TCF Financial Corporation (TCF) Tops Q3 EPS by 3c

TCF Financial Corporation (NYSE: TCF) reported Q3 EPS of $0.51, $0.03 better than the analyst estimate of $0.48. Revenue for the quarter came in at $365.6 million versus the consensus estimate of $250.96 million.

• Revenue of $365.6 million, up 6.5% from the third quarter of 2017
• Provision for credit losses of $2.3 million, which was impacted by a $6.6 million recovery on previous charge-offs related to the sale of consumer real estate non-accrual loans
• Net interest margin of 4.66%, down 1 basis point from the second quarter of 2018, up 5 basis points from the third quarter of 2017
• Efficiency ratio of 67.41%, down 105 basis points from the third quarter of 2017
• Average interest-earning asset growth of 4.6% from the third quarter of 2017
• Period-end loans and leases of $18.4 billion, down 3.0% from September 30, 2017; period-end loans and leases, excluding auto finance, up 2.5%(1) from September 30, 2017
• Auto finance portfolio run-off of $328.1 million in the third quarter of 2018 and $924.5 million year-to-date
• Return on average common equity ("ROACE") of 14.44%
• Return on average tangible common equity ("ROATCE") of 15.76%(2)
• Repurchased 0.9 million shares of common stock at a cost of $24.0 million

"Our strong third quarter financial results were highlighted by positive year-over-year operating leverage and improving returns on capital," said Craig R. Dahl, chairman and chief executive officer. "We produced strong revenue growth with disciplined expense management while continuing to lower the risk profile of the Company. Credit trends remained stable, the auto finance portfolio run-off performed as expected and our mix of interest-earning assets improved as we continued to shift toward increasingly more capital efficient assets. Our commitment to increasing return on capital has shown through in our results and we remain focused on delivering value for shareholders."

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

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