TCF Reports Fourth Quarter 2019 Results

TCF also announces quarterly cash dividends on common and preferred stock

DETROIT--()--TCF Financial Corporation (NASDAQ: TCF):

Fourth Quarter Highlights

  • Quarterly net income of $112.4 million, or $0.72 per diluted share
  • Adjusted diluted earnings per common share of $1.04(1), excluding $49.2 million, or $0.32 per share, after-tax impact of merger-related expenses and notable items
  • Efficiency ratio of 73.49%; adjusted efficiency ratio of 58.51%(1)
  • Return on average common equity ("ROACE") of 8.00%; return on average tangible common equity ("ROATCE") of 11.35%(1); adjusted ROATCE of 16.25%(1)
  • Commercial loan and lease balances up $1.0 billion, or 4.5%, compared to September 30, 2019
  • Completed sale of $1.1 billion Legacy TCF auto finance portfolio
  • Net charge-off rate as a percentage of average loans and leases of 0.07%, annualized
  • Nonaccrual loans and leases of $169.7 million, or 0.49% of total loans and leases
  • Common equity Tier 1 capital ratio of 10.99%
  • Repurchased 657,817 common shares at a cost of $27.5 million
  • Declared quarterly cash dividends on common stock of $0.35 per share payable on March 2, 2020

Merger-related Expenses and Notable items in the Fourth Quarter(1)

  • Pre-tax merger-related expenses of $47.0 million, $36.1 million net of tax, or $0.24 per diluted common share for the fourth quarter
  • Pre-tax loss of $22.1 million, $13.1 million net of tax, or $0.08 per diluted common share related to notable items for the fourth quarter, see summary of notable items adjustments below

(1) Denotes a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures" tables and the following table detailing merger-related expenses and notable items.

Note: TCF’s financial results for periods ended prior to August 1, 2019 reflect Legacy TCF financial results only on a standalone basis. In addition, TCF’s reported financial results for the third quarter of 2019 and the year ended December 31, 2019 reflect Legacy TCF financial results for the period before August 1, 2019 and the post-merger combined TCF financial results on and after August 1, 2019, with the fourth quarter of 2019 financial results being solely of the post-merger combined TCF. As a result, TCF’s financial results for the fourth quarter, third quarter and year ended December 31, 2019 may not be directly comparable to prior reported periods. The number of shares issued and outstanding, earnings per share, additional paid-in-capital, dividends paid and all references to share quantities of TCF have been retrospectively restated to reflect the equivalent number of shares issued in the Merger as the Merger was treated as a reverse merger.

Summary of Financial Results(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At or For the Quarter Ended

 

Change From

 

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

Sep. 30,

Dec. 31,

(Dollars in thousands, except per share data)

2019

 

2019

 

2019

 

2019

 

2018

 

2019

2018

Financial Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to TCF

$

112,399

 

 

$

22,148

 

 

$

90,427

 

 

$

70,494

 

 

$

85,652

 

 

N.M.

%

31.2

 

%

Net interest income

 

408,753

 

 

 

371,793

 

 

 

254,057

 

 

 

254,429

 

 

 

253,153

 

 

9.9

 

61.5

 

 

Basic earnings per common share

$

0.72

 

 

$

0.15

 

 

$

1.07

 

 

$

0.83

 

 

$

1.00

 

 

N.M.

 

(28.0

)

 

Diluted earnings per common share

 

0.72

 

 

 

0.15

 

 

 

1.07

 

 

 

0.83

 

 

 

1.00

 

 

N.M.

 

(28.0

)

 

Return on average assets ("ROAA")(3)

 

0.99

%

 

 

0.26

%

 

 

1.54

%

 

 

1.22

%

 

 

1.52

%

 

73

bps

(53

)

bps

ROACE(3)

 

8.00

 

 

 

1.75

 

 

 

14.27

 

 

 

11.40

 

 

 

14.30

 

 

625

 

(630

)

 

ROATCE (non-GAAP)(2)(3)

 

11.35

 

 

 

2.68

 

 

 

15.46

 

 

 

12.42

 

 

 

15.58

 

 

867

 

(423

)

 

Net interest margin

 

3.86

 

 

 

4.12

 

 

 

4.46

 

 

 

4.58

 

 

 

4.63

 

 

(26)

 

(77

)

 

Net interest margin (FTE)(2)(3)

 

3.89

 

 

 

4.14

 

 

 

4.49

 

 

 

4.61

 

 

 

4.67

 

 

(25)

 

(78

)

 

Net charge-offs as a percentage of average loans and leases(3)

 

0.07

 

 

 

0.39

 

 

 

0.29

 

 

 

0.39

 

 

 

0.46

 

 

(32)

 

(39

)

 

Nonperforming assets as a percentage of total loans and leases and other real estate owned

 

0.59

 

 

 

0.62

 

 

 

0.62

 

 

 

0.63

 

 

 

0.65

 

 

(3)

 

(6

)

 

Efficiency ratio

 

73.49

 

 

 

91.32

 

 

 

65.11

 

 

 

70.70

 

 

 

66.30

 

 

(1,783)

 

719

 

 

Adjusted Financial Results (non-GAAP)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income attributable to TCF(2)

$

161,581

 

 

$

128,301

 

 

$

93,650

 

 

$

77,700

 

 

$

85,652

 

 

25.9

%

88.6

 

%

Adjusted diluted earnings per common share(2)

$

1.04

 

 

$

0.98

 

 

$

1.11

 

 

$

0.91

 

 

$

1.00

 

 

6.1

 

4.0

 

 

Adjusted ROAA(2)(3)

 

1.42

%

 

 

1.34

%

 

 

1.59

%

 

 

1.34

%

 

 

1.52

%

 

8

bps

(10

)

bps

Adjusted ROACE(2)(3)

 

11.57

 

 

 

11.21

 

 

 

14.79

 

 

 

12.61

 

 

 

14.30

 

 

36

 

(273

)

 

Adjusted ROATCE(2)(3)

 

16.25

 

 

 

14.96

 

 

 

16.02

 

 

 

13.72

 

 

 

15.58

 

 

129

 

67

 

 

Adjusted efficiency ratio(2)

 

58.51

 

 

 

58.74

 

 

 

61.48

 

 

 

65.67

 

 

 

63.89

 

 

(23)

 

(538

)

 

N.M. Not meaningful

(1) Financial results for any periods ended prior to August 1, 2019 reflect Legacy TCF financials on a standalone basis. Certain reclassifications have been made to prior period financial information to conform to the current period presentation.
(2) Denotes a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures" tables.
(3) Annualized.

The following table includes merger-related expenses and notable items used to arrive at adjusted net income in the Adjusted Financial Results (non-GAAP) (see Reconciliation of Non-GAAP Financial Measures).

 

For the Quarter Ended December 31, 2019

 

Pre-tax income

 

After-tax benefit

 

 

(Dollars in thousands, except per share data)

(loss)

 

(loss)(1)

 

Per Share

Merger-related expenses

$

(47,025

)

 

$

(36,059

)

 

$

(0.24

)

Notable items:

 

 

 

 

 

Sale of Legacy TCF auto finance portfolio(2)

(12,864

)

 

(9,865

)

 

(0.06

)

Branch exit costs(3)

(3,494

)

 

(2,679

)

 

(0.02

)

Loan servicing rights impairment recovery(4)

638

 

 

490

 

 

 

Pension fair valuation adjustment(3)

(6,341

)

 

(4,862

)

 

(0.03

)

Tax basis adjustment benefit(5)

 

 

3,793

 

 

0.03

 

Total notable items

(22,061

)

 

(13,123

)

 

(0.08

)

Total merger-related and notable items

$

(69,086

)

 

$

(49,182

)

 

$

(0.32

)

(1) Net of tax benefit at TCF's normal tax rate and other tax benefits.
(2) Included within net (loss) gain on sales of loans and leases ($8.2 million), other noninterest expense ($2.2 million), occupancy and equipment ($1.5 million) and compensation and employee benefits ($0.9 million).
(3) Included within Other noninterest expense.
(4) Included within Other noninterest income.
(5) Included within Income tax expense (benefit).

TCF Financial Corporation ("TCF" or the "Corporation") (NASDAQ: TCF) today reported net income of $112.4 million and diluted earnings per common share of $0.72 for the fourth quarter of 2019. Adjusted net income was $161.6 million, or $1.04 per diluted common share, for the fourth quarter of 2019, excluding merger-related expenses and notable items of $0.32 per common share (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

"We closed out the year with our first full quarter as a combined organization following our merger of equals and we produced strong business results, driven by robust loan growth led by our commercial businesses, strong credit quality, and continued progress on our integration roadmap," said Craig R. Dahl, president and chief executive officer. "We continued to execute on our business strategies, including completing the sale of the legacy auto finance portfolio, adding key talent to our commercial banking teams, and ensuring we maintain our business momentum as we go into 2020. We remained focused on executing on our targeted expense synergies and integration activities throughout the year. Our strong capital position allows us to continue to pursue organic growth opportunities and leverage our scale and product breadth created by our strategic partnership. I am confident in our opportunities in 2020, and we will continue to focus on our commitment to delivering value for our shareholders."

Net Interest Income and Net Interest Margin
Net interest income was $408.8 million for the fourth quarter of 2019. Purchase accounting accretion and amortization included in net interest income was $30.5 million. Net interest income, excluding purchase accounting accretion and amortization, was $378.3 million. Net interest margin was 3.86% for the fourth quarter of 2019 while net interest margin on a fully tax-equivalent basis (FTE) was 3.89%. Net interest margin FTE, excluding purchase accounting accretion and amortization, was 3.60% (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

Noninterest Income
Noninterest income was $158.1 million for the fourth quarter of 2019. Noninterest income included the following notable items: an $8.2 million loss related to the sale of the Legacy TCF auto finance portfolio, included in net gains (losses) on sales of loans and leases, and a $0.6 million recovery of prior loan servicing rights impairment, included in other noninterest income. Adjusted noninterest income for the fourth quarter of 2019 was $165.6 million (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables). The fourth quarter of 2019 also included a $3.7 million gain on sale of loans and leases related to a nonaccrual and TDR loan sale, included in net gains (losses) on sales of loans and leases and a $2.4 million favorable interest rate swap mark-to-market adjustment resulting from changes in the interest rate environment, included in other noninterest income.

Noninterest Expense
Noninterest expense was $416.6 million for the fourth quarter of 2019 and included $47.0 million of merger-related expenses. Noninterest expense also included the following notable items: $6.3 million of expense related to pension fair valuation adjustment on plans with previously announced terminations, included in other noninterest expense, $4.6 million of expense related to the sale of the Legacy TCF auto finance portfolio ($2.2 million in other noninterest expense, $1.5 million in occupancy and equipment expense and $0.9 million in compensation and employee benefits) and $3.5 million of expense related to branch exit costs, included in other noninterest expense. Excluding merger-related expenses and notable items, adjusted noninterest expense was $355.0 million (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables). The fourth quarter of 2019 also included $4.0 million of impairment related to federal historic tax credits placed into service, included in other noninterest expense, and a $1.3 million impairment charge recognized on a branch we intend to sell in the future, included within occupancy and equipment expense. The $4.0 million of impairment related to federal historic tax credits placed into service was more than offset by an income tax benefit of $3.6 million related to the same tax credits.

Income Tax Expense
Income tax expense for the fourth quarter of 2019 was $21.4 million. In addition to the $3.6 million historic tax credit benefit noted above, the fourth quarter of 2019 also included a $3.8 million tax basis adjustment benefit.

Credit Quality
Provision for credit losses Provision for credit losses was $14.4 million for the fourth quarter of 2019. Provision for credit losses for the fourth quarter of 2019 was reduced by $4.7 million of recoveries of previous charge-offs related to the sale of consumer nonaccrual and TDR loans.

Net charge-off rate The annualized net charge-offs as a percentage of average loans and leases was 0.07% for the fourth quarter of 2019. Net charge-offs for the fourth quarter of 2019 were reduced by $4.7 million of recoveries of previous charge-offs related to the sale of consumer nonaccrual and TDR loans. The annualized net charge-off rate excluding this recovery was 0.13% (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

Allowance for Loan and Lease Losses Allowance for loan and lease losses was $113.1 million, or 0.33% of total loans and leases, at December 31, 2019, down from $121.2 million, or 0.36%, at September 30, 2019.

Nonaccrual loans and leases Nonaccrual loans and leases were $169.7 million at December 31, 2019 and represented 0.49% of total loans and leases, compared to $181.8 million, or 0.54% of total loans and leases, at September 30, 2019. The decrease of nonaccrual loans and leases from September 30, 2019 was primarily due to $17.3 million of consumer nonaccrual loans sold in the fourth quarter of 2019.

Balance Sheet
Loans and leases Loans and leases were $34.5 billion at December 31, 2019, an increase of $986.7 million compared to $33.5 billion at September 30, 2019. The increase from September 30, 2019 was primarily due to growth in the commercial and industrial and commercial real estate portfolios. During the fourth quarter of 2019, TCF completed the sale of the $1.1 billion Legacy TCF auto finance portfolio, which had been included within loans held-for-sale at September 30, 2019.

Investment securities The investment securities portfolio was $6.9 billion at December 31, 2019, compared to $5.7 billion at September 30, 2019. The increase from September 30, 2019 was primarily due to the continued reinvestment into the investment securities portfolio following repositioning actions taken in the third quarter of 2019.

Deposits Deposits were $34.5 billion at December 31, 2019, compared to $35.3 billion at September 30, 2019. The decrease from September 30, 2019 was primarily due to the run-off of $930.4 million of certificates of deposit, which included $402.3 million of brokered certificates of deposit.

Capital The common equity Tier 1 capital ratio was 10.99% at December 31, 2019.

TCF repurchased $27.5 million of its common stock during the fourth quarter of 2019 and had the authority to repurchase an additional $122.5 million in aggregate value of shares as of December 31, 2019 pursuant to its share repurchase program.

TCF's board of directors also declared a regular quarterly cash dividend of $0.35 per common share payable on March 2, 2020 to shareholders of record at the close of business on February 14, 2020. In addition, the board of directors declared a quarterly cash dividend of $0.35625 per depositary share payable on March 2, 2020 to shareholders of record of the depositary shares, representing a 1/1,000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock, at the close of business on February 14, 2020.

Conference Call Details TCF will host a conference call to discuss fourth quarter 2019 results on Tuesday, January 28, 2020 at 10:00 a.m. Eastern Time. The conference call will be available via a live webcast on the Investor Relations section of TCF's website, ir.tcfbank.com, and archived for replay. The conference call can also be accessed by dialing (844) 512-2926 and entering access code 7648346. To listen to the replay via phone, please dial (877) 344-7529 and enter access code 10138016. The replay begins approximately one hour after the call is completed on Tuesday, January 28, 2020 and will be available through Tuesday, February 4, 2020.

TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $47 billion in total assets at December 31, 2019 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit ir.tcfbank.com.

Cautionary Statements for Purposes of the Safe Harbor Provisions of the Securities Litigation Reform Act
Any statements contained in this earnings release regarding the outlook for the Corporation's businesses and their respective markets, such as projections of future performance, targets, guidance, statements of the Corporation's plans and objectives, forecasts of market trends and other matters are forward-looking statements based on the Corporation's assumptions and beliefs. Such statements may be identified by such words or phrases as "will likely result," "are expected to," "will continue," "outlook," "will benefit," "is anticipated," "estimate," "project," "management believes" or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed in such statements and no assurance can be given that the results in any forward-looking statement will be achieved. For these statements, TCF claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Any forward-looking statement speaks only as of the date on which it is made and we disclaim any obligation to subsequently revise any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of anticipated or unanticipated events.

Certain factors could cause the Corporation's future results to differ materially from those expressed or implied in any forward-looking statements contained herein. These factors include the factors discussed in Part I, Item 1A. of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2018 under the heading "Risk Factors" and any other cautionary statements, written or oral, which may be made or referred to in connection with any such forward-looking statements. Since it is not possible to foresee all such factors, these factors should not be considered as complete or exhaustive.

Use of Non-GAAP Financial Measures

Management uses the adjusted net income, adjusted diluted earnings per common share, adjusted ROAA, adjusted ROACE, ROATCE, adjusted ROATCE, adjusted efficiency ratio, adjusted net interest income, net interest margin (FTE), adjusted net interest margin (FTE), adjusted noninterest income, adjusted noninterest expense, tangible book value per common share and tangible common equity to tangible assets internally to measure performance and believes that these financial measures not recognized under generally accepted accounting principles in the United States ("GAAP") (i.e. non-GAAP) provide meaningful information to investors that will permit them to assess the Corporation's capital and ability to withstand unexpected market or economic conditions and to assess the performance of the Corporation in relation to other banking institutions on the same basis as that applied by management, analysts and banking regulators. TCF adjusts certain results to exclude merger-related expenses and notable items in addition to presenting net interest income and net interest margin (FTE) excluding purchase accounting accretion and amortization. Management believes these measures are useful to investors in understanding TCF's business and operating results.

These non-GAAP financial measures are not defined by GAAP and other entities may calculate them differently than TCF does. Non-GAAP financial measures have inherent limitations and are not required to be uniformly applied. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a corporation, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes selected items does not represent the amount that effectively accrues directly to shareholders.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change From

(Dollars in thousands)

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

Sep. 30, 2019

12/31/2018

2019

 

2019

 

2019

 

2019

 

2018

 

$

%

$

%

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

491,787

 

 

$

586,060

 

 

$

294,566

 

 

$

283,659

 

 

$

279,267

 

 

$

(94,273

)

(16.1

)%

$

212,520

 

76.1

%

Interest-bearing deposits with other banks

 

736,584

 

 

 

736,954

 

 

 

260,705

 

 

 

180,163

 

 

 

307,790

 

 

 

(370

)

(0.1

)

 

428,794

 

139.3

 

Total cash and cash equivalents

 

1,228,371

 

 

 

1,323,014

 

 

 

555,271

 

 

 

463,822

 

 

 

587,057

 

 

 

(94,643

)

(7.2

)

 

641,314

 

109.2

 

Federal Home Loan Bank and Federal Reserve Bank stocks, at cost

 

442,440

 

 

 

290,238

 

 

 

105,659

 

 

 

103,644

 

 

 

91,654

 

 

 

152,202

 

52.4

 

 

350,786

 

N.M.

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale, at fair value

 

6,720,001

 

 

 

5,579,835

 

 

 

3,109,803

 

 

 

2,945,342

 

 

 

2,470,065

 

 

 

1,140,166

 

20.4

 

 

4,249,936

 

172.1

 

Held-to-maturity, at amortized cost

 

139,445

 

 

 

144,000

 

 

 

144,919

 

 

 

148,024

 

 

 

148,852

 

 

 

(4,555

)

(3.2

)

 

(9,407

)

(6.3

)

Total investment securities

 

6,859,446

 

 

 

5,723,835

 

 

 

3,254,722

 

 

 

3,093,366

 

 

 

2,618,917

 

 

 

1,135,611

 

19.8

 

 

4,240,529

 

161.9

 

Loans and leases held-for-sale

 

199,786

 

 

 

1,436,069

 

 

 

74,410

 

 

 

64,468

 

 

 

90,664

 

 

 

(1,236,283

)

(86.1)

 

 

109,122

 

120.4

 

Loans and leases

 

34,497,464

 

 

 

33,510,752

 

 

 

19,185,137

 

 

 

19,384,210

 

 

 

19,073,020

 

 

 

986,712

 

2.9

 

 

15,424,444

 

80.9

 

Allowance for loan and lease losses

 

(113,052

)

 

 

(121,218

)

 

 

(146,503

)

 

 

(147,972

)

 

 

(157,446

)

 

 

8,166

 

6.7

 

 

44,394

 

28.2

 

Loans and leases, net

 

34,384,412

 

 

 

33,389,534

 

 

 

19,038,634

 

 

 

19,236,238

 

 

 

18,915,574

 

 

 

994,878

 

3.0

 

 

15,468,838

 

81.8

 

Premises and equipment, net

 

533,138

 

 

 

554,194

 

 

 

432,751

 

 

 

429,711

 

 

 

427,534

 

 

 

(21,056

)

(3.8

)

 

105,604

 

24.7

 

Goodwill

 

1,299,878

 

 

 

1,265,111

 

 

 

154,757

 

 

 

154,757

 

 

 

154,757

 

 

 

34,767

 

2.7

 

 

1,145,121

 

N.M.

 

Other intangible assets, net

 

168,368

 

 

 

215,910

 

 

 

18,885

 

 

 

19,684

 

 

 

20,496

 

 

 

(47,542

)

(22.0)

 

 

147,872

 

N.M.

 

Loan servicing rights

 

56,313

 

 

 

55,301

 

 

 

19

 

 

 

20

 

 

 

23

 

 

 

1,012

 

1.8

 

 

56,290

 

N.M.

 

Other assets

 

1,479,401

 

 

 

1,439,305

 

 

 

991,722

 

 

 

853,005

 

 

 

792,936

 

 

 

40,096

 

2.8

 

 

686,465

 

86.6

 

Total assets

$

46,651,553

 

 

$

45,692,511

 

 

$

24,626,830

 

 

$

24,418,715

 

 

$

23,699,612

 

 

$

959,042

 

2.1

 

$

22,951,941

 

96.8

 

LIABILITIES AND EQUITY:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

$

7,970,590

 

 

$

7,979,900

 

 

$

4,062,912

 

 

$

4,104,652

 

 

$

3,936,155

 

 

$

(9,310

)

(0.1)%

 

$

4,034,435

 

102.5

%

Interest-bearing

 

26,497,873

 

 

 

27,306,174

 

 

 

15,049,475

 

 

 

14,919,459

 

 

 

14,967,531

 

 

 

(808,301

)

(3.0)

 

 

11,530,342

 

77.0

 

Total deposits

 

34,468,463

 

 

 

35,286,074

 

 

 

19,112,387

 

 

 

19,024,111

 

 

 

18,903,686

 

 

 

(817,611

)

(2.3)

 

 

15,564,777

 

82.3

 

Short-term borrowings

 

2,669,145

 

 

 

2,607,300

 

 

 

350,764

 

 

 

355,992

 

 

 

 

 

61,845

 

2.4

 

 

2,669,145

 

N.M.

 

Long-term borrowings

 

2,354,448

 

 

 

860,482

 

 

 

1,617,531

 

 

 

1,411,426

 

 

 

1,449,472

 

 

 

1,493,966

 

173.6

 

 

904,976

 

62.4

 

Other liabilities

 

1,432,256

 

 

 

1,245,238

 

 

 

835,630

 

 

 

981,341

 

 

 

790,194

 

 

 

187,018

 

15.0

 

 

642,062

 

81.3

 

Total liabilities

 

40,924,312

 

 

 

39,999,094

 

 

 

21,916,312

 

 

 

21,772,870

 

 

 

21,143,352

 

 

 

925,218

 

2.3

 

 

19,780,960

 

93.6

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

169,302

 

 

 

169,302

 

 

 

169,302

 

 

 

169,302

 

 

 

169,302

 

 

 

 

 

 

Common stock

 

152,966

 

 

 

153,571

 

 

 

87,944

 

 

 

88,063

 

 

 

88,198

 

 

 

(605

)

(0.4)

 

 

64,768

 

73.4

 

Additional paid-in capital

 

3,462,080

 

 

 

3,478,159

 

 

 

781,788

 

 

 

789,467

 

 

 

798,627

 

 

 

(16,079

)

(0.5)

 

 

2,663,453

 

N.M.

 

Retained earnings

 

1,896,427

 

 

 

1,840,214

 

 

 

1,874,308

 

 

 

1,810,701

 

 

 

1,766,994

 

 

 

56,213

 

3.1

 

 

129,433

 

7.3

 

Accumulated other comprehensive income (loss)

 

54,277

 

 

 

56,228

 

 

 

37,334

 

 

 

5,481

 

 

 

(33,138

)

 

 

(1,951

)

(3.5)

 

 

87,415

 

N.M.

 

Treasury stock at cost and other

 

(28,037

)

 

 

(27,370

)

 

 

(265,016

)

 

 

(246,621

)

 

 

(252,182

)

 

 

(667

)

(2.4)

 

 

224,145

 

88.9

 

Total TCF Financial Corporation shareholders' equity

 

5,707,015

 

 

 

5,670,104

 

 

 

2,685,660

 

 

 

2,616,393

 

 

 

2,537,801

 

 

 

36,911

 

0.7

 

 

3,169,214

 

124.9

 

Non-controlling interest

 

20,226

 

 

 

23,313

 

 

 

24,858

 

 

 

29,452

 

 

 

18,459

 

 

 

(3,087

)

(13.2)

 

 

1,767

 

9.6

 

Total equity

 

5,727,241

 

 

 

5,693,417

 

 

 

2,710,518

 

 

 

2,645,845

 

 

 

2,556,260

 

 

 

33,824

 

0.6

 

 

3,170,981

 

124.0

 

Total liabilities and equity

$

46,651,553

 

 

$

45,692,511

 

 

$

24,626,830

 

 

$

24,418,715

 

 

$

23,699,612

 

 

$

959,042

 

2.1

 

$

22,951,941

 

96.8

 

N.M. Not Meaningful

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Change From

(Dollars in thousands)

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

Sep. 30, 2019

 

Dec. 31, 2018

2019

 

2019

 

2019

 

2019

 

2018

 

$

 

%

 

$

 

%

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

$

446,738

 

 

$

417,370

 

 

$

283,282

 

 

$

283,238

 

 

$

275,200

 

 

$

29,368

 

 

7.0

%

 

$

171,538

 

 

62.3

%

Interest on investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

36,282

 

 

31,038

 

 

22,041

 

 

16,666

 

 

13,915

 

 

5,244

 

 

16.9

 

 

22,367

 

 

160.7

 

Tax-exempt

4,374

 

 

3,385

 

 

1,208

 

 

2,684

 

 

4,147

 

 

989

 

 

29.2

 

 

227

 

 

5.5

 

Interest on loans held-for-sale

15,767

 

 

1,408

 

 

599

 

 

825

 

 

1,405

 

 

14,359

 

 

N.M.

 

 

14,362

 

 

N.M.

 

Interest on other earning assets

6,617

 

 

6,607

 

 

3,651

 

 

3,481

 

 

3,242

 

 

10

 

 

0.2

 

 

3,375

 

 

104.1

 

Total interest income

509,778

 

 

459,808

 

 

310,781

 

 

306,894

 

 

297,909

 

 

49,970

 

 

10.9

 

 

211,869

 

 

71.1

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

77,003

 

 

70,900

 

 

40,646

 

 

37,608

 

 

33,462

 

 

6,103

 

 

8.6

 

 

43,541

 

 

130.1

 

Interest on borrowings

24,022

 

 

17,115

 

 

16,078

 

 

14,857

 

 

11,294

 

 

6,907

 

 

40.4

 

 

12,728

 

 

112.7

 

Total interest expense

101,025

 

 

88,015

 

 

56,724

 

 

52,465

 

 

44,756

 

 

13,010

 

 

14.8

 

 

56,269

 

 

125.7

 

Net interest income

408,753

 

 

371,793

 

 

254,057

 

 

254,429

 

 

253,153

 

 

36,960

 

 

9.9

 

 

155,600

 

 

61.5

 

Provision for credit losses

14,403

 

 

27,188

 

 

13,569

 

 

10,122

 

 

18,894

 

 

(12,785

)

 

(47.0

)

 

(4,491

)

 

(23.8

)

Net interest income after provision for credit losses

394,350

 

 

344,605

 

 

240,488

 

 

244,307

 

 

234,259

 

 

49,745

 

 

14.4

 

 

160,091

 

 

68.3

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposit accounts

39,356

 

 

34,384

 

 

27,842

 

 

26,278

 

 

29,539

 

 

4,972

 

 

14.5

 

 

9,817

 

 

33.2

 

Leasing revenue

46,686

 

 

39,590

 

 

39,277

 

 

38,165

 

 

51,602

 

 

7,096

 

 

17.9

 

 

(4,916

)

 

(9.5

)

Wealth management revenue

6,172

 

 

4,241

 

 

 

 

 

 

 

 

1,931

 

 

45.5

 

 

6,172

 

 

N.M.

 

Card and ATM revenue

24,751

 

 

23,315

 

 

20,496

 

 

18,659

 

 

20,093

 

 

1,436

 

 

6.2

 

 

4,658

 

 

23.2

 

Net gains (losses) on sales of loans and leases

12,934

 

 

(5,984

)

 

11,141

 

 

8,217

 

 

8,795

 

 

18,918

 

 

N.M.

 

 

4,139

 

 

47.1

 

Servicing fee revenue

6,022

 

 

5,121

 

 

4,523

 

 

5,110

 

 

5,523

 

 

901

 

 

17.6

 

 

499

 

 

9.0

 

Net gains on investment securities

8

 

 

5,900

 

 

1,066

 

 

451

 

 

167

 

 

(5,892

)

 

(99.9

)

 

(159

)

 

(95.2

)

Other

22,123

 

 

(12,309

)

 

5,373

 

 

6,624

 

 

8,149

 

 

34,432

 

 

N.M.

 

 

13,974

 

 

171.5

 

Total noninterest income

158,052

 

 

94,258

 

 

109,718

 

 

103,504

 

 

123,868

 

 

63,794

 

 

67.7

 

 

34,184

 

 

27.6

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and employee benefits

180,969

 

 

155,745

 

 

116,266

 

 

123,942

 

 

130,022

 

 

25,224

 

 

16.2

 

 

50,947

 

 

39.2

 

Occupancy and equipment

56,771

 

 

49,229

 

 

41,850

 

 

41,710

 

 

42,277

 

 

7,542

 

 

15.3

 

 

14,494

 

 

34.3

 

Lease financing equipment depreciation

18,629

 

 

19,408

 

 

19,133

 

 

19,256

 

 

19,085

 

 

(779

)

 

(4.0

)

 

(456

)

 

(2.4

)

Net foreclosed real estate and repossessed assets

4,242

 

 

2,203

 

 

2,448

 

 

4,630

 

 

4,396

 

 

2,039

 

 

92.6

 

 

(154

)

 

(3.5

)

Merger-related expenses

47,025

 

 

111,259

 

 

4,226

 

 

9,458

 

 

 

 

(64,234

)

 

(57.7

)

 

47,025

 

 

N.M.

 

Other

108,935

 

 

87,776

 

 

52,926

 

 

54,079

 

 

54,178

 

 

21,159

 

 

24.1

 

 

54,757

 

 

101.1

 

Total noninterest expense

416,571

 

 

425,620

 

 

236,849

 

 

253,075

 

 

249,958

 

 

(9,049

)

 

(2.1

)

 

166,613

 

 

66.7

 

Income before income tax expense

135,831

 

 

13,243

 

 

113,357

 

 

94,736

 

 

108,169

 

 

122,588

 

 

N.M.

 

 

27,662

 

 

25.6

 

Income tax expense (benefit)

21,375

 

 

(11,735

)

 

19,314

 

 

21,287

 

 

20,013

 

 

33,110

 

 

N.M.

 

 

1,362

 

 

6.8

 

Income after income tax expense (benefit)

114,456

 

 

24,978

 

 

94,043

 

 

73,449

 

 

88,156

 

 

89,478

 

 

N.M.

 

 

26,300

 

 

29.8

 

Income attributable to non-controlling interest

2,057

 

 

2,830

 

 

3,616

 

 

2,955

 

 

2,504

 

 

(773

)

 

(27.3

)

 

(447

)

 

(17.9

)

Net income attributable to TCF Financial Corporation

112,399

 

 

22,148

 

 

90,427

 

 

70,494

 

 

85,652

 

 

90,251

 

 

N.M.

 

 

26,747

 

 

31.2

 

Preferred stock dividends

2,494

 

 

2,494

 

 

2,494

 

 

2,493

 

 

2,494

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

$

109,905

 

 

$

19,654

 

 

$

87,933

 

 

$

68,001

 

 

$

83,158

 

 

$

90,251

 

 

N.M.

 

 

$

26,747

 

 

32.2

 

N.M. Not Meaningful

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

 

Consolidated Statements of Income (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

Change

(Dollars in thousands, except per share data)

2019

 

2018

 

$

 

%

Interest income:

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

$

1,430,628

 

 

$

1,082,135

 

 

$

348,493

 

 

32.2

%

Interest on investment securities:

 

 

 

 

 

 

 

 

Taxable

106,027

 

 

41,406

 

 

64,621

 

 

156.1

 

Tax-exempt

11,651

 

 

17,138

 

 

(5,487

)

 

(32.0

)

Interest on loans held-for-sale

18,599

 

 

6,686

 

 

11,913

 

 

178.2

 

Interest on other earning assets

20,356

 

 

11,964

 

 

8,392

 

 

70.1

 

Total interest income

1,587,261

 

 

1,159,329

 

 

427,932

 

 

36.9

 

Interest expense:

 

 

 

 

 

 

 

 

Interest on deposits

226,157

 

 

107,690

 

 

118,467

 

 

110.0

 

Interest on borrowings

72,072

 

 

43,144

 

 

28,928

 

 

67.0

 

Total interest expense

298,229

 

 

150,834

 

 

147,395

 

 

97.7

 

Net interest income

1,289,032

 

 

1,008,495

 

 

280,537

 

 

27.8

 

Provision for credit losses

65,282

 

 

46,768

 

 

18,514

 

 

39.6

 

Net interest income after provision for credit losses

1,223,750

 

 

961,727

 

 

262,023

 

 

27.2

 

Noninterest income:

 

 

 

 

 

 

 

 

Fees and service charges on deposit accounts

127,860

 

 

113,242

 

 

14,618

 

 

12.9

 

Leasing revenue

163,718

 

 

172,603

 

 

(8,885

)

 

(5.1

)

Wealth management revenue

10,413

 

 

 

 

10,413

 

 

N.M.

 

Card and ATM revenue

87,221

 

 

78,406

 

 

8,815

 

 

11.2

 

Net gains on sales of loans and leases

26,308

 

 

33,695

 

 

(7,387

)

 

(21.9

)

Servicing fee revenue

20,776

 

 

27,334

 

 

(6,558

)

 

(24.0

)

Net gains on investment securities

7,425

 

 

348

 

 

7,077

 

 

N.M.

 

Other

21,811

 

 

28,769

 

 

(6,958

)

 

(24.2

)

Total noninterest income

465,532

 

 

454,397

 

 

11,135

 

 

2.5

 

Noninterest expense:

 

 

 

 

 

 

 

 

Compensation and employee benefits

576,922

 

 

502,196

 

 

74,726

 

 

14.9

 

Occupancy and equipment

189,560

 

 

165,839

 

 

23,721

 

 

14.3

 

Lease financing equipment depreciation

76,426

 

 

73,829

 

 

2,597

 

 

3.5

 

Net foreclosed real estate and repossessed assets

13,523

 

 

17,050

 

 

(3,527

)

 

(20.7

)

Merger-related expenses

171,968

 

 

 

 

171,968

 

 

N.M.

 

Other

303,716

 

 

255,486

 

 

48,230

 

 

18.9

 

Total noninterest expense

1,332,115

 

 

1,014,400

 

 

317,715

 

 

31.3

 

Income before income tax expense

357,167

 

 

401,724

 

 

(44,557

)

 

(11.1

)

Income tax expense

50,241

 

 

86,096

 

 

(35,855

)

 

(41.6

)

Income after income tax expense

306,926

 

 

315,628

 

 

(8,702

)

 

(2.8

)

Income attributable to non-controlling interest

11,458

 

 

11,270

 

 

188

 

 

1.7

 

Net income attributable to TCF Financial Corporation

295,468

 

 

304,358

 

 

(8,890

)

 

(2.9

)

Preferred stock dividends

9,975

 

 

11,588

 

 

(1,613

)

 

(13.9

)

Impact of preferred stock redemption

 

 

3,481

 

 

(3,481

)

 

(100.0

)

Net income available to common shareholders

$

285,493

 

 

$

289,289

 

 

$

(3,796

)

 

(1.3

)

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

$

2.56

 

 

$

3.44

 

 

$

(0.88

)

 

(25.6

)%

Diluted

2.55

 

 

3.43

 

 

(0.88

)

 

(25.7

)

N.M. Not Meaningful

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Average Balance Sheets, Yields and Rates (Unaudited)

 

Quarter Ended

 

Dec. 31, 2019

 

Sep. 30, 2019

 

Dec. 31, 2018

 

Average

 

Yields &

 

Average

 

Yields &

 

Average

 

Yields &

(Dollars in thousands)

Balance

Interest(1)

Rates(1)(2)

 

Balance

Interest(1)

Rates(1)(2)

 

Balance

Interest(1)

Rates(1)(2)

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank and Federal Reserve Bank stocks

$

388,640

 

$

3,170

 

3.24

%

 

$

230,767

 

$

806

 

1.39

%

 

$

87,321

 

$

920

 

4.19

%

Investment securities held-to-maturity

 

140,434

 

 

889

 

2.53

 

 

 

143,078

 

 

602

 

1.68

 

 

 

150,016

 

 

965

 

2.58

 

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

4,960,520

 

 

35,393

 

2.85

 

 

 

4,232,878

 

 

30,436

 

2.88

 

 

 

1,779,654

 

 

12,949

 

2.91

 

Tax-exempt(3)

 

778,994

 

 

5,536

 

2.84

 

 

 

643,576

 

 

4,283

 

2.66

 

 

 

788,806

 

 

5,250

 

2.66

 

Loans and leases held-for-sale

 

1,121,326

 

 

15,767

 

5.58

 

 

 

118,482

 

 

1,408

 

4.74

 

 

 

86,169

 

 

1,405

 

6.48

 

Loans and leases(3)(4)

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

10,955,937

 

 

156,246

 

5.63

 

 

 

9,290,978

 

 

146,865

 

6.25

 

 

 

6,116,369

 

 

98,019

 

6.36

 

Commercial real estate

 

9,057,834

 

 

124,431

 

5.38

 

 

 

6,964,643

 

 

97,042

 

5.45

 

 

 

2,795,403

 

 

35,851

 

5.02

 

Lease financing

 

2,616,360

 

 

33,431

 

5.11

 

 

 

2,570,567

 

 

32,833

 

5.11

 

 

 

2,479,045

 

 

32,984

 

5.32

 

Residential mortgage

 

6,023,647

 

 

61,072

 

4.05

 

 

 

4,853,627

 

 

51,511

 

4.23

 

 

 

1,957,323

 

 

25,951

 

5.27

 

Consumer installment

 

1,546,952

 

 

19,382

 

4.97

 

 

 

2,389,830

 

 

34,543

 

5.73

 

 

 

2,134,568

 

 

30,246

 

5.62

 

Home equity

 

3,604,153

 

 

53,910

 

5.93

 

 

 

3,433,830

 

 

56,166

 

6.49

 

 

 

3,072,697

 

 

53,146

 

6.86

 

Total loans and leases(3)(4)

 

33,804,883

 

 

448,472

 

5.24

 

 

 

29,503,475

 

 

418,960

 

5.62

 

 

 

18,555,405

 

 

276,197

 

5.90

 

Interest-bearing deposits with banks and other

 

656,555

 

 

3,448

 

2.07

 

 

 

933,014

 

 

5,800

 

2.44

 

 

 

243,038

 

 

2,322

 

3.79

 

Total interest-earning assets

 

41,851,352

 

 

512,675

 

4.85

 

 

 

35,805,270

 

 

462,295

 

5.11

 

 

 

21,690,409

 

 

300,008

 

5.49

 

Other assets

 

4,268,162

 

 

 

 

 

3,289,096

 

 

 

 

 

1,463,844

 

 

 

Total assets

$

46,119,514

 

 

 

 

$

39,094,366

 

 

 

 

$

23,154,253

 

 

 

LIABILITIES AND EQUITY:

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

7,968,769

 

 

 

 

$

6,564,195

 

 

 

 

$

3,873,023

 

 

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

Checking

 

5,891,566

 

 

7,614

 

0.51

%

 

 

4,805,843

 

 

5,520

 

0.46

%

 

 

2,403,370

 

 

248

 

0.04

%

Savings

 

8,404,460

 

 

14,993

 

0.71

 

 

 

7,676,165

 

 

14,110

 

0.73

 

 

 

5,922,724

 

 

8,114

 

0.54

 

Money market

 

4,463,476

 

 

15,537

 

1.38

 

 

 

3,490,922

 

 

13,037

 

1.48

 

 

 

1,449,531

 

 

3,612

 

0.99

 

Certificates of deposit

 

7,825,573

 

 

38,859

 

1.97

 

 

 

7,320,720

 

 

38,233

 

2.07

 

 

 

4,818,211

 

 

21,487

 

1.77

 

Total interest-bearing deposits

 

26,585,075

 

 

77,003

 

1.15

 

 

 

23,293,650

 

 

70,900

 

1.21

 

 

 

14,593,836

 

 

33,461

 

0.91

 

Total deposits

 

34,553,844

 

 

77,003

 

0.88

 

 

 

29,857,845

 

 

70,900

 

0.94

 

 

 

18,466,859

 

 

33,461

 

0.72

 

Borrowings:

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

2,585,682

 

 

11,403

 

1.73

 

 

 

1,884,228

 

 

5,345

 

1.11

 

 

 

2,738

 

 

19

 

2.74

 

Long-term borrowings

 

1,739,852

 

 

12,620

 

2.87

 

 

 

1,472,150

 

 

11,769

 

3.17

 

 

 

1,344,228

 

 

11,275

 

3.31

 

Total borrowings

 

4,325,534

 

 

24,023

 

2.19

 

 

 

3,356,378

 

 

17,114

 

2.01

 

 

 

1,346,966

 

 

11,294

 

3.31

 

Total interest-bearing liabilities

 

30,910,609

 

 

101,026

 

1.29

 

 

 

26,650,028

 

 

88,014

 

1.31

 

 

 

15,940,802

 

 

44,755

 

1.11

 

Total deposits and borrowings

 

38,879,378

 

 

101,026

 

1.03

 

 

 

33,214,223

 

 

88,014

 

1.05

 

 

 

19,813,825

 

 

44,755

 

0.89

 

Accrued expenses and other liabilities

 

1,549,017

 

 

 

 

 

1,197,014

 

 

 

 

 

822,558

 

 

 

Total liabilities

 

40,428,395

 

 

 

 

 

34,411,237

 

 

 

 

 

20,636,383

 

 

 

Total TCF Financial Corporation shareholders' equity

 

5,667,436

 

 

 

 

 

4,657,613

 

 

 

 

 

2,495,952

 

 

 

Non-controlling interest in subsidiaries

 

23,683

 

 

 

 

 

25,516

 

 

 

 

 

21,918

 

 

 

Total equity

 

5,691,119

 

 

 

 

 

4,683,129

 

 

 

 

 

2,517,870

 

 

 

Total liabilities and equity

$

46,119,514

 

 

 

 

$

39,094,366

 

 

 

 

$

23,154,253

 

 

 

Net interest spread (FTE)

 

 

3.82

%

 

 

 

4.06

%

 

 

 

4.60

%

Net interest income(FTE) and net interest margin(FTE)

 

$

411,649

 

3.89

%

 

 

$

374,281

 

4.14

%

 

 

$

255,253

 

4.67

%

Reconciliation to Reported Net Interest Income

 

 

 

 

 

 

 

 

 

 

Net interest income (FTE)

 

$

411,649

 

 

 

 

$

374,281

 

 

 

 

$

255,253

 

 

Adjustments for taxable equivalent interest(1)(3)

 

 

 

 

 

 

 

 

 

 

 

Loans and leases

 

 

(1,734

)

 

 

 

 

(1,590

)

 

 

 

 

(997

)

 

Tax-exempt investment securities

 

 

(1,162

)

 

 

 

 

(898

)

 

 

 

 

(1,103

)

 

Total FTE adjustments

 

 

(2,896

)

 

 

 

 

(2,488

)

 

 

 

 

(2,100

)

 

Net interest income (GAAP)

 

$

408,753

 

 

 

 

$

371,793

 

 

 

 

$

253,153

 

 

Net interest margin (GAAP)

 

 

3.86

%

 

 

 

 

4.12

%

 

 

 

 

4.63

%

 

(1) Interest and yields are presented on a fully tax-equivalent basis.
(2) Annualized.
(3)The yield on tax-exempt loans and investment securities available-for-sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 21%.
(4)Average balances of loans and leases include nonaccrual loans and leases and are presented net of unearned income. 

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Average Balance Sheets, Yields and Rates (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

2019

 

2018

 

Average

 

 

 

Yields &

 

Average

 

 

 

Yields &

(Dollars in thousands)

Balance

 

Interest(1)

 

Rates(1)

 

Balance

 

Interest(1)

 

Rates(1)

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank and Federal Reserve Bank stocks

$

210,001

 

 

$

6,030

 

 

2.87

%

 

$

89,774

 

 

$

3,618

 

 

4.03

%

Investment securities held-to-maturity

 

144,318

 

 

 

2,950

 

 

2.04

 

 

 

154,619

 

 

 

3,970

 

 

2.57

 

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

3,516,413

 

 

 

103,077

 

 

2.93

 

 

 

1,390,016

 

 

 

37,436

 

 

2.69

 

Tax-exempt(3)

 

541,525

 

 

 

14,746

 

 

2.72

 

 

 

815,540

 

 

 

21,694

 

 

2.66

 

Loans and leases held-for-sale

 

336,292

 

 

 

18,599

 

 

5.53

 

 

 

103,240

 

 

 

6,686

 

 

6.48

 

Loans and leases(2)(3)

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

8,371,066

 

 

 

519,506

 

 

6.18

 

 

 

6,171,331

 

 

 

386,541

 

 

6.25

 

Commercial real estate

 

5,523,347

 

 

 

298,414

 

 

5.33

 

 

 

2,799,523

 

 

 

135,791

 

 

4.78

 

Lease financing

 

2,570,109

 

 

 

131,547

 

 

5.12

 

 

 

2,459,823

 

 

 

125,185

 

 

5.09

 

Residential mortgage

 

3,902,959

 

 

 

170,706

 

 

4.37

 

 

 

1,788,729

 

 

 

95,375

 

 

5.33

 

Consumer installment

 

1,844,714

 

 

 

101,687

 

 

5.51

 

 

 

2,579,271

 

 

 

142,700

 

 

5.53

 

Home equity

 

3,272,760

 

 

 

214,116

 

 

6.54

 

 

 

3,028,370

 

 

 

200,356

 

 

6.62

 

Total loans and leases(2)(3)

 

25,484,955

 

 

 

1,435,976

 

 

5.61

 

 

 

18,827,047

 

 

 

1,085,948

 

 

5.75

 

Interest-bearing deposits with banks and other

 

534,979

 

 

 

14,326

 

 

2.66

 

 

 

229,698

 

 

 

8,346

 

 

3.63

 

Total interest-earning assets

 

30,768,483

 

 

 

1,595,704

 

 

5.17

 

 

 

21,609,934

 

 

 

1,167,698

 

 

5.39

 

Other assets

 

2,758,447

 

 

 

 

 

 

 

1,452,214

 

 

 

 

 

Total assets

$

33,526,930

 

 

 

 

 

 

$

23,062,148

 

 

 

 

 

LIABILITIES AND EQUITY:

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

5,622,092

 

 

 

 

 

 

$

3,843,494

 

 

 

 

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

Checking

 

3,920,613

 

 

 

13,961

 

 

0.36

 

 

 

2,438,040

 

 

 

714

 

 

0.03

 

Savings

 

7,203,987

 

 

 

52,087

 

 

0.72

 

 

 

5,621,723

 

 

 

20,009

 

 

0.36

 

Money market

 

2,729,156

 

 

 

37,615

 

 

1.38

 

 

 

1,553,255

 

 

 

11,582

 

 

0.75

 

Certificates of deposit

 

6,086,251

 

 

 

122,494

 

 

2.01

 

 

 

4,897,937

 

 

 

75,385

 

 

1.54

 

Total interest-bearing deposits

 

19,940,007

 

 

 

226,157

 

 

1.13

 

 

 

14,510,955

 

 

 

107,690

 

 

0.74

 

Total deposits

 

25,562,099

 

 

 

226,157

 

 

0.88

 

 

 

18,354,449

 

 

 

107,690

 

 

0.59

 

Borrowings:

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

1,279,073

 

 

 

20,836

 

 

1.61

 

 

 

3,288

 

 

 

77

 

 

2.33

 

Long-term borrowings

 

1,592,915

 

 

 

51,236

 

 

3.19

 

 

 

1,412,186

 

 

 

43,067

 

 

3.03

 

Total borrowings

 

2,871,988

 

 

 

72,072

 

 

2.49

 

 

 

1,415,474

 

 

 

43,144

 

 

3.02

 

Total interest-bearing liabilities

 

22,811,995

 

 

 

298,229

 

 

1.30

 

 

 

15,926,429

 

 

 

150,834

 

 

0.94

 

Total deposits and borrowings

 

28,434,087

 

 

 

298,229

 

 

1.05

 

 

 

19,769,923

 

 

 

150,834

 

 

0.76

 

Accrued expenses and other liabilities

 

1,177,805

 

 

 

 

 

 

 

761,723

 

 

 

 

 

Total liabilities

 

29,611,892

 

 

 

 

 

 

 

20,531,646

 

 

 

 

 

Total TCF Financial Corporation shareholders' equity

 

3,889,204

 

 

 

 

 

 

 

2,506,179

 

 

 

 

 

Non-controlling interest in subsidiaries

 

25,834

 

 

 

 

 

 

 

24,323

 

 

 

 

 

Total equity

 

3,915,038

 

 

 

 

 

 

 

2,530,502

 

 

 

 

 

Total liabilities and equity

$

33,526,930

 

 

 

 

 

 

$

23,062,148

 

 

 

 

 

Net interest spread (FTE)

 

 

 

 

4.12

%

 

 

 

 

 

4.63

%

Net interest income (FTE) and net interest margin (FTE)

 

 

$

1,297,475

 

 

4.20

%

 

 

 

$

1,016,864

 

 

4.69

%

Reconciliation to Reported Net Interest Income

 

 

 

 

 

 

 

 

 

 

Net interest income (FTE)

 

 

$

1,297,475

 

 

 

 

 

 

$

1,016,864

 

 

 

Adjustments for taxable equivalent interest(1)(2)

 

 

 

 

 

 

 

 

 

 

 

Loans

 

 

 

(5,348

)

 

 

 

 

 

 

(3,813

)

 

 

Tax-exempt investment securities

 

 

 

(3,095

)

 

 

 

 

 

 

(4,556

)

 

 

Total FTE adjustments

 

 

 

(8,443

)

 

 

 

 

 

 

(8,369

)

 

 

Net interest income (GAAP)

 

 

$

1,289,032

 

 

 

 

 

 

$

1,008,495

 

 

 

Net interest margin (GAAP)

 

 

 

4.17

%

 

 

 

 

 

 

4.66

%

 

 

(1) Interest and yields are presented on a fully tax-equivalent basis.
(2) The yield on tax-exempt loans and investment securities available-for-sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 21%.
(3) Average balances of loans and leases include nonaccrual loans and leases and are presented net of unearned income. 

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

 

 

 

 

 

 

 

 

 

 

Consolidated Quarterly Average Balance Sheets (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Change From

 

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

Sep. 30, 2019

 

Dec. 31, 2018

(Dollars in thousands)

2019

 

2019

 

2019

 

2019

 

2018

 

$

 

%

 

$

 

%

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank and Federal Reserve Bank stocks

$

388,640

 

 

$

230,767

 

 

$

112,118

 

 

$

105,135

 

 

$

87,321

 

 

$

157,873

 

 

68.4

%

 

$

301,319

 

 

N.M.

 

Investment securities held-to-maturity

140,434

 

 

143,078

 

 

146,296

 

 

147,556

 

 

150,016

 

 

(2,644

)

 

(1.8

)

 

(9,582

)

 

(6.4

)%

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

4,960,520

 

 

4,232,878

 

 

2,711,984

 

 

2,121,196

 

 

1,779,654

 

 

727,642

 

 

17.2

 

 

3,180,866

 

 

178.7

 

Tax-exempt

778,994

 

 

643,576

 

 

222,534

 

 

516,995

 

 

788,806

 

 

135,418

 

 

21.0

 

 

(9,812

)

 

(1.2

)

Loans and leases held-for-sale

1,121,326

 

 

118,482

 

 

40,835

 

 

55,204

 

 

86,169

 

 

1,002,844

 

 

N.M.

 

 

1,035,157

 

 

N.M.

 

Loans and leases(1) :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

10,955,937

 

 

9,290,978

 

 

6,683,060

 

 

6,495,163

 

 

6,116,369

 

 

1,664,959

 

 

17.9

 

 

4,839,568

 

 

79.1

 

Commercial real estate

9,057,834

 

 

6,964,643

 

 

3,069,969

 

 

2,917,631

 

 

2,795,403

 

 

2,093,191

 

 

30.1

 

 

6,262,431

 

 

N.M.

 

Lease financing

2,616,360

 

 

2,570,567

 

 

2,565,175

 

 

2,527,346

 

 

2,479,045

 

 

45,793

 

 

1.8

 

 

137,315

 

 

5.5

 

Residential mortgage

6,023,647

 

 

4,853,627

 

 

2,337,818

 

 

2,345,881

 

 

1,957,323

 

 

1,170,020

 

 

24.1

 

 

4,066,324

 

 

N.M.

 

Consumer installment

1,546,952

 

 

2,389,830

 

 

1,586,633

 

 

1,852,813

 

 

2,134,568

 

 

(842,878

)

 

(35.3

)

 

(587,616

)

 

(27.5

)

Home equity

3,604,153

 

 

3,433,830

 

 

2,997,050

 

 

3,048,128

 

 

3,072,697

 

 

170,323

 

 

5.0

 

 

531,456

 

 

17.3

 

Total loans and leases(1)

33,804,883

 

 

29,503,475

 

 

19,239,705

 

 

19,186,962

 

 

18,555,405

 

 

4,301,408

 

 

14.6

 

 

15,249,478

 

 

82.2

 

Interest-bearing deposits with banks and other

656,555

 

 

933,014

 

 

280,075

 

 

261,556

 

 

243,038

 

 

(276,459

)

 

(29.6

)

 

413,517

 

 

170.1

 

Total interest-earning assets

41,851,352

 

 

35,805,270

 

 

22,753,547

 

 

22,394,604

 

 

21,690,409

 

 

6,046,082

 

 

16.9

 

 

20,160,943

 

 

92.9

 

Other assets

4,268,162

 

 

3,289,096

 

 

1,730,275

 

 

1,712,337

 

 

1,463,844

 

 

979,066

 

 

29.8

 

 

2,804,318

 

 

191.6

 

Total assets

$

46,119,514

 

 

$

39,094,366

 

 

$

24,483,822

 

 

$

24,106,941

 

 

$

23,154,253

 

 

$

7,025,148

 

 

18.0

 

 

$

22,965,261

 

 

99.2

 

LIABILITIES AND EQUITY:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

7,968,769

 

 

$

6,564,195

 

 

$

3,980,811

 

 

$

3,919,746

 

 

$

3,873,023

 

 

$

1,404,574

 

 

21.4

 

 

$

4,095,746

 

 

105.8

%

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Checking

5,891,566

 

 

4,805,843

 

 

2,479,814

 

 

2,457,767

 

 

2,403,370

 

 

1,085,723

 

 

22.6

 

 

3,488,196

 

 

145.1

 

Savings

8,404,460

 

 

7,676,165

 

 

6,452,510

 

 

6,253,992

 

 

5,922,724

 

 

728,295

 

 

9.5

 

 

2,481,736

 

 

41.9

 

Money market

4,463,476

 

 

3,490,922

 

 

1,430,556

 

 

1,490,631

 

 

1,449,531

 

 

972,554

 

 

27.9

 

 

3,013,945

 

 

N.M.

 

Certificates of deposit

7,825,573

 

 

7,320,720

 

 

4,527,822

 

 

4,622,120

 

 

4,818,211

 

 

504,853

 

 

6.9

 

 

3,007,362

 

 

62.4

 

Total interest-bearing deposits

26,585,075

 

 

23,293,650

 

 

14,890,702

 

 

14,824,510

 

 

14,593,836

 

 

3,291,425

 

 

14.1

 

 

11,991,239

 

 

82.2

 

Total deposits

34,553,844

 

 

29,857,845

 

 

18,871,513

 

 

18,744,256

 

 

18,466,859

 

 

4,695,999

 

 

15.7

 

 

16,086,985

 

 

87.1

 

Borrowings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

2,585,682

 

 

1,884,228

 

 

321,043

 

 

293,499

 

 

2,738

 

 

701,454

 

 

37.2

 

 

2,582,944

 

 

N.M.

 

Long-term borrowings

1,739,852

 

 

1,472,150

 

 

1,657,527

 

 

1,500,832

 

 

1,344,228

 

 

267,702

 

 

18.2

 

 

395,624

 

 

29.4

 

Total borrowings

4,325,534

 

 

3,356,378

 

 

1,978,570

 

 

1,794,331

 

 

1,346,966

 

 

969,156

 

 

28.9

 

 

2,978,568

 

 

N.M.

 

Total interest-bearing liabilities

30,910,609

 

 

26,650,028

 

 

16,869,272

 

 

16,618,841

 

 

15,940,802

 

 

4,260,581

 

 

16.0

 

 

14,969,807

 

 

93.9

 

Total deposits and borrowings

38,879,378

 

 

33,214,223

 

 

20,850,083

 

 

20,538,587

 

 

19,813,825

 

 

5,665,155

 

 

17.1

 

 

19,065,553

 

 

96.2

 

Accrued expenses and other liabilities

1,549,017

 

 

1,197,014

 

 

969,723

 

 

989,104

 

 

822,558

 

 

352,003

 

 

29.4

 

 

726,459

 

 

88.3

 

Total liabilities

40,428,395

 

 

34,411,237

 

 

21,819,806

 

 

21,527,691

 

 

20,636,383

 

 

6,017,158

 

 

17.5

 

 

19,792,012

 

 

95.9

 

Total TCF Financial Corporation shareholders' equity

5,667,436

 

 

4,657,613

 

 

2,634,386

 

 

2,554,729

 

 

2,495,952

 

 

1,009,823

 

 

21.7

 

 

3,171,484

 

 

127.1

 

Non-controlling interest in subsidiaries

23,683

 

 

25,516

 

 

29,630

 

 

24,521

 

 

21,918

 

 

(1,833

)

 

(7.2

)

 

1,765

 

 

8.1

 

Total equity

5,691,119

 

 

4,683,129

 

 

2,664,016

 

 

2,579,250

 

 

2,517,870

 

 

1,007,990

 

 

21.5

 

 

3,173,249

 

 

126.0

 

Total liabilities and equity

$

46,119,514

 

 

$

39,094,366

 

 

$

24,483,822

 

 

$

24,106,941

 

 

$

23,154,253

 

 

$

7,025,148

 

 

18.0

 

 

$

22,965,261

 

 

99.2

 

N.M. Not Meaningful

(1) Average balances of loans and leases include nonaccrual loans and leases and are presented net of unearned income.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

 

 

 

 

 

Consolidated Quarterly Yields and Rates(1)(2) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Change From

 

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

Sep. 30,

Dec. 31,

 

2019

 

2019

 

2019

 

2019

 

2018

 

2019

2018

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank and Federal Reserve Bank stocks

3.24

%

 

1.39

%

 

3.91

%

 

3.70

%

 

4.19

%

 

185

bps

(95)

bps

Investment securities held-to-maturity

2.53

 

 

1.68

 

 

2.53

 

 

1.45

 

 

2.58

 

 

85

 

(5)

 

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

2.85

 

 

2.88

 

 

3.11

 

 

3.04

 

 

2.91

 

 

(3)

 

(6)

 

Tax-exempt(3)

2.84

 

 

2.66

 

 

2.75

 

 

2.63

 

 

2.66

 

 

18

 

18

 

Loans and leases held-for-sale

5.58

 

 

4.74

 

 

5.88

 

 

6.05

 

 

6.48

 

 

84

 

(90)

 

Loans and leases(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

5.63

 

 

6.25

 

 

6.56

 

 

6.63

 

 

6.36

 

 

(62)

 

(73)

 

Commercial real estate

5.38

 

 

5.45

 

 

5.05

 

 

5.17

 

 

5.02

 

 

(7)

 

36

 

Lease financing

5.11

 

 

5.11

 

 

5.13

 

 

5.13

 

 

5.32

 

 

0

 

(21)

 

Residential mortgage

4.05

 

 

4.23

 

 

4.91

 

 

5.07

 

 

5.27

 

 

(18)

 

(122)

 

Consumer installment

4.97

 

 

5.73

 

 

5.63

 

 

5.58

 

 

5.62

 

 

(76)

 

(65)

 

Home equity

5.93

 

 

6.49

 

 

6.90

 

 

6.98

 

 

6.86

 

 

(56)

 

(93)

 

Total loans and leases(3)

5.24

 

 

5.62

 

 

5.91

 

 

5.97

 

 

5.90

 

 

(38)

 

(66)

 

Interest-bearing deposits with banks and other

2.07

 

 

2.44

 

 

3.64

 

 

3.87

 

 

3.79

 

 

(37)

 

(172)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest-earning assets

4.85

 

 

5.11

 

 

5.48

 

 

5.55

 

 

5.49

 

 

(26)

 

(64)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Checking

0.51

 

 

0.46

 

 

0.07

 

 

0.06

 

 

0.04

 

 

5

 

47

 

Savings

0.71

 

 

0.73

 

 

0.77

 

 

0.69

 

 

0.54

 

 

(2)

 

17

 

Money market

1.38

 

 

1.48

 

 

1.29

 

 

1.21

 

 

0.99

 

 

(10)

 

39

 

Certificates of deposit

1.97

 

 

2.07

 

 

2.06

 

 

1.94

 

 

1.77

 

 

(10)

 

20

 

Total interest-bearing deposits

1.15

 

 

1.21

 

 

1.09

 

 

1.03

 

 

0.91

 

 

(6)

 

24

 

Total deposits

0.88

 

 

0.94

 

 

0.86

 

 

0.81

 

 

0.72

 

 

(6)

 

16

 

Borrowings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

1.73

 

 

1.11

 

 

2.63

 

 

2.67

 

 

2.74

 

 

62

 

(101)

 

Long-term borrowings

2.87

 

 

3.17

 

 

3.34

 

 

3.44

 

 

3.31

 

 

(30)

 

(44)

 

Total borrowings

2.19

 

 

2.01

 

 

3.23

 

 

3.31

 

 

3.31

 

 

18

 

(112)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest-bearing liabilities

1.29

 

 

1.31

 

 

1.34

 

 

1.28

 

 

1.11

 

 

(2)

 

18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin (FTE)

3.89

 

 

4.14

 

 

4.49

 

 

4.61

 

 

4.67

 

 

(25)

 

(78)

 

(1) Annualized.
(2) Yields are presented on a fully tax-equivalent basis.
(3) The yield on tax-exempt loans and investment securities available-for-sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 21%.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

 

 

 

 

Composition of Loans (Unaudited)

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Change From

 

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

Sep. 30, 2019

12/31/2018

(Dollars in thousands)

2019

 

2019

 

2019

 

2019

 

2018

 

$

%

$

Commercial and industrial

$

11,309,420

 

 

$

10,810,534

 

 

$

6,572,393

 

 

$

6,790,956

 

 

$

6,220,632

 

 

$

498,886

 

4.6

%

$

5,088,788

 

Commercial real estate

 

9,267,052

 

 

 

8,876,779

 

 

 

3,262,487

 

 

 

2,965,796

 

 

 

2,908,313

 

 

 

390,273

 

4.4

 

 

6,358,739

 

Lease financing

 

2,699,869

 

 

 

2,594,373

 

 

 

2,582,613

 

 

 

2,551,344

 

 

 

2,530,163

 

 

 

105,496

 

4.1

 

 

169,706

 

Residential mortgage

 

6,179,805

 

 

 

6,057,404

 

 

 

2,368,411

 

 

 

2,376,878

 

 

 

2,335,835

 

 

 

122,401

 

2.0

 

 

3,843,970

 

Consumer installment

 

1,542,411

 

 

 

1,562,252

 

 

 

1,474,480

 

 

 

1,722,557

 

 

 

2,003,572

 

 

 

(19,841

)

(1.3

)

 

(461,161

)

Home equity

 

3,498,907

 

 

 

3,609,410

 

 

 

2,924,753

 

 

 

2,976,679

 

 

 

3,074,505

 

 

 

(110,503

)

(3.1

)

 

424,402

 

Total

$

34,497,464

 

 

$

33,510,752

 

 

$

19,185,137

 

 

$

19,384,210

 

 

$

19,073,020

 

 

$

986,712

 

2.9

 

$

15,424,444

 

 

Composition of Deposits (Unaudited)

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Change From

 

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

Sep. 30, 2019

12/31/2018

(Dollars in thousands)

2019

 

2019

 

2019

 

2019

 

2018

 

$

%

$

Noninterest-bearing deposits

$

7,970,590

 

 

$

7,979,900

 

 

$

4,062,912

 

 

$

4,104,652

 

 

$

3,936,155

 

 

$

(9,310

)

(0.1

)%

$

4,034,435

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

Checking

 

5,966,178

 

 

 

6,266,740

 

 

 

2,498,042

 

 

 

2,532,688

 

 

 

2,459,617

 

 

 

(300,562

)

(4.8

)

 

3,506,561

 

Savings

 

8,506,058

 

 

 

8,347,541

 

 

 

6,503,102

 

 

 

6,426,465

 

 

 

6,107,812

 

 

 

158,517

 

1.9

 

 

2,398,246

 

Money market

 

4,570,081

 

 

 

4,305,921

 

 

 

1,443,004

 

 

 

1,468,308

 

 

 

1,609,422

 

 

 

264,160

 

6.1

 

 

2,960,659

 

Certificates of deposit

 

7,455,556

 

 

 

8,385,972

 

 

 

4,605,327

 

 

 

4,491,998

 

 

 

4,790,680

 

 

 

(930,416

)

(11.1

)

 

2,664,876

 

Total interest-bearing deposits

 

26,497,873

 

 

 

27,306,174

 

 

 

15,049,475

 

 

 

14,919,459

 

 

 

14,967,531

 

 

 

(808,301

)

(3.0

)

 

11,530,342

 

Total deposits

$

34,468,463

 

 

$

35,286,074

 

 

$

19,112,387

 

 

$

19,024,111

 

 

$

18,903,686

 

 

$

(817,611

)

(2.3

)