TCF Financial Corporation (TCF) Tops Q1 EPS by 1c, Revenues Beat

TCF Financial Corporation (NYSE: TCF) reported Q1 EPS of $0.46, $0.01 better than the analyst estimate of $0.45. Revenue for the quarter came in at $357.9 million versus the consensus estimate of $251.94 million.

• Diluted earnings per common share of 42 cents, up 7.7% from the first quarter of 2018; adjusted diluted earnings per common share of 46 cents(1), up 17.9% from the first quarter of 2018
• Revenue of $357.9 million, up 0.7% from the first quarter of 2018
• Net interest income growth of 3.2% from the first quarter of 2018
• Non-interest expense up 2.9% from the first quarter of 2018; non-interest expense (excluding merger-related expenses of $9.5 million), down 1.0%(2) from the first quarter of 2018
• Reported efficiency ratio of 70.70%, up 149 basis points from the first quarter of 2018; adjusted efficiency ratio of 68.06%(1), down 115 basis points from the first quarter of 2018
• Average interest-earning asset growth of 3.6% from the first quarter of 2018
• Period-end loans and leases of $19.4 billion, flat from March 31, 2018; period-end loans and leases excluding auto finance up 6.9%(3) from March 31, 2018
• Net charge-off rate of 0.39%; net charge-off rate excluding auto finance net charge-offs of 0.20%(1)
• Non-performing assets of $121.6 million, down 15.3% from March 31, 2018
• Return on average common equity ("ROACE") of 11.40%; return on average tangible common equity ("ROATCE") of 12.42%(1); adjusted ROATCE of 13.72%(1)

"Our strong first quarter performance was highlighted by higher return on capital compared to a year ago and disciplined expense management," said Craig R. Dahl, chairman and chief executive officer. "Our results were supported by loan and lease growth excluding the run-off of our auto finance portfolio, and growth in core checking and savings deposit balances, while we controlled expense growth excluding merger-related expenses. We continue to see a positive business outlook for the year, with strong organic growth prospects across many of our businesses and we are well underway in integration planning work to prepare for our proposed merger of equals with Chemical Financial Corporation."

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

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