TCF Financial Corp., of Wayzata, Minn., said it first-quarter earnings fell 8.3% from the same quarter last year, to $58.2 million.
Diluted earnings per share fell 4.3%, to 45 cents, but beat the average of analysts' estimates by a penny.
The $13.8 billion-asset TCF said Wednesday that the results for the first quarter of last year were skewed by a $5.2 million one-time gain on the sale of securities.
After its provision for loan losses, TCF's net interest income fell 2.1%, to $130 million. The company provisioned $1.5 million for loan losses in the quarter. It had no provision for loan losses in the first quarter of last year; instead, it had $3.4 million of recoveries that added to net interest income.
Noninterest income rose 4.9%, to $117 million.
TCF also reported that it opened a supermarket branch in the first quarter and closed two traditional ones. It plans to open 25 branches this year.
