TCF Financial Corporation (TCB) has reported 4.57 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $50.09 million, or $0.27 a share in the quarter, compared with $52.49 million, or $0.29 a share for the same period last year. Revenue during the quarter went up marginally by 1.15 percent to $307.23 million from $303.72 million in the previous year period. Net interest income for the quarter rose 2.81 percent over the prior year period to $211.45 million. Non-interest income for the quarter rose 0.01 percent over the last year period to $115.67 million.
TCF Financial Corporation has made provision of $19.89 million for loan losses during the quarter, up 12.96 percent from $17.61 million in the same period last year.
Net interest margin contracted 5 basis points to 4.30 percent in the quarter from 4.35 percent in the last year period. Efficiency ratio for the quarter improved to 68.89 percent from 69.27 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"I am proud of the progress we have made and the successes we have achieved during 2016," said Craig R. Dahl, president and chief executive officer. "We took significant strides toward driving the Company forward in ways that align with our four strategic pillars. Execution of our diversification philosophy has resulted in strong performance from a credit quality perspective. Our unique loan and lease origination capabilities allow us to grow profitably in a variety of markets. We generated positive operating leverage throughout the year as revenue growth steadily outpaced expense growth. We also continued to expand our deposit base which will be very beneficial should interest rates continue to increase.
Assets outpace liabilities growthTotal assets stood at $21,441.33 million as on Dec. 31, 2016, up 3.62 percent compared with $20,691.70 million on Dec. 31, 2015. On the other hand, total liabilities stood at $18,996.68 million as on Dec. 31, 2016, up 3.33 percent from $18,384.79 million on Dec. 31, 2015. Loans outpace deposit growthNet loans stood at $17,683.56 million as on Dec. 31, 2016, up 2.34 percent compared with $17,279.94 million on Dec. 31, 2015. Deposits stood at $17,242.52 million as on Dec. 31, 2016, up 3.13 percent compared with $16,719.99 million on Dec. 31, 2015. Investments stood at $1,679.46 million as on Dec. 31, 2016, up 44.61 percent or $518.12 million from year-ago. Shareholders equity stood at $2,444.64 million as on Dec. 31, 2016, up 5.97 percent or $137.73 million from year-ago.
Return on average assets moved down 9 basis points to 0.99 percent in the quarter from 1.08 percent in the last year period. At the same time, return on average equity decreased 113 basis points to 8.40 percent in the quarter from 9.53 percent in the last year period.
Tier-1 leverage ratio stood at 10.73 percent for the quarter, up from 10.46 percent for the previous year quarter. Book value per share was $12.66 for the quarter, up 6.03 percent or $0.72 compared to $11.94 for the same period last year.
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