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Section 1: 8-K (8-K)

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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 27, 2017
 
 37728186_deluxetcfcorplogorgba29.jpg
 
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 27, 2017, attached to this Form 8-K as Exhibit 99.1, announcing its results of operations for the quarter ended December 31, 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 fourth 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 January 27, 2017 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 January 27, 2017

99.2            Slide presentation prepared for use with the Earnings Release, dated January 27, 2017






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:  January 27, 2017



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
Exhibit 99.1

37728186_deluxetcfcorplogorgba30.jpg
NEWS RELEASE

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

FOR IMMEDIATE RELEASE
                                
Contact:
Mark Goldman        (952) 475-7050        news@tcfbank.com         (Media)
Jason Korstange        (952) 745-2755        investor@tcfbank.com        (Investors)

TCF REPORTS QUARTERLY NET INCOME OF $50.1 MILLION, OR 27 CENTS PER SHARE
AND ANNUAL NET INCOME OF $212.1 MILLION, OR $1.15 PER SHARE

2016 HIGHLIGHTS
- Revenue of $1.3 billion, up 4.1 percent from 2015
- Non-interest expense of $909.9 million, up 1.7 percent from 2015
- Efficiency ratio of 69.25 percent, down 163 basis points from 2015
- Period-end loans and leases of $17.8 billion, up 2.3 percent from December 31, 2015
- Loan and lease originations of $16.8 billion, up 10.3 percent from 2015
- Average deposits of $17.1 billion, up 7.2 percent from 2015
- Non-accrual loans and leases of $181.4 million, down 9.5 percent from December 31, 2015
- Net charge-offs as a percentage of average loans and leases of 0.26 percent, down 4 basis points from 2015
- Earnings per share of $1.15, up 7.5 percent from 2015

FOURTH QUARTER HIGHLIGHTS
- Revenue of $327.1 million, up 1.8 percent from the fourth quarter of 2015
- Non-interest expense of $225.4 million, up 1.2 percent from the fourth quarter of 2015
- Efficiency ratio of 68.89 percent, down 38 basis points from the fourth quarter of 2015
- Loan and lease originations of $4.3 billion, up 11.4 percent from the fourth quarter of 2015
- Average deposits of $17.1 billion, up 4.8 percent from the fourth quarter of 2015
- Net charge-offs as a percentage of average loans and leases of 0.27 percent, down 2 basis points from the fourth quarter of 2015
- Earnings per share of 27 cents, down 6.9 percent from the fourth quarter of 2015

Summary of Financial Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 1

 
 
 
 
 
 
 
Percent Change
 
 
 
 
 
 
(Dollars in thousands, except per-share data)
4Q
 
3Q
 
4Q
 
4Q16 vs
 
4Q16 vs
 
YTD
 
YTD
 
Percent
 
2016
 
2016
 
2015
 
3Q16
 
4Q15
 
2016
 
2015
 
Change
Net income attributable to TCF
$
50,092

 
$
56,292

 
$
52,492

 
(11.0
)%
 
(4.6
)%
 
$
212,124

 
$
197,123

 
7.6
%
Net interest income
211,446

 
212,018

 
205,669

 
(0.3
)
 
2.8

 
848,106

 
820,388

 
3.4

Diluted earnings per common share
0.27

 
0.31

 
0.29

 
(12.9
)
 
(6.9
)
 
1.15

 
1.07

 
7.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Ratios(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets
0.99
%
 
1.12
%
 
1.08
%
 
 
 
 
 
1.05
%
 
1.03
%
 
 
Return on average common equity
8.40

 
9.59

 
9.53

 
 
 
 
 
9.13

 
9.19

 
 
Return on average tangible common equity(2)
9.43

 
10.78

 
10.82

 
 
 
 
 
10.29

 
10.48

 
 
Net interest margin
4.30

 
4.34

 
4.35

 
 
 
 
 
4.34

 
4.42

 
 
Net charge-offs as a percentage of average loans and leases
0.27

 
0.26

 
0.29

 
 
 
 
 
0.26

 
0.30

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annualized.
 
 
 
 
 
 
(2) See "Reconciliation of GAAP to Non-GAAP Financial Measures" table.
 
 
 
 
 
 




WAYZATA, Minn. (January 27, 2017) - TCF Financial Corporation ("TCF" or the "Company") (NYSE: TCB) today reported net income of $50.1 million for the fourth quarter of 2016, compared with $52.5 million for the fourth quarter of 2015 and $56.3 million for the third quarter of 2016. Diluted earnings per common share was 27 cents for the fourth quarter of 2016, compared with 29 cents for the fourth quarter of 2015 and 31 cents for the third quarter of 2016.

TCF reported net income of $212.1 million for the year ended December 31, 2016, compared with $197.1 million for the same period in 2015. Diluted earnings per common share was $1.15 for the year ended December 31, 2016, compared with $1.07 for the same period in 2015.

"I am proud of the progress we have made and the successes we have achieved during 2016," said Craig R. Dahl, president and chief executive officer. "We took significant strides toward driving the Company forward in ways that align with our four strategic pillars. Execution of our diversification philosophy has resulted in strong performance from a credit quality perspective. Our unique loan and lease origination capabilities allow us to grow profitably in a variety of markets. We generated positive operating leverage throughout the year as revenue growth steadily outpaced expense growth. We also continued to expand our deposit base which will be very beneficial should interest rates continue to increase.

"While our long term results will continue to be driven by these four strategic pillars, market volatility and softness in the auto lending industry provided some near term headwinds. As we move forward into 2017, there is much to be excited about. Our focus will be on taking the next step in creating superior and sustainable financial performance. We can do this by optimizing our diverse loan and lease origination platforms to grow in areas that will continue to drive profitability. In addition, we will look to create new efficiencies throughout the organization while offering product and service solutions that meet the financial needs of our customers."

2




Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 2
 
 
 
 
 
 
 
 
Percent Change
 
 
 
 
 
 
(Dollars in thousands)
4Q
 
3Q
 
4Q
 
4Q16 vs
 
4Q16 vs
 
YTD
 
YTD
 
Percent
 
2016
 
2016
 
2015
 
3Q16
 
4Q15
 
2016
 
2015
 
Change
Net interest income
$
211,446

 
$
212,018

 
$
205,669

 
(0.3
)%
 
2.8
 %
 
$
848,106

 
$
820,388

 
3.4
 %
Non-interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fees and service charges
35,132

 
35,093

 
37,741

 
0.1

 
(6.9
)
 
137,664

 
144,999

 
(5.1
)
Card revenue
13,689

 
13,747

 
13,781

 
(0.4
)
 
(0.7
)
 
54,882

 
54,387

 
0.9

ATM revenue
4,806

 
5,330

 
5,143

 
(9.8
)
 
(6.6
)
 
20,445

 
21,544

 
(5.1
)
Subtotal
53,627

 
54,170

 
56,665

 
(1.0
)
 
(5.4
)
 
212,991

 
220,930

 
(3.6
)
Gains on sales of auto loans, net
1,145

 
11,624

 
3,136

 
(90.1
)
 
(63.5
)
 
34,832

 
30,580

 
13.9

Gains on sales of consumer real estate loans, net
16,676

 
13,528

 
13,104

 
23.3

 
27.3

 
50,427

 
40,964

 
23.1

Servicing fee income
11,404

 
10,393

 
8,622

 
9.7

 
32.3

 
40,182

 
31,229

 
28.7

Subtotal
29,225

 
35,545

 
24,862

 
(17.8
)
 
17.5

 
125,441

 
102,773

 
22.1

Leasing and equipment finance
31,316

 
28,289

 
32,355

 
10.7

 
(3.2
)
 
119,166

 
108,129

 
10.2

Other
1,365

 
2,270

 
1,806

 
(39.9
)
 
(24.4
)
 
8,883

 
10,463

 
(15.1
)
Fees and other revenue
115,533

 
120,274

 
115,688

 
(3.9
)
 
(0.1
)
 
466,481

 
442,295

 
5.5

Gains (losses) on securities, net
135

 
(600
)
 
(29
)
 
N.M.

 
N.M.

 
(581
)
 
(297
)
 
(95.6
)
Total non-interest income
115,668

 
119,674

 
115,659

 
(3.3
)
 

 
465,900

 
441,998

 
5.4

Total revenue
$
327,114

 
$
331,692

 
$
321,328

 
(1.4
)
 
1.8

 
$
1,314,006

 
$
1,262,386

 
4.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin(1)
4.30
%
 
4.34
%
 
4.35
%
 
 
 
 
 
4.34
%
 
4.42
%
 
 
Total non-interest income as a percentage of total revenue
35.4

 
36.1

 
36.0

 
 
 
 
 
35.5

 
35.0

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

Net Interest Income
Net interest income for the fourth quarter of 2016 increased $5.8 million, or 2.8 percent, compared with the fourth quarter of 2015 and was consistent with the third quarter of 2016. The increase from the fourth quarter of 2015 was primarily due to higher average balances of loans and leases held for sale, leasing and equipment finance loans and leases, inventory finance loans and securities available for sale. These increases were partially offset by lower average consumer real estate loan balances and a lower average yield on the overall loan and lease portfolio. Net interest income for the fourth quarter of 2016 was consistent with the third quarter of 2016 due to growth in the inventory finance and leasing and equipment finance portfolios, offset by a lower average yield on the overall loan and lease portfolio.

Net interest margin for the fourth quarter of 2016 was 4.30 percent, compared with 4.35 percent for the fourth quarter of 2015 and 4.34 percent for the third quarter of 2016. The decrease from the fourth quarter of 2015 was primarily due to lower yields on commercial loans, leasing and equipment finance loans and leases, auto finance loans and loans and leases held for sale. The decrease from the third quarter of 2016 was primarily due to lower yields on inventory finance loans.

3




Non-interest Income
Fees and service charges for the fourth quarter of 2016 were $35.1 million, down $2.6 million, or 6.9 percent, from the fourth quarter of 2015 and consistent with the third quarter of 2016. The decrease from the fourth quarter of 2015 was primarily due to ongoing consumer behavior changes, as well as higher average checking account balances per customer.

TCF sold $516.0 million, $271.1 million and $614.9 million of auto loans during the fourth quarters of 2016 and 2015 and the third quarter of 2016, respectively, resulting in net gains in each respective period.

TCF sold $520.8 million, $389.1 million and $437.1 million of consumer real estate loans during the fourth quarters of 2016 and 2015 and the third quarter of 2016, respectively, resulting in net gains in each respective period.

Servicing fee income was $11.4 million on $5.5 billion of average loans and leases serviced for others for the fourth quarter of 2016, compared with $8.6 million on $4.2 billion for the fourth quarter of 2015 and $10.4 million on $5.1 billion for the third quarter of 2016.


4




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

 
 
 
 
 
 
 
Percent Change
 
 
 
 
 
 
(Dollars in thousands)
4Q
 
3Q
 
4Q
 
4Q16 vs
 
4Q16 vs
 
YTD
 
YTD
 
Percent
 
2016
 
2016
 
2015
 
3Q16
 
4Q15
 
2016
 
2015
 
Change
Period-End:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First mortgage lien
$
2,292,596

 
$
2,313,044

 
$
2,624,956

 
(0.9
)%
 
(12.7
)%
 
 
 
 
 
 
Junior lien
2,791,756

 
2,674,280

 
2,839,316

 
4.4

 
(1.7
)
 
 
 
 
 
 
Total consumer real estate
5,084,352

 
4,987,324

 
5,464,272

 
1.9

 
(7.0
)
 
 
 
 
 
 
Commercial
3,286,478

 
3,150,199

 
3,145,832

 
4.3

 
4.5

 
 
 
 
 
 
Leasing and equipment finance
4,336,310

 
4,236,224

 
4,012,248

 
2.4

 
8.1

 
 
 
 
 
 
Inventory finance
2,470,175

 
2,261,086

 
2,146,754

 
9.2

 
15.1

 
 
 
 
 
 
Auto finance
2,647,741

 
2,731,900

 
2,647,596

 
(3.1
)
 

 
 
 
 
 
 
Other
18,771

 
17,886

 
19,297

 
4.9

 
(2.7
)
 
 
 
 
 
 
Total
$
17,843,827

 
$
17,384,619

 
$
17,435,999

 
2.6

 
2.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First mortgage lien
$
2,306,421

 
$
2,353,097

 
$
2,670,355

 
(2.0
)%
 
(13.6
)%
 
$
2,424,013

 
$
2,867,948

 
(15.5
)%
Junior lien
2,779,725

 
2,782,479

 
2,934,169

 
(0.1
)
 
(5.3
)
 
2,810,116

 
2,754,253

 
2.0

Total consumer real estate
5,086,146

 
5,135,576

 
5,604,524

 
(1.0
)
 
(9.2
)
 
5,234,129

 
5,622,201

 
(6.9
)
Commercial
3,147,517

 
3,092,115

 
3,117,983

 
1.8

 
0.9

 
3,126,881

 
3,134,428

 
(0.2
)
Leasing and equipment finance
4,252,543

 
4,147,488

 
3,911,025

 
2.5

 
8.7

 
4,106,718

 
3,804,015

 
8.0

Inventory finance
2,389,980

 
2,272,409

 
2,180,534

 
5.2

 
9.6

 
2,414,684

 
2,154,357

 
12.1

Auto finance
2,647,088

 
2,670,272

 
2,514,923

 
(0.9
)
 
5.3

 
2,693,041

 
2,278,617

 
18.2

Other
9,307

 
9,252

 
9,060

 
0.6

 
2.7

 
9,538

 
10,303

 
(7.4
)
Total
$
17,532,581

 
$
17,327,112

 
$
17,338,049

 
1.2

 
1.1

 
$
17,584,991

 
$
17,003,921

 
3.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Period-end loans and leases were $17.8 billion at December 31, 2016, an increase of $0.4 billion, or 2.3 percent, compared with December 31, 2015 and an increase of $0.5 billion, or 2.6 percent, compared with September 30, 2016. Average loans and leases were $17.5 billion for the fourth quarter of 2016, an increase of $0.2 billion, or 1.1 percent, compared with the fourth quarter of 2015 and an increase of $0.2 billion, or 1.2 percent, compared with the third quarter of 2016.

The increases from December 31, 2015 were primarily due to increases in the leasing and equipment finance portfolio and in the inventory finance portfolio due to strong originations and the expansion of the number of active dealers, partially offset by run-off in the consumer real estate first mortgage lien portfolio. The increase from September 30, 2016 for period-end loans and leases was primarily due to increases in the inventory finance, commercial, consumer real estate junior lien, and leasing and equipment finance portfolios. The increase from the third quarter of 2016 for average loans and leases was primarily due to increases in the inventory finance and leasing and equipment finance portfolios.


5




Loan and lease originations were $4.3 billion for the fourth quarter of 2016, an increase of $0.4 billion, or 11.4 percent, compared with the fourth quarter of 2015 and consistent with the third quarter of 2016. The increase from the fourth quarter of 2015 was primarily due to increased originations in inventory finance and consumer real estate.

Credit Quality
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Trends
 
 
 
 
 
 
 
Table 4

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

1 bps

Net charge-offs as a percentage of average loans and leases(2)
0.27

0.26

0.23

0.27

0.29

 
1

(2
)
Non-accrual loans and leases and other real estate owned
$
228,242

$
223,759

$
232,334

$
241,090

$
250,448

 
2.0%

(8.9)%

Provision for credit losses
19,888

13,894

13,250

18,842

17,607

 
43.1

13.0

 
(1) Excludes portfolios acquired with deteriorated credit quality and non-accrual loans and leases.
(2) Annualized.

The net charge-off rate was 0.27 percent for the fourth quarter of 2016, down from 0.29 percent for the fourth quarter of 2015, and up from 0.26 percent for the third quarter of 2016. The decrease from the fourth quarter of 2015 was primarily due to improved credit quality in the consumer real estate portfolio, partially offset by increased net charge-offs in the auto finance portfolio. The increase from the third quarter of 2016 was primarily due to increased net charge-offs in the auto finance portfolio, partially offset by decreased net charge-offs in the leasing and equipment finance portfolio.

Non-accrual loans and leases and other real estate owned was $228.2 million at December 31, 2016, a decrease of $22.2 million, or 8.9 percent, from December 31, 2015, and an increase of $4.5 million, or 2.0 percent, from September 30, 2016. Non-accrual loans and leases were $181.4 million at December 31, 2016, a decrease of $19.0 million, or 9.5 percent, from December 31, 2015 and a decrease of $8.6 million, or 4.5 percent, from September 30, 2016. The decreases were primarily due to improving credit quality trends in the consumer real estate and commercial portfolios and lower non-accrual loans in the auto finance portfolio, partially offset by an increase in non-accrual loans in the inventory finance portfolio.

Provision for credit losses was $19.9 million for the fourth quarter of 2016, an increase of $2.3 million, or 13.0 percent, from the fourth quarter of 2015, and an increase of $6.0 million, or 43.1 percent, from the third quarter of 2016. The increase from the fourth quarter of 2015 was primarily due to growth in the overall loan and lease portfolio, partially offset by a decrease in net charge-offs. The increase from the third quarter of 2016 was primarily due to growth in the overall loan and lease portfolio.


6




Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 5

 
 
 
 
 
 
 
Percent Change
 
 
 
 
 
 
(Dollars in thousands)
4Q
 
3Q
 
4Q
 
4Q16 vs
 
4Q16 vs
 
YTD
 
YTD
 
Percent
 
2016
 
2016
 
2015
 
3Q16
 
4Q15
 
2016
 
2015
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Checking
$
5,759,806

 
$
5,673,888

 
$
5,412,454

 
1.5
 %
 
6.4
 %
 
$
5,688,690

 
$
5,387,112

 
5.6
 %
Savings
4,681,662

 
4,672,642

 
4,733,703

 
0.2

 
(1.1
)
 
4,689,543

 
4,952,680

 
(5.3
)
Money market
2,429,239

 
2,496,590

 
2,349,127

 
(2.7
)
 
3.4

 
2,488,977

 
2,265,121

 
9.9

Certificates of deposit
4,198,190

 
4,304,990

 
3,793,653

 
(2.5
)
 
10.7

 
4,229,247

 
3,340,341

 
26.6

Total average deposits
$
17,068,897

 
$
17,148,110

 
$
16,288,937

 
(0.5
)
 
4.8

 
$
17,096,457

 
$
15,945,254

 
7.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average interest rate on deposits(1)
0.35
%
 
0.37
%
 
0.34
%
 
 
 
 
 
0.36
%
 
0.30
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annualized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Total average deposits for the fourth quarter of 2016 increased $0.8 billion, or 4.8 percent, from the fourth quarter of 2015 and were consistent with the third quarter of 2016. The increase from the fourth quarter of 2015 was primarily due to special campaigns for certificates of deposit during the first three quarters of 2016, as well as growth in checking and money market balances.


7




Non-interest Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 6

 
 
 
 
 
 
 
 Change
 
 
 
 
 
 
(Dollars in thousands)
4Q
 
3Q
 
4Q
 
4Q16 vs
 
4Q16 vs
 
YTD
 
YTD
 
Percent
 
2016
 
2016
 
2015
 
3Q16
 
4Q15
 
2016
 
2015
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation and employee benefits
$
115,001

 
$
117,155

 
$
109,061

 
(1.8
)%
 
5.4
 %
 
$
474,722

 
$
457,743

 
3.7
 %
Occupancy and equipment
38,150

 
37,938

 
37,824

 
0.6

 
0.9

 
149,980

 
144,962

 
3.5

Other
59,235

 
59,421

 
56,930

 
(0.3
)
 
4.0

 
231,420

 
229,255

 
0.9

Subtotal
212,386

 
214,514

 
203,815

 
(1.0
)
 
4.2

 
856,122

 
831,960

 
2.9

Operating lease depreciation
10,906

 
10,038

 
13,608

 
8.6

 
(19.9
)
 
40,359

 
39,409

 
2.4

Foreclosed real estate and repossessed assets, net
1,889

 
4,243

 
4,940

 
(55.5
)
 
(61.8
)
 
13,187

 
23,193

 
(43.1
)
Other credit costs, net
178

 
83

 
224

 
114.5

 
(20.5
)
 
219

 
185

 
18.4

Total non-interest expense
$
225,359

 
$
228,878

 
$
222,587

 
(1.5
)
 
1.2

 
$
909,887

 
$
894,747

 
1.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Efficiency ratio
68.89
%
 
69.00
%
 
69.27
%
 
(11) bps

 
(38) bps

 
69.25
%
 
70.88
%
 
(163) bps

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Compensation and employee benefits expense increased $5.9 million, or 5.4 percent, from the fourth quarter of 2015 and decreased $2.2 million, or 1.8 percent, from the third quarter of 2016. The increase from the fourth quarter of 2015 was primarily due to higher other compensation and health insurance expenses, partially offset by the annual pension plan valuation adjustment. The decrease from the third quarter of 2016 was primarily due to the annual pension plan valuation adjustment and lower salaries, partially offset by higher health insurance expenses.

Net expenses related to foreclosed real estate and repossessed assets decreased $3.1 million, or 61.8 percent, from the fourth quarter of 2015 and decreased $2.4 million, or 55.5 percent, from the third quarter of 2016. The decrease from the fourth quarter of 2015 was primarily due to higher gains on sales of commercial properties, lower write-downs on existing foreclosed consumer and commercial properties and lower operating costs associated with maintaining fewer consumer properties, partially offset by higher repossessed assets expense. The decrease from the third quarter of 2016 was primarily due to higher gains on sales of commercial properties and lower write-downs on existing foreclosed consumer properties, partially offset by higher repossessed assets expense.


8




Capital
 
 
 
 
 
 
 
Capital Information
 
 
Table 7

 
At Dec. 31,
 
At Dec. 31,
(Dollars in thousands, except per-share data)
2016
 
2015
Total equity
$
2,444,645

 
$
2,306,917

Book value per common share
12.66

 
11.94

Tangible book value per common share(1)
11.33

 
10.59

Common equity to assets
10.09
%
 
9.80
%
Tangible common equity to tangible assets(1)
9.13

 
8.79

Capital accumulation rate(2)
8.59

 
10.44

 
 
 
 
 
At Dec. 31,
 
At Dec. 31,
Regulatory Capital:
2016(3)
 
2015
Common equity Tier 1 capital
$
1,970,323

 
$
1,814,442

Tier 1 capital
2,248,221

 
2,092,195

Total capital
2,635,925

 
2,487,060

 
 
 
 
Regulatory Capital Ratios:
 
 
 
Common equity Tier 1 capital ratio
10.24
%
 
10.00
%
Tier 1 risk-based capital ratio
11.68

 
11.54

Total risk-based capital ratio
13.69

 
13.71

Tier 1 leverage ratio
10.73

 
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 4Q 2016 are preliminary pending completion and filing of the Company's regulatory reports.

TCF maintained strong capital ratios as the Company accumulated capital through earnings.

TCF increased book value per common share 6.0 percent in 2016. TCF also increased tangible book value per common share 7.0 percent in 2016.

On January 25, 2017, TCF's Board of Directors declared a regular quarterly cash dividend of 7.5 cents per common share, payable on March 1, 2017, to stockholders of record at the close of business on February 15, 2017. 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, 2017, to stockholders of record at the close of business on February 15, 2017.


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 27, 2017 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, 2016, TCF had $21.4 billion in total assets and 339 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 programs, including 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 primary 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 expanding existing business relationships; 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 December 31,
 
Change
 
2016
 
2015
 
$
 
%
Interest income:
 
 
 
 
 
 
 
Loans and leases
$
210,848

 
$
212,346

 
$
(1,498
)
 
(0.7
)%
Securities available for sale
7,553

 
4,864

 
2,689

 
55.3

Securities held to maturity
1,165

 
1,336

 
(171
)
 
(12.8
)
Loans held for sale and other
12,092

 
6,905

 
5,187

 
75.1

Total interest income
231,658

 
225,451

 
6,207

 
2.8

Interest expense:
 
 
 
 
 
 
 
Deposits
15,053

 
13,772

 
1,281

 
9.3

Borrowings
5,159

 
6,010

 
(851
)
 
(14.2
)
Total interest expense
20,212

 
19,782

 
430

 
2.2

Net interest income
211,446

 
205,669

 
5,777

 
2.8

Provision for credit losses
19,888

 
17,607

 
2,281

 
13.0

Net interest income after provision for credit losses
191,558

 
188,062

 
3,496

 
1.9

Non-interest income:
 
 
 
 
 
 
 
Fees and service charges
35,132

 
37,741

 
(2,609
)
 
(6.9
)
Card revenue
13,689

 
13,781

 
(92
)
 
(0.7
)
ATM revenue
4,806

 
5,143

 
(337
)
 
(6.6
)
Subtotal
53,627

 
56,665

 
(3,038
)
 
(5.4
)
Gains on sales of auto loans, net
1,145

 
3,136

 
(1,991
)
 
(63.5
)
Gains on sales of consumer real estate loans, net
16,676

 
13,104

 
3,572

 
27.3

Servicing fee income
11,404

 
8,622

 
2,782

 
32.3

Subtotal
29,225

 
24,862

 
4,363

 
17.5

Leasing and equipment finance
31,316

 
32,355

 
(1,039
)
 
(3.2
)
Other
1,365

 
1,806

 
(441
)
 
(24.4
)
Fees and other revenue
115,533

 
115,688

 
(155
)
 
(0.1
)
Gains (losses) on securities, net
135

 
(29
)
 
164

 
N.M.

Total non-interest income
115,668

 
115,659

 
9

 

Non-interest expense:
 
 
 
 
 
 
 
Compensation and employee benefits
115,001

 
109,061

 
5,940

 
5.4

Occupancy and equipment
38,150

 
37,824

 
326

 
0.9

Other
59,235

 
56,930

 
2,305

 
4.0

Subtotal
212,386

 
203,815

 
8,571

 
4.2

Operating lease depreciation
10,906

 
13,608

 
(2,702
)
 
(19.9
)
Foreclosed real estate and repossessed assets, net
1,889

 
4,940

 
(3,051
)
 
(61.8
)
Other credit costs, net
178

 
224

 
(46
)
 
(20.5
)
Total non-interest expense
225,359

 
222,587

 
2,772

 
1.2

Income before income tax expense
81,867

 
81,134

 
733

 
0.9

Income tax expense
29,762

 
26,614

 
3,148

 
11.8

Income after income tax expense
52,105

 
54,520

 
(2,415
)
 
(4.4
)
Income attributable to non-controlling interest
2,013

 
2,028

 
(15
)
 
(0.7
)
Net income attributable to TCF Financial Corporation
50,092

 
52,492

 
(2,400
)
 
(4.6
)
Preferred stock dividends
4,847

 
4,847

 

 

Net income available to common stockholders
$
45,245

 
$
47,645

 
$
(2,400
)
 
(5.0
)
 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
0.27

 
$
0.29

 
$
(0.02
)
 
(6.9
)%
Diluted
0.27

 
0.29

 
(0.02
)
 
(6.9
)
 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.075

 
$
0.075

 
$

 
 %
 
 
 
 
 
 
 
 
Average common and common equivalent shares
 
 
 
 
 
 
 
outstanding (in thousands):
 
 
 
 
 
 
 
Basic
167,412

 
166,343

 
1,069

 
0.6
 %
Diluted
168,049

 
166,942

 
1,107

 
0.7

 
 
 
 
 
 
 
 
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
 
2016
 
2015
 
$
 
%
Interest income:
 
 
 
 
 
 
 
Loans and leases
$
850,546

 
$
832,736

 
$
17,810

 
2.1
 %
Securities available for sale
26,573

 
15,648

 
10,925

 
69.8

Securities held to maturity
4,649

 
5,486

 
(837
)
 
(15.3
)
Loans held for sale and other
48,962

 
38,060

 
10,902

 
28.6

Total interest income
930,730

 
891,930

 
38,800

 
4.4

Interest expense:
 
 
 
 
 
 
 
Deposits
61,788

 
48,226

 
13,562

 
28.1

Borrowings
20,836

 
23,316

 
(2,480
)
 
(10.6
)
Total interest expense
82,624

 
71,542

 
11,082

 
15.5

Net interest income
848,106

 
820,388

 
27,718

 
3.4

Provision for credit losses
65,874

 
52,944

 
12,930

 
24.4

Net interest income after provision for credit losses
782,232

 
767,444

 
14,788

 
1.9

Non-interest income:
 
 
 
 
 
 
 
Fees and service charges
137,664

 
144,999

 
(7,335
)
 
(5.1
)
Card revenue
54,882

 
54,387

 
495

 
0.9

ATM revenue
20,445

 
21,544

 
(1,099
)
 
(5.1
)
Subtotal
212,991

 
220,930

 
(7,939
)
 
(3.6
)
Gains on sales of auto loans, net
34,832

 
30,580

 
4,252

 
13.9

Gains on sales of consumer real estate loans, net
50,427

 
40,964

 
9,463

 
23.1

Servicing fee income
40,182

 
31,229

 
8,953

 
28.7

Subtotal
125,441

 
102,773

 
22,668

 
22.1

Leasing and equipment finance
119,166

 
108,129

 
11,037

 
10.2

Other
8,883

 
10,463

 
(1,580
)
 
(15.1
)
Fees and other revenue
466,481

 
442,295

 
24,186

 
5.5

Gains (losses) on securities, net
(581
)
 
(297
)
 
(284
)
 
(95.6
)
Total non-interest income
465,900

 
441,998

 
23,902

 
5.4

Non-interest expense:
 
 
 
 
 
 
 
Compensation and employee benefits
474,722

 
457,743

 
16,979

 
3.7

Occupancy and equipment
149,980

 
144,962

 
5,018

 
3.5

Other
231,420

 
229,255

 
2,165

 
0.9

Subtotal
856,122

 
831,960

 
24,162

 
2.9

Operating lease depreciation
40,359

 
39,409

 
950

 
2.4

Foreclosed real estate and repossessed assets, net
13,187

 
23,193

 
(10,006
)
 
(43.1
)
Other credit costs, net
219

 
185

 
34

 
18.4

Total non-interest expense
909,887

 
894,747

 
15,140

 
1.7

Income before income tax expense
338,245

 
314,695

 
23,550

 
7.5

Income tax expense
116,528

 
108,872

 
7,656

 
7.0

Income after income tax expense
221,717

 
205,823

 
15,894

 
7.7

Income attributable to non-controlling interest
9,593

 
8,700

 
893

 
10.3

Net income attributable to TCF Financial Corporation
212,124

 
197,123

 
15,001

 
7.6

Preferred stock dividends
19,388

 
19,388

 

 

Net income available to common stockholders
$
192,736

 
$
177,735

 
$
15,001

 
8.4

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
1.15

 
$
1.07

 
$
0.08

 
7.5
 %
Diluted
1.15

 
1.07

 
0.08

 
7.5

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.300

 
$
0.225

 
$
0.075

 
33.3
 %
 
 
 
 
 
 
 
 
Average common and common equivalent shares
 
 
 
 
 
 
 
outstanding (in thousands):
 
 
 
 
 
 
 
Basic
167,220

 
165,697

 
1,523

 
0.9
 %
Diluted
167,807

 
166,242

 
1,565

 
0.9

 
 
 
 
 
 
 
 


14




TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Change
 
2016
 
2015
 
$
 
%
Net income attributable to TCF Financial Corporation
$
50,092

 
$
52,492

 
$
(2,400
)
 
(4.6
)%
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized gains (losses) on securities available for sale and interest-only strips
(40,035
)
 
(3,207
)
 
(36,828
)
 
N.M.

Net unrealized gains (losses) on net investment hedges
913

 
1,121

 
(208
)
 
(18.6
)
Foreign currency translation adjustment
(1,491
)
 
(1,986
)
 
495

 
24.9

Recognized postretirement prior service cost
(7
)
 
(7
)
 

 

Total other comprehensive income (loss), net of tax
(40,620
)
 
(4,079
)
 
(36,541
)
 
N.M.

Comprehensive income
$
9,472

 
$
48,413

 
$
(38,941
)
 
(80.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
Change
 
2016
 
2015
 
$
 
%
Net income attributable to TCF Financial Corporation
$
212,124

 
$
197,123

 
$
15,001

 
7.6
 %
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized gains (losses) on securities available for sale and interest-only strips
(18,894
)
 
(816
)
 
(18,078
)
 
N.M.

Net unrealized gains (losses) on net investment hedges
(756
)
 
4,713

 
(5,469
)
 
N.M.

Foreign currency translation adjustment
1,300

 
(8,304
)
 
9,604

 
N.M.

Recognized postretirement prior service cost
(29
)
 
(29
)
 

 

Total other comprehensive income (loss), net of tax
(18,379
)
 
(4,436
)
 
(13,943
)
 
N.M.

Comprehensive income
$
193,745

 
$
192,687

 
$
1,058

 
0.5

 
 
 
 
 
 
 
 
N.M. Not Meaningful.


15




TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except per-share data)
(Unaudited)
 
 
 
 
 
 
 
 
 
At December 31,
 
Change
 
2016
 
2015
 
$
 
%
ASSETS:
 
 
 
 
 
 
 
Cash and due from banks
$
609,603

 
$
889,337

 
$
(279,734
)
 
(31.5
)%
Investments
74,714

 
70,537