up in the fourth quarter of 2014.

Foreclosed real estate and repossessed assets, net expense decreased $2.5 million, or 33.6 percent, from the fourth quarter of 2014 and decreased $0.7 million, or 13.0 percent from the third quarter of 2015. The decreases from both periods were due to a reduction in write-downs of existing foreclosed commercial and consumer real estate properties. The other real estate owned balance was $50.0 million at December 31, 2015, the lowest level since the first quarter of 2008.


8




Capital
 
 
 
 
 
 
 
Capital Information
 
 
Table 7

 
 
 
 
(Dollars in thousands, except per-share data)
4Q 2015
 
4Q 2014
Total equity
$
2,306,917

 
$
2,135,364

Book value per common share
11.94

 
11.10

Tangible book value per common share(1)
10.59

 
9.72

Tangible common equity to tangible assets(1)
8.79
%
 
8.50
%
Capital accumulation rate(2)
10.44

 
10.36

 
 
 
 
 
4Q 2015(3)
 
4Q 2014
Regulatory Capital:
Under Basel III
 
Under Basel I
Common equity Tier 1 capital
$
1,814,442

 
N.A.

Tier 1 capital
2,092,195

 
$
1,919,887

Total capital
2,487,060

 
2,209,999

 
 
 
 
Regulatory Capital Ratios:
 
 
 
Common equity Tier 1 capital ratio
10.00
%
 
N.A.

Tier 1 risk-based capital ratio
11.54

 
11.76
%
Total risk-based capital ratio
13.71

 
13.54

Tier 1 leverage ratio
10.46

 
10.07

 
 
 
 
N.A. Not Applicable.
 
 
 
(1) See "Reconciliation of GAAP to Non-GAAP Financial Measures" table.
(2) Calculated as the change in annualized year-to-date common equity Tier 1 capital as a percentage of prior year end common equity Tier 1 capital.
(3) The regulatory capital ratios for 4Q 2015 are preliminary pending completion and filing of the Company's regulatory reports.

TCF maintained strong capital ratios as the Company accumulates capital through earnings. The decrease in the Tier 1 risk-based capital ratio from the fourth quarter of 2014 was primarily the result of strong asset growth.

On January 22, 2016, TCF's Board of Directors declared a regular quarterly cash dividend of 7.5 cents per common share, payable on March 1, 2016, to stockholders of record at the close of business on February 12, 2016. TCF also declared dividends on the 7.50% Series A and 6.45% Series B Non-Cumulative Perpetual Preferred Stock, both payable on March 1, 2016, to stockholders of record at the close of business on February 12, 2016.


9




Webcast Information
A live webcast of TCF's conference call to discuss the fourth quarter earnings will be hosted at TCF's website,     http://ir.tcfbank.com, on January 28, 2016 at 9:00 a.m. CST. A slide presentation for the call will be available on the website prior to the call. Additionally, the webcast will be available for replay on TCF's website after the conference call. The website also includes free access to company news releases, TCF's annual report, investor presentations and SEC filings.

TCF is a Wayzata, Minnesota-based national bank holding company. As of December 31, 2015, TCF had $20.7 billion in total assets and 375 branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona, South Dakota and Indiana, providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing, equipment finance, and auto finance business in all 50 states and commercial inventory finance business in all 50 states and Canada. For more information about TCF, please visit http://ir.tcfbank.com.



10




Cautionary Statements for Purposes of the Safe Harbor Provisions of the Securities Litigation Reform Act
Any statements contained in this earnings release regarding the outlook for the Company's businesses and their respective markets, such as projections of future performance, guidance, statements of the Company's plans and objectives, forecasts of market trends and other matters, are forward-looking statements based on the Company's assumptions and beliefs. Such statements may be identified by such words or phrases as "will likely result," "are expected to," "will continue," "outlook," "will benefit," "is anticipated," "estimate," "project," "management believes" or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed in such statements and no assurance can be given that the results in any forward-looking statement will be achieved. For these statements, TCF claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to subsequently revise any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of anticipated or unanticipated events.

Certain factors could cause the Company's future results to differ materially from those expressed or implied in any forward-looking statements contained herein. These factors include the factors discussed in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2014, the factors discussed below and any other cautionary statements, written or oral, which may be made or referred to in connection with any such forward-looking statements. Since it is not possible to foresee all such factors, these factors should not be considered as complete or exhaustive.
 
Adverse Economic or Business Conditions; Competitive Conditions; Credit and Other Risks. Deterioration in general economic and banking industry conditions, including those arising from government shutdowns, defaults, anticipated defaults or rating agency downgrades of sovereign debt (including debt of the U.S.), or increases in unemployment; adverse economic, business and competitive developments such as shrinking interest margins, reduced demand for financial services and loan and lease products, deposit outflows, increased deposit costs due to competition for deposit growth and evolving payment system developments, deposit account attrition or an inability to increase the number of deposit accounts; customers completing financial transactions without using a bank; adverse changes in credit quality and other risks posed by TCF's loan, lease, investment, securities held to maturity and securities available for sale portfolios, including declines in commercial or residential real estate values, changes in the allowance for loan and lease losses dictated by new market conditions or regulatory requirements, or the inability of home equity line borrowers to make increased payments caused by increased interest rates or amortization of principal; deviations from estimates of prepayment rates and fluctuations in interest rates that result in decreases in the value of assets such as interest-only strips that arise in connection with TCF's loan sales activity; interest rate risks resulting from fluctuations in prevailing interest rates or other factors that result in a mismatch between yields earned on TCF's interest-earning assets and the rates paid on its deposits and borrowings; foreign currency exchange risks; counterparty risk, including the risk of defaults by our counterparties or diminished availability of counterparties who satisfy our credit quality requirements; decreases in demand for the types of equipment that TCF leases or finances; the effect of any negative publicity.
 

11




Legislative and Regulatory Requirements. New consumer protection and supervisory requirements and regulations, including those resulting from action by the Consumer Financial Protection Bureau and changes in the scope of Federal preemption of state laws that could be applied to national banks and their subsidiaries; the imposition of requirements that adversely impact TCF's deposit, lending, loan collection and other business activities such as mortgage foreclosure moratorium laws, further regulation of financial institution campus banking programs, use by municipalities of eminent domain on property securing troubled residential mortgage loans, or imposition of underwriting or other limitations that impact the ability to offer certain variable-rate products; changes affecting customer account charges and fee income, including changes to interchange rates; regulatory actions or changes in customer opt-in preferences with respect to overdrafts, which may have an adverse impact on TCF's fee revenue; changes to bankruptcy laws which would result in the loss of all or part of TCF's security interest due to collateral value declines; deficiencies in TCF's compliance under the Bank Secrecy Act in past or future periods, which may result in regulatory enforcement action including monetary penalties; increased health care costs resulting from Federal health care reform; regulatory criticism and resulting enforcement actions or other adverse consequences such as increased capital requirements, higher deposit insurance assessments or monetary damages or penalties; heightened regulatory practices, requirements or expectations, including, but not limited to, requirements related to enterprise risk management, the Bank Secrecy Act and anti-money laundering compliance activity.
 
Earnings/Capital Risks and Constraints, Liquidity Risks. Limitations on TCF's ability to pay dividends or to increase dividends because of financial performance deterioration, regulatory restrictions or limitations; increased deposit insurance premiums, special assessments or other costs related to adverse conditions in the banking industry; the impact on banks of regulatory reform, including additional capital, leverage, liquidity and risk management requirements or changes in the composition of qualifying regulatory capital; adverse changes in securities markets directly or indirectly affecting TCF's ability to sell assets or to fund its operations; diminished unsecured borrowing capacity resulting from TCF credit rating downgrades or unfavorable conditions in the credit markets that restrict or limit various funding sources; costs associated with new regulatory requirements or interpretive guidance relating to liquidity; uncertainties relating to future retail deposit account changes, including limitations on TCF's ability to predict customer behavior and the impact on TCF's fee revenues.
 
Branching Risk; Growth Risks. Adverse developments affecting TCF's supermarket banking relationships or any of the supermarket chains in which TCF maintains supermarket branches; costs related to closing underperforming branches; slower than anticipated growth in existing or acquired businesses; inability to successfully execute on TCF's growth strategy through acquisitions or cross-selling opportunities; failure to expand or diversify TCF's balance sheet through new or expanded programs or opportunities; failure to successfully attract and retain new customers, including the failure to attract and retain manufacturers and dealers to expand the inventory finance business; failure to effectuate, and risks of claims related to, sales and securitizations of loans; risks related to new product additions and addition of distribution channels (or entry into new markets) for existing products.

Technological and Operational Matters. Technological or operational difficulties, loss or theft of information, cyber-attacks and other security breaches, counterparty failures and the possibility that deposit account losses (fraudulent checks, etc.) may increase; failure to keep pace with technological change, including the failure to develop and maintain technology necessary to satisfy customer demands; ability to attract and retain employees given competitive conditions and the impact of consolidating facilities.
 
Litigation Risks. Results of litigation or government enforcement actions, including class action litigation or enforcement actions concerning TCF's lending or deposit activities, including account opening/origination, servicing practices, fees or charges, employment practices, or checking account overdraft program "opt in" requirements; and possible increases in indemnification obligations for certain litigation against Visa U.S.A.
 
Accounting, Audit, Tax and Insurance Matters. Changes in accounting standards or interpretations of existing standards; federal or state monetary, fiscal or tax policies, including adoption of state legislation that would increase state taxes; ineffective internal controls; adverse federal, state or foreign tax assessments or findings in tax audits; lack of or inadequate insurance coverage for claims against TCF; potential for claims and legal action related to TCF's fiduciary responsibilities.


12




TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per-share data)
(Unaudited)
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Change
 
2015
 
2014
 
$
 
%
Interest income:
 
 
 
 
 
 
 
Loans and leases
$
212,346

 
$
205,507

 
$
6,839

 
3.3
 %
Securities available for sale
4,864

 
3,053

 
1,811

 
59.3

Securities held to maturity
1,336

 
1,429

 
(93
)
 
(6.5
)
Investments and other
6,905

 
9,819

 
(2,914
)
 
(29.7
)
Total interest income
225,451

 
219,808

 
5,643

 
2.6

Interest expense:
 
 
 
 
 
 
 
Deposits
13,772

 
10,760

 
3,012

 
28.0

Borrowings
6,010

 
4,974

 
1,036

 
20.8

Total interest expense
19,782

 
15,734

 
4,048

 
25.7

Net interest income
205,669

 
204,074

 
1,595

 
0.8

Provision for credit losses
17,607

 
55,597

 
(37,990
)
 
(68.3
)
Net interest income after provision for credit losses
188,062

 
148,477

 
39,585

 
26.7

Non-interest income:
 
 
 
 
 
 
 
Fees and service charges
37,741

 
39,477

 
(1,736
)
 
(4.4
)
Card revenue
13,781

 
12,830

 
951

 
7.4

ATM revenue
5,143

 
5,249

 
(106
)
 
(2.0
)
Subtotal
56,665

 
57,556

 
(891
)
 
(1.5
)
Gains on sales of auto loans, net
3,136

 
12,962

 
(9,826
)
 
(75.8
)
Gains on sales of consumer real estate loans, net
13,104

 
6,175

 
6,929

 
112.2

Servicing fee income
8,622

 
6,365

 
2,257

 
35.5

Subtotal
24,862

 
25,502

 
(640
)
 
(2.5
)
Leasing and equipment finance
32,355

 
24,367

 
7,988

 
32.8

Other
1,806

 
2,363

 
(557
)
 
(23.6
)
Fees and other revenue
115,688

 
109,788

 
5,900

 
5.4

Gains (losses) on securities, net
(29
)
 
(20
)
 
(9
)
 
(45.0
)
Total non-interest income
115,659

 
109,768

 
5,891

 
5.4

Non-interest expense:
 
 
 
 
 
 
 
Compensation and employee benefits
109,061

 
115,796

 
(6,735
)
 
(5.8
)
Occupancy and equipment
37,824

 
35,747

 
2,077

 
5.8

FDIC insurance
5,173

 
2,643

 
2,530

 
95.7

Advertising and marketing
5,316

 
5,146

 
170

 
3.3

Other
46,441

 
48,063

 
(1,622
)
 
(3.4
)
Subtotal
203,815

 
207,395

 
(3,580
)
 
(1.7
)
Operating lease depreciation
13,608

 
6,878

 
6,730

 
97.8

Foreclosed real estate and repossessed assets, net
4,940

 
7,441

 
(2,501
)
 
(33.6
)
Other credit costs, net
224

 
44

 
180

 
N.M.

Total non-interest expense
222,587

 
221,758

 
829

 
0.4

Income before income tax expense
81,134

 
36,487

 
44,647

 
122.4

Income tax expense
26,614

 
11,011

 
15,603

 
141.7

Income after income tax expense
54,520

 
25,476

 
29,044

 
114.0

Income attributable to non-controlling interest
2,028

 
1,488

 
540

 
36.3

Net income attributable to TCF Financial Corporation
52,492

 
23,988

 
28,504

 
118.8

Preferred stock dividends
4,847

 
4,847

 

 

Net income available to common stockholders
$
47,645

 
$
19,141

 
$
28,504

 
148.9

 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
Basic
$
0.29

 
$
0.12

 
$
0.17

 
141.7
 %
Diluted
0.29

 
0.12

 
0.17

 
141.7

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.075

 
$
0.05

 
$
0.025

 
50.0
 %
 
 
 
 
 
 
 
 
Average common and common equivalent shares
 
 
 
 
 
 
 
outstanding (in thousands):
 
 
 
 
 
 
 
Basic
166,343

 
164,384

 
1,959

 
1.2
 %
Diluted
166,942

 
164,869

 
2,073

 
1.3

 
 
 
 
 
 
 
 
N.M. Not Meaningful.
 
 
 
 
 
 
 



13




TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per-share data)
(Unaudited)
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
Change
 
2015
 
2014
 
$
 
%
Interest income:
 
 
 
 
 
 
 
Loans and leases
$
832,736

 
$
820,436

 
$
12,300

 
1.5
 %
Securities available for sale
15,648

 
11,994

 
3,654

 
30.5

Securities held to maturity
5,486

 
5,281

 
205

 
3.9

Investments and other
38,060

 
36,518

 
1,542

 
4.2

Total interest income
891,930

 
874,229

 
17,701

 
2.0

Interest expense:
 
 
 
 
 
 
 
Deposits
48,226

 
38,385

 
9,841

 
25.6

Borrowings
23,316

 
20,215

 
3,101

 
15.3

Total interest expense
71,542

 
58,600

 
12,942

 
22.1

Net interest income
820,388

 
815,629

 
4,759

 
0.6

Provision for credit losses
52,944

 
95,737

 
(42,793
)
 
(44.7
)
Net interest income after provision for credit losses
767,444

 
719,892

 
47,552

 
6.6

Non-interest income:
 
 
 
 
 
 
 
Fees and service charges
144,999

 
154,386

 
(9,387
)
 
(6.1
)
Card revenue
54,387

 
51,323

 
3,064

 
6.0

ATM revenue
21,544

 
22,225

 
(681
)
 
(3.1
)
Subtotal
220,930

 
227,934

 
(7,004
)
 
(3.1
)
Gains on sales of auto loans, net
30,580

 
43,565

 
(12,985
)
 
(29.8
)
Gains on sales of consumer real estate loans, net
40,964

 
34,794

 
6,170

 
17.7

Servicing fee income
31,229

 
21,444

 
9,785

 
45.6

Subtotal
102,773

 
99,803

 
2,970

 
3.0

Leasing and equipment finance
108,129

 
93,799

 
14,330

 
15.3

Other
10,463

 
10,704

 
(241
)
 
(2.3
)
Fees and other revenue
442,295

 
432,240

 
10,055

 
2.3

Gains (losses) on securities, net
(297
)
 
1,027

 
(1,324
)
 
N.M.

Total non-interest income
441,998

 
433,267

 
8,731

 
2.0

Non-interest expense:
 
 
 
 
 
 
 
Compensation and employee benefits
457,743

 
452,942

 
4,801

 
1.1

Occupancy and equipment
144,962

 
139,023

 
5,939

 
4.3

FDIC insurance
20,262

 
25,123

 
(4,861
)
 
(19.3
)
Advertising and marketing
22,782

 
22,943

 
(161
)
 
(0.7
)
Other
186,211

 
179,904

 
6,307

 
3.5

Subtotal
831,960

 
819,935

 
12,025

 
1.5

Operating lease depreciation
39,409

 
27,152

 
12,257

 
45.1

Foreclosed real estate and repossessed assets, net
23,193

 
24,567

 
(1,374
)
 
(5.6
)
Other credit costs, net
185

 
123

 
62

 
50.4

Total non-interest expense
894,747

 
871,777

 
22,970

 
2.6

Income before income tax expense
314,695

 
281,382

 
33,313

 
11.8

Income tax expense
108,872

 
99,766

 
9,106

 
9.1

Income after income tax expense
205,823

 
181,616

 
24,207

 
13.3

Income attributable to non-controlling interest
8,700

 
7,429

 
1,271

 
17.1

Net income attributable to TCF Financial Corporation
197,123

 
174,187

 
22,936

 
13.2

Preferred stock dividends
19,388

 
19,388

 

 

Net income available to common stockholders
$
177,735

 
$
154,799

 
$
22,936

 
14.8

 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
Basic
$
1.07

 
$
0.95

 
$
0.12

 
12.6
 %
Diluted
1.07

 
0.94

 
0.13

 
13.8

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.225

 
$
0.20

 
$
0.025

 
12.5
 %
 
 
 
 
 
 
 
 
Average common and common equivalent shares
 
 
 
 
 
 
 
outstanding (in thousands):
 
 
 
 
 
 
 
Basic
165,697

 
163,581

 
2,116

 
1.3
 %
Diluted
166,242

 
164,085

 
2,157

 
1.3

 
 
 
 
 
 
 
 
N.M. Not Meaningful.
 
 
 
 
 
 
 


14




TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Change
 
2015
 
2014
 
$
 
%
Net income attributable to TCF Financial Corporation
$
52,492

 
$
23,988

 
$
28,504

 
118.8
 %
Other comprehensive income (loss):
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
Unrealized gains (losses) arising during the period
(5,494
)
 
9,419

 
(14,913
)
 
N.M.

Reclassification of net (gains) losses to net income
288

 
299

 
(11
)
 
(3.7
)
Net investment hedges:
 
 
 
 
 
 
 
Unrealized gains (losses) arising during the period
1,841

 
1,449

 
392

 
27.1

Foreign currency translation adjustment:
 
 
 
 
 
 
 
Unrealized gains (losses) arising during the period
(1,986
)
 
(1,661
)
 
(325
)
 
(19.6
)
Recognized postretirement prior service cost:
 
 
 
 
 
 
 
Reclassification of net (gains) losses to net income
(11
)
 
(12
)
 
1

 
8.3

Income tax (expense) benefit
1,283

 
(4,188
)
 
5,471

 
N.M.

Total other comprehensive income (loss)
(4,079
)
 
5,306

 
(9,385
)
 
N.M.

Comprehensive income
$
48,413

 
$
29,294

 
$
19,119

 
65.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
Change
 
2015
 
2014
 
$
 
%
Net income attributable to TCF Financial Corporation
$
197,123

 
$
174,187

 
$
22,936

 
13.2
 %
Other comprehensive income (loss):