TCF Financial Corporation (TCF) Tops Q4 EPS by 6c

TCF Financial Corporation (NASDAQ: TCF) reported Q4 EPS of $1.04, $0.06 better than the analyst estimate of $0.98.

Fourth Quarter Highlights

• Quarterly net income of $112.4 million, or $0.72 per diluted share
• Adjusted diluted earnings per common share of $1.04(1), excluding $49.2 million, or $0.32 per share, after-tax impact of merger-related expenses and notable items
• Efficiency ratio of 73.49%; adjusted efficiency ratio of 58.51%(1)
• Return on average common equity ("ROACE") of 8.00%; return on average tangible common equity ("ROATCE") of 11.35%(1); adjusted ROATCE of 16.25%(1)
• Commercial loan and lease balances up $1.0 billion, or 4.5%, compared to September 30, 2019
• Completed sale of $1.1 billion Legacy TCF auto finance portfolio
• Net charge-off rate as a percentage of average loans and leases of 0.07%, annualized
• Nonaccrual loans and leases of $169.7 million, or 0.49% of total loans and leases
• Common equity Tier 1 capital ratio of 10.99%
• Repurchased 657,817 common shares at a cost of $27.5 million
• Declared quarterly cash dividends on common stock of $0.35 per share payable on March 2, 2020

"We closed out the year with our first full quarter as a combined organization following our merger of equals and we produced strong business results, driven by robust loan growth led by our commercial businesses, strong credit quality, and continued progress on our integration roadmap," said Craig R. Dahl, president and chief executive officer. "We continued to execute on our business strategies, including completing the sale of the legacy auto finance portfolio, adding key talent to our commercial banking teams, and ensuring we maintain our business momentum as we go into 2020. We remained focused on executing on our targeted expense synergies and integration activities throughout the year. Our strong capital position allows us to continue to pursue organic growth opportunities and leverage our scale and product breadth created by our strategic partnership. I am confident in our opportunities in 2020, and we will continue to focus on our commitment to delivering value for our shareholders."

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

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