News Release
| TCF Reports Record Second-Quarter Earnings (part 2) |
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per-share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Interest income:
Loans and leases $172,432 $152,177 $337,688 $302,418
Securities available for sale 25,218 28,683 51,020 56,771
Loans held for sale 4,362 3,273 8,095 6,792
Investments 2,395 2,226 4,761 4,421
Total interest income 204,407 186,359 401,564 370,402
Interest expense:
Deposits 46,893 42,965 92,404 86,855
Borrowings 47,316 36,672 92,122 71,986
Total interest expense 94,209 79,637 184,526 158,841
Net interest income 110,198 106,722 217,038 211,561
Provision for credit losses 5,383 2,947 6,373 10,707
Net interest income after
provision for credit
losses 104,815 103,775 210,665 200,854
Non-interest income:
Fee and service charge
revenues 44,842 37,469 83,693 71,310
Electronic funds transfer
revenues 19,914 16,890 37,274 31,287
Leasing revenues 10,144 5,389 19,162 12,983
Commissions on sales of
annuities 1,942 2,451 4,044 4,651
Commissions on sales of
mutual funds 1,466 1,716 3,077 3,258
Gain on sale of loans held
for sale 552 1,061 1,507 2,630
Other 3,578 3,409 6,634 6,185
82,438 68,385 155,391 132,304
Gain (loss) on sales of
securities available for sale -- (5) -- 3,194
Gain on sales of loan servicing -- 743 -- 3,076
Gain on sale of branches 3,866 2,382 3,866 2,382
Title insurance revenues (a) -- 4,512 -- 8,978
3,866 7,632 3,866 17,630
Total non-interest income 86,304 76,017 159,257 149,934
Non-interest expense:
Compensation and employee
benefits 59,768 60,151 118,187 118,204
Occupancy and equipment 18,772 18,131 37,677 36,240
Advertising and promotions 4,958 4,730 9,135 9,384
Amortization of goodwill and
other intangibles 2,484 2,673 4,967 5,348
Other 29,263 27,094 57,869 51,928
Total non-interest expense 115,245 112,779 227,835 221,104
Income before income tax
expense 75,874 67,013 142,087 129,684
Income tax expense 29,212 26,024 54,704 51,355
Net income $46,662 $40,989 $87,383 $78,329
Net income per common share:
Basic $.60 $.50 $1.10 $.94
Diluted $.59 $.49 $1.10 $.94
Earnings before goodwill
charges (cash earnings) per
diluted common share $.61 $.52 $1.14 $.98
Dividends declared per
common share $.2125 $.1875 $.40 $.35
Average common and common
equivalent shares outstanding:
Basic 78,340 82,616 79,160 83,115
Diluted 79,010 83,238 79,750 83,667
(a) Title insurance business was sold in 1999.
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except per-share data)
(Unaudited)
ASSETS
At At
June 30, December 31,
2000 1999
Cash and due from banks $382,464 $429,262
Investments 131,635 148,154
Securities available for sale 1,436,836 1,521,661
Loans held for sale 259,085 198,928
Loans and leases:
Residential real estate 3,866,659 3,919,678
Consumer 2,150,763 2,058,584
Commercial real estate 1,191,999 1,073,472
Commercial business 365,807 351,353
Leasing and equipment finance 655,922 492,656
Total loans and leases 8,231,150 7,895,743
Allowance for loan and lease losses (60,997) (55,755)
Net loans and leases 8,170,153 7,839,988
Goodwill 156,432 158,468
Deposit base intangibles 12,340 13,262
Other assets 356,760 351,993
$ 10,905,705 $ 10,661,716
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Checking $2,068,761 $1,913,279
Passbook and statement 1,128,863 1,091,292
Money market 745,096 708,417
Certificates 2,777,242 2,871,847
Total deposits 6,719,962 6,584,835
Securities sold under repurchase agreements
and federal funds purchased 927,331 1,010,000
Federal Home Loan Bank advances 1,948,952 1,759,787
Discounted lease rentals 165,432 178,369
Other borrowings 164,017 135,732
Total borrowings 3,205,732 3,083,888
Accrued interest payable 29,447 40,352
Accrued expenses and other liabilities 143,182 143,659
Total liabilities 10,098,323 9,852,734
Stockholders' equity:
Common stock, par value $.01 per share,
280,000,000 shares authorized; 92,780,873
and 92,804,205 shares issued 928 928
Additional paid-in capital 505,476 500,797
Retained earnings, subject to certain
restrictions 770,541 715,461
Accumulated other comprehensive income (loss) (46,891) (47,382)
Treasury stock at cost, 12,501,737 and
10,863,017 shares, and other (422,672) (360,822)
Total stockholders' equity 807,382 808,982
$ 10,905,705 $ 10,661,716
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per-share data)
(Unaudited)
SUPERMARKET BANKING DATA: At or For the Six Months
Ended June 30,
2000 1999 Increase % Change
Number of branches 207 174 33 19.0%
Number of deposit accounts 614,983 491,251 123,732 25.2
Deposits:
Checking $436,220 $309,076 $127,144 41.1
Passbook and statement 142,878 118,050 24,828 21.0
Money market 86,837 60,390 26,447 43.8
Certificates 305,214 229,281 75,933 33.1
Total Power Liabilities $971,149 $716,797 $254,352 35.5
Average rate on deposits 2.35% 1.99% 0.36% 18.1
Total fees and other
revenues (quarter-to-date) $28,497 $21,553 $6,944 32.2
Total fees and other
revenues (year-to-date) $51,811 $39,010 $12,801 32.8
Consumer loans $213,498 $155,210 $58,288 37.6
CREDIT QUALITY DATA:
At or For the Six Months Ended June 30, 2000
Allowance Net
Total Loans as a % of Charge-offs
and Leases Allowance Portfolio (Recoveries)(a)
Commercial real estate $1,191,999 $17,431 1.46% (.03)%
Commercial business 365,807 8,778 2.40 (.24)
Consumer 2,150,763 10,200 0.47 .04
Leasing and equipment
finance 655,922 5,095 0.78 .49
Unallocated -- 16,639 0.20 n/a
Subtotal 4,364,491 58,143 1.33 .05
Residential real estate 3,866,659 2,854 0.07 --
Total $8,231,150 $60,997 0.74 .03
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 June 30, At December 31,
2000 1999
Non-performing assets:
Non-accrual loans and leases:
Consumer $12,259 $12,178
Residential real estate 5,917 5,431
Commercial real estate 1,913 1,576
Commercial business 736 2,960
Leasing and equipment finance 3,652 1,929
24,477 24,074
Other real estate owned and other assets 9,636 11,348
Total non-performing assets $34,113 $35,422
Total non-performing assets excluding
amounts funded by non-recourse discounted
lease rentals $31,171 $34,803
Accruing loans and leases 90 days or more
past due $5,829 $ 5,789
Delinquency data:
Total loans and leases over 30 days
delinquent .42% .42%
Total consumer loans over 30 days delinquent .94 .93
(a) Annualized.
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS - Continued
(Dollars in thousands, except per-share data)
(Unaudited)
CONSOLIDATED REGULATORY CAPITAL DATA:
At June 30, 2000 At December 31, 1999
Tier 1 leverage capital $688,856 6.38% $688,357 6.56%
Tier 1 leverage capital
requirement 324,150 3.00 314,582 3.00
Excess $364,706 3.38% $373,775 3.56%
Tier 1 risk-based capital $688,856 10.29% $688,357 10.22%
Tier 1 risk-based capital
requirement 267,673 4.00 269,448 4.00
Excess $421,183 6.29% $418,909 6.22%
Total risk-based capital $750,785 11.22% $745,171 11.06%
Total risk-based capital
requirement 535,346 8.00 538,897 8.00
Excess $215,439 3.22% $206,274 3.06%
Tangible net worth $638,610 $637,252
Stockholders' equity to total
assets 7.40% 7.59%
Book value per common share $10.06 $9.87
Tangible book value per common
share 7.95 7.78
BANK BRANCHES:
At June 30, 2000 At December 31, 1999
Supermarket Traditional Total Supermarket Traditional Total
Minnesota 37 46 83 36 46 82
Illinois 132 32 164 121 31 152
Wisconsin 14 18 32 13 18 31
Michigan 13 44 57 15 48 63
Colorado 11 -- 11 10 -- 10
207 140 347 195 143 338
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEETS
(Dollars In Thousands)
(Unaudited)
Three Months Ended June 30,
2000 1999
Interest Interest
Average Yields and Average Yields and
Balance Interest Rates (a) Balance Interest Rates (a)
Assets:
Investments $136,415 $2,395 7.02% $135,754 $2,226 6.56%
Securities
available
for sale 1,525,731 25,218 6.61 1,750,324 28,683 6.55
Loans held
for sale 225,429 4,362 7.74 199,472 3,273 6.56
Loans and leases:
Residential
real estate 3,913,543 69,356 7.09 3,777,903 65,879 6.98
Commercial
real estate 1,167,672 25,050 8.58 890,028 18,669 8.39
Commercial
business 365,749 8,302 9.08 340,824 6,654 7.81
Consumer 2,117,569 53,770 10.16 1,956,935 49,777 10.17
Leasing and
equipment
finance 601,497 15,954 10.61 401,159 11,198 11.17
Total loans
and leases 8,166,030 172,432 8.45 7,366,849 152,177 8.26
Total interest-
earning
assets 10,053,605 204,407 8.13 9,452,399 186,359 7.89
Other assets 747,250 799,359
Total
assets $10,800,855 $10,251,758
Liabilities and Stockholders' Equity:
Non-interest
bearing
deposits $1,328,548 $1,183,438
Interest-
bearing
deposits:
Checking 751,803 1,067 0.57 719,213 1,023 0.57
Passbook and
statement 1,065,822 2,951 1.11 1,132,265 3,148 1.11
Money market 725,875 5,582 3.08 730,421 4,683 2.56
Certificates 2,806,039 37,293 5.32 2,875,211 34,111 4.75
Total
interest-
bearing
deposits 5,349,539 46,893 3.51 5,457,110 42,965 3.15
Total
deposits 6,678,087 46,893 2.81 6,640,548 42,965 2.59
Borrowings:
Securities
sold under
repurchase
agreements
and federal
funds
purchased 801,699 12,476 6.22 388,108 4,826 4.97
FHLB advances 1,924,567 27,666 5.75 1,873,381 25,529 5.45
Discounted
lease rentals 163,722 3,502 8.56 172,515 3,447 7.99
Other
borrowings 212,775 3,672 6.90 197,574 2,870 5.81
Total
borrowings 3,102,763 47,316 6.10 2,631,578 36,672 5.57
Total
interest-
bearing
liabilities 8,452,302 94,209 4.46 8,088,688 79,637 3.94
Other
liabilities 233,289 164,160
Total
liabilities 10,014,139 9,436,286
Stockholders'
equity 786,716 815,472
Total
liabilities
and
stockholders'
equity $10,800,855 $10,251,758
Net interest
income $110,198 $106,722
Net interest-
rate spread 3.67% 3.95%
Net interest
margin 4.38% 4.52%
(a) Annualized.
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEETS
(Dollars In Thousands)
(Unaudited)
Six Months Ended June 30,
2000 1999
Interest Interest
Average Yields and Average Yields and
Balance Interest Rates (a) Balance Interest Rates (a)
Assets:
Investments $137,401 $4,761 6.93% $137,375 $4,421 6.44%
Securities
available
for sale 1,546,089 51,020 6.60 1,727,589 56,771 6.57
Loans held
for sale 211,481 8,095 7.66 207,173 6,792 6.56
Loans and leases:
Residential
real estate 3,926,183 138,979 7.08 3,782,537 132,254 6.99
Commercial
real estate 1,138,888 48,371 8.49 868,987 36,375 8.37
Commercial
business 360,438 15,972 8.86 321,077 12,491 7.78
Consumer 2,094,362 104,945 10.02 1,926,219 98,611 10.24
Leasing and
equipment
finance 558,437 29,421 10.54 399,272 22,687 11.36
Total loans
and leases 8,078,308 337,688 8.36 7,298,092 302,418 8.29
Total
interest-
earning
assets 9,973,279 401,564 8.05 9,370,229 370,402 7.91
Other assets 752,913 813,057
Total
assets $10,726,192 $10,183,286
Liabilities and Stockholders' Equity:
Non-interest
bearing
deposits $1,279,164 $1,152,945
Interest-
bearing
deposits:
Checking 741,052 2,188 0.59 706,153 2,021 0.57
Passbook and
statement 1,061,404 5,885 1.11 1,122,707 6,223 1.11
Money market 716,545 10,345 2.89 726,760 9,386 2.58
Certificates 2,846,714 73,986 5.20 2,891,212 69,225 4.79
Total
interest-
bearing
deposits 5,365,715 92,404 3.44 5,446,832 86,855 3.19
Total
deposits 6,644,879 92,404 2.78 6,599,777 86,855 2.63
Borrowings:
Securities
sold under
repurchase
agreements
and federal
funds
purchased 842,737 25,421 6.03 420,886 10,476 4.98
FHLB
advances 1,882,260 53,839 5.72 1,812,283 49,205 5.43
Discounted
lease
rentals 167,218 6,952 8.31 176,570 7,105 8.05
Other
borrowings 167,833 5,910 7.04 174,112 5,200 5.97
Total
borrowings 3,060,048 92,122 6.02 2,583,851 71,986 5.57
Total
interest-
bearing
liabilities 8,425,763 184,526 4.38 8,030,683 158,841 3.96
Other
liabilities 230,174 176,918
Total
liabilities 9,935,101 9,360,546
Stockholders'
equity 791,091 822,740
Total
liabilities
and
stockholders'
equity $10,726,192 $10,183,286
Net interest
income $217,038 $211,561
Net interest-
rate spread 3.67% 3.95%
Net interest
margin 4.35% 4.52%
(a) Annualized. SOURCE TCF Financial Corporation -0- 7/19/2000 AA MNW002 /PRNewswire -- July 19/ |