Thursday, TCF Financial Corp. (TCB), the holding company for TCF National Bank and TCF National Bank Arizona, said its fourth quarter earnings declined from a year ago, despite a 15% increase in revenues, impacted by higher loan loss provisions and expenses.
The Wayzata, Minnesota-based company reported net income for the fourth quarter of $19.46 million or $0.15 per share, compared to $27.70 million or $0.20 per share in the year-ago quarter.
On average, nineteen analysts polled by Thomson Reuters expected the company to earn $0.13 per share for the quarter. Analysts estimates typically exclude special items.
Net interest income for the quarter increased 15.3% to $169.64 million from $147.12 million in the prior-year quarter. Total non-interest income grew 14.5% to $143.15 million from $124.97 million in the same quarter last year.
Combined, total revenue was $312.79 million, up 15% from $272.09 million in the fourth quarter of 2008. Eleven analysts had a revenue consensus of $293.21 million for the quarter.
The company's provision for credit losses was $77.4 million, up from $47.1 million in the fourth quarter of 2008, primarily due to increased reserves for certain commercial loans and restructured consumer real estate loans and increased consumer real estate, commercial and leasing net charge-offs.
Net loan and lease charge-offs for the quarter were $48.7 million, or 1.35% annualized, of average loans and leases, up from $33.6 million, or 1.02% annualized, of average loans and leases from the fourth quarter of 2008.
Total non-interest expenses for the quarter was up 15% at $206.76 million, from $179.81 million a year ago.
Total average deposits in the fourth quarter of 2009 were $11.4 billion, up 15.6% from the fourth quarter of 2008.
For the full year, the company posted net income available to common stockholders of $68.69 million or $0.54 per share, down from $126.42 million or $1.01 per share in the corresponding period last year.
Net interest income for the full year increased to $633.01 million from $593.67 million in the corresponding period last year, while total non-interest income rose to $525.86 million from $498.44 million last year.
TCF declared a quarterly cash dividend of $0.05 per common share payable on February 26 to stockholders of record at the close of business on January 29.
TCB is trading at $14.90, down $0.02 or 0.13%, on a volume of about 2.03 million shares.
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