TCF Financial Corp. of Minneapolis said Thursday that its first-quarter earnings fell 44% from a year earlier, to $26.6 million, or 17 cents a share.
The $18 billion-asset company's provision for loan losses rose 46%, to $43.7 million, as chargeoffs climbed in residential mortgages, leasing and consumer finance. Net chargeoffs jumped 158%, to $34.9 million.
Noninterest deposits increased 1.7%, to $2.2 billion, and total deposits increased 10.5%, to $10.9 billion.
The net income beat the average estimate of analysts surveyed by Bloomberg News by 4 cents.