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| FIRST AND FINAL ADD -- MNW003 -- TCF Earnings |
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per-share data) (Unaudited)
Three Months Ended
March 31,
2000 1999
Interest income:
Loans and leases $165,256 $150,241
Securities available for sale 25,802 28,088
Loans held for sale 3,733 3,519
Investments 2,366 2,195
Total interest income 197,157 184,043
Interest expense:
Deposits 45,511 43,890
Borrowings 44,806 35,314
Total interest expense 90,317 79,204
Net interest income 106,840 104,839
Provision for credit losses 990 7,760
Net interest income after
provision for credit losses 105,850 97,079
Non-interest income:
Fee and service charge revenues 38,851 33,841
Electronic funds transfer revenues 17,360 14,397
Leasing revenues 9,018 7,594
Commissions on sales of annuities 2,102 2,200
Commissions on sales of mutual funds 1,611 1,542
Gain on sale of loans held for sale 955 1,569
Other 3,056 2,776
72,953 63,919
Gain on sales of securities
available for sale -- 3,199
Gain on sales of loan servicing -- 2,333
Title insurance revenues (a) -- 4,466
-- 9,998
Total non-interest income 72,953 73,917
Non-interest expense
Compensation and employee benefits 58,419 58,053
Occupancy and equipment 18,905 18,109
Advertising and promotions 4,177 4,654
Amortization of goodwill
and other intangibles 2,483 2,675
Other 28,606 24,834
Total non-interest expense 112,590 108,325
Income before income tax expense 66,213 62,671
Income tax expense 25,492 25,331
Net income $40,721 $37,340
Net income per common share:
Basic $.51 $.45
Diluted $.51 $.44
Earnings before goodwill
charges (cash earnings)
per diluted common share $.53 $.47
Dividends declared per common share $.1875 $.1625
Average common and common
equivalent shares outstanding:
Basic 79,980 83,613
Diluted 80,491 84,096
(a) Title insurance business was sold in 1999. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands, except per-share data) (Unaudited)
ASSETS
At At
March 31, December 31,
2000 1999
Cash and due from banks $370,889 $429,262
Investments 155,265 148,154
Securities available for sale 1,470,532 1,521,661
Loans held for sale 212,070 198,928
Loans and leases:
Residential real estate 3,932,944 3,919,678
Consumer 2,096,088 2,058,584
Commercial real estate 1,142,097 1,073,472
Commercial business 368,275 351,353
Leasing and equipment finance 552,389 492,656
Total loans and leases 8,091,793 7,895,743
Allowance for loan and lease losses (56,775) (55,755)
Net loans and leases 8,035,018 7,839,988
Goodwill 156,554 158,468
Deposit base intangibles 12,693 13,262
Other assets 348,800 351,993
$10,761,821 $10,661,716
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Checking $2,084,774 $1,913,279
Passbook and statement 1,162,161 1,091,292
Money market 719,168 708,417
Certificates 2,857,145 2,871,847
Total deposits 6,823,248 6,584,835
Securities sold under
repurchase agreements 759,119 1,010,000
Federal Home Loan Bank advances 1,933,686 1,759,787
Discounted lease rentals 170,053 178,369
Other borrowings 112,222 135,732
Total borrowings 2,975,080 3,083,888
Accrued interest payable 28,736 40,352
Accrued expenses and
other liabilities 154,446 143,659
Total liabilities 9,981,510 9,852,734
Stockholders' equity:
Common stock, par value $.01
per share, 280,000,000 shares
authorized; 92,782,900 and
92,804,205 shares issued 928 928
Additional paid-in capital 502,590 500,797
Retained earnings, subject
to certain restrictions 740,819 715,461
Unamortized deferred compensation (35,808) (14,887)
Loan to Executive Deferred
Compensation Plan (6,442) (4,721)
Shares held in trust for
deferred compensation
plans, at cost (57,274) (46,066)
Accumulated other comprehensive
income (loss) (52,510) (47,382)
Unearned ESOP shares (1,197) --
Treasury stock, at cost, 12,054,797
and 10,863,017 shares (310,795) (295,148)
Total stockholders' equity 780,311 808,982
$10,761,821 $10,661,716
FINANCIAL HIGHLIGHTS (Dollars in thousands, except per-share data) (Unadited)
SUPERMARKET BANKING DATA: At or For the Quarter
Ended March 31,
2000 1999 Increase % Change
Number of branches 204 166 38 22.9%
Number of deposit
accounts 591,956 445,024 146,932 33.0
Deposits:
Checking $427,756 $289,673 $138,083 47.7
Passbook and
statement 140,838 110,462 30,376 27.5
Money market 71,173 57,263 13,910 24.3
Certificates 301,836 208,529 93,307 44.7
Total Power
Liabilities $941,603 $665,927 $275,676 41.4
Average rate on deposits 2.24% 1.95% 0.29% 14.9
Total fees and
other revenues $23,314 $17,457 $5,857 33.6
Consumer loans $203,474 $129,846 $73,628 56.7
CREDIT QUALITY DATA:
At or For the Quarter Ended March 31, 2000
Net
Allowance Charge-offs
Total Loans as a % of (Recoveries)
and Leases Allowance Portfolio (a)
Commercial real
estate $1,142,097 $12,901 1.13% (.06)%
Commercial business 368,275 8,538 2.32 (.52)
Consumer 2,096,088 9,799 0.47 .08
Leasing and equipment
finance 552,389 4,949 0.90 .13
Unallocated -- 17,643 0.22 n/a
Subtotal 4,158,849 53,830 1.29 --
Residential real
estate 3,932,944 2,945 0.07 --
Total $8,091,793 $56,775 0.70 --
At or For the Year Ended December 31, 1999
Allowance Net
Total Loans as a % of Charge-offs
and Leases Allowance Portfolio (Recoveries)
Commercial real
estate $1,073,472 $12,708 1.18% (.08)%
Commercial business 351,353 8,256 2.35 (.08)
Consumer 2,058,584 10,701 .52 1.30
Leasing and equipment
finance 492,656 4,237 .86 .39
Unallocated -- 16,839 .21 n/a
Subtotal 3,976,065 52,741 1.33 .72
Residential real
estate 3,919,678 3,014 .08 --
Total $7,895,743 $55,755 .71 .35
At March 31, At December 31,
2000 1999
Non-performing assets:
Non-accrual loans and leases:
Consumer $12,021 $12,178
Residential real estate 5,539 5,431
Commercial real estate 2,335 1,576
Commercial business 1,006 2,960
Leasing and equipment finance 5,017 1,929
25,918 24,074
Other real estate owned
and other assets 11,406 11,348
Total non-performing assets $37,324 $35,422
Total non-performing assets
excluding amounts
funded by non-recourse
discounted lease rentals $34,236 $34,803
Accruing loans and leases
90 days or more past due $4,197 $5,789
Delinquency data:
Total loans and leases
over 30 days delinquent .35% .42%
Total consumer loans over
30 days delinquent .75 .93
OTHER FINANCIAL CONDITION DATA:
At March 31, At December 31,
2000 1999
Tangible net worth $611,064 $637,252
Stockholders' equity to total assets 7.25% 7.59%
Book value per common share $9.67 $9.87
Tangible book value per common share 7.57 7.78
(a) Annualized. CONSOLIDATED AVERAGE BALANCE SHEETS (Dollars In Thousands) (Unaudited)
Three Months Ended March 31,
2000 1999
Interest Interest
Yields Yields
and and
Average Rates Average Rates
Balance Interest (a) Balance Interest (a)
Assets:
Investments $138,388 $2,366 6.84% $139,014 $2,195 6.32%
Securities
available
for sale 1,566,447 25,802 6.59 1,704,601 28,088 6.59
Loans held
for sale 197,533 3,733 7.56 214,960 3,519 6.55
Loans and leases:
Residential
real estate 3,938,823 69,626 7.07 3,787,223 66,375 7.01
Commercial real
estate 1,110,105 23,320 8.40 847,712 17,706 8.35
Commercial
business 355,126 7,669 8.64 301,110 5,837 7.75
Consumer 2,071,155 51,174 9.88 1,895,160 48,834 10.31
Leasing and
equipment
finance 515,377 13,467 10.45 397,365 11,489 11.57
Total loans
and leases 7,990,586 165,256 8.27 7,228,570 150,241 8.31
Total interest-
earning assets 9,892,954 197,157 7.97 9,287,145 184,043 7.93
Other assets 757,761 821,224
Total assets $10,650,715 $10,108,369
Liabilities and
Stockholders'
Equity:
Non-interest
bearing
deposits $1,229,774 $1,122,114
Interest-bearing
deposits:
Checking 730,299 1,118 0.61 692,948 998 0.58
Passbook and
statement 1,056,986 2,934 1.11 1,113,043 3,075 1.11
Money market 707,214 4,761 2.69 723,058 4,703 2.60
Certificates 2,887,390 36,698 5.08 2,907,391 35,114 4.83
Total interest-
bearing
deposits 5,381,889 45,511 3.38 5,436,440 43,890 3.23
Total deposits 6,611,663 45,511 2.75 6,558,554 43,890 2.68
Borrowings:
Securities sold
under repurchase
agreements and
federal funds
purchased 883,776 12,944 5.86 454,028 5,650 4.98
FHLB advances 1,839,953 26,172 5.69 1,750,506 23,676 5.41
Discounted lease
rentals 170,713 3,450 8.08 180,670 3,658 8.10
Other borrowings 122,890 2,240 7.29 150,390 2,330 6.20
Total
borrowings 3,017,332 44,806 5.94 2,535,594 35,314 5.57
Total interest-
bearing
liabilities 8,399,221 90,317 4.30 7,972,034 79,204 3.97
Other liabilities 228,949 183,786
Total
liabilities 9,857,944 9,277,934
Stockholders'
equity 792,771 830,435
Total liabilities
and stockholders'
equity $10,650,715 $10,108,369
Net interest
income $106,840 $104,839
Net interest-
rate spread 3.67% 3.96%
Net interest
margin 4.32% 4.52%
(a) Annualized. SOURCE TCF Financial Corporation
CONTACT: Jason Korstange, 952-745-2755, or Ann Storberg, 952-745-2758, both of TCF Financial Corporation/ |
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