TCF Financial Corporation (TCF) Tops Q4 EPS by 4c, Revenues Beat

TCF Financial Corporation (NYSE: TCF) reported Q4 EPS of $0.51, $0.04 better than the analyst estimate of $0.47. Revenue for the quarter came in at $377 million versus the consensus estimate of $251.63 million.

• Revenue of $377.0 million, up 3.9% from the fourth quarter of 2017
• Improved efficiency ratio of 66.30%
• Average interest-earning asset growth of 1.4% from the fourth quarter of 2017
• Period-end loans and leases of $19.1 billion, down 0.2% from December 31, 2017; period-end loans and leases excluding auto finance up 7.5%(1) from December 31, 2017
• Net charge-off rate of 0.46%, up 8 basis points from the fourth quarter of 2017; net charge-off rate excluding auto finance net charge-offs of 0.28%(2), up 10 basis points from the fourth quarter of 2017
• Return on average common equity ("ROACE") of 14.30%; return on average tangible common equity ("ROATCE") of 15.59%(2)

2018 Observations

• Revenue of $1.5 billion, up 6.5% from 2017; net interest income of $992.0 million, up 7.2% from 2017
• Reported efficiency ratio of 69.34%; adjusted efficiency ratio of 67.15%(2)
• Net charge-off rate of 0.29%, up 5 basis points from 2017; net charge-off rate excluding auto finance net charge-offs and recoveries on consumer real estate loan sales of 0.14%(2), down 1 basis point from 2017
• ROACE of 12.42%; reported ROATCE of 13.56%(2); adjusted ROATCE of 14.74%(2)

"Our strong results in the fourth quarter capped off a successful year in which we remixed the balance sheet while we reduced our risk profile, improved efficiencies and enhanced return on capital, all of which drove record net income for the Company in 2018," said Craig R. Dahl, chairman and chief executive officer. "By continuing to build customer relationships, we drove growth in our core, retail deposit base and in our loan and lease portfolio excluding auto finance. Our improved capital efficiency, coupled with strong financial performance, allowed us to return over 100 percent of earnings to shareholders in the form of dividends and share repurchases throughout the year. Based on the execution of our business strategies and the investments we are making across the organization, I believe we are well-positioned to continue providing an exceptional customer experience while enhancing shareholder value."

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• Hydrofarm Holdings Group, Inc. (HYFM) Misses Q2 EPS by 134c