Post Earnings Coverage as TCF Financial Reported Results for its Q1 FY17

Upcoming AWS Coverage on TriState Capital Holdings Post-Earnings Results

LONDON, UK / ACCESSWIRE / April 28, 2017 / Active Wall St. announces its post-earnings coverage on TCF Financial Corp. (NYSE: TCB). The Company announced its financial results for the first quarter fiscal 2017 (Q1 FY17) on April 24, 2017. The Wayzata, Minnesota-based Company’s net interest income grew 4.9% y-o-y, while net interest margin was up by 9 basis points y-o-y. Register with us now for your free membership at:

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One of TCF Financial’s competitors within the Money Center Banks space, TriState Capital Holdings, Inc. (NASDAQ: TSC), reported its Q1 2017 financial results and operating performance on Friday, April 21, 2017. AWS will be initiating a research report on TriState Capital in the coming days.

Today, AWS is promoting its earnings coverage on TCB; touching on TSC. Get our free coverage by signing up to:

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Earnings Reviewed

In the three months ended on March 31, 2017, TCF Financial’s total revenues came in at $325.63 million, up 0.4% from $324.26 million in the year ago comparable quarter. However, total revenue numbers for the reported quarter lagged behind market expectations of $327.6 million. During Q1 FY17, TCF Financial’s net interest income was $222.11 million compared to $211.66 million in Q1 FY16. Total non-interest income fell 8.1% to $103.51 million in Q1 FY17 from $112.60 million in the prior year’s same quarter. Additionally, the Company reported non-interest expense of $244.01 million in Q1 FY17, which came in 6.9% above $228.33 million reported in the year ago corresponding period.

The bank holding Company reported net income available to common stockholders of $41.43 million, or $0.25 per diluted share, in Q1 FY17 compared to $43.20 million, or $0.26 per diluted share, in Q1 FY16. Quarterly net income per diluted share missed analysts’ expected $0.26 per diluted share.

Performance Metrics

During Q1 FY17, TCF Financial reported total average loans and leases of $18.04 billion, rising from $17.76 billion in Q1 FY16. Total average deposits also grew to $17.11 billion in Q1 FY17 from $16.88 billion in Q1 FY16.

In Q1 FY17, TCF Financial’s return on average assets stood at 0.90% compared to 0.96% in the previous year’s same period. The Company’s return on average common equity fell to 7.64% in Q1 FY17 from 8.45% reported in the year ago same quarter. Furthermore, return on average tangible common equity was 8.55% in Q1 FY17 compared to 9.57% in Q1 FY16.

During Q1 FY17, total interest earning assets grew to $20.42 billion from $19.63 billion in the last year’s comparable quarter. Furthermore, yield on these assets rose to 4.86% in Q1 FY17 from 4.80% in Q1 FY16. The bank’s efficiency ratio was 74.93% in Q1 FY17 compared to 70.42% in Q1 FY16. Moreover, TCF Financial’s net interest margin for the reported quarter was improved nine basis points to 4.46% from 4.37% in Q1 FY16.

As on March 31, 2017, the bank’s transitional Common equity Tier 1 capital ratio was 10.11% compared with 10.24% as on March 31, 2016. At end of Q1 FY17, non-accrual loans and leases balances fell to $138.98 million from $198.65 million, as on March 31, 2016. During the reported quarter charge-offs 0.11% of average loans and leases versus 0.27% of average loans and leases in the prior year’s comparable quarter.

Dividend

In separate press release on April 20, 2017, TCF Financial’s Board of Directors declared a quarterly cash dividend of $0.075 per common share is payable on June 01, 2017, to stockholders of record at the close of business on May 15, 2017.

Change in Ticker Symbol

On April 26, 2017, TCF Financial announced the change of its NYSE ticker symbol from “TCB” to “TCF”, effective with the opening of trading on May 08, 2017.

Stock Performance

On Thursday, April 27, 2017, TCF Financial’s share price finished yesterday’s trading session at $16.95, slipping 1.68%. A total volume of 1.62 million shares exchanged hands. The stock has advanced 18.90% and 25.91% in the last six months and past twelve months, respectively. The stock is trading at a PE ratio of 14.76 and has a dividend yield of 1.77%.

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