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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, and releases can be found in the Related Links area of each article.
January 28
TCF Financial Corp.'s fourth-quarter earnings rose 58% from a year earlier to $30.7 million, largely on credit improvement, the Wayzata, Minn., bank said Thursday.
Earnings per share were 22 cents, up from 15 cents a year earlier and in line with estimates of analysts polled by Thomson Financial.
The company's revenue grew about 1% to $315.8 million, with a slight increase in net interest and debit card income partially offsetting an 18% drop in fee and service charge revenue. It attributed the drop primarily to new overdraft regulations.
Despite tough economic conditions and "numerous legislative and regulatory burdens," TCF saw signs of improving credit, Bill Cooper, TCF's chairman and chief executive, said in a press release, noting that its nonperforming assets declined by $19.6 million, or about 4%, from the third quarter.
In October, TCF filed a lawsuit in federal court challenging the Federal Reserve Board's implementation of the so-called Durbin amendment - a provision in the Dodd-Frank Act meant to curb the fees that banks collect from merchants on debit card transactions. Last month the Fed proposed limiting the fees to up to 12 cents per transaction, compared with a current average of 44 cents per transaction.
TCF said it saw increased legal costs during the year as a result of its challenge of the amendment.
