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TCF Financial changes its mind on imposing fees on formerly gratis checking accounts.
September 1 -
TCF Financial Corp. (NYSE: TCB) in Wayzata, Minn., has hired a PNC Financial Services Group (PNC) executive to be its chief risk officer.
July 19 -
TCF Financial Corporation (TCB) in Wayzata, Minn., missed analysts' first-quarter estimates as a service charges and fees declined.
April 19
Improved credit quality pushed up quarterly profit at TCF Financial Corp. (TCB) in Wayzata, Minn., despite declines in interest and fee revenue.
The $18.3 billion-asset company reported a second-quarter profit of $34.1 million, 8% higher than the second quarter of 2012. Per-share earnings were 21 cents, meeting the expectations of analysts polled by Bloomberg. TCF announced the results Tuesday.
Net interest income rose by 2%, to $202 million, as lower borrowing and deposit costs offset shrinking loan revenue. Net interest margin tightened by 14 basis points, to 4.72%.
Provision for loan losses fell by 40%, to $32.6 million, and net chargeoffs dropped 38%, to $27.7 million. The company attributed both declines largely to lower losses on consumer real estate and commercial loans.
Noninterest expenses rose 3%, to $208.5 million, led by an 8% rise in compensation costs, to $105.5 million.