-
The $2.4 billion-asset company's earnings tripled from a year earlier, to $2.5 million in the third quarter. Earnings were up 14.4% from the second quarter.
October 24 -
Tompkins Financial in Ithaca, N.Y., reported slightly lower quarterly earnings due to higher costs and lower fee-based revenue.
October 24 -
Square 1 Financial in Durham, N.C., followed a simple formula in the third quarter: loan growth equals higher profits.
October 24
TCF Financial in Wayzata, Minn.,
The $19 billion-asset bank earned $52.3 million in the quarter, or 22% more than in the same period last year. Its earnings per share of 29 cents were in line with estimates of analysts polled by Bloomberg.
Rapid expansion in auto financing drove loan growth. Total loans expanded 4.6% from last year, to $16.4 billion. Auto loans grew 64% over the same period, to $1.7 billion.
Asset quality improved. The bank's set-aside for credit losses dropped 36%, to $15.7 million.
Gains from the sale of auto loans and mortgages drove a rise in fee-based revenue. Noninterest income climbed 9% from last year, to $116.1 million.
Interest income also boosted profits. Net interest income climbed 2%, to $204.2 million, as higher returns from auto and inventory finance helped offset lower yields from fixed-rate mortgages. The net interest margin fell two basis points, to 4.6%.
Operating expenses increased slightly, climbing 4%, to $220 million.
TCF's shares were trading at $14.62 midday Friday, down 3.9% from Thursday's close.
