News Column

BRIEF: TCF's 4Q profit jumps 49 percent

January 29, 2014

By Jennifer Bjorhus, Star Tribune (Minneapolis)

Jan. 29 -- TCF Financial Corp. said its fourth-quarter profit rose 49 percent to $35.1 million as loan activity grew and credit losses fell. The Wayzata based lender's profit amounted to 22 cents a share, below analysts' estimate of 23 cents , that included about costs related to a branch realignment in Chicago . Excluding those costs, the profit was 25 cent a share. TCF said its net interest income margin grew 3 basis points to 4.68 percent, one of the highest in the banking industry. Loan and lease originations grew 7 percent from a year earlier. Meanwhile, the company set aside less money for credit losses. That provision tumbled 53 percent to $22.8 million . "Throughout the year, we have been successful on several initiatives as we maintained our strong pretax pre-provision return on average assets and significantly improved our overall credit quality," TCF chairman Bill Cooper said in a statement. Shares in TCF were up a half-percent in early trading on the New York Stock Exchange on a morning when broader markets traded lower. Jennifer Bjorhus -- 612-673-4683 ___ (c)2014 the Star Tribune (Minneapolis) Visit the Star Tribune (Minneapolis) at Distributed by MCT Information Services

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Source: Star Tribune (Minneapolis, MN)

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