TCF Financial in Wayzata, Minn.,
First-quarter earnings at the $21 billion-asset company increased 21% to $48 million. Earnings per share were 26 cents, or one penny higher than an estimate of analysts polled by Bloomberg.
Specialty lines of business boosted profits. Noninterest revenue jumped 12%, thanks to the increase in auto loan sales as well as growth in equipment-financing fees.
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The Minnesota company's management team expressed confidence in its ability to monitor risk, even as companies such as BB&T and Fifth Third issue warnings over pricing and returns.
January 28 -
TCF Financial in Wayzata, Minn., will close 33 branches inside Jewel-Osco stores in the Chicago area.
February 5 -
TCF Financial in Wayzata, Minn., reported higher profits on lower provision costs and a pickup in lending in the fourth quarter.
January 28
Meanwhile, net interest income rose 4% to $212 million. Total loans grew 2% to $18 billion. The net interest margin narrowed 13 basis points, to 4.37%.
The provision for loan losses jumped 47% to $19 million. The company attributed part of the increase to higher chargeoffs in its auto book.
Expenses held steady, rising just 1% to $228 million.
