TCF Financial Corporation (TCF) Tops Q2 EPS by 3c, Revenues Beat

TCF Financial Corporation (NYSE: TCF) reported Q2 EPS of $0.49, $0.03 better than the analyst estimate of $0.46. Revenue for the quarter came in at $364.9 million versus the consensus estimate of $245.7 million.

SECOND QUARTER OBSERVATIONS

• Adjusted diluted earnings per common share of 49 cents,(1) excluding 15 cent per share after-tax impact related to BCFP/OCC settlement
• Revenue of $364.9 million, up 6.8 percent from the second quarter of 2017
• Net interest income of $250.8 million, up 10.4 percent from the second quarter of 2017
• Net interest margin of 4.67 percent, up 15 basis points from the second quarter of 2017
• Reported efficiency ratio of 74.55 percent, up 636 basis points from the second quarter of 2017; adjusted efficiency ratio of 65.78 percent,(1) down 241 basis points from the second quarter of 2017
• Auto finance portfolio run-off of $596.4 million year-to-date
• Non-performing assets down 36.0 percent from June 30, 2017
• Settlement with the Bureau of Consumer Financial Protection ("BCFP") and the Office of the Comptroller of the Currency ("OCC") resulting in a pre-tax charge, including related expenses, of $32.0 million, or 15 cents per share after-tax
• Reported return on average common equity ("ROACE") of 9.72 percent; adjusted ROACE of 14.11 percent(1)
• Reported return on average tangible common equity ("ROATCE") of 10.65 percent;(1) adjusted ROATCE of 15.39 percent(1)
• Repurchased 2.8 million common shares at a cost of $68.2 million in the second quarter of 2018; repurchased $135.0 million of $150.0 million authorization through June 30, 2018
• Additional $150.0 million share repurchase authorization approved by TCF\'s Board of Directors on July 25, 2018

For earnings history and earnings-related data on TCF Financial Corporation (TCF) click here.

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