Toggle SGML Header (+)


Section 1: 8-K (8-K)

Document


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):
July 22, 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 July 22, 2016, attached to this Form 8-K as Exhibit 99.1, announcing its results of operations for the quarter ended June 30, 2016.
 
The earnings release is also available on the Investor Relations section of the Company’s website 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 second quarter of 2016 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 July 22, 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 website 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 July 22, 2016

99.2            Slide presentation prepared for use with the Earnings Release, dated July 22, 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, President and Chief Executive Officer
(Principal Executive Officer)
 
 
 
 
 
/s/ Brian W. Maass
 
Brian W. Maass,
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
 
 
 
 
 
/s/ Susan D. Bode
 
Susan D. Bode,
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)
 
Dated:  July 22, 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 $57.7 MILLION, OR 31 CENTS PER SHARE

SECOND QUARTER HIGHLIGHTS
- Revenue of $330.9 million, up 3.6 percent from the second quarter of 2015
- Non-interest expense of $227.3 million, up 1.9 percent from the second quarter of 2015
- Efficiency ratio of 68.7 percent, down 115 basis points from the second quarter of 2015
- Period-end loans and leases of $17.5 billion, up 3.5 percent from June 30, 2015
- Loan and lease originations of $4.3 billion, up 8.4 percent from the second quarter of 2015
- Average deposits of $17.3 billion, up 9.0 percent from the second quarter of 2015
- Non-accrual loans and leases of $195.5 million, down 4.9 percent from June 30, 2015
- Net charge-offs as a percentage of average loans and leases of 0.23 percent, down 18 basis points from the second quarter of 2015
- Earnings per share of 31 cents, up 6.9 percent from the second quarter of 2015

Summary of Financial Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 1

 
 
 
 
 
 
 
Percent Change
 
 
 
 
 
 
(Dollars in thousands, except per-share data)
2Q
 
1Q
 
2Q
 
2Q16 vs
 
2Q16 vs
 
YTD
 
YTD
 
Percent
 
2016
 
2016
 
2015
 
1Q16
 
2Q15
 
2016
 
2015
 
Change
Net income attributable to TCF
$
57,694

 
$
48,046

 
$
52,255

 
20.1
%
 
10.4
%
 
$
105,740

 
$
92,056

 
14.9
%
Net interest income
212,984

 
211,658

 
206,029

 
0.6

 
3.4

 
424,642

 
409,449

 
3.7

Diluted earnings per common share
0.31

 
0.26

 
0.29

 
19.2

 
6.9

 
0.57

 
0.50

 
14.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Ratios(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax pre-provision return on average assets(2)
1.95
%
 
1.83
%
 
1.94
%
 
 
 
 
 
1.89
%
 
1.76
%
 
 
Return on average assets
1.14

 
0.96

 
1.11

 
 
 
 
 
1.05

 
0.98

 
 
Return on average common equity
10.09

 
8.45

 
9.93

 
 
 
 
 
9.28

 
8.71

 
 
Return on average tangible common equity(3)
11.38

 
9.57

 
11.34

 
 
 
 
 
10.49

 
9.98

 
 
Net interest margin
4.35

 
4.37

 
4.44

 
 
 
 
 
4.36

 
4.47

 
 
Net charge-offs as a percentage of average loans and leases
0.23

 
0.27

 
0.41

 
 
 
 
 
0.25

 
0.34

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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. (July 22, 2016) - TCF Financial Corporation ("TCF" or the "Company") (NYSE: TCB) today reported net income of $57.7 million for the second quarter of 2016, compared with net income of $52.3 million for the second quarter of 2015, and net income of $48.0 million for the first quarter of 2016. Diluted earnings per common share was 31 cents for the second quarter of 2016, compared with 29 cents for the second quarter of 2015, and 26 cents for the first quarter of 2016.

TCF reported net income of $105.7 million for the first six months of 2016, compared with net income of $92.1 million for the same period in 2015. Diluted earnings per common share was 57 cents for the first six months of 2016, compared with 50 cents for the same period in 2015.

"TCF had a strong second quarter as year-over-year revenue growth continued to outpace expense growth," said Craig R. Dahl, president and chief executive officer. "Operating leverage, one of TCF’s four strategic pillars, remained in focus during the quarter as we generated strong non-interest income from our national lending businesses while continuing to manage our overall expense base. Despite the ongoing headwinds from the rate environment, we managed to sustain our loan yields and manage our deposit costs during the quarter. Our diversification strategy continues to drive good outcomes with strong loan and lease originations taking place while maintaining stable credit quality across all business units.

"Our business results indicate true progress against our four strategic pillars: diversification, profitable growth, operating leverage and core funding. As we move to the second half of 2016 and beyond, the team at TCF is focused on improving the experience of our customer and accelerating value creation for our shareholders."



2




Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 2
 
 
 
 
 
 
 
 
Percent Change
 
 
 
 
 
 
(Dollars in thousands)
2Q
 
1Q
 
2Q
 
2Q16 vs
 
2Q16 vs
 
YTD
 
YTD
 
Percent
 
2016
 
2016
 
2015
 
1Q16
 
2Q15
 
2016
 
2015
 
Change
Net interest income
$
212,984

 
$
211,658

 
$
206,029

 
0.6
 %
 
3.4
 %
 
$
424,642

 
$
409,449

 
3.7
 %
Non-interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fees and service charges
34,622

 
32,817

 
36,295

 
5.5

 
(4.6
)
 
67,439

 
70,267

 
(4.0
)
Card revenue
14,083

 
13,363

 
13,902

 
5.4

 
1.3

 
27,446

 
26,803

 
2.4

ATM revenue
5,288

 
5,021

 
5,540

 
5.3

 
(4.5
)
 
10,309

 
10,662

 
(3.3
)
Subtotal
53,993

 
51,201

 
55,737

 
5.5

 
(3.1
)
 
105,194

 
107,732

 
(2.4
)
Gains on sales of auto loans, net
10,143

 
11,920

 
10,756

 
(14.9
)
 
(5.7
)
 
22,063

 
17,021

 
29.6

Gains on sales of consumer real estate loans, net
10,839

 
9,384

 
11,954

 
15.5

 
(9.3
)
 
20,223

 
20,717

 
(2.4
)
Servicing fee income
9,502

 
8,883

 
7,216

 
7.0

 
31.7

 
18,385

 
14,558

 
26.3

Subtotal
30,484

 
30,187

 
29,926

 
1.0

 
1.9

 
60,671

 
52,296

 
16.0

Leasing and equipment finance
31,074

 
28,487

 
26,385

 
9.1

 
17.8

 
59,561

 
48,609

 
22.5

Other
2,405

 
2,843

 
1,460

 
(15.4
)
 
64.7

 
5,248

 
5,587

 
(6.1
)
Fees and other revenue
117,956

 
112,718

 
113,508

 
4.6

 
3.9

 
230,674

 
214,224

 
7.7

Gains (losses) on securities, net

 
(116
)
 
(59
)
 
(100.0
)
 
(100.0
)
 
(116
)
 
(137
)
 
15.3

Total non-interest income
117,956

 
112,602

 
113,449

 
4.8

 
4.0

 
230,558

 
214,087

 
7.7

Total revenue
$
330,940

 
$
324,260

 
$
319,478

 
2.1

 
3.6

 
$
655,200

 
$
623,536

 
5.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin(1)
4.35
%
 
4.37
%
 
4.44
%
 
 
 
 
 
4.36
%
 
4.47
%
 
 
Total non-interest income as a percentage of total revenue
35.6

 
34.7

 
35.5

 
 
 
 
 
35.2

 
34.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annualized.
 
 
 
 
 
 
 
 

Net Interest Income
Net interest income for the second quarter of 2016 increased $7.0 million, or 3.4 percent, compared with the second quarter of 2015. The increase was primarily due to higher average loan and lease balances in the auto finance and inventory finance portfolios and higher average balances of securities available for sale and loans and leases held for sale. The increase was partially offset by the run-off of consumer real estate first mortgage lien loan balances, overall net margin compression and higher promotional rates paid on certificates of deposit.

Net interest income for the second quarter of 2016 increased $1.3 million, or 0.6 percent, compared with the first quarter of 2016. The increase was primarily due to higher average loan balances in the inventory finance portfolio driven by peak seasonality balances during the first two months of the second quarter of 2016 and higher average balances of loans and leases held for sale, securities available for sale from growth of the municipal securities portfolio and loans in the auto finance portfolio due to maturation of the business model. The increase was partially offset by lower average consumer real estate loan balances due to the run-off of consumer real estate first mortgage lien loan balances and a net decrease in consumer real estate junior lien loan balances.


3




Net interest margin for the second quarter of 2016 was 4.35 percent, compared with 4.44 percent for the second quarter of 2015 and 4.37 percent for the first quarter of 2016. The decrease compared with the second quarter of 2015 was primarily due to higher rates paid on certificates of deposit and margin compression resulting from the impact of the ongoing low interest rate environment. The decrease compared with the first quarter of 2016 was primarily due to the run-off of consumer real estate first mortgage lien loan balances and higher rates paid on certificates of deposit.

Non-interest Income
Fees and service charges in the second quarter of 2016 were $34.6 million, down $1.7 million, or 4.6 percent, from the second quarter of 2015 and up $1.8 million, or 5.5 percent, from the first quarter of 2016. The decrease compared with the second quarter of 2015 was primarily due to ongoing consumer behavior changes, as well as higher average checking account balances per customer. The increase compared with the first quarter of 2016 was primarily due to seasonality resulting in an increase in transaction activity.

TCF sold $533.4 million, $436.4 million and $444.3 million of auto loans during the second quarters of 2016 and 2015, and the first quarter of 2016, respectively, resulting in net gains in each period.

TCF sold $344.6 million, $364.9 million and $321.4 million of consumer real estate loans during the second quarters of 2016 and 2015, and the first quarter of 2016, respectively, resulting in net gains in each 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.

Servicing fee income was $9.5 million on $4.7 billion of average loans and leases serviced for others during the second quarter of 2016, compared with $7.2 million on $3.7 billion for the second quarter of 2015 and $8.9 million on $4.4 billion for the first quarter of 2016. The increases from both periods were primarily due to the cumulative effect of the 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)
2Q
 
1Q
 
2Q
 
2Q16 vs
 
2Q16 vs
 
YTD
 
YTD
 
Percent
 
2016
 
2016
 
2015
 
1Q16
 
2Q15
 
2016
 
2015
 
Change
Period-End:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First mortgage lien
$
2,409,320

 
$
2,521,492

 
$
2,865,911

 
(4.4
)%
 
(15.9
)%
 
 
 
 
 
 
Junior lien
2,677,522

 
2,729,075

 
2,678,118

 
(1.9
)
 

 
 
 
 
 
 
Total consumer real estate
5,086,842

 
5,250,567

 
5,544,029

 
(3.1
)
 
(8.2
)
 
 
 
 
 
 
Commercial
3,096,046

 
3,114,594

 
3,112,344

 
(0.6
)
 
(0.5
)
 
 
 
 
 
 
Leasing and equipment finance
4,120,359

 
4,005,934

 
3,791,215

 
2.9

 
8.7

 
 
 
 
 
 
Inventory finance
2,334,893

 
2,676,675

 
2,106,087

 
(12.8
)
 
10.9

 
 
 
 
 
 
Auto finance
2,812,807

 
2,786,731

 
2,301,714

 
0.9

 
22.2

 
 
 
 
 
 
Other
20,890

 
18,940

 
21,852

 
10.3

 
(4.4
)
 
 
 
 
 
 
Total
$
17,471,837

 
$
17,853,441

 
$
16,877,241

 
(2.1
)
 
3.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First mortgage lien
$
2,464,692

 
$
2,573,915

 
$
2,936,793

 
(4.2
)%
 
(16.1
)%
 
$
2,519,303

 
$
3,006,411

 
(16.2
)%
Junior lien
2,794,035

 
2,884,859

 
2,650,894

 
(3.1
)
 
5.4

 
2,839,448

 
2,632,816

 
7.8

Total consumer real estate
5,258,727

 
5,458,774

 
5,587,687

 
(3.7
)
 
(5.9
)
 
5,358,751

 
5,639,227

 
(5.0
)
Commercial
3,109,946

 
3,158,101

 
3,148,272

 
(1.5
)
 
(1.2
)
 
3,134,023

 
3,151,124

 
(0.5
)
Leasing and equipment finance
4,032,112

 
3,992,678

 
3,751,776

 
1.0

 
7.5

 
4,012,395

 
3,740,691

 
7.3

Inventory finance
2,564,648

 
2,433,534

 
2,292,481

 
5.4

 
11.9

 
2,499,091

 
2,201,183

 
13.5

Auto finance
2,751,679

 
2,703,880

 
2,211,014

 
1.8

 
24.5

 
2,727,779

 
2,116,604

 
28.9

Other
9,585

 
10,018

 
10,734

 
(4.3
)
 
(10.7
)
 
9,802

 
11,173

 
(12.3
)
Total
$
17,726,697

 
$
17,756,985

 
$
17,001,964

 
(0.2
)
 
4.3

 
$
17,741,841

 
$
16,860,002

 
5.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Period-end loans and leases were $17.5 billion at June 30, 2016, an increase of $0.6 billion, or 3.5 percent, compared with June 30, 2015 and a decrease of $0.4 billion, or 2.1 percent, compared with March 31, 2016. Average loans and leases were $17.7 billion for the second quarter of 2016, an increase of $0.7 billion, or 4.3 percent, compared with the second quarter of 2015 and consistent with the first quarter of 2016.

The increases from June 30, 2015 were primarily due to the maturation of the business model in auto finance and an increase in the leasing and equipment finance portfolio due to strong originations, as well as expansion of the lawn and garden segment of inventory finance, partially offset by run-off in the consumer real estate first mortgage lien portfolio. The decrease from March 31, 2016 for period-end loans and leases was primarily due to seasonal decreases in the inventory finance portfolio and run-off in the consumer real estate first mortgage lien portfolio, partially offset by an increase in the leasing and equipment finance portfolio due to strong originations.


5




Loan and lease originations were $4.3 billion for the second quarter of 2016, an increase of $0.3 billion, or 8.4 percent, compared with the second quarter of 2015 and an increase of $0.2 billion, or 6.1 percent, compared with the first quarter of 2016. The increase from the second quarter of 2015 was primarily due to strong growth in the lawn and garden segment of inventory finance and increases in auto finance and leasing and equipment finance originations, partially offset by a decrease in consumer real estate originations. The increase from the first quarter of 2016 was primarily due to increases in consumer real estate and leasing and equipment finance originations, partially offset by a decrease in inventory finance originations.

Credit Quality
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Trends
 
 
 
 
 
 
 
Table 4

 
 
 
 
 
 
 
Change
(Dollars in thousands)
2Q
1Q
4Q
3Q
2Q
 
2Q16 vs
2Q16 vs
 
2016
2016
2015
2015
2015
 
1Q16
2Q15
Over 60-day delinquencies as a percentage of period-end loans and leases(1)
0.12
%
0.10
%
0.11
%
0.17
%
0.10
%
 
2 bps

2 bps

Net charge-offs as a percentage of average loans and leases(2)
0.23

0.27

0.29

0.23

0.41

 
(4
)
(18
)
Non-accrual loans and leases and other real estate owned
$
232,334

$
241,090

$
250,448

$
264,694

$
263,717

 
(3.6)%

(11.9)%

Provision for credit losses
13,250

18,842

17,607

10,018

12,528

 
(29.7
)
5.8

 
(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 0.12 percent at June 30, 2016, up from 0.10 percent at both June 30, 2015 and March 31, 2016. The increases from both periods were primarily driven by delinquencies in the commercial real estate portfolio.

The net charge-off rate was 0.23 percent for the second quarter of 2016, down from 0.41 percent for the second quarter of 2015, and down from 0.27 percent for the first quarter of 2016. The decreases from both periods were primarily due to improved credit quality in the consumer real estate portfolio.

Non-accrual loans and leases and other real estate owned was $232.3 million at June 30, 2016, a decrease of $31.4 million, or 11.9 percent, from June 30, 2015, and a decrease of $8.8 million, or 3.6 percent, from March 31, 2016. The decrease from June 30, 2015 was primarily due to sales of consumer real estate and commercial properties, improving credit quality trends and continued efforts to actively work out problem loans in the commercial real estate portfolio. The decrease from March 31, 2016 was primarily due to sales of consumer real estate properties outpacing additions and improving credit quality trends in the consumer real estate portfolio. Non-accrual loans and leases and other real estate owned at June 30, 2016 was the lowest balance since the third quarter of 2008.

6




Provision for credit losses was $13.3 million for the second quarter of 2016, an increase of $0.7 million, or 5.8 percent, from the second quarter of 2015, and a decrease of $5.6 million, or 29.7 percent, from the first quarter of 2016. The increase from the second quarter of 2015 was primarily due to increased reserve requirements related to growth in the auto finance, leasing and equipment finance and inventory finance portfolios as well as increased reserve requirements related to changes in economic outlook, partially offset by decreased net charge-offs and improved credit quality in the consumer real estate and commercial portfolios. The decrease from the first quarter of 2016 was primarily due to lower net charge-offs and reduced reserve requirements in the consumer real estate portfolio.

Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 5

 
 
 
 
 
 
 
Percent Change
 
 
 
 
 
 
(Dollars in thousands)
2Q
 
1Q
 
2Q
 
2Q16 vs
 
2Q16 vs
 
YTD
 
YTD
 
Percent
 
2016
 
2016
 
2015
 
1Q16
 
2Q15
 
2016
 
2015
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Checking
$
5,727,147

 
$
5,593,300

 
$
5,428,419

 
2.4
 %
 
5.5
 %
 
$
5,660,223

 
$
5,364,911

 
5.5
 %
Savings
4,690,376

 
4,713,765

 
5,048,053

 
(0.5
)
 
(7.1
)
 
4,702,072

 
5,104,561

 
(7.9
)
Money market
2,557,897

 
2,472,751

 
2,261,567

 
3.4

 
13.1

 
2,515,324

 
2,205,764

 
14.0

Certificates of deposit
4,308,367

 
4,104,951

 
3,116,718

 
5.0

 
38.2

 
4,206,659

 
3,079,461

 
36.6

Total average deposits
$
17,283,787

 
$
16,884,767

 
$
15,854,757

 
2.4

 
9.0

 
$
17,084,278

 
$
15,754,697

 
8.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average interest rate on deposits(1)
0.37
%
 
0.36
%
 
0.28
%
 
 
 
 
 
0.36
%
 
0.28
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annualized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Total average deposits for the second quarter of 2016 increased $1.4 billion, or 9.0 percent, from the second quarter of 2015 and increased $0.4 billion, or 2.4 percent, from the first quarter of 2016. The increases from both periods were primarily due to special campaigns for certificates of deposit as well as growth in checking and money market balances.

The average interest rate on deposits for the second quarter of 2016 was 0.37 percent, up 9 basis points from the second quarter of 2015 and up 1 basis point from the first quarter of 2016. 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

 
 
 
 
 
 
 
 Change
 
 
 
 
 
 
(Dollars in thousands)
2Q
 
1Q
 
2Q
 
2Q16 vs
 
2Q16 vs
 
YTD
 
YTD
 
Percent
 
2016
 
2016
 
2015
 
1Q16
 
2Q15
 
2016
 
2015
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation and employee benefits
$
118,093

 
$
124,473

 
$
116,159

 
(5.1
)%
 
1.7
 %
 
$
242,566

 
$
231,974

 
4.6
 %
Occupancy and equipment
36,884

 
37,008

 
36,152

 
(0.3
)
 
2.0

 
73,892

 
72,979

 
1.3

FDIC insurance
3,751

 
4,113

 
4,864

 
(8.8
)
 
(22.9
)
 
7,864

 
10,257

 
(23.3
)
Advertising and marketing
5,678

 
5,887

 
5,150

 
(3.6
)
 
10.3

 
11,565

 
11,673

 
(0.9
)
Other
49,987

 
43,348

 
45,887

 
15.3

 
8.9

 
93,335

 
94,020

 
(0.7
)
Subtotal
214,393

 
214,829

 
208,212

 
(0.2
)
 
3.0

 
429,222

 
420,903

 
2.0

Operating lease depreciation
9,842

 
9,573

 
8,582

 
2.8

 
14.7

 
19,415

 
16,316

 
19.0

Foreclosed real estate and repossessed assets, net
3,135

 
3,920

 
6,377

 
(20.0
)
 
(50.8
)
 
7,055

 
12,573

 
(43.9
)
Other credit costs, net
(54
)
 
12

 
(62
)
 
N.M.

 
12.9

 
(42
)
 
84

 
N.M.

Total non-interest expense
$
227,316

 
$
228,334

 
$
223,109

 
(0.4
)
 
1.9

 
$
455,650

 
$
449,876

 
1.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Efficiency ratio
68.69
%
 
70.42
%
 
69.84
%
 
(173) bps

 
(115) bps

 
69.54
%
 
72.15
%
 
(261) bps

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N.M. Not Meaningful.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Compensation and employee benefits expense increased $1.9 million, or 1.7 percent, from the second quarter of 2015 and decreased $6.4 million, or 5.1 percent, from the first quarter of 2016. The increase from the second quarter of 2015 was primarily due to higher incentives based on production results. The decrease from the first quarter of 2016 was primarily due to seasonality of payroll taxes.

Branch realignment expense of $2.9 million during the second quarter of 2016 relating to the pending closure of two traditional branches was included within other non-interest expense. There was no branch realignment expense during 2015.

Operating lease depreciation is a transactional cost that is typically more than offset by increases in leasing and equipment finance non-interest income.

Foreclosed real estate and repossessed assets, net, decreased $3.2 million, or 50.8 percent from the second quarter of 2015 and decreased $0.8 million, or 20.0 percent, from the first quarter of 2016. The decrease from the second quarter of 2015 was primarily due to lower write-downs on existing foreclosed commercial properties and lower operating costs associated with maintaining fewer consumer and commercial properties, partially offset by higher repossessed asset expense. The decrease from the first quarter of 2016 was primarily due to lower write-downs on existing foreclosed consumer and commercial properties and lower operating costs associated with maintaining fewer consumer properties.



8




Capital
 
 
 
 
 
 
 
Capital Information
 
 
Table 7

 
 
 
 
(Dollars in thousands, except per-share data)
2Q 2016
 
4Q 2015
Total equity
$
2,419,758

 
$
2,306,917

Book value per common share
12.48

 
11.94

Tangible book value per common share(1)
11.15

 
10.59

Common equity to assets
10.13
%
 
9.80
%
Tangible common equity to tangible assets(1)
9.15

 
8.79

Capital accumulation rate(2)
8.98

 
10.44

 
 
 
 
Regulatory Capital:
2Q 2016(3)
 
4Q 2015
Common equity Tier 1 capital
$
1,895,936

 
$
1,814,442

Tier 1 capital
2,177,700

 
2,092,195

Total capital
2,563,277

 
2,487,060

 
 
 
 
Regulatory Capital Ratios:
 
 
 
Common equity Tier 1 capital ratio
10.16
%
 
10.00
%
Tier 1 risk-based capital ratio
11.67

 
11.54

Total risk-based capital ratio
13.73

 
13.71

Tier 1 leverage ratio
10.38

 
10.46

 
 
 
 
(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 2Q 2016 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 leverage ratio from the fourth quarter of 2015 was primarily the result of asset growth.

On July 20, 2016, TCF's Board of Directors declared a regular quarterly cash dividend of 7.5 cents per common share, payable on September 1, 2016, to stockholders of record at the close of business on August 15, 2016. TCF also declared dividends on the 7.50% Series A and 6.45% Series B Non-Cumulative Perpetual Preferred Stock, both payable on September 1, 2016, to stockholders of record at the close of business on August 15, 2016.


9




Webcast Information
A live webcast of TCF's conference call to discuss the second quarter earnings will be hosted at TCF's website, http://ir.tcfbank.com, on July 22, 2016 at 9:00 a.m. CDT. 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 June 30, 2016, TCF had $21.1 billion in total assets and 342 branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona and South Dakota 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, 2015 under the heading "Risk Factors", 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; 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; inability to timely close underperforming branches due to long-term lease obligations; 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.
 
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 June 30,
 
Change
 
2016
 
2015
 
$
 
%
Interest income:
 
 
 
 
 
 
 
Loans and leases
$
214,128

 
$
207,164

 
$
6,964

 
3.4
 %
Securities available for sale
6,396

 
3,543

 
2,853

 
80.5

Securities held to maturity
1,116

 
1,384

 
(268
)
 
(19.4
)
Investments and other
12,364

 
10,990

 
1,374

 
12.5

Total interest income
234,004

 
223,081

 
10,923

 
4.9

Interest expense:
 
 
 
 
 
 
 
Deposits
15,893

 
11,080

 
4,813

 
43.4

Borrowings
5,127

 
5,972

 
(845
)
 
(14.1
)
Total interest expense
21,020

 
17,052

 
3,968

 
23.3

Net interest income
212,984

 
206,029

 
6,955

 
3.4

Provision for credit losses
13,250

 
12,528

 
722

 
5.8

Net interest income after provision for credit losses
199,734

 
193,501

 
6,233

 
3.2

Non-interest income:
 
 
 
 
 
 
 
Fees and service charges
34,622

 
36,295

 
(1,673
)
 
(4.6
)
Card revenue
14,083

 
13,902

 
181

 
1.3

ATM revenue
5,288

 
5,540

 
(252
)
 
(4.5
)
Subtotal
53,993

 
55,737

 
(1,744
)
 
(3.1
)
Gains on sales of auto loans, net
10,143

 
10,756

 
(613
)
 
(5.7
)
Gains on sales of consumer real estate loans, net
10,839

 
11,954

 
(1,115
)
 
(9.3
)
Servicing fee income
9,502

 
7,216

 
2,286

 
31.7

Subtotal
30,484

 
29,926

 
558

 
1.9

Leasing and equipment finance
31,074

 
26,385

 
4,689

 
17.8

Other
2,405

 
1,460

 
945

 
64.7

Fees and other revenue
117,956

 
113,508

 
4,448

 
3.9

Gains (losses) on securities, net

 
(59
)
 
59

 
(100.0
)
Total non-interest income
117,956

 
113,449

 
4,507

 
4.0

Non-interest expense:
 
 
 
 
 
 
 
Compensation and employee benefits
118,093

 
116,159

 
1,934

 
1.7

Occupancy and equipment
36,884

 
36,152

 
732

 
2.0

FDIC insurance
3,751

 
4,864

 
(1,113
)
 
(22.9
)
Advertising and marketing
5,678

 
5,150

 
528

 
10.3

Other
49,987

 
45,887

 
4,100

 
8.9

Subtotal
214,393

 
208,212

 
6,181

 
3.0

Operating lease depreciation
9,842

 
8,582

 
1,260

 
14.7

Foreclosed real estate and repossessed assets, net
3,135

 
6,377

 
(3,242
)
 
(50.8
)
Other credit costs, net
(54
)
 
(62
)
 
8

 
12.9

Total non-interest expense
227,316

 
223,109

 
4,207

 
1.9

Income before income tax expense
90,374

 
83,841

 
6,533

 
7.8

Income tax expense
29,706

 
28,902

 
804

 
2.8

Income after income tax expense
60,668

 
54,939

 
5,729

 
10.4

Income attributable to non-controlling interest
2,974

 
2,684

 
290

 
10.8

Net income attributable to TCF Financial Corporation
57,694

 
52,255

 
5,439

 
10.4

Preferred stock dividends
4,847

 
4,847

 

 

Net income available to common stockholders
$
52,847

 
$
47,408

 
$
5,439

 
11.5

 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
Basic
$
0.32

 
$
0.29

 
$
0.03

 
10.3
 %
Diluted
0.31

 
0.29

 
0.02

 
6.9

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.075

 
$
0.05

 
$
0.025

 
50.0
 %
 
 
 
 
 
 
 
 
Average common and common equivalent shares
 
 
 
 
 
 
 
outstanding (in thousands):
 
 
 
 
 
 
 
Basic
167,334

 
165,589

 
1,745

 
1.1
 %
Diluted
167,849

 
166,118

 
1,731

 
1.0

 
 
 
 
 
 
 
 

13




TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per-share data)
(Unaudited)
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
Change
 
2016
 
2015
 
$
 
%
Interest income:
 
 
 
 
 
 
 
Loans and leases
$
428,933

 
$
413,140

 
$
15,793

 
3.8
 %
Securities available for sale
11,894

 
6,623

 
5,271

 
79.6

Securities held to maturity
2,435

 
2,789

 
(354
)
 
(12.7
)
Investments and other
23,084

 
20,323

 
2,761

 
13.6

Total interest income
466,346

 
442,875

 
23,471

 
5.3

Interest expense:
 
 
 
 
 
 
 
Deposits
30,884

 
22,152

 
8,732

 
39.4

Borrowings
10,820

 
11,274

 
(454
)
 
(4.0
)
Total interest expense
41,704

 
33,426

 
8,278

 
24.8

Net interest income
424,642

 
409,449

 
15,193

 
3.7

Provision for credit losses
32,092

 
25,319

 
6,773

 
26.8

Net interest income after provision for credit losses
392,550

 
384,130

 
8,420

 
2.2

Non-interest income:
 
 
 
 
 
 
 
Fees and service charges
67,439

 
70,267

 
(2,828
)
 
(4.0
)
Card revenue
27,446

 
26,803

 
643

 
2.4

ATM revenue
10,309

 
10,662

 
(353
)
 
(3.3
)
Subtotal
105,194

 
107,732

 
(2,538
)
 
(2.4
)
Gains on sales of auto loans, net
22,063

 
17,021

 
5,042

 
29.6

Gains on sales of consumer real estate loans, net
20,223

 
20,717

 
(494
)
 
(2.4
)
Servicing fee income
18,385

 
14,558

 
3,827

 
26.3

Subtotal
60,671

 
52,296

 
8,375

 
16.0

Leasing and equipment finance
59,561

 
48,609

 
10,952

 
22.5

Other
5,248

 
5,587

 
(339
)
 
(6.1
)
Fees and other revenue
230,674

 
214,224

 
16,450

 
7.7

Gains (losses) on securities, net
(116
)
 
(137
)
 
21

 
15.3

Total non-interest income
230,558

 
214,087

 
16,471

 
7.7

Non-interest expense:
 
 
 
 
 
 
 
Compensation and employee benefits
242,566

 
231,974

 
10,592

 
4.6

Occupancy and equipment
73,892

 
72,979

 
913

 
1.3

FDIC insurance
7,864

 
10,257

 
(2,393
)
 
(23.3
)
Advertising and marketing
11,565

 
11,673

 
(108
)
 
(0.9
)
Other
93,335

 
94,020

 
(685
)
 
(0.7
)
Subtotal
429,222

 
420,903

 
8,319

 
2.0

Operating lease depreciation
19,415

 
16,316

 
3,099

 
19.0

Foreclosed real estate and repossessed assets, net
7,055

 
12,573

 
(5,518
)
 
(43.9
)
Other credit costs, net
(42
)
 
84

 
(126
)
 
N.M.

Total non-interest expense
455,650

 
449,876

 
5,774

 
1.3

Income before income tax expense
167,458

 
148,341

 
19,117

 
12.9

Income tax expense
56,509

 
51,730

 
4,779

 
9.2

Income after income tax expense
110,949

 
96,611

 
14,338

 
14.8

Income attributable to non-controlling interest
5,209

 
4,555

 
654

 
14.4

Net income attributable to TCF Financial Corporation
105,740

 
92,056

 
13,684

 
14.9

Preferred stock dividends
9,694

 
9,694

 

 

Net income available to common stockholders
$
96,046

 
$
82,362

 
$
13,684

 
16.6

 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
Basic
$
0.57

 
$
0.50

 
$
0.07

 
14.0
 %
Diluted
0.57

 
0.50

 
0.07

 
14.0

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.15

 
$
0.10

 
$
0.05

 
50.0
 %
 
 
 
 
 
 
 
 
Average common and common equivalent shares
 
 
 
 
 
 
 
outstanding (in thousands):
 
 
 
 
 
 
 
Basic
167,111

 
165,219

 
1,892

 
1.1
 %
Diluted
167,638

 
165,744

 
1,894

 
1.1

 
 
 
 
 
 
 
 
N.M. Not Meaningful.

14




TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Change
 
2016
 
2015
 
$
 
%
Net income attributable to TCF Financial Corporation
$
57,694

 
$
52,255

 
$
5,439

 
10.4
 %
Other comprehensive income (loss):
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
Unrealized gains (losses) arising during the period
21,128

 
(11,140
)
 
32,268

 
N.M.

Reclassification of net (gains) losses to net income
749

 
286

 
463

 
161.9

Net investment hedges:
 
 
 
 
 
 
 
Unrealized gains (losses) arising during the period
(338
)
 
(674
)
 
336

 
49.9

Foreign currency translation adjustment:
 
 
 
 
 
 
 
Unrealized gains (losses) arising during the period
339

 
617

 
(278
)
 
(45.1
)
Recognized postretirement prior service cost:
 
 
 
 
 
 
 
Reclassification of net (gains) losses to net income
(11
)
 
(11
)
 

 

Income tax (expense) benefit
(8,177
)
 
4,358

 
(12,535
)
 
N.M.

Total other comprehensive income (loss)
13,690

 
(6,564
)
 
20,254

 
N.M.

Comprehensive income
$
71,384

 
$
45,691

 
$
25,693

 
56.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
Change
 
2016
 
2015
 
$
 
%
Net income attributable to TCF Financial Corporation
$
105,740

 
$
92,056

 
$
13,684