trending Market Intelligence /marketintelligence/en/news-insights/trending/6oysvsrmzj4kx6vgl7jz6a2 content esgSubNav
In This List

TCF Financial's Q2 adjusted earnings rise YOY


The evolving world of central bank digital currencies


Insight Weekly: US stock market downturn; Chinese bank earnings; Europe's big tech bills


Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten


Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds

TCF Financial's Q2 adjusted earnings rise YOY

Wayzata, Minn.-based TCF Financial Corp. reported second-quarter net income available to common shareholders of $56.3 million, or 34 cents per share, compared to net income of $55.6 million, or 33 cents per share, in the year-ago quarter.

Adjusted earnings allocated to common stock were $81.8 million, or 49 cents per share, compared to $55.6 million, or 33 cents per share, a year ago.

The S&P Capital IQ consensus normalized EPS estimate was 46 cents.

The recent quarter's results included a pretax charge of $32.0 million, or 15 cents per share post-tax, due to the company's settlement with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency regarding unsound practices in its overdraft services.

Chairman and CEO Craig Dahl said the company witnessed "strong revenue growth driven by net interest margin expansion, as well as enhanced capital efficiency and the continued reduction of the risk profile."

Total revenue in the recent quarter was up 6.8% from the year-ago period to $364.9 million, primarily driven by an increase in net interest income.

On a year-over-year basis, average loans and leases increased 4.2% to $19.09 billion, while deposits were up 6.0% to $18.36 billion.

Provision for credit losses were down to $14.2 million from $19.4 million a year earlier.

TCF Financial's board has also authorized a buyback plan to repurchase up to an additional $150 million of the company's common shares.