TCF Reports 58th Consecutive Quarter of Net Income - Earns $17.5 Million
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THIRD QUARTER HIGHLIGHTS
-- Diluted earnings per common share was 14 cents
-- Net income of $17.5 million
-- Net interest margin of 3.92 percent
-- Average loans and leases increased by $995 million, or 7.7 percent
-- Average deposits increased by $1.6 billion, or 16.1 percent
-- Announced quarterly cash dividend of five cents per common share,
payable November 30, 2009
WAYZATA, Minn.--(BUSINESS WIRE)-- TCF Financial Corporation (NYSE: TCB):
Earnings Summary Table 1
($ in thousands, Percent Change
except per-share data)
3Q 2Q 3Q 3Q09 vs 3Q09 vs YTD YTD Percent
2009 2009 2008 2Q09 3Q08 2009 2008 Change
Net income $ 17,451 $ 23,543 $ 30,126 (25.9 ) (42.1 ) $ 67,641 $ 101,254 (33.2 )
Diluted
earnings .14 .08 .24 75.0 (41.7 ) .39 .81 (51.9 )
per common
share
Financial
Ratios (1)
Return on
average .39 % .53 % .73 % .52 % .83 %
assets
Return on
average 6.03 7.82 11.11 7.13 12.29
common
equity(2)
Net
interest 3.92 3.80 3.97 3.80 3.94
margin
Net
charge-offs
as a
percentage 1.52 1.43 .82 1.33 .70
of average
loans and
leases
(1) Annualized
(2) Excludes non-cash deemed preferred stock dividend of $12,025 in the second quarter and
year-to-date of 2009. Including this amount, the return on average common equity was 3.61%
and 5.73% for the second quarter and year-to-date of 2009, respectively.
TCF Financial Corporation ("TCF") (NYSE: TCB) today reported third quarter 2009 diluted earnings per common share of 14 cents, compared with 24 cents in the third quarter of 2008 and 8 cents for the second quarter of 2009. Net income for the third quarter of 2009 was $17.5 million, compared with $30.1 million in the third quarter of 2008 and $23.5 million in the second quarter of 2009.
Diluted earnings per common share for the first nine months of 2009 was 39 cents, compared with 81 cents for the same 2008 period. Net income for the first nine months of 2009 was $67.6 million, compared with $101.3 million for the same 2008 period.
TCF declared a quarterly cash dividend of five cents per common share payable on November 30, 2009 to stockholders of record at the close of business on October 30, 2009.
Chairman's Statement
"The third quarter continued to pose many challenges for TCF and other banks as the effects of high unemployment and the resulting increase in consumer defaults and softness in spending continue to pressure earnings," said William A. Cooper, TCF Chairman and CEO. "While credit losses continue to dampen our results, fee income and net interest margin remained strong. In addition, our focus on growing low cost deposits and expanding our specialty finance businesses position TCF for improved earnings as the economy improves."
Total Table 2
Revenue
Percent Change
($ in 3Q 2Q 3Q 3Q09 vs 3Q09 vs YTD 2009 YTD 2008 Percent
thousands) 2009 2009 2008 2Q09 3Q08 Change
Net interest $ 161,489 $ 156,463 $ 152,165 3.2 % 6.1 % $ 463,365 $ 446,556 3.8 %
income
Fees and
other
revenue:
Fees and
service 77,433 77,536 71,783 (.1 ) 7.9 212,033 203,291 4.3
charges
Card revenue 26,393 26,604 26,240 (.8 ) .6 77,957 77,839 .2
ATM revenue 7,861 7,973 8,720 (1.4 ) (9.9 ) 23,432 24,957 (6.1 )
Total 111,687 112,113 106,743 (.4 ) 4.6 313,422 306,087 2.4
banking fees
Leasing and
equipment 15,173 16,881 13,006 (10.1 ) 16.7 44,705 39,190 14.1
finance
Other 1,197 820 3,296 46.0 (63.7 ) 2,475 11,977 (79.3 )
Total fees
and other 128,057 129,814 123,045 (1.4 ) 4.1 360,602 357,254 .9
revenue
Gains on - 10,556 498 N.M. N.M. 22,104 7,899 179.8
securities
Visa share - - - - - - 8,308 N.M.
redemption
Total
non-interest 128,057 140,370 123,543 (8.8 ) 3.7 382,706 373,461 2.5
income
Total $ 289,546 $ 296,833 $ 275,708 (2.5 ) 5.0 $ 846,071 $ 820,017 3.2
revenue
Net interest 3.92 % 3.80 % 3.97 % 3.80 % 3.94 %
margin(1)
Fees and
other
revenue as a 44.23 43.73 44.63 42.62 43.57
% of total
revenue
N.M. = Not Meaningful
(1) Annualized
Net Interest Income
-- The increase in net interest income from the third quarter of 2008 was
primarily due to an increase in average loans and leases, partially
offset by a decrease in net interest margin. The increase in net
interest income from the second quarter of 2009 was primarily due to an
increase in average loans and leases and an increase in net interest
margin.
-- The decrease in net interest margin from the third quarter of 2008 was
primarily due to declines in yields on interest-earning assets,
resulting from lower market interest rates, the effect of higher
balances of non-accrual loans and leases, loan modifications and
investments in lower yielding agency debentures, partially offset by
declines in rates paid on average deposits.
-- The increase in net interest margin from the second quarter of 2009 was
primarily due to reductions in rates paid on deposits, partially offset
by the effects of higher balances of non-accrual loans and leases, loan
modifications and lower average yields on the leasing and equipment
finance portfolio.
Non-interest Income
-- Banking fees and service charges were $77.4 million, up $5.7 million, or
7.9 percent, from the third quarter of 2008 and essentially flat with
the second quarter of 2009. The increase from the third quarter of 2008
was primarily due to an increased number of checking accounts and
related fee income.
-- Card revenues totaled $26.4 million for the third quarter of 2009,
essentially flat with the third quarter of 2008 and the second quarter
of 2009. Growth in active accounts was offset by fewer transactions and
lower average transaction amounts.
-- Leasing and equipment finance revenues were $15.2 million for the third
quarter of 2009, up $2.2 million, or 16.7 percent, from the third
quarter of 2008 and down $1.7 million, or 10.1 percent, from the second
quarter of 2009. The increase in leasing revenue from the third quarter
of 2008 and decrease from the second quarter of 2009 was primarily due
to sales-type lease revenue which varies from period to period based on
customer-driven events.
-- Other non-interest income was $1.2 million for the third quarter of
2009, down $2.1 million, or 63.7 percent, from the third quarter of
2008, and up $377 thousand, or 46 percent, from the second quarter of
2009. The decrease in other non-interest income from the third quarter
of 2008 was primarily due to TCF no longer selling investment and
insurance products in the branches, partially offset by servicing fees
generated by TCF Inventory Finance.
Loans and Leases
Average Loans and Leases Table 3
Percent Change
($ in 3Q 2Q 3Q 3Q09 3Q09 vs Percent
thousands) 2009 2009 2008 vs 3Q08 YTD 2009 YTD 2008 Change
2Q09
Loans and
leases:
Consumer
real
estate
First
mortgage $ 4,939,529 $ 4,938,187 $ 4,874,190 - % 1.3 % $ 4,924,902 $ 4,825,185 2.1 %
lien
Junior 2,329,096 2,355,913 2,434,392 (1.1 ) (4.3 ) 2,361,140 2,407,350 (1.9 )
lien
Total
consumer 7,268,625 7,294,100 7,308,582 (.3 ) (.5 ) 7,286,042 7,232,535 .7
real
estate
Consumer 35,015 36,255 45,939 (3.4 ) (23.8 ) 36,920 45,481 (18.8 )
other
Total 7,303,640 7,330,355 7,354,521 (.4 ) (.7 ) 7,322,962 7,278,016 .6
consumer
Commercial
real 3,193,686 3,110,030 2,776,830 2.7 15.0 3,101,459 2,666,948 16.3
estate
Commercial 477,041 483,493 544,826 (1.3 ) (12.4 ) 486,680 539,348 (9.8 )
business
Total 3,670,727 3,593,523 3,321,656 2.1 10.5 3,588,139 3,206,296 11.9
commercial
Leasing
and 2,811,165 2,809,787 2,300,429 - 22.2 2,751,935 2,223,811 23.7
equipment
finance
Inventory 185,914 118,317 - 57.1 N.M. 111,479 - N.M.
finance
Total
Loans and $ 13,971,446 $ 13,851,982 $ 12,976,606 .9 7.7 $ 13,774,515 $ 12,708,123 8.4
Leases
N.M. = Not meaningful
-- Average consumer real estate loan balances were relatively flat from the
third quarter of 2008 and the second quarter of 2009 reflecting less
demand for home equity financing due in part to declines in home values
and very competitive pricing from government sponsored and supported
programs.
-- At September 30, 2009, 68 percent of the consumer real estate loan
portfolio was secured by first liens.
-- Average commercial loan balances increased $349.1 million, or 10.5
percent, from the third quarter of 2008 and increased $77.2 million, or
2.1 percent, from the second quarter of 2009 as a reduction in
competitive alternatives has increased the opportunity to attract high
quality customers.
-- Average leasing and equipment finance balances increased $510.7 million,
or 22.2 percent, from the third quarter of 2008 and were relatively flat
when compared to the second quarter of 2009. At the end of September
2009, TCF's leasing subsidiary, Winthrop Resources Corporation, acquired
Fidelity National Capital, Inc., with over $200 million in direct
financing leases. Additionally, this acquisition included $57.9 million
in operating leases which are recorded as other assets. Portfolio
purchases and company acquisitions in the first and third quarters of
2009 contributed $198.2 million of the increase in average balances from
the third quarter of 2008.
-- Average inventory finance loans increased $67.6 million, or 57.1
percent, to $185.9 million from the second quarter of 2009.
-- In the third quarter of 2009, TCF announced the creation of Red Iron
Acceptance, LLC, a joint venture with The Toro Company, which will
provide U.S. Toro distributors and dealers with floor plan and open
account financing. In October 2009, this joint venture purchased $72.7
million of inventory finance loans from The Toro Company. Red Iron
Acceptance, LLC is consolidated with the operating results of TCF.
Securities Available for Sale
Average Securities Available for Sale Table 4
Yield Yield
($ in 3Q 2Q 3Q 3Q09 3Q08 YTD 2009 YTD 2008 YTD YTD
thousands) 2009 2009 2008 2009 2008
U.S. Government
sponsored
entities:
Mortgage-backed $ 1,432,670 $ 1,656,767 $ 2,157,047 4.80 % 5.29 % $ 1,695,377 $2,146,185 4.97 % 5.30 %
securities
Debentures 600,098 527,562 - 2.19 - 381,022 - 2.16 -
Other 489 498 3,840 4.91 3.64 497 15,938 5.37 3.48
securities
Total $ 2,033,257 $ 2,184,827 $ 2,160,887 4.03 5.29 $ 2,076,896 $ 4.45 5.29
2,162,123
-- TCF purchased $5 million of mortgage-backed securities in the third
quarter of 2009, compared with $204 million of purchases and $381
million of sales in the second quarter of 2009.
-- In late March and April of 2009, TCF purchased $600.1 million of Fannie
Mae and Freddie Mac callable debentures with maturities of three years
or less resulting in a reduction in lower yielding interest-bearing
deposits at the Federal Reserve.
Deposits
Average Deposits Table 5
Percent Change
3Q 2Q 3Q 3Q09 vs 3Q09 vs YTD YTD Percent
($ in thousands)
2009 2009 2008 2Q09 3Q08 2009 2008 Change
Non-interest
bearing deposits:
Retail $ 1,380,591 $ 1,446,215 $ 1,409,855 (4.5 )% (2.1 )% $ 1,418,244 $ 1,429,752 (.8 )%
Small business 591,451 571,676 597,894 3.5 (1.1 ) 575,558 580,248 (.8 )
Commercial 277,135 260,079 253,900 6.6 9.2 255,066 231,184 10.3
Subtotal 2,249,177 2,277,970 2,261,649 (1.3 ) (.6 ) 2,248,868 2,241,184 .3
Interest-bearing
deposits:
Checking 1,800,583 1,792,493 1,837,540 .5 (2.0 ) 1,780,380 1,855,963 (4.1 )
Savings 5,071,509 4,823,897 2,791,559 5.1 81.7 4,569,882 2,800,120 63.2
Money market 723,098 690,201 629,905 4.8 14.8 686,830 609,629 12.7
Subtotal 7,595,190 7,306,591 5,259,004 3.9 44.4 7,037,092 5,265,712 33.6
Certificates 1,757,884 2,087,490 2,469,327 (15.8 ) (28.8 ) 2,100,342 2,480,262 (15.3 )
Subtotal 9,353,074 9,394,081 7,728,331 (.4 ) 21.0 9,137,434 7,745,974 18.0
Total deposits $ 11,602,251 $ 11,672,051 $ 9,989,980 (.6 ) 16.1 $ 11,386,302 $ 9,987,158 14.0
Average interest .94 % 1.15 % 1.34 % 1.19 % 1.60 %
rate on deposits
-- Total average deposits increased $1.6 billion from the third quarter of
2008 and remained relatively flat compared to the second quarter of
2009. The increase from the third quarter of 2008 was primarily due to
strong growth in savings deposits due to several initiatives involving
products, pricing and marketing efforts, partially offset by declines in
certificates of deposits resulting from reduced interest rates. Average
deposit balances remained relatively flat from the second quarter of
2009 primarily due to increases in savings deposits offset by a decrease
in certificates of deposit.
-- The average rate paid on deposits was .94 percent in the third quarter
of 2009, down 40 basis points from the third quarter of 2008 and down 21
basis points from the second quarter of 2009 due to reductions in
interest rates paid on certain deposit products and mix changes due to
management's strategy to reduce balances of certificates of deposit. The
weighted average interest rate on total deposits was .90 percent at
September 30, 2009.
-- The number of new checking accounts opened in the third quarter of 2009
increased 12.6 percent compared with the third quarter of 2008 and
increased 8.9 percent from the second quarter of 2009.
Non-interest Expense
Non-interest Expense Table 6
Percent Change
($ in 3Q 2Q 3Q 3Q09 vs 3Q09 vs YTD YTD Percent
thousands)
2009 2009 2008 2Q09 3Q08 2009 2008 Change
Compensation
and employee $ 90,680 $ 90,752 $ 84,895 (.1 )% 6.8 % $ 267,622 $ 257,880 3.8 %
benefits
Occupancy
and 31,619 31,527 31,832 .3 (.7 ) 95,193 95,450 (.3 )
equipment
Deposit
account 7,472 7,287 7,292 2.5 2.5 21,335 11,229 90.0
premiums
Advertising
and 4,766 4,134 5,017 15.3 (5.0 ) 13,345 14,507 (8.0 )
marketing
Operating
lease 3,734 3,860 4,215 (3.3 ) (11.4 ) 11,618 13,189 (11.9 )
depreciation
FDIC
premiums and 5,085 13,303 426 (61.8 ) N.M. 22,183 1,284 N.M.
assessments
Foreclosed
real estate
and 8,038 6,125 4,883 31.2 64.6 18,454 12,390 48.9
repossessed
assets
Other 38,873 39,558 39,028 (1.7 ) (.4 ) 111,271 108,664 2.4
Total
non-interest $ 190,267 $ 196,546 $ 177,588 (3.2 ) 7.1 $ 561,021 $ 514,593 9.0
expense
N.M. = Not meaningful
-- Compensation and benefits expenses increased $5.8 million, or 6.8
percent, from the third quarter of 2008 and were relatively flat
compared to the second quarter of 2009. The increase from the third
quarter of 2008 was primarily due to increases in leasing and equipment
finance and inventory finance compensation costs as a result of
expansion and growth, and increased employee medical plan expenses.
-- FDIC premiums and assessments were up $4.7 million from the third
quarter of 2008 and down $8.2 million from the second quarter of 2009.
The increase from the third quarter of 2008 was primarily due to higher
insurance rates and deposit growth. The decrease from the second quarter
of 2009 was primarily attributable to a FDIC special assessment of $8.2
million in June of 2009.
-- Foreclosed real estate and repossessed asset expenses increased $3.2
million from the third quarter of 2008 and increased $1.9 million from
the second quarter of 2009. The increases from both periods were
primarily due to increased numbers of foreclosed commercial and consumer
real estate properties, adjustments to property valuations and losses on
sales of properties.
Credit Quality
Credit Quality Table 7
Summary
Percent Change
($ in 3Q 2Q 3Q 3Q09 3Q09 YTD YTD %
thousands) vs vs Chg
2009 2009 2008 2Q09 3Q08 2009 2008
Allowance for
Loan and Lease
Losses
Balance at
beginning of $ 193,445 $ 181,216 $ 133,637 6.7 % 44.8 % $ 172,442 $ 80,942 113.0 %
period
Charge-offs (57,214 ) (53,462 ) (29,976 ) 7.0 90.9 (149,557 ) (77,700 ) 92.5
Recoveries 3,957 3,800 3,212 4.1 23.2 11,700 10,741 8.9
Net (53,257 ) (49,662 ) (26,764 ) 7.2 99.0 (137,857 ) (66,959 ) 105.9
charge-offs
Provision for 75,544 61,891 52,105 22.1 45.0 181,147 144,995 24.9
credit losses
Balance at end $ 215,732 $ 193,445 $ 158,978 11.5 35.7 $ 215,732 $ 158,978 35.7
of period
Allowance as a
percentage of
period end 1.51 % 1.39 % 1.21 % 1.51 % 1.21 %
loans and
leases
Ratio of
allowance to 1.0X 1.0X 1.5X 1.2X 1.8X
net
charge-offs(1)
Credit Loss
Reserves
Allowance for
loan and lease $ 215,732 $ 193,445 $ 158,978 11.5 35.7
losses
Reserves
netted against 12,951 13,828 - (6.3 ) N.M.
portfolio
asset balances
Reserves for
unfunded 2,871 2,655 1,678 8.1 71.1
commitments
Total credit $ 231,554 $ 209,928 $ 160,656 10.3 44.1
loss reserves
Total credit
loss reserves
as a % of 1.61 % 1.50 % 1.23 %
period end
loans and
leases
Ratio of total
credit loss
reserves to
net 1.0X 1.0X 1.5X
charge-offs(1)
(2)
Non-accrual
loans and $ 268,834 $ 239,917 $ 145,890 12.1 84.3
leases
Real estate 94,167 96,862 54,179 (2.8 ) 73.8
owned
Total
non-performing $ 363,001 $ 336,779 $ 200,069 7.8 81.4
assets
Non-performing
assets as a
2.57 % 2.45 % 1.55 %
percentage of
net loans and
leases
Accruing
consumer
troubled debt $ 159,881 $ 51,483 $ 23,844 N.M. N.M.
restructurings
N.M. = Not Meaningful
(1) Annualized
(2) Includes $1.9 million in write-offs related to credit reserves netted against portfolio asset
balances in the third quarter of 2009
At September 30, 2009, TCF's:
-- Allowance for loan and lease losses was $215.7 million, or 1.51 percent
of loans and leases, up from $193.4 million, or 1.39 percent of loans
and leases at June 30, 2009.
-- Over-60-day delinquency rate was .81 percent, up from .72 percent at
June 30, 2009, primarily due to increases in consumer real estate.
-- Non-accrual loans and leases increased $28.9 million, or 12.1 percent,
from June 30, 2009 primarily due to increases in consumer and commercial
real estate non-accrual loans.
-- TCF completed $215.2 million and $590.7 million of consumer real estate
loan modifications in the third quarter and first nine months of 2009,
respectively. Of these modifications, $112.3 million in the third
quarter and $144.7 million in the first nine months were considered
troubled debt restructurings which continue to accrue interest.
-- TCF has several programs designed to help consumer real estate customers
avoid home foreclosures by extending payment dates or reducing interest
rates. Loan modification programs for consumer real estate borrowers
implemented in the third quarter of 2009 have resulted in a significant
increase in restructured loans. Primarily these loans are classified as
troubled debt restructurings and generally accrue interest although at
lower rates than the original loan. TCF expects the balance of consumer
real estate troubled debt restructurings to increase into 2010.
For the quarter ended September 30, 2009, TCF's:
-- Provision for credit losses was $75.5 million, up from $52.1 million in
the third quarter of 2008 and up from $61.9 million in the second
quarter of 2009. The increase from the third quarter of 2008 was
primarily due to increased consumer real estate, commercial and leasing
net charge-offs and reserves for certain commercial loans and
restructured consumer real estate loans. The increase from the second
quarter of 2009 was primarily due to increased leasing and equipment
finance and consumer real estate net charge-offs and reserves for
restructured consumer real estate loans, partially offset by decreased
commercial real estate net charge-offs.
-- Net loan and lease charge-offs were $53.3 million, or 1.52 percent
annualized, of average loans and leases, up from $49.7 million, or 1.43
percent annualized, of average loans and leases, from the second quarter
of 2009 primarily due to increases in consumer real estate and leasing
and equipment finance net charge-offs, partially offset by decreased
commercial real estate net charge-offs.
Income Taxes
-- Income tax expense was 27.4 percent of pre-tax income for the third
quarter of 2009, compared with 34.5 percent for the comparable 2008
period and 38.7 percent for the second quarter of 2009. The third
quarter of 2009 income tax expense included a $3 million decrease in
income tax expense related to favorable developments in uncertain tax
positions, partially offset by a slight increase in the effective income
tax rate. Excluding the decrease in income tax expense related to
favorable developments in uncertain tax positions and first six months
impact of the increase in the effective income tax rate, the effective
income tax rate for the third quarter of 2009 was 38.8 percent.
Capital and Liquidity
Capital Information Table 8
At period end
($ in thousands, except per-share
data) 3Q 4Q
2009 2008
Total TCF stockholders' equity $ 1,176,235 $ 1,493,776
Total equity $ 1,179,839 $ 1,493,776
Total equity to total assets 6.65 % 8.92 %
Book value per common share $ 9.14 $ 8.99
Tangible realized common equity to 5.81 % 6.01 %
tangible assets(1)
Risk-based capital
Tier 1 $ 1,142,351 8.57 % $ 1,461,973 11.79 %
Total 1,491,365 11.19 1,817,225 14.65
Total stated "well-capitalized" 1,332,440 10.00 1,240,147 10.00
requirement
Excess over stated 158,925 1.19 577,078 4.65
"well-capitalized" requirement
(1) Excludes the impact of preferred stock, goodwill, customer based intangibles
and accumulated other comprehensive income (loss) (see "Reconciliation of GAAP
to Non-GAAP Measures" table)
-- TCF's total risk-based capital at September 30, 2009 of $1.5 billion, or
11.19 percent of risk-weighted assets, was $158.9 million in excess of
the stated "well-capitalized" requirement.
-- On October 19, 2009, the Board of Directors of TCF declared a regular
quarterly cash dividend of five cents per common share payable on
November 30, 2009 to stockholders of record at the close of business on
October 30, 2009.
-- At September 30, 2009, TCF had $58.9 million on deposit with the Federal
Reserve, which is included in cash and due from banks, compared with
$147.9 million at June 30, 2009.
-- At September 30, 2009, TCF had $2.1 billion in unused, secured borrowing
capacity at the FHLB of Des Moines and $818 million in unused, secured
borrowing capacity at the Federal Reserve Discount Window. Also, TCF had
$1.2 billion of active, unsecured federal funds purchased lines which
are not contractually committed.
Website Information
A live webcast of TCF's conference call to discuss third quarter earnings will be hosted at TCF's website, www.tcfbank.com, on October 21, 2009 at 10:00 a.m. CDT. Additionally, the webcast is available for replay at TCF's website after the conference call. The website also includes free access to company news releases, TCF's annual report, quarterly reports, investor presentations and SEC filings.
TCF is a Wayzata, Minnesota-based national financial holding company with $17.7 billion in total assets. TCF has 443 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in the U.S. and Canada. For more information about TCF, please visit www.tcfbank.com.
Forward-Looking Information
This earnings release and other reports issued by the Company, including reports filed with the SEC, may contain "forward-looking" statements that deal with future results, plans or performance. In addition, TCF's management may make such statements orally to the media, or to securities analysts, investors or others. Forward-looking statements deal with matters that do not relate strictly to historical facts. TCF's future results may differ materially from historical performance and forward-looking statements about TCF's expected financial results or other plans and are subject to a number of risks and uncertainties. These include, but are not limited to, continued or deepening deterioration in general economic and banking industry conditions; continued increases in unemployment in TCF's primary banking markets; limitations on TCF's ability to pay dividends or to increase dividends in the future because of financial performance deterioration, regulatory restrictions or limitations; increased deposit insurance premiums, special assessments or other costs related to deteriorating conditions in the banking industry and the economic impact on banks of the Emergency Economic Stabilization Act, as amended ("EESA") or other related legislative and regulatory developments; the impact of the Obama Administration's financial regulatory reform proposals including possible additional capital, consumer protection and supervisory requirements which could include the creation of a new consumer protection agency and limits on Federal preemption for state laws that could be applied to national banks; the imposition of requirements with an adverse financial impact relating to TCF's lending, loan collection and other business activities as a result of the EESA, or other legislative or regulatory developments such as mortgage foreclosure moratorium laws; possible regulatory or legislative changes, including restrictions on deposit fees and reduction of interchange revenue from debit card transactions and adverse economic, business and competitive developments such as shrinking interest margins, deposit outflows, an inability to increase the number of deposit accounts and the possibility that deposit account losses (fraudulent checks, etc.) may increase; impact of legislative, regulatory or other changes affecting customer account charges and fee income; legislative changes to bankruptcy laws which would result in the loss of all or part of TCF's security interest due to collateral value declines (so-called "cramdown" provisions); reduced demand for financial services and loan and lease products; adverse developments affecting TCF's supermarket banking relationships or any of the supermarket chains in which TCF maintains supermarket branches; changes in accounting standards or interpretations of existing standards; monetary, fiscal or tax policies of the federal or state governments, including adoption of state legislation that would increase state taxes; adverse state or Federal tax assessments or findings in tax audits; adverse regulatory examinations and resulting enforcement actions, including those provided for under the Bank Secrecy Act; changes in credit and other risks posed by TCF's loan, lease, investment, and securities available for sale portfolios, including continuing declines in commercial or residential real estate values or changes in allowance for loan and lease losses methodology dictated by new market conditions or regulatory requirements; lack of or inadequate insurance coverage for claims against TCF; technological, computer related or operational difficulties or loss or theft of information; adverse changes in securities markets directly or indirectly affecting TCF's ability to sell assets or to fund its operations; results of litigation, including class action litigation concerning TCF's lending or deposit activities or fees or charges, or employment practices, and possible increases in indemnification obligations for certain litigation against Visa U.S.A. ("covered litigation") and potential reductions in card revenues resulting from covered litigation or other litigation against Visa; heightened regulatory practices, requirements or expectations, including, but not limited to, requirements related to the Bank Secrecy Act and anti-money laundering compliance activity; or other significant uncertainties. Investors should consult TCF's Annual Report on Form 10-K, and Forms 10-Q and 8-K for additional important information about the Company.
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per-share data)
(Unaudited)
Three Months Ended
September 30, Change
2009 2008 $ %
Interest income:
Loans and leases $ 217,307 $ 210,651 $ 6,656 3.2 %
Securities available for sale 20,474 28,577 (8,103 ) (28.4 )
Education loans held for sale - 123 (123 ) N.M.
Investments and other 1,217 1,644 (427 ) (26.0 )
Total interest income 238,998 240,995 (1,997 ) (.8 )
Interest expense:
Deposits 27,512 33,730 (6,218 ) (18.4 )
Borrowings 49,997 55,100 (5,103 ) (9.3 )
Total interest expense 77,509 88,830 (11,321 ) (12.7 )
Net interest income 161,489 152,165 9,324 6.1
Provision for credit losses 75,544 52,105 23,439 45.0
Net interest income after 85,945 100,060 (14,115 ) (14.1 )
provision for credit losses
Non-interest income:
Fees and service charges 77,433 71,783 5,650 7.9
Card revenue 26,393 26,240 153 .6
ATM revenue 7,861 8,720 (859 ) (9.9 )
Subtotal 111,687 106,743 4,944 4.6
Leasing and equipment finance 15,173 13,006 2,167 16.7
Other 1,197 3,296 (2,099 ) (63.7 )
Fees and other revenue 128,057 123,045 5,012 4.1
Gains on securities - 498 (498 ) N.M.
Total non-interest income 128,057 123,543 4,514 3.7
Non-interest expense:
Compensation and employee 90,680 84,895 5,785 6.8
benefits
Occupancy and equipment 31,619 31,832 (213 ) (.7 )
Deposit account premiums 7,472 7,292 180 2.5
Advertising and promotions 4,766 5,017 (251 ) (5.0 )
FDIC premiums and assessments 5,085 426 4,659 N.M.
Foreclosed real estate and 8,038 4,883 3,155 64.6
repossessed assets
Operating lease depreciation 3,734 4,215 (481 ) (11.4 )
Other 38,873 39,028 (155 ) (.4 )
Total non-interest expense 190,267 177,588 12,679 7.1
Pretax income 23,735 46,015 (22,280 ) (48.4 )
Income tax expense 6,491 15,889 (9,398 ) (59.1 )
Income after income tax 17,244 30,126 (12,882 ) (42.8 )
expense
Income (loss) attributable to (207 ) - (207 ) N.M.
non-controlling interest
Net income 17,451 30,126 (12,675 ) (42.1 )
Preferred stock dividends - - - -
Net income available to $ 17,451 $ 30,126 $ (12,675 ) (42.1 )
common stockholders
Net income per common share:
Basic $ .14 $ .24 $ (.10 ) (41.7 )
Diluted .14 .24 (.10 ) (41.7 )
Dividends declared per common $ .05 $ .25 $ (.20 ) (80.0 )
share
Average common and common
equivalent shares outstanding
(in thousands):
Basic 126,811 124,978 1,833 1.5
Diluted 126,833 124,986 1,847 1.5
N.M. Not meaningful
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per-share data)
(Unaudited)
Nine Months Ended
September 30, Change
2009 2008 $ %
Interest income:
Loans and leases $ 642,084 $ 630,835 $ 11,249 1.8 %
Securities available for sale 69,392 85,714 (16,322 ) (19.0 )
Education loans held for sale - 5,331 (5,331 ) N.M.
Investments and other 3,210 4,713 (1,503 ) (31.9 )
Total interest income 714,686 726,593 (11,907 ) (1.6 )
Interest expense:
Deposits 100,941 119,412 (18,471 ) (15.5 )
Borrowings 150,380 160,625 (10,245 ) (6.4 )
Total interest expense 251,321 280,037 (28,716 ) (10.3 )
Net interest income 463,365 446,556 16,809 3.8
Provision for credit losses 181,147 144,995 36,152 24.9
Net interest income after 282,218 301,561 (19,343 ) (6.4 )
provision for credit losses
Non-interest income:
Fees and service charges 212,033 203,291 8,742 4.3
Card revenue 77,957 77,839 118 .2
ATM revenue 23,432 24,957 (1,525 ) (6.1 )
Subtotal 313,422 306,087 7,335 2.4
Leasing and equipment finance 44,705 39,190 5,515 14.1
Other 2,475 20,285 (17,810 ) (87.8 )
Fees and other revenue 360,602 365,562 (4,960 ) (1.4 )
Gains on securities 22,104 7,899 14,205 179.8
Total non-interest income 382,706 373,461 9,245 2.5
Non-interest expense:
Compensation and employee 267,622 257,880 9,742 3.8
benefits
Occupancy and equipment 95,193 95,450 (257 ) (.3 )
Deposit account premiums 21,335 11,229 10,106 90.0
Advertising and promotions 13,345 14,507 (1,162 ) (8.0 )
FDIC premiums and assessments 22,183 1,284 20,899 N.M.
Foreclosed real estate and 18,454 12,390 6,064 48.9
repossessed assets
Operating lease depreciation 11,618 13,189 (1,571 ) (11.9 )
Other 111,271 108,664 2,607 2.4
Total non-interest expense 561,021 514,593 46,428 9.0
Pretax income 103,903 160,429 (56,526 ) (35.2 )
Income tax expense 36,469 59,175 (22,706 ) (38.4 )
Income after income tax 67,434 101,254 (33,820 ) (33.4 )
expense
Income (loss) attributable to (207 ) - (207 ) N.M.
non-controlling interest
Net income 67,641 101,254 (33,613 ) (33.2 )
Preferred stock dividends 18,403 - 18,403 N.M.
Net income available to $ 49,238 $ 101,254 $ (52,016 ) (51.4 )
common stockholders
Net income per common share:
Basic $ .39 $ .81 $ (.42 ) (51.9 )
Diluted .39 .81 (.42 ) (51.9 )
Dividends declared per common $ .35 $ .75 $ (.40 ) (53.3 )
share
Average common and common
equivalent shares outstanding
(in thousands):
Basic 126,403 124,807 1,596 1.3
Diluted 126,403 124,825 1,578 1.3
N.M. Not meaningful.
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except per-share data)
(Unaudited)
At At At % Change from
September 30, December 31, September 30, December September
31, 30,
2009 2008 2008 2008 2008
ASSETS
Cash and due from banks $ 329,663 $ 342,380 $ 297,701 (3.7 ) % 10.7 %
Investments 155,627 155,725 167,115 (.1 ) (6.9 )
U.S. Government sponsored
entities:
Mortgage-backed securities 1,454,833 1,965,554 2,099,358 (26.0 ) (30.7 )
Debentures 604,876 - - N.M. N.M.
Other securities 518 550 3,398 (5.8 ) (84.8 )
Total securities available 2,060,227 1,966,104 2,102,756 4.8 (2.0 )
for sale
Education loans held for sale - 757 3,569 N.M. N.M.
Loans and leases:
Consumer real estate and 7,335,061 7,363,583 7,368,736 (.4 ) (.5 )
other
Commercial real estate 3,240,846 2,984,156 2,852,754 8.6 13.6
Commercial business 466,991 506,887 549,337 (7.9 ) (15.0 )
Leasing and equipment finance 3,061,559 2,486,082 2,330,841 23.1 31.3
Inventory finance 224,807 4,425 - N.M. N.M.
Total loans and leases 14,329,264 13,345,133 13,101,668 7.4 9.4
Allowance for loan and lease (215,732 ) (172,442 ) (158,978 ) (25.1 ) (35.7 )
losses
Net loans and leases 14,113,532 13,172,691 12,942,690 7.1 9.0
Premises and equipment, net 449,264 447,826 441,904 .3 1.7
Goodwill 152,599 152,599 152,599 - -
Other assets 482,097 502,275 402,261 (4.0 ) 19.8
Total assets $ 17,743,009 $ 16,740,357 $ 16,510,595 6.0 7.5
LIABILITIES AND STOCKHOLDERS'
EQUITY
Deposits:
Checking $ 4,098,643 $ 3,969,768 $ 4,089,044 3.2 .2
Savings 5,144,661 3,057,623 2,717,635 68.3 89.3
Money market 730,046 619,678 646,655 17.8 12.9
Subtotal 9,973,350 7,647,069 7,453,334 30.4 33.8
Certificates of deposit 1,652,661 2,596,283 2,396,903 (36.3 ) (31.1 )
Total deposits 11,626,011 10,243,352 9,850,237 13.5 18.0
Short-term borrowings 21,397 226,861 603,233 (90.6 ) (96.5 )
Long-term borrowings 4,524,955 4,433,913 4,630,776 2.1 (2.3 )
Total borrowings 4,546,352 4,660,774 5,234,009 (2.5 ) (13.1 )
Accrued expenses and other 390,807 342,455 315,320 14.1 23.9
liabilities
Total liabilities 16,563,170 15,246,581 15,399,566 8.6 7.6
Stockholders' equity:
Preferred stock, par value
$.01 per share, - 348,437 - N.M. -
30,000,000 authorized; 0,
361,172 and 0 issued
Common stock, par value $.01
per share,
280,000,000 shares
authorized;130,373,208,
130,839,378 and
130,951,694 shares 1,304 1,308 1,308 (.3 ) (.3 )
issued
Additional paid-in capital 304,190 330,474 329,897 (8.0 ) (7.8 )
Retained earnings, subject to 932,882 927,893 934,121 .5 (.1 )
certain restrictions
Accumulated other 805 (3,692 ) (21,555 ) N.M. N.M.
comprehensive income (loss)
Treasury stock at cost,
1,623,705, 3,413,855 and (62,946 ) (110,644 ) (132,742 ) (43.1 ) (52.6 )
3,761,925 shares, and other
Total TCF 1,176,235 1,493,776 1,111,029 (21.3 ) 5.9
stockholders' equity
Non-controlling interest in 3,604 - - N.M. N.M.
subsidiaries
Total equity 1,179,839 1,493,776 1,111,029 (21.0 ) 6.2
Total liabilities and $ 17,743,009 $ 16,740,357 $ 16,510,595 6.0 7.5
stockholders' equity
N.M. Not meaningful.
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CREDIT QUALITY DATA
(Dollars in thousands)
(Unaudited)
Allowance for
loan and lease Allowance as % of Portfolio
losses
At September 30, 2009 At June 30, 2009 At September 30, 2008 Change from
Allowance Allowance Allowance Jun. 30, Sep. 30,
Balance % of Balance % of Balance % of 2009 2008
Portfolio Portfolio Portfolio
Consumer $ 136,783 1.88 % $ 114,283 1.57 % $ 84,693 1.16 % 31 bps 72 bps
real estate
Consumer 2,945 5.15 3,026 5.00 2,938 4.18 15 97
other
Total
consumer
real 139,728 1.90 117,309 1.60 87,631 1.19 30 71
estate and
other
Commercial 38,335 1.18 36,208 1.15 39,636 1.39 3 (21 )
real estate
Commercial 7,706 1.65 10,354 2.13 12,575 2.29 (48 ) (64 )
business
Leasing and
equipment 29,130 .95 28,921 1.02 19,136 .82 (7 ) 13
finance
Inventory 833 .37 653 .42 - - (5 ) 37
finance
Total
allowance
for loan $ 215,732 1.51 $ 193,445 1.39 $ 158,978 1.21 12 30
and lease
losses
Credit Loss At September 30, At June 30, 2009 At September 30, 2008 Change from
Reserves 2009
Credit loss reserve Credit loss reserve Credit loss reserve Jun. 30, Sep. 30,
Balance % of Balance % of Balance % of 2009 2008
Portfolio Portfolio Portfolio
Allowance
for loan $ 215,732 1.51 % $ 193,445 1.39 % $ 158,978 1.21 % 12 bps 30 bps
and lease
losses
Reserves
netted
against 12,951 N.M. 13,828 N.M. - - - -
portfolio
asset
balances
Reserves
for 2,871 N.M. 2,655 N.M. 1,678 N.M. - -
unfunded
commitments
Total
credit $ 231,554 1.61 $ 209,928 1.50 $ 160,656 1.23 11 38
loss
reserves
Net Charge-Offs Quarter Ended Change from
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Sep. 30,
2009 2009 2009 2008 2008 2009 2008
Consumer
real estate
First
mortgage $ 15,694 $ 11,795 $ 10,477 $ 10,198 $ 8,841 $ 3,899 $ 6,853
lien
Junior 14,201 11,201 11,849 10,664 9,469 3,000 4,732
lien
Total
consumer 29,895 22,996 22,326 20,862 18,310 6,899 11,585
real
estate
Consumer 2,587 1,661 1,290 3,303 3,282 926 (695 )
other
Total
consumer
real 32,482 24,657 23,616 24,165 21,592 7,825 10,890
estate and
other
Commercial 6,758 19,531 3,640 2,958 2,694 (12,773 ) 4,064
real estate
Commercial 4,514 (55 ) 2,981 2,631 65 4,569 4,449
business
Leasing and
equipment 9,409 5,529 4,701 3,832 2,413 3,880 6,996
finance
Inventory 94 - - - - 94 94
finance
Total $ 53,257 $ 49,662 $ 34,938 $ 33,586 $ 26,764 $ 3,595 $ 26,493
Net Charge-Offs
as a Percentage
of Average Loans
and Leases
Quarter Ended(1) Change from
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Sep. 30,
2009 2009 2009 2008 2008 2009 2008
Consumer
real estate
First
mortgage 1.27 % .96 % .86 % .84 % .73 % 31 bps 54 bps
lien
Junior 2.44 1.90 1.98 1.76 1.56 54 88
lien
Total
consumer 1.65 1.26 1.22 1.14 1.00 39 65
real
estate
Consumer N.M. N.M. N.M. N.M. N.M. N.M. N.M.
other
Total
consumer
real 1.78 1.35 1.29 1.32 1.17 43 61
estate and
other
Commercial .85 2.51 .49 .41 .39 (166 ) 46
real estate
Commercial 3.78 (.05 ) 2.39 2.01 .05 383 373
business
Leasing and
equipment 1.34 .79 .71 .64 .42 55 92
finance
Inventory .20 - - - - 20 20
finance
Total 1.52 1.43 1.04 1.02 .82 9 70
Troubled debt At At At At At Change from
restructurings
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Sep. 30,
2009 2009 2009 2008 2008 2009 2008
Consumer - $ 159,881 $ 51,483 $ 24,877 $ 27,423 $ 23,844 $ 108,398 $ 136,037
accruing
Potential
Problem Loans At At At At At Change from
and Leases(2)
(3)
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Sep. 30,
2009 2009 2009 2008 2008 2009 2008
Commercial $ 222,437 $ 143,644 $ 176,277 $ 137,332 $ 100,028 $ 78,793 $ 122,409
real estate
Commercial 71,809 41,847 35,826 27,127 30,619 29,962 41,190
business
Leasing and
equipment 35,185 27,970 27,898 20,994 17,950 7,215 17,235
finance
Inventory - - - - - - -
finance
Total $ 329,431 $ 213,461 $ 240,001 $ 185,453 $ 148,597 $ 115,970 $ 180,834
(1 ) Annualized
(2 ) Excludes non-accrual loans and leases.
Consists of loans and leases primarily classified for regulatory purposes as substandard and reflect the distinct
(3 ) possibility, but not probability, that they will become non-performing or that TCF will not be able to collect all
amounts due according to the contractual terms of the loan or lease agreement.
N.M. Not meaningful.
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CREDIT QUALITY DATA
(Dollars in thousands)
(Unaudited)
Non-performing At At At At At Change from
assets
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Sep. 30,
2009 2009 2009 2008 2008 2009 2008
Non-accrual
loans and
leases(1):
Consumer real
estate
First $ 104,646 $ 83,766 $ 82,082 $ 71,078 $ 52,633 $ 20,880 $ 52,013
mortgage lien
Junior lien 13,964 11,209 11,373 11,793 12,433 2,755 1,531
Total
consumer 118,610 94,975 93,455 82,871 65,066 23,635 53,544
real estate
Consumer other 120 147 146 65 78 (27 ) 42
Total
consumer real 118,730 95,122 93,601 82,936 65,144 23,608 53,586
estate and
other
Commercial 93,419 87,252 67,264 54,615 46,011 6,167 47,408
real estate
Commercial 9,836 11,532 11,857 14,088 16,356 (1,696 ) (6,520 )
business
Leasing and
equipment 46,806 46,011 33,190 20,879 18,379 795 28,427
finance
Inventory 43 - 4 - - 43 43
finance
Total
non-accrual 268,834 239,917 205,916 172,518 145,890 28,917 122,944
loans and
leases
Other real
estate owned:
Consumer real 73,397 72,745 45,633 38,632 34,101 652 39,296
estate
Commercial 20,770 24,117 25,115 23,033 20,078 (3,347 ) 692
real estate
Total other
real estate 94,167 96,862 70,748 61,665 54,179 (2,695 ) 39,988
owned
Total
non-performing $ 363,001 $ 336,779 $ 276,664 $ 234,183 $ 200,069 $ 26,222 $ 162,932
assets
Non-performing
assets as a
percentage of 2.57 % 2.45 % 2.03 % 1.78 % 1.55 % 12 bps 102 bps
net loans and
leases
Delinquency data -
principal balances At At At At At Change from
(2)
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Sep. 30,
2009 2009 2009 2008 2008 2009 2008
60 days or
more:
Consumer real
estate
First mortgage $ 78,281 $ 65,022 $ 57,121 $ 53,482 $ 45,871 $ 13,259 $ 32,410
lien
Junior lien 16,880 13,403 10,141 13,940 10,238 3,477 6,642
Total
consumer real 95,161 78,425 67,262 67,422 56,109 16,736 39,052
estate
Consumer other 250 207 187 313 227 43 23
Total consumer
real estate 95,411 78,632 67,449 67,735 56,336 16,779 39,075
and other
Commercial real 1,089 2,150 - 225 5,085 (1,061 ) (3,996 )
estate
Commercial 12 129 9 605 264 (117 ) (252 )
business
Leasing and
equipment 13,664 16,414 12,173 10,905 8,242 (2,750 ) 5,422
finance
Inventory 69 - 135 - - 69 69
finance
Subtotal(2) 110,245 97,325 79,766 79,470 69,927 12,920 40,318
Acquired 11,585 1,657 2,504 - - 9,928 11,585
portfolios
Total $ 121,830 $ 98,982 $ 82,270 $ 79,470 $ 69,927 $ 22,848 $ 51,903
delinquencies
Excluding
acquired $ 110,245 $ 97,325 $ 79,766 $ 79,470 $ 69,927 $ 12,920 $ 40,318
portfolios(3)
Delinquency data - % At At At At At Change from
of portfolio(2)
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Sep. 30,
2009 2009 2009 2008 2008 2009 2008
60 days or
more:
Consumer real
estate
First mortgage 1.62 % 1.34 % 1.18 % 1.11 % .95 % 28 bps 67 bps
lien
Junior lien .73 .58 .43 .58 .42 15 31
Total
consumer real 1.33 1.09 .93 .93 .78 24 55
estate
Consumer other .44 .34 .34 .51 .32 10 12
Total consumer
real estate 1.32 1.09 .93 .93 .77 23 55
and other
Commercial real .03 .07 - .01 .18 (4 ) (15 )
estate
Commercial - .03 - .12 .05 (3 ) (5 )
business
Leasing and
equipment .53 .65 .49 .44 .36 (12 ) 17
finance
Inventory .03 - .13 - - 3 3
finance
Subtotal(2) .81 .72 .60 .60 .54 9 27
Acquired 2.62 .69 .97 - - 193 262
portfolios
Total .87 .72 .60 .60 .54 15 33
delinquencies
Excluding
acquired .81 .72 .60 .60 .54 9 27
portfolios(3)
(1 ) The accrual status for acquired loans and leases is based on the expected cash flows determined at
acquisition.
(2 ) Excludes non-accrual loans and leases.
Excludes delinquencies and non-accrual loans in acquired portfolios as delinquency and non-accrual
(3 ) migration in these portfolios is not expected to result in financial statement losses exceeding the credit
reserves netted against the loan balances.
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Dollars in thousands)
(Unaudited)
Three Months Ended September 30,
2009 2008
Average Yields Average Yields
and and
Balance Interest Rates Balance Interest Rates
(1) (1)
ASSETS
Investments and $ 389,583 $ 1,216 1.24 % $ 157,612 $ 1,644 4.16 %
other
U.S. Government
sponsored entities:
Mortgage-backed 1,432,670 17,185 4.80 2,157,047 28,542 5.29
securities
Debentures 600,098 3,283 2.19 - - -
Other securities 489 6 4.91 3,840 35 3.64
Total securities 2,033,257 20,474 4.03 2,160,887 28,577 5.29
available for sale
Education loans - - - 12,516 123 3.91
held for sale
Loans and leases:
Consumer real
estate
Fixed-rate 5,394,711 86,440 6.36 5,550,124 93,490 6.70
Variable-rate 1,873,913 27,026 5.72 1,758,458 27,375 6.19
Consumer - other 35,016 755 8.55 45,939 963 8.34
Total consumer
real estate and 7,303,640 114,221 6.21 7,354,521 121,828 6.59
other
Commercial real
estate
Fixed- and 2,645,261 40,233 6.03 2,181,838 33,598 6.11
adjustable-rate
Variable-rate 548,425 5,744 4.16 594,992 7,440 4.97
Total commercial
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